Goldilocks' Comments and Global Economic News 8-21-2023

Goldilocks' Comments and Global Economic News

Good evening Dinar Recaps,

Goldilocks posted comments and news links on the global financial system:

BRICS Summit 2023: World leaders to discuss BRICS expansion | World News

https://youtu.be/JBDCLLWcTP8

Events to watch!

📌 BRICS Summit - August 22-24 👉🏻 Link to Official website 
(Possible gold standard announced, possible trade currency set and put into action)

📌 Protocol 20 implementation - August 22 👉🏻 Link to Website
(Full implementation by the 22. Moving liquidity to Stellar via other tokens. Wrapping them in Stellar protocols, and being able to “trade” those assets)

📌 Jackson Hole Fed meeting - August 24-26 👉🏻  Link to website
(Titled - "Structural Shifts in the Global Economy”. Discussions, lectures, and possible new monetary policy)

📌 ASEAN Summit in Jakarta, Indonesia - September 5-6 👉🏻 Link to Website  (Three major issues of the common interest, namely green infrastructure and resilient supply chains, digital transformation and creative economy, and sustainable and innovative financing, countries of SE Asia)

📌 G20 Summit - September 9-10  👉🏻 Link to website 
(Meeting between the 20 greatest powers in the world. Everything from trade to monetary policy can and is expected to be discussed.)

📌 Voting on Protocol 20 - September TBD 👉🏻 Link to website 

 (TBD - we don’t have a date set in stone yet for voting on the implementation of Protocol 20)

Each one of these events represents a chance for new monetary policy changes. But first, we need to see gold attempt to “break out” of its below 2000 holding pattern.

© Marie G.from Q & A

“When gold is free, so are we”

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Dee and I received word this morning from our CBI Banker contact in Iraq regarding the article that came out on their interest in joining the BRICS system.

He stated that this was true and plans are in the works, but "not yet."

This move would require other countries to settle their payments inside the BRICS currency increasing the value of their local currency.

© Goldilocks

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Iraq's entrance into the BRICS System would give them a real rate to settle their oil payments inside a digital asset-based trading system.

© Goldilocks

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"The Central Bank of Nigeria (CBN) has said that effective August 31, 2023, all applications for Form M must be accompanied by a valid Price Verification Report (PVR), which must be generated from its price verification portal."

Form M is an electronic application form used by clients to purchase foreign currency, so they can fulfill foreign currency payments in their trades.

Trade mechanism changes like this are no accident. Look around you. Trade mechanism changes are happening everywhere.

 By the way, "Nigeria Imports from Iraq was US$7.05 Million during 2021, according to the United Nations COMTRADE database on international trade."

Watch the water.

© Goldilocks

https://shipsandports.com.ng/form-m-must-now-be-accompanied-by-price-verification-report-cbn/

https://tradingeconomics.com/nigeria/imports/iraq

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👆"If monetary policy or fiscal policy impacts the price level, that country’s relative price level is higher relative to other countries, making its goods more expensive. This leads to a decrease in the demand for that currency, and therefore a depreciation of that currency."

The above article has more to do with "leveling the playing field" than indicating an exchange rate change my friends.

This keeps price manipulation from happening and gives an equal chance to produce more demand for their currencies inside a trade leading to an increase in value on both sides of a trade.

© Goldilocks

KhanAcademy Link

Mexico replaced China as America's top trade buddy — and it shows how the global economy is rapidly transforming

https://www.businessinsider.com/us-mexico-china-trade-world-economy-changing-2023

A "Double Bottom" is a bullish reversal pattern. In this case, it is appearing at the end of a bearish trend. This is a signal of a potential reversal.

Assuming we hold a bottom at the end of September, we will have gone through our monetary policy changes and much of our market corrections.

The ability to implement the new digital asset-based trading system through the activation of our tokenized assets currently in progress may begin based on real values.

Here, we will look to see if the caps on gold are released and eventually reset to back the tokenized assets in our new digital economy.

Oil is currently going through reforms as well and gold is attached to many of these new monetary mechanisms. When we reach the end of September, the Markets will let us know if we can begin seeing new prices on the commodity sector capable of supporting our new digital asset-based trading system.

© Goldilocks

https://goldseek.com/article/gold-stock-correction-finally-hits-target-1

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Implications Of Quantum Computing On Cryptocurrency Security: A Detailed Study | MENAFN.COM

https://menafn.com/1106895670/Implications-Of-Quantum-Computing-On-Cryptocurrency-Security-A-Detailed-Study

Dow Jones - DJIA - 100 Year Historical Chart | MacroTrends

https://www.macrotrends.net/1319/dow-jones-100-year-historical-chart

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Inflation-Adjusted Return: Definition, Formula, and Example
Investopedia Link

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"We're going to tap (the) Indian market - rupees - maybe by October in India," Kazbekov said.
"Now we start thinking seriously... to use one member country's currency to finance projects with that currency in another member. Let's say, a project in South Africa to be financed in CNY (Chinese yuan), not with USD (U.S. dollar)," he said.”

Last week the New Development Bank issued a bond denominated in the local Rand currency. Listed as ZAR, total of $1.5B was issued and set for maturity in 3 or 5 years. Now we see the NDB stating they are planning to issue a bond denominated in local Rupee currency. The BRICS bank is making a point of issuing bonds in local currency for local projects within member states. This is part of how they plan on providing for their members and avoiding imposed sanctions. The Rupee bond is expected to be issued by October.

© Marie G.in Q & A

Business-Standard Link
Reuters Link
NDB Link

A foreign currency convertible bond (FCCB) is a convertible bond that is issued in a foreign currency, which means the principal repayment and periodic coupon payments will be made in a foreign currency. For example, an American-listed company that issues a bond in India in rupees has, in effect, issued an FCCB.

Investopedia Link

👆 Could we see this financed by sovereign gold bonds? Time will tell.

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Market Digests $1 Trillion Jump in T-Bill Supply Without Hiccup

https://finance.yahoo.com/news/market-digests-1-trillion-jump-180034939.html

👆Okay, money has been injected into the market, but will inflation eat into the profits before those T-bills mature is the question?

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Explained | The BRICS common currency push 

The Hindu Link

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BRICS commodity-backed currency could promote Multipolar Currency of the Future – Naija247news

Naija247News Link

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The BRICS come of age | Jordan Times
http://www.jordantimes.com/opinion/hippolyte-fofack/brics-come-age

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Indonesia, Singapore Start QR Payment Interconnection Trial

https://www.regulationasia.com/indonesia-singapore-start-qr-payment-interconnection-trial/

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Thank you Dinar Recaps

News from Iran and more from TNT 8-21-2023

TNT:

Harambe:  Frozen Iranian Assets Transferred to Swiss Bank - Tasnim News Agency (8/21/23)

TEHRAN (Tasnim) – Iranian funds that had been blocked in South Korea were transferred to Switzerland’s central bank last week for transfer to Iran, South Korean media reported on Monday. 

Yonhap Infomax cited an unnamed currency market source as saying that the Swiss National Bank plans to exchange its $6 billion holdings in won for dollars and then euros in the currency market.

According to the report, the Swiss central bank will convert about 300 billion won ($223.85 million) to 400 billion each day for the next five weeks.

An official at South Korea’s finance ministry declined to confirm the report, citing the legal and diplomatic sensitivity of the matter.

The Iranian funds were illegally blocked in South Korea under the pretext of US sanctions, Press TV reported. 

The United States, under former president Donald Trump, left 2015 deal, officially known as the Joint Comprehensive Plan of Action (JCPOA), in May 2018 and reinstated the sanctions that the agreement had lifted.

Recently, Iran and the US reached an agreement, mediated by a third country, to resolve some issues. The deal includes an exchange of prisoners as a humanitarian issue and also the unfreezing of Iranian assets illegally blocked overseas.

The Iranian Foreign Minister Hossein Amirabdollahian said last week that there is no connection between a prisoner exchange agreement with the United States and the release of Tehran’s assets.

Last Monday, Amirabdollahian said the process to transfer released Iranian assets from South Korean banks to a European bank started on August 10 and will be completed in several phases.

He added that the funds would be converted into euros within a few weeks before being deposited into another bank in a regional country.

Central Bank of Iran (CBI) Governor Mohammad Reza Farzin has said that Iranian funds will be deposited to accounts held by Iranian banks in Qatar.

https://www.tasnimnews.com/en/news/2023/08/21/2944521/frozen-iranian-assets-transferred-to-swiss-ban

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Tishwash:  Iran: The exchange of prisoners with America may take two months

Nasser Kanaani, a spokesman for the Iranian Foreign Ministry, said in a press conference today, Monday, that the procedures for the release of the Americans detained in Iran will take up to two months.  

"The relevant authorities announced a specific time frame, and these procedures will take at most two months," Kanaani continued.  

Tehran and Washington reached an agreement earlier this month that included the release of five US citizens held in Iran and the release of $6 billion in Iranian assets frozen in South Korea.  

