News, Rumors and Opinions Sat. AM 5-18-2024
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Sat. 18 May 2024 Compiled Sat. 18 May 2024 12:01 am EST by Judy Byington
Global Currency Reset:
Fri. 17 May Banker: “Word is to stay alert tonight into tomorrow. God only knows for sure.”
Thurs. 16 May Bruce: On Wed. 15 May one of the top people at Wells Fargo Bank said, “It looked good for a Shotgun Start in the next two days.” We may get the R&R (Restitution Allowances) beginning on the 4th Wed. of May, or by the end of May.
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Sat. 18 May 2024
Compiled Sat. 18 May 2024 12:01 am EST by Judy Byington
Global Currency Reset:
Fri. 17 May Banker: “Word is to stay alert tonight into tomorrow. God only knows for sure.”
Thurs. 16 May Bruce: On Wed. 15 May one of the top people at Wells Fargo Bank said, “It looked good for a Shotgun Start in the next two days.” We may get the R&R (Restitution Allowances) beginning on the 4th Wed. of May, or by the end of May.
Fri. 17 May 2024 Wolverine: “Very silent today, not one ounce of intel, but what I did receive last night from a friend who has contacts in Brazil, a person who is very polished and professional person (speaks four languages fluently.
He said he was waiting for his group who were waiting at the bank for long hours. I got back to him later, nighttime my time, and morning for him, and he said he had no new updates. Then hours later, he came back with an audio, and he gave me 1000 percent confirmation that those people got their blessings.
Most people in Brazil are not hearing anything, they are saying no liquidity from anywhere. In my own thoughts, I think it is happening behind the scenes.
As I said before, they are paying sporadically and they sign NDAs, and will not say anything. I think that is what is happening, this person is a good friend of mine, who tells the truth.
They put the audio on the dragon family group, but I did not translate it, and they actually picked someone who spoke Spanish, and they translate it. That was the best way to go as I did not want the translation to come from me, that it came from another person.
Tomorrow, they tell me we should be getting news. Hopefully, we will get better news. The audio really hit me yesterday, as it was a 1000% confirmation, and it will continue on to two other cities in Brazil on Monday.
I did send it to someone else in Brazil who were very emotional hearing it hoped it was true. Not much that I can tell you. I have been told that Iraq (sick of Iraq ) on Sunday, they should be able to put the rate on Forex. We will see if it true or not.
Notifications were to come last night, that is what I was told, again, no notifications. Very stressful for all of us. Notifications is our announcement and then I can release the opera for you.
This is my personal opinion – there might not be an announcement. Now a certain person said that statement was true. BUT, it was MY Opinion (saying there might not be an announcement). I think we may get paid sporadically, and lots going on behind the scenes.
I have heard of people getting paid, and I do not know those people, but I do know the person in the audio. It might be that people get paid, they sign their NDA and they stay quiet.
Good for our safety in IMO. I think that is the way it is going to be, and a lot of bond holders agree that it might be the way to go, quietly.
A lot silence and not much noise coming out. We will see what happens. I am sure we will get some good news. Some people say it may happen till end of May, or the fifth of June, I will not debate this, as I do not know …we will see what happens .
Let us see what happen later. I heard from contact in Reno that things should develop on the weekend BUT no confirmation on that, but that is what he said. So we wait and see, I am tired of this, it has been very difficult, never thought I would do this for so long.
God bless you, let’s hope and pray that later we will get the news we are all waiting on. Take Care, Wolverine.”
Global Financial Crisis:
President of the Federal Reserve Bank of Minneapolis, Neel Kashkari, admits that CBDCs don’t solve any actual problems other than enabling central bankers to monitor all transactions and deduct taxes directly from people’s accounts. “I keep asking anybody, at the Fed or outside of the Fed, to explain to me what problem this is solving… I can see why China would do it. If they want to monitor every one of your transactions, you could do that with a central bank digital currency. If you want to directly tax customer accounts, you could do that with a central bank digital currency. So I get why China would be interested. Why would the American people be for that?”
Fri. 17 May 2024 Banks, US Stock Market About To Be Devastated By Black Swan Event: https://beforeitsnews.com/economy/2024/05/time-is-running-out-now-us-stock-market-banks-are-about-to-be-devastated-by-black-swan-event-atlantis-report-3111554.html
Fri. 17 May 2024: IMF Confirms US Dollar Is in Jeopardy https://watcher.guru/news/brics-imf-confirms-us-dollar-is-in-jeopardy
Read full post here: https://dinarchronicles.com/2024/05/18/restored-republic-via-a-gcr-update-as-of-may-18-2024/
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man Article: "The Finance Committee 'knows nothing' about the budget tables" Al-Sudani has been holding his cards so ever close to the chest. The looks of it now is that he will not expose the 2024 schedule data until after there is an exchange rate change that will reduce the deficit. Will that be after the vote for the Speaker of the House of Representatives in the HoR and or before extraordinary session for Sunday by the Prime Minister of Iraq, Al-Sudani.. Time will tell. But, since the CoM nor the HoR have yet to receive the 2024 Budget schedules we can deduce, it is going to be a very tight window for events to occur.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Television says the speaker of the house will be voted on and will go through on Saturday and then the meeting of the emergency session for the review of the budget with the COM will be Sunday...Then the budget goes to the House the middle of the week. FRANK: They know what's going on.
URGENT NEWS: Emergency Meeting on Iraq 2024 Budget…Rate in Budget
Edu Matrix: 5-17-2024
URGENT NEWS: Emergency Meeting on Iraq 2024 Budget What the 2024 Budget Says About the IQD Rate.
LIVE! H.R. 8421 "The Federal Reserve Board Abolition Act." (Don't Hold Your Breath...)
Greg Mannarino: 5-17-2024
Economist’s “News and Views” Friday 5-17-2024
Debt Spiral Induced Market Crash Incoming? with Peter Grandich
WTFinance: 5-17-2024
On this episode of the WTFinance podcast I have the pleasure of welcoming back Peter Grandich - Founder of Peter Grandich & Company.
During our conversation we spoke about strong markets leading to a crash, the risk of a debt collapse, what happens if no deficits, BRICS, why unemployment data isn’t the full truth, gold and more.
I hope you enjoy!
Debt Spiral Induced Market Crash Incoming? with Peter Grandich
WTFinance: 5-17-2024
On this episode of the WTFinance podcast I have the pleasure of welcoming back Peter Grandich - Founder of Peter Grandich & Company.
During our conversation we spoke about strong markets leading to a crash, the risk of a debt collapse, what happens if no deficits, BRICS, why unemployment data isn’t the full truth, gold and more.
I hope you enjoy!
1:04- Introduction
3:08 - Strong market for coming months before crash
4:53 - Risk of a debt collapse?
6:23 - How long has run been going?
9:53 - Wall Street Titans coming out against Biden
12:11 - What happens if no deficits?
