Warren Buffett Said That He Could End America's Deficit Problem 'In Five Minutes'

Warren Buffett Said That He Could End America's Deficit Problem 'In Five Minutes' — here's what he would do

Vishesh Raisinghani  Sat, Jul 6, 2024

There’s growing concern about a looming debt crisis in America. High-profile financial figures such as Bridgewater’s Ray Dalio and JP Morgan’s CEO Jamie Dimon have shared their concerns about the record U.S. national debt in recent months.

However, legendary investor Warren Buffett proposed a solution to the nation’s borrowing issue more than a decade ago.

"I could end the deficit in five minutes,” he told CNBC’s Becky Quick in a 2011 interview. “You just pass a law that says that any time there's a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.”

The Oracle of Omaha believes this simple solution could solve one of America’s more stubborn issues.

Incentives dictate actions?

Buffett’s longtime business partner the late-Charlie Munger once said, "Show me the incentive, and I will show you the outcome." It’s a philosophy that guides the business decisions and compensation plans across Berkshire Hathaway.

This is probably why Buffett believes a deterrent for the American government and lawmakers could shift the way they spend tax dollars. If lawmakers see their re-elections at risk, they may be more careful about government deficit spending.

This isn’t an unusual idea. Germany has a hard cap on deficit spending which has compelled successive governments to reign in spending over the years.

However, there is no hard cap on America’s deficit. As of May, the federal government has spent $1.2 trillion more than it has collected in fiscal year 2024. In the first quarter of 2024, federal debt as a percent of GDP was 97.3%.

This large debt burden and the lack of spending restraint is causing some economists and investors to worry about a potential debt crisis.

How can ordinary investors protect their wealth if the government is left with no choice but to keep printing more money to pay off the debt and drives inflation and interest rates higher? Wharton Professor Kent Smetters spoke to Business Insider about assets that can be used to hedge against a possible economic downturn in such a scenario. His advice is buying assets that the government would be last in line to default on.

Treasury Inflation-Protected Securities (TIPS)

U.S. treasury bonds are generally considered a low-risk investment because lending money to the U.S. government has been a reliable bet for centuries. However, bond investors are still subject to wealth erosion through inflation — which could spike in a debt crisis. Professor Smetters recommends Treasury Inflation-Protected Securities that offer the safe and stable return of a bond with downside protection.

To Read More:  https://finance.yahoo.com/news/warren-buffett-said-could-end-113400320.html

“Tidbits From TNT” Sunday Morning 7-7-2024

TNT:

Tishwash:  Oil and gas law...the unsolvable knot

The oil and gas law is considered one of the sensitive laws in the Iraqi state, as it is one of the axes of the ongoing conflict between the central and regional governments over oil imports.

The center of the dispute over the law is that the region wants to control oil imports in its lands according to its mood without the control of the federal government, while the political forces do not want to grant this privilege to the region because it gives it a kind of separatist independence, so to speak.

Since the first session of the Iraqi Council of Representatives, in 2005, the draft oil and gas law has been stuck in drawers, as disagreements prevent its approval in its final form.

After 18 years, he announced the formation of a committee to draft the law and present it to the government and the House of Representatives.

The committee that was formed between Baghdad and Kurdistan to draft a draft law for oil and gas includes the Minister of Oil, the Minister of Natural Resources in the region, the Director General of SOMO, and the advanced staff in the Ministry of Oil, as well as the oil-producing governorates such as Basra, Dhi Qar, Maysan, and Kirkuk.

Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury's resources.

Article 14 relates to oil revenues in the Kurdistan region and their audit by the Federal Oversight Office

The draft Iraqi oil and gas law regulates this vital sector for Iraq and the management of the country's oil fields through one national company, with imports being deposited in one account.

The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, confirmed in statements that accelerating the adoption of the federal oil and gas project law in the House of Representatives as quickly as possible will establish a stable national road map for investment and production of the country's primary sovereign resource, which is oil and gas.

He explained that "this natural resource contributes directly to Iraq's gross domestic product at a direct rate of approximately 50 percent, and leaves an indirect impact on the total economic activity of our country at a rate of no less than 85 percent."

Saleh said, "Adopting a unified national oil policy, and achieving optimal investment and production in Iraq's oil region, starting from the southern fields up to the northern and regional fields, is an important and strategic matter in the matter of taking advantage of opportunity costs in the optimal and harmonious operation of Iraqi oil policy currently."

The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country's oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject.

For its part, the Kurdistan Oil Law indicates that the Iraqi government has the right to participate in the management of fields discovered before 2005, but the fields discovered afterward belong to the regional government.

In 2022, the Federal Court in Baghdad ordered the region to deliver the oil produced on its lands to Baghdad, and to cancel contracts that the region had signed with foreign companies. The matter went so far as to invalidate the Baghdad judiciary's contracts with many foreign companies, especially American and Canadian companies.

After years of exporting oil alone via Turkey, the Kurdistan region must adhere, as of late 2023, to the decision of an international arbitration body that gave Baghdad the right to fully manage Kurdistan's oil.

As a result, exports from the region stopped. A temporary agreement signed between Baghdad and Erbil stipulates that Kurdistan oil sales will be made through the Iraqi Oil Marketing Company “SOMO,” while revenues generated from the region’s fields will be deposited in a bank account with the Central Bank of Iraq or one of the banks approved by the Central Bank of Iraq.

 A member of the Parliamentary Oil and Gas Committee, MP Durgham al-Maliki, revealed that the coordination framework and the state administration coalition discussed the oil and gas law with Masoud Barzani.

Al-Maliki told Al-Maalouma Agency, “The committee discussed the draft law in a professional manner and completed most of its paragraphs, but the government requested its withdrawal to make amendments to it, indicating that the law is still in the government's possession.”

He promised, "The approval of the annual budgets was disrupted due to oil disputes between the center and the region, indicating that approving the law has become an urgent necessity because of its ability to resolve 90% of the disputes between the region and the center." 

He stressed, "The enactment of the law is governed by political agreement, not professional agreement," calling on "political forces to put pressure on the government to send the law for the purpose of legislating it."  link

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CandyKisses:  Member:  Iraq ranks 61st in the world in the scale of the safest countries

Baghdad - Mawazine News

Iraq ranked 61st in the world out of 100 listed countries and the seventh safest Arab in the world for the current year 2024.

ACCORDING TO A RATING FROM CEOWORLD MAGAZINE.

Seed by Mawazine News, the safest countries by taking into account different dimensions, these dimensions include safety from violent crime, safety from terrorism, safety of transport, health measures (including diseases), and safety for specific groups such as women; foreign travelers, migrants, expatriates, foreign travelers and migrants.

In 2024, Andorra, located in the Pyrenees mountains between Spain and France, was chosen as the safest country in the world, and despite being one of the smallest and least populated countries in Europe, with a population of only about 82,000 people, it attracts more than 3.5 million visitors from abroad annually, making it the country with the largest number of tourists per capita with points with 97.68 points, followed by the UAE with 97.13 points, followed by the Green Land located in the Americas with 96.98 points, followed by Liechtenstein in Europe with 96.97 points.

Of the 188 countries around the world, Iraq ranked 61st globally, with points of about 82 points out of 100 points.