South Korean media reported today, Monday, that frozen Iranian assets in the country were transferred to the Swiss Central Bank last week to be exchanged for other currencies and transferred to Iran.  

Iran said Washington would also release some Iranians from US prisons.  

Earlier this month, a lawyer for one of the detained Americans said that Iran had allowed four American citizens to move from Tehran's Evin Prison to house arrest. A fifth American was already under house arrest.  link

Tishwash:  British report: The era of the dominant superpower is drawing to a close and the “American century” is fading away

 The British Guardian newspaper considered, on Monday, that the "American century" is rapidly fading, as Washington's power in the world is declining, while US President Joe Biden is trying to score a "hat-trick" by concluding a Saudi-Israeli deal, and achieving a breakthrough in the Palestinian file. and reach an understanding with Iran.

The British report, translated by Shafaq News Agency, said, "It is strange that America's declining influence throughout the Middle East follows the path of the previous retreat of the British Empire from the region itself. It seems as if the countries of the region, after rejecting an arrogant empire, are now rejecting an empire." other".

The report pointed out that "the ruling regimes and leaders of tyranny slowly but surely assert their independence and freedom of action, while some of them are flirting with new allies, which reflects a fundamental shift towards a multipolar world, in which no great powers dominate individually."

The report addressed several examples, including Saudi Arabia and the UAE, where members of the ruling family consolidate a homogeneous national identity and express their power abroad through financial influence, oil and sports.

He added, "They, based on their strategic importance, reject the formula that they are Western protectorates with which the United States deals with them, and before that Britain."

As for Israel, the report says, "The ultra-Orthodox Jewish nationalists and religious extremists are struggling to formulate the future character of the state in defiance of Washington's wishes, which is reminiscent of the violent last days of the British Mandate."

As for Turkey, the report says, "Recep Tayyip Erdogan, heir to another defeated empire, is heading west against east, and vice versa, playing a game of 'quick kiss' alternately with the United States, NATO, the European Union, Russia and China."

And the report added that Biden, since assuming office in 2021, and his preoccupation with China and Ukraine, has clearly moved away from the ongoing crises in the West Bank, Lebanon, Iraq, Syria, Yemen, Libya and Sudan, adding that "his only major pledge in the Middle East, represented by saving the Iranian nuclear agreement that Donald Trump smashed, was not has been fulfilled so far."

After the report stated that "Britain's invasion of Egypt in 1956 led to the undermining of Britain as a dominant regional power, he wondered if the United States was approaching its turning point, as happened with Britain in the Suez crisis."

While the report pointed out that "Biden believes that this is not true, given his belief in American superiority, he said that the American president has instead launched an ambitious campaign to re-establish the regional leadership of the United States, partly because he sought to counter the influence of China and Russia, and partly Also, to remind local allies who seek to ensure their own security and prosperity alone.

In this context, the report indicated, "Biden has sent 3,000 additional troops to the Gulf this month, with the ostensible aim of deterring Iran, but also in order to show that he is the leader."

The British report stated that "political calculations also play a role in what is going on," explaining that "in order to deal with the possibility of his re-election next year, Biden hopes to score an unlikely "hat-trick", through a successful American "understanding" with Iran, And a historic peace agreement between Saudi Arabia and Israel, and a breakthrough on the establishment of a Palestinian state.

About Iran

The report said, "Talks in Qatar regarding the release of imprisoned Americans in exchange for unfreezing Iranian assets worth $6 billion have made significant progress this month, while the two sides are discussing ending sales of Iranian military drones to Russia."

He pointed out that "what is being circulated is that the ultimate goal is to conclude an informal bilateral agreement that stops Tehran's nuclear programs of a military nature, in return for the complete lifting of US sanctions," adding that "this represents what the Iranian regime most yearns for."

Saudi Arabia

The report indicated that "the second part related to this shift in the Middle East relates to the Saudis, whom it described as the old enemy of Iran," adding that "the United States was worried because of Chinese mediation between Tehran and Riyadh and because of Saudi cooperation with Moscow."

And the report continued, "Biden wants to bring back the de facto leader of Saudi Arabia, Prince Muhammad bin Salman, to his side, and to ensure normalization of relations with Israel in accordance with the" Abraham Accords ", and that in order to achieve this, he proposes the work of a security agreement and the American support for a civilian nuclear program before Saudi Arabia, in a manner comparable to what Iran has. Which raises alarm bells for Israel.

He pointed out that "Saudi-Israeli normalization could include US defense guarantees and advanced weapons for the Saudi and Israeli parties, and this would also have an additional benefit, for Biden, represented in marginalizing China."

The report asked why the United States helps and defends a Saudi regime that despises its democratic values ​​and human rights, recalling that after the killing of Saudi journalist Jamal Khashoggi in 2018, Biden pledged to make the kingdom a global "pariah".

The report continued, "The answer to that is that the Saudi-Israeli normalization will be a great victory before the US presidential elections, especially when it is linked to the third part of his plan, which is the establishment of a Palestinian state."

About Israel

The report considered that "Israeli Prime Minister Benjamin Netanyahu, who is besieged locally, needs a Saudi deal, and that the Saudis want that too, but they insist, on paper at least, on the need to make tangible progress towards forming a Palestinian state, while Netanyahu's partners in the right-wing coalition Extremists oppose making any concessions, while Netanyahu barely communicates with Biden, and at the same time intends to visit China in October, to the displeasure of the American president.

Despite this, the report says, "Biden believes that he can obtain Israeli approval in order to strengthen Palestinian autonomy, stop plans to annex the West Bank, perhaps revive the peace process based on the idea of ​​two states, as the Saudis demand, discredit Iran, and provide security guarantees from all sides." ".

But the report concluded by saying that "Biden's hopes of scoring a hat-trick seem a bit illusory," adding that "regardless of the large number of domestic negative factors, time is working against him."

The report indicated that, "Like the rest of the world, regional leaders preoccupied with their own interests are wondering how long Biden will last, and whether Trump will succeed him."

The report also pointed out that "things and times have changed, and that the United States, like Britain before it, established law in the Middle East, but that was before the September 11 attacks, al-Qaeda, Iraq and Afghanistan, the rise of China and Vladimir Putin, and the authoritarian attack on global democracy and the rule of law." Even a group of coup plotters in Niger are able to challenge Uncle Sam with impunity these days.

The report concluded by saying, "The era of the dominant superpower and the 'indispensable nation' is coming to an end," adding that "Biden may do his best to preserve the old order, but like Britain's lost" imperial age, The American Century is fast becoming history. Translation: Shafak News Agency  link

Monday Evening Iraq Economic News Highlights 8-21-23

Monday Evening Iraq Economic News Highlights 8-21-23

An Economic Institution: The Government Should Stop Following The Dollar In The Parallel Market

08/21/2023  Earth News / The head of the Future Iraq Foundation for Economic Studies, Manar Al-Obeidi, called today, Monday, on the government to stop following the dollar prices in the parallel market.  Al-Obeidi told Earth News Agency, "The state must control the prices of inflation rates and various materials and commodities, not the exchange rate of the dollar in the parallel market.

And he added, “The Iraqi citizen, in the end, what matters to him is the rise or fall that occurs in various commodities, specifically basic ones, such as foodstuffs and fuel, in addition to consumer and luxury goods and materials.

 And he indicated that “despite the high exchange rates of the dollar against the dinar, the prices of goods and materials and inflation rates did not change much, according to a report issued by the Ministry of Planning, as inflation rates decreased in the previous months, which indicates a decline in prices or their lack of a significant increase.”  https://earthiq.news/archives/270495#hathalyoum

An Economist Who Pledges To Control The Exchange Rate Of The Dollar By Taking Practical Technical Measures

Today 08:45  Information / Baghdad...  Economic affairs researcher Muhammad al-Saadi pledged, on Monday, to controlling and controlling the exchange rate of the dollar in the parallel market by taking practical technical measures without resorting to methods of arrests or the use of force.

Follow the "information" channel on Telegram.. news that does not need to be documented..

Al-Saadi told Al-Maalouma, "The responsible authorities are working to pursue speculators by applying the law against those who want to harm the Iraqi economy, as well as being a first step to ensuring that the differences between the official and parallel market are eliminated."

He added, "The need has become urgent to take decisions related to technical and financial aspects, which would expand the outlets for selling the currency and allow citizens to buy in limited quantities by setting restrictions or preconditions."

And he indicated that "the problem of exchange and high prices is often suffered by the citizen before the merchant, as the merchants began to go to the official platform to obtain the dollar, while the citizen is still suffering in obtaining the dollar, especially since some citizens go to car showrooms and face difficulty in buying in the currency of the dollar." .

He pointed out that "the government can open a window to sell the dollar to anyone who wants to get a car, provided that he comes with an official purchase contract to hand it over to outlets or approved banks to sell the dollar as a document in exchange for obtaining hard currency." LINK

]Money Laundering Is Linked To US Sanctions

Written By: Social Baghdad  20-08-2023   Parliamentary circles linked the money laundering file to the US sanctions file, stressing that quite a few corrupt Iraqi companies and personalities resorted to bulldozing orchards and turning them into residential complexes.