16:50 - Who consumes China’s manufacturing?
19:11 - Can the change be prevented in US?
22:05 - Strong employment helping economy
24:30 - Assets to perform?
29:05 - Who is buying gold?
31:40 - One message to takeaway from conversation?
Beijing fortifies a rising gold price - LFTV Ep 173
Kenisis Money: 5-17-2024
In this week’s episode of Live from the Vault, Andrew Maguire guides listeners through the latest developments around the new BRICS currency, surging Chinese gold demand, and pivotal findings from the IMF’s latest report.
Timestamps:
00:00 Start
01:45 Community question: where are we in the physical vs paper war?
11:45 The BRICS gold-backed currency
18:15 Will massive Chinese gold demand continue?
32:45 The latest International Monetary Fund report
Gold & Silver Breakout: $30 Silver & $2400 Gold - What's Next? | Bill Holter
Liberty and Finance: 5-17-2024
The physical precious metals markets in the East are overwhelming the paper manipulation in the West, says Bill Holter .
Metals and miners are rising and showing significant signs of strength. He expects a breakout coming. Rising gold prices are signaling a collapse of currencies, he notes and cautions against investors waiting to protect themselves with metals.
For those waiting for pullback, he simply says "good luck."
INTERVIEW TIMELINE:
0:00 Intro
1:30 Physical vs paper
4:30 Fiat currencies collapse
5:25 Pullback coming?
6:39 Gold manipulation
7:58 Selling gold & silver
9:36 Gold/silver ratio
10:47 Is silver undervalued?
11:30 Pre-1933 gold coins
14:15 Gold jewelry
15:30 Currency crisis
16:47 Which currency will collapse first?
18:40 China's national debt
21:40 Bank failures
25:00 Real estate and farm land
26:15 Relocation
29:08 Central banks & silver
Goldilocks' Comments and Global Economic News Friday Evening 5-17-24
Goldilocks' Comments and Global Economic News Friday Evening 5-17-24
Good Evening Dinar Recaps,
Iraq: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Iraq
Domestic stability has improved since the new government took office in October 2022. This has facilitated the passage of Iraq’s first three-year budget, which entailed a large fiscal expansion starting in 2023. The non-oil economy has rebounded strongly in 2023 after stalling in 2022 and was largely unaffected by the ongoing conflict in the region.
Nonetheless, Iraq remains highly vulnerable to oil price fluctuations, and private sector activity is hindered by the large state footprint—including as an employer of first resort—corruption, red tape, underdeveloped infrastructure, and poor access to credit.
Goldilocks' Comments and Global Economic News Friday Evening 5-17-24
Good Evening Dinar Recaps,
Iraq: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Iraq
Domestic stability has improved since the new government took office in October 2022. This has facilitated the passage of Iraq’s first three-year budget, which entailed a large fiscal expansion starting in 2023. The non-oil economy has rebounded strongly in 2023 after stalling in 2022 and was largely unaffected by the ongoing conflict in the region.
Nonetheless, Iraq remains highly vulnerable to oil price fluctuations, and private sector activity is hindered by the large state footprint—including as an employer of first resort—corruption, red tape, underdeveloped infrastructure, and poor access to credit. IMF
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DTCC explores posting fund NAV data on blockchain with JPM, BNY Mellon, Chainlink - Ledger Insights
The Depository Trust and Clearing Corporation DTCC just made public the result of a proof of concept (PoC) test exploring the posting of tokenized funds by setting net asset values (NAV) data onto a blockchain.
In order to reach a real value on an asset, the value of an asset is reached by deducting the asset's liabilities from the market value of all of its shares. Then, you divide that number by the number of issued shares.
This is what happens in a reset when values across the board on the market have been inflated beyond their actual worth.
Until these calculations are completed across the board of the markets, it's hard to say we are going to have a crash or a rise in values of these new assets that are being tokenized and supported by gold and other commodities.
Forex will go into these equations as well finding representations of a real value for currencies giving them a Level Playing Field in the purchasing power of Global currencies around the world. This will give us a Global Currency Reset.
These correlated calculations will link themselves to the banking system causing the reformation of new values inside our new digital asset-based trading system.
This is the credit valuation adjustment we spoke of about a month ago that was going to start taking place. We are in the testing phase, but these assets will soon be interfaced onto the QFS reflecting new values in the new Financial System.
"The ten participants in the Smart NAV trial were American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JP Morgan, MFS Investment Management, Mid Atlantic Trust d/b/a American Trust Custody, State Street and U.S. Bank." Ledger Insights
© Goldilocks
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CME Stock Exchange is planning to launch Bitcoin trading. This is currently in the discussion phase, but if it does go any further it will connect CME and the Swiss EBS.
The Chicago Mercantile Exchange is a global derivatives marketplace based in Chicago. The Swiss Electronic Bourse (EBS) is a "computer linking system between the former stock exchange trading floors in Zurich, Geneva, and Basel, Switzerland."
The connection would allow trades to be executed on all three of these trading floors onto Digital Ledger Technologies.
This is why it is so important to complete the MICA regulations. Currently, the integration at the full QFS is being set into motion. Cryptonomist Nasdaq
© Goldilocks
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China Sells Record Sum of US Debt Amid Signs of Diversification | Finance Yahoo
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Rep. Massie Introduces Federal Reserve Board Abolition Act to "End the Fed" | U.S. Representative Thomas Massie
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Trafigura, IXM caught in COMEX copper short squeeze as prices hit record | StreetInsider
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The state of play and what’s to come with CBDCs | London Blockchain Conference | Youtube
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Final Rules on Measuring Domestic Control of REITs | FTI
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Palo Alto Networks and IBM on Wednesday announced a significant partnership in which the two companies will jointly provide cybersecurity solutions, and IBM will deliver consulting services across Palo Alto’s platforms.
Palo Alto Networks is an American multinational cybersecurity company with headquarters in Santa Clara, California. The core product is a platform that includes advanced firewalls and cloud-based offerings that extend those firewalls to cover other aspects of security. The company serves over 70,000 organizations in over 150 countries, including 85 of the Fortune 100. It is home to the Unit 42 threat research team and hosts the Ignite cybersecurity conference. It is a partner organization of the World Economic Forum. SecurityWeek Wikipedia
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World Bank to issue Swiss digital bond settled in wholesale CBDC - Ledger Insights
Yesterday the World Bank announced it has priced a CHF 200 million digital bond to be issued on June 11 on the SIX Digital Exchange (SDX) and settled using the Swiss Franc wholesale central bank digital currency (wholesale CBDC).
The Swiss National Bank (SNB) is currently in pilot mode for its wholesale CBDC on the SDX DLT platform as part of Project Helvetia. Several digital bonds have used it for settlement. However, the World Bank, or rather the International Bank for Reconstruction and Development (IBRD), is the first international issuer to use the wCBDC.
