.This is BIG News from the CBI

This is BIG News from the CBI.

By Muhammad Ali

The post below was on Dinar Recaps and I attached the link and the full intel for everyone's reference.  I was first alerted to this news by my friend, Mike The Dinarian.  He's always on top of all the Iraq news and usually sends me anything that stands out.  And this post definitely stands out.  I will continue my perspective on it, below the post.

https://dinarrecaps.com/our-blog/news-rumors-and-opinions-thursday-pm-1-9-2020 

Walkingstick:    the CBI has told us that all banks in Iraq are going to receive the 50,000 and the 100,000 freshly printed bills...The reason for it is because the CBI is now lessening the amount of 10k and 25k notes in the inventory of Iraqi banks.  They want to get more of the three zeros...the CBI is sending 50k and 100k notes only to be used from bank to a bank.  Each bank is getting a different specific amount. 

Each bank must send to the CBI in return either 4 - 25K notes or 10 - 10K notes.  We [Walkingstick's firm] have not received them yet.  Some banks have.  We believe we will be next.  They are only to be used from bank to bank not for circulation.  The 50k and 100K are not to be introduced to the citizens.  

They are to introduce the small category notes when told on their schedule.  This is being used to remove the three zeros notes from the banks not to draw them in - that was already done...

 OK here we go.  There are many aspects of this post but what particularly interests me is the 50,000 and 100,000 being used for Bank to Bank transactions.

 Let me give you an example, here is a picture of a 1934 100,000 US Dollar Federal Reserve Gold Certificate bank note.  For many, you probably didn't know the U.S. had a 100,000 bank note.  Well they did.

The $100,000.00 Gold Certificate was used for bank to bank transactions, and was never intended to be held by the public nor was it legal for an individual to own one.  This $100,000.00 is a Series 1934.  All Series 1934 gold certificates were issued only to banks and were not available to the public.

The Series 1934 gold certificates are also distinguished from the previous gold certificates in their gold clause, which adds the phrase "as authorized by law" to denote that these notes cannot be legally held by private individuals.

The total print run for the original $100,000.00 Gold Certificate was 42,000 pieces, all but a few of them have been destroyed.  Only a few specimens of these Series 1934 gold certificates survive today, in the Smithsonian and Federal Reserve Bank Museums.

 I am a numismatist and collecting bank notes and coins has been a hobby of mine since 1995, so this is where I was first introduced to these large bank notes.

Alright so now let me explain why this is significant in relation to the above intel from Walkingstick.

These U.S. 100,000 notes were only used for transactions between banks.  Today, transactions between bank to bank are generally settled digitally, so these large denomination notes are obsolete.  However, in some countries transactions between banks are still being practiced using notes, as in our case, of Iraq.

What is important to understand and realize is ONLY very large denomination size notes are used to settle bank to bank transactions.

Now getting back to Iraq, We know that the 50,000 Dinar note was introduced in 2015 and was introduced at the public level.  Since then the CBI has been pulling these notes from the streets and what got me very excited in Walkingstick's intel is that these notes along with the 100,000 notes will be used for Bank to Bank ONLY transactions.

So if we apply a little logical reasoning.  We can ask, how can the 50,000 note, used by the general public one moment and be used thru bank to bank transactions, the next moment? 

Especially when I said, ONLY very large denomination size notes are used between Bank to Bank.  Particularity when the value has not changed...YET.  

At the present rate of 0.0008, Iraq would have to use even larger size notes, something like a 1,000,000 Dinar note but they are not, it was stated that they will use the 50,000 and 100,000 notes, so in order for this to happen they MUST raise the value of the Dinar by Re-instating it to $4.  

So, let me just clarify my point, it is illogical that the 50,000 note at present value be used to handle banks very large settlements, there has to be a sizeable or substantial gap variation for it to make sense. 

For example in the case of the 1934 $100,000 note used for bank to bank settlements, at that time the highest denomination for the public was $1,000 dollars.  Therefore a note size of $100,000 worked well. 

In the present case of Iraq the highest note size for the public is 50,000, so how can they use the same size to settle bank to bank transactions?  This is where it is not logical.  There is a missing factor here and that is the rate.  The rate must be increased for it to be practical and by the sounds of it; it may be sooner than we think.

So I hope that starts to excite you.  Now the other thing that got me very excited about this intel is that during the years, we have learnt that the Project to remove the 3 zeroes has been to remove the large notes from circulation or from the hands of the citizens. 

And we have been told that 90% of the notes, inside Iraq, have been removed from circulation.   This was confirmed again by Walkingstick when he said, "that was already done..."

So it seems that the remaining 10,000 and 25,000 notes are in the banks.   So, again, applying my sense of logic to this, it would appear the CBI is trading the 50,000 and 100,000 notes for the banks 10,000 and 25,000 notes at the same value.  Swap for Swap, a Dinar for a Dinar.

Therefore, in the bank's hands are 50,000 and 100,000 notes.  But these notes are restricted for bank to bank settlements ONLY.  You can see where this will start to become a problem, when the citizens come into the bank asking for withdrawals and banks say, sorry we have no money to give you. 

Panics will start and a whole new wave of issues will give rise; the citizens will start accusing the banks of cheating and fraud, and the confidence level of the citizens to the banks will change in an instance.  

The CBI will need to act quickly to raise the value of the Dinar so as to prevent a bad situation to get more worst.

I believe the CBI already has a time frame for collecting the remaining 10,000 and 25,000 notes from the banks and once the notes are back at the CBI, then PRESTO...the CBI will RI the Dinar and we will see the largest denomination size of the Iraq Dinar go to 1,000 Dinars, and the 50,000 and 100,000 notes will become the logical choice for bank to bank transactions.