Representatives mentioned that owners of suspicious money resort to fraudulent methods inside the country to launder money, by searching for proposals or options to become clean money, indicating that residential complexes or commercial projects are two options for money laundering, as it is easy for the investor to finance the project with suspicious money, and waits for his profits after Buying residential units or commercial complexes from citizens.   LINK

Al-Bayati Rules Out Passing The Oil And Gas Law In A Way That Meets The Ambition Of The Region

Today 12:17   Information / Baghdad..   Former MP Jassim Al-Bayati ruled out passing the oil and gas law in a way that meets the ambition of the Kurds in the region, indicating that the Kurdish forces are still negotiating and procrastinating to delay passing the law.

Follow the "information" channel on Telegram.. news that does not need to be documented..

Al-Bayati told Al-Maalouma, "The negotiations on the oil and gas law will not reach any good stages, as the opportunity that the Kurds got in 2008 when this law was sent will not be repeated at the present time."

He added, "The Kurds rejected the law in the aforementioned year, despite a vote on it within the Council of Ministers, and preparations for its passage in Parliament, and therefore it is impossible for the law to return again to be in the interest of the Kurds."

And he indicated that "the Kurds are calling today for the oil and gas law, but the demand is conditional that the aforementioned law be in their interest, far from consensus or passing by a numerical majority within the House of Representatives, and it is better for them to return to the old law, otherwise the results will be bad for them."   LINK

The Decline In Dollar Prices In Baghdad And Kurdistan

2023-08-21 Shafaq News/ The exchange rates of the US dollar decreased against the Iraqi dinar today, Monday, in Baghdad markets, and in Erbil, the capital of Kurdistan Region.

Shafaq News agency reporter said that the two central stock exchanges of Al-Kifah and Al-Harithiya in Baghdad recorded this morning, an exchange rate of 153,000 Iraqi dinars for 100 US dollars, while the selling prices yesterday morning, Sunday, were 154,000 Iraqi dinars for 100 dollars.

As for the dollar prices in exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 154,000 dinars, while the purchase price reached 152,000 dinars for every 100 dollars.

In Erbil, the capital of the Kurdistan Region, the stock market also recorded a decrease, as the selling price reached 153,600 dinars, and the purchase price reached 153,500 dinars for 100 dollars.  LINK

Economist: If The Car Market Is Controlled, The Real Estate, Gold And Medicine Market Will Be Controlled

Economy News-Baghdad  Economic expert Safwan Qusay said, on Monday, that the process of controlling the sale and purchase of cars will be a window to control the real estate, valleys and gold markets in Iraq.

Qusai explained in an interview with his “newspaper”, which is affiliated with “Al-Iqtisad News”, that “the process of controlling the exchange rate requires that all types of cars be sold inside the Iraqi market in Iraqi dinars, and that they be imported by companies and even individual importers through the platform, and cars are not allowed to be registered in departments.” passage unless they obtain confirmation that the import process has taken place through the electronic platform.”

He added, “There is supposed to be a commitment and control over car showrooms in all governorates, including the Kurdistan region, to comply with the sale of cars in Iraqi dinars.”

Qusai pointed out that “the government is continuing to control all kinds of commodities,” suggesting that “cars with large sums of money are not bought and sold except through Iraqi banks so that we know what is the source of the Iraqi dinar that buys the car and who is the one that sells it.”

He concluded by saying, "If the car market is controlled, then the real estate, gold and medicine market will be controlled."   Views 43 08/21/2023 - https://economy-news.net/content.php?id=35763

Japan Announces 7 New Projects In Iraq

Policy   2023/08/21 number of readings: 123   Baghdad-Iraq today:  The Japanese government announced the launch of 7 new projects under implementation in Iraq, stressing that its loans to Iraq will last for up to 40 years, with interest as low as 0.2 percent.

And the Japanese ambassador to Iraq, Futoshi Matsumoto, said in a statement to the official agency, followed by "Iraq Today", that Japan has submitted, during the past twenty years, up to 30 large projects in Iraq, which were implemented by the Japanese. companies.

He pointed out, "There are 7 new projects under implementation, and they will be implemented in the event that the Iraqi government decides to allocate funds for them in its budget for next year."

Matsumoto continued, "Among the projects to be implemented are the Basra refinery development project, and the water desalination project in Muthanna Governorate, which has a value of more than $300 million, and aims to support the development and reconstruction of the region.

And the ambassador stressed that "Japan will continue its support for Iraq by providing financial financing and loans with very few interests, as the loans will continue to be repaid for a period of 40 years, and with an interest of up to 0.2 percent."  LINK

"Malignant" Plans.. "The Information" Shows Al-Kazemi's Relationship With The Recent American Moves

Today 15:33  Information / special.   Today, Monday, an informed political source revealed the methods of the former Prime Minister, Mustafa Al-Kazemi, to try to destabilize the political and security situation in Iraq, while explaining the relationship between the recent US moves and Al-Kazemi's plans.

Follow the "information" channel on Telegram.. news that does not need to be documented..

The source said in an interview with Al-Maalouma agency, "The former Prime Minister, Mustafa Al-Kazemi, who is in Britain, is working to spend billions of dollars to support a technical team that is active on social media sites in Iraq."

He added, "This team's goal and main objective is to promote American moves within the Iraqi provinces in order to destabilize the security situation, prevent political stability, and direct criticism towards the current prime minister."

The source (who preferred not to reveal his name) explained that "Al-Kazemi manages a whole group of pioneers of communication sites, some of whom are in Iraq and the other part outside the country," pointing out that "the money that is spent on this team has known sources."

 And he stated, "Al-Kazemi was not satisfied with this limit only, but also worked to recruit writers and political analysts and paid them huge sums of money to try to whitewash the period of his rule and presidency of Iraq and remove suspicions and thefts from him."

He pointed out, "The huge money that Al-Kazemi wastes for these analysts and pioneers of social media comes from the great thefts that his government committed and he was involved in, such as the theft of the century, and dozens of others that have not appeared on the Iraqi scene until now."

And the source indicated, "The former prime minister's goal is to try to return to the Iraqi political arena and export himself to the fore again, which is rejected by the majority of political blocs."

Recently, Iraqi social media has dealt with many news and video clips about the movements that the US forces are making inside Iraqi territory, which has caused a state of panic among Iraqi society. For fear of conducting military operations or carrying out hidden plots    LINK

Iran Receives Part Of Its Frozen Funds In Iraq

Monday, 08-21-2023, KARRAR AL-ASADI   Iranian Foreign Ministry spokesman Nasser Kanaani confirmed today, Monday, that part of the Iranian funds frozen in Iraq had been received.

Fares news agency quoted Kanaani as saying, "There is part of our assets in Iraq, which were difficult to obtain due to American interventions. Some of these assets have been transferred and are now under implementation."

"The government will not give up the people's rights anywhere, and will continue this path, step by step," Kanaani added.  He did not indicate the amount of money and the way it was obtained.

On August 11, official Iranian media revealed the details of the agreement reached by Tehran with the United States of America under the auspices of a third country, which provides for the exchange of prisoners between the two countries and the release of Iranian funds frozen in South Korea and Iraq.

The official Iranian News Agency, "IRNA", quoted an official source familiar with this agreement, as saying, "This agreement requires Iran to release 5 American prisoners in exchange for the release of 5 Iranian prisoners in the United States of America."

He explained that "in addition to that, 6 billion dollars of Iranian funds frozen in South Korea will be released, along with a large part also of Iranian funds in the Iraqi TBI Bank," noting that "the first stages of the process of releasing Iranian funds in European banks have begun." ".

On July 11, Prime Minister Muhammad Shia al-Sudani announced Baghdad's contact with the US regarding the payment of Iran's dues for Iraq's gas imports, amounting to 9 billion and 250 million euros, adding that Iraq had paid "up to one billion and 842 million euros in the seven-month period of The life of the government according to the agreed mechanism.

Al-Sudani added that a delegation from the Central Bank of Iraq and the Iraqi Trade Bank left Iraq for the Sultanate of Oman with the aim of "agreeing on a formula for transferring these funds to the Sultanate of Oman in agreement with the US Treasury."    https://non14.net/public/159506

Iraqi News Highlights Monday Afternoon 8-21-23

Iraqi News Highlights Monday Afternoon 8-21-23

Tlm724 Administrator Bondlady’s Corner

In Numbers, Mazhar Saleh Responds To The Text Of The World Bank's Report On Iraq's Debts

Iraq   Monday, August 21, 2023 Baghdad / The National News Center   The Financial Adviser to the Prime Minister, Mazhar Muhammad Salih, stated today, Monday, that the issue of the Iraqi public debt requires a professional and fair differentiation of its history and details without taking its numbers on their minds and without a clear logical analysis.

Saleh explained, in a statement received by the National News Center, that “the internal public debt, which is approximately 71 trillion dinars, and which the government banking system still retains possession of those debts in the form of government bonds and treasury transfers, which are also estimated when evaluated in foreign currency, will amount to approximately 54 billion dollars.”