The index put 5 Arab countries in the safest countries category, Iraq came in seventh place after: the UAE, Saudi Arabia, Bahrain, Kuwait, Jordan, Qatar.

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Tishwash: Parliamentary Finance: Oil companies’ dues added to budget tables, government coordination to resume exports

The Parliamentary Finance Committee confirmed the continuation of coordination and communication between the federal government and the Kurdistan Region to resume oil exports through the Turkish port of Ceyhan.

The Vice-Chairman of the Committee, Ikhlas Al-Dulaimi, stated in a statement to the National Iraqi News Agency / NINA /, that "the general budget tables approved by the Council of Representatives are the ones adopted by the government, thus canceling any financial texts and paragraphs mentioned outside it," and pointed out that there are allocations for the costs of oil production and transportation worth 3 trillion and 800 billion dinars, which were added to the general budget tables.

She added, "If an agreement is reached between the federal government and the region to resume oil exports, the federal Ministry of Finance and the Ministry of Oil and Natural Resources in the region will proceed to coordinate to find a mechanism to disburse those amounts and pay the dues of oil companies."

She explained, "The oil companies operating in the Kurdistan Region, the region requests 6 months' amounts and there are contracts signed between the two parties that are difficult to cancel, because they are giant foreign companies that will resort to the judiciary and sue the region and the federal government."   link

Mot:  .. I Mean Some Peoples

Mot: . They Say !!!!--- Sure Hoping Soooooooooooooooon!!!! 

Iraq Economic News and Points To Ponder Saturday Afternoon 7-6-24

How Much Is Iraq's Loan From The IMF?

Money  and business   Economy News – Baghdad   The financial advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Saturday, that zeroing out the debts to the International Monetary Fund reflects Iraq's high and solid creditworthiness, while indicating that Iraq is in the process of paying off long-term development loans to the World Bank.

Saleh told the Iraqi News Agency (INA): "Iraq has entered into about 5 programs with the International Monetary Fund since 2004 until the end of 2018, including 3 credit readiness programs, and all of them were characterized by providing loans whose function is to support the state of stability and economic reform in Iraq in two directions.

The first: loan programs, as Iraq received loans from the International Monetary Fund to help it overcome economic crises, as these loans included supporting the general budget and financing economic stability programs, especially during the war on ISIS terrorism."

He added: "As for the other trend: in the field of economic reforms, the International Monetary Fund usually requires countries that receive loans to implement certain economic reforms. In the case of Iraq, these reforms included improving the management of public finances and the banking sector, enhancing transparency, combating corruption, and reforming the energy sector."

He pointed out that "these loans did not exceed $5 billion per loan, and the actual withdrawal from them would not exceed $3 billion or more in each case, and according to a repayment program that takes place every 6 months with grace periods of two years before repayment with a moderate annual interest, which usually does not exceed 4.5%, and the terms of these loans do not exceed five years."

He pointed out that "Iraq has paid off the loans that were withdrawn during the last twenty years according to regular payment mechanisms and are close to zeroing out, unless they are all zeroed out today, which reflects the high and solid creditworthiness of the Republic of Iraq in repayment before the international financial community in particular and towards multilateral international financial organizations in general."

He continued: "But certainly there are long-term development loans from the World Bank that are still in place, which is another development financial organization, and amount to a few billion and are in the process of being repaid, and some of them are still in the process of being committed to being withdrawn to be spent on completing development projects contracted with the World Bank, and they are also long-term soft loans."

He stressed that "cooperation relations continue between Iraq and the International Monetary Fund in various fields, including providing technical advice and supporting economic policies," noting that "the relationship between Iraq, the International Monetary Fund and the World Bank is important for achieving economic stability and sustainable development in the country."

He pointed out that "Iraq has been a founding member of the International Monetary Fund and the World Bank since 1945."208 views 07/06/2024 - https://economy-news.net/content.php?id=44933

The Iraqi Private Sector And Improving The Investment Environment In The National Development Plan 2024-2028

Samir Al-Nusairi   During the past three months, the Ministry of Planning and the specialized work teams have made efforts to prepare and prepare the National Development Plan 2024-2028, the draft of which addressed in detail the main challenges facing the Iraqi private sector and the main objectives aimed at achieving its effective contribution to improving the investment environment.

While I agree with what is stated in the plan, we emphasize the need to add the basic pillars stated in the private sector development strategy.

For the years 2014-2030, and in particular its three time periods, its four pillars, its four pillars, what has been achieved since its launch in 2014, and what has not been achieved.

It is also necessary to state what has been achieved from Iraq’s Vision 2030, which clearly outlined the path to achieving a “strong and developing private sector.”

In addition to determining what has been achieved during the implementation of previous national development plans and the economic, financial and banking reform strategy included in the government program of the current government and what is the real role through which the private sector should contribute with government participation and support in managing the overall economy.

This requires providing a legislative environment and a stable business environment and focusing on the axes that aim to build sound preliminaries for the transition to a complete economic reform.

 This is what we all agree on, but this requires the government and the private sector in all its banking, industrial, agricultural, energy, health, construction, tourism and service sectors to participate and cooperate in implementing the transitional, medium and long-term economic reform strategy.

This means involving the private sector in a greater role in economic decision-making and leading the market institutionally and legislatively through the following:

1- Contributing with the government to improving the business environment in Iraq and providing an encouraging investment climate to attract national and foreign capital in accordance with the government’s program and encouraging and stimulating the achievement of partnerships between the public and private sectors in financing and developing development projects that have achieved implementation rates.

Good and its allocations are included in the general budgets of 2024 and 2025

2- Contributing with the government to creating a new legislative environment based on Article (25) of the Permanent Constitution, the strategies and laws related to economic reform, the private sector development strategy, its pillars and specific contents, in a way that ensures its activation and leadership of the market in the future.

3- Maintaining and activating the partnership, dialogue and cooperation between the private sector and the government by taking rapid measures to activate the Private Sector Development Council and start its work under the chairmanship of the Prime Minister, enacting a special law for it and forming a joint advisory council from the government and private sectors linked to the council that includes experts from the various economic sectors nominated by the council members and provides its advice and works according to a special system approved by the council.

4- Contributing with the government in developing policies, mechanisms and strategies and participating in following up on their implementation to resolve the transition to time-programmed stages to a market economy.

5- Working with the government to provide additional sources of funding for the state’s general budget by adopting the development and diversification of resources towards raising the percentage of resources other than oil in the gross domestic product, by activating the real economy and diversifying sources of national income.

6- Work to encourage the establishment and development of small, medium and micro enterprises in order to achieve comprehensive and sustainable development, including the formation of specialized institutions for this purpose and issuing a special law to develop and advance these projects and determine their economic feasibility and benefit from the Riyada initiative launched by the Prime Minister and the National Lending Strategy launched by the Central Bank on 5/25/2024.

7- Cooperation in financing and ensuring the implementation of central plans to provide infrastructure to encourage and develop the private sector in industry, trade, agriculture, tourism, health, energy, construction, strengthening and services.

8- Activating the role of specialized banks and private banks to provide soft loans to the national private sector, as well as finding solutions to the problems of taxes and accumulated interest incurred by owners of projects that have stopped production, and setting a short- and medium-term financial policy.

