History of the Global Financial System by Elizabeth Rodriguez:

Note: All intel should be considered as "Rumors" until we receive official announcements ...

Excerpt from the Restored Republic via a GCR: Update as of Wed. 17 July 2024

Compiled Wed. 17 July 2024 12:01 am EST by Judy Byington

Tues. 16 July Wolverine: History of the Global Financial System by Elizabeth Rodriguez:

• King Solomon accumulated wealth, which was handed over to his successor King David and later to King Philip.

• Backing a new global financial system was an estimated 2 Million metric tons of GOLD, held by a group of Royal Asian Families, which is also known as the Dragon Family.

• In the 1930’s, the royal Asian families had seen that some of their gold and silver holdings in Southeast Asia were being plundered by the Japanese and needed to do something about it.

• In 1938, the Chinese Koumintang government sent seven warships loaded with gold and silver to the US FEDERAL RESERVE for safekeeping. In return, the Chinese were given 60 year gold bonds.

• A few years later in 1944, the infamous Bretton Woods Conference took place in which the US, France and Britain were given a 50 year mandate to modernize and transform the world for the better.

• By August 17th, 1945, President Soekarno of Indonesia had been elected “M1” or Monetary Controller of this large cache of assets, granted under United Nations Resolution MISA  81704, Operation Heavy Freedom. These assets are better known as the GLOBAL COLLATERAL ACCOUNTS and were originally intended to be used for the modernization of the world through several Humanitarian Projects.

• The Dragon Family are the legitimate Depositors of these accounts.

• By 1955, it was shown that the International Monetary Fund (IMF), which was also created at Bretton Woods, was not living up to its word and was instead serving only the interest of the banking and political elite. It was at this time that a growing alliance began to see that these funds were being used to fuel the COLD War tension and decided to strongly oppose the shady banking CABAL.

• By 1963, this alliance pooled their financial resources together to create the Green Hilton Memorial Agreement, which was signed by John F. Kennedy and President Soekarno and was finished on November 14, 1963.

• This agreement was to utilize the GLOBAL COLLATERAL ACCOUNTS for global development and Humanitarian projects (along with a new US Treasury Note, a new supernational/international note backed by gold and would bring an end to the Federal Reserve System and the C.I.A.) Just 8 days later, JFK was assass*nated.

• On November 22nd 1963 US President John Fitzgerald Kennedy was assass*nated in Dallas, Texas. Kennedy strongly opposed the military-industrial complex, which included the Federal Reserve and CIA. Kennedy had signed Executive Order 11110 into law on June 4th, 1963 which gave the president the right to issue GOLD-backed currency, and completely without permission from The Federal Reserve.

• A short time following Kennedy’s passing, President Soekarno and then President Marcos was left to continue the GREEN HILTON MEMORIAL AGREEMENT. But, Soekarno was driven from power by way of COUP.

• By 1968, the BUSH, KISSINGER, ROCKEFELLER and other influential families created a FAKE heir to the rights of the GLOBAL COLLATERAL ACCOUNTS. Up until the writing of this article in November of 2015, these accounts have been illegally and fraudulently used by the central banking system.

• By 1978, President Marcos announced the ABL program along with other ASEAN Nation leaders in a meeting at Toronto, Canada. These programs will be backed by gold to free humanity from cabalist. But, just like President Soekarno President Marcos was compelled from his work by way of people power.

• The 9/11 Connection: In 1998, 60 years after the Federal Reserve Board and the Chinese swapped gold for gold bonds, the Chinese requested their gold back. After refusal from the FED, the Chinese Koumintang government followed with a lawsuit. The International Court of Justice ruled that the FED needed to return the gold, which was later agreed upon by the FED.

• The first payment was scheduled to be delivered 12 Sept. 2001, but two days prior on 10 Sept. 2001 former defense Secretary Donald Rumsfeld announced that 2.3 Trillion dollars went missing from the Pentagon defense budget.

• Even more conspicuous, CANTOR FITZGERALD SECURITIES, the company that was handling the paper work for the gold to be delivered back to the Chinese, was inside One World Trade Center on floors 101-105. All 658 of their employees were m*rdered on that day as the towers fell and the gold was not returned to the Chinese.

• GOBAL COLLATERAL ACCOUNTS have devout keepers who watch over them and protect them as Humanity’s assets, not their own. These “keepers” exist all over the world, and go unknown to the general public, again for obvious security reasons. These Global Collateral Accounts underwrite every sovereign bond, currency, debt instrument in our modern banking system without exception regardless of the amount of debt instruments produced, as they can cover any man made debt. These Global Collateral Accounts have an advanced control system which has been under constant attack since the late 1700’s.

• The current Western Banking Elite have attempted to both steal and replace the Global Collateral Accounts system through means of WAR, Treachery, M*rder and Corruption.

• The Asian Investment and Infrastructure Bank (AIIB) is a Chinese Elder creation, with exclusive oversight privileges separate from any government, including the China and Russia.

• However, the BRICS Alliance was also created to publicly acknowledge the collection of sovereign nation states committed to following the financial principals of the Chinese Elders and European Sovereigns, who in return for this pledge, get to leverage generations of social benefit loans/funds against the hard-asset base of the Global Collateral Accounts.

• Any sovereign nation not abiding by these Chinese Elder/European Sovereign financial principles simply is not allowed to join the AIIB, and thus excluded from accessing Global Collateral Asset Wealth. No sovereign nation may trade or commence in banking activities with any nation not a good standing member of the AIIB. Nations are either in with the Chinese Elders or they’re out.

• There are no more in-between games being played after what’s gone on these last 70 years. All 2008, 2015 and 2016 turbulent market crashes were attempts by existing Western Banking System families to retain the illusion of financial dominance and control which they technically never had.

• The effort has failed. Thus all conflicts, be Financial or Military are now being publicly resolved by the Chinese Elders/European Sovereigns as to reset humanity and all cultures, back onto a moral fundamental platform backed in tangible assets, still underwritten by the Global Collateral Accounts or GCR.

• Now is the time, our time that everything is happening according to his plan. 11 Nov. 2018 was the date the world started to transform from a fiat currency to a gold backed currency thus free humanity from slavery over cabalist once the new financial system was fully operational.

• The QUANTUM FINANCIAL SYSYTEM will be the system in transforming the world through Humanitarian Projects as oversee by the Chinese Elders with the keepers to promote equality amongst Nation for a generally peaceful world.

• Once the new QUANTUM FINANCIAL SYSTEM is in place the Philippine Peso (PHP) is set to significantly increase in value.

• The PHILIPPINES still holds a significant amount of GOLD from Japanese occupation during WWII. This Gold has been keeping the PHP from rising/falling over decades.

• The new QUANTUM FINANCIAL SYSTEM (QFS) has been announced along with the RV in a Spanish by CNN but with no explanation yet.

• All HUMANITARIAN, INFRASTRUCTURE, AND JOB PRODUCING  projects has  been given a green light with funds on a holding bank which cannot be disclosed as of this time.

• It’s so interesting what’s going on absolutely PHENOMENAL. TR says he is working directly with the SOVEREIGN COMMITTEE which is the grandfather CHINESE and they control most of the assets of the world that are part of this, let’s say, new system. Code name MEI-HUA is one of these groups representing these historical and inherited assets in the IQP.