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We are beginning to witness how Digital Ledger Technologies, Tokenized Assets, and Stablecoins are currently being tested and regulated to go into law by the end of June 2024.
Do you see how these three networks work together to complete the functionality of the QFS?
Once these functionalities are complete, we will move into credit valuation adjustments to determine real values going forward.
The system will be tweaked during this time as the rest of the world catches up and interfaces their assets onto the system.
© Goldilocks
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Regulators Preparing to Finalize Basel IV | Insights | Mayer Brown
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Visa Reinvents the Card, Unveils New Products for Digital Age | Visa
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Press release: Basel Committee publishes report on the digitalisation of finance | BIS
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URGENT NEWS: Emergency Meeting on Iraq 2024 Budget #iqd Rate in Budget | Youtube
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The modern CEO job is completely broken — but AI could make executives useful again | Business Insider
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Overview | World Bank
Iraq has a mixed economic system with some private freedom, but weak centralized economic planning and government regulation. The country's economy is dominated by oil exports, which serve as the basis of its GDP. Successive governments have done little to wean Iraq off this heavy dependency on oil rents and diversify the economy.
However, non-oil growth has rebounded strongly in 2023, while inflation has receded. The World Bank has highlighted the importance of banking reforms and promoting digital financial services to increase financial intermediation and promote financial inclusion.
The Iraq Vision 2030 plan includes diversifying the economy, reducing dependence on oil, promoting innovation, supporting SMEs, and attracting foreign investment. The plan also promotes sectors such as agriculture, tourism, manufacturing, and technology.
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How Gold Affects Currencies | Investopedia
Gold can add value to a country's currency. Gold is used as a standard of value for currencies worldwide, and the price of gold can influence a country's currency value. For example, if a country exports gold, the value of its currency will increase when gold prices increase.
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BIS DROPS A BOMBSHELL! They Referenced Ripple/XRP On Their Panel! You Will Regret Not Owning XRP! | Youtube
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14 Fireside chat - Technological innovation to enhance existing infrastructures | Youtube
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“Tidbits From TNT” Friday 5-17-2024
TNT:
Tishwash: Among them are Russia and China... Members of the Security Council support ending the mission of the UNAMI mission in Iraq
Yesterday, Thursday, a number of members of the UN Security Council, including Russia and China, supported Baghdad’s request to end the mission of the United Nations mission in Iraq by next year, but Washington did not immediately provide its support for this step.
Last week, the Iraqi government asked the United Nations to end, by the end of 2025, its political mission that it has been performing in the country for more than 20 years, considering that it is no longer necessary.
Iraq's Deputy Representative to the United Nations, Abbas Kadhim Obaid Al-Fatlawi, repeated the request before the Council, yesterday, Thursday, saying, "The mission achieved its goals."
Russian envoy Vasily Nebenzia supported this view, saying: “Iraqis are ready to take responsibility for the political future of their country.”
TNT:
Tishwash: Among them are Russia and China... Members of the Security Council support ending the mission of the UNAMI mission in Iraq
Yesterday, Thursday, a number of members of the UN Security Council, including Russia and China, supported Baghdad’s request to end the mission of the United Nations mission in Iraq by next year, but Washington did not immediately provide its support for this step.
Last week, the Iraqi government asked the United Nations to end, by the end of 2025, its political mission that it has been performing in the country for more than 20 years, considering that it is no longer necessary.
Iraq's Deputy Representative to the United Nations, Abbas Kadhim Obaid Al-Fatlawi, repeated the request before the Council, yesterday, Thursday, saying, "The mission achieved its goals."
Russian envoy Vasily Nebenzia supported this view, saying: “Iraqis are ready to take responsibility for the political future of their country.”
He added: "The remaining problems must not become an excuse for the United Nations mission to remain in the country indefinitely."
China's Deputy Representative to the United Nations, Geng Shuang, noted that within the framework of the annual renewal of the mission, whose mandate expires at the end of May, the Council must "propose a plan in order to ensure gradual withdrawal and a smooth transition towards final withdrawal."
Given that UN missions can only operate with the consent of the host country, Britain and France have also expressed their support for the shift in the partnership between Iraq and the UN.
The position of the United States was more ambiguous, as Ambassador Linda Thomas-Greenfield said that the United Nations Mission (UNAMI) still had “important work to perform,” and did not address Baghdad’s request.
She emphasized the mission's key role in many important political issues, such as supporting the organization of elections and promoting human rights, although Iraq clearly requested that the mission focus more directly on economic issues.
In an assessment requested by the council, German diplomat Volker Perthes said in March that UNAMI, which had more than 700 staff as of late 2023, “appears in its current form to be too large.”
Perthes called on the mission to "begin transferring its tasks to the national institutions and the United Nations team in the country in a responsible, organized and gradual manner within an agreed upon time frame." link
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CandyKisses: Gold prices are heading for gains for the second week in a row
Economy News - Baghdad
Gold prices looked poised for a second straight weekly gain on Friday, following recent U.S. gains.
Inflation data reinforced expectations that the Federal Reserve may cut interest rates this year.
By 0236 GMT, spot gold was up 0.1 percent at $2,379.14 an ounce.
Bullion prices are up 0.7% so far this week.
Gold futures settled at $2,383.20.
The dollar index fell (. DXY), down 0.6% for the week so far, against its rivals, making gold less expensive for holders of other currencies.
Data this week showed signs of slowing inflation in the United States. The Federal Reserve is good news, but policymakers have yet to publicly change their views on the timing of the interest rate cuts that investors believe will begin this year.
Bullion is known as an inflation hedge, but higher interest rates increase the opportunity cost of holding non-yielding gold.
Spot silver fell 0.2 percent to $29.53 an ounce after hitting a three-year high in the previous session, and palladium fell 1.1 percent to $982.77.
Platinum rose 0.3% to $1,060.15, after hitting its highest level since May 12, 2023 in the previous session. The metal has gained about 7% since the beginning of the week.
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CandyKisses: Monetary Fund’: ‘Internal stability has improved since the new government took office in October 2022’
Economy News- Washington, D.C. – On May 13, 2024, the Executive Board of the International Monetary Fund (IMF) concluded Article IV consultations with Iraq and examined and approved staff assessment.
Internal stability has improved since the new government took office in October 2022, facilitating the adoption of Iraq’s first three-year budget, which necessitated a major financial expansion starting in 2023, supporting that strong recovery in Iraq’s non-oil economy after a contraction in 2023. 2022.
Iraq has largely not been affected by the conflict in the region, and domestic inflation fell to 4% by the end of 2023, reflecting lower international food prices, the currency’s revaluation as of February 2023, and the return of trade finance to normal.
Continued financial expansion is expected to boost growth in 2024.
*Evaluation of the Executive Board*:
Executives approved the content of the staff assessment, welcoming the strong economic recovery, low inflation, and improved local conditions that led to the implementation of the first-ever three-year budget.