9- Coordination and cooperation with the relevant ministries and financial and statistical institutions, especially the Ministries of Planning and Finance, in building a financial and statistical information base and ensuring its transparency.241 views 07/06/2024 -https://economy-news.net/content.php?id=44929

Oil Prices Head For Fourth Week Of Gains

Saturday 06 July 2024 08:25 | Economic Number of readings: 212  Baghdad / NINA / Oil prices did not change much in Asian trading on Friday evening, but they are heading towards achieving gains for the fourth week in a row and remain near their highest levels since late April, thanks to hopes for strong fuel demand during the summer and some concerns about supplies.

By 01:43 GMT, Brent crude futures, which have risen 7% over the past four weeks, fell two cents to $ 87.41 a barrel.

While US West Texas Intermediate crude futures, which have risen 9% over the past four weeks, rose to $ 83.97, up nine cents from Wednesday's settlement. The US market was closed on Thursday for the Independence Day holiday, according to Reuters.

Oil has risen this week on expectations of increased demand during the summer in the United States, the world's largest oil consumer.

Analysts at ANZ Research said in a note on Friday that "market sentiment has been supported this week by signs of increased transportation and escalating geopolitical tensions in the Middle East."

The US Energy Information Administration reported a massive 12.2 million barrel draw in inventories last week, compared with analysts’ expectations for a draw of 700,000 barrels.

As for supplies, Reuters reported that Russian oil producers Rosneft and Lukoil will sharply reduce oil exports from the Black Sea port of Novorossiysk in July.

Meanwhile, Saudi Aramco cut the price of its key Arab Light crude for Asia in August by $1.80 a barrel above the average Oman/Dubai prices./https://ninanews.com/Website/News/Details?key=1139882

Record Number Of Dollar Sales By The Central Bank In A Week

Economy | 06/07/2024  Baghdad - Mawazine News  The Central Bank's sales achieved a record number in terms of selling the US dollar during the past week.

The Central Bank sold during the past week, which witnessed five days of auction, a total amount of 1 billion, 374 million, 986 thousand, and 732 dollars, with a daily average of 274 million, 997 thousand, and 346 dollars.

These numbers represent a significant increase compared to the previous week, when sales amounted to 1 billion, 105 million, 258 thousand, and 154 dollars.

https://www.mawazin.net/Details.aspx?jimare=250858

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

 Provoking Thoughts and Points To Ponder On Adversity:

The human race has had long experience and a fine tradition in surviving adversity. But we now face a task for which we have little experience, the task of surviving prosperity.  - Alan Gregg

Adversity reveals genius, prosperity conceals it.  - Horace

The virtue of prosperity is temperance; the virtue of adversity is fortitude.  - Francis Bacon

In the day of prosperity be joyful, but in the day of adversity consider.  - Bible

In victory even the cowardly like to boast, while in adverse times even the brave are discredited. - Sallust

Adversity is sometimes hard upon a man; but for one man who can stand prosperity, there are a hundred that will stand adversity.  - Thomas Carlyle

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousuotesandauthors.com/quotes_by_topic.htmlo,.

Seeds of Wisdom RV and Economics Updates Saturday Evening 7-6-24

Good Evening Dinar Recaps,

WHAT CAN RLUSD STABLECOIN DO THAT XRP CANT DO?

"Ripple President Monica Long explains the dual role the forthcoming RLUSD stablecoin could play alongside XRP for developers and payment utilities."

1. Some customers will prefer to transact in USD, so the stablecoin is the better method.
2. Sometimes a bridge asset is unnecessary.
3. XRP is a neutral crypto FOR USE as a BRIDGE ASSET.
4. XRP can move more than just currency, RLUSD only moves US dollars.

"Ripple sees XRP as essential for efficient cross-currency or cross-token settlements, particularly for long-tail assets and currencies. Long cited instances with the sub-Saharan African region, Europe, and the Middle East where costs can be very high amid insufficient liquidity. In these scenarios, fees can exceed 10% of the payment, making XRP crucial for the transactions."

© Newshounds News™

Read more   The Crypto Basis

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DONALD TRUMP STATES HE WILL BECOME THE FIRST CRYPTO PRESIDENT

"At a campaign fundraising event in June, former president Donald Trump styled himself as something that would have seemed unlikely not long ago. He said he would be the crypto president," tech executive Trevor Traina, who attended the fundraiser, told Reuters that month."

"By May, he declared that the US should be the industry's global leader in the space."

"The numbers back the point. According to a May report from Public Citizen, the cryptocurrency sector is becoming a titan of political funding that's hard to ignore."

"About half of young voters surveyed by Grayscale said they will consider a candidate's crypto position before voting."

DONALD TRUMP'S STANCE ON CRYPTO SHOULD GET THE ATTENTION OF THE US SENATE WHO HAS YET TO PASS A CRYPTO BILL

© Newshounds News™

Read more:  Business Insider

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"Which Banks Are Using Ripple?
Ripple’s network of banking partners has continued to grow as the blockchain expands its global reach and influence. Moreover, the number of potential partners is expected to increase as Ripple Labs tries to move forward from its lengthy legal battle with the U.S. Securities and Exchange Commission (SEC)."

"The following banks are confirmed to have been working with Ripple:

*Santander (USA)
*Canadian Imperial Bank of Commerce (Canada)
*Kotak Mahindra Bank (India)
*Itaú Unibanco (Brazil)
*IndusInd (India)
*InstaReM (Singapore)
*BeeTech (Brazil)
*Zip Remit (Canada)
*LianLian (China)
*RAKBANK (U.A.E.)
*IFX (U.K.)
*TransferGo (U.K.)
*Currencies Direct (U.K.)
*Airwallex (Australia)
*SEB (Sweden) 
*SBI Remit (Japan)
*Siam Commercial Bank (Thailand)
*Krungsri (Thailand)

On the flipside Ripple may be a faster and more affordable blockchain network than Bitcoin and Ethereum, but it is outclassed by modern networks like Solana (SOL) regarding speed and efficiency."

© Newshounds News™

Read more:  Daily Coin

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VIETNAM INTRODUCES MANDATORY FACIAL RECOGNITION FOR DIGITAL PAYMENTS THAT EXCEED APPROXIMATELY $390

This will be an issue for many US citizens going into the digital age as privacy concerns accompany KYC/AML (know your customer/ anti-money laundering) laws.

"Authorities in Vietnam have introduced a facial recognition requirement for all digital payments of 10 million dong (about $390) or more made in the country. The measure, which has already raised questions about privacy and security, requires all money transfers made through banks or e-wallets to involve face scanning on smartphones via banking applications. According to the State Bank of Vietnam, the obligation aims to “ensure the security of online and bank card payments.”

Newshounds News will be keeping an eye on these new laws and will report on their advancement.

© Newshounds News™

Read more:  Agenzia Nova 

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BASEL COMMITTEE UPDATE REGARDING CRYPTO RULES FOR BANKS

"The committee is unveiling the standards later in July, culminating a years-long process."

"The Basel Committee met on July 2-3 and made policy decisions on issues that included disclosure of banks’ crypto exposure. A disclosure framework for banks’ crypto assets was proposed in December 2022 and opened for comments in May 2023.

