Economist’s “News and Views” Sunday 8-11-2024
“Dedollarisation?” THIS is what EVERYONE is MISSING | George Gammon
Jay Martin: 8-11-2024
In this episode of The Jay Martin Show, Jay sits down with George Gammon, a renowned macro-finance educator and investor, to delve into the most pressing economic issues of our time.
The discussion kicks off with an analysis of the recent market correction and its implications for the medium-term economic outlook. George provides deep insights into the significance of the yield curve inversion and its historical correlation with recessions, explaining why this indicator is often a harbinger of economic downturns.
“Dedollarisation?” THIS is what EVERYONE is MISSING | George Gammon
Jay Martin: 8-11-2024
In this episode of The Jay Martin Show, Jay sits down with George Gammon, a renowned macro-finance educator and investor, to delve into the most pressing economic issues of our time.
The discussion kicks off with an analysis of the recent market correction and its implications for the medium-term economic outlook. George provides deep insights into the significance of the yield curve inversion and its historical correlation with recessions, explaining why this indicator is often a harbinger of economic downturns.
The conversation then shifts to the global trend of de-dollarization, where George breaks down the mechanics of how the U.S. dollar's dominance could be threatened and what this could mean for the global financial system.
The episode also covers the potential impacts of the unwinding of the yen carry trade and its ripple effects across global markets.
As the discussion progresses, George offers his perspective on the likelihood and potential severity of a looming recession, drawing parallels to past economic crises.
He emphasizes the importance of understanding these cycles and being prepared for what might come next. To conclude, George shares his personal strategies for building a resilient investment portfolio designed to withstand economic turbulence, offering actionable advice for viewers looking to protect their wealth in uncertain times.
This episode is a must-watch for anyone interested in understanding the forces shaping the global economy and how to navigate the challenges ahead.
Central Banks Show Us The TRUTH...
Lynette Zang: 8-11-2024
Today we are discussing the central banks around the world repatriating their gold and what that means for you...
BRICS To Leave UN: What's going on?
Fastepo: 8-11-2024
Countries within the BRICS group and other Global South nations have voiced growing dissatisfaction with the United Nations, citing several key issues.
Chief among these is the undue influence that Western nations wield in major international organizations and decision-making bodies.
These nations contend that the current UN structure does not adequately reflect their interests or perspectives, leading to calls for a more democratic and inclusive approach.
During a recent BRICS summit, leaders highlighted the need for comprehensive reforms within the UN, emphasizing the importance of enhancing the participation of emerging nations.
Central to their demands is a reevaluation of the Security Council's composition and the reconsideration of the veto power held by its permanent members.
This dissatisfaction has sparked numerous calls for significant reforms, or even a complete overhaul of the UN, with the goal of establishing a more equitable and representative system of global governance.
In this video, we will explore these proposed changes and the motivations behind them.
More News, Rumors and Opinions Sunday Afternoon 8-11-2024
KTFA:
Clare: Parliamentary Committee to Nina: A government team is preparing a new draft of the Oil and Gas Bill
8/11/2024
The Parliamentary Oil, Gas and Natural Resources Committee revealed the fate of the oil and gas bill that has been stalled since successive parliamentary sessions.
The Vice Chairman of the Committee, Nahro Mahmoud Qader, stated in a statement to the National Iraqi News Agency ( NINA ): "The oil and gas bill has not reached the corridors of the House of Representatives yet, and has not been presented for discussion within the Council of Ministers yet."
KTFA:
Clare: Parliamentary Committee to Nina: A government team is preparing a new draft of the Oil and Gas Bill
8/11/2024
The Parliamentary Oil, Gas and Natural Resources Committee revealed the fate of the oil and gas bill that has been stalled since successive parliamentary sessions.
The Vice Chairman of the Committee, Nahro Mahmoud Qader, stated in a statement to the National Iraqi News Agency ( NINA ): "The oil and gas bill has not reached the corridors of the House of Representatives yet, and has not been presented for discussion within the Council of Ministers yet."
He added: "No new draft of the bill has reached the House of Representatives at the present time," indicating that "Prime Minister Mohammed Shia al-Sudani has assigned a" tripartite ministerial team "to prepare a new final draft that will be presented first within the Council of Ministers for approval, and then sent to the House of Representatives later," ruling out at the same time that this law will be legislated during the current legislative session of the House of Representatives. LINK
Clare: Al-Sudani confirms the government's support for the Iraqi Media Network and enhancing professionalism in the media
8/11/2024
Prime Minister Mohammed Shia Al-Sudani affirmed, today, Sunday, during his reception of the head of the Iraqi Media Network, Karim Hammadi, the government's support for the network's work and enhancing professionalism in the Iraqi media environment.
The Prime Minister's media office stated in a statement, a copy of which was received by NRT Arabic, that "Al-Sudani received Hammadi and listened to a briefing on the reality of the network's work, the challenges facing national media work, and the role of the network's channels and windows in providing an objective and fair media service to the Iraqi citizen, reflecting the true picture of the performance of government agencies in various fields."
The statement added that the Prime Minister stressed "the government's support for the Iraqi Media Network and its tasks in promoting professionalism within the democratic and constitutional framework, and supporting all media efforts to provide information and preserve Iraqi moral and social values and constants."
The statement indicated that Al-Sudani stressed "providing support to the Iraqi Media Network to host the fourth session of the Arab Media Conference, scheduled to be held in the capital, Baghdad, next April, under the auspices of the Arab States Broadcasting Union, affiliated with the League of Arab States." LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man People are getting spanked. They're getting in trouble. They're shutting things down. Bank managers are getting banned from working. If you've been found to be corrupt they're going after you...If you don't play by the rules you're going to have some problems. The Untied States Treasury has a whole floor of the central bank...International compliance is important. If you're money laundering...counterfeiting... supporting terrorist, they got your number.
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
[Bank friend] told me don't worry. This may look like a disaster with the United States Treasury here but it's a good thing...They are here to help us to the next and final phase of the currency reforms. Once the issues are fixed then we should see what we all have been waiting for. It's good. Trust me. FRANK: When your bank friend tells you to trust him, trust him...IMO he's absolutely 100% correct.
MARKETS A LOOK AHEAD: A GREAT FALL... A THIRD ELEMENT. Ask WHY. Mannarino
Greg Mannarino: 8-11-2024
Seeds of Wisdom RV and Economic Updates Sunday Morning 8-11-24
Good Morning Dinar Recaps,
What Was the Bretton Woods Agreement and System?
The Bretton Woods agreement was negotiated in July 1944 by delegates from 44 countries at the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire.
Federal Reserve History. "Creation of the Bretton Woods System."
Under the Bretton Woods system, gold was the basis for the U.S. dollar, and other currencies were pegged to the U.S. dollar’s value.
The Bretton Woods system effectively came to an end in the early 1970s when President Richard M. Nixon announced that the U.S. would no longer exchange gold for U.S. currency.
Good Morning Dinar Recaps,
What Was the Bretton Woods Agreement and System?
The Bretton Woods agreement was negotiated in July 1944 by delegates from 44 countries at the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire.
Federal Reserve History. "Creation of the Bretton Woods System."
Under the Bretton Woods system, gold was the basis for the U.S. dollar, and other currencies were pegged to the U.S. dollar’s value.
The Bretton Woods system effectively came to an end in the early 1970s when President Richard M. Nixon announced that the U.S. would no longer exchange gold for U.S. currency.
