Iraqi News Highlights and Points to Ponder Monday AM 3-11-24
Iraqi News Highlights and Points to Ponder Monday AM 3-11-24
OPEC Warns Of The Disappearance Of Oil: This Is What Its Repercussions Will Be
Arab and international Economy News - follow up The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, warned of the repercussions of the disappearance of oil in the future.
Al-Ghais said in his article, “If oil disappeared tomorrow, there would be no jet fuel, gasoline, or diesel. Internal combustion engine cars, buses, and trucks would be stranded. Planes would stop, diesel-powered freight and passenger railways would stop, and people would not be able to travel.”
“Go to work, children will not be able to go to school, the shipping industry, which transports goods and passengers, will be devastated, there will be no point in calling emergency services, and the majority of ambulances, fire trucks, police cars, rescue helicopters and other emergency vehicles will be idle.”
Iraqi News Highlights and Points to Ponder Monday AM 3-11-24
OPEC Warns Of The Disappearance Of Oil: This Is What Its Repercussions Will Be
Arab and international Economy News - follow up The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, warned of the repercussions of the disappearance of oil in the future.
Al-Ghais said in his article, “If oil disappeared tomorrow, there would be no jet fuel, gasoline, or diesel. Internal combustion engine cars, buses, and trucks would be stranded. Planes would stop, diesel-powered freight and passenger railways would stop, and people would not be able to travel.”
“Go to work, children will not be able to go to school, the shipping industry, which transports goods and passengers, will be devastated, there will be no point in calling emergency services, and the majority of ambulances, fire trucks, police cars, rescue helicopters and other emergency vehicles will be idle.”
He added: “Most phones and computers will also disappear because their plastic components are derived from oil, so it will be difficult to find a way to communicate with emergency services,” noting: “The construction sector will also stop, as diesel-powered vehicles will break down, and excavators, bulldozers, dump trucks, and cranes will remain.”
Cement mixers, vibrating rollers and compact cranes are out of service, and it will not be possible to build new homes or buildings or carry out vital maintenance work.”
He continued: “If oil disappears tomorrow, petroleum products will disappear with it, and this would affect the production of electric cars, and with supply chains disrupted, the structure of lithium batteries will also be affected, as the lithium battery consists of four parts, and the separators are microporous membranes, made Usually from petroleum-based polyethylene or polypropylene products, the petroleum-derived synthetic rubber used in car and bicycle tires will cease to exist.
Lawns, harvesters, balers, sprayers, and seeders will stop working, and the food containers needed for storage and preservation will not be available. Petroleum coal, a by-product of oil refining, is used as a feedstock in the manufacture of synthetic fertilizers, which are important in increasing crop productivity. This will likely result in food shortages.
He went on to say: “If oil disappears tomorrow, it will be catastrophic for health services everywhere, employees will lack the ability to move, and basic supplies will be stranded,” pointing out that “petroleum is an essential raw material for medicines, plastics, medical supplies, latex gloves, and pipes.”
Medical, medical syringes, adhesives, some bandages, antiseptics, hand sanitizers, cleaning supplies, prosthetics, artificial heart valves, resuscitation masks, stethoscopes, MRI scanners, insulin pens, injection bags, drug packaging, face masks, equipment Personal protection is largely derived from petroleum-based materials.”
He stated that "equipment used in medical research, such as microscopes, test tubes, and protective glasses, usually contains components derived from petroleum.
The chemical structure that produces aspirin begins with benzene derived from petroleum, where benzene is converted into phenol, which in turn is converted into salicylic acid, then... It is converted into acetylsalicylic acid, which the world knows as aspirin, and it is difficult to imagine a modern hospital without this group of essential petroleum products.” https://economy-news.net/content.php?id=41342
Will The Decisions Of The Federal Court Affect The Form Of The Oil And Gas Law? .. A Foreign Report Reveals
Economy News – Baghdad A report by the American energy news site, Oil Price, indicated that discussions are still ongoing between the federal government in Baghdad and the Kurdistan Regional Government about drafting a draft oil and gas law at a time between the Federal Court’s decision that Baghdad should be responsible for marketing, and this may have some impact on companies’ contracts. International oil companies operating in the region.
The economic expert, Simon Watkins, mentions in his report that a series of legal decisions issued by the Federal Supreme Court on February 21 show the broad outlines on which the oil and gas law that the Baghdad government is working on will be built, which will likely bring about a change in the mechanisms of exporting oil from the fields of the Kurdistan region. The same applies to the working conditions of Western oil companies operating there.