The managers agreed that the immediate implementation of customs and revenue management reforms, the full implementation of the unified Treasury account, strict control and the limitation of the use of extrabudgetary funds and government guarantees, are essential to support fiscal consolidation.
Managers praised the central bank’s efforts to tighten monetary policy and strengthen the liquidity management framework.
Better coordination between financial and monetary operations would help absorb excess liquidity and promote the transition of monetary policy.
Directors agreed that accelerating the restructuring of large state-owned banks is essential. They were supported by the modernization of the private banking sector, by facilitating the establishment of correspondent banking relationships, reducing regulatory uncertainties, and enhancing the efficiency and competitiveness of private banks.
The directors agreed that improving governance and anti-corruption are also essential, and encouraged further strengthening the anti-money laundering and terrorist financing framework, strengthening public procurement and business systems, and addressing shortcomings in the electricity sector.
Directors welcomed renewed efforts towards WTO accession and encouraged authorities to improve coverage and timing of statistics.
Directors welcomed the authorities’ request to create a policy coordination tool.
The next Article IV consultations with Iraq are expected to take place in the standard 12-month session.
Mot: .. Yeppers... They Have Come Up with the Perfect Treatment!!!!
Mot: ..... I fought the lawn & the lawn won!
Escobar: De-Dollarization Bombshell - The Coming Of BRICS+ Decentralized Monetary Ecosystem
Escobar: De-Dollarization Bombshell - The Coming Of BRICS+ Decentralized Monetary Ecosystem
by Tyler DurdenWednesday, May 15, 2024 - 10:40 PM
Authored by Pepe Escobar,
Get ready for what may well be the geoeconomic bombshell of 2024: the coming of a decentralized monetary ecosystem.
Welcome to The Unit – a concept that has already been discussed by the financial services and investments working group set up by the BRICS+ Business Council and has a serious shot at becoming official BRICS+ policy as early as in 2025.
According to Alexey Subbotin, founder of Arkhangelsk Capital Management and one of the Unit’s conceptualizers, this is a new problem-solving system that addresses the key geoeconomic issue of these troubled times: a global crisis of trust.
Escobar: De-Dollarization Bombshell - The Coming Of BRICS+ Decentralized Monetary Ecosystem
by Tyler DurdenWednesday, May 15, 2024 - 10:40 PM
Get ready for what may well be the geoeconomic bombshell of 2024: the coming of a decentralized monetary ecosystem.
Welcome to The Unit – a concept that has already been discussed by the financial services and investments working group set up by the BRICS+ Business Council and has a serious shot at becoming official BRICS+ policy as early as in 2025.
According to Alexey Subbotin, founder of Arkhangelsk Capital Management and one of the Unit’s conceptualizers, this is a new problem-solving system that addresses the key geoeconomic issue of these troubled times: a global crisis of trust.
He knows all about it first-hand: a seasoned financial professional with experience in investment banking, asset management and corporate matters, Subbotin leads the Unit project under the auspices of IRIAS, an international intergovernmental organization set up in 1976 in accordance with the UN statute.
The Global Majority has had enough of the centrally controlled monetary framework put in place 80 years ago in Bretton Woods and its endemic flaws: chronic deficits fueling irresponsible military spending; speculative bubbles; politically motivated sanctions and secondary sanctions; abuse of settlement and payment infrastructure; protectionism; and the lack of fair arbitration.
In contrast, the Unit proposes a reliable, quick and economically efficient solution for cross-border payments. The - transactional - Unit is a game-changer as a new form of international currency that can be issued in a de-centralized way, and then recognized and regulated at national level.
The Unit offers a unique solution for bottlenecks in global financial infrastructure: it is eligible for traditional banking operations as well as for the newest forms of digital banking.
The Unit can also help to upend unfair pricing in commodity trading, by means of setting up a new – fair and efficient – Eurasian Mercantile Exchange where trading and settlement can be done in a new currency bridging trade flows and capital, thus paving the way to the development of new financial products for foreign direct investment (FDI).
The strength of the Unit, conceptually, is to remove direct dependency on the currency of other nations, and to offer especially to the Global Majority a new form of apolitical money - with huge potential for anchoring fair trade and investments.
It is indeed a new concept in terms of an international currency - anchored in gold (40%) and BRICS+ currencies (60%). It is neither crypto nor stablecoin – as it’s shown here.
The Beauty of Going Fractal
The Global Majority will instantly grasp the primary purpose of the Unit: to harmonize trade and financial flows by keeping them outside of political pressure or “rules” that can be twisted at will. The inevitable consequence translates as financial sovereignty. What matters in the whole process are independent monetary policies focused on economic growth.
That’s the key appeal for the Global Majority: a full ecosystem offering independent, complementary monetary infrastructure. And that surely can be extended to willing Unit partners in the collective West.
Now to the practical level: as Subbotin explains, the Unit ecosystem may be easily scalable because it comes from a fractal architecture supported by simple rules. New Unit nodes can be set up by either sovereign or private agents, following a detailed rule-book in custody of the UN-chartered IRIAS.
The Unit organizers employ a distributed ledger: a technology that ensures transparency, precluding capital controls or any exchange rate manipulation.
This means that connection is available to all open DEX and digital platforms operated by both commercial and Central Banks around the world.
The endgame is that everyone, essentially, may use the Unit for accounting, bookkeeping, pricing, settling, paying, saving and investing.
No wonder the institutional possibilities are quite enticing – as the Unit can be used for accounting and settlement for BRICS+; payment and pricing for the Eurasian Economic Union (EAEU); or as a reserve currency for Sub-Saharan Africa.
And now comes the clincher: the Unit has already received backing by the BRICS Business Council and is on the agenda at the crucial ministerial meeting in Russia next month, which will work out the road map for the summit next October in Kazan.
That means the Unit has all it takes to be on the table as a serious subject discussed by BRICS+ and eventually be adopted as early as in 2025.
Will Musk and the NDB Be on Board?
As it stands, the priority for the Unit conceptualizers – whom I followed for over a year during several, detailed meetings in Moscow - is to inform the general public about the new system.
The Unit team is not interested at all in getting straight into political hot waters or to be cornered by ideologically-laden arguments. Direct references to inspiring but sometimes controversial concepts or authors like Zoltan Pozsar may bury the Unit concept into pigeon holes, thus limiting its potential impact.
What may lie ahead could be extraordinarily exciting, as the Unit appeal could extend all the way from Elon Musk to the BRICS’s New Development Bank (NDB), hopefully engaging an array of crucial actors. After a positive evaluation by Finance Minister Anton Siluanov – who remains on the post in the new Russian government - it’s not far-fetched to imagine Putin and Xi discussing it face to face this week in Beijing.
As it stands, the major takeaway is that the Unit should be seen as a feasible, technical solution for the theoretically Unsolvable: a globally-recognized payment/trade system, immune to political pressure. It’s the only game in town – there are no others.
