Sierra, PIR and Lynette Zang Friday 6-26-2020

"Pompeo Tweet: Gold Standard" by Sierra (NZ) - 6.26.20

Entry Submitted by Sierra (NZ) at 2:30 AM EDT on June 26, 2020

Are you tired of winning yet?

I love researching posts. Sometimes there's a moment as I am scrolling through Twitter when I stop and say, 'Wow!' This tweet today by Secretary Mike Pompeo was one of those moments...

https://twitter.com/SecPompeo/status/1276260300262694914

The Trafficking in Persons Report  is the  gold standard  for countless stakeholders around the world to combat human trafficking. We'll continue to bring governments to the table and call on them to make the fight to #EndTrafficking a priority. pic.twitter.com/voGtEOvmtH

— Secretary Pompeo (@SecPompeo) June 25, 2020

'The Trafficking In Persons Report is the gold standard for countless stake holders around the world to combat human trafficking...' (Sec Pompeo)

As Q often says, 'How many times does a coincidence have to occur before it becomes mathematically impossible?' Within a week there have been two signs about RV and three signs (over three days) about gold or gold standard. In each case the CONTEXT was odd. Why? To draw the attention of people with ears to hear and eyes to see. That's us!

An Anon posted a tweet about Q drop number 4494 - and it was picked up by Q. President Trump was interviewed by Sean Hannity today. During the interview, POTUS talked about the Democrats working with China to produce fake mail-in ballots for the November election, by printing 'millions of ballots on the exact same paper, using the exact same machines...' https://qmap.pub/

We are in the midst of a global war, fighting against a vicious invisible enemy. However, in spite of the gravity of the situation, there is so much positivity among Light Warriors. So many brave Anons (and not so anonymous) speaking the truth to help awaken the sleeping population.

Check out this gutsy red-pilling speech by Jesse Watters at Fox News in a tweet by Lisa Mei Crowley...

https://twitter.com/LisaMei62/status/1276271251531726848

Preach, @JesseBWatters! https://t.co/zoxDK6pBdC

— Lisa Mei Crowley  (@LisaMei62) June 25, 2020

Many more digital soldiers publicly swore their oath of allegiance today - and for one lucky Anon, that included a shout out from Q...https://qmap.pub/

New Q drop 4527 includes a huge hint that Dan Scavino - President Trump's Communications Advisor - is on the Q team. This tweet by Lisa Mei Crowley explains...

https://twitter.com/LisaMei62/status/1276376789871398914

7. No coincidence Daily BEAST posted that long-a**, boring hit piece right after Q posted our marching orders & told us not to retreat from the battlefield (Twitter, FB, etc). Seems to be a HUGE push for us to move to Parler. THE WAR IS HERE.https://t.co/pDvUAWWOwz pic.twitter.com/l6vYhAoIOo

— Lisa Mei Crowley  (@LisaMei62) June 26, 2020

This revelation about Scavino is a bold move. It shows that Q is finally ready to step out of the shadows. It may be a sign of overt victory over the Deep State.

Do keep good heart, fellow digital soldiers. It's an oldy but it truly IS darkest just before the dawn. We stand on the threshold of the dawn of a Golden Age of peace, prosperity and freedom for humanity. We Light Warriors signed on for this gig. We will fight bravely and boldly to the end.

HOOAH!

If you need a boost to your vibration head to Twitter, especially Lisa Mei Crowley or I ET 17. You will see gems such as this tweet to cheer you up. Enjoy...

https://twitter.com/GOPChairwoman/status/1276228637235298304

Joe Biden finally left the basement, and here is the "welcome" he received.

Pennsylvania voters support @realDonaldTrump! pic.twitter.com/3S3py4uC20

— Ronna McDaniel (@GOPChairwoman) June 25, 2020

Where We Go One We Go All.

Love and Light
Sierra (NZ)

 https://inteldinarchronicles.blogspot.com/2020/06/pompeo-tweet-gold-standard-by-sierra-nz.html

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Patriot Intel Report

PIR 06 26 20

There are a lot of economic changes happening behind the scenes

We are looking for the GCR and the debt jubilee.  There are reports of the debt jubilee actually happening already. People are reporting some of their accounts have been zero’ed out in different things. So, yes there is a lot happening behind the scenes.

https://youtu.be/0IWP9cNrIU8?t=4

Lynette Zang

Will the Current Melt-Up Lead to a Massive Melt-Down?

Streamed live 16 hours ago

For the first time since the Great Depression, both advanced and emerging economies are going into recession in 2020.

In this video Lynette shows you what economist just said the dollar could decline at "Warp Speed". Then she breaks down what you need to know about both the "Trickle Down" and the “Trickle Up" theories, along with the 4 biggest changes that should influence every choice you make from here on out.

https://youtu.be/qX-eNZr36qQ?t=4

News, Rumors and Opinions Friday Morning 6-26-2020

TNT:

Tishwash:  Parliamentary Finance: Internal borrowing will be settled within 48 hours

Member of Parliamentary Finance Committee MP Ahmad Mazhar Al-Jubouri confirmed Thursday that internal borrowing will be settled within 48 hours.

Al-Jubouri said in an interview with “Information”, “After yesterday’s vote on the borrowing law, and determined the amount of money that must be borrowed, the government has already started to implement the contents of the law, especially regarding internal borrowing, stressing that the matter is not complicated and will be authorized within 48 hours ”

Al-Jubouri added, "The salaries of state employees will not be late in their payment and will be instructed soon to the Ministry of Finance to launch them after the borrowing law secured the provision of financial liquidity, pointing out that many countries and financial institutions have expressed their willingness to lend Iraq to get out of the current crisis."

Al-Jubouri pointed out that "the current Iraq crisis , despite its seriousness, but it gave attention to the government in the necessity of reform and addressing the file of looting of public money and the excesses involved in its internal revenues, especially borders, customs, ports, taxes and levies that could constitute a difficult number in the state treasury."    link

Courtesy of Dinar Guru

Footforward   ...I can't fathom why on Earth somebody would be talking about this going into 2021.

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KTFA:

Don961:  Clarification on foreign reserves in the Central Bank of Iraq

June 25, 2020

The real financial surplus is the government’s revenue that is represented by the Ministry of Finance, which exceeds its public expenditures during a fiscal year. If the Ministry of Finance achieves revenues (crude oil sales in general) with a value greater than its expenditures (investment spending and current spending), it will achieve a budget surplus.

That the government invest it, either internally or externally in the form of sovereign funds or investment funds, etc., and vice versa if public revenues are less than expenditures and then achieve a real deficit that requires its financing, either by searching for additional revenues, enhancing existing revenues, or resorting to internal borrowing and / or Outer.

Here it is necessary to clarify that the foreign reserves held by the Central Bank are not surplus funds, but rather accumulate as a result of a specific mechanism in which the Central Bank conducts what is called the process of monetization, as the Ministry of Finance sells the largest part of its dollar revenues to the Central Bank with a view to obtaining the Iraqi dinar Issued by the Central Bank of Iraq to implement its domestic spending, and as long as the Central Bank of Iraq adopts a fixed price to exchange the Iraqi dinar against the US dollar, and it seeks through the window of selling the currency to maintain this constant value of the dinar, so the Iraqi dinar holder has a right to foreign reserves, which is a cover for the local currency .

We can refer here to the concept of foreign reserves according to the balance of payments guide and the international investment situation issued by the International Monetary Fund (are the external assets that are at the disposal of the monetary authority and are subject to its control to meet the needs of the balance of financing payments or interference in the exchange markets to influence the exchange rate of the currency, or other Related purposes (such as maintaining confidence in the local currency and forming a basis for external borrowing) and the reserve assets must be assets in foreign currency and assets that already exist, and excluding potential assets.

