States Ready for Fiat Currency Collapse: Gold is “Real Money”

States Ready for Fiat Currency Collapse: Gold is “Real Money”

On June 2, 2024   By Awake-In-3D

Is the Fiat Currency System Doomed? Louisiana Thinks So

Across the United States, a growing number of states are passing legislation reaffirming gold and silver as legal tender while also rejecting Central Bank Digital Currencies (CBDCs) as valid money.

This legislative trend underscores a profound skepticism towards the stability of the fiat currency system and a proactive approach to safeguarding economic stability.

By embracing sound money principles and constitutional directives, these states are positioning themselves to withstand potential financial upheavals and protect their citizens’ wealth.

In This Article

• Louisiana’s New Legislation on Gold and Silver

• Constitutional Foundation for Sound Money

• Growing Trend Against Fiat Currency and CBDCs

• Implications for the Future of State Economies

Louisiana has made a significant legislative move as Governor Jeff Landry signed a new law on May 31, 2024, reaffirming gold and silver as legal tender.

This action reflects a broader state-level trend anticipating a collapse of the fiat currency system.

Louisiana’s New Legislation on Gold and Silver

Senate Bill 232, sponsored by Senator Mark Abraham, declares that any gold or silver coin, specie, or bullion issued by the United States government is legal tender when agreed upon by both parties in a contract.

The bill enjoyed overwhelming support, receiving only one dissenting vote in the Louisiana House and Senate.

Constitutional Foundation for Sound Money

This legislative move aligns with the U.S. Constitution. Article 1, Section 10 states: “No state shall…coin Money; emit Bills of Credit; [or] make any Thing but gold and silver Coin a Tender in Payment of Debts.”

This principle, rooted in the nation’s founding document, highlights the enduring importance of sound money policies.

Growing Trend Against Fiat Currency and CBDCs

Louisiana is part of a growing national trend where states are moving away from the fiat currency system and rejecting Central Bank Digital Currencies (CBDCs) as valid money. In 2024, Alabama, Utah, Wisconsin, Nebraska, and Kentucky passed similar legislation.

These states have taken steps to eliminate sales and capital gains taxes on precious metals and empower state treasurers to invest in gold and silver. This movement underscores a deepening distrust in the stability of the fiat currency system.

Implications for the Future of State Economies

The 53-year experiment with a purely fiat currency system in the United States has resulted in significant economic challenges.

The Federal Reserve note “dollar” has lost purchasing power, leading to inflation and economic instability. By reaffirming gold and silver as legal tender, states like Louisiana are proactively protecting their citizens’ wealth and preparing for a potential collapse of the fiat currency system.

This legislative trend suggests a broader shift towards economic self-reliance and stability at the state level, highlighting a growing recognition of the need for sound money policies.

The Bottom Line

Louisiana’s reaffirmation of gold and silver as legal tender is a clear indication of a broader state-level trend towards sound money policies.

As more states join this movement, it signals increasing skepticism about the long-term viability of the fiat currency system and a proactive approach to ensuring financial stability.

By embracing precious metals and rejecting CBDCs, states are positioning themselves to safeguard their economies and citizens against the potential collapse of the fiat currency debt system.

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“Tidbits From TNT” Monday 6-3-2024

TNT:

Tishwash: It includes international agencies...preparing to open the largest mall in an Iraqi governorate

The Muthanna Investment Authority announced today, Monday, the imminent opening of (Al-Baraka Mall) in the center of Samawah city, implemented by investor Sheikh Hatem Al-Khawam, and it is considered one of the largest malls in the governorate and neighboring governorates. 

Chairman of the Muthanna Investment Authority, Adel Dakhel Al-Yasiri, said, “This important commercial center, which was built on an area of ​​(12,300 square meters), includes (100) various stores, (12) restaurants and hypermarkets with an area of ​​(2,000 square meters), a children’s play area with an area of ​​(1,300 square meters), and a coffee shop.” And branches of several banks and international agencies for clothing and meals, and a garage that can accommodate (80) vehicles, and the implementation of a multi-storey garage is underway in addition to the project to accommodate more vehicles. 

He added, "The project employs dozens of workers, including technicians and administrators, daily, while the number will increase during the commercial operation phase."  link

CandyKisses:  External praise for Iraq's banks: very advanced in electronic banking services

Economy News - Baghdad

The Union of Arab Banks confirmed on Monday that Iraq is very developed in electronic banking services, while pointing out that the Iraqi banking sector is ancient and its role is vital in economic development.

The Secretary-General of the Union of Arab Banks, Wissam Fattouh: "There is a deprivation of dealing in the dollar and not sanctions, because sanctions mean inclusion on the sanctions list," pointing out that "the impact of deprivation is almost equivalent to sanctions because banks are difficult to work without the dollar currency, which represents the currency of international trade."

Fattouh added, "The Iraqi banking sector is a long-standing sector with a history, with total assets of $ 157.9 billion, and even deposits belonging to it more than $ 100 billion. Therefore, this sector is important and its role is vital in the economic development of the heart of the country."

He stressed "the need to apply international standards, especially with regard to standards and laws in force to combat money laundering and terrorist financing."

He pointed to "the involvement of the strategy between the Union of Arab Banks and the Association of Iraqi Private Banks, to reach this goal that is really required, and to train and qualify Iraqi cadres in particular."

He pointed out that "there is a great partnership between Iraq and the United States of America for decades and trade exchange, especially after Prime Minister Mohammed Shia al-Sudani made an important historic visit to the United States of America."

"The biggest role today is how to protect the Iraqi banking sector, and that trade exchange actually takes place through Iraqi banks and not through other banks," he said.

"Iraq is very advanced in electronic banking services, and the challenge today facing the Iraqi banking sector remains the challenge of compliance," he said.

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CandyKisses:  Taif Sami talks about the allocations of the governorates in the budget

Baghdad - Iraq Today:

Finance Minister Taif Sami stressed the ministry's keenness to support all governorates according to what is scheduled in the budget.

The Ministry of Finance explained in a press statement that "Finance Minister Taif Sami received Maysan Governor Habib Zahir Al-Fartousi, to discuss the financial reality of the province and its needs for vital projects."

She added, "The Minister of Finance discussed the most prominent financial challenges facing the province, and ways to address them, as well as a number of projects that the province intends to implement during the coming period."