Just an FYI side note here, as I am sure many people do not know this fact, but in Kuwait, did you know that the highest bank note size is 20 Dinar?  That is one powerful currency. 

So for Iraq and Iran, once they increase in value and things start to stabilize in country, in time they will follow suite to Kuwait and you'll see them start dropping the 1,000 notes, then 500, then the 100 and 50. 

Now back to our logic flow and here's a new thought for you.  We can conclude that at current the 50,000 IQD note can still be used for public transactions, since we have not seen any official announcements from the CBI that cancels the 50,000 note, from the public and that they will officially be used for bank to bank transactions.  Once the value is raised, we may then see an announcement from the CBI.

From the standpoint of the CBI, they need to remove the last bit of 10k and 25k notes from the banks, because if they were to RI the Dinar now, before removing the notes, some of the bank employees thru temptation, may steal the notes and run over the border to exchange them.

Now, the 50,000 may become a question mark?  How will the CBI handle this note?  As it is now, the 50k notes are meant for public usage, and if these notes are still in the banks when they RI, then the same bank employees may try to steal them and run over the border for exchanging.   So it means to me, that the employees will either steal the 10k, 25k or 50k notes. 

 If that's the case, then once the CBI does the RI to $4, they will immediately have to cancel the 50k notes, for public level, to prevent the bank employees from stealing the notes.

 If the 50k is ONLY designated as Bank to Bank, then even if they were to steal the notes, they won't be able to exchange it in any country of the world but thru an Iraqi bank to an Iraqi bank.  So it would be a futile thought on the bank employee to steal.

So what this means, is that, if anyone is holding the 50,000 IQD note now, do you need to be worried that you may not be able to get the chance to exchange it?

I think the CBI may do a 2nd scenario on the 50,000 note, and that is to make a new version of the note that would be intended for bank to bank transactions.  Therefore, there would be 2 editions of the 50,000 note.   The current one that was printed in 2015 and a new one for bank to bank. 

 If the CBI does this, then it'll be a sign of relief for anyone holding the current 50,000 note.  I believe this would be the choice as most of the 50,000 notes the CBI printed in 2015 should have already been collected from local circulation.

Since Walkingstick said, "the CBI has told us that all banks in Iraq are going to receive the 50,000 and the 100,000 freshly printed bills".  'Freshly printed bills' are the keywords and this tells me that the CBI will in fact print, or have already printed, a new version of the 50,000 note.

This means the 10,000, 25,000 and current 50,000 notes will all be exchangeable, let's hope so, as I also have a few of the 50,000 IQD notes.

So aside from the matter on the 50,000 note.  I believe that it's time to get our plans in order and be ready.   It looks like the CBI will be ready to pull the trigger once they collect the remaining few of 10,000 and 25,000 notes which should not take long, as Walkingstick stated, "Some banks have [the 50k and 100k notes already]. "

If you still need help on your currency planning, please consider using my currency exchange planner.  I remind you that 85% of the Kuwaiti RI millionaires were flat broke in 5 months.  So if you  wish to be part of the 15% then make sure your plans are solid.

I have a current promotion on my planner software and that is, buy the Desktop version and get the Mobile App version for FREE.   This is a limited time offer as I may stop this promotion at any time.

So I hope my article has lifted your spirits after the stressful few days of the Iran-USA conflicts and I really believe that we are back on track and the RI is nearer to us now than ever before.

Just a shout out to The Dinarian, from The Dinarian YouTube Channel, for alerting me to this intel and thanks for Dinar Recaps for everything you guys are doing and a special thanks to Walkingstick, Frank and Delta for bringing us Iraq news in real-time. 

 Thank you  Muhammad Ali   www.CurrencyExchangePlanner.com

Sun Tzu’s Best Pieces of Leadership Advice

Sun Tzu’s 31 Best Pieces of Leadership Advice

‘If your opponent is temperamental, seek to irritate him.’ — Looks like the Trump playbook has borrowed from Sun Tzu

Posted on November 27, 2017 by State of the Nation

Sun Tzu’s 31 Best Pieces Of Leadership Advice

Eric Jackson , Contributor  FORBES

There was no greater war leader and strategist than Chinese military general Sun Tzu.  His philosophy on how to be a great leader and ensure you win in work, management, and life is summed up in these 33 pieces of advice.  They can all be applied by you in your job when you go back to work next week:

A leader leads by example, not by force.

You have to believe in yourself.

Appear weak when you are strong, and strong when you are weak.

If your enemy is secure at all points, be prepared for him. If he is in superior strength, evade him. If your opponent is temperamental, seek to irritate him. 

Pretend to be weak, that he may grow arrogant. If he is taking his ease, give him no rest. If his forces are united, separate them. If sovereign and subject are in accord, put division between them. Attack him where he is unprepared, appear where you are not expected.

The supreme art of war is to subdue the enemy without fighting.

Supreme excellence consists of breaking the enemy’s resistance without fighting.

If the mind is willing, the flesh could go on and on without many things.

Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win.

To know your Enemy, you must become your Enemy.

Keep your friends close, and your enemies closer.

Can you imagine what I would do if I could do all I can?

To continue reading, please go to the original article here:

https://www.forbes.com/sites/ericjackson/2014/05/23/sun-tzus-33-best-pieces-of-leadership-advice/#643ae3745e5e

.Where the World’s Banks Make the Most Money

Where the World’s Banks Make the Most Money

Profits in banking have been steadily on the rise since the financial crisis.

Just last year, the global banking industry cashed in an impressive $1.36 trillion in after-tax profits ⁠— the highest total in the sector seen in the last 20 years.

What are the drivers behind revenue and profits in the financial services sector, and where do the biggest opportunities exist in the future?