Meanwhile, the Unit conceptualizers are open for constructive criticism and all manners of collaboration. Yet sooner or later the battle ranks will be lined up – and then it will be a matter of seriously upping the game.
“Academically Sound, Technologically Innovative”
Vasily Zhabykin, co-author of the Unit white paper and founder of CFA.Center, Unit’s technological partner at Skolkovo Innovation Hub in Moscow, crucially stresses: the Unit “represents apolitical money and can be the connector between the Global South and the West.”
He’s keen to point out that “the Unit can keep all the wheels turning unlike most of the other concepts that feature ‘dollar killers’, etc. We do not want to harm anybody. Our goal is to improve efficiency of currently broken capital and money flows. The Unit is rather the ‘cure for centralized cancer’’’.
Subbotin and the Unit team “are keen to meet new partners who share our approach and are ready to bring additional value to our project.” If that’s the case, they should “send us 3 bullet points on how can they help and improve the Unit.”
A bold follow-up step should be, for instance, a virtual conference on the Unit, featuring leading Russian economist Sergey Glazyev, Yannis Varoufakis, Jeffrey Sachs and Michael Hudson, among others.
By email, Glazyev, a member of the Russian Academy of Sciences and the Minister of Integration and Macroeconomics of the Eurasia Economic Union (EAEU) , summed up the Unit’s potential:
“I have been following the development of Unit for more than a year and can confirm that Unit offers a very timely, feasible solution. It is academically sound, technologically innovative and at the same time complementary to the existing banking infrastructure.
Launching it under the auspices of an UN institution gives Unit legitimacy, which the current Bretton Woods framework is clearly lacking. Recent actions by the US administration and loud silence from IMF clearly indicate the need for change.
A decentralized approach to emission of potential global trade currency, whose intrinsic value is anchored in physical gold and BRICS+ currencies, makes Unit the most promising of several approaches being considered. It balances political priorities of all participants, while helping each sovereign economy develop along its optimal path.
The New Development Bank (NDB) and BRICS+ shall embrace the concept of Unit and help it to become the pinnacle of the new emerging global financial infrastructure, free from malign political interferences while focused instead on fair trade and sustainable economic growth.”
A clear, practical example of possible Unit problem-solving concerns Russia-Iran trade relations. These are two top BRICS members. Russian trade with Iran is unprofitable due to sanctions – and both cannot make payments in US dollars or euros.
Russian companies suffer significant losses after switching to payments in national currencies. With each transfer, Russian businesses on average lose as much as 25% due to the discrepancy between the market rate in Iran and the state rate.
And here’s the key takeaway: BRICS+ as well as the Global Majority can only be strengthened by developing closer geoeconomics ties. The removal of Western speculative capital shall free up local commodity trading, and enable the pooling of investable capital for sustainable development. To unlock such a vast potential, the Unit may well be the key.
Read full post here: https://www.zerohedge.com/geopolitical/escobar-de-dollarization-bombshell-coming-brics-decentralized-monetary-ecosystem
The New Gold Standard: Why Gold and Silver are Winning Over Fiat Currencies: Awake-In 3D
The New Gold Standard: Why Gold and Silver are Winning Over Fiat Currencies
On May 14, 2024 By Awake-In-3D
As economic instability looms, precious metals like gold and silver present a promising refuge against fiat currency devaluation.
In This Article:
Historic Surge in Precious Metals
Shifts in Monetary Policy and Interest Rates
Implications of U.S. Economic Policies
Financial Risks and Negative Trends Driving Gold and Silver Higher
Future Projections for Gold and Silver
The New Gold Standard: Why Gold and Silver are Winning Over Fiat Currencies
On May 14, 2024 By Awake-In-3D
As economic instability looms, precious metals like gold and silver present a promising refuge against fiat currency devaluation.
In This Article:
Historic Surge in Precious Metals
Shifts in Monetary Policy and Interest Rates
Implications of U.S. Economic Policies
Financial Risks and Negative Trends Driving Gold and Silver Higher
Future Projections for Gold and Silver
It isn’t rocket science to understand that, in today’s increasingly volatile economic landscape, the value of gold and silver relative to global fiat currencies has significantly intensified. This trend will continue, if not accelerate, from here on out.
Since October 2023, these precious metals have seen dramatic increases in value, contrasting sharply with the unstable trajectory of fiat currencies.
This article explains the enduring appeal of gold and silver as robust investments, particularly as economic indicators suggest a potential decline in the value of traditional currencies.
Historic Surge in Precious Metals
Gold’s value surged from just over $1,600 in October 2023 to a remarkable $2,300 recently.
Despite a decline in physical gold holdings by Gold Depositories, Gold Funds, and Gold ETFs, and a 96% drop in coin sales from major mints, the price of gold continues its upward trajectory.
This pattern underscores a significant shift as humanity increasingly views precious metals as a safe haven amidst economic uncertainty and fiat currency debasement.
Shifts in Monetary Policy and Interest Rates
The reversal of the U.S. interest rate trend in 2020 marked the beginning of a secular uptrend, with predictions of rates exceeding 10% due to inflation pressures from growing government deficits and debt worldwide.
This scenario places traditional monetary instruments under strain, particularly as central banks face challenges in controlling interest rates amid rampant government debt issuance.
The predicted end to rate cuts further complicates the financial landscape, enhancing the appeal of gold and silver as more stable store of value and purchasing power against falling fiat currency value.
Implications of U.S. Economic Policies
The U.S. economic outlook, likened to a Ponzi scheme, predicts grave financial instability.
With the Congressional Budget Office forecasting that interest costs will surpass defense spending by 2024, reaching $1.6 trillion annually, the U.S. financial situation appears increasingly precarious.
These developments not only threaten the nation’s status as a global power but also elevate the strategic importance of investing in precious metals.
Financial Risks and Negative Trends Driving Gold and Silver Higher
US Federal Debt: The current US Federal Debt is around $35 trillion, with projections indicating it could rise to $100 trillion by 2034.
Interest Rate Trends: Predictions suggest that interest rates could exceed 10% by 2036 or earlier, reminiscent of rates in the 1970s and early 1980s but with significantly higher debt levels.
US Treasury and Sovereign Debt Outlook: There’s an exponential increase in the issuance of US treasuries and most sovereign debts expected, with repayment options ranging from deferral to default.
Financial System Stability: US banks have reported unrealized losses on bonds totaling $650 billion, which could worsen with rising interest rates, indicating systemic financial instability.
US Treasuries and Sovereign Bonds: The attractiveness of US treasuries and other sovereign bonds is questioned, with a near-certainty of not recovering invested money due to significant devaluation and potential default scenarios.
Future Projections for Gold and Silver
Given the profound shifts in global economic policies, the outlook for precious metals remains highly optimistic.
Historical trends and the ongoing devaluation of fiat currencies suggest that gold and silver will continue to be essential components of investment portfolios.