• “As the sovereign committee, we have our own SOVEREIGN BANK and we’re doing these transactions right now. We’re telling this C C, “ You show us how you got this, and we’ll fund this deal by the end of the week. “That’s how things work.

• The innocent country like the PHILIPPINES must be given allowance for retribution for all the destruction that’s been done.

https://dinarchronicles.com/2024/07/17/restored-republic-via-a-gcr-update-as-of-july-17-2024/

How Iraq’s Recent Economic Growth is Paving the Way for a Stronger IQD

How Iraq’s Recent Economic Growth is Paving the Way for a Stronger IQD

On July 16, 2024  By Awake-In-3D

Iraq’s Financial Transformation Could Mean Big Changes for Its IQD Currency

In This Article

• Iraq’s Ranking in the Global Economy

• Inflation and Oil Production

• The Soft Power Index and Economic Diversification

• Implications for the Iraqi Dinar (IQD)

Iraq’s economy is showing promising signs of growth and stability, as evidenced by its recent global and regional rankings. This economic progress could pave the way for a stronger Iraqi Dinar (IQD) and greater financial independence.

Iraq’s Ranking in the Global Economy

According to CEOWORLD, Iraq has emerged as the fifth-largest economy among Arab nations and the 52nd largest globally in 2024.

The country’s Gross Domestic Product (GDP) for the year stands at $265.894 million, with projections indicating steady growth reaching $345.074 million by 2029. This upward trajectory places Iraq on a stable path towards economic robustness and a more influential role in the region.

Despite rising inflation concerns worldwide, the United States remains the largest economy with a GDP of $28.78 trillion, followed by China at $18.54 trillion. Germany, Japan, and India also continue to solidify their positions in the top five, each leveraging their unique economic strengths.

Inflation and Oil Production

Iraq’s economy heavily relies on its oil production capabilities, which have seen a significant boost recently.

The North Oil Company (NOC) in Kirkuk governorate reported an increase in production to over 360,000 barrels per day (bpd), with plans to reach 400,000 bpd by year-end. The Iraqi Drilling Company’s efforts to develop and rehabilitate oil wells have contributed to this growth, highlighting the sector’s potential for further expansion.

Oil expert Ali Khalil noted that while the current production represents about 50% of NOC’s potential, there is ample room for increased output. This production capability demonstrates the need for the Ministry of Oil to invest in the public sector and enhance the infrastructure, ultimately boosting revenue for Iraq’s state treasury.

The Soft Power Index and Economic Diversification

Iraq’s improved ranking in the Soft Power Index, climbing from 116th to 99th place globally, reflects its growing influence on international affairs.

The index evaluates a country’s ability to impact global decisions through its reputation, culture, governance, and economic relations. Among Arab nations, Iraq ranks fifth, following the United Arab Emirates, Saudi Arabia, Qatar, and Egypt.

Economic diversification remains crucial for Iraq’s stability. Although oil revenues account for 89% of the federal budget, there has been a notable increase in non-oil revenues, contributing 11% to the total income.

This diversification is vital for reducing the country’s vulnerability to global oil market fluctuations and fostering sustainable economic growth.

Implications for the Iraqi Dinar (IQD)

The steady economic growth and diversification efforts could have significant implications for the value of the Iraqi Dinar (IQD).

With a more stable financial system and increased non-oil revenues, Iraq is poised to enhance the value of its currency. Achieving greater economic independence and reducing reliance on U.S. influence will be key factors in this process.

Financial experts suggest that continued investment in infrastructure, particularly in the oil sector, and strategic economic policies will support the upward trajectory of the IQD.

The recent memorandum of understanding with the European Chambers of Commerce further signifies Iraq’s commitment to fostering international trade and supporting small and medium-sized enterprises.

The Bottom Line

Iraq’s economic progress is a testament to its resilience and strategic planning. As the country continues to enhance its financial system and diversify its economy, the potential for a stronger IQD becomes more tangible.

With continued efforts towards economic independence and stability, Iraq is on the right path to achieving significant fiscal success and a more influential global presence.

Supporting Articles:

• https://shafaq.com/en/Economy/Iraq-ranks-fifth-in-Arab-World-52nd-globally-in-largest-economies

• https://shafaq.com/en/Economy/Iraq-ascends-in-2024-Soft-Power-Index

• https://shafaq.com/en/Economy/Kirkuk-oil-production-surges-to-over-360-000-bpd

• https://shafaq.com/en/Economy/Iraq-s-fiscal-challenges-highlight-overreliance-on-oil-revenues

• https://shafaq.com/en/Economy/Iraq-signs-MoU-with-European-Chambers-of-Commerce-to-boost-trade

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© GCR Real-Time News

Visit the GCR Real-Time News website and search 100’s of articles here: Ai3D.blog

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News, Rumors and Opinions Wednesday AM 7-17-2024

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 Wed. 17 July 2024

Compiled Wed. 17 July 2024 12:01 am EST by Judy Byington

Global Currency Reset:

Tues. 16 July 2024 MarkZ: “Some of the Zim charity platforms may go first – is what I am suddenly hearing. Maybe even before some of the Historic bonds. So I am hearing positive things for those who aggregated Zim for humanitarian reasons. That being said…..I heard that the initial releases of money are being pushed very hard for humanitarians. That is the priority. But this does not mean there is a delay for us currency holders, just that humanitarian projects are the priority.  I am getting that from bunches of sources. I have also had a number of sources from groups reach out over the last 12-14 hours that if we have projects to submit- be sure to get those dusted off and prepared and ready.”

Tues. 16 July 2024 Bruce:

Sources are talking of this going by Thurs. 18 July.

We should be notified to set appointments sometime between now and Thurs. 18 July.

Money is moving and Bond Holders are to receive email tomorrow Wed. 17 July for access to their monies on Thurs. 18 July.

A strong contact in Iraq is in touch with high people in Erbil – that are saying the budget and rate will be published in tomorrow’s Gazette Wed. 17 July.

Gesara is to be announced.

If you are a Zim or Currency Holder you should receive the R&R at the time of your exchange.

If you are not a currency holder you should receive your R&R by the end of July.