The concept of reserve assets is based on the concepts of “control” and “accessibility” With regard to monetary authorities, based on the definition of foreign reserves above, the following can be installed:

1. It provides a cover for the local currency and an instrument to support the exchange rate.
2. It is the primary tool of the central bank to intervene and adjust imbalances of the balance of payments structure. 
3. It provides an important element in setting the country's creditworthiness, and enhances the country's credit rating in international transactions.

The optimal level of foreign reserves - that is, the minimum value of foreign reserves that the monetary authority must possess and that is calculated according to internationally approved standards - represents the ability of the monetary authority to defend the local currency exchange rate. The most important of these standards (the money supply standard, which represents the adequacy of foreign reserves to cover the supply of the local currency, and the trade standard, which represents the number of months in which foreign reserves can finance the country's imports of goods and services) and adopt these standards assuming a shock that affects the accumulation of foreign reserves almost Exactly.

With regard to managing foreign reserves, there are internationally accepted rules that depend on managing foreign reserves in terms of their liquid assets (securities, deposits, gold ...) and it envisions geographical distribution, currency diversification and other factors that reduce exposure to risks and provide returns that ensure sustainability These reserves.

It should be noted here that for internal borrowing by the government, whether funded by the Central Bank of Iraq directly any direct deduction of securities issued by the Ministry of Finance - which is prohibited by the Law of the Central Bank of Iraq - or indirectly by deduction in favor of local commercial banks, for both A negative impact on foreign reserves if we assume that the government’s priority is to finance that part of the expenditure represented by workers ’compensation, as this part is reflected in consumer spending, which is mainly met by imported goods and services, which in turn will generate a derivative demand for foreign currency and hence the exit of a portion Of foreign reserves to finance these imports, and this effect will continue until the date of maturity of the securities.

While external borrowing will positively reflect on the accumulation of foreign reserves, as long as the Ministry of Finance will monetize it for the purpose of obtaining the local currency, and handing the foreign currency to the central bank to be added to the foreign reserves.   link

The one video you don't not want to miss

Pimpy’s Investment Chat:  Jun 25, 2020

https://youtu.be/34idzvpVq7k?t=4

Iraqi Dinar News Update for 06/25/20 - (did he just say what i think he said)

Pimpy’s Investment Chat:  Jun 26, 2020

https://youtu.be/OyImi1hQipk?t=5

"Currency Rate Change & International Status" | C.B.I. 6-26-20.

VitalBrad:  Jun 26, 2020

Iraqi Dinar News for June 26th - Possibly the best information that CBI has ever put about mentioning the rate change and the international standards and status.

https://youtu.be/dMnifxALVvk?

MODEL CASE STUDY: TURKMENISTAN

MODEL CASE STUDY: TURKMENISTAN

Muhammad Ali  CurrencyExchangePlanner.com

We have all heard the stories of Kuwait’s drop and raise in value.  That was almost 30 years ago.  An opportunity missed.  I would like to share and add some commentary of another opportunity missed that happened in 2009, a little closer in time.

This is about Turkmenistan; they went thru a revaluation process, identical to what Iraq is going thru today.  IDENTICAL!

So this is really interesting to study and to learn from their process as it will add confidence to all of you holding Dinar or other currencies.

Now what is important to highlight, is that this article was not from the New York Times paper or some other tabloid but it was on the IMF’s website, written by one of the IMF’s senior consultants.

So you cannot deny what happened.

I will highlight some points in the article and add my own commentary in brackets [   ] and compare the process to Iraq and to other countries.

 Hope this helps you.

New Money

FINANCE & DEVELOPMENT, December 2013, Vol. 50, No. 4 Åke Lönnberg

Introducing a new currency is a complex process—one that Turkmenistan completed successfully

[Alright, we’re told that introducing a new currency is a complex process.  So we need to bear this in mind and treat this investment, not as a get rich quick scheme, but as an investment.  We need to think as investors and act as investors.]

turkmenistan.jpg

A popular destination for visitors to the IMF’s Washington, D.C., headquarters has long been a 40-foot-long display of each member country’s currency.

Most countries have their own currency, which is an important part of their national identity, though some belong to a monetary union and share a common currency with the union’s members; others use that of another, often larger, country.

On occasion, a country must introduce a new currency. Turkmenistan, the former Soviet republic in central Asia, decided in 2008 to undertake a currency reform.

A major gap between the official exchange rate and the informal or market rate meant that Turkmenistan’s price system had become complex and inefficient. This, in turn, created complexities in accounting and statistical reporting.

So the government decided to introduce a new currency before launching market-oriented reforms. Currency reform was regarded as the foundation for further strengthening the macroeconomic framework, particularly monetary transmission: the more the population relies on the local currency rather than U.S. dollars, the more control the government has over macroeconomic policy.

The total and orderly overhaul of Turkmenistan’s currency system in 2008–09 in many respects serves as a model for other countries.

[A lot of great information in the above statements, such as, a country MUST introduce a new currency and currency reform is the foundation to strengthening the country.  Also interesting to note, Turkmenistan’s currency system serves as a model to other countries.  So maybe the IMF is hinting that there will be other countries to follow.]

Big Decisions

The introduction of a new currency is not undertaken lightly. The motivation could be hyperinflation, exchange rate collapse, massive counterfeiting of the existing currency, or even war. Or it could be an intentional change—for example joining a monetary union, such as the European Monetary Union.

[We are seeing inflation and hyperinflation in some of the countries of the currencies we hold.]

Changing a national currency is a highly political decision. Sometimes the existing currency does not meet the economy’s needs. The typical economy in need of currency reform is cash based and highly dollarized, with multiple currencies circulating at the same time.

[This MCP – Multiple Currency Practice is something we’ve seen in Iraq as well.  We know that it was a challenge for them to overcome but they did and made the citizens revert back to using the Dinar.]

The single most important price in any economy is the price of its currency vis-à-vis other currencies. Countries that assign non-market-based exchange rates for different goods or services—or for imports versus exports—tend to have significant distortions in their economy.

Over time, this usually leads to slower growth overall. Eventually, the general public, the business community, and politicians may start pressing for currency reform and the introduction of a new currency.

[We’re seeing this in Iraq and Iran where the Government has passed laws for the monetary reform and seeing the general public protesting for changes and in reforms.]

 Currency reforms are typically complex and risky: global experience confirms that a successful outcome is never guaranteed. The main ingredient in the successful introduction of a new currency is a strong commitment by the central bank together with the government to take the steps needed to ensure that the new currency is perceived as stable by companies, the general public, and the international community.

[We see a lot of support towards Iraq to make sure they will not fail.]

Introduction of a new currency comprises four phases. First, the necessary preconditions—sound macroeconomic policies and strong financial sector legislation—should ideally be in place or under way. Next, careful preparation is required, setting up the policies and processes behind the reform and drafting a detailed budget for the entire currency reform (including the cost of printing and minting the new cash currency). Then comes the production of the new currency, and finally the most challenging phase: implementation.

[And not to forget mentioning the propaganda phase of purposely misleading the local and international community during the initial phases of the process.  This was mentioned by Dr. Shabibi during a conference.]

Setting The Stage

A government facing currency reform often has limited ability to pursue macroeconomic policy. If the country is suffering from hyperinflation, its macroeconomic policies to date by definition were unsound. In some cases, a currency reform must be implemented despite a difficult macroeconomic situation.

Currency reform alone is unlikely to resolve such problems and will yield its benefits only if underpinned by fiscal and monetary action. But psychologically, introducing a new currency can itself facilitate the stabilization of an economy. It is sometimes combined with exchange rate unification—to eliminate the complications of both an official exchange rate and unofficial market rate.