He added, “As for the external debts due from now until the year 2028, they are estimated at 23 billion, but there are debts due after the year 2028. The external debt may be about 30 billion dollars.”

He continued, “Also, there is a debt pending on the 2004 Paris Club agreement, that is, sovereign debts prior to the year 1990 and belonging to four Gulf countries and four other countries, which are about $40 billion, and if it is activated, if it is correct (because it is reprehensible debts that financed the Iraqi-Iranian war at the time). ) If it is correct again, then it must be deducted by 80% or more according to the Paris Club, to become about less than $ 9 billion or less.

And he continued, “I do not know how the debts were calculated from the World Bank report. Perhaps the (hypothetical) deficit in the federal general budget 2023, which is estimated at about 64 trillion dinars, part of it was approved, so that the external debt reached 50 billion dollars, meaning that 40% of the annual deficit estimates may have been added as an expectation.

The total internal and external public debt, so the reading of Iraq’s internal and external debt, according to what was published by the World Bank, came to be about 153 billion dollars.

He pointed out that "the public debt-to-GDP ratio will remain between 52-55% of that estimated output for the year 2023, which is within the current safe economic stability area, which is usually estimated at about 60%."

Earlier, the World Bank announced that the Iraqi economy is a fragile economy, and that the country's debts increased to 152 billion dollars, noting that the central bank auction caused the redirection of hard currency to the parallel market, which led to a decrease in the value of the dinar against the dollar.

https://nnciraq.com/222787/

High Oil Prices Despite Economic Concerns

Economy | 12:31 - 08/21/2023   Baghdad - Mawazine News   Oil prices rose, in trading today, Monday, despite concerns about the growth in global demand for crude in light of the high interest rates.   By 11:21 Baghdad time, US West Texas Intermediate crude futures rose 0.84% ​​to $81.93 a barrel.

While Brent crude futures rose by 0.77% to $85.45 a barrel, according to Bloomberg agency data.  https://www.mawazin.net/Details.aspx?jimare=233644

The Central Bank Adds New Technology

Economy   Monday, August 21, 2023 Baghdad / National News Center   Adding the technology of taking instant photos of the customer when registering on the platform and when conducting the cash sale process at the stage of uploading documents.   https://nnciraq.com/222675/

The Decline In Dollar Prices In Baghdad With The Closing Of The Stock Market

Economy  Monday, August 21, 2023 Baghdad / The National News Center, the prices of the US dollar fell against the Iraqi dinar, today, Monday, in the Baghdad markets, with the closing of the stock exchange.

The correspondent of the National News Center said, “The dollar prices decreased with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 153,000 Iraqi dinars against 100 dollars, while the prices this morning were 153,300.”

He added, "The selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 153,500 dinars, while the purchase price reached 152,500 dinars for every 100 dollars." https://nnciraq.com/222783/

The American Ambassador: I Discussed With The Minister Of Oil The American Investments That Support The Independence Of Iraq

Political  | 03:51 - 08/21/2023   Baghdad - Mawazine News,  the US Ambassador to Iraq, Ilia Romansky, discussed with Oil Minister Hayan Abdul Ghani the partnership in the field of energy between Iraq and the United States.

Romansky said in a tweet: "I met today with the Minister of Oil to discuss the partnership between the United States and Iraq in the field of energy and ways to enhance American investments that support Iraq's independence in this field, which makes it more stable, prosperous and environmentally sustainable."   https://www.mawazin.net/Details.aspx?jimare=233659

Central Bank Sales Decreased To 190 Million Dollars

Economy | 12:52 - 08/21/2023   Baghdad - Mawazine News  Today, the Central Bank's sales in the hard currency auction decreased to 190 million dollars.  Most of the sales went to remittances.   https://www.mawazin.net/Details.aspx?jimare=233645

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Iraqi News Highlights Early Monday Morning 8-21-23

Iraqi News Highlights Early Monday Morning 8-21-23

Tlm724 Administrator Bondlady’s Corner

The Relationship Of The Exchange Rate With The Power Of The Economy

Economical 2023/08/21  Yasser Al-Mutwali  believes that the general public, who are not specialists in economics and finance, believe that the criterion for the strength of a country's economy is the exchange rate of its currency against the dollar, or any other currency or means.

While most economists in the world unanimously agree that this theory is not valid, we are often faced with a question; Does the value of the currency reflect the strength of the economy of that country?

What concerns me as a specialist in economic affairs is to show the reality of the strength of the Iraqi economy and that the fluctuation of exchange rates does not mean the reality of the country's economy, as

financial and economic experts agree that the exchange rate for any currency is an accounting number agreed upon between global central banks and does not reflect the strength of the country's economy.

To analyze the facts of this theory, let's take a comparison between the Saudi currency and the Jordanian currency, to verify the correctness of the theory from its error.

With regard to the Saudi riyal, for example, (one dollar equals 3.75 riyals), 100 dollars equals 375 riyals), and as for the Jordanian currency (one dollar equals 70 piasters, every 100 dollars equals 70 Jordanian dinars.

The question is: Does this mean that the Jordanian economy is stronger than The Saudi economy?

Of course not, because the volume of Jordan's GDP is 50 billion dollars, while the volume of the Saudi GDP is nearly a trillion dollars.

From that we conclude that the exchange rate does not reflect the strength and durability of the economy.

Therefore, fixed exchange rates are a purely administrative government decision, not It is related to the strength of the economy, and

if we follow international experiences in dealing with the size of their currencies, Argentina, Turkey and Italy have worked to delete six zeros from their currencies, which is a treatment to regulate currency circulation and reduce its volumes in dealing, and

this proves that the exchange rate is an accounting number, nothing more, and a government decision.

There are trends in some countries that work to liberate the value of their currencies by floating them because the exchange rate of the dollar is floating and liberalized, and

here the estimates of governments remain with such a decision.

Finance and economic experts attribute the reason for the floating to the inability to fix the exchange rate indefinitely, and

this is related to the extent of economic and political stability.

The closest example of this is the Lebanese currency, in which the exchange rate has remained constant for decades, every 100 dollars equals 1,500 pounds, but it was soon exposed to chaos and instability until the exchange rate collapsed, unfortunately, which is what is happening to it now.

In conclusion, the Iraqi economy is strong and solid,

but the fluctuation of the exchange rate is caused by the political and economic instability in the country.   https://alsabaah.iq/82794-.html 

Parallel Market

Economical 2023/08/15  Muhammad Sharif Abu Maysam  The statement issued by the Central Bank on the third of August, regarding the rise in the exchange rate, is among the most important statements issued by this bank in this regard.

The statement clarified all the circumstances that stood behind the speculation market in exchange rates over the years, and presented the motives of monetary policy and its tools aimed at achieving monetary stability. before the law.

The media and many specialists in economic affairs used to call the black market the “parallel market” in which foreign currencies are traded as a market that operates away from government control, as the price in it is much higher than the official price.

What is new in this matter is that the Central Bank confirms, for the first time, that

“no party or person has the right to trade in dollars issued by the Central Bank, and that trading and trading with it outside the licensed authorities is a prohibited activity according to the law, according to the text of Banking Law No. (94) of 2004.”

This matter, if applied on the ground, could contribute significantly to achieving monetary stability as soon as possible, without underestimating the importance of other monetary policy tools referred to in the statement.

The parallel market must have its own sources of foreign currency, as it is.

In many countries, the demand for foreign currency is met by private sector exports, domestic tourism, remittances from residents abroad, or other market activities governed by legal market relations.

While the central bank intervenes in cases of imbalance in the exchange rate between the official market and the parallel market with the aim of creating stability in exchange rates, as in cases of “managed floating of the currency”, not that the source of foreign currencies traded in the local markets is from one source, the central bank, and the market is black market parallel.

Accordingly, and as stated by the Central Bank, such a market is a “speculative market,” and

the Central Bank has the right to follow legal methods to sue speculators and those who promote them through the media or through social networking sites, as long as it is its only source, and whoever proves otherwise has the right to trade at the prices it decides.

Because legitimizing illegal practices through these media tools has contributed over the years to shuffling the cards and harming the national economy.     https://alsabaah.iq/82403-.html

An Expert Proposes Solutions To Limit The Rise In The Dollar In The Parallel Market

Economical 2023/08/19   Baghdad: Haider Fleeh Al-Rubaie,  the economist, Munaf Al-Sayegh, proposed a set of solutions to control the parallel exchange rate and undermine the dollar, pointing out that

the presence of two different exchange rates could confuse the local market and lead to a kind of imbalance in economic performance, while

he praised the targeted measures In order to limit the rise of the green currency in the parallel market,

he called for "liberalizing the exchange rate" in accordance with the levels of supply and demand and foreign trade activity, as well as working to change the pattern of the balance of payments and the trade balance.