Key Takeaways
▪️The Bretton Woods agreement and system created a collective international currency exchange regime that lasted from the mid-1940s to the early 1970s.
▪️The Bretton Woods system required a currency peg to the U.S. dollar which was in turn pegged to the price of gold.
▪️The Bretton Woods system collapsed in the 1970s but had a lasting influence on international currency exchange and trade through the development of the International Monetary Fund and the World Bank.
The Bretton Woods Agreement and System Explained
Approximately 730 delegates representing 44 countries met in Bretton Woods in July 1944 with the principal goals of creating an efficient foreign exchange system, preventing competitive devaluations of currencies, and promoting international economic growth.
The Bretton Woods agreement and system were central to these goals. The agreement also created two important organizations—the International Monetary Fund (IMF) and the World Bank.
While the Bretton Woods system was dissolved in the 1970s, both the IMF and World Bank have remained strong pillars for the exchange of international currencies.
Though the Bretton Woods conference itself took place over just three weeks, the preparations for it had been going on for several years.
The primary designers of the Bretton Woods system were the famous British economist John Maynard Keynes and chief international economist of the U.S. Treasury Department Harry Dexter White.
Keynes’ hope was to establish a powerful global central bank to be called the "Clearing Union" and issue a new international reserve currency called the bancor.
White’s plan envisioned a more modest lending fund and a greater role for the U.S. dollar, rather than the creation of a new currency. In the end, the adopted plan took ideas from both, leaning more toward White’s plan.
It wasn't until 1958 that the Bretton Woods system became fully functional. Once implemented, its provisions called for the U.S. dollar to be pegged to the value of gold. Moreover, all other currencies in the system were then pegged to the U.S. dollar’s value. The exchange rate applied at the time set the price of gold at $35 an ounce.
Benefits of Bretton Woods Currency Pegging
The Bretton Woods system included 44 countries. These countries were brought together to help regulate and promote international trade across borders.
As with the benefits of all currency pegging regimes, currency pegs are expected to provide currency stabilization for the trade of goods and services as well as financing.
All of the countries in the Bretton Woods system agreed to a fixed peg against the U.S. dollar with diversions of only 1% allowed.
Countries were required to monitor and maintain their currency pegs which they achieved primarily by using their currency to buy or sell U.S. dollars as needed.
The Bretton Woods system, therefore, minimized international currency exchange rate volatility which helped international trade relations.
More stability in foreign currency exchange was also a factor in the successful support of loans and grants internationally from the World Bank.
The IMF and World Bank
The Bretton Woods agreement created two institutions, the IMF and the World Bank. Formally introduced in December 1945, both institutions have withstood the test of time, globally serving as important pillars for international capital financing and trade activities.
The purpose of the IMF was to monitor exchange rates and identify nations that needed global monetary support.
The World Bank, initially called the International Bank for Reconstruction and Development, was established to manage funds available for providing assistance to countries that had been physically and financially devastated by World War II.
Today, the IMF has 190 member countries and still continues to support global monetary cooperation.
In tandem, the World Bank helps to promote these efforts through its loans and grants to governments.
The Bretton Woods System Collapse
In 1971, concerned that the U.S. gold supply was no longer adequate to cover the number of dollars in circulation, President Richard M. Nixon devalued the U.S. dollar relative to gold. After a run on gold reserve, he declared a temporary suspension of the dollar’s convertibility into gold.
By 1973 the Bretton Woods system had collapsed. Countries were then free to choose any exchange arrangement for their currency, except pegging its value to the price of gold.
They could, for example, link its value to another country's currency, or a basket of currencies, or simply let it float freely and allow market forces to determine its value relative to other countries' currencies.
The Bretton Woods agreement remains a significant event in world financial history.
The two Bretton Woods institutions it created in the International Monetary Fund and the World Bank played an important part in helping to rebuild Europe in the aftermath of World War II.
Subsequently, both institutions have continued to maintain their founding goals while also transitioning to serve global government interests in the modern-day.
Is the Bretton Woods Agreement Still in Effect?
The Bretton Woods system—which required a currency peg to the U.S. dollar and linked the value of the dollar to gold—is no longer in effect.
In the 1960s, the dollar had struggled within the system set up under the Bretton Woods agreement. In 1971, President Nixon suspended its convertibility into gold. Today, currencies float against each other, rather than keeping at firm pegs.
What Is the Difference Between the Gold Standard and the Bretton Woods System?
The gold standard refers to any monetary system in which the value of currency is linked to gold. Currently, there are no countries that use the gold standard.
Under the Bretton Woods system, the U.S. was originally convertible to gold at a rate of $35 per ounce. By 1971, this convertibility was severed.
What Backs the U.S. Dollar?
Previously, the U.S. dollar was backed by gold. Today, the U.S. dollar isn't backed by anything, other than the U.S. government's own ability to generate revenue.
The Bottom Line
The Bretton Woods agreement established a currency exchange regime system in 1944, following years of negotiations among 44 nations.
This system required a currency peg to the U.S. dollar which was in turn pegged to the price of gold. The Bretton Woods system ultimately would go on to collapse in the 1970s.
The Bretton Woods agreement also established institutions such as the International Monetary Fund and the World Bank, both of which continue to play an important role in the financial world today.
@ Newshounds News™
Source: Investopedia
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News, Rumors and Opinions Sunday 8-11-2024
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 Sun. 11 Aug. 2024
Compiled Sun. 11 Aug. 2024 12:01 am EST by Judy Byington
Judy Note: What we think we know as of Sun. morning 11 Aug. 2024: (Rumors/Opinions)
A trusted military intelligence contact confirmed that GCR Liquidity release began at exactly 3:00 PM PDT on Wed. 7 Aug. 2024 and would unfold over the next 72 hours. “The Sovereign Committee and US federal government have just approved T4A and B payments – this has started Reno, Miami, and other East Coast states.”
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 Sun. 11 Aug. 2024
Compiled Sun. 11 Aug. 2024 12:01 am EST by Judy Byington
Judy Note: What we think we know as of Sun. morning 11 Aug. 2024: (Rumors/Opinions)
A trusted military intelligence contact confirmed that GCR Liquidity release began at exactly 3:00 PM PDT on Wed. 7 Aug. 2024 and would unfold over the next 72 hours. “The Sovereign Committee and US federal government have just approved T4A and B payments – this has started Reno, Miami, and other East Coast states.”
Sources said the delays in setting Tier4b appointments (which were to be made starting Sat. 10 Aug.) were from making sure the QFS system and all the test clients were done perfectly so they can see their funds in their accounts (or hold SKRs) but would not be able to use these funds until the shotgun start has started.
The new currency rates were being traded on the Forex till Sunday 11 Aug. at 5pm.
Distributions are scheduled to begin after Sat. 10 Aug.
Sources said Monday/Tuesday for release of emails/800#
Over 1500 Farm Claims have been paid out.
Prosperity Packages National Guard deliveries started on Fri. 9 Aug.
Mid-September was anticipated to be a period of substantial activity of significant financial movement.
Understand that the Swift System might still be in use until all old currency has been declared useless, but those evil sources are still trying their best to keep it open or slow down the exchange.
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Sat. 10 Aug. 2024 MarkZ: “Bond people received new paperwork this morning that appeared to have something to do with the release of their funds. Expectations of receiving funds were Mon and Tues. I was told by several sources that the rates I have been quoting were way low.”