The economic expert, Watkins, points out that the Federal Court recommended that the regional government hand over the export mechanisms and financial resources to the central government through the State Oil Marketing Company (SOMO), and even if there is another mechanism for export, the financial returns will be transferred to the central government and in return, The central federal government is responsible and obligated to pay the salaries of public sector employees in the region.
The expert points out that this context will be different from the previous payment budget for oil revenues agreed upon between the regional government and the central government of Baghdad, which dates back to November 2014.
The agreement stipulated that the regional government would export no less than 550 thousand barrels per day of the oil produced. From its fields through the oil marketing company SOMO. In return, Baghdad allocates 17% of the federal budget.
This agreement was later canceled through an understanding reached between the regional government and the new federal government that was formed in the August 2018 elections and was established in the 2019 budget law.
This requires that the federal government transfer sufficient amounts of budget amounts to pay the salaries of the region’s employees in addition to financial compensation.
Another, in exchange for the regional government handing over the export of no less than 250 thousand barrels per day through the oil marketing company SOMO. This agreement was also marred by some implementation failures.
The report notes that, according to the regional government, it has the authority, through Articles 112 and 115 of the Constitution, to manage oil and gas extraction operations from fields in the region that were not in production in 2005, the year that was written in the Constitution and voted on by referendum.
In addition, the territorial government insists that Paragraph 115 states that it has the authority and authorization to sell oil and gas and receive resources for what is exported. The regional government also highlights that the Constitution gives it priority, in the event of a dispute, to refer to the law of the region and governorates.
However, the central government and SOMO Oil Marketing Company insist that Article 111 of the Constitution stipulates that oil and gas are public wealth for all the people in the region and governorates.
The report states that Russian and Chinese oil companies operate in oil and gas fields in southern and northern Iraq in the Kurdistan region, in addition to Western oil companies.
On August 3 of last year, the new federal government under the authority of Prime Minister, Muhammad Shia al-Sudani, stated that the new unified oil law would govern the mechanisms of oil and gas production and investment in both federal Iraq and the Kurdistan region and would contribute to being a strong factor for unifying Iraq.
The Iraqi Oil Minister, Hayyan Abdul Ghani, had confirmed during his participation in the Al-Rafidain Forum in Baghdad last week that discussions on the oil and gas project would be held with the Kurdistan region.
Minister Abdul Ghani said, "We held more than one meeting to discuss this issue in Erbil and Baghdad to prepare a draft of the oil and gas law according to the federal government's agenda."
The minister added that a draft of the law had previously been prepared, but officials in the region asked to discuss the draft with all its provisions. The review of many of the basic provisions had been completed, but the discussions stopped due to the occurrence of several incidents.
Abdul Ghani said that the Ministry of Oil held discussions with the Kurdistan region to prepare a draft oil and gas law, and a draft was prepared for this purpose and submitted to the federal government in accordance with the country’s constitution. - https://economy-news.net/content.php?id=41344
Will The Oil And Gas Law Have An Impact On Oil Companies Operating In The Region?
Posted On 03-11-2024 By Sotaliraq Translated by / Hamed Ahmed A report by the American energy news website, Oil Price, indicated that discussions are still ongoing between the federal government in Baghdad and the Kurdistan Regional Government about drafting a draft oil and gas law at a time between the Federal Court’s decision that Baghdad should be responsible for marketing, and this may have some impact on companies’ contracts. International oil companies operating in the region.
The economic expert, Simon Watkins, mentions in his report that a series of legal decisions issued by the Federal Supreme Court on February 21 show the broad outlines upon which the oil and gas law that the Baghdad government is working on will be built, which will likely bring about a change in the mechanisms for exporting oil from the fields of the Kurdistan region. The same applies to the working conditions of Western oil companies operating there.
The economic expert, Watkins, points out that the Federal Court recommended that the regional government hand over the export mechanisms and financial resources to the central government through the State Oil Marketing Company (SOMO), and even if there is another mechanism for export, the financial returns will be transferred to the central government, and in return, The central federal government is responsible and obligated to pay the salaries of public sector employees in the region.
The expert points out that this context will be different from the previous budget payments for oil revenues agreed upon between the regional government and the central government of Baghdad, which dates back to November 2014.
The agreement stipulated that the regional government would export at least 550,000 barrels per day of oil produced from its fields through the oil marketing company SOMO. In return, Baghdad allocates 17% of the federal budget.
This agreement was later canceled through an understanding reached between the regional government and the new federal government that was formed in the August 2018 elections and was based in the 2019 budget law.