According to specialists in economic affairs, the Central Bank succeeded in controlling the exchange rate of the parallel dollar, and put an end to the booms that that currency witnessed in previous times, indicating that

the packages of decisions issued by the monetary authority led to strengthening confidence in the national currency, stressing at the same time,

The fluctuation of the exchange rate is no longer an influencing factor in the prices of goods and materials that are now imported at the official price of the Central Bank.  Al-Sayegh told "Al-Sabah":

"The presence of two different exchange rates leads to a negative impact on economic performance,

especially if it is linked to the pattern of consumption activity and thus will undermine government efforts aimed at enhancing its ability to provide quality services," stressing the

need to "establish development paths that work on Diversifying economic activity in line with the urgent requirements of society, such as continuous energy, efficient education, health institutions, as well as the provision of high-quality services, indicating that

these steps are sufficient to achieve an active and flexible economy capable of constantly diversifying while creating sustainable development opportunities and diverse and renewable job opportunities within the requirements of economic performance and its obligations. local and international.”

In order to find remedies for the economic effects of the existence of two different exchange rates for the local currency, the jeweler believes that the exchange rate must be liberalized in a flexible manner, according to the levels of supply and demand, as well as the levels of commercial activity of foreign trade, in addition to the need to work to change the pattern of the balance of payments and the trade balance in a way that leads to its transformation Gradually from negative to positive.

Al-Sayegh also stressed the importance of changing the spending pattern in the budget towards the productive investment that leads to serious development paths, taking into account the change in foreign trade patterns from consumer goods to productive goods linked to a specific economic activity, as well as the trend towards making a fundamental change in the pattern of performance and activity.

Finance for public and private banks, enhancing the efficiency of government programs aimed at pushing development projects that support economic activity in general, and expanding small and medium entrepreneurial projects among young people.    https://alsabaah.iq/82642-.html

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

What Is BRICS And Who Are Its Members?

What Is BRICS And Who Are Its Members?

Reuters  Mon, August 21, 2023

JOHANNESBURG (Reuters) -The BRICS group of major emerging economies - Brazil, Russia, India, China and South Africa - will hold its 15th heads of state and government summit in Johannesburg between Aug. 22 and Aug. 24.  Here are some key facts about the bloc and its members.

WHAT IS BRICS?

The acronym BRIC, which did not initially include South Africa, was coined in 2001 by then Goldman Sachs chief economist Jim O'Neill in a research paper that underlined the growth potential of Brazil, Russia, India and China.

The bloc was founded as an informal club in 2009 to provide a platform for its members to challenge a world order dominated by the United States and its Western allies.

Its creation was initiated by Russia.

The group is not a formal multilateral organisation like the United Nations, World Bank or the Organisation of the Petroleum Exporting Countries (OPEC).

The heads of state and government of the member nations convene annually with each nation taking up a one-year rotating chairmanship of the group.

WHO ARE THE MEMBERS?

Brazil, Russia, India and China are the founding members.

South Africa, the smallest member in terms of economic clout and population, was the first beneficiary of an expansion of the bloc in 2010 when the grouping became known as BRICS.

Together the countries account for more than 40% of the world population and a quarter of the global economy.

Apart from geopolitics, the group's focus includes economic cooperation and increasing multilateral trade and development.

The bloc operates by consensus. All the BRICS countries are part of the Group of 20 (G20) of major economies.

WHICH NATIONS WANT TO JOIN BRICS AND WHY?

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

https://news.yahoo.com/factbox-brics-members-070432249.html

"Tidbits From TNT" Monday Morning 8-21-2023

TNT:

CandyKisses:   Japan announces 7 new projects in Iraq

Baghdad - Iraq Today:

The Japanese government announced the launch of 7 new projects under implementation in Iraq, stressing that its loans to Iraq will continue for up to 40 years at a low interest rate of up to 0.2 percent.

The Japanese ambassador to Iraq, Futoshi Matsumoto, said in a statement to the official agency "Iraq Today", that Japan has presented during the past 30 years up to <> large projects in Iraq, which were implemented by Japanese companies.

He pointed out that "there are seven new projects under implementation, and they will be implemented if the Iraqi government decides to allocate funds to them in its budget for next year."

"Among the projects to be implemented are the Basra Refinery Development Project and the Muthana Desalination Project, worth more than $300 million, which aims to support the development and reconstruction of the region.

The ambassador stressed that "Japan will continue to support Iraq by providing financial financing and loans with very low interest, as the loans will continue to be repaid for 40 years, with interest rates of up to 0.2 percent."

Tishwash:  “The Platform” .. The Central Bank adds a new technology

The Central Bank: Adding the technology of taking instant photos of the customer when registering on the platform and when conducting the cash sale process at the stage of uploading documents

Banking Supervision Department.

A thousand thousand may

Al-Anad: 466/1/9 Date: 8/17/2022

to all authorized banks

All (A,B) exchange companies

Brokerage companies buying and selling all Class (C) foreign currencies

/ Provision of a webcam device

good greeting ....Within the framework of the continuous work to develop the work of financial institutions and the application of the highest quality standards by using the electronic platform for reports of financial institutions’ transactions, FITR, the instant image points technology will be added to the customer when he registers on the platform and when conducting the cash sale process at the stage of uploading documents

Hoping to commit to providing an efficient webcam device With an appropriate resolution of no less than (720p) (HD) connected to each computer you have dedicated to recording transactions on the platform for the purpose of use when conducting transactions of selling dollars to travelers through the aforementioned platform and within a maximum period of one week from the date of this announcement.

with respect. link

************

CandyKissses:  Gold Regains Balance As Eyes Turn To Jackson Hole

Gold prices rose from five-month lows on Monday, August 5, after falling in the past five sessions, while investors' focus shifted to a meeting of central bankers in Jackson Hole, Wyoming, this week in anticipation of their expectations for the economy and interest rates.

Spot gold rose 0.3% to $1892,88.04 an ounce by 46:0 GMT, while U.S. gold futures gained 3.1921% to $70,<>.<>.

Gold fell to its lowest level since mid-March to $1883,70.<> last week after upbeat economic data increased bets that U.S. interest rates will continue to rise longer, reducing demand for non-yielding goods.

Investors will focus on Fed's Jerome Powell's speech on Friday at the annual conference of global central bankers in Jackson Hole.

According to the majority of economists polled by Reuters, the Fed is likely to have finished raising interest rates. A slight majority now expects the central bank to wait until at least the end of March before starting to cut rates.

Among other precious metals, silver spots rose 0.7% to $22.85 an ounce, platinum rose 0.1% to $910.83, and palladium gained 0.2% to $1258,49.<>.

************

Tishwash:  Iran receives part of its frozen funds in Iraq

The Iranian Foreign Ministry spokesman, Nasser Kanaani, confirmed today, Monday, that part of the Iranian funds frozen in Iraq had been received.

 Fares news agency quoted Kanaani as saying, "There is part of our assets in Iraq, which were difficult to obtain due to American interventions. Some of these assets have been transferred and are now under implementation.

The government will not give up the people's rights anywhere, and will continue this path, step by step," Kanaani added.

e did not indicate the amount of money and the way it was obtained.

On August 11, official Iranian media revealed the details of the agreement reached by Tehran with the United States of America under the auspices of a third country, which provides for the exchange of prisoners between the two countries and the release of Iranian funds frozen in South Korea and Iraq.

The official Iranian News Agency, IRNA, quoted an official source familiar with this agreement as saying, “This agreement requires Iran to release 5 American prisoners in exchange for the release of 5 Iranian prisoners in the United States of America.”

He explained that "in addition to that, 6 billion dollars of Iranian funds frozen in South Korea will be released, along with a large part also of Iranian funds in the Iraqi TBI Bank," noting that "the first stages of the process of releasing Iranian funds in European banks have begun." ".

On July 11, Prime Minister Muhammad Shia’ al-Sudani announced Baghdad’s contact with the US regarding the payment of Iran’s dues for Iraq’s gas imports, amounting to 9 billion and 250 million euros, adding that Iraq had paid “up to one billion and 842 million euros in the seven-month period of The life of the government according to the agreed mechanism.

Al-Sudani added that a delegation from the Central Bank of Iraq and the Iraqi Trade Bank left Iraq for the Sultanate of Oman with the aim of "agreeing on a formula for transferring these funds to the Sultanate of Oman in agreement with the US Treasury." link

Mot . I KNow Its Tough to Get Up fer School - but~~~~

Mot .. it is Funny How Satisfying it Feels - Huh!!!! 

Goldilocks' Comments and Global Economic News Sunday 8-20-2023

Goldilocks' Comments and Global Economic News  Sunday  8-20-2023

RJ:  Good evening Dinar Recaps,

Goldilocks posted comments and news links on the global financial system:

For years, the BIS has quietly deliberated on how to build a better technological grid of control of all assets—not just monetary.

Their goal has been to inventory all finances, commodities, land, timber, houses, water, etc. on one ledger under their exclusive management and control.

On June 20, 2023, the BIS published “The Blueprint for the Future Monetary System: improving the old, enabling the new.”

This Unified Ledger system, if implemented, will accomplish their long-awaited goal: complete control of all global natural resources.