Sat. 10 Aug. 2024 Wolverine:
I offer my condolences to the Patriots who died in the plane crash. I found this out about 1 a.m. that the people on the plane were 3 sovereign whales and the rest were managers, but in total 7 people who were part of the redemption in Brazil going there for humanitarian purposes to receive blessings to help thousands of people. Imagine the kind of people they were to receive to help thousands of people, and they were quite well known in the RV community breaks my heart. Charlie Wards flies all over the world and also MarkZ is flying all over, many places, and nothing has happened. I look at this as an accident and not sabotage, but I could be wrong.
In terms of me flying. I am not flying. My wife said not to fly. I am going to stay grounded. I will be under NDA when this thing happens. I have just made arrangements with the people I was supposed to see, but I decided not to fly for security’s sake, but still when this hits, I will be under NDA and you will not hear from me again. I was supposed to do something very important down there – I can’t tell you guys, and decided not to for securities sake. But still, when this hits, I will be under NDA and you won’t hear from me again. I will leave the room to Carpathia. My job will be done. I did all I could to help all of you and my conscious is clear.
At the end of the day, MY NDA MEANS THINGS HAVE STARTED and you guys will be blessed as well.
The new exchange rates will be traded on forex until Sunday August 11th at 5 pm.
Those holding ZIM bonds will receive an advance of 500 million dollars until structured payments begin. All non-Zim foreign exchange proceeds will be immediately available. For those who choose to place their funds under a structured payment program, there will be an advance of up to 250 million until the first SPP payment is made. Distributions are scheduled to begin after Saturday, Aug 10. Mid-September was anticipated to be a period of substantial financial movement activity.
I received a call from a Huge Whale, and all the platforms, all tables have been closed. They have been told to get ready to fly. So that person is flying now to Reno, right now as I speak.
People are getting their appointments. People are getting notifications for bonds. There are two platforms in San Paolo and Brazil in Tier4B Internet group platform, have receiving notifications. So, things have started rolling.
The Green Light means Tier4B, it gets us to the redemption center, bondholders get paid, Nesara Gesara kicks in, and this will be a new world, a greener world.
We are nearly there; people are getting paid Private contractors are being paid but we need that Green Light for all this and that is when the Opera comes out.
Sat. 10 Aug. 2024 World Statement of the Precatorias of Brazil, Mr. Salvage on Telegram:
A cordial greeting to all the participants of the program. The news of the death of four Whales in the crash of the plane from Brazil is unfortunate, this information is already going around the world, we want to clarify that these people are of sovereignty and not precatory.
All the leaders who are in Brazil are in perfect condition and working so that all of you can receive in the best way.
Thank you all for your patience and support. We are in Victoria! Doctor Julián.
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Sat. 10 Aug. 2024: A NEW BEGINNING: THE ACTIVATION OF GESARA NESARA, Julian Assange https://t.me/JulianAssangeWiki
In the midst of chaos and uncertainty, there is a ray of hope in the form of GESARA NESARA. This mysterious acronym means a significant change in world affairs.
The dismantling of ancient systems of government, education, finance, health and commerce is said to be underway, promising a new era for humanity. Could this be a ray of hope in these turbulent times?
Star-Link Satellite: Waiting for the Green Light: One of the most surprising claims is that the Star-Link satellite is ready to send emergency alerts to all mobile phones in the world. These satellites are reportedly on standby, waiting to transmit signals. If true, this would be an unprecedented step in the coordination of global events.
A Black Swan Lurking: A Global Stock Market Crash: Ominous predictions of an imminent black swan stock market crash are adding to rising tensions. Such an event could send shock waves around the world and lead to a global monetary transition that would affect 209 countries. The impact of such a crisis is beyond imagination and the world watches with bated breath.
Read full post here: https://dinarchronicles.com/2024/08/11/restored-republic-via-a-gcr-update-as-of-august-11-2024/
Courtesy of Dinar Guru: https://www.dinarguru.com/
Mnt Goat WOW! August news from Iraq is explosive. We now see many changes to the banking system and currency auctions. This as I am told is from the pressure of the Feds and the US Treasury. ...As far as timeframes, my [CBI] contact told me to watch the progress of the banking reforms that the Feds are pushing. This includes the parallel market rate vs the CBI official rate and the currency auction levels.
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
Television now showing us articles, they're holding them up saying the HCL has been held up for 19 years as a hostage. Now it's being presented to the House of Representatives. FRANK: Your HCL is coming to you don't worry about it...Once you see the HCL you wee the new exchange rate.
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A Controlled CRISIS Is Coming, The US Economy Is Failing With Biggest Debt Crisis Ever
Atlantis Report: 8-11-2024
Lately, Americans have been receiving mixed signals about the U.S. economy. One day, Federal Reserve Chair Jerome Powell said the U.S. economy was doing great.
The next day, Treasury Secretary Janet Yellen admitted that the de-dollarization process led to a weaker dollar.
Then, another Fed official assures us that inflation is headed towards the 2% target rate.
This constant flow of contradictory information has left many Americans confused and worried about the true state of their nation's economy.
Despite its apparent resilience, the U.S. economy is facing significant challenges that are heading towards a controlled crisis.
“Tidbits From TNT” Sunday Morning 8-11-2024
TNT:
Tishwash: Al-Alaq: 44 billion dinars is the volume of fuel sales via electronic payment in a month in Baghdad
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, that payment transactions at fuel stations in Baghdad recorded more than (44) billion dinars in July of this year.
Al-Alaq said during a workshop specializing in electronic payment, "The Central Bank of Iraq is working side by side with the government program and the Prime Minister's direction to support electronic payment."
He added: “We are proud of what we have achieved so far. In 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure, the expansion in the use of electronic payment channels, and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.”
TNT:
Tishwash: Al-Alaq: 44 billion dinars is the volume of fuel sales via electronic payment in a month in Baghdad
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, that payment transactions at fuel stations in Baghdad recorded more than (44) billion dinars in July of this year.
Al-Alaq said during a workshop specializing in electronic payment, "The Central Bank of Iraq is working side by side with the government program and the Prime Minister's direction to support electronic payment."
He added: “We are proud of what we have achieved so far. In 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure, the expansion in the use of electronic payment channels, and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.”
The Governor of the Central Bank explained that "these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023."
He pointed out that "payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023."
Al-Alaq revealed "a huge increase in the number of POS points of sale to reach more than (50) thousand POS points of sale this year, compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them in government institutions after they were zero before the launch of the campaign in June 2023."
He expressed his "hope that government institutions would adopt the establishment of specialized units in electronic payment technologies to work on following up and developing this important aspect." link
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Tishwash: Al-Alaq: The Central Bank is working with the Prime Minister’s direction and the government program to support electronic payment
- Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed today, Saturday, that the Central Bank is working with the Prime Minister's direction and the government program to support electronic payment.
The Central Bank stated in a statement received by the Iraqi News Agency (INA) that "the Governor of the Central Bank participated in a specialized workshop to accelerate the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development."
The Governor said during his speech at the workshop - according to the statement - that "the Central Bank of Iraq works side by side with the government program and the Prime Minister's direction to support electronic payment, and we are proud of what we have achieved so far," noting that "in 2023, the amounts processed through the national switchboard witnessed a significant increase, which reflects the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular."
He added that "these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024," noting that "government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023."