Turkmenistan was able to achieve favourable macroeconomic conditions before it implemented exchange rate unification and currency redenomination. During 2006–07, the economy was growing more than 11 percent a year, inflation was in single digits, and fiscal and external balances were strong.

[In Iraq’s case we know their inflation is also in single digits]

A currency reform must be supported by financial sector legislation. Existing legislation—including the law establishing the central bank and regulation of banks and other financial institutions—should be reviewed to ensure consistency with international best practices.

A law and regulations on the specific currency reform are also necessary, and other legislation—for example, governing accounting and financial reporting—may require updating. This work can be supported by technical advice from the IMF and other countries’ central banks. Such technical assistance includes initial general guidance as well as detailed recommendations based on currency reforms in other countries.

[Both Iraq and Iran has undergone changes in their legislation with the implementation of laws on the monetary reform.]

In a crisis situation, the government has little, if any, control over the circulation of different currencies. For that reason, the economy tends to be highly dollarized—that is, many transactions are made with a foreign currency, often the U.S. dollar. Moving forward, the government should favour a currency regime that supports open trade and free markets—one that allows international competition and is not overly protectionist.

The central bank is the arm of the state responsible for introducing a new currency, but it is not necessarily in a position to do so. It may lack staff with relevant experience, or sufficient branches throughout the country from which to operate, or even the funds necessary to finance a reform.

Strengthening the institutional capacity of the central bank and ensuring it has the resources needed are critical preconditions for currency reform.

Private banks also play a key role in currency reform. But the banking sector may be weak or, in some cases, virtually non-existent. In some parts of the world, informal funds transfer systems such as hawala and hundi are more vibrant or have nationwide networks that surpass those of banks. In such cases, collaboration between the central bank and these payment system operators is critical to the success of the reform.

The central bank must assess the extent to which counterfeit banknotes circulate. Together with the ministry of finance and the commercial banks, it should formulate a strategy to avoid an increase in counterfeit currency during the critical implementation stages of the currency reform.

[We have heard through various articles that Iraq has been dealing with the counterfeit situation.]

The central bank should prepare a budget for the entire currency reform early on and revise it as necessary over time. The IMF can offer technical advice on preparing such a budget.

[We have seen evidence of IMF’s help in the past.  This was done thru IMF’s case studies in Iraq and conclusion of the studies.  This tells us that IMF has completed their study of Iraq, Iran, and Viet Nam, once the study was completed, recommendations were given.  I have personally seen the study on each of these 3 countries.]

Introducing a new national currency is a highly complex project, which requires a well-functioning accounting system. Throughout the various stages, tested systems must be in place for independent auditors to safeguard the integrity of the currency reform, by ensuring correct reporting and accounting of the currency exchange. Failure in this area is not only costly but also potentially devastating to the currency reform’s reputation.

 [We have heard on numerous occasions, that auditors such as Ernst and Young and Moody have given countries like Iraq, Iran and Vietnam country ratings.]

Important as all these preparations are, the success of a currency reform depends just as much on a successful public education campaign. The central bank needs to coordinate this campaign with other agencies, financial sector representatives, merchants, and the general public.

A delicate balance must be struck between providing sufficient public information and the need for confidentiality to avoid releasing clues to counterfeiters that could be used to undermine the integrity of the new currency. The information campaign should encourage people to deposit their cash currency in accounts at banks.

The campaign must make it clear that once the currency reform is initiated, account holders can withdraw their money in the form of new banknotes. A second important point for the public education campaign is timely information on the stages of the currency reform to discourage a run on banks with temporary liquidity problems.

[In the case of Iraq, we have seen major banking advertisements, media campaigns via Bill Boards taking place.  All promoting the citizens to deposit their Dinars and the issuance of debit/credit cards.]

In Turkmenistan, the central bank conducted a proactive public communications strategy that began early in the currency reform. The terms of the redenomination were carefully defined and announced in advance. An awareness campaign was carried out throughout the country.

Booklets, illustrating the new banknotes to be distributed, were published in national and local newspapers along with explanatory articles. In addition, pocket-size cards comparing the denomination of old and new Manat were distributed to the public. And the Central Bank of Turkmenistan set up a phone hotline to answer questions from businesses and the public.

[This is something that we have not seen in Iraq, that is, pictures of the new notes.  We have seen new notes in Zimbabwe and I have seen pictures of the new notes in Indonesia.  I haven’t seen for Iran nor Viet Nam, so this may be the case of them keeping this hidden from the public or international view]

Lights, Camera, Action

A new currency’s name is a psychologically important decision for the government. One option is to emphasize continuity with the old currency by retaining the old name or adding “new” to it. Alternatively, the government may choose to underscore a break with the past by giving a completely new name to the currency to mark the start of a new monetary era.

In Turkmenistan, the government decided to keep the name “Manat” for the redenominated currency. However, in line with an international convention among countries and central banks, the International Standards Organization changed the three-digit ISO 4217 code from TMM for the pre-2007 Manat to TMT for the new Turkmen Manat.

The banknote printer and the minter of coins should be selected competitively and in the international market. Even if domestic producers are available, they should be required to compete for the contract. It is not uncommon, by the way, for various banknote denominations to be produced by different international firms.

Turkmenistan’s banknotes were printed by the British firm De La Rue, and the coins were minted by another U.K. company, the Royal Mint. De La Rue is now testing production of the banknotes from paper produced with local raw materials—Turkmen cotton, renowned since ancient times for its high quality.

[Whether Iraq remains as IQD or will change it, is still to be determined.  We have heard in the past the reference to IQN.  So we’ll wait and see on this.  Another thing that we do know is that Thomas De La Rue was contracted to design the 2003 series of the Iraqi Dinar and also the NEW Iraqi Dinar currency.

 The new currency was initially designed around 2010 and the NEW currency was printed in 2012.  The new Iraqi Dinar boasted 3 languages, English, Arabic and Kurdish.  Also interesting to note, Alaq as the Central Bank Governor, he had an entire new set of currency printed in order to have his name on the new currency.  I believe the date of printing was 2018.]

Decisions on the artistic design of banknotes are almost always complex and time consuming. The design must be integrated with necessary security features: the higher the denomination, the more advanced security features are required. These often include watermarks, security threads, see-through registers, and hidden numerals.

 Decisions also need to be made on the size of banknotes—a uniform size as for U.S. banknotes or a different size for each denomination as for euro banknotes. Finally, the colour scheme should be determined—again, uniform colours, like U.S. banknotes, or clearly different colours as for most other banknotes.

Hyperinflation and exchange rate collapse slash the value of a national currency, forcing the issuance of banknotes in ever higher denominations. In Yugoslavia in 1993, a banknote reached 500 billion dinars, and Zimbabwe’s highest banknote issued was 100,000 trillion Zimbabwe dollars in 2008.

In such situations, a redenomination of the currency is not only appropriate but also necessary. Redenominating a currency means administratively changing its face value. In itself, a redenomination makes no one richer or poorer.

Technically most redenomination of currencies are undertaken by using factors of 10, 100, or 1,000 and simply moving the decimal point a certain number of steps to the left to establish a new value. Such a change is simple to explain to the general public and easy for companies to implement. It also represents a clear way of monitoring whether price gouging is taking place.

[This process was referenced to as the Delete the 3 zero project.  Which, in itself, caused confusion and was a means of propaganda to discourage people from buying Iraqi Dinars.]

The first step in the Turkmen currency reform was to unify the exchange rate. In the past, because of a shortage of foreign exchange, there had been a dual exchange rate system made up of an official rate pegged at 5,200 Manat per U.S. dollar and an informal parallel market rate of about 23,000 Manat per U.S. dollar.