Countries like Russia, with significant commodity reserves, are poised to recover more swiftly from global economic disruptions, indicating a broader move towards commodity-backed value storage, away from fiat currencies.
The Bottom Line
The case for gold and silver continues to be increasingly compelling.
Their ability to act as a hedge against inflation and currency devaluation, coupled with the growing economic instability and ineffective monetary policies, positions them as prudent choices for safeguarding wealth.
As traditional currency systems face unprecedented challenges, the intrinsic value of gold and silver shines brighter than ever, promising security in our increasingly uncertain future.
© GCR Real-Time News
Visit the GCR Real-Time News website and search 100’s of articles here: Ai3D.blog
Join my Telegram Channel to comment and ask questions here: GCR_RealTimeNews
Follow me on Twitter: @Real_AwakeIn3D
https://ai3d.blog/the-new-gold-standard-why-gold-and-silver-are-winning-over-fiat-currencies/
News, Rumors and Opinions Friday AM 5-17-2024
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Fri. 17 May 2024 Compiled Fri. 17 May 2024 12:01 am EST by Judy Byington
BRICS to Launch Decentralized Financial System to End US Dollar
The BRICS economic alliance is set to implement a geopolitical game-changer, as it is expected to launch a decentralized financial system to end the US dollar.
Indeed, the bloc is currently discussing the implementation of such a system with the BRICS+ Business Council, which could become official policy within the next year.
Named The Unit, the system is set to combat the growing challenges of geo-economic finance concerns.
Moreover, the system is set to implement cross-border payment solutions as well as a newly implemented international currency under the BRICS infrastructure.
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Fri. 17 May 2024
Compiled Fri. 17 May 2024 12:01 am EST by Judy Byington
BRICS to Launch Decentralized Financial System to End US Dollar
The BRICS economic alliance is set to implement a geopolitical game-changer, as it is expected to launch a decentralized financial system to end the US dollar.
Indeed, the bloc is currently discussing the implementation of such a system with the BRICS+ Business Council, which could become official policy within the next year.
Named The Unit, the system is set to combat the growing challenges of geo-economic finance concerns.
Moreover, the system is set to implement cross-border payment solutions as well as a newly implemented international currency under the BRICS infrastructure.
Zimbabwe New Currency, The Gold Back ZiG Monetary policy statement highlights: https://t.me/USDebtClockAmerica
Structured currency to be backed by reserves and royalties.
ZWL dollar currencies are to be converted to ZiG
ZiG to circulate alongside other currencies.
Multi-currency system is to stay until 2030 as per the law.
All obligations are to be converted to ZiG.
All banks are to accept old notes for the next 21 days.
ZiG notes 1, 2, 5, 10, 20, 100 200
Paper cash isn’t going anywhere for some time like I mentioned. The people that will want to use paper will however these paper notes will have a qr code for tracking.
What I would like to point out at the very bottom of this article you will see: “The gold coins and Zimbabwe gold-backed digital token
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Thurs. 16 May 2024 Bruce, The Big Call The Big Call Universe (ibize.com) 667-770-1866, pin123456#, 667-770-1865
On Wed. 15 May one of the top people at Wells Fargo Bank said, “It looked good for a Shotgun Start in the next two days.”
The Iraqi Dinar has been trading in Iraq and was supposed to be on the Forex soon.
Iraq paid back to the IMF an 8 billion dollar loan they received in 2003. They had to have a revalued Dinar in order to do that.
The new Dinar rates are on the ATMs in the Iraqi airports.
The new in-country Dinar rate is over $8.
18 countries’ currencies were going up in value with the GCR.
A week ago yesterday Iraq was accepted in the World Trade Organization.
A Wells Fargo Bond Paymaster said that they were going to try to release this to Tiers 3, 4a,b later tonight.
We may get the R&R (Restitution Allowances) beginning on the 4th Wed. of May, or by the end of May.
Zim Holders will get their R&R at their appointment added to their exchange totals.
Read full post here: https://dinarchronicles.com/2024/05/17/restored-republic-via-a-gcr-update-as-of-may-17-2024/
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 Question: "Are we waiting for the United Nations to remove sanctions?" No they're all removed. "Are they playing catchup or is everything going according to plan?" Everything's going ahead of plan. They are moving a lot faster than we even expected right now.
Sandy Ingram It is hard to believe Iraq did not have certain banking capabilities until now...We understand why my ex-husband a retired banker with the Federal Reserve Bank and his peers believed the dinar would not revalue. It appears until Iraq updated its banking system the country could not participate in the global financial platforms...The bankers in the US never explained the reasons for their negative attitude towards the Iraqi dinar.
Iraq's Advanced Passport System & Global Trade Good News from Iraq
Edu Matrix: 5-17-2024
Iraq's Advanced Passport System & Global Trade - Iraq is Moving Forward on a Global Scale - Electronic Passport and Global Trade Route - What Turkey's Finance Minister said and information on the four countries now involved in the Development Road Project. How the project is causing an upset to the Israel and US Trade Route plans.
Tariffs and Inflation Are Taxes - Ep 961
Peter Schiff: 5-17-2024
Goldilocks' Comments and Global Economic News Thursday Evening 5-16-24
Goldilocks' Comments and Global Economic News Thursday Evening 5-16-24
Good evening Dinar Recaps,
Wirex chooses OpenPayd to launch embedded accounts across UK and EEA | PRN Newswire
"The partnership between the two entities aims to provide named virtual IBANs to Wirex customers across the UK and European Economic Area (EEA), aligning with Wirex's mission to offer secure payment methods to its customers.
Under this partnership, OpenPayd will issue virtual IBANs to Wirex customers in over 30 countries across the UK and EEA. These customers will gain access to the Faster Payments network in the UK and Single Euro Payments Area (SEPA) Instant payments for Euro-denominated deposits and withdrawals."
This service will be interfaced into Wirex's infrastructure using OpenPayd's single API.
Goldilocks' Comments and Global Economic News Thursday Evening 5-16-24
Good evening Dinar Recaps,
Wirex chooses OpenPayd to launch embedded accounts across UK and EEA | PRN Newswire
"The partnership between the two entities aims to provide named virtual IBANs to Wirex customers across the UK and European Economic Area (EEA), aligning with Wirex's mission to offer secure payment methods to its customers.
Under this partnership, OpenPayd will issue virtual IBANs to Wirex customers in over 30 countries across the UK and EEA. These customers will gain access to the Faster Payments network in the UK and Single Euro Payments Area (SEPA) Instant payments for Euro-denominated deposits and withdrawals."
This service will be interfaced into Wirex's infrastructure using OpenPayd's single API.
Banking API is the process of integrating banking functions to a web service. It will decentralize the banking system inside the new QFS. This unique feature will allow access to third-party companies.
Wirex customers will get unique IBANs. IBAN is an International Bank Account Number. It will facilitate transfers of EUR and GBP between Wirex and bank accounts.