Following the Money

Today’s infographic comes to us from McKinsey & Company, and it leverages proprietary insights from their Panorama database.

Using data stemming from more than 60 countries, we’ve broken down historical banking profits by region, while also visualizing key ratios that help demonstrate why specific countries are more profitable for the industry.

Finally, we’ve also looked at the particular geographic regions that may present the biggest opportunities in the future, and why they are relevant today.

Banking Profits, by Region

Before we look at what’s driving banking profits, let’s start with a breakdown of annual after-tax profits by region over time.

In 2018, the United States accounted for $403 billion of after-tax profits in the banking sector ⁠— however, China sits in a very close second place, raking in $333 billion.

What’s Under the Hood?

 To continue reading, please go to the original article here:

https://www.visualcapitalist.com/where-worlds-banks-make-money/

.42 Best Millionaire Statistics, Facts and Resources for 2019

42 Best Millionaire Statistics, Facts and Resources for 2019

Here’s the new and latest 2019 millionaire statistics and facts on how many millionaires there are and their behaviors, all backed by credible sources.

There’s so much information that’s broadcast on millionaires, but much of it is inaccurate or poorly researched.

If you’re really interested in the best and most recent available data, it’s all right here. We’ve searched to find the best so that you don’t have to!

Below you’ll find statistics specifically on how many millionaires there are in the United States and the world, including the global cities with the highest population of millionaires.

There’s also a summary of millionaire behaviors, supported by research, that reflect what they think, how they act, and what they believe.

The statistical data and the behavioral facts help provide a composite picture of where millionaires are and how they behave. Whether you’re a journalist, aspiring millionaire, or simply interested in learning about millionaires, the information below is sure to be useful.

Check back often as we continually update this page as new credible data are published.

There are several methodologies used to determine an answer to this simple question, resulting in many different answers. Be sure to understand how the calculations were made so that it’s consistent with how you want to use the data. After much of our own research, below are the sources and statistics that we believe are the best.

Credit Suisse’s latest global wealth report shows there are 42.2 million millionaires (measured in USD) worldwide, up 2.3 million over the last 12 months.

Of those, 41% or 17.3 million individuals are in the United States

This means that 7% of the U.S. adult population are millionaires

Which indicates that approximately 14% of U.S. households are in the millionaire club

With a median wealth of $63,100 for an adult across the globe, $1,000,000 represents 1585% of the median

The annual increase in global wealth per adult was 3.2%

To continue reading, please go to the original article here:

https://millionairefoundry.com/millionaire-statistics/

.Why We Fall For Cons

Why We Fall For Cons

Tim Harford   The Undercover Economist

There may be times and places where it’s a good idea to talk back to a military officer — but Germany in 1906 wasn’t one of them. So the young corporal didn’t. The corporal — let’s call him Muller — had been leading his squad of four privates down Sylterstrasse in Berlin, only to be challenged by a captain. 

Captain Voigt was in his fifties, a slim fellow with sunken cheeks, the outline of his skull prominent above a large, white moustache. Truth be told, he looked strangely down on his luck — but Muller didn’t seem to take that in.

Like any man in uniform, Captain Voigt appeared taller and broader thanks to his boots, smart grey overcoat and Prussian-blue officer’s cap. His white-gloved hand rested casually on the hilt of his rapier.

“Where are you taking these men?” he barked.

“Back to barracks, sir,” replied Muller.

“Turn them around and follow me,” ordered Voigt. “I have an urgent mission from the “all-highest” command.”

Direct orders from the kaiser himself!

As the small group marched towards Putlitzstrasse station, the charismatic Captain Voigt saw another squad and ordered them to fall in behind. He led his little army on a train ride towards Köpenick, a charming little town just south-east of the capital.

On arrival, the adventure continued: bayonets were to be fixed for inspection. It had been an extraordinary day for Corporal Muller and his men. But it was going to get a lot more extraordinary: what they were about to do would be the talk of newspapers around the world.

Captain Voigt’s impromptu strike force burst into Köpenick town hall and into the office of the mayor, a man named Georg Langerhans. Langerhans, a mild-looking fellow in his mid-thirties with pince-nez spectacles, a pointed goatee and a large, well-groomed moustache, stood up in astonishment and demanded an explanation. Voigt promptly placed him under arrest, by order of the kaiser.

“Where is your warrant?” stammered Langerhans.

“My warrant is the men I command!”

Voigt ordered the town treasurer to open the safe for inspection: fraud was suspected. The safe contained three thousand five hundred and fifty seven marks, forty-five pfennigs. Captain Voigt was punctilious about the count, confiscated the money, and handed over a receipt to be stamped.

It was nearly a quarter of a million dollars in today’s money.

To continue reading, please go to the original article here:

http://timharford.com/2019/12/why-we-fall-for-cons/

Absolute Value vs Relative Value:

Absolute Value vs Relative Value:

Doing Nothing Is Not the True Alternative

Post From the Finance Buff  March 26 2019

I read a great comment on the blog Frugal Professor that I’d like to share. The business school professor there needed a new mattress. One model that came into consideration costs $3,500.

Someone commented that considering that you spend around 1/3 of your life on the mattress, it’s worth spending $3,500 on a good mattress. The professor replied:

These thoughts have gone through my mind as well. But I also spend around 95% of my life wearing socks and can’t justify paying $3500 on them. The tradeoff I’m making with this purchase, as with all purchases, is to maximize value by maximizing marginal benefit divided by the marginal cost.

In the case of the mattress, I’m trying to figure out what the marginal benefit is of a $3500 mattress relative to a $500 mattress (does the marginal benefit exceed the marginal cost of $3k). But, overall, I’m sympathetic to the idea of not cheaping out on a mattress given that it will affect the quality of my life in a non-trivial way for at least 10 years.