Later, the government devalued the official rate to 6,250 Manat per dollar and introduced a commercial rate of 20,000 Manat per dollar at which banks could trade freely with the public. The two markets were successfully unified on May 1, 2008—at the rate of 14,250 Manat per dollar, a level consistent with the country’s strong external position.

Currency exchanges were located wherever customers might want to exchange dollars for Manat, offering easy and official access at close to the informal rate, thus killing off demand for the informal market.

At the beginning of June 2008, the Turkmen government issued new foreign exchange regulations under which the Central Bank of Turkmenistan began providing banks and authorized currency changers ready access to foreign exchange, which in turn became available to the market-oriented private sector.

Previously the central bank had been propping up the official, unrealistically low, exchange rate by restricting access to dollars. The provision of sufficient foreign exchange to an extensive network of exchange bureaus across the country eliminated the black market rate.

[Alright, again we have seen evidence of the Central Bank of Iraq controlling the access of foreign currencies to their licensed exchangers and to the banks.]

While unifying the exchange rate is important, the authorities must also modernize the national currency for a currency reform to be comprehensive. In Turkmenistan, the modernization entailed issuing a new family of banknotes that were smaller in size than the unnecessarily large old banknotes.

It also included the reintroduction of coins. The Turkmen economy had been cash oriented for a long time, and the U.S. dollar was extremely popular. The weakness of the Manat to the dollar, which required thousands of Manat in an exchange conversion, was deemed unacceptable. One way to correct this was to redenominate the national currency.

[I’ve seen two articles from the Central Bank of Iraq with specific reference to the reintroduction of coins.  These articles were back in 2014.]

After the successful exchange rate unification, the authorities moved forward with the introduction of the new Manat, revaluing the currency by a factor of 1 to 5,000. The pegged exchange rate of 14,250 Manat per dollar resulted in an exchange rate of 2.85 new Turkmen Manat to the dollar.

[You know, what is fascinating, if you purchased the Manat back in 2008, 1,000,000 Manat would have costed about $60 USD and in 2009 it would have been worth $285,000 USD.  The Manat had an exchange rate of 0.00005 (4 zeroes – similar to Iran) and the latest rate on the Manat is 0.29 cents. 

So this was truly another lost opportunity.  Unfortunately back in 2008/2009 we did not have Dinar Recaps to provide us the intel on Turkmenistan.  But Thank God we have them now to provide us the intel on these other countries and many thanks to all those involved in getting us the intel.]

A presidential decree issued August 27, 2008, announced the introduction of the redenominated Manat on January 1, 2009.

[There will be an official announcement, whether public or international is not relevant but there must be a declaration and in most cases will be thru the Central Bank.  We know, in the case of Iraq, it will begin with the change of the Dinar rate on the Central Bank’s website.]

Even without redenomination, the denomination structure of a new cash currency is worth considering. Usually, lower denominations are eliminated and higher denominations added. There is generally a shift into coins from denominations that were previously issued in banknotes.

Cultural and sociological preferences must be considered. For example, in some countries, such as Somalia and South Sudan, coins are not popular. In other countries, such as Germany, people want access to very high-denomination banknotes. A rule of thumb often applied in developing economies is to set the highest denomination of the national currency no lower than the equivalent of 20 dollars.

[So these are things that we must keep in mind when it comes to analysing the countries in the 2nd, 3rd and 4th baskets.  I have produced 6 page report of the 4 Currency Baskets.  If you would like advanced knowledge of these currencies in order to start your research, you can obtain the list via my website.]

Money In Hand

Turkmenistan issued six new banknote denominations on January 1, 2009: 1, 5, 10, 20, 50, and 100 new Manat. This was a major expansion of the upper denominations—the previously highest denomination, 10,000 old Manat, now corresponded to a mere 2 new Manat.

The six newly issued banknotes each differed in size and were all shorter and narrower than previous banknotes. The design of the front of the banknotes presented prominent historic Turkmen personalities. The reverse side, as in the past, portrayed new key buildings and monuments of modern Ashgabat, the Turkmen capital.

[We have been informed and I had posted the website link in one of my past articles as reference, that the Iraq since 2012 printed new denominations of 1, 2, 5, 10, 25, 50 and 100 Dinars.]

In parallel, new coins were issued in the following denominations: 1, 2, 5, 10, 20, and 50 tenge; and the following year, two more coins were circulated with 1 Manat and 2 Manat denominations. This represented a de facto reintroduction of coins after high inflation and intense exchange rate pressure had rendered the previously issued coins valueless.

[We know that Iraq had 3 coin denominations printed in 2003, a 25, 50 and 100 Dinar coin.  The coins were recalled in 2004 due to the citizens melting the coins and selling off the scrap mental. The new coins will be lower in face value.]

Once the design and denominations of a new currency are selected, the central bank must decide how much to produce, based on research on the demand for money in general and on various cash currency denominations in particular.

Data on past orders of banknotes and coins should give reasonable estimates, which must be assessed in light of recent changes in public demand for the currency compared with other currencies. Technical advice is available from international banknote printing firms such as De La Rue and Giesecke & Devrient, and for coin denominations from mints such as the Royal Mint.

[In the past, a lot of physical cash was needed to be printed; however, I would say that now the exchange process will be more digital based.  For example, Iraqi citizens will take their own dinars to the bank and the bank will change them to the new currency by depositing the new funds into their bank account.  Therefore, they will not need to print an excessive amount of cash.]

The next phase of currency reform is the conversion from old cash currency to new. The authorities must decide—at first privately—when the currency exchange will begin, when it will end, and whether or not to cap, in absolute terms, the amount to be exchanged.

Then, decisions on the announcement of and publicity for the currency exchange must be made. Other essential decisions include the conversion rate and how financial assets, resident/non-resident accounts, and existing currency contracts will be treated in the currency exchange.

[So again, there must be a full declaration of the introduction of the new currency along with the demonetization period.  Right now, as it is, we have un-official dates.  Dinar will be 10 years, Rial will be 2 years, Zimbabwe Dollar will be 90 days and the time frames will start from the time declared by their respected Central Banks.]

In addition to the guidance of the central bank and the ministry of finance, the views of the ministries of justice, commerce, and defense; the police force; the chamber of commerce; bank representatives and representatives of the informal payment system (if it plays an important role in the country); the general public; nongovernmental organizations; and key media outlets should be considered.

The key stakeholders, under the leadership of the central bank, should develop a detailed plan for distribution of the new currency.

They must identify exchange points (places where the public can exchange the old money for new and where cash currency can be stored temporarily); establish facilities for more permanent storage of currency, such as vaults and strongboxes; and address various logistic issues, including exchange point staffing.

[It is with strong assumptions that this has already been laid out and planned out.  They will use the banks and the money changers.]

In its plan for the currency reform, the central bank must decide how to handle the soon obsolete cash currency. Old banknotes that have been exchanged for new currency should be immediately invalidated via ink markings or holes drilled in the currency.

After a second counting, the then invalidated banknotes should be destroyed by shredding or burning. Routines should also be established for the collection and transportation of old coins, which may be sold by the central bank for scrap metal and ultimately melted down.

[All of this is not our concern but that of the Central Banks, how and when this dispose of the old currency does not affect us, whatsoever.  All we care about is that the local banks in our countries, accept the currency, exchange it, deposit the funds into our bank accounts and we go on our happily merry way.]

In line with common international practices, the Turkmen central bank allowed the two sets of banknotes to be circulated during 2009. By 2010, all banks were expected to exchange the old currency for new Manat. And after that, the old currency was demonetized and retained only numismatic value.

[In the case of Turkmenistan they had a period of 1 year to exchange the old currency for the new one.  After which, it became ‘wallpaper’ to the citizens and numismatic value to the collectors. 