Sami pointed out, according to the statement, "the ministry's keenness to support all Iraqi provinces as scheduled within the draft general budget, and to provide the necessary facilities for them to implement their projects and improve the level of services provided to citizens."

For his part, the Governor of Maysan expressed his appreciation to the Minister of Finance for its interest in improving the financial and economic reality of the governorate, and its continuous support for the implementation of its projects to achieve sustainable development in it.

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CandyKisses:  Political decision fails to pass new budget law

Baghdad - Iraq Today:

The parliamentary finance committee failed to vote on the budget tables in preparation for their presentation in the House of Representatives session scheduled for Monday.

Committee member Mustafa al-Karawi said in a press statement that "the Finance Committee met today, with its full members, in order to vote as a final decision on amending the budget tables, or passing them as they are, but at the last moments of the meeting came the political decision to postpone the vote until further notice to end the meeting without resolving the decision within the committee."

"During the meeting, MPs put forward a number of views on the importance of supporting sectors that suffer from lack of allocations, such as the service sectors, water resources and agriculture, as they are in direct contact with the citizen," al-Karawi said.

He pointed out that "political agreements are disrupting the budget schedules so far," noting that "the failure to resolve the budget schedules file by the Finance Committee, means that the fate of the session to vote on these tables in parliament "will be unknown."

Mot: ........ Tah Dah! –

Mot: .. Welllll - Opal - I Do!!! – LOL 

News, Rumors and Opinions Monday AM 6-3-2024

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 Mon. 3 June 2024

Compiled Mon. 3 June 2024 12:01 am EST by Judy Byington,

Timing:  (Rumors/Opinions)

On Sun. 9 June 2024 the Petrodollar Ends – no need for nations to hold US Treasuries as the Global World Reserve Asset in oil trade: The U.S. Treasury bond market is funded off the World needing dollar reserves aka bank derivatives (off balance sheet dollars). When the Petrodollar ends on June 9th, there is no need for the world to hold U.S. Treasuries as the global world reserve asset in the oil trade. The Japanese Yen will hyper-inflate against their U.S. Treasury holdings. Japan will be forced to liquidate all their dollars.

Global Currency Reset:

Sun. 2 June 2024 TNT Tony: The banks have been placed on High Alert.

Sat. 1 June 2024 MarkZ: I expected it to be pretty quiet this weekend. But folks are geared up for early next week. I have been told by a number of them that are ready and positioned.

Sun. 2 June 2024 Charlie Ward Show: “Zimbabwe’s new Zig Currency has knocked inflation there to 0. The new gold backed currency of Argentina is not only reducing the taxes for the people, but it is also paying the taxes back to the people. The people of Argentina are waking up.”

Fri. 31 May Last Wolverine Call:

“I received an official notification from Brazil – “Good afternoon to you and your family. Confirmed the release order has been given – Colombia, USA, Brazil. The representative of the Columbian project manager begins with his delivery protocols to his Tier4B. Leading representative internet group starts in June.

The banks are ready and adapted to 100% QFS. The drought has already ceased. Wait for your notifications from Columbia today (Sat. 1 June) after 12 pm. 

The Victory of the Light took off. Prepare your Passports. The Journey to the New World has arrived. Congratulations and Best regards.”

This came through last night. I received another message from a very strong contact, a Whale, from Zurich, saying he got the same message. I don’t follow TNT much, but it came through on their call saying that every contact and agency says, “It is a go today.” This may be in line with what we have received from Brazil. 

Reno – I have been told, is about to kick off.  I am waiting to get a call from my source in Reno and hopefully we will get that done. 

So, by next week, everything will be looking beautiful. The foundations are all funded. They are ready to go. So, get ready to meet the new world.

This is not a rumor. This is fact that is coming through. I am hoping and praying this is my last call and my next call will hopefully be the opera. Have a beautiful day. I am hoping I get that call from Reno today. If I do, then I will have an EMERGENCY LIVE CALL for you all. Obviously if I am allowed to send that opera, I will. Take care, Wolverine

Global Financial Crisis:

In the first Quarter of 2024, US Commercial Banks reported a cumulative unrealized loss of $517 billion on their securities holdings. Pretty wild. Remarkable you don’t hear about this more in the media. https://t.me/USDebtClockAmerica

The privately owned Federal Reserve has Money Laundering US Taxpayer dollars since they were founded in 1913.

The Yen will be the first to fall. Japan’s Record Spending Unable to Stop Yen’s Destruction. https://ai3d.blog/currency-system-failure-the-japanese-yen-will-be-the-first-to-collapse/

Read full post here:  https://dinarchronicles.com/2024/06/03/restored-republic-via-a-gcr-update-as-of-june-3-2024/

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Militia Man   Article: "Parliamentary Finance resumes its meetings regarding the budget in preparation for voting on the schedules"  Quote: "Parliament decided, according to the agenda, to hold its twenty-seventh regular session next Monday..."   I am not sure how long voting will take on the paragraph. But, if they are going to vote to do a budget at 1310 that would have a deficit of 64 trillion that would not be good for the people and they want to see another term in office they'll need the 3 zeros to be removed from the exchange rate. If there isn't a removal by Al-alaq they'll be in a pickle be sure.

Nader From The Mid East  'Nader you said it was going to happen in June.'  No I didn't say in June happen.  I said June they're a possibility for them to work on the dinar because each time they worked on him it's between June and August...They created a new white paper.  They're going to start working on the exchange rate and I think from here to the 8th of July.  We'll see what's going to happen.

China Says NO to IMF and World Bank: What Next?

Fastepo:  6-2-2024

China has been actively developing alternative financial institutions to reduce its dependence on US-based organizations like the World Bank and the IMF.

This strategic shift aims to enhance China's influence in global financial governance and provide a more diversified financial landscape for developing countries.

Two key institutions in this effort are the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB).

In this video, we delve deep into China's strategy to reduce its reliance on Western-led organizations.

https://www.youtube.com/watch?v=TO1ngIW7rMA

Goldilocks' Comments and Global Economic News Sunday Evening 6-2-24

Goldilocks' Comments and Global Economic News Sunday Evening 6-2-24

Good evening Dinar Recaps,

"This joint proposal from the Bank of England and the Financial Conduct Authority (together, “the UK regulators”) for a digital securities sandbox (“DSS”) reflects a commendable commitment to incorporating innovation into the financial system."