This comprehensive blueprint gives new meaning to the World Economic Forum’s mantra: “By 2030, you’ll own nothing, and you’ll be happy.”

https://theberkshireedge.com/the-blueprint-for-the-future-monetary-system/

~~~~~~~~~~

Biden to sign strategic partnership deal with Vietnam in latest bid to counter China in the region

"The agreement will allow for new bilateral collaboration that will boost Vietnam’s efforts to develop its high technology sector in areas including semiconductor production and artificial intelligence."

The US and Vietnam have entered into a strategic partnership agreement. A strategic partnership agreement allows the US and Vietnam to expand their reach into each other's markets.

This bilateral agreement will create more demand for each other's currencies and money velocity adding more value to them through this Business partnership.

This partnership will take effect in the middle part of September 2023.

© Goldilocks

https://www.politico.com/news/2023/08/18/biden-vietnam-partnership-00111939

MarketingGeneral Link

https://quizlet.com/352523424/lab-10-flash-cards/

~~~~~~~~~~

U.S., China Try to Draw Nations to Their Side as Divisions Harden

https://www.wsj.com/world/asia/u-s-china-try-to-draw-nations-to-their-side-as-divisions-harden-43f1ffd3

~~~~~~~~~~

"CPPE (Center for the Promotion of Private Enterprise) sets agenda for coordinating minister of economy. The Certified Consumer Protection Examiner...

...advocates level playing field for all economic players"

https://tribuneonlineng.com/cppe-sets-agenda-for-coordinating-minister-of-economy/

~~~~~~~~~~

"Each week the Office of the Comptroller of Currency provides a list of bank branches set to close."

To give you an idea of how much this is taking place, I'm giving you a link below to see the weekly list that takes place each week.

When we first began this journey together, I told you that their would be several banking closures and consolidations take place during banking reforms.

We are in the end game now.

© Goldilocks

https://www.occ.gov/topics/charters-and-licensing/weekly-bulletin/2023/index-weekly-bulletin-2023.html

~~~~~~~~~~

Stellar News

The Stellar disbursement platform allows users to rapidly send funds to thousands of recipients within seconds, according to an announcement made on Wednesday.

It offers a range of applications including supplier payments, payroll management and contractor payments, meeting diverse payment needs.

In addition, the platform’s seamless integration with Stellar’s global network of on- and off-ramps, covering more than 180 countries, allows recipients to convert digital currency into cash “easily”.

https://cryptosaurus.tech/new-open-source-distribution-platform-launched/

~~~~~~~~~~

A New Frontier: The SEC Addresses Artificial Intelligence (And a whole lot more)

EXECUTIVE SUMMARY
Newly proposed rules (the Predictive Analytics Rules1) will, if adopted as proposed, require broker-dealers and investment advisers (firms) to: (i) identify conflicts of interests when using certain technology in interactions with “investors”; and (ii) adopt policies and procedures that eliminate or neutralize (rather than disclose or mitigate) those conflicts of interests.

The Predictive Analytics Rules would cover a broad range of technology that includes not just “artificial intelligence,” but also any other analytical, technological, or computational function, algorithm, model, correlation matrix, or similar method or process that optimizes for, predicts, guides, forecasts, or directs investment-related behaviors (Covered Technology).

The proposal would apply in situations where firms use Covered Technology in connection with the firm’s engagement or communication with an “investor,” including by exercising discretion with respect to an investor’s account, providing information to an investor, or soliciting an investor. 

This includes communications that take place in person, on a website, via smartphones, through computer applications, or by email, among other modes of communication (including advertisements).

Because of the manner in which the term “investor” is defined, the Predictive Analytics Rules apply differently to broker-dealers and investment advisers. Specifically, the Predictive Analytics Rules will apply with respect to Covered Technology used in interactions with all clients of an investment adviser, including institutional investors, as well as investors in registered funds and certain private funds. For brokers-dealers, the Predictive Analytics Rules, however, would only apply with respect to interactions with retail customers.

https://www.natlawreview.com/article/new-frontier-sec-addresses-artificial-intelligence-and-whole-lot-more

The Jackson Hole symposium is expected to be a game changer for the Gold and Commodities Market.

Jerome Powell is expected to give some kind of indication that the interest rate hike is over or near over. This will release the controls on gold and other commodities allowing them to move into real values.

New demands for solar power and electrical vehicles are beginning to create price pressures on the silver market.

Copper has demands on all kinds of industrial use. It is a leading indicator of how well an economy is doing.

A move into a more realistic alignment with our new digital asset-based trading market will allow more flow into our mainstream economy giving copper the ability to move more freely.

We are witnessing the shift into our new digital asset-based economy begin to gain traction.

© Goldilocks

https://www.kitco.com/commentaries/2023-08-18/Gold-Silver-Jackson-Hole-is-a-game-changer.html

~~~~~~~~~~

Americans are exhausting their excess savings - and could run out of funds this quarter, Fed study says

Business Insider Link

~~~~~~~~~~

From Goldilocks

Every single leading economic indicator is pointing downward.

The Global Economy is collapsing all around us.

People have depleted their savings according to surveys done by the Federal Reserve.

The last time we were at this level was when the Lehman Brothers collapsed their shares on the market.

The entire Inverted Yield Curve is inverted on a level never seen before in history.

We have three major factors going forward that will affect our economy: all our leading indicators are pointing downward, the inverted yield curve which measures recessions and depressions are at historical lows, and we have 70% of our Market or consumers that have already spent up their savings.

We are at a crossroads, and the next three economic meetings taking place will give us new direction.

Watch what happens at the BRICS Summit, the Jackson Hole symposium, and the G20 meeting ending on the 10th of September.

On September the 11th, we will have new guidelines and policies giving us direction to move forward.

Be ready.

© Goldilocks

~~~~~~~~~~

“Capital One reported having roughly $3.6 billion in commercial real-estate loans classified as “held for investment” in the first quarter, but moved $888 million into its “held for sale category in the second quarter while recognizing a $361 million charge off as part of the transfer.”

Looks like the Commercial Real Estate sector is starting to feel the heat of defaults and high-interest rates. Capitol One selling off a huge chunk of their CRE debt to another bank should be a big signal to the markets…..trouble lies ahead.

© Marie G.from Q & A 
https://www.marketwatch.com/story/capital-one-confirms-roughly-900-million-sale-of-office-loans-as-property-sector-wobbles-1732b144

~~~~~~~~~~

The Great Real Estate RESET! 