"Updated standards will be published later in July, according to a Bank for International Settlements (BIS) statement."

This article is dated July 3, 2024, up-to-date news regarding BIS and BASEL 3 @ Newshounds News™

Read more:  Coin Telegraph

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Venezuela’s Digital Asset Remittances Hit Yearly $460 Million

"Venezuelans have recorded an increased amount of remittances with crypto numbers surging in the last one year."

HIGHLIGHTS

*"Venezuela recorded $5.4 billion in remittances last year."
*"Out of this number, over $460 million were crypto transactions."
*"Global adoption of crypto assets continues to soar with more use cases."

"Venezuelan citizens have recorded a surging number of cryptocurrency remittances with figures above $460 million in the last 12 months.  Generally, remittances in the country have grown due to harsh economic conditions that led to huge numbers of migrants. The figure shows a growth in crypto adoption in the last year in Latin America and other jurisdictions."

"Venezuelans Embrace Crypto Remittances"

"Venezuelans have increased their crypto usage for transactions as general figures have spiked in the last year. According to data from the Inter-American Dialogue, Venezuelans remitted about $5.4 billion contributing 6% to the gross domestic product. To put growth in perspective, the figure is almost a 75% surge from 2021. "

"Crypto remittances were up to $461 million, totaling 9% of numbers per Chainalysis data.  Manuel Orozco, director of Migration, Remittances, and Development at the Inter-American Dialogue noted that while the figures are high, a large number of migrants cannot afford to send remittances. “The number of Venezuelan migrants that are sending remittances has jumped 50-60%. It’s not a higher percentage because the rest of the migrants cannot yet afford to send money.”"

"Venezuelan remittances spiked after the country faced an economic crisis leading to migration with about 30% of households receiving money from foreign countries. In the last 10 years, over 7 million Venezuelans have left the country sending money back home through digital methods. While traditional remittance methods appear slower and more expensive, crypto assets provide an easier route. However, crypto users back home face certain regulations on some digital asset exchanges with many calling on pro-industry laws."

Globally, Crypto usage has soared.  Traditional means of remittances have huge rates attached, while crypto is a much faster and cheaper way to send remittances.

@ Newshound News™

Read more:  CoinGape

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Economist’s “News and Views” Saturday 7-6-2024

28 Countries Joining BRICS: What Next?

Fastepo:  7-5-2024

According to a Russian newspaper, Izvestia, 28 countries have expressed interest in joining BRICS, either as full members or partners.

This information was confirmed by representatives from one of the association's countries during the BRICS Foreign Ministerial Council in Nizhny in Russia. The list includes countries from different continents including Palestine.

However, Palestine, which is not yet fully recognized internationally, has expressed interest in joining as an observer state or partner.

Please note that the timing of this expansion has not yet been confirmed. Some sources, such as the Russian Prime Minister, have mentioned that it will be discussed during the BRICS summit in 2024.

However, other sources believe that it will be further discussed next year. Regardless of the timing, it is important to discuss this expansion in more detail.

 This video will detail all 28 countries interested in joining BRICS and analyze their potential contributions, including how their membership could expand BRICS' influence and economic clout globally.

 The analysis will consider the economic, political, and strategic implications of this expansion, providing insights into how BRICS could evolve in the coming years.

https://www.youtube.com/watch?v=OCNOi-OXNWU

Argentina Faces Reality: Renews RMB Currency Lifeline, Expands China Trade For Economic Survival

Sean Foo:  7-6-2024

While Milei preaches dollarization, his economic moves is actually drawing Argentina closer and closer to China. Not only did he secure a vital currency lifeline, he is expanding trade with China with more agricultural exports. Here's why Milei did a dramatic U-turn towards Beijing!

Timestamps & Chapters:

0:00 Milei's U-Turn On China

2:51 Scrambling For Currency Lifeline

6:00 Argentina Needs More China Trade

 9:17 China's Latin American Strategy

 11:39 Milei Needs Chinese Investments

https://www.youtube.com/watch?v=V9iU05FBYpc

Bullion Bulletin - JULY 5, 2024

Miles Franklin: 7-5-2024

Bullion Bulletin is a compilation of videos from Andy's week of interviews. In this compilation, you'll find a variety of engaging and informative content featuring expert analysis and discussions.

https://www.youtube.com/watch?v=A2x0a42f1tY

Jim Rickards: If They Pull This Plug Right Now, There Will be a Reckoning Upon Us

Daniela Cambone:  7-5-2024

“The problem now is if you pull the plug, it will be chaos,” warns Jim Rickards, New York Times bestselling author. In an exclusive interview with Daniela Cambone,

Rickards also states that the U.S. is caught in a financial war, with the U.S. dollar being threatened by BRICS nations and their new currency. Even though the U.S. dollar will remain the world’s reserve currency, the BRICS currency could become a successful trading currency.

 “That’s how confidence is lost in the United States, slowly at first and then suddenly. So we're not at the 'suddenly' stage yet, but we're getting really close.”

 Watch the powerful interview to learn more about Rickards' thoughts.

https://www.youtube.com/watch?v=OBqNNrBk3SI

“Tidbits from TNT” Saturday 7-6-2024

TNT:

Tishwash:  Sudanese congratulates Iranian president-elect

 Prime Minister Mohammed Shia al-Sudani stressed, today, Saturday, the importance of continuing coordination between Iraq and Iran at the highest levels and in all fields.

The Prime Minister's Media Office stated in a statement that "Prime Minister Mohammed Shia al-Sudani congratulated Masoud Pezeshkian on his election as President of the Islamic Republic of Iran."

In a telegram sent to Pezeshkian, according to the statement, the Prime Minister expressed his "wishes for his success in his duties," stressing "the depth of relations between the two friendly neighboring countries, and the importance of continuing coordination at the highest levels, in all fields, and in a way that serves common interests."   link

Tishwash:  US messages to Iraqi leaders: Dollar cash flow may stop

Prominent Kurdish politician, Masoud Barzani, sent messages to Iraqi political leaders, stating that the entry of some factions into the Israeli-Iranian conflict may prevent the flow of cash dollars into Iraq. 

Politician Mishaan Al-Jubouri said that Barzani informed the leaders of the Coordination Framework that the American siege will be imposed on Iraq if Washington's interests are attacked. 

He added that Barani also informed the leaders of the Coordination Framework that America can stop the flow of dollars to Iraq and cause harm to the country, but Iraq is unable to cause any harm to America   link

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Tishwash:  Prime Minister's Advisor: Iraq in the process of paying off long-term development loans to the World Bank

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Saturday, that zeroing out the debts to the International Monetary Fund reflects Iraq's high and solid creditworthiness, while indicating that Iraq is in the process of paying off long-term development loans to the World Bank.

 Saleh told the Iraqi News Agency (INA): "Iraq has entered into about 5 programs with the International Monetary Fund since 2004 until the end of 2018, including 3 credit readiness programs, and all of them were characterized by providing loans whose function was to support the state of stability and economic reform in Iraq in two directions. The first: loan programs, as Iraq received loans from the International Monetary Fund to help it overcome economic crises, as these loans included supporting the general budget and financing economic stability programs, especially during the war on ISIS terrorism."