Al-Alaq pointed out that "payment operations at fuel stations in Baghdad alone have increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July 2023, and (4.5) billion dinars in December 2023," revealing "a huge increase in the number of points of sale (POS) to reach more than (50) thousand points of sale this year compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them in government institutions after they were zero before the launch of the campaign in June 2023."
The governor expressed his "hope that government institutions will adopt the establishment of units specialized in electronic payment technologies to work on following up and developing this important aspect." link
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Tishwash: Iraq's External and Internal Debts: Details and Figures from the Prime Minister's Financial Advisor
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the size of Iraq's internal and external debts.
Saleh said, in a statement to the media followed by "Al-Eqtisad News", that "Iraq is no longer, in terms of its balance of external debt, one of the countries with high debts, as the external debts due during the current decade do not exceed, in all cases, 9 billion dollars, and the general budget provides sufficient annual allocations to service all debts, which means paying installments and interest, according to the nature of the debt, which is what is called debt amortization."
He added, "Accordingly, Iraq has not recorded any default in paying its external debt obligations over the past twenty years, as payment mechanisms are carried out in accordance with strict financial and banking rules that are highly coordinated between the Ministry of Finance and the Central Bank of Iraq, which has shown sustainable stability in creditworthiness indicators with international rating agencies, since the adoption of the first credit rating for Iraq in 2016 until the present time."
Saleh continued, "As for the internal debt, which amounts to nearly 78 trillion dinars or about 60 billion dollars, it is a debt existing within the government financial and banking system (exclusively) at a rate of 96%, and most of that debt was issued with debt instruments represented by government bonds of various terms and treasury transfers with a term of one year, and all of them carry an interest rate not exceeding 3% annually (with the exception of the recent issues of achievement bonds or others, in which the interest rate rises between 6.5 and 8.5% annually."
He pointed out that "mechanisms were adopted to pay interest or repay debt installments from the annual allocations allocated in the federal general budget. It is noted that the monetary authority, by deducting those internal government debts specifically, was able to liquidate them or convert them into cash by discounting them at the Central Bank of Iraq and through secondary market operations and within the scope of monetary policy activities that target growth in money supply, regulate economic liquidity and address the manifestations of economic recession during the past ten years."
He added, "The Central Bank's holdings of internal public debt instruments (specifically), whether bonds or treasury transfers, are estimated at about 45% of the total internal debt."
Saleh pointed out that "the growth of the domestic debt in particular during the last decade came as a result of two dual crises, the first: the financial-security crisis between 2014 and 2017 resulting from the drop in oil prices to less than half of their expected or indicated levels in the general budget law, accompanied by the increase in the expenses of the war on ISIS terrorism, which continued until Iraq was completely liberated from the clutches of terrorism."
He continued, "The other crisis is the financial-health crisis that worsened in early 2020 and until 2021, which witnessed a sharp deterioration in global oil prices and reached less than half of their expected price rates as well, accompanied by the health crisis (the Corona pandemic) and the closure of the global economy, which caused a deterioration in budget revenues, whether oil or non-oil."
He added, "Since the annual public budgets depend in their revenues on the revenues of exported oil, the revenues of which were exposed to a sharp decline during the two aforementioned dual crises, there was no suitable financial refuge for the financial authority except to borrow from the domestic banking market."
He stressed that "despite the above, all of Iraq's internal and external public debts do not exceed $70 billion today, and their ratio to the gross domestic product is about 30%, while the global standard ratio indicating the ability to bear the debt reaches 60% according to European Union standards."
He concluded his speech by saying, "Therefore, there is effective cooperation today between the financial and monetary authorities, to draw a roadmap for extinguishing the internal debt in addition to the external one, and in accordance with the financial strengthening policy aimed at reducing the balance of public debt and reducing the annual deficit in the annual budgets, and in accordance with the standard ratios adopted globally in determining the debt-bearing capacity." link
Mot: ... A day of hope
Mot: . ((( heee heee heeee ))) - My Poor Puppy!!!
Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-10-24
Good Afternoon Dinar Recaps,
DOLLAR SLIPS AGAINST DONG "The U.S. dollar weakened against Vietnamese dong both at banks and unofficial exchange points Friday morning.
Vietcombank sold the greenback at VND25,280, down 0.16% from Thursday."
"The dollar has increased against the dong by 3.52% since the beginning of the year. Globally, the dollar hovered close to a one-week high against major rivals on Friday, after the biggest drop in U.S. jobless claims in close to a year allayed fears of a looming economic downturn, Reuters reported."
Good Afternoon Dinar Recaps,
DOLLAR SLIPS AGAINST DONG
"The U.S. dollar weakened against Vietnamese dong both at banks and unofficial exchange points Friday morning.
Vietcombank sold the greenback at VND25,280, down 0.16% from Thursday."
"The dollar has increased against the dong by 3.52% since the beginning of the year. Globally, the dollar hovered close to a one-week high against major rivals on Friday, after the biggest drop in U.S. jobless claims in close to a year allayed fears of a looming economic downturn, Reuters reported."
"The U.S. currency extended gains against the Japanese yen to a fourth day, buoyed by a spike in Treasury yields following Thursday's firmer-than-expected employment data, which spurred a paring back in bets for Federal Reserve interest rate cuts this year."
@ Newshounds News™
Source: VN Express
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JP Morgan has even said that stablecoin issuers who adhere to regulations will benefit from the upcoming regulatory crackdown AND GAIN MARKETSHARE💯
Looks like JP Morgan knows what’s coming.
@ Newshounds News™
Source: Twitter
~~~~~~~~~
August 2024 Harvard Business Review: The Race to Dominate Stablecoins.
Yes, it is a race.
Companies are fighting to capture the market share that this new form of money is creating in the crypto universe.
“Stablecoins have the potential to REWIRE the global financial system and DISPLACE legacy payment systems like SWIFT.
@ Newshounds News™
Source: Twitter
~~~~~~~~~
"Bringing a trusted stablecoin onto XRPL will drive more adoption and development, contributing to a vibrant ecosystem." QUOTE from Brad Garlinghouse
"The stablecoin market is about $150B today, and is forecasted to exceed $2.8 trillion by 2028. There’s clear demand for stablecoins that deliver trust, stability, and utility.
To meet this growing demand, Ripple will issue a stablecoin, leveraging its decade-plus of experience building real-world financial solutions for institutions around the world."
"This move is also monumental for the XRP Ledger community, driving more use cases, liquidity and opportunities for developers and users.
At launch, the stablecoin will be available on the XRP Ledger (XRPL) and Ethereum (ETH) blockchains, with plans to expand to additional blockchains and decentralized finance (DeFi) protocols and apps over time."
"Issuing our stablecoin on the XRP Ledger and Ethereum will serve as a pivotal entry point to unlock new opportunities for institutional and DeFi use cases across multiple ecosystems," added Monica Long, Ripple President.
"The XRP Ledger’s native capabilities, including a decentralized exchange and automated market maker, were built to utilize XRP as THE BRIDGE ASSET."
LET'S CONSIDER THE QUOTES FOUND IN THIS ARTICLE AS WE CONTEMPLATE THE ROLE RLUSD WILL PLAY ALONG WITH XRP.