A letter was sent to the Digital Securities Sandbox joint Bank of England and Financial Conduct Authority regarding this consultation paper.  

If all goes well in this pilot phase / sandbox movement forward, all would commence so long as the United States doesn't have anything further to add from the new Markets in Crypto Assets (MICA) regulations.

This consultation paper will be added to the current work taking place on legislation in Washington. See Rep. McHenry, Patrick T, H.R. 7440 – Financial Services Innovation Act of 2024, US Congress (Feb. 23, 2024). 

The purpose of this consultation letter is to make it clear the intended role of the new Digital Financial/Payment System will take going forward.

The following is the stated purpose: "A sandbox is designed to generate real-world insights about whether distributed ledger technology (“DLT”) could streamline the issuance, trading, and settlement of securities without undermining investor protection, market integrity, or financial stability."

These new regulations under the authority of the FCA has the potential to change the way settlement processes are being done, and this concerted effort is to affirm coordinated actions inside of a sandbox to make sure the US and UK can coordinate and implement a final phase by the end of June when it becomes law.  SEC   Bank of England   The Financial Conduct Authority   DFSA  

© Goldilocks

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We should see a lot of legislative bodies here in the United States and abroad get very active this month regulating and moving virtual assets into law inside the new Global Digital Economy.

© Goldilocks

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Chairman of the Finance Committee: We are ready to present the final report on the budget schedules | Iraqi News Agency

"Baghdad-INAThe Parliamentary Finance Committee announced today, Friday, that it will continue revision and reviewing the 2024 budget schedules to complete it on time in order to vote on them in Parliament, while confirming its readiness to present the final report on the budget schedules in next Monday's session."

This meeting on Monday is regarding budget schedules. No mention of exchange rate changes is expected to be a part of this meeting.

© Goldilocks

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How AI is Paving the Way for a New Era in Financial Services - The Global Treasurer

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Mastercard and HSBC Middle East accelerate travel payment innovation through bank’s first wholesale travel program | Mastercard

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In the Face of Unrelenting Change, Corporations Embrace Innovation and Leadership  |  The Global Treasurer

Corporations today must adapt to constant change to stay competitive, with corporate treasuries leading the charge in managing liquidity and risk.

The introduction of ISO 20022 marks a significant shift in corporate payments, offering a unified standard that promises enhanced transaction transparency and speed.

Corporate treasuries are redefining their strategies to leverage this standard, expanding their roles to include innovative technologies for efficiency and cost reduction. 

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IMF Calls Zimbabwe's Switch To A Gold-backed Currency An "Important" Step | Pindula
The introduction of ZiG represents an important policy action accompanied by several complementary policy changes — including monetary, exchange rate, and fiscal policy measures.

Having a gold standard stabilizes prices and foreign exchange rates.

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US unveils policy to boost carbon offset market integrity | Reuters

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As society accelerates its decarbonization journey, the resource inputs necessary for this energy transition are appreciating in value. This article will spotlight the pivotal role of copper in this transition and the ETF solutions that enable investors to tap into this burgeoning market.  |  ETF Market

👆  Goldilocks pointed to this article

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Economist’s “News and Views” Sunday 6-2-2024

Is the Gold Standard Coming Back?

AMPEX:  6-2-2024

For the first time in 25 years, a country has released a gold-based currency.

The United States officially left the gold standard in 1971, and Switzerland was the last to abandon it in 1999.

But on April 30th, Zimbabwe officially launched its gold-backed currency, Zimbabwe Gold.  Zimbabwe Gold (ZiG, for short) is the world’s first gold-backed currency in two and a half decades but marks Zimbabwe’s sixth currency attempt since 2009.

While this one claims the security of gold, something the previous five failed currencies didn’t have, there’s more to it than meets the eye.

Watch this video to learn more about ZiG and why BRICS is probably closely watching the currency’s success or failure.

https://www.youtube.com/watch?v=ztqY13kdlbI

China EV Giants Ditching Germany, EU Dangerous Seizure Law, India Shifts Gold Back From London

Sean Foo:  6-2-2024

As the trade war spreads further, Chinese EV giants are calling it quits in Germany. Demand is crashing and punishments are coming so companies are leaving. This isn't good for Germany's economy.

Meanwhile, Estonia has enacted a new law to confiscate Russia's frozen reserves as the EU inches closer and closer to total seizure.

Countries like India are seeing this and taking their valuable gold reserves home. Here's what to know!

Timestamps & Chapters:

 0:00 China Companies Exit Germany

 3:15 As Germany Loses, Hungary Wins Big

6:49 Estonia New Confiscation Law

9:35 India Brings Home Gold From The UK

12:22 Financial Escalation Coming

https://www.youtube.com/watch?v=gMGLDnqas4w

MARKETS A LOOK AHEAD: FREEFALL... Another "GRAND DECEPTION" Is Unfolding.

Greg Mannarino:  6-2-2024

https://www.youtube.com/watch?v=TbOQLQBUJ1w

More News, Rumors and Opinions Sunday Afternoon 6-2-2024

TNT:

Tishwash:  Iraq participates in the OPEC+ coalition meeting in Saudi Arabia

Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani participates in the OPEC+ alliance meeting, which begins its work in Saudi Arabia today. 

Al-Hayani’s media office stated in a statement received by {Al-Furat News}, “The meeting discusses developments in the oil market, a general assessment of OPEC+’s actions over the past, and future expectations.  link

MikeCristo8: Petrodollar Ends on June 9th

Sunday, 2 June 2024,

MikeCristo8:  The world needs to understand the U.S. Treasury bond market is funded off the world needing dollar reserves aka bank derivatives (off balance sheet dollars).

When the Petrodollar ends on June 9th, there is no need for the world to hold U.S. Treasuries as the global world reserve asset in the oil trade. 

The Japanese yen will hyperinflate against their U.S. Treasury holdings. 

Japan will be forced to liquidate all their dollars and U.S. treasuries that fund the Gates Foundation, 

The Gates Foundation will fold. Melinda Gates leaves the Gates Foundation on Friday June 7th, two days before the petrodollar ends (June 9th). Bill and Melinda Gates knew the petrodollar was going to end. 

Coincidence? No? The monetary even is going down NOW! 