He added: "As for the other direction: in the field of economic reforms, as the International Monetary Fund usually stipulates that countries that receive loans implement certain economic reforms. In the case of Iraq, these reforms included improving the management of public finances and the banking sector, enhancing transparency, combating corruption, and reforming the energy sector."

He pointed out that "these loans did not exceed $5 billion per loan, and the actual withdrawal from them will not exceed $3 billion or more in each case, and according to a repayment program that takes place every 6 months with grace periods of two years before repayment with a moderate annual interest that usually does not exceed 4.5%, and the terms of these loans do not exceed five years."

He pointed out that "Iraq has repaid the loans that were withdrawn during the past twenty years according to regular payment mechanisms and are close to zeroing out unless they are all zeroed out today, which reflects the high and solid creditworthiness of the Republic of Iraq in repayment before the international financial community in particular and towards multilateral international financial organizations in general."

He continued: "But certainly there are long-term development loans that belong to the World Bank that are still in place, which is another development financial organization, and are worth a few billion and are in the process of repayment, and some of them are still in the process of committing to withdrawing them to spend them on completing development projects contracted with the World Bank, and they are also long-term soft loans."

He stressed that "cooperation relations continue between Iraq and the International Monetary Fund in various fields, including providing technical advice and supporting economic policies," noting that "the relationship between Iraq, the International Monetary Fund and the World Bank is important for achieving economic stability and sustainable development in the country."

He pointed out that "Iraq has been a founding member of the International Monetary Fund and the World Bank since 1945."  link

***********

Tishwash:  The Iraqi Private Sector and Improving the Investment Environment in the National Development Plan 2024-2028

During the past three months, the Ministry of Planning and the specialized work teams have made efforts to prepare and prepare the National Development Plan 2024-2028, the draft ofD which addressed in detail the main challenges facing the Iraqi private sector and the main objectives aimed at achieving its effective contribution to improving the investment environment.

While I agree with what is stated in the plan, we emphasize the need to add the basic pillars stated in the private sector development strategy.

For the years 2014-2030, and in particular its three time periods, its four pillars, its four pillars, what has been achieved since its launch in 2014, and what has not been achieved.

 It is also necessary to state what has been achieved from Iraq’s Vision 2030, which clearly outlined the path to achieving a “strong and developing private sector.”

In addition to determining what has been achieved during the implementation of previous national development plans and the economic, financial and banking reform strategy included in the government program of the current government and what is the real role through which the private sector should contribute with government participation and support in managing the overall economy. This requires providing a legislative environment and a stable business environment and focusing on the axes that aim to build sound preliminaries for the transition to a complete economic reform. This is what we all agree on, but this requires the government and the private sector in all its banking, industrial, agricultural, energy, health, construction, tourism and service sectors to participate and cooperate in implementing the transitional, medium and long-term economic reform strategy.

This means involving the private sector in a greater role in economic decision-making and leading the market institutionally and legislatively through the following: 

1- Contributing with the government to improving the business environment in Iraq and providing an encouraging investment climate to attract national and foreign capital in accordance with the government’s program and encouraging and stimulating the achievement of partnerships between the public and private sectors in financing and developing development projects that have achieved implementation rates. 

Good and its allocations are included in the general budgets of 2024 and 2025

 2- Contributing with the government to creating a new legislative environment based on Article (25) of the Permanent Constitution, the strategies and laws related to economic reform, the private sector development strategy, its pillars and specific contents, in a way that ensures its activation and leadership of the market in the future.

3- Maintaining and activating the partnership, dialogue and cooperation between the private sector and the government by taking rapid measures to activate the Private Sector
Development Council and start its work under the chairmanship of the Prime Minister, enacting a special law for it and forming a joint advisory council from the government and private sectors linked to the council that includes experts from the various economic sectors nominated by the council members and provides its advice and works according to a special system approved by the council.

 4- Contributing with the government in developing policies, mechanisms and strategies and participating in following up on their implementation to resolve the transition to time-programmed stages to a market economy. 

5- Working with the government to provide additional sources of funding for the state’s general budget by adopting the development and diversification of resources towards raising
the percentage of resources other than oil in the gross domestic product, by activating the real economy and diversifying sources of national income.

 6- Work to encourage the establishment and development of small, medium and micro enterprises in order to achieve comprehensive and sustainable development, including the formation of specialized institutions for this purpose and issuing a special law to develop and advance these projects and determine their economic feasibility and benefit from the Riyada initiative launched by the Prime Minister and the National Lending Strategy launched by the Central Bank on 5/25/2024. 

7- Cooperation in financing and ensuring the implementation of central plans to provide infrastructure to encourage and develop the private sector in industry, trade, agriculture, tourism, health, energy, construction, strengthening and services. 

8- Activating the role of specialized banks and private banks to provide soft loans to the national private sector, as well as finding solutions to the problems of taxes and accumulated interest incurred by owners of projects that have stopped production, and setting a short- and medium-term financial policy. 

 9- Coordination and cooperation with the relevant ministries and financial and statistical institutions, especially the Ministries of Planning and Finance, in building a financial and statistical information base and ensuring its transparency.  link

Mot: Things Like This -Ya Just Can't Make up!!!!

Mot:  Hah - They Say its Gunna Beeeee Hot!!!!

Iraq News Highlights and Points To Ponder Saturday AM 7-6-24

Oil and Gas Law.. The Unsolvable Knot

Economy  Oil and Gas Law.. The Unsolvable Knot  Information/Report..   The Oil and Gas Law is one of the sensitive laws in the Iraqi state, as it is one of the axes of the ongoing conflict between the central and regional governments over oil imports.

The center of the dispute over the law is that the region wants to control the oil revenues in its lands according to its mood without the supervision of the federal government, while the political forces do not want to grant this privilege to the region because it gives it a kind of separatist independence, so to speak.

Since the first session of the Iraqi Parliament in 2005, the draft oil and gas law has been stuck in the drawers, as disagreements prevent its approval in its final form.

After 18 years, he announced the formation of a committee to draft the law and present it to the government and the House of Representatives.

The committee formed between Baghdad and Kurdistan to draft an oil and gas law includes the Minister of Oil, the Minister of Natural Resources in the region, the Director General of SOMO, and senior staff in the Ministry of Oil, in addition to oil-producing provinces such as Basra, Dhi Qar, Maysan, and Kirkuk.

Oil and Gas Law.. The Unsolvable Knot Ea31c5d3-92af-43f1-a17b-8b349f7d84ca

Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury's resources.

Article 14 relates to oil revenues in the Kurdistan Region and their audit by the Federal Audit Bureau.

The Iraqi Oil and Gas Bill regulates this vital sector for Iraq and the management of the country’s oil fields through a single national company, with revenues deposited into a single account.

The financial advisor to the Iraqi Prime Minister, Mazhar Mohammed Salih, confirmed in statements that accelerating the approval of the federal oil and gas project law in the House of Representatives as soon as possible will establish a stable national roadmap for investment and production of the country's primary sovereign resource, which is oil and gas.

He explained that this "natural resource contributes directly to Iraq's gross domestic product by nearly 50 percent, and has an indirect impact on our country's total economic activity by no less than 85 percent."