This highlighted the difference between what I call the absolute value and the relative value.

The absolute value is the value of having something over having nothing. If I must sleep on concrete for 10 years, I would spend $3,500 on a mattress. If I must walk 10 miles to work every day, I would pay $35,000 for a car.

The relative value is the value of something over its next acceptable alternative. When a $1,000 mattress does the job, a $3,500 mattress offers poor relative value. When a $5,000 car gets me to work just fine, a $35,000 car offers poor relative value.

Sellers like to use the absolute value to make the sale and justify to themselves they are providing value. Here are some examples:

“Before I sold you this whole life policy, you had no life insurance. You would’ve blown your money on unnecessary spending. You should be happy your family is protected now and the policy is worth something.”

“When you walked into the bank, your money was all in CDs. These mutual funds with 2% expense ratios still made more money for you than those CDs.”

“I talked you out of selling at the bottom when the market crashed. That’s worth a lot more than the 1% I’m charging you.”

“If I didn’t treat you after that bus accident, you would’ve bled to death. So pay me $27,000 for giving you stitches.”

In each case the sellers provided absolute value. However, buyers still received poor relative value. A whole life policy isn’t the only option to protect one’s family. You don’t have to blow away your money if you don’t buy a whole life policy.

To continue reading, please go to the original article here:

https://thefinancebuff.com/absolute-value-vs-relative-value-true-alternative.html

Bank Secrets Revealed and Debunked

Bank Secrets Revealed and Debunked

A Bank Teller Reveals Secrets and Debunks Banking Myths

Katherine Muniz  Updated: Aug 30 2019 Editorial Disclosure

Bank secrets revealed and debunked by an unnamed bank teller at a major bank on bank practices, teller capabilit..

Bank Tellers

We all know what a visit to a bank branch will bring. Average consumers have no clue what goes on behind the glass windows of their bank's local branch.

We talked to one bank teller from a major bank and he debunked some myths, as well as shared a couple secrets of his own.

Does it really take three days for checks to clear and post to your account?

No -- It all depends on a person's credibility and the type of check it is. For instance, payroll checks usually clear right away, and so do checks deposited by customers with an ample amount of cash in their account. Sometimes a portion of the check clears right away, and the rest clears in the next few days.

The teller we spoke with said he has no knowledge of how the percentage is determined, as it is set by a system.

Debit Card Loss And Theft Are Not As Well-Protected As Credit Card Theft

True. Some banks will cover all the fraud-ability charges, such as Bank of America. However, typically the protection is less than that of a credit card, so if you're concerned, contact your bank and inquire about all the loss and theft protection coverages available to you.

The Only Bank Staff That Can Work At The Teller Window Are Tellers

False -- It all depends on the bank and their protocol. For instance, at this particular teller's bank, assistant managers have to work at the window but that doesn't mean they always do if they're feeling lax... particularly at his branch. Another example is at Chase, where bankers are cross-trained as tellers.

The Bank Is Allowed To Pull Money From Your Deposit If You Owe Overdraft Loans Or Fees.

True.

Calling A Representative Or Going In Person To Your Branch To Resolve A Problem Will Be Better Than Filling Out Forms Online

True -- Representatives are empowered to forgive fees at their disclosure, given the situation and judgment merits it.

Fees Are Always Negotiable

False -- You cannot work the system. Our source says that fee forgiveness happens to a certain extent, however, a customer with a track record of abusing their fee-waiving privileges gets blacklisted. They may waive fees the first couple of times, but after that you're on your own.

"Tellers Have A Quota Of New Accounts They Must Get Customers To Open"

False -- It all depends which bank you go to. For instance, two big banks are more stern with this policy, and tellers who fail to meet those quotas have those notes marked on their records. However, the tellers do get a small referral fee each time a customer opens an account through their recommendation.

To continue reading, please go to the original article here:

https://www.mybanktracker.com/banking/faq/bank-teller-reveals-secrets-138688

When Massachusetts Banned Christmas

When Massachusetts Banned Christmas

Christopher Klein

Ebenezer Scrooge and the Grinch had nothing on the 17th-century Puritans, who actually banned the public celebration of Christmas in the Massachusetts Bay Colony for an entire generation.

The pious Puritans who sailed from England in 1630 to found the Massachusetts Bay Colony brought with them something that might seem surprising for a group of devout Christians—contempt for Christmas.

In a reversal of modern practices, the Puritans kept their shops and schools open and churches closed on Christmas, a holiday that some disparaged as “Foolstide.”

A Puritan governor disrupting Christmas celebrations.

After the Puritans in England overthrew King Charles I in 1647, among their first items of business after chopping off the monarch’s head was to ban Christmas. Parliament decreed that December 25 should instead be a day of “fasting and humiliation” for Englishmen to account for their sins.

The Puritans of New England eventually followed the lead of those in old England, and in 1659 the General Court of the Massachusetts Bay Colony made it a criminal offense to publicly celebrate the holiday and declared that “whosoever shall be found observing any such day as Christmas or the like, either by forbearing of labor, feasting, or any other way” was subject to a 5-shilling fine.

Why did the Puritans loathe Christmas? Stephen Nissenbaum, author of “The Battle for Christmas,” says it was partly because of theology and partly because of the rowdy celebrations that marked the holiday in the 1600s.

In their strict interpretation of the Bible, the Puritans noted that there was no scriptural basis for commemorating Christmas.

“The Puritans tried to run a society in which legislation would not violate anything that the Bible said, and nowhere in the Bible is there a mention of celebrating the Nativity,” Nissenbaum says. The Puritans noted that scriptures did not mention a season, let alone a single day, that marked the birth of Jesus.