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Adam Gaertner :  Anything concrete re: the 9th?

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MikeCristo8   U.S. Treasury must roll over $10 trillion in bonds, of which they don’t have the money. Saudi is protecting their oil against a collapsing fiat dollar. The Fed isn’t going to print this kind of money.

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Jack Straw  June 9th the Agreement between United States and Saudi Arabia to sell Saudi Oil in USD exclusively ends. Saudi Prince has already notified U.S. that this agreement will NOT be renewed and they will no longer accept USD.

Video: https://x.com/i/status/1796618863599370263

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MikeCristo8   It means state banks can link up to M-BRIDGE, bypassing the SWIFT system and interface with the PBoC and the state banks could then potentially hold RMB as reserves.

===>>>>> This would allow China to control the gold price inside the U.S. state banking system!

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MikeCristo8  Does the world want dollar loans backed by nothing, or do they want RMB loans backed by gold?

China just moved in.

https://dinarchronicles.com/2024/06/02/mikecristo8-petrodollar-ends-on-june-9th/

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Militia Man  The totality of the Development Road Project, 1310 is not going to work.  They just don't have enough money printed, period.  They just don't.  We're going to have to see how all that ties in with the budget because one of the things that's still on the table is the Delete The Zeros Project.  If that's the case trillions turns into billions quite quickly...If they do what they say they're going to do it becomes far far cheaper.

Tishwash  Article:  "Iran: Iraq is one of the richest countries in the Middle East"  Quote:  "...Iraq is considered one of the richest countries in the Middle East, in that it possesses 85 billion dollars in foreign exchange reserves, 130 tons of gold reserves and 147 billion reserves, confirmed from a barrel of crude oil (ranked fourth in the world), explaining that it achieved from selling crude oil an income equivalent to $76 billion in 2021, and $120 billion in 2022."

Deflation ‘Intensifying’, ‘Monumental Rally’ Will ‘Shock People’ | David Rosenberg

David Lin:  6-2-2024

David Rosenberg, Founder and President of Rosenberg Research, discusses the "intensifying" deflationary pressures mounting in the economy, and their impacts on Fed monetary policy, the treasuries market, and equities markets.

0:00 - Intro

1:05 - Rate cuts towards 0%

 6:48 - Inflation vs. Deflation

 14:00 - Monetary policy errors

24:10 – Treasuries

 26:30 - Stock market outlook

35:00 - Labor market and wages

 43:00 - Home foreclosures?

45:40 - Asset allocation

https://www.youtube.com/watch?v=x1PQpoMOvU8

“Tidbits From TNT” Sunday 6-2-2024

TNT:

CandyKisses:  Parliamentary praise for this year's budget: the best since 2003

Economy News - Baghdad

The Chairman of the Parliamentary Services and Reconstruction Committee, MP Ali Jassim Al-Hamidawi, confirmed that the reports prepared by the Parliamentary Finance Committee after studying the tables sent by the government confirm that the governorates' allocations in the 2024 budget are not reduced, but are the best since 2003.

Al-Hamidawi said in a brief statement, followed by "Economy News", that "the reports prepared by the parliamentary finance committee after studying the tables sent by the government confirm that the allocations of the governorates in the 2024 budget are not reduced, but rather the best since 2003."

He added, "The budget includes promising service projects for the provinces," pointing out that "members of the House of Representatives will vote on Monday on the tables to launch a new phase of services and ages in the government of achievements."

Tishwash: Before submitting it to a vote...a final meeting for the 2024 budget in the corridors of Parliament today

Deputy Chairman of the Finance Committee in Parliament, MP Ahmed Mazhar Al-Jubouri, revealed today, Sunday, an expected final meeting of the committee to resolve the 2024 budget schedules, before submitting them to a vote within the Council.

Al-Jubouri said, “The powers and directions may not allow us to make amendments to the budget tables, and this may dispel the dream of many who are waiting to make amendments to them, including appointments or governorate rights, etc., and it may be difficult to change a single letter in the tables.”

He added, “The committee will open the schedules today and will discuss the possibility of making amendments to them or passing them according to the texts that reached Parliament from the government,” indicating that today’s meeting will decide whether the schedules will be passed in tomorrow’s session or moved until after Eid al-Adha.

Al-Jubouri said, “The committee members’ orientations are with the rights of citizens, but we are waiting for today’s meeting to discuss the possibility of amending them according to the necessary requirements.”

The House of Representatives had allocated its session tomorrow, Monday, as a date to vote on the federal financial budget tables, at a time when the Parliamentary Finance Committee announced, yesterday, Saturday (June 1, 2024), the near end of its work on the federal financial budget tables for the year 2024.  link

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Tishwash:  Al-Aboudi: The decision to end UNAMI’s mission in Iraq is a big step towards full sovereignty

Member of the General Authority of the National Wisdom Movement, Rahim Al-Aboudi, considered the decision to end UNAMI’s mission in Iraq a big step to prove complete sovereignty.

Al-Aboudi said {to Al-Furat News} that: “The United Nations is looking with another eye at Iraq and is following up on all political, security, social and economic activities. Therefore, this transition is a merit of the Iraqi people and political forces.”
 He added, "The government had a major role in this transition, and it is a major step to prove that Iraq has a different title and status and the need for complete sovereignty and dealing with the country on the basis of this entitlement."

Al-Aboudi continued, "Iraq adopted many decisions, as well as many foreign relations, whether at the level of Middle Eastern countries or countries of the world, in order to have a different role in the next stage."

He stated, "This decision has become an important responsibility for the government to affirm the right of the Iraqi people to be a growing and prosperous country. Today, Iraq is adopting a policy of calm in the region and proving itself."

Yesterday, Friday, the UN Security Council decided to withdraw the United Nations Assistance Mission for Iraq (UNAMI), which has been in the country for more than 20 years, by the end of 2025, at the request of Baghdad. 

The unanimously adopted resolution stipulates extending the mandate of the mission, which was established in 2003, “for a final period of 19 months until January 31, 2025.”

The Iraqi government welcomed the UN Security Council's decision to end the mandate and tasks of the United Nations Assistance Mission for Iraq. link

Mot: Good Morning

Good Mom

More News, Rumors and Opinions Saturday PM 6-1-2024

KTFA:

Clare:  Details of the parliamentary finance meeting on the final report of the 20204 budget

6/1/2024

Today, Saturday, June 1, 2024, the Finance Committee, headed by Engineer Atwan Al-Atwani and attended by its members, led its meeting dedicated to preparing the final report on the federal general budget schedules for the year 20204.