Saleh said, "Adopting a unified national oil policy, and achieving optimal investment and production in Iraq's oil area, starting from the southern fields and going up to the northern and regional fields, is an important and strategic matter in the matter of benefiting from opportunity costs in the optimal and harmonious operation of the current Iraqi oil policy."

The draft of the Iraqi oil and gas law available to parliament stipulates that the responsibility for managing the country's oil fields should be entrusted to a national oil company, supervised by a federal council specializing in this matter.

For its part, the Kurdistan Oil Law indicates that the Iraqi government has the right to participate in the management of fields discovered before 2005, but fields discovered after that are subject to the regional government.

In 2022, the Federal Court in Baghdad ordered the region to hand over the oil produced on its territory to Baghdad, and to cancel contracts signed by the region with foreign companies. The matter went so far as to invalidate contracts with many foreign companies, especially American and Canadian ones, by the judiciary in Baghdad.

After years of exporting oil alone via Turkey, the Kurdistan Region must, as of late 2023, abide by an international arbitration ruling that gives Baghdad the right to fully manage Kurdistan’s oil.

As a result, exports from the region stopped. An interim agreement signed between Baghdad and Erbil stipulates that Kurdistan’s oil sales will be made through the Iraqi State Oil Marketing Organization (SOMO), while revenues generated from the region’s fields will be deposited in a bank account at the Central Bank of Iraq or one of the banks approved by the Central Bank of Iraq.

Oil and Gas Law.. The Unsolvable Knot 7de13617-1067-4c34-ac1f-eeeb319b03ca

Member of the Parliamentary Oil and Gas Committee, MP Dhurgham Al-Maliki, revealed that the Coordination Framework and the State Administration Coalition discussed the oil and gas law with Masoud Barzani.

Al-Maliki told Al-Maalouma Agency, "The committee discussed the draft law in a professional manner and completed most of its paragraphs, but the government requested its withdrawal to make amendments to it, indicating that the law is still in the government's possession."

He considered that "the obstruction of the approval of the annual budgets is due to the oil disputes between the center and the region, indicating that the approval of the law has become an urgent necessity due to its ability to resolve 90% of the disputes between the region and the center."

He stressed that "the legislation of the law is governed by political agreement, not professional agreement," calling on "political forces to pressure the government to send the law for the purpose of legislation." LINK

Parliamentary Oil Committee Reveals Details Of The Oil And Gas Law And The Reason For Not Legislating

Policy   Information / Baghdad..  Member of the Parliamentary Oil and Gas Committee, MP Dhurgham Al-Maliki, revealed today, Saturday, that the Coordination Framework and the State Administration Coalition discussed the oil and gas law with Masoud Barzani.

Al-Maliki told Al-Maalouma Agency, "The committee discussed the draft law in a professional manner and completed most of its paragraphs, but the government requested its withdrawal to make amendments to it, indicating that the law is still in the government's possession."

He considered that "the obstruction of the approval of the annual budgets is due to the oil disputes between the center and the region, indicating that the approval of the law has become an urgent necessity due to its ability to resolve 90% of the disputes between the region and the center."

He stressed that "the legislation of the law is governed by political agreement, not professional agreement," calling on "political forces to pressure the government to send the law for the purpose of legislation." LINK

Parliamentary Oil Committee Calls For Speeding Up The Legislation Of The Oil And Gas Law

Economy  14:19 - 2024-07-06  The Parliamentary Oil and Gas Committee called on political forces on Saturday to pressure the government to send the oil and gas law to parliament for legislation.

Committee member, MP Dhurgham Al-Maliki, said, "The committee discussed the draft law in a professional manner and completed most of its paragraphs, but the government requested its withdrawal to make amendments to it, noting that the law is still with the government."

He continued, "The delay in approving the annual budgets was mostly due to oil disputes between the center and the region, noting that approving the law has become an urgent necessity due to its ability to resolve 90% of the disputes between the region and the center."

He stressed that "the legislation of the law is governed by political agreement, not professionalism," calling on "political forces to pressure the government to send the law for the purpose of legislation." https://kirkuktv.net/AR/Details/21511

US Messages To Iraqi Leaders: Dollar Cash Flow May Stop

Local    Economy News – Baghdad  Prominent Kurdish politician, Masoud Barzani, sent messages to Iraqi political leaders, stating that the entry of some factions into the Israeli-Iranian conflict may prevent the flow of cash dollars into Iraq.

Politician Mishaan Al-Jubouri said that Barzani informed the leaders of the Coordination Framework that the American siege will be imposed on Iraq if Washington's interests are attacked.

He added that Barani also informed the leaders of the Coordination Framework that America can stop the flow of dollars to Iraq and cause harm to the country, but Iraq is unable to cause any harm to America.   194 views 07/06/2024 - https://economy-news.net/content.php?id=44927

Will The Exchange Rate Reach 1600 Dinars?

Money  and business  Economy News – Baghdad  Economic expert, Munar Al-Abidi, confirmed that the dollar exchange rate in the parallel market may reach 1,600 dinars in the coming days after the Central Bank reduced the money supply.

Al-Obaidi said that the parallel exchange rate in the local market changes as a result of supply and demand, noting that it is expected that the value of the dinar will decrease against the dollar in the coming days and reach the 1,600 dinar barrier.

He added that the reduction in the sale of cash dollars in the local market by the Central Bank is the main factor behind the rise in the value of the dollar, and the price will depend on the provision of hard currency from sources other than the Central Bank, which are very limited and almost non-existent sources.

The Central Bank decided to prevent exchange companies from giving dollars to travelers at their headquarters, but rather limited them to airports only, with the aim of preventing them from being exploited by some parties. 80 views 07/06/2024 - https://economy-news.net/content.php?id=44921

 Provoking Thoughts and Points To Ponder On Adversity:

Prosperity is not without many fears and distastes, and adversity is not without comforts and hopes.  - Francis Bacon

If we had no winter, the spring would not be so pleasant; if we did not sometimes taste of adversity, prosperity would not be so welcome.  - Anne Bradstreet

The good things that belong to prosperity are to be wished, but the good things that belong to adversity are to be admired.  - Marcus Annaeus Seneca

One who was adored by all in prosperity is abhorred by all in adversity.  - Baltasar Gracian

Prosperity provideth, but adversity proveth friends.  - Queen Elizabeth I

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

MilitiaMan: Iraq Dinar-IQD-AI-Economic & Digital Impact Critical-JPMorgan-100% Completion Port Authority-Customs

Iraq Dinar-IQD-AI-Economic & Digital Impact Critical-JPMorgan-100% Completion Port Authority-Customs

MilitiaMan and Crew:  7-5-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=qMvT6FPo6ss

Iraq Economic News and Points To Ponder Friday Afternoon 7-5-24

A Government Policy To Control The State's Public Finances 

 Iraq 07/03/2024  Baghdad: Huda Al-Azzawi   Iraq has suffered throughout the previous years from the inability of successive governments to control spending, both operational and investment, and to control expenditures in all sections of activities approved by the state’s general budget,

until the current government - according to what specialists see - was able, through its policies, to control the state’s public finances through... Implementing automation and electronic governance programs, as well as moving towards balancing programs and performance and not just balancing items.