Here is a screen shot of an article from the Central Bank of Iraq, stating that the new currency and the old currency will trade together for a period of 10 years.  The article was originally in Arabic and Google translated.]

The IMF’s currency display was recently dismantled to allow for repairs to the building. If and when the display is restored and updated, there will be several new currencies for visitors to view, including the new Turkmen Manat.

Åke Lönnberg was until his recent retirement a Senior Financial Sector Expert in the IMF’s Monetary and Capital Markets Department and is now an advisor to central banks and a consulting expert to the IMF.

Here is the direct link to the article on the IMF’s website.

https://www.imf.org/external/pubs/ft/fandd/2013/12/lonnberg.htm

Alright, I was extremely happy to read the above article, and as I stated above, when it comes to this or any investment, we need to stop complaining and blaming others on dates and timing and act and treat this as investors.  We need to study, read articles, and understand the process of our investment. 

We have our intels and they have provided a lot of great insights but we should be aware and have the knowledge for ourselves.  So when, people come around and tell you, that the Dinar is just a scam, you can sit them down, slap their face and educate them on what’s right and what’s wrong about their statement.

​As I said at the start, we learned about Kuwait, after the fact, we’ve learned about Turkmenistan, after the fact, but we can use this knowledge and apply it to these countries, such as Iraq, Iran, Viet Nam, Zimbabwe, Indonesia and others, through our own studies of these countries.  Do your own due diligence. 

I have just released a 6 page report of a Full List of countries in the 1st, 2nd, 3rd and 4th baskets.  You can get this report thru my website.  Part and partial of being an investor is planning, and planning your currency exchange could not be any easier with my Currency Exchange Planner and the new Companion Edition.  My software is designed to help you plan your exchange and help you manage your money for the short and long term.

​So hang in their guys, I truly believe the finish line is in sight and with seeing other country models and comparing to what is taking place in the countries that we are invested in, we can be rest assured that we’re on the right path and all is well.

Here is to our success!  ​I hope you have benefited from my article.

​Thank you and I wish you all the success in your currency exchange.

Muhammad Ali   www.CurrencyExchangePlanner.com

The No. 1 Planning Tools for the Dinar community.  Available in Desktop PC/MAC and Mobile App (Android & IOS) versions

What If?

What If?

Richard Quinn    June 10, 2020

IT SEEMS THE WORST of this economic crisis may have passed, though the health risks will be with us for some time. What have we learned? For many people, long-discussed financial risks became all too real in 2020.

There are two words that should always be part of our thinking: what if. Those two words aren’t always associated with bad things. What if I win the lottery? I have a plan for that, which varies depending on how much I win and whether it triggers estate taxes. The chance of that plan being needed is, of course, nil.

Most “what ifs” relate to family, money and our future security. Could anything—short of a world war—have done more than today’s pandemic to heighten those concerns? And yet I suspect the current crisis will soon be a dull memory and most Americans will be back to their old financial ways. But for those who want to be prepared for the next crisis, here are eight “what ifs” to ponder:

1. You die unexpectedly. Do you have adequate life insurance? If you own a small business, what will happen upon your death? Are your beneficiary designations up to date? Does your surviving spouse know where to turn for income?

Do you have an updated will? Have you prepared final instructions, so your family knows what to do and where important papers are located?

2. You suffer a prolonged illness. Do you have an idea of the income you could expect from employer or government benefits? Do you carry long-term disability insurance? For working people, disability is a greater risk than death.

3. You lose your job or your pay gets cut. Sure, we’ve been told about having a three-month emergency fund forever—and, for just as long, most people have ignored the advice. Has the current crisis been a wakeup call? There’s some evidence Americans are saving more. But will this last or is it just that these days it’s harder to spend money on nonessentials?

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

https://humbledollar.com/2020/06/what-if/

X22 Reports and Bix Weir Thursday Night 6-25-2020

Message Received, Gold Is The Standard, New Standard Is Coming - Episode 2208a

X22 Report:  Jun 25, 2020

The patriots are now making other countries pay their fare share, Trump says Germany owes the US 1 Trillion in NATO obligations.

Trump is now helping Maine with relief, just like he helped the farmers.

Unemployment claims are dropping, they are declining rapidly.

Durable goods bounce back.

Message was sent that gold is the standard and silver is not bad either.

https://youtu.be/8mOPoC2b-T0?t=1

[DS] Playbook Revealed, Ammunition Running Low, Shields Up - Episode 2208b

X22 Report:  Jun 25, 2020

The [DS]/MSM prepare their next event the patriots already know what it is, why because they know the [DS] playbook.

Flynn is free, gaga order lifted, who knows where the bodies are buried.

The people are now seeing first hand what the [DS] true agenda is, it's not about build up the US, it's about tearing it down.

https://youtu.be/8hTU-1I_E-M?t=3

ALERT! Fed Panics! $1T "Pre-Bailout" as Banks Brace for End of Q2!! (Bix Weir)

RoadToRoota:  Jun 25, 2020

In the last 2 weeks the Fed has injected an EXTRA $1T into the criminal banking system to prepare for the "END of MONTH CHAOS" expected in the Global Financial System!

 Hang on tight!

https://www.youtube.com/watch?v=MzktA1kIkLk&feature=youtu.be

MilitiaMan and KTFA Members "They Are Ready to Go" 6-25-2020

KTFA:

MilitiaMan:  Mechanism for opening government documentary credits with private banks

24th June, 2020

Mechanism for opening government documentary credits with private banks ...

Banking Supervision Department 97/30  2020/9/23: NO: Date: Ministry of Finance/Financial
Accounting Department Opening governmental documentary credits with private banks is a
good greeting ..

Based on the decision of the Cabinet of Ministers of Economic Affairs
Committee numbered (113) on 2019/2/12 and the confirmation of the Minister of Economy
in its sixteenth session held on 2019/7/ 5 Concerning the issue of opening current accounts
in banks, a mechanism for the self and central funding departments to use them for
the  purposes of opening documentary credits exclusively without the mediation or
approval of the  Ministry of Finance or the Iraqi Trade Bank, with a ceiling of (50) million,

And with reference to Article (49) of the Financial Management Law Federal No. (6) for the
year 2019 including the following (allowing the unity of the agreement or self-funded
administration to open a current account with the opinion of a government or private bank
and good credit rating of the bank determined by the Central Bank of Iraq).

To see click here   LINK

MilitiaMan: I am revisiting this one for to make a point. A Documentary credit or "Letter of Credit" is to facilitate trade payments internationally. They are used to make sure things are fair and run smooth.. Being internationally accepted in the world requires countries to play on a level playing field.

They also have rules with strict enforcement's that come with the D/C or L/C, if you will. As noted above, they address the exchange rate and time frame for clearing.

If they don't clear within the 5 day window they will have consequences that can halt their ability to trade for 6 months.  Most will understand that and they will act  and proceed accordingly.  

Lets keep in mind they are using 1200 as their reference to the exchange rate. Well that is because imo they have to..

They cannot give out the international exchange rate with out properly announcing they are Article 8 compliant by actually raising the value of the exchange rate.

So they use the example of the program rate. imo. Keep in mind they are telling us they are going to use the D/Cs. That means they are telling us they are about to change the value of the exchange rate to be internationally accepted and imo that will cease the Multi Currency Practices (MCPs) they have been using.  

They told us they have a new mechanism  to come for the customs and borders. We see above they use the word mechanism in respect to the D/Cs. Shipping comes in to the ports, which are borders too. So the new PM has been telling us even today that they have a system in place now.

We were also told on our around 06/01/2020 that there will be adjustments at the borders for taxes, fees and or tariffs.. The system is block chain oriented for transparency. 