The Chairman of the Finance Committee stressed the keenness to complete all the details related to the schedules and prepare the final report in preparation for presenting it to the House of Representatives, taking into account the state’s financial path and the economic feasibility that must be studied. 

The members of the committee presented views and opinions regarding the possibility of making the required transfers according to need and the economic vision in line with the public interest, as well as the importance of assessing the institutions’ need according to realistic data. 

The committee added the need to raise the level of ambition in terms of the necessary financial allocations for projects and distribute the amounts fairly in accordance with the law and in line with the government program.  LINK

Clare:  Sudanese inaugurates a digital data center that operates for 30 days without electricity

6/1/2024

Today, Saturday, Iraqi Prime Minister Muhammad Shiaa Al-Sudani opened the digital data center at the Ministry of Interior and the traffic plate manufacturing factory, in the capital, Baghdad. 

The opening took place, according to a statement received by Shafaq News Agency, in the presence of the Ministers of Interior, Planning, Communications, Higher Education, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank, and a number of government and security officials.

In his speech during the opening, Al-Sudani praised the efforts of workers in the Ministry of Interior and the Iraqi company implementing the project, stressing the importance of the digital data center in preserving and circulating data.

He explained that the Ministry has made important strides in providing electronic service to citizens, which began with the passport and entry visa, and today it culminates in the completion of this center dedicated to collecting data, pointing out that the Ministry of Interior is not only a security body, but it is also a service ministry that deals directly with the citizen.

He stressed the importance of sharing data between different departments and institutions, stressing that the readiness of information will raise the level of performance of the Ministry of Interior in the field of tracking crime.

He explained that the digital data center is in line with the directives of the Prime Minister to ensure data security and sharing, and to rely on automation and digital transformation in providing services to citizens. According to the statement, this center is part of the electronic passport, electronic visa and electronic portals project concluded with the Police Martyrs Fund. It will also serve the Ministry of Interior and all its formations, such as the electronic passport systems, the electronic visa, the national card, the vehicle registration system, market licenses, criminal evidence, and the Directorate of... Identities, and will be able to support ministries and the private sector in data hosting and backup.

Al-Sudani stated that the center accommodates 200 digital data cabins, accommodates future development and expansion for the next 20 years, and was built with high specifications that allow it to continue operating for 30 days in the event of a complete national power outage.

During his speech, Al-Sudani also said: “Our government is a service government, and when service is achieved quickly and easily and we obtain the satisfaction of the citizen, then we have achieved our goal.” 

He stressed that speed, accuracy and security of information is required, and that a meeting of the Supreme Committee for Digital Transformation was held to emphasize the importance of not dispersing efforts through the large number of committees.

He stressed that his directives include dealing with everything issued by the Supreme Committee for Digital Transformation as a work plan that must be implemented, and that the process of preserving information today depends on a cybersecurity system to maintain information security, stressing the necessity of keeping pace with the acceleration in electronic development, and the importance of data sharing between ministries and institutions. Various, to be provided to the Ministry of Planning, the Central Bank, and the Social Protection Network.

Al-Sudani concluded his speech by emphasizing that sharing information enables dealing with crime with quick measures, and that the readiness of information will increase performance in tracking down criminals.   LINK

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Frank26   Article: "Parliamentary Finance confirms the readiness of the budget tables for voting in Monday’s session"  I BELIEVE IN JUNE 3rd FOR MANY THINGS TO COME TOGETHER.

Militia Man  The House of Representatives will vote next Monday on the budge schedules...We've been waiting for it... Is it important?  Is it not important?  Obviously it's a focus.   Article Quote: "Mustafa ... announced the House of Representatives intends to vote on the financial budget tables for the year of 2024...It will be held at 3:00 in the afternoon on Monday."

CHINA: Economic & Industrial Rise, West Asia Geopolitics, BRICS Blockchain |Prof. Warwick Powell

Lena Petrova:  6-1-2024

https://www.youtube.com/watch?v=BxDTE2fjT-Q

The Fed's Rate Cut Deception Just Got Exposed

Atlantis Report:  6-1-2024

The Federal Reserve's decisions about interest rates have significant implications for the entire economy.

There is increasing anticipation about the possibility of the Fed reducing interest rates, usually seen as a way to stimulate economic growth and prosperity.

 However, as the discussion heats up, many experts have noted that the Fed might be using a bait and switch strategy, where the Fed's promises of economic boosting rate cuts may not be what they seem.

This unsettling possibility has caused concern in the financial community, leading to scrutiny and skepticism from consumers, businesses, and economic experts.

https://www.youtube.com/watch?v=R7b1PNwYIQE

Goldilocks' Comments and Global Economic News Saturday Afternoon 6-1-24

Goldilocks' Comments and Global Economic News Saturday Afternoon 6-1-24

Good evening Dinar Recaps,

"Liquidity in U.S. financial markets is starting to dry up, which could it make it difficult for stocks and other risky assets to advance from here, according to analysts at JPMorgan."

This has been going on since the end of March 2024. If you remember, this was the time banks were no longer going to receive free liquidity going forward. 👇

"The Federal Reserve Board announced that the Bank Term Funding Program (BTFP) will cease making new loans as scheduled on March 11. The program will continue to make loans until that time and is available as an additional source of liquidity for eligible institutions."

This lack of liquidity has reached its tipping point. And now, we have reached a contracting phase in the markets. It appears that old money has reached its limits.

There are currently over 450 London Metal Exchange approved Warehouses around the world, and their numbers are continuing to grow. They are located across the USA, Europe, and Asia.

These active locations are ready to serve the needs of the new digital asset-based trading system. Gold and other precious metals have been on the rise since the beginning of this year. The time has come for gold's new role in our world to awaken.  Market Watch   LME   Financial Express

Gold is the new liquidity. Gold will set us free.

© Goldilocks

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BREAKING NEWS IRAQ   Trouble | Youtube

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The race toward instant payments has now begun. The new MICA regulations have set everything in motion. | The Paypers

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Russian Commodity Companies Using Stablecoins To Settle With Chinese Counterparts: Report  |  Daily Hodl

Russian Commodity Companies Announcement:

Russian commodities firms are reportedly using the top stablecoin USDT to execute financial transactions with Chinese companies.