OpenPayd's SEPA Instant Payments transactions will occur in real-time. Here we go. The beginning stages of instant payments. PRN Newswire
© Goldilocks
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The integration of Digital Payment Systems, Digital Ledger Technology, and Digital Payment Sources are all in process of being interfaced onto the QFS.
The new rules and regulations to govern them are in process of becoming law by the end of June.
Europe will begin the Global Reset. It will be up to the rest of the world to follow the Regulations they are building at the present time.
The rest of the world will build around these new Banking and Market guidelines. It is a process that begins the end of June 2024.
© Goldilocks
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The Gold Iraqi Dinar | The Economic Ninja | Youtube
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Iraq maintains its 30th rank with the largest gold reserves | Iraqi News
"Iraq's central bank, the Central Bank of Iraq (CBI), has been buying gold since 2022 to diversify its foreign assets."
Every time Iraq buys more gold. They are adding more value to the net worth of their currency.
"When gold is set free, so are we."
© Goldilocks
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"Due diligence procedures in inquiring about customers of exchange companies category (A, B) and brokerage companies that buy and sell foreign currencies."
Brokerage companies that buy and sell foreign currencies with Iraq and their new registered A&B categorization of the Iraqi Dinar have been given due diligence procedures.
Due diligence procedures include information gathered about the clients who are participating in an exchange. It includes background checks, risk assessments, and more. CBI Investopedia Signicat
© Goldilocks
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Mastercard executes first tokenized deposit transactions with StanChart subsidiaries - Ledger Insights
Mastercard has executed its first live test of the Mastercard Multi-Token Network
() (MTN) involving tokenized deposits and tokenized assets in collaboration with Standard Chartered Bank Hong Kong (SCBHK) and subsidiaries. Mastercard introduced MTN in mid-2023.
This proof of concept was completed as part of the Hong Kong Fintech Supervisory Sandbox. It involved a client of Standard Chartered’s Hong Kong digital bank, Mox Bank, buying a carbon credit.
Mox requested SCBHK to tokenize the carbon credit, a task executed by Libeara, the tokenization platform incubated by Standard Chartered’s SC Ventures. Mastercard’s MTN was used to tokenize the deposit and execute an atomic swap between the tokenized deposit and the carbon credit. Ultimately the Mox client received the tokenized carbon credit in their wallet.
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Financial Services and Markets Act 2022 | Monetary Authority of Singapore
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Escobar: De-Dollarization Bombshell - The Coming Of BRICS+ Decentralized Monetary Ecosystem | ZeroHedge
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BIS’ Project Agorá Opens to Private Sector for Tokenised Cross-Border Payments | Fintech Singapore
Project Agorá, an initiative by the Bank for International Settlements (BIS) alongside major central banks and the Institute of International Finance (IIF), is moving forward and inviting private sector involvement.
The project aims to explore how tokenization can improve wholesale cross-border payments. Private sector financial institutions are encouraged to apply for participation in Project Agorá and the application window is open until 31 May 2024.
Project Agorá involves seven central banks, including the Bank of France (Eurosystem), Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England, and the Federal Reserve Bank of New York.
The initiative will build on the unified ledger concept proposed by BIS, aiming to integrate tokenized commercial bank deposits with tokenized wholesale central bank money.
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The Rise of Tokenised Economy: Unified Ledger, RLN, RSN & More..| Linkedin
In simple terms, a unified ledger could be considered a “common venue” where money and other tokenized objects come together to enable seamless integration of transactions and open the door to entirely new types of economic arrangement. 3 days ago
EU wholesale DLT settlement trials start - Ledger Insights - blockchain for enterprise | Ledger Insights
Yesterday, the Oesterreichische Nationalbank participated in the first trial of wholesale DLT settlement transactions as part of the Eurosystem experiments.
As reported last month, 16 institutions were onboarded to participate in the first wave of DLT trials, which use real central bank money. In addition, there are experiments involving simulations.
The Oesterreichische National bank example was a simulation involving the tokenization and simulated settlement of government bonds against central bank money – a delivery versus payment (DvP) transaction.
The ECB says upcoming trials and experiments will include
DvP transactions in primary and secondary markets securities lifecycle management automated wholesale payments, and payment-versus-payment transactions.
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Ripple’s Latest Move Bolsters It As A Digital Asset Custody Provider | Mitrade
Ripple is transitioning into a full-service digital asset custody provider, following its acquisition of Metaco, a Swiss-based leader in the sector, for $250 million in May 2023. This development represents a significant expansion of the fintech’s capabilities into the institutional crypto custody market—a segment that is expected to experience substantial growth over the next decade.
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Bankster Boss Christine Lagarde Reveals Plan for Europe’s GREAT RESET | Awake in 3D
“A hotter climate and the degradation of natural capital are forcing change in our economy and financial system. We must understand and keep up with this change to continue to fulfill our mandate.”
Christine Lagarde, President European Central Bank
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I hope the above information gives you a more detailed understanding of what is taking place this month.
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JUST IN: 🇺🇸 Senator Cynthia Lummis calls for Senate approval on bill allowing highly regulated financial firms to hold Bitcoin and crypto. https://t.me/c/1545617426/78718
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DTCC, Chainlink Complete Pilot to Accelerate Fund Tokenization with JPMorgan, Templeton, BNY Mellon Participating | Coindesk
The Depository Trust and Clearing Corporation (DTCC), the world’s largest securities settlement system, completed a pilot project with blockchain oracle Chainlink (LINK) and multiple major U.S. financial institutions, aiming to help accelerate the tokenization of funds, according to a Thursday report published by DTCC.
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Find information in faster & easier ways with AI Overviews in Google Search - Google Search Help
AI Overview
Learn more… Opens in new tab
Yes, due diligence is part of a foreign currency exchange. The Bank Secrecy Act (BSA) regulatory requirements for due diligence programs for foreign financial institutions include detecting and reporting money laundering and any potential suspicious activity.
The goal of section 312 of the USA PATRIOT Act is to help prevent money laundering through accounts that give foreign financial institutions a base for moving funds through the U.S. financial system. U.S. financial institutions covered by the final rule must establish a due diligence program that includes appropriate, specific, risks.
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Iraq repays IMF loans in full | Search 4 Dinar
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U.S. Senate Votes to Kill SEC's Crypto Accounting Policy, Testing Biden's Veto Threat | Coindesk
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Economist’s “News and Views” Thursday 5-16-2024
Central Banks Are Quietly Hoarding More Gold Than Ever, This Is Why – Joe Cavatoni
Kitco News: 5-16-2024
Jeremy Szafron, Anchor at Kitco News, interviews Joe Cavatoni, Senior Market Strategist for the Americas at the World Gold Council. Cavatoni provides an in-depth analysis of the gold market in 2024, detailing central banks' strategic accumulation of gold to hedge against economic and geopolitical risks.
He explains the significant increase in gold reserves by developing economies and the role of gold as a liquid shock absorber.