They want the money to make to the Federal level and not into gangs or mafia pockets.  So, the timing of this is by design. Telling us they are ready to go imo. ~ MM

DELTA: GREAT JOB MY BROTHER .......AS USUAL ONE OF THE BEST....

Don961:  Clarification on foreign reserves in the Central Bank of Iraq

June 25, 2020

The real financial surplus is the government’s revenue that is represented by the Ministry of Finance, which exceeds its public expenditures during a fiscal year. If the Ministry of Finance achieves revenues (crude oil sales in general) with a value greater than its expenditures (investment spending and current spending), it will achieve a budget surplus.

That the government invest it, either internally or externally in the form of sovereign funds or investment funds, etc., and vice versa if public revenues are less than expenditures and then achieve a real deficit that requires its financing, either by searching for additional revenues, enhancing existing revenues, or resorting to internal borrowing and / or Outer.

Here it is necessary to clarify that the foreign reserves held by the Central Bank are not surplus funds, but rather accumulate as a result of a specific mechanism in which the Central Bank conducts what is called the process of monetization, as the Ministry of Finance sells the largest part of its dollar revenues to the Central Bank with a view to obtaining the Iraqi dinar Issued by the Central Bank of Iraq to implement its domestic spending, and as long as the Central Bank of Iraq adopts a fixed price to exchange the Iraqi dinar against the US dollar, and it seeks through the window of selling the currency to maintain this constant value of the dinar, so the Iraqi dinar holder has a right to foreign reserves, which is a cover for the local currency .

We can refer here to the concept of foreign reserves according to the balance of payments guide and the international investment situation issued by the International Monetary Fund (are the external assets that are at the disposal of the monetary authority and are subject to its control to meet the needs of the balance of financing payments or interference in the exchange markets to influence the exchange rate of the currency, or other Related purposes (such as maintaining confidence in the local currency and forming a basis for external borrowing) and the reserve assets must be assets in foreign currency and assets that already exist, and excluding potential assets.

The concept of reserve assets is based on the concepts of “control” and “accessibility” With regard to monetary authorities, based on the definition of foreign reserves above, the following can be installed:

1. It provides a cover for the local currency and an instrument to support the exchange rate.

2. It is the primary tool of the central bank to intervene and adjust imbalances of the balance of payments structure. 

3. It provides an important element in setting the country's creditworthiness, and enhances the country's credit rating in international transactions.

The optimal level of foreign reserves - that is, the minimum value of foreign reserves that the monetary authority must possess and that is calculated according to internationally approved standards - represents the ability of the monetary authority to defend the local currency exchange rate. The most important of these standards (the money supply standard, which represents the adequacy of foreign reserves to cover the supply of the local currency, and the trade standard, which represents the number of months in which foreign reserves can finance the country's imports of goods and services) and adopt these standards assuming a shock that affects the accumulation of foreign reserves almost Exactly.

With regard to managing foreign reserves, there are internationally accepted rules that depend on managing foreign reserves in terms of their liquid assets (securities, deposits, gold ...) and it envisions geographical distribution, currency diversification and other factors that reduce exposure to risks and provide returns that ensure sustainability These reserves.

It should be noted here that for internal borrowing by the government, whether funded by the Central Bank of Iraq directly any direct deduction of securities issued by the Ministry of Finance - which is prohibited by the Law of the Central Bank of Iraq - or indirectly by deduction in favor of local commercial banks, for both A negative impact on foreign reserves if we assume that the government’s priority is to finance that part of the expenditure represented by workers ’compensation, as this part is reflected in consumer spending, which is mainly met by imported goods and services, which in turn will generate a derivative demand for foreign currency and hence the exit of a portion Of foreign reserves to finance these imports, and this effect will continue until the date of maturity of the securities.

While external borrowing will positively reflect on the accumulation of foreign reserves, as long as the Ministry of Finance will monetize it for the purpose of obtaining the local currency, and handing the foreign currency to the central bank to be added to the foreign reserves.   link

MilitiaMan:  This is not talking about the program rate we are at now. It is talking about the future imo.

It is talking about what will be done when the exchange rate is internationally accepted.. It will be a time for them to act accordingly and they give the examples on how they are going to do it.

 They will have the ability to defend their new exchange rate as they have tools to or mechanisms to do so. They will do it in their local currency, hence, they'll need to defend the new rate with those tools. They will also monetize their new currency, whereby, it derives an income to help with payments.. 

This article ought to be one we all smile about.. Because they are not doing this now at a program rate. imo.. They are gearing up to use the tools for a new exchange rate and it appears they are ready to act on a moments notice.. imo.. This is timed accordingly..

The 60 day time frame the PM mentioned is not about this part of the reforms. They told us about the border crossings and adjustments in respect to shipping contracts, taxes, fees, tariffs, etc..

That is to be for 07/01/2020. I have not seen or heard of them pushing the borders or adjustments out. In fact it appears with all the articles out the mean to implement on time.. imo. jmtc  ~ MM

**********

JJimmyJJ:  Truth!! Until the last 30-45 days when things started being done on time,  when have we seen this happen before? NEVER. 

IMO, if you want to see the biggest pattern- breaker of all,  I think this urgency and respect for timing and deadlines has to be in the running. 

Security and stability? Check

A govt who are interested in something other than stealing? Check

The int'l world being happy with Iraq? Check

Iran on the sidelines? Check

Sudden respect for deadlines and actually completing what they talk about in the GOI and CBI? CHECK

IMO, they sure seem like they're ready,  packed,  and anxious to start this RI adventure. And,  that's good,  because this adventure has almost killed me.

The 50 Biggest Money Mistakes Household CEOs Make

The 50 Biggest Money Mistakes Household CEOs Make

By Len Penzo

As this penny illustrates, even the United States Mint occasionally makes money mistakes.

I’m not ashamed to admit I make mistakes. After all, everybody screws up occasionally; for us humans, mistakes come with the territory.

For example, I remember the time I decided it would be great fun to play Wii golf for eight consecutive hours. Unfortunately for me, my middle-aged left shoulder vehemently disagreed — after the fact, of course — and so I spent the next week popping acetaminophen tablets like they were M&Ms. I know.

It can be even more costly when we make mistakes managing our personal finances; I know I still make them from time to time.

Here are 50 of the biggest financial faux pas household CEOs make. How many of these apply to you?

1. Being impatient. People of modest means should understand two important facts: 1) we cant have it all at once; and 2) saving money takes time — sometimes lots of it.

2. Failing to read contracts before signing on the dotted line.

3. Using payday loans to cover temporary financial shortfalls.

4. Giving your kids everything they desire. It’s hard to get a feel for the value of a dollar when you grow up never wanting for anything.

5. Signing your tax returns without reviewing them — even when they’re done by a tax professional.

6. Buying a new car and selling it after only a few years. Buying new cars is costly because they can lose upwards of half their value by the time they are three years old.

7. Not doing your research before purchasing extended warranties.

8. Going into debt to purchase things that will decrease in value.

9. Maintaining memberships with monthly payments even though you no longer take advantage of them.

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

https://lenpenzo.com/blog/id13789-the-50-biggest-money-mistakes-household-ceos-make-2.html

Santa Surfing, Pimpy and Currency 365 Thursday PM 6-25-2020

Trump Tower GOLD Standard!

Santa Surfing Beach Broadcast:  Jun 25, 2020

Trump Las Vegas  tweeted about the Gold Standard yesterday and thousands of Patriots and Anons were celebrating!

Many were even talking about prices of silver, gold, etc.  Great conversation in that thread!  

Are you all seeing this?  How there is a sudden coin shortage, how the gold price is inching upward?  Stimulus packages?  SBA EIDL Loan approvals at lightning speed? And so many other gifts given to us?  