Tues. 16 July 2024: GESARA: The Hands Of God! This Is Wealth Creation! (VIDEO) – American Media Group (amg-news.com)

Mon. 15 July 2024: UPDATE: New List of Banks That are Connected to The QFS System or are Being Connected – QFS + RTGS Trust The Plan! – American Media Group BOOM! A New List of Banks That are Connected to the QFS System or are Being Connected – QFS + RTGS Trust the Plan! (amg-news.com)

~~~~~~~~~~

Global Financial Crisis:

 Tues. 16 July 2024: It’s a done deal! We’re about to take a significant leap forward. While things may get tougher before they improve, the Quantum Leap is now fully underway! …US Debt Clock on Telegram

Tues. 16 July 2024: BRICS to use Crypto for its new payment system, Chairman of the Russian Federation Council says. https://x.com/BRICSinfo/status/1813002862424957031

Tues. 16 July 2024: THE EUROPEAN CENTRAL BANK IS SET TO DELAY THE OUTCOME OF A LARGE-SCALE INVESTIGATION INTO HIGH-RISK LOANS FROM BANKS. Nobody should be surprised.  https://x.com/goldtelegraph_/status/1813039825089405329?s=46

Tues. 16 July 2024 Japan: It is getting sad in Japan. Japan is warning that the country is ready to take all possible measures in the currency market. This is what desperation looks like. https://x.com/goldtelegraph_/status/1813073390250696805?s=46

Tues. 16 July 2024 Australia Guy: “ATMs still down today. I needed 50 cash and had to buy something from the shop so they would let me get cash out. They gave me nearly all they had left. Cash is running out and ATMs don’t work.”

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Wars and Rumors of Wars:

Tues. 16 July 2024 Iran: “Western Union has ceased operations in Iraq following instructions from the US Federal Reserve Board. The US has begun to abandon Iraq by restricting the use of dollars and abandoning purchases of Iraqi oil.” Jalil Al Rami: “Tampering with electronic platforms has had a negative impact on the parallel market.” …Jalil Al Rami – Economic Expert

Tues. 16 July 2024 Iran: Iran says it’s ready to supply oil and gas to all BRICS countries. “Iran can provide oil and gas to BRICS countries to meet their energy needs, and in return, other member states can take steps to meet Iran’s needs in various banking and trade exchange sectors.”

Read full post here:  https://dinarchronicles.com/2024/07/17/restored-republic-via-a-gcr-update-as-of-july-17-2024/

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

Frank26  [Iraq boots-on-the-ground report]   FIREFLY:
Sudani said we have a new currency... FRANK:  They're not talking about the 3-zero notes...They're talking about the new currency that's going to match a new exchange rate.  FIREFLY:  Any new currency will have to be lower notes...

Pompey Peter  Deputy Prime Minister of Iraq has been in Washington that's well covered in articles...The CBI governor was also in Washington.  We believe there is a possibility that a higher rate was being discussed which could have been the purpose of the "whites of the eyes" meeting while these gentleman were in the United States...Just an opinion that a higher rate may have been involved and that needed not any approval but support and discussion with support.

ALERT: U.S. Banks Report Losses & Increase Reserves for Losses Amid 23% Surge in Delinquencies

Lena Petrova:  7-16-2024

https://www.youtube.com/watch?v=aQmW2QVVphQ

Andy Schectman: Gold, Silver Rally As Traders Price '98% Probability' of Sept Rate Cut

Arcadia Economics:  7-16-2024

Andy Schectman: Gold, Silver Rally As Traders Price '98% Probability' of Sept Rate Cut In a year that began with expectations of rate cuts that haven't yet come, it's increasingly appearing that the wait may be coming to an end.

Because as of Tuesday morning, the futures market is now pricing in a 98% probability of a rate cut by the September meeting.

https://www.youtube.com/watch?v=hpgpo6bqYCY

“Tidbits From TNT” Wednesday Morning 7-17-2024

TNT:

Tishwash:  this video is not coming from the CBI or iraq   this video is from Saudi Arabia just fyi

Video that Frank showed tonight

This is the information they have typed below the video on Youtube

“The project to delete zeros from the currency is still in place,” this was confirmed by the Governor of the Central Bank, Ali Al-Alaq, in his latest statements about the project to delete three zeros from the Iraqi dinar. So what does that mean?

The policy of deleting zeros from the currency means, for example, that the value of a one-thousand note is 1,000 dinars, and will be replaced by a note worth one dinar of the new currency.

Iraq is not the only country that resorts to the policy of deleting zeros from the currency, but there are seventy-70 cases that the world has witnessed since the year one thousand nine hundred and sixty 1960, including

Türkiye: Deleted six zeros from its currency in 2005

Zimbabwe: deleted twelve 12 zeros from its currency in 2009.

And Venezuela: Five zeros were deleted in 2018

 But how will the Iraqi economy be affected by deleting the zeros if it is implemented? Although the actual value of the money that people own does not change after deleting the zeros, this step contributes to simplifying the buying and selling processes for individuals and companies.

It makes financial amounts simpler and more understandable. Instead of dealing with huge numbers such as one million 1,000,000 Iraqi dinars, they can be converted into one thousand 1,000 dinars only after deleting three zeros.

Removing zeros may also help in issuing small currencies such as coins, enabling small commodities to be repriced at lower prices. It gives a positive psychological boost to citizens that the Iraqi dinar can now buy more goods and services.

Therefore, countries aim by deleting the zeros to restore confidence in the local currency among citizens and investors

The demand for it increases, and the local currency becomes more competitive with foreign currencies and its exchange for other currencies decreases.

 The policy of deleting zeros is often linked to broader economic reforms, such as raising interest rates on bank deposits, to encourage people to save within banks and benefit from high interest on their bank deposits, in an attempt to withdraw liquidity from the market, reduce consumption and decline in prices.

Then exploit this liquidity to expand productive projects, attract local and foreign investments within the country and create many job opportunities to eventually revive the local economy.

But on the other hand, deleting the zeros may cost Iraq money to print new banknotes to no avail. For example, after eliminating 3 zeros from the Iraqi dinar, when we talk about a 200 dinar banknote, it is actually equivalent to 200,000 dinars.

 Therefore, it may be necessary to print 4 more 50 dinar notes instead of the 50,000 dinar note.

However, this may not have a clear impact on improving the local economy if it is not part of an economic reform package that helps reduce the amount of money circulating among people and stimulate the economy.

Especially since Iraq's economy is an oil economy that needs to stimulate other productive sectors to drive the local economy

Could deleting the zeros from the Iraqi dinar be a real start to stimulating Iraq's economy?

https://youtu.be/kTL-jZko4GE

Tishwash:  Iraq and Vietnam discuss tea farm mechanisms and ways to develop them

The General Company for Foodstuff Trading at the Ministry of Trade discussed with the Vietnamese side the mechanisms of the tea farm and ways to develop it.

The Ministry of Trade's media stated in a statement received by the Iraqi News Agency (INA), that "the General Company for Foodstuff Trading at the Ministry of Trade held a joint meeting (online) today, Tuesday, with the Vietnamese side to discuss the mechanisms of the tea farm's work and ways to develop it, headed by its Director General, Lama Al-Moussawi, in the presence of the departments of financial, legal and import affairs." 

Al-Moussawi said, according to the statement, that "the meeting discussed the mechanisms that would develop the work by introducing modern mechanization in the packaging and sorting processes of tea types prepared for marketing, in addition to purchasing new plants to increase production,"

Indicating that "during the meeting, the Vietnamese side was asked to prepare technical and financial studies regarding the development of the work, which expressed its satisfaction with the level of accuracy and transparency in the dealings adopted by the General Company for Foodstuff Trading, which contributed to obtaining positive results for both parties."   link

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This is the volume of our trade with Iran.. An economist reveals the reasons for the dollar problem inside Iraq

Economic expert, Munir Al-Abidi, revealed today, Tuesday (July 16, 2024), the volume of trade between Iraq and Iran, while indicating that the dollar problem in Iraq is not due to official trade.