IT'S OBVIOUS THAT RIPPLE HAS POSITIONED ITSELF AS A PIONEER IN THE DEFI ARENA
RLUSD POSSIBLY BECOMING THE STABLECOIN OF CHOICE AFTER LAUNCH AND THE UTLITIY FACTOR THAT XRP PLAYS IN THE DIGITAL ECOSYSTEM, THERE CAN BE LITTLE DOUBT THAT RLUSD WILL ENHANCE THE MARKETABILITY OF XRP, EVEN THOUGH THEY PROVIDE ARE TWO COMPLETELY DIFFERENT PRODUCTS.
XRP WILL LIKELY RISE IN VALUE BASED ON ITS OWN USE AND UTILITY, BUT MAY SEE A BUMP IN VALUE WHEN RLUSD IS LAUNCHED.
@ Newshounds News™
Source: Finance Yahoo
~~~~~~~~~
All About ZiG, Zimbabwe’s Latest Shot at a Stable Currency
"IN the latest effort to devise a credible national currency, Zimbabwe in April replaced its dollar with the ZiG, short for Zimbabwe Gold.
The new unit is backed by bullion and foreign currency reserves held at the central bank. It’s the country’s sixth attempt at establishing its own currency since 2008, when inflation crossed 500 billion percent, according to International Monetary Fund estimates."
"Not only did that render it worthless, it turned the unit into a global punchline: US Treasury secretaries would carry the notes as a reminder of the evils of hyperinflation.
Confident that they’ve finally got it right, Zimbabwe has announced plans to go all-in on the ZiG and make it the southern African nation’s sole legal tender. That’s an audacious goal, given that the dollar still accounts for the bulk of transactions in the country."
What went wrong with the Zimbabwean dollar?
"Brought back to life in 2019 after a decade-long furlough when the country ran solely on foreign currency, the Zimbabwean dollar lost ground against the US dollar every trading day this year.
This had wiped around 80% off its value by the time newly appointed central bank Governor John Mushayavanhu put it out of its misery on April 5."
"The collapse had already forced more than four-fifths of the southern African nation’s economy to transact in US dollars for everything from food to medicine, with some businesses only accepting payment in greenbacks.
Few people have forgotten the experience of 2008 when their savings were wiped out by inflation, so public trust in the local unit had always been low."
"The ZiG started trading on April 8 at an exchange rate of 13.56 to the dollar.
Banks, mobile-money platforms, retailers and other intermediaries reconfigured their systems to take account of the new currency, though the process has been a bumpy one."
Where does the currency’s value come from?
"The central bank said the new currency would be fully backed by $100 million in cash and 2,522 kilograms of gold worth $185 million. New banknotes were released on April 30, and the central bank went on a publicity drive to raise awareness of the new currency. "
"They have also fined traders for refusing to accept payment in ZiG. The authorities say that dollar-denominated transactions have declined to around 70% from 85% when it was introduced."
"In early August, the cabinet said it had adopted a “de-dollarization roadmap” without providing details of when it would take effect, though President Emmerson Mnangagwa has hinted it could happen as early as 2026. Official statistics suggest that the ZiG has helped to rein in surging price pressures since its April launch, though there are only a few months’ worth of data to go on."
@ Newshounds News™
Source: The Zimbabwe Mail
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WHERE IS THE LEGAL CLARITY UNDER THE BIDEN ADMINISTRATION TO THE CRYPTO INDUSTRY TO OPERATE LEGALLY IN THE US?
Crypto Industry execs met with White House officials to discuss crypto policy on August 8. Representatives from Coinbase, Kraken, Ripple and Circle reportedly attended a video call with US policymakers to discuss their approach to crypto regulation.
IMO, THE FOLOWING IS THE MOST IMPORTANT THING DISCUSSED DURING THAT MEETING:
"The crypto executives reportedly pushed the Biden administration for regulatory clarity in the digital asset space, hinting at the removal of Securities and Exchange Commission (SEC) Chair Gary Gensler.
Many in the industry have criticized the SEC under Gensler for bringing enforcement actions against crypto firms that seemingly do not have a clear path to operate legally in the US."
Lawfirm Holland & Knight made the following statement in a report titled, "Blockchain & Cryptocurrency Laws and Regulations 2024":
"In the United States, cryptocurrencies have been the focus of much attention by both federal and state governments.
At the federal level, most of the focus has been at the administrative and agency level, including the Securities and Exchange Commission (the “SEC”), the Commodity Futures Trading Commission (the “CFTC”), the Federal Trade Commission (the “FTC”) and the Department of the Treasury (the “Treasury”), through the Internal Revenue Service (the “IRS”), the Office of the Comptroller of the Currency (the “OCC”) and the Financial Crimes Enforcement Network (“FinCEN”).
While there has been significant engagement by these agencies, little formal rulemaking has occurred. Many federal agencies and policymakers have praised the technology as being an important part of the U.S.’s future infrastructure and have acknowledged the need for the U.S. to maintain a leading role in the development of the technology."
The Seeds of Wisdom Team " Roadmap ", has documented many laws that have been introduced in both the House and the Senate. Some have passed the House or the Senate, but only one was passed by both the House and the Senate. However, that bill was Vetoed by Biden.
The industry executives were correct in saying that they are operating without a clear legal path to do so in the US. The BRICs nations have Russia in the lead providing a framework for cross border payments and stablecoins.
The EU Parliament has passed and implemented the Markets in Crypto-Assets (MiCA) to provide regulatory clarity to crypto businesses in the European Union.
The US is way behind and needs to pass laws to provide not only legal clarity to the crypto Industry in the US, but also security and protection regulations to it's citizens.
@ Newshounds News™
Read more: CoinTelegraph, Roadmap, Global Legal Insights
~~~~~~~~~
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Thank you Dinar Recaps
More News, Rumors and Opinions Saturday PM 8-10-2024
KTFA:
Clare: JPMorgan Chase Supports Employees with AI Software from OpenAI
8/10/2024
JPMorgan Chase has rolled out a generative AI assistant to tens of thousands of its employees in recent weeks, the first phase of a broader plan to integrate the technology across the sprawling financial giant.
The software, called LLM Suite, is already available to more than 60,000 employees, helping them with tasks like writing emails and reports. It’s expected to eventually be as ubiquitous across the bank as video conferencing software Zoom, people familiar with the plans told CNBC.
KTFA:
Clare: JPMorgan Chase Supports Employees with AI Software from OpenAI
8/10/2024
JPMorgan Chase has rolled out a generative AI assistant to tens of thousands of its employees in recent weeks, the first phase of a broader plan to integrate the technology across the sprawling financial giant.
The software, called LLM Suite, is already available to more than 60,000 employees, helping them with tasks like writing emails and reports. It’s expected to eventually be as ubiquitous across the bank as video conferencing software Zoom, people familiar with the plans told CNBC.
Rather than developing its own AI models, JPMorgan designed LLM Suite to be a gateway for users to tap into large external models — the complex software that powers generative AI tools — and launched it with LLM from OpenAI, the maker of ChatGPT, according to the people.
“Ultimately, we want to be able to move seamlessly across models based on use cases,” Theresa Heitzenreither, JPMorgan’s head of data and analytics, said in an interview. “The plan is not to commit to a specific model of service providers.”
The move by JPMorgan, the largest US bank by assets, shows how quickly generative AI has spread across US businesses since ChatGPT arrived in late 2022.
Rival bank Morgan Stanley has already released a pair of OpenAI-powered tools for its financial advisers.