To continue reading, please go to the original article here:

https://www.history.com/news/when-massachusetts-banned-christmas

Why Christmas is on December 25th

Why Christmas is on December 25th

December 10, 2014 by Erick Erickson

One of the most popular theories and commonly taught explanations for why Christmas is on Dec. 25th is because the early church placed Christian holidays at times of Roman celebration to co-opt the local pagan festivals.

Christians placed Christmas on Dec. 25th to co-opt Saturnalia, the mid-winter festival, or possibly the Festival of the Unconquered Sun — Sol Invictus. The theory went that Christians could get the heathen to convert by co-opting their own holidays.

There is one problem — it sounds more convincing than it is. These theories did not start growing until the 12th century and only became popular once comparative religion became trendy after the 18th century.

Going back to the earliest Christian church finds evidence that Christmas, though not initially celebrated, had starting being commemorated well before the Feast of the Unconquered Sun’s creation for entirely Christian reasons.

In Egypt, less than 300 years after Christ’s death, some Christians celebrated his birth in the spring. As the Biblical Archeology Society has noted, the earliest references to Christmas come at about 200 A.D., at a time Christians were not incorporating other religious traditions into their own.

By 300 A.D., many Christians were celebrating his birth around Dec. 25th. Within 100 years, Christmas was on the calendar record. Christians looked to December because the early church was far more interested in Jesus’s death. His death and resurrection is what matters to the Gospel, and that was the date the early church focused on.

“Around 200 A.D., Tertullian of Carthage reported the calculation that the 14th of Nisan in the year Jesus died was the equivalent to March 25 in the Roman calendar,” said Andrew McGowan last year at the Biblical Archaeology Society. That would be the day of Crucifixion. The math from there is rather simple. Nine months later would be Dec. 25. Early church history held as fact that the prophets and martyrs of the church were conceived on the day they died.

So if Christ died on March 25, it was also the anniversary of his conception.

Separately, and more directly from the Bible, Luke 1 tells us Zacharias, John the Baptist’s father, was in the priestly division of Abijah. Based on a calculation of this and the division of priest in the temple in 70 A.D. when the temple fell, a number of early Church historians presumed Zacharias would have been in the temple in early October. Later historians, however, speculate it would have been June.

The Gospel of Luke tells us when Zacharias left the temple, his wife conceived. “In the sixth month the angel Gabriel was sent from God to a city of Galilee named Nazaerth, to a virgin betrothed to a man whose name was Joseph, of the house of David,” Luke 1:25-26 notes.

Six months after Zacharias left the temple would be March as Mary’s time of conception. Fast forward nine months and again we find ourselves in December.

To continue reading, please go to the original article here:

https://www.redstate.com/erick/2014/12/10/why-christmas-is-on-december-25th/

Saturnalia  History.Com Editors

Updated: Aug 21, 2018  original: Dec 5, 2017

Saturnalia, held in mid-December, is an ancient Roman pagan festival honoring the agricultural god Saturn. Saturnalia celebrations are the source of many of the traditions we now associate with Christmas.

What Is Saturnalia?

Saturnalia, the most popular holiday on the ancient Roman calendar, derived from older farming-related rituals of midwinter and the winter solstice, especially the practice of offering gifts or sacrifices to the gods during the winter sowing season.

The pagan celebration of Saturn, the Roman god of agriculture and time, began as a single day, but by the late Republic (133-31 B.C.) it had expanded to a weeklong festival beginning December 17. (On the Julian calendar, which the Romans used at the time, the winter solstice fell on December 25.)

How The Romans Celebrated Saturnalia

During Saturnalia, work and business came to a halt. Schools and courts of law closed, and the normal social patterns were suspended.

People decorated their homes with wreaths and other greenery, and shed their traditional togas in favor of colorful clothes known as synthesis. Even slaves did not have to work during Saturnalia, but were allowed to participate in the festivities; in some cases, they sat at the head of the table while their masters served them.

Instead of working, Romans spent Saturnalia gambling, singing, playing music, feasting, socializing and giving each other gifts. Wax taper candles called cerei were common gifts during Saturnalia, to signify light returning after the solstice.

On the last day of Saturnalia celebrations, known as the Sigillaria, many Romans gave their friends and loved ones small terracotta figurines known as signillaria, which may have referred back to older celebrations involving human sacrifice.

Saturnalia was by far the jolliest Roman holiday; the Roman poet Catullus famously described it as “the best of times.” So riotous were the festivities that the Roman author Pliny reportedly built a soundproof room so that he could work during the raucous celebrations.

Temple Of Saturn And Other Saturnalia Customs

Constructed in the fourth century A.D. to replace an earlier temple, the Temple of Saturn in Rome served as the ceremonial center of later Saturnalia celebrations. On the first day of the festivities, a young pig would often be publicly sacrificed at the temple, which was located in the northwest corner of the Roman Forum.

The cult statue of Saturn in the temple traditionally had woolen bonds tied around his feet, but during Saturnalia these bonds were loosened to symbolize the god’s liberation.

In many Roman households, a mock king was chosen: the Saturnalicius princeps, or “leader of Saturnalia,” sometimes also called the “Lord of Misrule.”  Usually a lowlier member of the household, this figure was responsible for making mischief during the celebrations—insulting guests, wearing crazy clothing, chasing women and girls, etc.

The idea was that he ruled over chaos, rather than the normal Roman order. The common holiday custom of hiding coins or other small objects in cakes is one of many dating back to Saturnalia, as this was a method of choosing the mock king.

Is Christmas A Pagan Holiday?