Al-Obaidi said in a clarification he published on Facebook, which was followed by "Baghdad Today", "The Iranians say that our trade with Iraq during three months amounts to 3 billion dollars, distributed as 1.2 billion to meet the need for gas, 700 million dollars for electricity, while 200 dollars are for food, and another 200 million for iron trade."

He added, "This means that the value of food and iron during the year amounts to only 1.5 billion dollars annually," indicating that "some say that our trade with Iran amounts to 12 or 14 billion dollars, which is the reason for the dollar crisis."

Al-Obaidi said, "Our official trade for the private sector does not exceed 3 billion dollars with Iran and does not exceed 300 million dollars with Syria," stressing that "the problem with the dollar is not the official trade with Iran and Syria."

He pointed out that "the problem of the demand for dollars in the local market is to cover the needs of other types of informal and illegal trade, most notably drugs," stressing that "all this fuss, crying and wailing in the channels is to reopen the money channels for this trade  link

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Tishwash:  Drones target Ain al-Asad Air Base in western Iraq

Two drones targeted the vicinity of Ain al-Asad Air Base in western Iraq, where Global Coalition forces are stationed, an Iraqi security source reported on Tuesday evening.

The source, speaking to Shafaq News Agency, confirmed the attack but did not provide further details on casualties or damage.

Earlier this year, factions within the Islamic Resistance in Iraq (IRI) had announced a halt to operations against US forces in Iraq, leading to a period of relative calm.

This drone attack marks a resumption of hostilities.

IRI refers to Tehran's military allies in Iraq, such as Kata’ib Hezbollah and Harakat Al-Nujabaa, it is a part of the "Axis of Resistance" alongside Lebanon's Hezbollah, Yemen's Ansarallah (Houthis), and other Iran-backed factions.

All groups within the Axis have declared that their attacks will persist until a ceasefire is achieved in the Gaza Strip, where Israel's actions have resulted in the deaths of over 39,289 Palestinians, predominantly children and women. link

Mot: This Journey Has Been Really Hard on My Fairy GodMother!!!.........

When I Started the Journey

Just Last Week!!!

“Inflationary Forces”? Duh

“Inflationary Forces”? Duh 

Notes From the Field By James Hickman / Simon Black 7-16-24

Jamie Dimon is the CEO of JP Morgan Chase, one of the world’s largest banks. And last week he issued a stern warning on the bank’s quarterly earnings call that “multiple inflationary forces” are still lurking.

File that one away under “duh”. It should be completely obvious to just about anyone paying attention to the world that many of the key drivers that rocketed inflation higher are still with us.

The Federal Reserve, of course, desperately wants to pretend that inflation is in the rear-view mirror, never to return. And they keep insisting that the downward trend of inflation justifies their interest rate cuts.

But as Mr. Dimon points out, “large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world” all create high risk of substantial inflation.

We agree with him.

“Remilitarization of the world”, i.e. conflict, is very expensive. The very nature of war means consuming vast quantities of resources to produce munitions that will destroy your adversaries’ resources.

Most governments don’t have the money to do this. The last time the United States was able to fund a war without going into debt was the Spanish-American War in 1898. Every other war, or even preparation for war, required significant additional debt... which ultimately resulted in printing more money.

So, in the end, warfare means more money in the system, but fewer resources. This is the very definition of inflation.

Dimon mentions trade disputes as well, which are also very expensive.

Free trade creates wealth. It allows countries and producers to specialize in what they do best, and trade for what other countries do best.

Germany is great at high tech manufacturing, pharmaceuticals, and various other industries. But they can’t produce bananas to save their life.

Fortunately, Guatemala exists. Guatemala has no high-tech industry. But they’re great at bananas. It’s a sensible trade.

When nations are in dispute with one another, trade breaks down and they start having to produce goods and services where they have no expertise.

Sometimes it works out; in one of their endless wars with France, Britain boycotted French wine... and in the process, accidentally invented port. But usually, such inefficiencies create a lot of inflation.

Dimon also mentions infrastructure needs. And that’s a massive understatement.

The US highway system is deteriorating. Amtrak is blowing money without any serious improvements. California is tens of billions of dollars over budget, and several years late, for a high-speed rail it promised from San Francisco to Los Angeles.

It doesn’t help that they put $1 trillion in the hands of an incompetent diversity hire like Transportation Secretary Pete Buttigieg.

All of this money will need to be conjured out of thin air by the central bank, which, again, is inflationary.

Lastly, Dimon also references “large fiscal deficits”, which is putting it politely.

We’ve said it many times— the government’s own internal projections expect an extra $22 TRILLION in deficit spending (i.e. new debt) on top of the $35 trillion national debt, over the next decade. Most of that will come within the next five years.

Deficits are inflationary, as we have seen over the past few years.

To be fair, there are some potential deflationary forces as well.

Increases in productivity are very deflationary. Technology, driven by artificial intelligence, could be monumental in improving productivity and keeping prices down.

Yet there are also a lot of people in government (and even within the AI industry), trying to slow down development and hold back AI.

Capitalism— which encourages competition to offer the best quality goods and services at the lowest prices— is also deflationary.

Unfortunately, many people in power despise capitalism and rail against it as racist, misogynist, or bad for the planet.

To Read More:   https://www.schiffsovereign.com/trends/inflationary-forces-duh-151157/

More News, Rumors and Opinions Tuesday PM 7-16-2024

TNT:

Tishwash:  Minister of Trade arrives in Geneva to head the negotiating team for Iraq's accession to the World Trade Organization

On Tuesday, Minister of Trade Athir Dawood Salman headed the negotiating team for Iraq’s accession to the World Trade Organization in Geneva, while indicating that Iraq would proceed with its accession to the global organization.

The Ministry of Trade said in a statement, seen by "Economy News", that "Minister of Trade Athir Dawood Salman arrived in Geneva today, Tuesday, at the head of the Iraqi negotiating team for Iraq's accession to the World Trade Organization to attend the third meeting of the working group for Iraq's accession, 16 years after the second meeting was held."

It added that "Iraq is proceeding, through the national committee concerned with its accession to the World Organization, which is headed by the Minister of Trade, to complete its procedures to complete the required files and support reforms and legislation to be in line with the market system and enhance the country's economic capabilities to complete the requirements of the next stage of the accession process

Explaining that "the preparatory meetings of the Iraqi negotiating team are continuing at the headquarters of the World Trade Organization in Geneva, in preparation for the third meeting of the working group for Iraq's accession, which will be held this week  link

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

Frank26  [Iraq boots-on-the-ground report]   FIREFLY:
My bank guy just flat out came out and told me, to be honest with you I think it will reinstate to what it was before and then it's going to float like any other international currency...It's more from the rumor mill.  FRANK:  I know it's going to reinstate.  You know it.  The money exchangers know it, that's why they went ape %$^%.  That's why they're happy! ...This is the 3rd time your bank friend tells you $3.22 and it will float...That is the most logical thing for the CBI to do.

Militia Man  They pushed out the HOR meeting till after this next holiday which is on the 17th...The WTO meeting they say is on the 18th unless their calendar changes.  I highly suspect that won't be the case.  They set the stage for the presidency to be done on the 20th.  Those are the things we're looking at today...I hope you guys understand what we're seeing is powerful and I'm pretty excited and I think everybody else should be.  It's really looking good...

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KTFA:

Clare:  Iraq Resumes WTO Accession Talks After 16-Year Hiatus

16th July 2024 By John Lee.

Iraqi Trade Minister Athir Dawood Al-Ghurairi announced the resumption of preliminary meetings for Iraq's accession to the World Trade Organization (WTO) after a 16-year pause.

The Iraqi negotiation teams have started preparatory meetings at the WTO headquarters in Geneva, preparing for the third working group meeting on Iraq's accession.

According to a statement from the Ministry's media office, Riyad Fakher Al-Hashemi, Director General of the Foreign Economic Relations Department, indicated that the first preparatory meeting was held with the WTO's Accession Section Director and experts in goods, services, and intellectual property.

This meeting, chaired by Al-Hashemi and including negotiators from various Iraqi ministries and the Kurdistan Region, discussed key files and documents previously submitted by Iraq.

The third official working group meeting, to be led by the Trade Minister representing Iraq, will review the completed files and documents prepared by the national committee responsible for the accession. This marks a significant step as the Iraqi negotiation team reaches a high level of expertise in dealing with complex issues related to WTO membership.

(Source: Ministry of Trade)   LINK

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Clare:  Third round of negotiations for Iraq's accession to the World Trade Organization

7/16/2024

Minister of Trade Athir Dawood Salman arrived today, Tuesday, in the city of Geneva, Switzerland, at the head of the Iraqi team negotiating Iraq’s accession to the World Trade Organization to attend the third meeting of the working group on Iraq’s accession, 16 years after the second meeting was held

The statement of the Ministry's media office, a copy of which was received by {Euphrates News}, indicated that "Iraq is proceeding, through the national committee concerned with its accession to the World Organization, which is headed by the Minister of Trade, to complete its procedures to accomplish the required files and support reforms and legislation to be in line with the market system and enhance the country's economic capabilities to complete the requirements of the next stage of the accession process." 

The statement noted that "the preparatory meetings of the Iraqi negotiating team are continuing at the headquarters of the World Trade Organization in Geneva, in preparation for the third meeting of the working group on Iraq's accession, which will be held this week." LINK

EMERGENCY ANNOUNCEMENT Vietnam Decree 52

Edu Matrix:  7-16-2024

EMERGENCY ANNOUNCEMENT Vietnam Decree 52 - Major Financial Changes in Vietnam. IQD Investors, watch carefully.

 https://www.youtube.com/watch?v=e4xHtO-16Sw

The Market Cracks Are Growing WIDER

Lynette Zang:  7-16-2024

Today we are talking about the markets cracks opening up and exposing truths like the S&P 500 being propped up by 7 companies out of 500 which are the only ones to remain with positiveuoearnings and what these false market highs really mean for you...

https://www.youtube.com/watch?v=I9jIyZSGs0U

Seeds of Wisdom RV and Economics Updates Tuesday Afternoon 7-16-24

Good Afternoon Dinar Recaps,

FIVE CENTRAL BANKS HAVE INTERCONNECTED THEIR INSTANT PAYMENT SYSTEMS

"Five central banks have interconnected their instant payment systems, creating a framework for faster and more affordable cross-border payments globally.

These include the central banks of India, Malaysia, the Philippines, Singapore, and Thailand."

CLICK THE LINK TO WATCH THE SHORT VIDEO- VERY INFORMATIVE

While watching the video remember that Ripple is a member of the BIS cross-border Payments interoperability and Extention (PIE) taskforce.

@ Newshounds News™

Read and See more:  Twitter

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IRAQ RESUMES NEGOTIATIONS TO JOIN WTO

Baghdad (IraqiNews.com) – The Iraqi Minister of Trade, Atheer Al-Ghurairi, declared on Monday that discussions to join the World Trade Organization (WTO) had resumed after more than a 16-year break.

A statement issued by the Trade Ministry revealed that Iraqi negotiating teams began their preparatory meetings at the WTO’s headquarters in Geneva, Switzerland, in preparation for the third meeting that will discuss Iraq’s accession, the Iraqi News Agency (INA) reported.

During his participation in the 13th Ministerial Conference of the WTO held last February in the UAE capital, Abu Dhabi, Al-Ghurairi affirmed that Iraq fulfilled the conditions necessary to become a member of the WTO following the completion of economic reforms and the enhancement of the investment climate.

The Iraqi Trade Minister indicated that Baghdad finalized issues related to goods and services in accordance with the deadlines set for integration into the international trade system.

The Iraqi government expressed interest in joining the WTO after submitting a request to do so in 2004. Iraq needed to be a member of the multilateral international trade system in order to regain its place as a major player in the global economy.

In addition to debating the future of the global trade movement in light of current challenges, Al-Ghurairi said that the conference sends a strong message to the countries of the world about the value of joining this organization.

The Iraqi official added that Iraq is attempting to expand its commercial and economic connections around the world in order to create new opportunities for collaboration.

@ Newshounds News™

Read more:  Iraw News

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Japanese tokenized deposit platform DCJPY starts production testing

DeCurret DCP, the company behind the DCJPY tokenized deposit network, said it has started production testing of the network. It expects to go into production in August. DeCurret runs the Japanese Digital Currency Forum, which has more than a hundred corporate and government participants who are exploring a broad range of applications that use digital currencies for settlement. DeCurret also raised significant funding from several big names, including MUFG, SMBC and SBI Holdings.

However, they are not participants in the first application, which uses on-chain bank deposits to pay for tokenized renewable energy certificates (RECs). The Internet Initiative Japan (IIJ) recently became a member of the Japan Electric Power Exchange (JEPX) to procure RECs on behalf of its data center clients. Now it plans to convert the RECs into digital tokens and settle transactions with tokenized deposits from GMO Aozora Net Bank.

In the future DeCurret DCP wants to expand the application by including electricity retailers, power companies and carbon trading exchanges.

The key benefits of on-chain payment is it eliminates settlement risk because the asset and money exchange simultaneously. Another advantage is automation, with programmability payments enabling a vast range of use cases.

The DCJPY Network consists of two separate blockchains, a Business Zone(s) and a Financial Zone. Only banks are present in the Financial Zone and this is where they tokenize the deposits and the DCJPY transfers actually happen. The transfer of the asset is recorded in the Business Zone. However, so are the instructions to transfer the DCJPY (but not the actual transfer). This requires synchronization between the two blockchain zones. DeCurret DCP uses the Inter-Blockchain Communication Protocol (IBC) from Cosmos.

Meanwhile, a recent DeCurret DCP survey showed a luke warm appetite for digital currencies from enterprises. Out of 100 companies surveyed, 26% aim to use digital currency in one to three years. Just over two thirds of those with plans are members of the Digital Currency Forum.

Japan’s approach to digital currencies
Japan is one of the most advanced economies in terms of legal support for digital currencies. It passed legislation that supports three types of stablecoins. These include two bank related ones – stablecoins backed by bank deposits and third party reserve backed stablecoins where the reserves are managed by trust banks. Hence, in the realm of digital currency, DCJPY faces competition at launch.

@ Newshounds News™

Read more:  Ledger Insights

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BRICS: EVERY AFRICAN COUNTRY PREPARING TO JOIN the ALLIANCE

"Former Ethiopian speaker of the house Agegnehu Teshager revealed that all African countries are interested in joining the BRICS alliance. His statement comes at a time when developing countries are looking to sideline the US dollar and use local currencies."

"Developing countries are finding the BRICS de-dollarization agenda lucrative as the initiative can boost their native economies and local currencies. "

"“Africa is a great potential for BRICS, most African countries have an appetite to be a member of the alliance,” he said. The former speaker continued, “Africa’s economy is developing and the continent is interested in the BRICS alliance.”  