Bloomberg, citing “top executives at the companies,” reports that at least two metals producers in Russia use the Tether-issued stablecoin and other crypto assets to facilitate cross-border transactions with clients and suppliers in China.

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RBI relocates 100 tonnes of gold from UK to its Indian vaults: Report  |  LiveMint

RBI relocated over 100 tonnes of gold from UK to India for logistical and storage reasons, hinting at more gold entering the country soon. This move follows RBI's recent acquisition of 27.5 tonnes, increasing its total gold holdings to 822.1 tonnes by March.

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SEC Announcement:

Washington D.C., May 31, 2024 —
The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on June 6, 2024, at 10 a.m. ET. The meeting will be webcast on the SEC website.  SEC

The committee will host two panels:

* Examining the New Frontier for Investment Advice

* AI Regulation: Embracing the Future

The committee will also discuss potential recommendations regarding the Protection of Self-Directed Investors when Trading Complex Products and Utilizing Complex Strategies and Financial Literacy and Investor Education.

The Investor Advisory Committee, which focuses on investor-related interests, advises the Commission on regulatory priorities and various initiatives to help protect investors and promote the integrity of the U.S. securities markets. Established by the Dodd-Frank Act, the Committee is authorized by Congress to submit findings and recommendations to the Commission.

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Fed’s Wait-and-See on Rate Cuts Supported by Worst 6-Month “Core” & “Core Services” PCE Inflation since mid-2023 | Wolf Street

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The UK recently conducted a consultation about its Digital Securities Sandbox (DSS), which eases legal requirements for central securities depositories. The aim is to enable tokenization initiatives to issue, trade and settle digital securities. | Ledger Insights

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BIS shares how Project Agorá aims to tokenize correspondent banking - Ledger Insights - blockchain 

Bank for International Settlements Announcement:

Last month the Bank for International Settlements (BIS) Innovation Hub unveiled Project Agorá, its ambitious project with seven central banks to transform cross-border payments with tokenization. It proposes using a Unified Ledger involving wholesale central bank digital currencies (wCBDC) and tokenized deposits on a shared infrastructure to execute payments. Today the BIS released a short paper on “Next generation correspondent banking“, which outlines the vision for Agorá. A large part of that relates to how compliance is dealt with.

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Securities & Futures Commission of Hong Kong Announcement  |  Finance Magnates

SFC Warns of June 1 Deadline: Comply or Face Legal Consequences

Virtual asset trading platforms must be licensed by June 1, 2024, or face criminal charges

The regulator urges investors to trade only on licensed platforms.

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First Green Security Token Offering for New Energy Vehicles Charging Network in Hong Kong - The Tokenizer

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Join the Seeds of Wisdom Team SNL call with Freedom Fighter breaking down Goldilock's weekly posts!  Jester will be joining too!   SNL Call Link

9 pm EDT / 8 pm CDT / 6 pm PDT

The SNL Q & A room will be open at 8 pm ET, 7 pm CT, and 5 pm PT to ask questions that will be answered on the call!

The call will be recorded and you can find it in the Archive Call Room after the call is over.

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Thank you Dinar Recaps

“Tidbits From TNT” Saturday 6-1-2024

TNT:

CandyKisses:  Al-Sayhood: The UN Security Council vote to end the work of UNAMI is a historic victory for Iraq, its people and its government

Saturday 01, June 24

Baghdad / Nina / The Secretary-General of the Assembly / generations / MP Muhammad Saadoun Al-Sayhoud The vote of the United Nations Security Council to end the work of the UNAMI mission is a historic victory for Iraq, its people and its government.

Al-Sayhoud explained in a press statement today: "The termination of the work of the UNAMI mission in Iraq in 2025 came after a government effort and constructive and purposeful dialogues that established to the world that Iraq is able to manage the country by itself without any need for UN intervention, especially what Iraq is witnessing under the government of Prime Minister Muhammad Shia Al-Sudani of political, security, economic, development, investment, service as well as diplomatic stability."

He added: "The entire international community has placed its confidence in Prime Minister Mohammed Shia Al-Sudani, especially after the international, regional and Arab openness and its positive effects in the advancement and advancement of Iraq and its auspicious and influential return as an important and effective element in the Arab, regional and international environment and its great participation in solving important issues and spreading the principles of brotherhood, peace and stability in the region and the world, distancing oneself from external conflicts and moving away from the policy of axes."

CandyKisses:  Iraq announces the arrival of approximately 24,400 pilgrims to the Holy Land so far

Economy News - Baghdad

Today, Friday, the Supreme Commission for Hajj and Umrah counted Iraqi pilgrims traveling by land and air to the Holy Land, while confirming the existence of coordination with the Central Bank and banks to sell dollars to pilgrims at the official rate

"The voyage process is continuing, whether by air through Baghdad, Najaf, Basra, Erbil, Sulaymaniyah and Kirkuk airports to Madinah airport - Prince Mohammed bin Abdulaziz airport, directly, as well as the voyage through the Arar border crossing, where pilgrims are escorted by security forces to the Arar border crossing," said spokesman Hassan Fahd al-Kinani.

Al-Kinani added that "pilgrims pass through the city of pilgrims and Umrah performers, which was established in a record period not exceeding sixty days, and there are all the amenities that the pilgrim needs, and it contains restaurants, a bakery, a factory for the production of crystal ice, and a dream, where breakfast, lunch and dinner are served when the pilgrim stays there, and then at the Arar border crossing, where the procedures are easy and easy."

"The number of pilgrims traveling by land and air to the Holy Land has reached about 24,400, half of whom are now in Medina and the other half have moved to Mecca after visiting the Holy Prophet (peace be upon him)," he said.

Regarding coordination with the Central Bank to obtain the dollar, Al-Kinani explained that "there is coordination with the Central Bank, Al-Rasheed and Rafidain Banks, and the Hermit Bank, which has been since the beginning of the regiment in the process of exchanging dollars to pilgrims, in addition to the Iraqi Trade Bank and exchange companies, all of which are on the official website of the Commission. Any pilgrim to the Holy Land can access the official website of the Commission through social networking sites or on the official website of the Commission in order to know where to sell dollars at the official rate for for pilgrims of Baghdad and the provinces."