Thanks to the Roman Empire’s conquests in Britain and the rest of Europe from the second century B.C. to the fourth century A.D.—and their suppression of older seasonal rites practiced by the Celts and other groups—today’s Western cultures derive many of their traditional celebrations of midwinter from Saturnalia.

The Christian holiday of Christmas, especially, owes many of its traditions to the ancient Roman festival, including the time of year Christmas is celebrated. The Bible does not give a date for Jesus’ birth; in fact, some theologians have concluded he was probably born in spring, as suggested by references to shepherds and sheep in the Nativity story.

To continue reading, please go to the original article here:

https://www.history.com/topics/ancient-rome/saturnalia

Why is Christmas on December 25?

12 | 12 | 2019

The official purpose of Christmas is to celebrate the birth of Jesus Christ, whom the world's 2.4 billion Christians worship as the Son of God. The unofficial purpose is to spend time and exchange gifts with loved ones, preferably near a warm fireplace.

Based on the fact that Christmas (short for "Christ Mass") takes place on December 25, one might reasonably deduce that this is the date of Jesus' birth. The truth is a little more complicated

First of all, no one can say with any real certainty precisely when Jesus was actually born. (Some even think it took place in the spring!)

The timing is further complicated by the discrepancies between the Gregorian and Julian calendars, which is why Christmas isn't universally celebrated on December 25; January 6 is the preferred date for Armenian Apostolics (fun fact: Armenia was the first country to adopt Christianity as its state religion), while most Oriental and Eastern Orthodox churches observe it on January 7.

One of the most widely accepted theories involves the Winter Solstice, which in Ancient Rome took place on December 25. According to the fourth-century theologian Augustine of Hippo, Jesus chose to be born the shortest day of the year: "Hence it is that He was born on the day which is the shortest in our earthly reckoning and from which subsequent days begin to increase in length.

He, therefore, who bent low and lifted us up chose the shortest day, yet the one whence light begins to increase." This interpretation was later supported by Isaac Newton.

Another theory centers around the Annunciation, or the day that the Archangel Gabriel told Mary she would give birth to the Son of God, which is observed on March 25 — or exactly nine months before December 25.

Beyond the date, the actual year Jesus was born isn't agreed on either. There was no actual year 0, of course — remember that BC stands for "Before Christ" and AD means "anno Domini," or "in the year of our Lord" — and most scholars place his birth between the years 6 BC and 1 BC.

Whatever the case, Christmas taking place on December 25 is hardly a new phenomenon: Constantine, the first Christian Roman Emperor, decreed that it be held on that date in 336.

To continue reading, please go to the original article here:

https://www.triviagenius.com/why-is-christmas-on-december-25/

Why Is Christmas Celebrated on December 25?

Sarah Pruitt   Updated: Dec 3, 2019  Original: Dec 24, 2012

Most Christians today probably can’t imagine Christmas on any other day than December 25, but it wasn’t always that way. In fact, for the first three centuries of Christianity’s existence, Jesus Christ’s birth wasn’t celebrated at all.

The religion’s most significant holidays were Epiphany on January 6, which commemorated the arrival of the Magi after Jesus’ birth, and Easter, which celebrated Jesus’ resurrection. The first official mention of December 25 as a holiday honoring Jesus’ birthday appears in an early Roman calendar from 336 A.D.

But was Jesus really born on December 25 in the first place? Probably not. The Bible doesn’t mention his exact birthday, and the Nativity story contains conflicting clues. For instance, the presence of shepherds and their sheep suggest a spring birth.

When church officials settled on December 25 at the end of the third century, they likely wanted the date to coincide with existing pagan festivals honoring Saturn (the Roman god of agriculture) and Mithra (the Persian god of light). That way, it became easier to convince Rome’s pagan subjects to accept Christianity as the empire’s official religion

The celebration of Christmas spread throughout the Western world over the next several centuries, but many Christians continued to view Epiphany and Easter as more important.

Some, including the Puritans of colonial New England, even banned its observance because they viewed its traditions—the offering of gifts and decorating trees, for example—as linked to paganism.

In the early days of the United States, celebrating Christmas was considered a British custom and fell out of style following the American Revolution. It wasn’t until 1870 that Christmas became a federal holiday.

To continue reading, please go to the original article here:

https://www.history.com/news/why-is-christmas-celebrated-on-december-25

The True Origins Of Your Favorite Christmas Traditions

12 | 12 | 2019

It’s almost that time of year again when we travel from near and far to spend time with friends and family for the holidays. Even if you’re not a big fan of the Christmas season, you’re probably familiar with some of the more well-known traditions such as Christmas trees, yule logs, eggnog, and gift-giving.

But where did these traditions come from? Hold onto your hats because Christmas is one of many Christian holidays with an origin that’s going to surprise you.

Christmas trees

One of the most iconic symbols of the Christmas season is, of coure, the tree. Early Christians decided to “borrow” an ancient pagan holiday known as Saturnalia, and thus, they borrowed other symbols and incorporated them into Christian celebrations.

The classic Christmas tree is yet another item the Christians borrowed from pagan religions. In particular, the Romans were fond of fir trees during Saturnalia. And as Saturnalia gave way to Christmas, the fir tree continued to be used.

Christmas stockings

We don’t know about your house, but many people start their Christmas Day celebrations by opening their stockings for little gifts. This is one tradition that is firmly rooted in Christianity. There are competing origin stories for Christmas stockings — some of which are controversial.

But of them, the most popular include one that also serves as the origin story for a more secular Christmas symbol — Santa Claus. We won’t give that one away because Santa is also on this list. But the other story centers on a wealthy man and his daughters and their recent bad luck that left them poor. Naturally, the father was worried that his daughters wouldn’t be able to marry well.