Tech giant Apple said in June it was integrating OpenAI's models into the operating system of hundreds of millions of its consumer devices, significantly expanding its reach. LINK
Clare: Prime Minister's Advisor: The government has established a roadmap for the economic model in Iraq
8/10/2024 Baghdad-INA- Nassar Al-Hajj
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, defined today, Saturday, the vision of the government's program regarding the economic model, and while he indicated that it will direct investment decisions to achieve their goals, stressing that the government of Prime Minister Muhammad Shia Al-Sudani has established a road map for the work of the economic model in Iraq.
Saleh told the Iraqi News Agency (INA): "The economic model is a mathematical model used to represent the economy and analyze the behavior of various economic factors, as these models are used to understand how economic elements interact."
Indicating that "at the level of the philosophy of the Iraqi government curriculum, the basics of modeling the Iraqi economy were launched from an important vision based on the principle of analyzing the entire economy, taking into account the overall variables, most notably the basics of development and growth in the gross domestic product and imposing stability and effective operation of the joints of the national economy and the level of its interconnections."
He added that "the current digital life helps to use computing to conduct simulation experiments to understand the potential effects of various economic policies and adopt optimal paths from them," stressing that "Iraq has established in its government curriculum a practical foundation and a roadmap for the work of the economic model for Iraq through the development path strategy, since the beginning of the government of Prime Minister Mohammed Shia al-Sudani."
He pointed out that "the state of economic imbalance and its severe unilateralism has always required thinking about the future of the economy through an approach based on generating an alternative sector that leads the national economy."
Explaining that "the development path program is an academic viewpoint, and what the German economic thinker Albert Hirschmann presented in his famous book (Economic Development Strategy) published in 1958, in combating the state of imbalance and economic unilateralism with a theory based on economic development weight, and a leader for the economy that provides a high degree of backward and forward sectoral interconnections and high interactivity that achieves sustainable growth and restores balance in the long term for the national economy."
He pointed out that "this theory emphasizes in its model the need to invest in strategic sectors with a specific high priority instead of investing in all sectors at once," adding that "according to this theory, other sectors will develop automatically over time, and from this standpoint the idea of the economic model for the future of Iraq in prosperity and diversity was born, which is undoubtedly based on a strategy for the overall economy based on the development path."
Saleh noted that “this development strategy and the economic model that drives the macroeconomic variables, did not separate from it the vision of partnership between the state and the private sector and the principles of the social market within the data of the five-year national development plan and its objectives that were recently launched,” concluding his speech by saying that “the economic model or model for Iraq that we aspire to establish will provide the predictive foundations for evaluating economic policies and directing investment decisions to achieve their specific objectives in an optimal manner.” LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man Why did Al-Sudani say to the world that the Iraqi dinar is stronger than the dollar? Was he lying? ...I don't think he was. We have to just wait and see how things progress because it wasn't said just once, he said it more than once. For a Prime Minister of a country to say something there was probably some reasoning for it, meaning behind it. That's his words not mine.
Militia Man Article: "Urgent: Central Bank Governor: No intention to reconsider dollar exchange rates, we are undergoing a major transformation" Does Alaq have any control whatsoever over the dollar? No, not at all. But what does he have control over? When he states he's not going to do anything about the dollar he means it because he can't. But what he does have control to change the exchange rate of the dinar. He has that control.
Economist’s “News and Views” Saturday 8-10-2024
Stocks Dropped 89% - Will It Happen Again? | Alasdair Macleod
Liberty and Finance: 8-9-2024
Financial analyst Alasdair Macleod draws parallels between current market conditions and those of 1929, just before the Great Depression.
He observes that the disparity between bond yields and equity valuations today mirrors the imbalances seen before the 1929 crash.
This disconnect could lead to a severe market correction, similar to the initial panic that triggered the Great Depression.
Stocks Dropped 89% - Will It Happen Again? | Alasdair Macleod
Liberty and Finance: 8-9-2024
Financial analyst Alasdair Macleod draws parallels between current market conditions and those of 1929, just before the Great Depression.
He observes that the disparity between bond yields and equity valuations today mirrors the imbalances seen before the 1929 crash.
This disconnect could lead to a severe market correction, similar to the initial panic that triggered the Great Depression.
Macleod warns that while central banks attempt to stabilize the situation, the underlying economic issues could result in a prolonged and significant downturn.
BRICS Advances Toward Independent Digital Payment Platform, Russian Official Says
Geopolitical analyst: 8-9-1014
The BRICS economic bloc is progressing towards a digital payment platform, Russia’s Federation Council Speaker Valentina Matviyenko has revealed. The initiative, named BRICS Bridge, aims to establish an independent financial system. This system could mitigate dependency on Western institutions, especially amid sanctions and Russia’s SWIFT disconnection.
Fed Broke Another Central Bank, Global Sovereign Debt Crisis & Financial Turmoil Coming – Ed Dowd
Kitco News: 8-10-2024
Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Edward Dowd, Founding Partner of Phinance Technologies, who warns that the Federal Reserve finally broke something as interest rates remained at 23-year highs for over a year.
Dowd explains that during this rate-hike cycle, what ended up breaking was another central bank – the Bank of Japan.
He outlines the consequences of this and says the clock has started counting down towards a global debt crisis. Dowd shares his macro outlook while also weighing in on geopolitical tensions and potentially identifying the next ‘Black Swan’ event.
He also gives his outlook on banking, projecting more stress and consolidation in the sector. Dowd warns of a scenario that could open the door to a central bank digital currency (CBDC).
He also speaks about U.S. elections, the U.S. dollar, Bitcoin and gold.
00:00 Coming Up
01:49 Introduction: The Fed Finally Broke Something
04:01 Fed's Actions and Economic Indicators
06:09 Global Debt Crisis and Japan
09:24 Yen Carry Trade 14:60 Geopolitical Tensions and Economic Implications
23:59 Banking Sector Outlook and CBDC Concerns
29:48 CBDCs 36:55 Macro Outlook
44:14 The Future of the Dollar and De-dollarization
“Tidbits From TNT” Saturday 8-10-2024
TNT:
Tishwash: Parliamentary Committee: The decline in oil prices will not affect the budget
On Saturday, the Parliamentary Oil and Energy Committee in the House of Representatives renewed its assertion that the drop in oil prices to $70 per barrel will not affect the budget.
Vice Chairman of the Committee, Nehru Mahmoud Qadir, told the Maaloma Agency, “There are concerns if the price of a barrel of oil reaches less than $70 in next year’s budget.”
He added, "The price of a barrel of oil was calculated at $70 in the budget for the year 2024, indicating that the slight fluctuation in oil prices will not affect it."
TNT:
Tishwash: Parliamentary Committee: The decline in oil prices will not affect the budget
On Saturday, the Parliamentary Oil and Energy Committee in the House of Representatives renewed its assertion that the drop in oil prices to $70 per barrel will not affect the budget.
Vice Chairman of the Committee, Nehru Mahmoud Qadir, told the Maaloma Agency, “There are concerns if the price of a barrel of oil reaches less than $70 in next year’s budget.”
He added, "The price of a barrel of oil was calculated at $70 in the budget for the year 2024, indicating that the slight fluctuation in oil prices will not affect it."
He stressed that "employees' salaries are fully insured even if oil prices drop to $70." link
Tishwash: Central Bank Governor Participates in a Workshop Specialized in Electronic Payment
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development.