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TishwashL  Al-Sudani: “The development road” means linking the East to Europe through Iraqi lands

Prime Minister, Muhammad Shiaa Al-Sudani, confirmed that the development road project means, according to current market equations and international trade movement, a link between the East and Europe through Iraqi and Turkish lands together.

Al-Sudani, during an interview conducted by Anatolia Agency, said: In the beginning, we must look historically at Iraq’s role in trade between the East and the West over many centuries, and I am not exaggerating if I say that since prehistoric times, Mesopotamia has been an easy trade corridor whose paths trade caravans prefer to follow. And standing and trading with its metropolises, cities and urban centres.”

He stressed that the path of development is essentially to restore this historical role, and linking the port of Al-Faw to the Turkish border means, according to current market equations and international trade movement, a link between the East and Europe via Iraqi and Turkish lands together.
The Prime Minister explained that the region is witnessing conflicts and tensions that recede at times and escalate at other times, and this prompts us to focus efforts on projects that overlap in interests and overlap in benefits.

He added: The Development Road will provide an opportunity for the emergence of industrial cities on both sides of it, which will complement the trade passing through it. Later this year, we will inaugurate the first berths at Al-Faw Port, and the flow of goods through the Development Road route will begin initially.”

He continued, saying: All indicators, economic readings and feasibility studies, say that this corridor is the least expensive and fastest among the rest of the corridors. We do not say that it is an alternative, but rather regional and international trade really needs a path of development, as it is a linking project that promotes overlap in interests and causes of economic sustainability.

Following President Erdogan's visit to Iraq, Turkish Minister of Transport and Infrastructure Abdulkadir Oraloglu said that with the operation of the development road, the volume of trade with Iraq will increase from $20 billion to $30-40 billion.

Regarding the future volume of bilateral trade between Turkey and Iraq, which is currently estimated at about 20 billion dollars, the Prime Minister of Iraq said: The increase in the volume of bilateral trade with Turkey can be expanded vertically, but we are seeking vertical expansion as well. In short, this is the role of the Development Road Project and the projects attached to it. “

He added: Experience and history have proven that the progress of a country alone and in isolation from its neighbourhood, is something that carries an unknown future despite all possibilities and conflicts. Therefore, we focus on increasing the capacity of exchange and actual partnership (with Turkey) is the guarantor of stability and deep, long-term relations.

He continued: In our relationship with our Turkish brothers, we also focused on one of the most promising sectors in investment and cooperation, which is the agricultural sector, and soon we will witness practical steps in this aspect, and the participation of Turkish companies.”

Regarding investments in Iraqi gas fields, the Prime Minister of Iraq said, in his interview with Anadolu: “Gas investment is a strategic test for Iraq, and our national wealth must be optimally employed in serving our people and development plans.”
He added: It is not possible to continue burning gas, firstly due to the waste of this wealth that can be benefited from, and secondly due to the environmental effects. We announced a special round of licenses to invest in gas fields.

He continued, saying: We plan for Iraq to be self-sufficient in domestic gas production within 3 years, and Iraq is moving confidently to be an important element in the gas market within 5 years, and we will achieve self-sufficiency in this material at the expense of electricity production.

The Prime Minister of Iraq said: Specialists know that the existence of a technological base for gas investment is at the same time a base for the broadest petrochemical industries, and this is what we seek.”

Regarding potential partnerships in these investments, the Prime Minister of Iraq indicated that the doors are open to every reputable and specialized company that wishes to participate in this sector, and we also welcome regional companies because they will expand the base of cooperation in other areas.

He added: It is important to understand that gas investment means providing additional resources for development in Iraq, which are resources that can be invested in various promising economic rights, and these areas will be open to the participation of Turkish companies and companies of other friendly countries.

Iraq's current production of natural gas is about 2.7 billion cubic feet, and according to previous estimates, Iraq has a reserve of 132 trillion cubic feet of gas, of which 700 billion cubic feet were burned, as a result of the weak ability to exploit it.

Regarding the flow of Iraqi oil, the Iraqi Prime Minister explained that stopping the pumping of Iraqi oil extracted from the fields of the Kurdistan region of Iraq is undoubtedly a loss for Iraq, and at least it is the loss of an expected benefit that can support development plans in the provinces of the region and strengthen the Iraqi economy as a whole.

He added: He added: We took the initiative to find acceptable settlements and legal solutions and solutions after a thorough legal study, but the matter is surrounded by a legal obligation, because the Federal General Budget Law requires calculating the cost of producing one barrel of oil in all fields to be within the national average of the cost of production, which is around $8 per barrel, according to what was announced. Federal Ministry of Oil.

He continued: But the Ministry of Natural Resources in the Kurdistan Regional Government, and within the contracts signed with the oil company operating there, the cost of production is calculated at around $26 per barrel, and we suggested to Imam that the budget law be amended, or that the agreements and contracts with these companies be amended.”

The Prime Minister of Iraq continued, saying: From this standpoint, companies stopped production, as the ban did not come from the federal government, and we are waiting for a solution to be found. The companies refused to amend the contracts, while the regional government agreed.

He explained that for these reasons, more work is required to find a legal solution that first ensures the rights of Iraq and its people to its wealth.
He added: As for transporting Basra oil through Turkish ports, the matter is subject to study and determining the economic feasibility first of all.

Currently, Iraq’s oil production is approximately 4 million barrels per day, according to data from the Ministry of Oil and the Organization of the Petroleum Exporting Countries (OPEC), while it imports about 25 million liters of gas oil, gasoline, and white oil daily, in addition to natural gas.

According to previous statements by Al-Sudani, Iraq intends to be self-sufficient in oil derivatives, stop imports, and save $3.2 billion  link

 Mot: Can You Believe This!!??? -- I'm Still Wondering What Happened to March!!! 

 Mot:  . Finally !!! -- the Seniors Version of ~~~~~ facebook

Ariel: How Will Iraq Finance The Revaluation: The Pay Off

Ariel:   How Will Iraq Finance The Revaluation: The Pay Off

An example.

First off, I’ll use the exchange of a 50,000 IQD (Iraqi Dinar) note as my example. To help explain the economics of this cash-in example, I will use a 1:1 cash-in ratio between the USD (US Dollar) and IQD (Iraqi Dinar), considering the current global economic environment, Iraq’s gold reserves, numerous trade deals, and its financial independence from the fiat USD.