This is not your typical 4 year Presidency, this is something incredibly different and bigger!  

Full Transcript here: https://beachbroadcast.com/whats-happening/f/trump-tower-tweet-is-golden-trump-and-faith-wins

Santa Surfing Beach Broadcast other Videos:  https://www.youtube.com/channel/UC0v7VUtxrPnQWPgZx-WSzgw/videos

https://youtu.be/0AVjU2z-bHw?t=2

Iraqi Dinar News 06/25/20

Pimpys Investment Chat:  Jun 25, 2020

https://youtu.be/jLsJ2ddTzC8?t=5

Ali Allawi "Without Urgent Reforms Iraq in Big Trouble"

Jun 25, 2020

https://youtu.be/qKGj9Cobq14?t=2

38 Secrets for Financial Success: My Personal Finance Manifesto

38 Secrets for Financial Success: My Personal Finance Manifesto

By Len Penzo

Awhile back, somebody asked me to summarize my personal finance “playbook” in a blog post. Well … Here it is:

Debt is a form of indentured servitude where people agree to sacrifice a portion of their future earnings in exchange for instant gratification.

ATM machines are the Achilles’ heel of impulsive spenders.

History tells us that all fiat money eventually returns to its intrinsic value: zero. The US dollar is fiat money.

Given a choice, it’s always better to live your life anonymously rich, rather than deceptively poor.

If you have to ask your boss for a raise, then you need to find a new employer.

When in doubt, always choose credit over debit.

It’s almost impossible to effectively manage your personal finances if you don’t track your income and outgo.

Only suckers play the lottery.

People who properly manage their finances don’t fear credit cards. In fact, they embrace them.

Credit card “convenience” checks are anything but.

Frugality has its limits. The most effective way to stretch your income is by finding ways to earn more money.

Treat your household like a business; actively manage your finances and continuously look for ways to maximize your income.

Not everyone requires a budget to effectively manage their personal finances.

When it comes to saving money, patience is a virtue.

Nobody should pursue a non-technical college degree until they’ve calculated their projected payoff point and return on investment.

Precious metals such as gold and silver are for insuring wealth; not investing.

Money does not buy happiness. If you’re looking for nirvana, you need to focus on attaining financial freedom.

Only fools and the financially naive believe that everyone who drives an expensive luxury car is financially well-off.

Only fools and the financially naive believe that everyone who drives a beater is broke.

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

https://lenpenzo.com/blog/id25399-38-secrets-for-success-my-personal-finance-manifesto-2.html

KTFA Members "News and Views" Thursday Afternoon 6-25-2020

KTFA:

Samson:  Deputy: Al-Kazimi's visit to Washington will be a formal one and will not touch on the Americans' exit schedule

19:42 - 24/06/2020

On Wednesday, the independent deputy, Bassem Khashan, described the upcoming visit of Prime Minister Mustafa Al-Kazemi to the United States of America as a formal one, while noting that the visit would not touch on scheduling the departure of American forces from Iraq.

Khashan said in a statement to "Information", that "Al-Kazemi agreed with Washington that US forces will remain before assuming the functions of prime minister," noting that "his upcoming visit to Washington will be a formal and a blessing for him to assume the position of prime minister only."

He added that "Al-Kazemi will refrain from touching on the scheduling of the exit of American forces from Iraq during his visit to Washington," noting that "the discussions that started between the Iraqi and American government have no value and merely highlighting political muscles."

Yesterday, Tuesday, Foreign Minister Fouad Hussein confirmed that Prime Minister Mustafa Al-Kazemi will visit Washington next month.   LINK

Dan:  Must be humiliating to still have a worthless currency.
1 USD is = to  576.125 in Somalia

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

Goldenboy:  Asking you all questions you should ask yourself!

How are you going to keep your blessing?
Do you have an attorney and CPA?
Do you know what a trust is and how it can save your assets?
Did you know you can buy a single premium whole life insurance plan that can grow into another nest egg in case you do exhaust your other assets?
Do you plan on investing your blessing?
Do you know how much you can gift to your loved ones and not pay taxes on?

We have had so many Conference calls on many of these topics here to address it.
Many advisors like myself want you to keep what God saw fit for you to receive!

IMO, do the following,  Make a check list of everything mentioned above and follow it. Don’t have regrets, have plans. People don’t plan to fail, they fail to plan!

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

Samson:  Al-Rafidain Bank announces the harnessing of all capabilities to provide banking services to citizens

25th June 2020

The Rafidain Bank announced that its branches in Baghdad and the provinces have harnessed all their capabilities to provide banking services to citizens.

The bank’s media office said in a statement that “due to the circumstances that the country is going through as a result of the outbreak of the Coruna virus, the bank has taken all capabilities and efforts to provide banking services to its customers on a daily basis.”

He pointed out that "the bank directed its branches to implement the instructions and procedures of the Ministry of Health to prevent corona virus."   LINK

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

Samson:  Saleh stresses the need to support the government's reforms and implement its program

4/26/2020 23:55:31

 Today, Wednesday at the Baghdad Palace, President of the Republic Barham Salih received a delegation of the Islamic Virtue Party headed by Secretary-General Abdul-Hussein Al-Mousawi.

During the meeting, according to the statement of the Information Office of the Presidency of the Republic, from which the Euphrates News received a copy, "they discussed the developments of the political and security conditions in the country, and the implications of the Corona pandemic on the decline in oil imports and their impact on the living conditions in the country."

It was stressed, "The necessity of supporting the government's reforms and implementing its program to achieve the aspirations of citizens in a free and dignified life."    LINK

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

Ryan1216:  Iraq keeps dragging their feet. We're now halfway through the year. I pray Kazemi comes through now on his word  

MilitiaMan:  Don't be discouraged. As they are not stopping the progress on the reforms..

Samson:  Oil prices continue their losses due to the increase in US stocks and Corona fears

25th June, 2020

Oil prices continued to decline on Thursday after tumbling more than five percent in the previous session, as the record increase in US crude inventories and the rapid spread of Covid-19 cases cast doubt on the recovery of fuel demand

US West Texas Intermediate crude futures fell 22 cents, or 0.6 percent, to $ 37.79 a barrel by 0532 GMT, after falling $ 2.36 on Wednesday

Brent crude futures fell 30 cents, or 0.7 percent, to $ 40.01 a barrel, after falling $ 2.32 on Wednesday. On Tuesday, Brent contracts were traded at their highest levels since early March, before the public isolation measures due to the Corona pandemic and the Saudi-Russian price war in markets hit

"Prices fell after the EIA data showed that stocks increased by a lot more than expected," said Avtar Sandu, commodities director at Singapore-based Philip Futures Corporation but analysts say the 1.4 million barrel increase was due to a series of Saudi shipments that were booked by US refiners when prices fell in March. Those shipments are slated to decline soon

Analysts said that concern about a second wave of cases of Covid-19 was expected to keep in many US states where general isolation measures and the rapid spread of disease in South America and South Asia have been reduced, fuel demand is limited

In an additional reminder of the problems facing a recovery in demand, Australian airline Qantas said on Thursday that it did not expect a significant recovery in international travel before at least July 2021, while reducing its fifth workforce and stopping 100 aircraft   LINK

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

Samson:  Parliamentary Finance: The Borrowing Law passed by Parliament allowed the government to borrow until the end of this year

25th June, 2020

Member of the Parliamentary Finance Committee, Abdul Hadi Al-Saadawi, confirmed on Thursday that the borrowing law passed by Parliament yesterday allowed the government to borrow until the end of the current year (for six months only and cannot after that).