"Ethiopia is the new entrant in the BRICS alliance and is the second African nation apart from South Africa to be a part of the grouping. The bloc might invite many other countries during the 16th summit and expand the alliance in 2024. However, there is no clear information on which countries might receive the invitation."

NOTE: JUST BECAUSE A COUNTRY EXPRESSES INTEREST IN BECOMING A MEMBER OF BRICS DOESN'T MEAN THEY ARE AUTOMATICALLY A MEMBER. THERE IS A PROCESS TO MEMBERSHIP..  

@ Newshounds News™

Read more:  Watcher Guru

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Cardano (ADA) Price Surges 40% as $240M TVL and Ethereum ETFs Emerge Bullish Catalysts

Cardano (ADA) has experienced a significant price surge, trading at $0.44, up 40% over the last ten days, fueled by several internal and external factors that are generating renewed investor interest and optimism.

Cardano Price Crosses $0.45 First Time in 10-Days

After having dropped to historic lows on Friday July 5, a positive shift in the US macroeconomic environment has provided a favorable backdrop for ADA’s recent rebound phase.  Positive Non-Farm Payroll (NFP) and Consumer Price Index (CPI) data have bolstered investor confidence in the economic outlook, supporting the overall cryptocurrency market.

Furthermore, the anticipation of Ethereum ETFs expected to launch soon has spilled over into the altcoin market, including Cardano, as investors look for promising opportunities beyond Bitcoin and Ethereum.

@ Newshounds News™

Reas more:  The Crypto Basic

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Economist’s “News and Views” Tuesday 7-16-2024

100 Days to the BRICS Summit: What You Need to Know Now

Think BRICS:  7-15-2024

100 Days to the BRICS Summit: What You Need to Know Now! This video provides exclusive insights analysis on the upcoming BRICS Summit 2024 in Kazan.

 Discover how the BRICS bridge and alternative payment system will reshape global economics. Tune in as we discuss the BRICS Parliament, the newly proposed grain exchange, and the ambitious BRICS expansion plans.

Our experts reveal the latest BRICS news and debunk common BRICS fake news, ensuring you get the most accurate information. This live stream, part of our Think BRICS series, is your go-to source for comprehensive updates.

 We explore the Think BRICS partnerships with the BRICS+ University Association and the BRICS+ Development Group and their significance in the evolving geopolitical landscape. This video covers critical topics that will be discussed at the Kazan Summit.

 In this live stream, we revisit key topics from past videos and provide fresh perspectives on what to expect at the BRICS Summit in Kazan this October. From policy changes to new initiatives, get a complete understanding of the strategic moves by BRICS countries.

While this video offers an in-depth analysis of various aspects of the BRICS Summit 2024, it does not delve into the detailed history of the BRICS nations. We focus on the upcoming summit and future developments rather than past events

https://www.youtube.com/watch?v=R72CocwIc9s

One MAJOR Financial Domino Left to Fall: Tavi Costa

Daniela Cambone:  7-15-2024

"We’re close to a major domino falling in the next six to nine months," predicted Tavi Costa, macro strategist at Crescat Capital.

He explains to Daniela Cambone that the equity markets are likely to be the next to feel the economic repercussions driven by the higher cost of capital, which will impact the valuation of companies.

 "Ultimately, I would say that we're going back to a world where investors pay closer attention to profitability,” he stresses. Costa also remains firm on his recession outlook. “You can plug in so many charts—yield curve versus unemployment rates, initial jobless claims, continuing jobless claims.

You can see that clearly, the steepening of the yield curve from inverted levels is a very negative signal for the economy,” he explains.

 Watch the compelling video to learn more about Costa’s views on the economy.

https://www.youtube.com/watch?v=ysi6FBVNnpI

How They Can Print Money in Secret Without QE

Heresy Financial:  7-15-2024

TIMECODES

0:00 Video Overview

1:39 Treasury Buyback

 4:16 Rule Changes for Bank Leverage Ratios

 6:39 Balance Sheet Composition Shuffle

 10:31 Stealth QE and the Long-Term Debt Cycle

https://www.youtube.com/watch?v=nkxAxG2RzN0

Can This Dethrone the US Dollar? What You Need to Know About the New Financial Currency System

Can This Dethrone the US Dollar? What You Need to Know About the New Financial Currency System

On July 15, 2024  By Awake-In-3D

Learn why this new Alternative Financial System is creating a game-changing currency framework focused on gold and oil.

The US Dollar, and the global fiat currency system it maintains, wield immense financial power and control over the world. Few dare to challenge this formidable financial fortress.

That said, the BRICS Alliance is actively building a new, Alternative Financial System right before our eyes.

This innovative system, with its unique focus and sound design, aims to compete with and challenge the 100-year global dominance of the US Dollar and the entire fiat currency system.

The BRICS Alliance is harnessing their collective economic power, emphasizing physical resource-backed currency stability, and reducing dependency on debt. They are aggressively accumulating gold and increasingly settling trades in their local currencies.

This shift redefines the global financial landscape and disrupts the longstanding USD hegemony and the global fiat currency system as a whole.

In This Article

1. Formidable Strength of the US Dollar-Based System: Analyzes the entrenched power and influence of the USD.

2. Emergence of the Alternative Global Financial System: Examines the rise of the BRICS alliance and its new financial framework.

3. Structural Strength and Stability of BRICS: Details the foundational pillars of the BRICS financial system.

4. Energy as the Financial Backbone: Explores the role of energy resources in the new financial order.

The Formidable Strength of the Current US Dollar-Based Financial System

The US dollar (USD) has long stood as a pillar of global financial power. It is the world’s primary reserve currency, with 80% of global foreign exchange transactions involving the USD.

The dollar’s dominance is supported by several key factors:

• Reserve Currency Status: The USD’s role as the primary reserve currency means that central banks around the world hold vast reserves of dollars, underpinning global trade and finance.

• Global Financial Systems: The USD dominates global financial systems like SWIFT, Eurodollar markets, and derivative and petrodollar markets. These systems facilitate international trade and investment, reinforcing the dollar’s central role.

• Federal Reserve’s Influence: The Federal Reserve, with its exclusive power to print USD, maintains control over global liquidity. This unique position allows the US to manage economic crises and influence global financial markets effectively.

• Debt and Print Cycle: The USD’s strength is bolstered by its ability to be printed and lent into existence. This “debt and print” cycle creates a dependency on the dollar for liquidity, entrenching its dominance.

Despite its imperfections, the USD remains today as an insurmountable fortress of financial power and control. Its influence permeates every corner of the global economy, making it difficult to challenge.

Emergence of the Alternative Global Financial System

In a world dominated by the USD, the BRICS alliance is developing an alternative global financial system.

This system, designed to circumvent the limitations and risks of the fiat currency framework, leverages local currencies and gold for trade settlements. The BRICS nations aim to reduce the volatility and dependency associated with fiat currencies, creating a robust financial framework.

• Local Currencies and Gold: The BRICS financial system emphasizes trade settlements in local currencies and gold. This reduces the risk of currency fluctuations and dependence on the USD.

• Resource-Backed Stability: The BRICS countries are rich in natural resources, particularly energy. By linking their financial system to tangible assets like gold and oil, they provide a more stable and reliable economic foundation.

• Reduced Debt Dependency: The alternative system minimizes reliance on debt for liquidity, contrasting with the USD’s “debt and print” cycle. This approach fosters financial discipline and sustainability.

Structural Strength and Stability of BRICS

The strength of the BRICS financial system lies in its emphasis on resource-backed stability and reduced debt dependency. By settling trades in local currencies and gold, the BRICS nations mitigate the risks posed by currency fluctuations and external economic pressures.