As luck would have it, St. Nicholas passed through their town and tossed three big bags of gold coins down the man’s chimney — and those bags magically fit perfectly in the daughters’ stockings that were drying by the fireplace.

Santa Claus

While Santa Claus has some improbable qualities, he is based on a real man. If we go back in time to the third and fourth century, you’ll also find the origin story for a famous Catholic saint, Saint Nicholas. Incidentally, he has his own celebratory day, December 6.

But more importantly, the real Saint Nicholas was a Greek bishop who later became the Bishop of Myra (a town in Greece). The real Nicholas was nothing like the jolly plump Santa Claus that most of us imagine.

The real Saint Nicholas lived during a time when Christianity was still a bit of a fringe religion and when those who overtly practiced it could be persecuted. Because he defied the local laws against Christianity, Saint Nicholas was imprisoned until he (and other Christians) were freed by Constantine.

However, during his time as a bishop, he was known for his generosity and his defense of vulnerable groups. And that persona led to his sainthood as well as the fact that he is often considered the patron saint of nearly everyone.

Gift giving

It would seem like Christmas and gift-giving go together like peanut butter and jelly. But it turns out that of all the traditions we most closely associate with the holiday, exchanging gifts is a fairly modern invention. The next time you participate in a Secret Santa gift exchange, give Queen Victoria a shout out.

Prior to the mid-1800s, gift giving was considered a distraction from the real reason for the season — to celebrate Jesus Christ. But during Queen Victoria’s reign, she routinely gave gifts to her husband and children at Christmas. And the queen was so influential that her subjects also began to enjoy gift exchanges.

Mistletoe

What could be more romantic than stealing a smooch under a bit of mistletoe? This classic lover’s twist on Christmas has been brought to you by the Celtic Druids. Yes, again, here’s another Christmas tradition borrowed from pagan culture. The Druids valued mistletoe because it was a symbol of fertility.

No one really knows how mistletoe made the jump from a pagan to a Christmas symbol, but we do know that mistletoe was first popularized as a Christmas accent in English households during the 18th century.

To continue reading, please go to the original article here:

https://www.triviagenius.com/the-true-origins-of-your-favorite-christmas-traditions-2/

The First Use of Paper Money

The First Use of Paper Money

Post From The International Bank Note Society

By Don Cleveland IBNS LM-136

Paper Banknotes - Circulation - Skepticism - Counterfeiters - Enhanced Security

The First Use of Paper Money

The first mention of the use of paper as money is found in historic Chinese texts. Emperor Chen Tsung (998-1022) awarded rights to issue universal bills of exchange to 16 merchants during his rein. When, however, several of these merchants failed to redeem notes on presentation, the credibility of the money was undermined and the public refused to accept it.

In 1023, the Emperor rescinded the merchants’ issue rights and established a Bureau of Exchange within the government charged with issuing circulating paper notes. These are now considered the first true government-issued banknotes.

Printing plates made of brass from this period have been found by archaeologists and have been used to print recreated examples of these early banknotes. No original-issue notes of this series are known to have survived

​In 1296, Marco Polo, describing his travels in China, made a fleeting reference to paper used as money in the Chinese Empire. Europeans found the idea so preposterous and unbelievable, the very credibility of his accounts of having traveled and lived in China were questioned.

The oldest existing original banknote found to date was a fragment discovered in a cave. This banknote was issued by the Chinese Emperor Hiao Tsung sometime between 1165 and 1174. On its face, this surviving, rather sophisticated example depicted the amount or number of coins it represented, and is clearly descended from earlier issues, none of which have survived.

The First European Banknotes

The first true banknotes from Europe were issued in Sweden in 1661. Much debate accompanied the issue, with some officials and merchants predicting paper money would herald the downfall of the country’s monetary system.

To overcome such objections, the monetary authorities issued the banknotes with no fewer than 16 certifying endorsements from prominent and trustworthy officials - all signed individually by hand! Backed by the government’s guarantee to redeem the banknotes in specie, they were an immediate success, replacing the necessity to carry large, heavy, easily stolen quantities of gold or silver.

Within months, other European governments and merchants, observing the convenience, safety, and boost to commerce Sweden’s experiment gave to its economy, issued paper money of their own. Unfortunately, not all issuers were as meticulous as Sweden when it came to backing their currency with specie.

Realizing not all the banknotes circulated would be redeemed, governments began issuing banknotes exceeding the value of the gold and silver in their treasuries. Further, whenever more money was needed, princes, banks and other issuers of money found it easy to print up another batch - which is exactly what they did

Most early printed money soon devalued, sometimes to the point of becoming worthless. (A lesson some governments today have yet to learn.)  The concept of paper money being new, most countries of the time lacked laws governing who could print money.

Counterfeiting laws making it illegal to copy existing coins were updated to cover paper money, but few countries had prohibitions against anyone issuing their own currency.

Soon states, principalities, cities, banks, guilds, institutions, and even private individuals - just about anyone with access to a printing press – started churning out banknotes. Indeed, the only hindrance to such issues was the public’s readiness to accept any given banknote.

Under such circumstances, the face value of many banknotes became almost meaningless. A banknote’s value was determined by the reputation of the issuer and the amount of specie backing it. Some notes were not accepted at all, rendering them worthless.

Others were accepted only at a discount from face value - which at times could be ten percent or lower. A rare few banknotes actually circulated at more than face value, especially if the issuers specified they would honour the banknote’s exchange for specific amounts of gold or silver - metals which themselves often fluctuated in value.

To continue reading, please go to the original article here:

https://www.theibns.org/joomla/index.php?option=com_content&view=article&id=251&Itemid=129

TOP 10 Weakest World Currencies in 2019

TOP 10 Weakest World Currencies in 2019

Updated Dec 12 2019

Most people know about the strongest, most stable and powerful world currencies, for example British Pound Sterling, Swiss Franc (Swissie), US Dollar, Euro and others .