His Excellency the Governor said during his speech at the workshop: The Central Bank of Iraq works side by side with the government program and the Prime Minister's direction to support electronic payment, and we are proud of what we have achieved so far. In 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular. His Excellency added that these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023.
His Excellency pointed out that payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023, revealing a huge increase in the number of points of sale (POS) to reach more than (50) thousand points of sale this year compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them are in government institutions after they were zero before the launch of the campaign in June 2023.
Expressing his hope that government institutions will adopt the establishment of units specialized in electronic payment technologies to work on following up and developing this important aspect.
Central Bank of Iraq
Media Office
August 10, 2024 link
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Tishwash: Document.. The Iraqi judiciary settles the controversy over whether the governor of the Central Bank should remain in his position or not
The Supreme Judicial Council in Iraq supported the State Council’s decision to refer the Central Bank Governor, Ali Al-Alaq, to retirement after reaching the legal age.
The Supreme Judicial Council said in an official document, a copy of which was received by Shafaq News Agency, that the same subject was studied by the Studies Committee in the Presidency of the Judicial Supervision Authority, and the same opinion of the State Council was reached in the two aforementioned decisions.
The House of Representatives had sent a letter to the Supreme Judicial Council inquiring about the judiciary’s opinion on the permissibility of the bank governor continuing in service after reaching the legal retirement age.
The State Council has decided the official position on whether or not the Central Bank Governor, Ali Al-Alaq, will continue in his position, confirming that he has exceeded the legal retirement age.
It was stated in correspondence between the State Council and Parliament, in response to the House of Representatives’ request to clarify the opinion of the State Council regarding the permissibility of the Governor of the Central Bank continuing in service after reaching the legal retirement age.
The State Council had explained, according to the documents, that Clause (First) of Article (103) of the Constitution stipulated that the Central Bank shall be a financially and administratively independent body whose work shall be regulated by law and which shall be accountable to the House of Representatives. Article (2) of the Central Bank Law issued pursuant to Order No. (56) of 2004 of the (dissolved) Provisional Coalition Authority stipulated that the Central Bank shall be a legal entity with full capacity and independence and subject to accountability.
He pointed out that the legislator has explicitly stipulated that retirement upon reaching the legal age is an inevitable retirement by law unless exempted by a special provision, and since there is no special provision exempting the Governor of the Central Bank from the provisions of inevitable retirement upon reaching the legal age.
The State Council confirmed that the legal principle states: “Heads of independent bodies are subject to the legal retirement age.” link
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Tishwash: Iraq loses $52 billion in foreign investment due to "corruption"
On Saturday, the head of the "Iraq Al-Mustaqbal" Foundation concerned with economic affairs, Manar Al-Obaidi, referred to the latest report of the United Nations Development Program, which revealed the exit of more than 5 billion US dollars in foreign direct investments from Iraq in 2023.
The report showed, according to Al-Obaidi, that Iraq lost foreign investments worth more than 52 billion US dollars from 2013 to 2023.
Al-Obaidi stressed, in a statement received by Shafak News Agency, the importance of foreign investments in stimulating economic growth, increasing job opportunities, and transferring knowledge, stressing that foreign investments are an important source of income for funds not linked to state revenues or local investments.
Al-Obaidi identified the main reasons for the exit of these investments from Iraq, which include the deteriorating business environment, lack of transparency, accumulated bureaucracy, and multiple and conflicting decision-making sources, explaining that the lack of clear laws to protect foreign investors’ funds also contributed to this deterioration.
Al-Obaidi described the private sector support programmes as “weak slogans”, pointing out that the totalitarian and socialist thinking is prevalent in government institutions, which has negatively affected the objectives of investment agencies that have focused mainly on local real estate investments rather than in the fields of energy, infrastructure and productive projects.
Al-Ubaidi stressed that the continuation of socialist and pastoral thinking in government agencies will lead to the continued draining of foreign investments from Iraq.
He stressed the need for a real will to improve the business environment through three basic elements: transparency, facilities, and protection, in order to attract foreign investors and strengthen the Iraqi economy. link
Mot: ..... OK Gals!! -- What Can Ya Do With $5......
Mot: ... Once More - a Great Person Saying ~~~~~
News, Rumors and Opinions Saturday AM 8-10-2024
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Sat. 10 Aug. 2024
Compiled Sat. 10 Aug. 2024 12:01 am EST by Judy Byington
Global Currency Reset: (Opinions/Rumors)
Bruce: Over 1500 Farm Claims have been paid out. Prosperity Packages National Guard deliveries started on Fri. 9 Aug. We would get notification to set appointments for Tier 4B and Tier 4A by noon Sat. 10 Aug. The new currency rates were trading on the Forex till Sunday 11 Aug. at 5pm.
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Sat. 10 Aug. 2024
Compiled Sat. 10 Aug. 2024 12:01 am EST by Judy Byington
Global Currency Reset: (Opinions/Rumors)
Bruce: Over 1500 Farm Claims have been paid out. Prosperity Packages National Guard deliveries started on Fri. 9 Aug. We would get notification to set appointments for Tier 4B and Tier 4A by noon Sat. 10 Aug. The new currency rates were trading on the Forex till Sunday 11 Aug. at 5pm.
Wolverine:
A trusted military intelligence contact confirmed that GCR Liquidity release began at exactly 3:00 PM PDT on Wed. 7 Aug. 2024 and would unfold over the next 72 hours. “The Sovereign Committee and US federal government have just approved T4A and B payments – this has started Reno, Miami, and other East Coast states.”
Those holding ZIM bonds will receive a $500 million advance until structured payments begin.
All non-ZIM FX proceeds will be immediately accessible.
For those who choose to place their funds under a structured payment program (SPP), there will be an advance of up to $250 million until the first SPP payment is made.
Distributions are scheduled to begin after Sat. 10 Aug.
Mid-September was anticipated to be a period of substantial activity of significant financial movement.
~~~~~~~~~~~~~~
On Fri. 9 Aug. 2024 the below briefly appeared on a John F. Kennedy Jr. Telegram site, but then disappeared so it is not known if it was valid or not: John F. Kennedy Jr.
Sources said delays were from making sure QFS system and all the test clients were done perfectly so they can see their funds in their accounts (or hold SKRs) but would not be able to use these funds until the shotgun start has started.
Understand that the Swift System might still be in use until all old currency has been declared useless, but those evil sources are still trying their best to keep it open or slow down the exchange.
Sources say Monday/Tuesday for release of emails/800#
International Default Rates (not Humanitarian):
Dinar will value at a “RI” rate from the time Iraq was invaded which would put it around $3.22 – $3.78
Zim was being offered at a default rate of first two 100T aa bond notes up to 30 T notes at $20 Million each, 31 T notes and up would default to $15 million decreasing the more notes you own.
HOWEVER the AA Zim are Bonds and we have been told they can NOT be renegotiated, ASK for the contract/solverant rate
These rates can be negotiated on your second visit with your projects and team members.
You will have 90 days to exchange
Have all currency on a spreadsheet and a copy for your appointment personal.
Currency should be separated by countries and denominations
Have your projects ready with a copy for your appointment personal.
Have your amounts ready to take care of your immediate needs.
No cash will be given, but an account of 50,000 to 100,000 will be put in your account
You can bring accountants, lawyers, banker and or family members but all must sign a NDA
The money from your birth certificate is already deposited in that account, as well as the repayment of the loans you have requested, student loans, mortgages, etc.