https://youtube.com/shorts/MwBXe3off2U?feature=share

~~~~~~~~~~

The South African President says an expanded BRICS will represent a diverse group of nations which share a common desire to have a more balanced world order.

The expansion is coming.

“Balance world order.”

Reset.

Read: https://x.com/goldtelegraph_/status/1693348424266010639?s=46

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Q & A Room

https://t.me/+gqQYBsK0ZCpkMDg5

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Brics News posted at TNT Sunday Afternoon 8-20-2023

TNT:

Tishwash:  Two days after the start of "BRICS" .. Iraq is absent from the largest global event "to get rid of the hegemony of the dollar"

Iraq will be absent from the "BRICS 2023" summit, which is the most prominent global event aimed at getting rid of the "dollar hegemony", as it will be an international conference in which the heads of government of the five member states of the group will participate, in addition to leaders and representatives of about 50 countries, who are expected to attend the summit, which It will be hosted by South Africa, from 22 to 24 August  

BRICS 2023 will be the 15th edition, and the rotating presidency will be assumed by the State of South Africa, whose President Cyril Ramaphosa has invited the leaders of 53 African countries out of 67 invitations to leaders in the world, none of whom are Western leaders .

BRICS expansion

The issue of BRICS expansion by including new members is one of the most important issues on the agenda of the upcoming BRICS 2023 summit, which will be held in Johannesburg, South Africa .

BRICS currently extends to 3 continents and includes 5 countries in its membership :

Russia .

China .

India. 

Brazil .

South Africa .

Who will attend the summit of the leaders of the 5 countries?

South Africa confirmed that 4 of the leaders of the 5 member states of the group will attend in person, and they are :

Brazilian President Lula da Silva. 

Indian Prime Minister Narendra Modi .

Chinese President Xi Jinping .

South African President Cyril Ramaphosa .

Russia will be represented at the BRICS 2023 summit by a delegation headed by Foreign Minister Sergey Lavrov, while Russian President Vladimir Putin will participate, via video conference, on August 23 .

According to Russian reports, the upcoming "BRICS" summit is receiving great international attention, not only because of talk about the group's expansion, but also because of the "economic summit", which will be held on its last day .

And South Africa announced that "about 50 countries have confirmed their participation in the event, which will be the largest of its kind in the southern part of the globe, including Belarus, which is participating for the first time in the summit," according to the report . 

What are the countries that want to join BRICS or have asked to do so?

Naledi Pandor, South African Foreign Minister, said that "40 countries in the world have declared their desire to join the BRICS group, including 20 countries that have submitted formal requests to join ."

Among the most prominent countries that applied to join the "BRICS ":

 Algeria .

Morocco .

 Ethiopia .

 Egypt .

 Senegal .

 Nigeria .

 Argentina .

 Turkey .

 Kingdom of Saudi Arabia .

 United Arab Emirates .

 Iran .

 Indonesia .

 Cuba .

 Bangladesh .

Mechanism for joining new members

All five BRICS member states support the cause of expanding the group's membership, however, the details and rules for joining new members are still under discussion, until now .

While the issue of joining new members and its rules will be discussed during the meetings of the foreign ministers of the member states, the decision to approve the inclusion of any member will be made by the leaders of the countries of the group .

 South African Foreign Minister says, "The summit seeks to have the ability to communicate the voice of developing countries and help them participate in global decision-making ."

Get rid of the dominance of the dollar

The upcoming "BRICS 2023" summit will focus on the issue of the world getting rid of the hegemony of the dollar. Former Brazilian President Dilma Rousseff, who heads the BRICS Development Bank, will participate in the summit to support the efforts of developing countries seeking to end global dependence on the dollar in remittances. between countries and each other and at the world level .

The Development Bank, founded by BRICS in 2015, has contributed to financing infrastructure, energy and water projects worth $33 billion so far, according to the report, which indicated that it could become a competitor to the World Bank and other Western financing institutions .

The UAE and Bangladesh joined the bank in 2021, while Egypt applied to join this year .

The report pointed out that "all five BRICS countries are pushing towards dealing in local currencies in trade exchanges, especially after the crisis of sanctions imposed by the United States of America and its Western allies against Russia, due to the Russian special military operation. "

The report referred to Russian President Vladimir Putin's assertion that "about 80 percent of trade exchanges between Moscow and Beijing took place, during the past year, using local currencies, with a value of $190 billion. "

Supporting economic relations between Africa and the southern part of the world

This issue also represents one of the important issues on the "BRICS 2023" agenda, which aims to promote economic growth in African countries and support sustainable development efforts, and will include strengthening cooperation between "BRICS" countries and African countries .

Anil Soklal, South African ambassador to BRICS, said, "The first day will witness a business forum session in which the participating heads of state will deliver a speech before their closed meetings. Political geography, security issues, finance and the economy, while the second session includes representatives of the Business Council, the New Development Bank and the Businesswomen's Alliance, so that a closing statement will be issued at the end of the summit .

Experts expect that "BRICS" will turn into a new "G-20" if it is able to overcome some challenges to become an influential global force  link

CandyKisses:  Brex Summit’: Will the World Change Afterwards?

Shafaq News/The World later BRICS summit on Tuesday (August 22), will not remain the same after. This is what China, Russia, India, Brazil and South Africa hope to say, as these countries alone make up about half of the world's population, about 30% of global GDP, and more than 16% of the volume of global trade, and are betting on creating a multipolar world, a term that means breaking the "unipolarity" represented by the West, specifically the United States.

The 15th BRICS summit in Johannesburg will not be normal by all standards, as it is the first since the coronavirus pandemic, and its agenda is full of major issues in light of the global tension arising from the Ukrainian war, the escalation of underlying tensions in East Asia, and the readiness of proxy fighting fronts in the Sahel regions after the Niger coup.

But the most important thing is, observers say that the summit, to which 67 global leaders were invited, will make fateful decisions related to starting work to issue a common financial currency, which means seeking to exclude the US dollar from the throne of world currencies, in addition to promoting the use of local currencies of the five countries in commercial operations among themselves, and establishing a system of mechanisms for joint payments, in addition to studying membership applications by countries such as Iran, Saudi Arabia, Turkey, Algeria, Egypt and Argentina.

Politicians and observers say that the BRICS group's progress towards these goals certainly means huge changes in the balance of power, and also indicates that the United States, which has been almost alone, over the world since the collapse of the Soviet Union, is gradually losing its political and economic, and perhaps military, as well.

While the U.S. military defense budget reached a record $858 billion, BRICS military spending currently stands at $400 billion, but it also has 11 million troops, in addition to about 6,500 nuclear bombs (possecurs of China, Russia and India).

Despite its image as a clutter that challenges Western hegemony, the prestige of BRICS has nevertheless suffered a setback after it failed to ensure the presence of Russian President Vladimir Putin in person (he will participate through video technology) after South Africa came under Western pressure on the idea of his visit as Putin issued an arrest warrant by the International Criminal Court regarding his role in the Ukraine war.

 But Minister Sergei Lavrov will represent Moscow at the summit, while Chinese President Xi Jiping as well as the leaders of Brazil, India and South Africa will attend. It was remarkable that the Johannesburg government deliberately announced recently that it had not invited French President Emmanuel Macron to attend the summit, although dozens of state leaders and governments will participate.

Even symbolically, BRICS is one of the most prominent indicators of the rise of alternative powers to the European-American duo that dominated international affairs over the past three centuries, and has taken a sharper turn since the American quasi-ination of controlling geopolitical conflicts politically and economically, after the end of the Cold War with the Soviet Union in 1991.

Through its share of the global economy, BRICS outperforms the G7 share, and the BRICS countries currently represent 40% of the world's area, which is certainly increasing if other countries join it, and since its launch at the summit level in 2009, it does not hide its quest to become a global economic power, break the unilateralism represented by the West under the leadership of the United States, and establish a multipolar world order.

Since South Africa’s late accession, BRICS has been known to have remained almost closed to new members, and it is now trying to open membership doors now. The new members will have to adhere to the goals of the group, including combating poverty and sustainable development, promoting economic and social integration, strengthening security and peace to ensure economic growth and political stability, reforming international financial institutions to have a greater voice for emerging countries, and enhancing food security.

Among the most indicative steps of autonomy and breaking U.S. unilateralism, observers say, China’s decision in 2013 to launch the “Belt and Road” initiative a few months later at the BRICS summit in the South African city of Durban in 2013. This trend can also be clearly seen in BRICS’ decision to open the New Development Bank during the group’s summit in the Russian city of Ufa in 2015, a bank, based in the Chinese city of Shanghai, where BRICS is betting to serve as an alternative to the World Bank institutions, which is the financial arm of Western hegemony globally, and has an estimated capital of about $100 billion.

According to figures from the United Nations Conference on Trade and Development (UNCTAD), "foreign investment has played an important role in the growth of BRICS economies since 2001, with annual FDI inflows to the bloc more than quadrupled from 2001 to 2021 (from $84 billion to $355 billion) and contributed significantly to the formation of gross fixed capital."

The BRICS summit in Russian St. Petersburg in November 2020, in partnership with the Shanghai Cooperation Organization, which serves as another alternative bloc to Western hegemony, and since 2001, has been another important indicator of the transformations underway globally, an organization officially joined by Iran last July. According to some analysts, BRICS serves as the “economic-to-valancal arm” of the Shanghai Organization, a phenomenon still under development.

During the past months, experts and observers have estimated that the Ukrainian war in which Russia was involved accelerated the movement of Moscow, Beijing, and other countries in BRICS towards ensuring financial independence away from the US dollar, especially after the world witnessed the speed and severity of sanctions, which were imposed on relations, commercial and economic interests and the property of Russians around the world, and was a warning bell that prompted the leaders of the group countries to search for new financial options, to get rid of the "authoritarianism" of the dollar, which was used many times to besiege the weakening of countries and peoples during the past few decades, as in Iraq, Iran, Syria, Lebanon and others.