These Currencies are the most stable – as well as the countries issuing them are.

However, what about the least valued world currencies? Who knows their names and what countries they are issued in…?

While making this list, we found it definitely hard to put in proper order the least valuable currencies, due to the fact that the economic situation is changing rapidly in all these countries.

However, it is possible to identify certain devalued national currencies at the moment. Thus, let’s look at 10 the cheapest foreign currencies against the US Dollar.

The exchange rates of the least valued currencies were updated on 12 DEC 2019.

#1 – Iranian Rial (~114,000 IRR/USD)

Currency code – IRR.

Iranian rial rates:

1 USD = ~114,000 IRR (US dollar to Iranian rial – black market rate).

1 USD = 42,090.05 IRR (US dollar to Iranian rial – official rate)

1 EUR = 46,793.17 IRR (Euro to Iranian rial).

The cheapest currency in the world is Iranian rial.

To simplify the calculations, citizens often use the term Toman, which means 10 rials. If you’re asked to pay 200 tomans, it means that your bill is 2,000 Rials.

The Iran-Iraq War, threats against Israel as well as the possibility of nuclear missiles threatening the world from the Iranian government caused world superpowers to force economic and political sanctions.

These measures included restricting Iran’s access to the world commodity market and led to significant downturn in their economy. Being an oil exporter, Iran could no longer export its oil, which created a critical deficit in their national budget.

All this caused Iranian Rial to become the «worst» world currency. In 2016, USA and EU lifted some of the sanctions, improving the economic situation and stabilizing the local money, but in 2018, the USA re-imposed and sharpened their sanctions.

#2 – Venezuelan Sovereign Bolívar (44,498.65 VES/USD)

Currency code – VES (Old VEF).

Venezuelan Sovereign Bolívar rates:

1 USD = 46,304.26 VES (US dollar to Venezuelan Sovereign Bolívar).

1 EUR = 51,471.81 VES (Euro to Venezuelan Sovereign Bolívar).

Venezuelan Bolívar – the most inflated currency in the world.

The denomination was carried out on August 20, 2018. The main reason for the denomination was the hyperinflation of around 830,000% which kept increasing by day despite this denomination.

Before denomination 1 USD was worth ~248,487 VEF.

Old banknotes were replaced with new ones with at a rate of 1 new VES to 100,000 old VEF.

A cryptocurrency «Petro» was created by the government to «fight the US dollar» but this only accelerated the hyperinflation rate because the government itself determines the dollar exchange rate, at their whim.

#3 – Vietnamese Dong (23,187.71 VND/USD)

Currency code – VND

Vietnamese Dong rates:

1 USD = 23,187.71 VND (US dollar to Vietnamese Dong).

1 EUR = 25,760.38 VND (Euro to Vietnamese Dong).

The Vietnamese Dong is the currency with the third lowest value in the world.

Vietnam is still on its hard path from a centralized economy to a market one, and consequently this country’s currency is very devalued today. At the moment, the Dong takes second place in our «poorest currencies» list.

However, experts insist that the Vietnamese government is going the right way and may soon catch up with its closer Asian neighbors.

#4 – Indonesian Rupiah (13,995.73 IDR/USD)

Currency code – IDR.

Indonesian Rupiah rates:

1 USD = 13,995.73 IDR (US dollar to Indonesian Rupiah).

1 EUR = 15,557.05 IDR (Euro to Indonesian Rupiah).

Due to the low value of old-style banknotes, by presidential decree of September 5, 2016, 7 new banknotes were issued in denominations from 1 thousand to 100 thousand rupiahs.

Indonesia is an economically stable and quite developed country in Southeast Asia. However, its money has a very low exchange rate. The country’s regulatory authorities are taking all measures to strengthen the national currency, but all their efforts led only to insignificant changes.

#5 – Sierra Leonean Leone (9,711.13 SLL/USD)

Currency code – SLL.

Sierra Leonean Leone rates:

1 USD = 9,711.13 SLL (US dollar to Sierra Leonean Leone).

1 EUR = 10,799.22 SLL (Euro to Sierra Leonean Leone)

Sierra Leone is a very poor African country, which handled out many serious tests which caused the local money to devalue. Recently, a war took place and the deadly Ebola virus is recurrent.

#6 – Uzbek Sum (9,536.16 UZS/USD)

Currency code – UZS.

Uzbek Sum rates:

1 USD = 9,536.16 UZS (US dollar to Uzbek Sum)

1 EUR = 10,604.96 UZS (Euro to Uzbek Sum).

The modern Sum was put into circulation with a ratio of 1 Sum equal to 1000 Sum-coupons from July 1, 1994 by Decree of the President of Uzbekistan.

As a result of the liberalization of their monetary policy from September 5, 2017, the exchange rate of the Sum against the US dollar is set at 1 USD = 8,100 UZS, with an estimated range of 8,000-8,150 UZS for 1 US dollar.

#7 – Guinean Franc (9,515.39 GNF/USD)

Currency code – GNF.

Guinean Franc rates:

1 USD = 9,515.39 GNF (US dollar to Guinean Franc)

1 EUR = 10,552.02 GNF (Euro to Guinean Franc).

A high inflation rate, progressing poverty and prospering gangsters devaulue the currency of Guinea – the African country with one of the most inflated currencies.

Considering its natural gifts like gold, diamonds and aluminum, this country’s currency should be one of the most valuable.

To continue reading, please go to the original article here:

https://fxssi.com/top-10-of-the-weakest-world-currencies-in-current-year