This approach fosters financial discipline and long-term sustainability, positioning the BRICS system as a viable competitor to the USD.

Energy as the Financial Backbone

Energy resources, especially oil, play a crucial role in the BRICS financial strategy.

With rising global energy demand, particularly from populous nations like China and India, the preference for settling oil transactions in gold or local currencies is growing. This trend not only undermines the dollar’s dominance in global trade but also enhances the stability and resilience of the BRICS financial system.

Challenges to USD Dominance

Despite the dollar’s entrenched position, several factors indicate that the BRICS alternative global financial system could pose a significant challenge:

• Global Distrust in the USD: Actions like the weaponization of the USD against countries like Russia have eroded trust in the dollar as a neutral reserve asset. This distrust fuels the search for alternatives.

• Shifts in Trade Practices: An increasing number of countries are conducting trade outside the USD framework. For instance, in 2023, 20% of global oil sales were settled in currencies other than the USD, reflecting a significant shift in trade practices.

• Accumulation of Gold: Since the 2008 Global Financial Crisis, many central banks, particularly in BRICS nations, have been accumulating gold, moving away from USD-denominated assets. This trend is bolstered by the Bank of International Settlements’ recent recognition of gold as a tier-one asset.

The Long-Term Vision

The BRICS alliance’s vision extends beyond mere competition with the USD. It aims to create a more balanced and equitable global financial system, reducing the disproportionate influence of any single currency.

By leveraging their collective economic power and resource wealth, the BRICS nations are laying the groundwork for a resilient and self-sufficient financial ecosystem.

The Bottom Line

The US dollar’s long-standing dominance is facing a formidable challenge from the BRICS alliance and its alternative global financial system.

Built on the principles of resource-backed stability, reduced debt dependency, and strategic use of local currencies and gold, the BRICS system represents a significant shift in the global financial landscape.

As the world moves towards a more balanced and equitable financial order, the question remains: will the enduring value of gold and energy resources redefine the future of global finance, potentially at the expense of the USD’s supremacy?

Only time will tell.

Contributing Article: https://vongreyerz.gold/is-the-usd-really-too-big-to-fail

© 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

News, Rumors and Opinions Tuesday 7-16-2024

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 Tues. 16 July 2024

Compiled Tues. 16 July 2024 12:01 am EST by Judy Byington

Global Currency Reset:

Sun. 14 July 2024 Wolverine: “It has started. This report came through today (Sun. 14 July): “Zurich, London, Toronto and Reno now confirm activation ends today (Sun. 14 July), with payments held on Monday (15 July). Most platforms will send notification over the weekend and start payments on Tues. (16 July). Reno actually started payments (to Whales) yesterday (Sat. 13 July). Ok. Have a beautiful day.”

Mon. 15 July 2024 Baratel’s “Bond Holder” contact isn’t paid, however this guy’s “colleagues” got paid: https://rumble.com/v571j4c-monday-morning-news-baratel-and-jentel.html

Read full post here:  https://dinarchronicles.com/2024/07/16/restored-republic-via-a-gcr-update-as-of-july-16-2024/

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

Militia Man   This next week there's supposedly a formal and historic meeting with the WTO and Iraq on the basis of accession... They told us it was going to be formal and historic...

Buckeyetree  ...Much progress has been made from the USA trip by Sudani in April, the technology with fiber optics, electronic banking, using only the dinar, foreign contracts with huge projects, the ATMs, and the HCL practically done with Barzani in agreement for the goal not to be now counted in days rather than weeks and months. The cherry on top would be securing the Speaker of the HOR and ascension to the WTO on July 18.

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TNT:

Iraq advances one place in the world's gold reserves

The World Gold Council announced today, Monday, that Iraq has advanced one place in the list of countries with the largest reserves of the precious metal in the world.

According to the latest table published by the Council in July, which was reviewed by Al-Eqtisad News, it advanced to 30th place out of 100 countries listed in the table with the largest gold reserves, after it was ranked 31st globally, and fourth in the Arab world after Saudi Arabia, Lebanon and Libya.

According to the table, Iraq maintained its gold holdings unchanged, reaching 1,457 tons, which represents 10% of its other reserves.

The Council pointed out that "the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Suriname came in last with 1.2 thousand tons."

The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world  link

EXCELLENT NEWS Iraq's GDP News IQD Rate Fluctuation

Edu Matrix:  7-16-2024

EXCELLENT NEWS Iraq's GDP News Rate Reached 1306 IQD - In 2024, Iraq Has the 5th Largest Economy in the Arab World.

https://www.youtube.com/watch?v=ZlEPDacb5Rc

An UNSTOPPABLE WALL OF EXPANDING HYPER-DEBT IS RAPIDLY APPROACHING. ARE YOU READY?

Greg Mannarino:  7-15-2024

https://www.youtube.com/watch?v=931XoR7xSek

“Tidbits From TNT” Tuesday Morning 7-16-2024

TNT:

Tishwash:  Iraq resumes negotiations to join WTO

 Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced on Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years.

A statement by the ministry, seen by "Al-Eqtisad News", quoted the Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, as saying that "the Iraqi negotiating teams have begun their preparatory meetings at the headquarters of the World Trade Organization in Geneva, in preparation for the third meeting of the working group on Iraq's accession."

Al-Hashemi added that "the first preparatory meeting was held at the organization's headquarters with the Director of the Accession Department and the organization's experts in goods, services and intellectual property, headed by the Director General of the Department of Economic Relations and the membership of negotiators representing the Iraqi ministries and the Kurdistan Region; to discuss the most important files and documents submitted by Iraq in the previous stage." 

He pointed out that "the third official meeting of the working group, which will be headed by the Minister of Trade representing Iraq, will witness a review of the files and documents completed by the National Committee concerned with accession."

He continued, "This is the first time that the Iraqi negotiating team has reached this level of experience in the field of negotiation, which reflects the development of their capabilities and efficiency in dealing with complex issues related to WTO membership  link

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Pros and cons of Iraq joining the WTO

Appearance of Mohammed Saleh

Since 2003, Iraq has adopted broad open policies towards the world and sought to establish important economic and legislative rules that operate according to the mechanisms of the market system, most of which helped improve Iraq’s foreign trade, after an economic blockade that lasted for more than a decade and led to Iraq’s marginalization on the map of the global economic system and deprived it of investment opportunities, progress, development and technological knowledge that should have helped it confront the rapid developments and changes that international markets have witnessed and whose competitive capabilities have changed dramatically over the past two decades at least.

Thus, Iraq became isolated from its international environment in the midst of a world swept by the currents of merging its companies, liberalizing its markets and integrating them, especially the financial ones, and the dominance of the new liberal doctrine, which required broad economic transformations in the field of information technology that became in harmony with the internationalism of productive activity through the role that multinational companies began to play and the increasing competitive advantage of the products that the world markets began to generate.

However, we find in the integration of financial markets, whose assets exceed $850 trillion, the main title of financial globalization and the main focus of dominance in the globalization of the new liberal economy. At the same time, it represents the trend of transition in the axes of international trade and the introduction to the transformation from the scope of the GATT Agreement signed in 1948 to the World Trade Organization Agreement (WTO), where the latter focused on regulating a wide range of trade in services, especially financial services, whose annexes were called the GATS Agreement in 1994 based on the Uruguay Round.