Cavatoni discusses the dynamic shift in gold investment between Eastern and Western markets, highlighting the surge in demand from China and India.
He also covers technological advancements in gold tracking with blockchain,
Central Banks Are Quietly Hoarding More Gold Than Ever, This Is Why – Joe Cavatoni
Kitco News: 5-16-2024
Jeremy Szafron, Anchor at Kitco News, interviews Joe Cavatoni, Senior Market Strategist for the Americas at the World Gold Council. Cavatoni provides an in-depth analysis of the gold market in 2024, detailing central banks' strategic accumulation of gold to hedge against economic and geopolitical risks.
He explains the significant increase in gold reserves by developing economies and the role of gold as a liquid shock absorber.
Cavatoni discusses the dynamic shift in gold investment between Eastern and Western markets, highlighting the surge in demand from China and India.
He also covers technological advancements in gold tracking with blockchain, the impact of inflation and interest rates on gold prices, and the future outlook for gold driven by geopolitical tensions and economic data, concluding with insights into the sustained high demand for gold and its implications for global economic stability.
LIVE! China Is DUMPING RECORD AMOUNTS OF US DEBT... Import Prices SKYROCKET.
Greg Mannarino: 5-16-2024
Banking System On Verge Of Collapsing? Here's How Many Banks At Risk Of Failing | Brian Graham
David Lin: 5-16-2024
Brian Graham, Partner at Klaros Group, discusses the risks that the banking sector faces.
0:00 – Intro
1:13 - How many banks are stressed?
4:05 - Stress tests on banks
7:15 - Capital requirements
11:15 - Bank mergers
19:22 - Commercial real estate
25:30 - Interest rate outlook
More News, Rumors and Opinions Thursday Afternoon 5-16-2024
KTFA:
Clare: Sudanese advisor announces full repayment of IMF loans
5/16/2024 Baghdad
Today, Thursday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, outlined the loans provided by the International Monetary Fund to Iraq since 2003, while noting that their total did not exceed 8 billion dollars, confirming that they were repaid in full.
Saleh said, in a statement followed by “Al-Iqtisad News”: “Since 2003, the International Monetary Fund has provided several loans to Iraq that were aimed at supporting macroeconomic stability and implementing financial reforms. Between the years 2003 and 2021, Iraq obtained several financing programs from the International Monetary Fund, "Including emergency loans and relatively long-term financial assistance."
KTFA:
Clare: Sudanese advisor announces full repayment of IMF loans
5/16/2024 Baghdad
Today, Thursday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, outlined the loans provided by the International Monetary Fund to Iraq since 2003, while noting that their total did not exceed 8 billion dollars, confirming that they were repaid in full.
Saleh said, in a statement followed by “Al-Iqtisad News”: “Since 2003, the International Monetary Fund has provided several loans to Iraq that were aimed at supporting macroeconomic stability and implementing financial reforms. Between the years 2003 and 2021, Iraq obtained several financing programs from the International Monetary Fund, "Including emergency loans and relatively long-term financial assistance."
He added, "In the first years after 2003, the Fund provided significant support to Iraq through various programs, including the SBA Credit Readiness Program and the Rapid Financing Instrument. For example, in 2016, the International Monetary Fund approved an SBA Credit Readiness Program worth 5.34 Billions of dollars to support economic reforms in Iraq, and Iraq received two-thirds of the above amount, and it was paid in full within five years.”
Saleh continued, “In 2021, Iraq requested an emergency loan worth $6 billion from the International Monetary Fund, and it appears that the loan was not materialized because it was not linked to one of the Fund’s programs at the time,” noting that “methods of cooperation with the International Monetary Fund have been targeted to support government reforms.” And confronting the economic crises that resulted from the decline in oil prices, which were linked to fluctuations in the balance of payments and its effects on economic activity.”
The Prime Minister’s Advisor for Financial Affairs stated, “Since 2003, the value of the loans and financial aid granted by the International Monetary Fund to Iraq has amounted to several billion dollars, and their total does not exceed 7 to 8 billion dollars, and they have been repaid in full, with a focus when granting loans on implementing programs related to “By supporting macroeconomic stability and implementing the necessary financial reforms.” LINK
DeepWoodz: t appears there are many loose ends being tied up neatly. C’mon Iraq!
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Clare: IMF Executive Board Concludes 2024 Article IV Consultation with Iraq
May 15, 2024
Washington, DC: On May 13, 2024, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Iraq and considered and endorsed the staff appraisal.
Domestic stability has improved since the new government took office in October 2022, facilitating the passage of Iraq’s first three-year budget, which entailed a large fiscal expansion starting in 2023.
This supported the strong recovery in Iraq’s non-oil economy after a contraction in 2022, while Iraq was largely unaffected by the ongoing conflict in the region. Domestic inflation declined to 4 percent by end-2023, reflecting lower international food prices, the currency revaluation as of February 2023, and the normalization in trade finance. However, imbalances have worsened due to the large fiscal expansion and lower oil prices.
The ongoing fiscal expansion is expected to boost growth in 2024, at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations. Without policy adjustment, the risk of medium-term sovereign debt stress is high and external stability risks could emerge. Key downside risks include much lower oil prices or a spread of the conflict in Gaza and Israel.
[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country's authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Mnt Goat Iraq has requested that a United Nations assistance mission (UNAMI) set up after the 2003 U.S.- led invasion of the country end its work by the end of 2025, saying it was no longer needed because Iraq had made significant progress towards stability. Could it be that the rich and powerful are going to let Iraq finally be a true sovereign country and not just on paper? Are they letting go of the apron strings... It is just yet another sign to us that the freedom for Iraq is finally coming to reality. Another stop in the journey down the choo choo tracks and the final stop we all await – the reinstatement.
Frank26 Community Comment: "I Remember you stated a long time ago that the float will be quick." Yeah, IMO the hunger for the Iraqi dinar is great and the investors are almost endless. I believe when it floats it'll be like getting gunpowder on fire. It'll move fast...Within 3 months you're going to see a significant change. Within 6 months it may be done. I hope that within a year they'll cap it...IMO $3.86 to $4.25.
US ECONOMY: $17.7 Trillion Consumer DEBT EXPLOSION, China Sanctions, Stagflation & Rising Inflation
Lena Petrova: 5-15-2024
“The Gold Iraqi Dinar” By The Economic Ninja:
The Gold Iraqi Dinar
The Economic Ninja:
As people search for Iraqi dinar latest news today and revaluation news.
Learn about the gold Iraqi Dinar and how the Iraqi Central Bank is buying more gold as the government prepares to revalue the currency.
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different.
The Gold Iraqi Dinar
The Economic Ninja: : 5-16-2024
As people search for Iraqi dinar latest news today and revaluation news.
Learn about the gold Iraqi Dinar and how the Iraqi Central Bank is buying more gold as the government prepares to revalue the currency.
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different.