It can be said that the blocs and allies witnessed by the world, although they reflect a form of convergence in interests and goals and rapprochement between the countries of the bloc itself, but at the same time reflect the conflicts of major countries and the transition from grinding military wars, to the struggle for economic interests, to ensure continuity and survival prosperity, even at the expense of other countries or blocs, which are goals that sometimes inevitably require resorting to battlefronts and trenches.

If BRICS carries an indication of alternative blocs, history also says that the world has seen the rise and fall of other blocs, for example the Warsaw Pact (founded in 1955) to counter NATO, which represents Western Europe and the United States. The world also witnessed the fall of the so-called "Siato" Southeast Asian Nations, founded in 1954, with the support of Washington to counter Moscow's influence.

The Baghdad Pact (founded in 1955) and annexed Iraq, Iran, Turkey, Britain and Pakistan, also fell to counter the Soviet expansion and the Nasserite revolution. There was also the "Rio Alliance" (1947), representing the first alliance of its kind after the end of the end of World War II and included countries of the Americas, but it is now with little influence under Washington's absolute dominance.

However, there are global blocs that are still active in the year, besides NATO, which has existed since 1949, there is the Shanghai Cooperation Organization, and the bloc of countries of the “Comprehensive and Progressive Agreement for the Trans-Pacific Partnership” formed in 2018 after the announcement of the United States’ exit from its founding nucleus by the administration of former President Donald Trump. The bloc includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, and collectively accounts for about 15% of GDP globally.

There is also the Group of 7, the ECOS security alliance that has been bringing the United States together with Britain and Australia since 2021, in order to counter China’s influence, and there is the Quad Quad Quad Alliance (2007), which Washington is trying to strengthen with India, Australia and Japan, to also contribute to China’s encirclement and counter its influence in the Asia-Pacific region.

There is also the North American Free Trade Organization (NAFTA), the Southeast Asian Association (ASEAN), and the Five Eyes Alliance, which includes the United States, Canada, Australia and New Zealand, and coordinates with Denmark, France, the Netherlands, and Norway, through intelligence and security cooperation.

In addition, there is the Common Market of South American States (MERCOSUR), the Arab Maghreb Union, the Baltic Free Trade Area, and the Commonwealth of Independent States, along with the Gulf Cooperation Council.

Special: Shafaq News Agency

https://www.shafaq.com/ar/تقارير-وتحليلات/قمة-بريكس-هل-يتغير-العالم-بعدها

Iraqi News Highlights Sunday Afternoon 8-20-23

Iraqi News Highlights Sunday Afternoon 8-20-23

Tlm724 Administrator Bondlady’s Corner

The World Bank: The Prospects Of The Iraqi Economy Are At Risk Due To Excessive Dependence On Oil

Money  and business  Economy News-Baghdad  The World Bank said that the Iraqi economy suffers from stagnation in non-oil gross domestic product, industries, and agricultural activities, which was accompanied by high inflation rates, as Iraq lacks under its current government; for large-scale structural reforms to strengthen its economy away from oil.

The World Bank stated in the report issued on the economy in Iraq and its debts, under the title: (Renewed Pressures: Iraq's Recovery is in Danger), seen by "Al-Iqtisad News", that the annual budget approved by the government authorities is witnessing a significant increase in the volume of public expenditures by 59% over The previous year, which represents 74.3% of total spending, which will lead to a large fiscal deficit of 51.6 trillion Iraqi dinars - equivalent to 39.7 billion dollars - which represents 14.3% of the volume of public imports, more than half of the recent record reserves that accumulated in the wake of The boom in oil prices.

Regarding the policies of the (central bank) in devaluing the local currency, the World Bank reported that the devaluation of the Iraqi dinar led to an increase in overall and basic inflation. Due to the heavy reliance on imports in light of the weak local production that is not supported by the government authorities, which exposed the country's fragile economy.

The World Bank report added that the standards for transactions adopted by the (Central Bank) through currency sale auctions; It caused the redirection of hard currency to the parallel market, which caused the devaluation of the dinar against the dollar.

According to the World Bank, Iraq's lack of diversification of income sources - due to the chaotic policies of successive governments - led to a contraction of the gross domestic product by 1.1% in 2023 and an increase in the country's public debt to reach 58.3%, after it was 53.8% in the previous year, i.e. it will reach 152 billion. dollars, with an increase of $10 billion, while the total external debt amounted to $50 billion, and the internal debt amounted to $102 billion, which means that government authorities borrowed about $60 billion internally in the previous three years, at a rate of $15 billion annually, with annual interest on internal debts amounting to 16 to 17% of the debt volume.

According to the bank, the prospects for the economic future in Iraq are still subject to great risks. Because of the excessive dependence on oil, which makes it vulnerable to shocks in oil markets and global demand, as evidenced by the recent decline in oil prices, in addition to the factors driving fragility that pose basic challenges to the economy, such as widespread corruption, poor service delivery and infrastructure development, and security risks.

The World Bank added that the continuation of government authorities in pursuing these policies will make the country's budget in favor of the political parties that have delayed the wheel of development and made it suffer from major imbalances despite the passage of two decades of allegations of the end of the war.   Views 96   08/20/2023 https://economy-news.net/content.php?id=35752

Continuous Rise.. The Exchange Rates Of The Dollar Against The Dinar In Baghdad

Iraq  Sunday, August 20, 2023 Baghdad / National News Center  Today, Sunday, the exchange rates of the US dollar against the Iraqi dinar rose in the markets of the capital, Baghdad. 

As “the selling price amounted to 155,000 dinars per 100 dollars, while the purchase price amounted to 153,000 dinars per 100 dollars.”   https://nnciraq.com/222467/

New Controls From The Central Bank To Regulate Financial Movements Inside Iraq

Economy   Saturday, August 19, 2023 2:08 PM  Baghdad / National News Center  Today, Saturday, the Central Bank of Iraq issued directives to all banks to take new controls for the purpose of regulating financial movements inside Iraq.

According to a document issued by the Central Bank and obtained by the National News Center, the directives included “the ceiling for withdrawals for local financial movements (inside Iraq) that are made through automated teller machines (ATMs) for prepaid cards to 2,000,000 (two million Iraqi dinars) per day.” Instead of (395,000) Iraqi dinars.

And the central directed, to “raise the ceiling of the purchase movement through points of sale inside Iraq to be 10,000,000 (ten million Iraqi dinars), with a commitment not to exceed the monthly limit for charging the card, which amounts to (10 million),” with “reducing the ceiling of electronic purchase to be (750) dollars. American Daily.

And he stressed that banks should work “to expand your agent network by contracting with entities that are allowed to sell and market this type of card.”

He stressed, “The exception of local financial movements on prepaid cards with the commitment contained in Paragraph (5) of the above circulars related to Merchant Category Codes (MCC), provided that they are within the legitimate purposes of purchase and payment.” https://nnciraq.com/222319/

Iraq Exceeds Saudi Arabia In Its Oil Exports To America

Sunday 20 August 2023 09:45 | Economical Number of readings: 318  Baghdad / NINA / - The US Energy Information Administration announced, on Sunday, the stability of Iraq's oil exports to America, bypassing Saudi Arabia last week.

The administration said in its table, "The average US imports of crude oil during the past week from nine major countries amounted to 5.953 million barrels per day."

She added, "Iraq's oil exports to America amounted to an average of 304,000 barrels per day last week, decreasing by a thousand barrels as a daily rate from the previous week."

She pointed out that "most of America's oil revenues during the past week came from Canada, followed by Mexico, Ecuador, and then Nigeria."

According to the administration, "the amount of US imports of crude oil from Saudi Arabia amounted to 285,000 barrels per day, followed by Brazil, Libya and Colombia, while it did not import any amount from Russia."   https://ninanews.com/Website/News/Details?key=1072018

Total Central Bank Sales Of Foreign Currency

Sunday 20, August 2023 13:12 | Economical Number of readings: 185  Baghdad / NINA / - The Central Bank announced, today, Sunday, its total sales of foreign currency through the electronic window.

The total transfers to the outside (remittances and credits) amounted to 175,927,102 dollars, while cash sales amounted to 19,800,000 dollars, thus the total sales amounted to 195,727,102 dollars.

The Central Bank covered the price of cash sales and transfers (1310) dinars per dollar, and documentary credits and international settlements for the electronic card (1305) dinars per dollar.  https://ninanews.com/Website/News/Details?key=1072068  

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Emerging Economies Are Pushing To End The Dollar's Dominance. But What's The Alternative?

Emerging Economies Are Pushing To End The Dollar's Dominance. But What's The Alternative?

Chinedu Asadu, Gerald Imray, Farai Mutsaka And Paul Wiseman  Sat, August 19, 2023

In this article: USD=X 0.00%

ABUJA, Nigeria (AP) — Business has vanished at Kingsley Odafe’s clothing shop in Nigeria’s capital, forcing him to lay off three employees.  One culprit for his troubles stands out: The U.S. dollar’s strength against the Nigerian currency, the naira, has pushed the price of garments and other foreign goods beyond the reach of local consumers. A bag of imported clothes costs three times what it did two years ago. The price these days is running around 350,000 naira, or $450.

“There are no sales anymore because people have to eat first before thinking of buying clothes," Odafe said.

Across the developing world, many countries are fed up with America’s dominance of the global financial system — especially the power of the dollar. They will air their grievances next week as the BRICS bloc of Brazil, Russia, India, China and South Africa meet with other emerging market countries in Johannesburg, South Africa.

But griping about King Dollar is easier than actually deposing the de facto world currency.

The dollar is by far the most-used currency in global business and has shrugged off past challenges to its preeminence.

Despite repeated talk of the BRICS countries rolling out their own currency, no concrete proposals have emerged in the run-up to the summit starting Tuesday. Emerging economies have, however, discussed expanding trade in their own currencies to reduce their reliance on the buck.

At a meeting of BRICS foreign ministers in June, South Africa's Naledi Pandor said the bloc’s New Development Bank will seek alternatives “to the current internationally traded currencies" — a euphemism for the dollar. Pandor was sitting alongside Russia's Sergey Lavrov and China's Ma Zhaoxu — representatives of two countries that are especially eager to weaken America's international financial clout.

The BRICS grouping dates to 2009. Originally, it was just BRIC, a term coined by Goldman Sachs economist Jim O’Neill to refer to the rising economies of Brazil, Russia, India and China. South Africa joined in 2010, adding the “S” to the name. More than 20 countries — including Saudi Arabia, Iran and Venezuela — have expressed interest in joining BRICS.

In 2015, the BRICS countries launched the New Development Bank — an alternative to the U.S. and European-dominated International Monetary Fund and World Bank.

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

https://finance.yahoo.com/news/emerging-economies-pushing-end-dollars-050845451.html