What You Will Receive:

If you were to cash in your 50,000 IQD note with a bank that charges you a 2% spread, you would personally receive a net take-home of $49,000 credited to your bank account.

Keep in mind you will more than likely be able to wave many bank fees. So do not worry about that.

What Your Bank Will Receive:

Your bank will receive a $50,000 credit to its account with the US Treasury. They will also be able to add the $1,000 profit to their “capital account.”

Ultimately, the bank wins because they are able to gain $10,000 in lending power under the 10% “Fractional Banking” model.

What the US Treasury Will Receive:

First off, the US Treasury will receive $17,500 in estimated taxes in the quarter after the exchange, because you are now in the “rich” category and get to enjoy the 35% tax bracket. This lowers the “net cost” of the IQD exchange to the US financial system to $32,500 USD (i.e., $50,000 out – $17,500 in).

Again this is only an example using what people assume about taxes based on the current system they are familiar with. We know bills have been passed that makes precious metals non-taxable. I want you all to read this with that in mind.

Furthermore, the US Treasury’s rate is higher than the banking rate (we will use in this example 1.25), thereby further reducing their “net cost” from $32,500 to $20,000.

Gold Reserves and Economic Stability:

Iraq’s substantial gold reserves, estimated at around 96 tons, provide significant economic stability and backing for their currency. This gold reserve bolsters confidence in the dinar and supports the revaluation process.

Trade Deals and Debt Status:

Iraq has established numerous trade agreements with countries such as China, India, and members of the European Union, boosting their economic resilience. Additionally, having paid off their international debts, Iraq’s financial position is more robust, making the revaluation more feasible.

In 2022, Iraq and China finalized multiple oil agreements, including a significant 25-year deal for the Mansuriya field. These deals enhance Iraq’s oil export capacity and strengthen economic ties between the two countries.

India also remains a major trade partner, with substantial imports of Iraqi crude oil. In 2022, Iraq exported $38.8 billion worth of crude oil to India, reinforcing the strategic energy partnership between the two countries.

Iraq has maintained strong trade relations with Turkey, with significant exports of hydrocarbons. The ongoing collaboration includes investments in infrastructure and trade facilitation.

Iraq has bolstered its trade relationship with the UAE, focusing on imports of refined petroleum, broadcasting equipment, and cars. In 2022, the UAE was one of Iraq’s largest import partners, contributing $21.2 billion to Iraq’s trade volume.

Iraq has sought to enhance trade relations with Jordan and Egypt. One notable initiative is the planned highway between Baghdad and Cairo via Amman, aimed at boosting regional trade and cooperation.

Moving Away from Fiat USD:

By reducing its reliance on the fiat USD and engaging in bilateral trade agreements using local currencies and gold-backed transactions, Iraq enhances its economic sovereignty. This shift supports the stability and strength of the IQD in the international market.

Oil Now Enters the Picture:

At some point, a Treasury-appointed agent orders $62,500 worth of oil from Iraq. Payment will consist of a $62,500 transfer from the Treasury’s foreign currency reserve IQD account to the Iraq oil payment account at the CBI (Central Bank of Iraq) in a form otherwise known as PetroDollars/PetroDinar. Even though the world spot price of oil is defined in terms of USD, the actual transaction may take place in any internationally recognized currency agreed to by the parties.

How The CBI Recaptures The Money:

The $62,500 order is filled with 1,250 barrels of oil based on the spot price on the date of the sale (for this example, we used a $50 USD spot price). What does it cost Iraq to produce the oil to fill this order? They have negotiated production agreements for approximately $2 USD/barrel. From that price, $.50 USD goes to the national Iraqi oil company who is the partner in the field the oil came from. Out of the remaining $1.50, the other oil field partners have to pay the Iraq government a profit tax of $.53 USD (35%). The net cost to Iraq to produce a barrel of oil used in this scenario is $.97 USD. (i.e., $2 – .50 – .53)

What does all that mean? It costs Iraq $1,212.50 to bring back a 50,000 IQD note! Can they afford that? I think so! So, instead of paying out $62,500 for a 50,000 IQD note, they only pay $1,212.50! That doesn’t add to the money supply much at all, does it? They receive their IQD back and place it in the CBI, or destroy it.

Summary of Economic Impact:

The transaction is completed with the US Treasury exchanging foreign reserve credits which are equal to $62,500 USD (which had a net acquisition cost of $20,000 USD for the US) for 1,250 barrels of oil (which has a TOTAL COST to produce of $1,212.50 USD for Iraq).

More completely explained, and simply put, it costs Iraq $1,212.50 USD from their foreign currency reserve accounts to redeem the value of 50,000 IQD, which goes into their operating accounts. At the same time, the US got $62,500 worth of oil for a net cost of $20,000. This is how the plan for Iraq to RV at 1 IQD = 1 USD is made possible, with the variable being the political element.

Other Factors that Strengthen Iraq’s Position and Ability to RV:

1. **Gold Reserves**: With approximately 96 tons of gold reserves, Iraq has a strong foundation to support its currency revaluation.

2. **Debt-Free Status**: Iraq has paid off its international debts, providing financial stability and credibility.

3. **Increased Oil Production**: Iraq plans to increase oil production from 2+ million barrels/day to 10 million barrels/day, significantly boosting revenues.

4. **Diversified Trade Deals**: Iraq’s numerous trade agreements with various countries enhance its economic resilience and reduce dependency on any single market.

5. **Reduced Reliance on Fiat USD**: By moving away from the fiat USD, Iraq enhances its economic sovereignty and stability.

Conclusion:

This comprehensive plan showcases how Iraq can afford to revalue its currency, benefiting all parties involved. The robust economic strategies, supported by significant gold reserves, trade agreements, and a shift away from fiat USD, make the revaluation not only feasible but also beneficial for the global economy.

In this scenario, EVERYONE WINS, and the IQD is gradually taken back into the CBI, eventually destroyed, leaving a manageable money supply behind. This process creates substantial wealth, supporting global economic regeneration and stability.

https://dinarchronicles.com/2024/05/31/ariel-prolotario1-how-will-iraq-finance-the-revaluation-and-the-pay-off/