While the gross domestic product of the world's 192 economies does not exceed $83 trillion annually at present (and the value of world trade in goods and services has also not increased annually by more than a third of the aforementioned global output), we find that trade in currency conversion, speculation, and short-term capital movements exceeds about $4.5 trillion daily in international monetary and financial markets, a speculative financial trade whose annual total exceeds more than fifty times the total global trade in goods and services.

In the midst of these changes in the international commercial and financial space, Iraq has moved to important organizational levels in the transition to a market economy to break the effects of its international isolation by engaging in a strong area of ​​economic liberalism that focused on liberalizing the areas of Iraq's foreign trade in goods and services and the means of financing them, despite the fluctuations in its organization.

As well as the development and expansion of areas of progress achived in some financial services and improving the environment for foreign investment through the legislation of the banking and investment laws and the Central Bank Law, which allows foreign banks to operate in Iraq and allows the transfer of capital and currency in a manner that serves Iraq's openness to the world in the conditions of a central rentier economy that is difficult to deal with in understanding market liberalism, which nevertheless led to providing positive opportunities and promising legal and organizational foundations for the Iraqi business environment.

However, all of this is not enough to put Iraq on the path of international economic competition. There are still more than five thousand legislative texts that hinder economic freedom and market activity, which are being studied by legal circles and which must be amended so that Iraq can integrate into international trade and investment and prepare it to join the World Trade Organization according to the terms of membership in it so that our country can obtain the most-favored nation status and the principle of national treatment.

However, the paradoxes of joining revolve around the issues of oil and agriculture, in addition to other problems of joining.

While oil sector production dominates nearly 50% of Iraq’s GDP, the sector employs only 2% of the Iraqi workforce, and the country’s crude oil exports and revenues constitute the near-absolute majority of total exports, general budget revenues, and foreign exchange earnings.

 In light of all this, the World Trade Organization excludes crude oil as a commodity within the group of raw commodities traded internationally, which remains the core of the contradiction in Iraq’s accession to that organization that excludes crude oil. If the World Trade Organization had allowed oil to be taken into account, the price would have been determined by global supply and demand, away from the cartel or consumer groups represented by the International Energy Agency and its lines and programs for rationalizing demand for oil. Or away from the cartel or producer groups represented by the Organization of the Petroleum Exporting Countries (OPEC) and its role in regulating production and influencing prices, which is the matter that imposed price and quantity restrictions on a commercial commodity, but a strategic and political one at the same time, which is the driving force of Iraq’s foreign trade.

On the other side of the Iraqi economy, we find the agricultural sector, which includes less than a third of the Iraqi population and about 22% of the Iraqi labor force, and does not contribute to the gross domestic product except by a percentage not exceeding 5%, which made the country a near-net importer of food or agricultural goods, the value of which exceeds 14 billion dollars annually. This important sector, which has been subjected to militarization and neglect over the past thirty years and more, does not have the sufficient components to provide food security in terms of grains or agricultural production requirements after the shrinkage of productive agricultural areas due to desertification, salinization, and the recent water crisis, which eliminated more than 50% of the lands prepared for agriculture, in addition to the deterioration of the agricultural infrastructure, 83% of whose components are controlled by the state as a public commodity.

Here the agricultural sector contradicts the oil sector structurally in the directions of openness to the global market and with two different wings in terms of the impact of commercial benefits and costs. The forces of the international market or global supply and demand have come to control strongly, whether in the demand for oil and its impact on the value of Iraqi exports or in the supply of food products and its impact on the cost of Iraq’s imports from them.

When referring to the philosophy of reducing customs restrictions by 24% and abolishing non-customs restrictions, which are the conditions imposed by the World Trade Organization on the member state in the group of developing countries to work with and implement them within a period of six years from the date of accession, in addition to reducing agricultural support by 13.3% within a period of ten years from accession

We find that these regulatory conditions of the World Trade Organization clash with the conditions and situations of the agricultural market and the global food stock exchange itself. If we look at the agricultural monopolies in the world in light of the deterioration of agricultural development in Iraq, we find a real threat to national food security that restricts the country in the event of joining the organization unless it is preceded by starting or following an agricultural program for self-sufficiency immediately.

We will really need a green revolution similar to what Mexico and many Latin American countries have done. Especially if we know that there are between 3 to 6 major monopolistic companies in the world that control 80 to 90% of agricultural crop trade and control prices and quantities such as wheat, sugar, tea, coffee, cotton, jute, etc. At a time when ten multinational companies still control a third of the world's seed and pesticide production and trade.

Despite the above, Iraq’s entry and integration into the global economic space through the World Trade Organization and its dealings with international groups on terms that apply to everyone from a formal standpoint at a time when the world is still divided between the countries of the North and the South or the countries of the advanced industrial center and the developing periphery, Iraq has no choice but to leave its international isolation that it inherited since the blockade that began in 1990, which placed Iraq under Chapter VII of the United Nations Charter or its aftermath, a chapter whose effects still provide a negative economic environment hostile to development and perhaps obstructing natural integration into the global market.

This chapter prohibits levels of investment in advanced technology or easy dealings with the world due to the restrictions it imposes on our country as a high-risk country that threatens world peace and allows the use of force against it in a regrettable legacy for the civilization of Mesopotamia despite the disappearance of the objective reasons for which the economic blockade was imposed on Iraq.

Noting that Iraq's accession to regional economic zones, such as the Greater Arab Free Trade Area and other economic agreements within the framework of the Arab League or other forms of regional integration and consolidation, must take into account the implementation of the provisions contained in the World Trade Organization Agreement and before it the GATT Agreement, both of which have become binding restrictions on the implementation of trade agreements. Thus, any trade facilitations within the framework of regional agreements become useless or worthless if they are less than the facilitations provided within the framework of the World Trade Organization.

Finally, Iraq's continued isolation from its international environment will cost it a lot due to the loss of organizational advantages and opportunities, technological and legal benefits, and other areas of investment and arbitration, which are opportunities that isolation from the world does not provide and does not enable a gradual transformation into a group of stable and low-risk countries, a transformation that encourages international cooperation in a secure global investment and trade environment, provided that effective development begins based on the strong push program.  link

Mot: ... Guys! -- This is to Help You Recognize those Rare Signs!!!

Mot: Reflctions of a Boomer