Al-Saadawi said in a radio interview followed by "The Economy News", "The borrowing law passed by Parliament allowed the government to borrow until the end of this year (for six months only and cannot after that), and with amounts confined by $ 5 billion for external loans and $ 15 billion for internal loans", considering it "the worst move the government has made, but it is embarrassing because of the financial crisis."
 
He added, "These loans will address several topics, the first of which are the salaries of state employees, retirees, and the social protection network, so that they will be safe (without deduction) until the end of the year. In addition to them, those appointed to permanent owners within the owners' movement in the past year will be added to them, as their salaries will be secured because many of them did not receive them Despite the issuance of orders to appoint them since 2019." He pointed out that "contracts will be contracted by the Ministry of Health with graduates of the past year who have not yet begun their work, for the purpose of benefiting from those energies in light of the need for health cadres as a result of the outbreak of the epidemic, in addition to supporting the health sector by providing the required liquidity and authority to the Minister of Finance to face any emergency that passes The country is in the midst of a pandemic."

Noting that "the loans will include addressing the ongoing development projects in the regions so that they do not disappear."

Al-Saadawi warned, "From a personal point of view, I believe that the government is unable (after the approval of the borrowing law) to send the budget in 2020 to Parliament, in which case the Ministry of Finance and the concerned authorities will prepare to prepare the budget for the next year."

A member of the Finance Committee said, "The worst step the government committed is the borrowing process - but it is embarrassing because of the financial crisis that is ravaging the country - because the World Bank announced in the Kuwait Conference clearly and explicitly that the continuation of the government of Iraq in external borrowing will lead the country to the collapse of the currency and the financial market alike

The Finance Committee has stopped foreign borrowing completely in last year's budget, "indicating that Iraq will go through its worst stages as these loans will have profits and benefits and the country must sell oil to meet those benefits and profits."   LINK

Edna:  So does this mean what I hope it Doesn't mean, That Iraq just bought or more appropriately  (borrowed)....more time?  

PattyCakes77:  I really don't think so. To much going on. Stay positive. We are there.

Popeye7:  There it is!... Ensured the signing of this happened expediently... Awesome!...

Today is supposed to be payday for Iraq.. Are they paid the last Thursday of every month?... They mentioned in an article last week I believe that there would be a delay in payment this month? IMO.. Please correct me if I am wrong!.. Did they happen to mention just how long it would be before being paid?...

Anyway, as Frank, and his teams declared... This borrowing law would not be happening were it not for agreement already having been made in order to ensure that the monetary reform is completed, and Iraq's currency is given a rate that is fair...imo.

Samson:  Putin calls for a summit of leaders of the five nuclear powers .. and reveals its agenda

25th June 2020

Russian President Vladimir Putin called the leaders of the five nuclear powers have a summit meeting.

In his speech during the 75th anniversary of the victory over Nazism in World War II, which was held yesterday in the Red Square in the Kremlin after a major military parade, Putin said: “Our colleagues - Messrs Xi Jinping {Chinese President}, {Emmanuel} Macron, And Donald Trump {US President}, {Boris} Johnson {British Prime Minister} - support the Russian initiative for a meeting of the leaders of the five nuclear powers - permanent members of the Security Council, we thank them for that and expect this personal meeting to take place at the earliest opportunity.

"What is the agenda for the upcoming summit? First, in our opinion, it is desirable to discuss steps to develop collective principles in world affairs, speak out about peacekeeping, enhance global and regional security, define strategic weapons, and joint efforts in countering terrorism, extremism, and other Urgent challenges and threats." He pointed to "a separate topic on the agenda of the meeting is the situation in the global economy, and to overcome in the first place the economic crisis caused by the epidemic of coronavirus."

"Our countries are taking unprecedented measures to protect people's health and lives, to support citizens who have found themselves in difficult living conditions. But the seriousness of the consequences of this epidemic, and how quickly the global economy emerges from the recession, depends on our ability to work together and together, like real partners," Putin said.  "Moreover, it is unacceptable to turn the economy into a tool of pressure and confrontation, among the topics required to protect the environment and combat climate change, in addition to ensuring the security of the global information space," he said.

Putin noted that "the agenda of the next summit of the five" proposed by Russia is very important and relevant to our country and the world at large, and in any case, we have specific ideas and initiatives.

He stressed that "there can be no doubt that the Summit of Russia, China, France, the United States and Great Britain will play an important role in finding common answers to modern challenges and threats and showing a shared commitment to the spirit of the alliance, to those high human values ​​and values ​​that fathers fought for forefathers." "And based on a shared historical memory, we can and must trust each other.

This will serve as a solid foundation for successful negotiations and concerted actions to enhance stability and security on this planet, for the prosperity and well-being of all countries. Without exaggeration, this is our duty and responsibility," he said. Common to the whole world, for present and future generations.”   LINK

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Samson:  China begins the steps to dispense with the US dollar

25th June, 2020

A Russian website that specializes in economic affairs has monitored Chinese steps that pave the way to stop dealing in the American currency, pointing out that Beijing is storing gold for strategic purposes.

In this context, the "expert" website mentioned that the Chinese gold mining companies carry out large-scale activities in the field of gold mining, and accepts the purchase of other mining mining industries around the world with remarkable activity. 

The report monitored the latest Chinese deals in this field, noting that the Chinese company “Zijin Mining Group” bought in early June the “Guyana Goldfields” Corporation, a medium-level gold producer mainly engaged in exploring, developing and exploiting deposits in Guyana, located in South America, in exchange for 323 million Canadian dollars.

This company last year produced about 150,000 ounces of gold, and the China Mining Company insisted on taking it, despite its high price of 35% due to competition from another company. And the Chinese company itself acquired last March the mining company "Continental Gold Inc", which owns "Puerto Rica", which is one of the largest projects of gold production in the world with high-quality reserves estimated at 3.7 million ounces, and paid for it 1.3 billion Canadian dollars.

The report concluded that now that China has acquired these new foreign assets, it is the largest producer of "yellow metal" in the world, noting that this behavior indicates that Beijing is storing gold for strategic purposes. The competent website stated that China has been sending signals to the world that the dollar's dominance must end, and this trend has gained new strength in light of the confrontation with the United States, and Washington's threat to impose sanctions on Beijing.

Statements by Chinese officials warning that the United States will soon be able to impose severe and real sanctions have increased recently, and perhaps this is what prompted Fang Haixing, vice chairman of the China Securities Regulatory Commission, to say that China's dependence on the international financial system based on the dollar makes it vulnerable At risk.

The report said that China appears to have plans to change the global financial system to another based on the gold standard, which will allow the implementation of the main geopolitical goal of China, which is to get rid of the system of settlement of transactions in dollars.

China expects that in the future gold will become a reserve currency, and on its base in particular, the global financial system will be built, which will take the place of the current system.   LINK

Jim Willie, Lynette Zang and PIR Thursday 6-25-2020

Jim Willie Gold Rising, We Are Everyone Create Debt

June 23, 2020

The rise of gold continues without stopping.

The decrease in the value of paper money in the world caused a collapse in all world economies.

Will the moves of the central bank be enough?

How much more will the value of gold increase?

What policies will the United States follow?

https://youtu.be/eh5cdOR7Lmg?t=2

Lynette Zang

Recession, Inflation, Cyber-Attacks, and Gold Highs

Streamed live 18 hours ago

Gold is a big deal!!!

https://youtu.be/qbHd6R9YUMI?t=7

Patriot Intel Report

PIR 06 25 20

We are still expecting sudden economic changes.

In DC they are saying that the Infrastructure bill will be rolled into the next stimulus Bill which should be finished before July 4th.

Trump say’s its going to be yuuuge!

https://youtu.be/22F-4ZIRX28?t=1