The Prime Minister’s Advisor for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, said in an interview with “Al-Sabah”:

 “Within the scope of implementing its financial policy, the federal government has diagnosed that building the federal general budget on the principle of the so-called budget items alone does not provide an adequate basis for controlling financial transactions.” And reassurance of expenses, both operational and investment, in terms of performance and correct targeting of the activity spent on efficient". 

He stated,  “In this regard, the scope of financial responsibility required moving in two parallel directions to raise the efficiency of public finance and financial discipline. The

 first is:

     automating public finance work in revenues and expenditures,

     introducing digital systems, and

     relying on electronic governance through the contents that the government program came up with, and the

second:

     focusing on directing... Public spending, especially investment spending in implementing public projects,

     aims to balance programs and performance in a gradual and systematic manner, to

     ensure efficient implementation and

     evaluate the performance of expenditures without disruption, delay, or waste of public money.” He pointed out,

  “This is what the current financial policy has taken by adopting disbursement programs that provide oversight and evaluation of multi-faceted activities that concern broad sectors and activities and are currently called (special programs), without implicitly abandoning the budget items that will be an integral part of the budget.” Special programs or programs as a first stage.” Saleh stressed,

  “Based on the above, the country’s financial system is currently being modernized in a successive manner with two pillars (financial automation and modernization of government accounting) and in accordance with the principles of digital control and the adoption of program principles in implementing and managing public budgets in a gradual and systematic manner within the framework of the economic reform policy.” And the country's finances.

 For his part, the academic researcher in financial affairs and development, Aqeel Jabr Ali Al-Muhammadawi, said in an interview with “Al-Sabah”:

“It is not possible to implement the management and control of public financial flows with high efficiency without evaluating and analyzing the financial situation, and the sustainability of public finances on solid financial foundations and methodology and a financial mentality.”

 “A new specialist with more accurate and sober financial models that transcends areas of functional and institutional dysfunction in public financial decisions and procedures, which will provide legal entities and public government institutions with additional objective information that can positively impact the quality of administrative decision-making and decision-making taken by government bodies, councils and departments.”

 He added,  "This indicates the necessary need to prepare a comprehensive financial methodology from experts in the accounting and financial specialization, more than economists, in order to develop

      statistics,

     financial indicators,

     national accounts,

     financial practices,

     banking supervision,

     financial and real estate credit,

     financial insurance, and others

 according to concepts, and to provide specialized and advanced financial analysis."

 And more accurate and sober, taking into account differences in the areas of building, formulating and setting standards and metrics according to standard models, as well as financial practices and applications and statistical resources from various governmental and non-governmental institutions.” https://alsabaah.iq/98944-.html    

Oil Prices Are Heading Towards New Gains

Economy |05/07/2024  Follow-up - Mawazine News   Oil prices were little changed in early Asian trading on Friday, but were on track for a fourth straight weekly gain and remained near their highest since late April on hopes of strong summer fuel demand and some supply concerns.

Brent crude futures, which have risen 7 percent over the past four weeks, were down 2 cents at $87.41 a barrel by 0143 GMT .

U.S. West Texas Intermediate (WTI) crude futures, which have risen 9 percent over the past four weeks, were up 9 cents at $83.97, above Wednesday's settlement. The U.S. market was closed on Thursday for the Independence Day holiday.

Oil has been rising this week on expectations of higher summer demand in the United States, the world's largest oil consumer.

"Market sentiment has been supported this week by signs of increased transportation and escalating geopolitical tensions in the Middle East," analysts at ANZ Research said in a note on Friday.

The U.S. Energy Information Administration reported a massive 12.2 million barrel draw in inventories last week, compared with analysts’ expectations for a draw of 700,000 barrels.

On supplies, Reuters reported on Thursday that Russian oil producers Rosneft and Lukoil will sharply cut oil exports from the Black Sea port of Novorossiysk in July.

Meanwhile, Saudi Aramco cut the August price of its flagship Arab Light crude to Asia by $1.80 a barrel above the Oman/Dubai average, highlighting the pressure OPEC producers are facing as non-OPEC supplies grow.    https://www.mawazin.net/Details.aspx?jimare=250780

Ports Announce The Completion Of The First Phase Of Networking By 100 Percent

Money  and business  Economy News - Baghdad

The consultant for the border crossings networking project, Ahmed Ezz El-Din, confirmed today, Friday, that the authority has made advanced progress in the electronic networking of the crossings, pointing out that the first phase of the networking has been completed.

Ezz El-Din said, "The first phase of the networking of the ports has been completed 100%, and all border ports have been connected with optical cable and the highest-spec infrastructure of network devices and servers has been established," stressing that "all devices are currently connected to the Border Ports Operations Center at the Ports Authority."

He added that "the network connection means that digital transformation and automation of systems will be available, and its implementation will be direct," noting that "the border crossings management program has been implemented and a live image has been transferred from sonar devices directly to the operations center."

He stated that "the port and the operations center were audited via live broadcast, which leads to combating corruption and reducing pressure on workers at the ports and monitoring the movement of trucks and goods from their entry to their exit."

95 views  07/05/2024 - https://economy-news.net/content.php?id=44917

Slight Increase In Inflation Rate For Last May

Friday 05 July 2024 14:13 | Economic Number of readings: 227  Baghdad / NINA / The Ministry of Planning announced today, Friday, a slight increase in the inflation rate during the month of May, by (0.1%).

The official spokesman for the ministry, Abdul Zahra Al-Hindawi, said that "the General Authority for Statistics and Geographic Information Systems monitored this increase in the movement of prices in the Iraqi local markets in all governorates."

He explained that "the recorded increase rate came in comparison with the inflation rate recorded during the month of April that preceded the month of May," noting that "the annual inflation rate witnessed an increase of (3.4%) during the month of May compared to the same month of last year 2023." / End 5    https://ninanews.com/Website/News/Details?key=1139808

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

 Provoking Thoughts and Points To Ponder On Adversity:

I have always grown from my problems and challenges, from the things that don't work out. That's when I've really learned.  - Carol Burnett

Those things that hurt, instruct.  - Benjamin Franklin

Pain is the root of knowledge.  - Simone Weil

Life can be real tough ... you can either learn from your problems, or keep repeating them over and over.  - Marie Osmond

Bad times have a scientific value. These are occasions a good learner would not miss.  - Ralph Waldo Emerson

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousuotesandauthors.com/quotes_by_topic.htmlo,.

World Turns its Back on the Collective West - News from the 24th SCO Summit

World Turns its Back on the Collective West - News from the 24th SCO Summit

Think BRICS:  7-5-2024

Discover how the world is shifting towards a multipolar world order, prioritizing regional cooperation and economic integration.

 The Shanghai Cooperation Organization (SCO) emerges as a key Eurasian alliance driving this transformation. In this discussion with Clive Ettia and Anastasia of Think BRICS and Rhod Mackenzie of ‪@SCOBRICSInsight we delve into the SCO's significant impact on regional stability and global geopolitical dynamics, focusing on its member states: Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Pakistan, India, Iran, and the new Belarus.

We explore the economic resilience fostered by the SCO amidst global challenges like fuel shortages and sanctions on Russia, and how alternative trade systems and financial innovations are being developed to counter Western economic pressures.

At the recent summit in Astana, Kazakhstan, Russian President Vladimir Putin underscored the SCO's role in shaping a more equitable international system.