We all have monies that is ours in those accounts. You do not need to have Zim Bonds or Dinar. It is money that you have earned during your life and that is in that account.
Once everyone has collected the bonuses, the general public will come, they will be called to the redemption center, they will be given a QFS card and they can use their money.
~~~~~~~~~~~
Global Financial Crisis:
Fri. 9 Aug. 2024: Bank of England expected to lose £254 BILLION from the QE money printing programme since December 2021 – The Economist
Fri. 9 Aug. 2024: Number of bankruptcies in Germany “unexpectedly” rose in July to the highest level in about ten years. https://www.berliner-zeitung.de/news/iwh-zahl-der-insolvenzen-im-juli-auf-rekordwert-gestiegen-berlin-besonders-betroffen-li.2242948
Fri. 9 Aug. 2024 US Traders lose billions on volatility short after Stocks Rout: https://www.reuters.com/markets/us/traders-lose-billions-big-volatility-short-after-stocks-rout-2024-08-07/
Major US Banks shut down 33 locations in just two weeks:
National banks continue to shut down branches at an alarming rate, with multiple locations being shuttered in just two weeks in July.
33 is a significant number for “them”
Florida lost the most branches, with Ohio, Virginia and Texas following with three branches each in those states.
Bank of America closed 100 branches in 2024 alone.
California saw the most closures at 72 while New York was second with 51 and Pennsylvania had 40 branches closed.
Banks closing branches include:
1. Chase
2. Lemont
3. PNC
4. Dollar Bank
5. Axiom Bank
6. Wells Fargo
7. Zions Bancorporation
8. Capitol, Citizens
9. Bank of America
Read full post here: https://dinarchronicles.com/2024/08/10/restored-republic-via-a-gcr-update-as-of-august-10-2024/
Courtesy of Dinar Guru: https://www.dinarguru.com/
Mnt Goat My CBI contact said...that the GOI has not yet accepted his [Ali Al-Alaq] resignation and so it is not final...The news media ran off half cocked with the story... She said let’s wait and see what happens to Mr. Alaq. If he stays, he has to agree to work with the Feds and the US Treasury and work out a satisfactory plan, then take it back the Finance Committee and explain it. He is scheduled for a trip to the US for this purpose very soon... [Post 1 of 2....stay tuned]
Mnt Goat She [CBI contact] thinks he will remain as the proxy director for a period more... I believe he does...have the best interest of the country in mind with his policies. He has talked about reviving the Iraqi dinar to 1980’s levels. This is what we all want as investors...Let’s see what happens. [Post 2 of 2]
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DOLLAR CRASH & END OF EMPIRE: Iran War, Dollar's Loss of Reserve Status, Propaganda | Dr. Ron Paul
Lena Petrova: 8-9-2024
Was Deep State Interference Exposed in Blocking Iraq’s Currency RV?
Was Deep State Interference Exposed in Blocking Iraq’s Currency RV?
On August 8, 2024 By Awake-In-3D
Recent leadership changes at Iraq’s Central Bank have raised suspicions of a hidden agenda. Could deep state operatives be behind the move to obstruct Iraq’s currency revaluation?
If you’re curious about what’s really going on with Iraq’s Central Bank, you’re not alone. Recent changes in leadership have sparked a lot of intriguing questions in my mind about Western (G7) deep state interference.
Mustafa Ghaleb Mukheef, the former Governor, has been replaced by Ali Mohsen Al-Alaq, but why? Some say it’s because of the Iraqi Dinar’s sharp decline, but there’s a deeper story here.
Was Deep State Interference Exposed in Blocking Iraq’s Currency RV?
On August 8, 2024 By Awake-In-3D
Recent leadership changes at Iraq’s Central Bank have raised suspicions of a hidden agenda. Could deep state operatives be behind the move to obstruct Iraq’s currency revaluation?
If you’re curious about what’s really going on with Iraq’s Central Bank, you’re not alone. Recent changes in leadership have sparked a lot of intriguing questions in my mind about Western (G7) deep state interference.
Mustafa Ghaleb Mukheef, the former Governor, has been replaced by Ali Mohsen Al-Alaq, but why? Some say it’s because of the Iraqi Dinar’s sharp decline, but there’s a deeper story here.
Mukheef might have been involved in a covert agenda by Western deep state operatives to block Iraq’s efforts to revalue its currency.
This article explains the allegations, the investigations, and what these events mean for the future of the IQD.
In This Article
Leadership Changes Amidst Depreciation of the IQD Currency Rate
Scrutiny of the New Acting Governor
Investigations and Allegations of Mismanagement
The Deeper Implications: Hidden Agendas
The sudden replacement of Mustafa Ghaleb Mukheef, the Governor of the Central Bank of Iraq (CBI), has raised eyebrows. Was this merely a response to the depreciating value of the Iraqi Dinar (IQD), or are there deeper, more sinister reasons at play?
Leadership Changes Amidst Depreciation of the IQD Currency Rate
The Iraqi Dinar has depreciated significantly, losing around 7% of its value in just two months.
Mukheef’s replacement, Ali Mohsen Al-Alaq, who previously held the position from 2014 to 2020, has returned as the “acting” governor.
The conflicting reports about Mukheef’s departure—whether a resignation or dismissal by Prime Minister Mohammed Shia al-Sudani—add to the intrigue.
The depreciation of the IQD currency rate alone doesn’t seem sufficient to explain such drastic leadership changes. Could there be more to Mukheef’s exit than meets the eye?
Scrutiny of the New Acting Governor
Al-Alaq’s extended interim appointment has not gone without scrutiny.
Hadi Al-Salami, a member of Iraq’s Integrity Committee, disclosed ongoing investigations into Al-Alaq’s tenure. According to Al-Salami, the Prime Minister was urged to terminate Al-Alaq’s appointment due to alleged violations.
Despite these calls, Al-Alaq remains in his position, raising questions about his true role and influence.
Investigations and Allegations of Mismanagement
The Integrity Committee has referred several issues to the Integrity Commission and the Public Prosecutor, including alleged mismanagement of exchange rates and financial irregularities.
Substantial sums of money and benefits have reportedly accrued to various Arab and foreign banks, sparking further investigation.
Additionally, Al-Salami revealed that the Acting Speaker of Parliament has agreed to host Al-Alaq in upcoming sessions to address numerous questions about his actions as governor.
Al-Alaq’s defense centers on his claims of effective management and forthcoming discussions with the Federal Reserve and the US Treasury Department.
The Deeper Implications: Hidden Agendas
Mukheef’s replacement may not simply be about the depreciation of the IQD currency rate.
There are suspicions that Mukheef could have been a Western (G7) deep state operative, deliberately stalling Iraq’s progress towards the Iraqi Dinar revaluation.
Soran Omar, a member of the Iraqi parliament’s Economic Committee, announced that Al-Alaq has reached retirement age and submitted his resignation to the Prime Minister.
However, Al-Alaq’s continued presence, despite reaching the legal retirement age, suggests powerful backing that defies standard procedures.
The Bottom Line
The leadership changes at the Central Bank of Iraq raise more questions than answers.
While the official narrative cites the depreciation of the IQD currency rate, the persistence of allegations, the unusual circumstances surrounding appointments, and the shadow of potential Western deep state influence suggest a more complex reality.
As Iraq faces critical decisions on the Iraqi Dinar revaluation, the true motivations behind these moves warrant closer examination.
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