 We examine the complex relationship between Russia and Kazakhstan, highlighting their strategic maneuvering within the SCO. Additionally, we discuss India's pioneering efforts to create an alternative to the SWIFT financial messaging system, promoting rupee trade settlements and enhancing economic sovereignty.

Join us as we analyze the SCO's proactive stance in global affairs, emphasizing its pivotal role in fostering regional cooperation and economic integration.

 This video provides a comprehensive understanding of how the SCO is positioned as a cornerstone of stability and development in Eurasia and beyond.

While this video offers an in-depth analysis of the Shanghai Cooperation Organization's (SCO) influence on regional cooperation, economic integration, and geopolitical tensions, it does not cover detailed individual profiles of the SCO member states or their internal political dynamics.

The focus is primarily on the collective actions and strategies of the SCO rather than specific national policies.

Additionally, this video does not delve into the historical formation of the SCO or its early years of development. For those interested in the origins and initial challenges of the SCO, further research and separate sources will be necessary.

By concentrating on the current and forward-looking aspects of the SCO's role in the multipolar world order, we aim to provide viewers with a clear and concise overview of its contemporary relevance and future potential.

https://www.youtube.com/watch?v=9smd7vdf3O0

Iraq Economic News and Points To Ponder Friday AM 7-5-24

Urgent| An Economic Expert Warns: We Are Close To The Moment The Dinar Collapses Against The Dollar

  July 4, 2024  Baghdad/Iraq Observer   Economic expert Ziad Al-Hashemi warned, today, Thursday, of the collapse of the Iraqi dinar against the US dollar in light of the presence of rising factors.

 Al-Hashemi said in a blog post on the (x) platform, followed by “Iraq Observer,” that

 “(dollar exchange rates) are on the threshold of 1,500 dinars and are likely to rise further, after the US Federal Reserve banned Iraqi remittances in Chinese yuan, due to suspicions of smuggling, money laundering, and financial fraud.”  

He added:   “It is expected that this ban will cause an increase in demand for the cash dollar within the parallel markets, and this may push the Iraqi Central Bank to return to implementing more stringent measures that will increase the state of anxiety and turmoil in the markets.” Al-Hashemi continued:

  “During this week, we witnessed the cessation of selling the dollar to travelers through approved banking companies and restricting it to sales outlets inside the airport only.

 This measure will cause more rapid demand for the dollar from the parallel market, especially with the start of the travel season.” He continued: “As I mentioned in previous attached tweets, the Iraqi Central Bank has not been able, more than 18 months after the exchange rate crisis, to dismantle and solve the exchange rate problem, as the factors of rising exchange rates are still effective and influential.”

He pointed out that   “what happened in the last period was merely a postponement of the moment of the collapse of the dinar against the dollar, by numbing the markets with an imaginary stability as a result of a huge sale of the dollar that could decline sharply with any decision from the Federal Reserve that turns the tables on the central bank’s actions, and this is what happened today.”       https://observeriraq.net/عاجل-خبير-اقتصادي-يحذر-اقتربنا-من-لحظة/    

The Central Bank Urges Reporting Cases Of Corruption

 July 03, 2024     The Central Bank of Iraq encourages witnesses, experts, and whistleblowers to report cases of corruption, in accordance with Article (9/second) of the Law on the Protection of Witnesses, Experts, Informants, and Victims No. (58) of 2017 related to rewarding whistleblowers for corruption cases.

 This bank indicates that the informant is rewarded for reporting cases of corruption if it leads to their disclosure, within the basis and amount of the reward according to a system issued by the Council of Ministers.   Central Bank of Iraq   information Office   3 - July – 2024   https://cbi.iq/news/view/2610    

A Government Source Announces The Size Of The Debts Collected For The Trade Bank Of Iraq

 Economy    Yesterday, 20:59  Baghdad – IA   A government source announced today, Thursday, the volume of debts collected for the Trade Bank of Iraq.

 Speaking to the Iraqi News Agency (INA), the source said,  “Within the framework of the effort made by the government in the field of financial and administrative reform of the government banking sector, and based on the directives and continuous follow-up of the Prime Minister to restructure the due debts (government and private sector), which benefits the Iraqi Bank.”

 For TBI Trade, the following results were achieved during the last period of the government’s life:

1. The total debts collected and owed by the government sector, including the balances of the Kurdistan region, and paid to the Iraqi Trade Bank until 6/30/2024 amounted to approximately one trillion and 630 billion Iraqi dinars.  He added,

 "2. The total debts collected and owed by the private sector and paid to the Iraqi Trade Bank until 6/30/2024 amounted to approximately three hundred and forty-eight billion Iraqi dinars,

 3. The total amounts collected to the Ministry of Finance IRAQ2 account, which represent expired and canceled credit balances, It amounted to approximately fifty-three million dollars.  He continued,

 "Work is continuing to settle other debts in this area, in coordination with the entities issuing those credits."    https://www.ina.iq/212001--630-.html   

Nassif: “Capital” Circumvents Iraqi Law And Drains Iraqi Funds Through The Currency Auction

 Policy     2024-07-03 | 2,923 views   A member of the Parliamentary Integrity Committee, Representative Alia Nassif, revealed today, Wednesday, that the  Capital Bank is circumventing Iraqi law, while indicating that  it is draining Iraqi funds through the currency auction.  Nassif said in a tweet on "X", "Capital Bank agreed with the National Bank to circumvent Iraqi law by opening an account for Iraqi clients at Capital and then making investment transfers."

She added, "Huge sums are deposited in Iraqi dinars and then transferred and received in Amman in dollars as part of an organized operation to smuggle money into Jordan," indicating that  "Iraqi funds are being drained through the currency auction."    https://www.alsumaria.tv/news/politics/492906/نصيف-الكابيتال-يتحايل-على-القانون-العراقي-ويستنزف-الأموال-العراقية-بمز    

Stopping Dealing In Chinese Remittances, Whether Temporary Or Permanent.. Al-Kazemi Reveals The Details To Al-Sumaria

 Special Sumerian     2024-07-04 | 3,920 views Member of the Parliamentary Finance Committee, MP Moeen Al-Kadhimi, revealed today, Wednesday, the  reason for stopping Chinese transfers in the “yuan” currency, while indicating that  the matter is temporary until investigation mechanisms are found.

Al-Kadhimi said in an exclusive interview with Al-Sumaria News that “China’s transfers in the yuan currency have been temporarily stopped Until audit mechanisms are found.”  Al-Kadhimi added, "During the past period, we have found significant manipulation of Chinese remittances."

 https://www.alsumaria.tv/news/alsumariaspecial/492972/إيقاف-التعامل-بالحوالات-الصينية-مؤقت-ام-دائمي-الكاظمي-يكشف-لـ-السومرية

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

I have always grown from my problems and challenges, from the things that don't work out. That's when I've really learned.  - Carol Burnett

Those things that hurt, instruct.  - Benjamin Franklin

Pain is the root of knowledge.  - Simone Weil

Life can be real tough ... you can either learn from your problems, or keep repeating them over and over.  - Marie Osmond

Bad times have a scientific value. These are occasions a good learner would not miss.  - Ralph Waldo Emerson

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html