This requires that the federal government transfer sufficient amounts of budget funds to pay the salaries of the region’s employees, in addition to other financial compensation in exchange for the regional government’s delivery of exports of no less than 250,000 barrels per day through the SOMO oil marketing company. This agreement was also marred by some implementation failures.
The report indicates that, according to the regional government, it has the authority, through Articles 112 and 115 of the Constitution, to manage oil and gas extraction operations from fields in the region that were not in production in 2005, the year that was written in the Constitution and voted on in a referendum.
In addition, the territorial government insists that Paragraph 115 states that it has the authority and authorization to sell oil and gas and receive resources for what is exported.
The regional government also highlights that the constitution gives it priority, in the event of a dispute, to refer to the law of the region and governorates. However, the central government and SOMO Oil Marketing Company insist that Article 111 of the Constitution stipulates that oil and gas are public wealth for all the people in the region and governorates.
The report states that Russian and Chinese oil companies operate in oil and gas fields in southern and northern Iraq in the Kurdistan region, in addition to Western oil companies.
On August 3 of last year, the new federal government under the authority of Prime Minister, Muhammad Shia al-Sudani, stated that the new unified oil law would govern the mechanisms of oil and gas production and investment in both federal Iraq and the Kurdistan region and would contribute to being a strong factor for unifying Iraq.
The Iraqi Oil Minister, Hayyan Abdul Ghani, had confirmed during his participation in the Al-Rafidain Forum in Baghdad last week that discussions on the oil and gas project would be held with the Kurdistan region.
Minister Abdul Ghani said, “We held more than one meeting to discuss this issue in Erbil and Baghdad to prepare a draft of the oil and gas law according to the federal government’s agenda.”
The minister added that a draft of the law had previously been prepared, but officials in the region asked to discuss the draft with all its provisions. The review of many of the basic provisions had been completed, but the discussions stopped due to the occurrence of several incidents.
Abdul Ghani said that the Ministry of Oil held discussions with the Kurdistan region to prepare a draft oil and gas law, and a draft was prepared for this purpose and submitted to the federal government in accordance with the country’s constitution. About Oil Price LINK
Provoking Points to Ponder on Decisions
Faith ... acts promptly and boldly on the occasion, on slender evidence. - John Henry Cardinal Newman
A decision is an action you must take when you have information so incomplete that the answer does not suggest itself. - Arthur Radford
She knew in her heart that to be without optimism, that core of reasonless hope in the spirit, rather than the brain, was a fatal flaw, the seed of death. - Anne Perry
When faith is supported by facts or by logic it ceases to be faith. - Edith Hamilton
How far would Moses have gone if he had taken a poll in Egypt? - Harry S. Truman
Better to be without logic than without feeling. - Charlotte Bronte
The will to be totally rational is the will to be made out of glass and steel: and to use others as if they were glass and steel. - Marge Piercy
http://famousquotesandauthors.com/quotes_by_topic.html
http://famousquotesandauthors.com/topics/decisions_quotes.html
"Tidbits From TNT" Monday 3-11-2024
TNT:
Tishwash: Sudani resolves the fate of the strategic framework agreement after the US withdrawal
Mawazine News – Baghdad
Prime Minister Mohammed Shia Al-Sudani stressed on Monday that Iraq does not need foreign soldiers from 86 countries under the international coalition, noting that the US withdrawal does not mean the break or the termination of the coordination framework agreement at all.
Al-Sudani said in an interview followed by Mawazine News that "the US withdrawal does not mean canceling the strategic framework agreement and then announcing the break."
He added that "negotiations between America and Iraq are conducted militarily without policy intervention and are professional and depend on three circumstances, including an assessment of the threat of ISIS, operational conditions and an assessment of the capabilities of Iraqi forces in the face of dangers."
TNT:
Tishwash: Sudani resolves the fate of the strategic framework agreement after the US withdrawal
Mawazine News – Baghdad
Prime Minister Mohammed Shia Al-Sudani stressed on Monday that Iraq does not need foreign soldiers from 86 countries under the international coalition, noting that the US withdrawal does not mean the break or the termination of the coordination framework agreement at all.
Al-Sudani said in an interview followed by Mawazine News that "the US withdrawal does not mean canceling the strategic framework agreement and then announcing the break."
He added that "negotiations between America and Iraq are conducted militarily without policy intervention and are professional and depend on three circumstances, including an assessment of the threat of ISIS, operational conditions and an assessment of the capabilities of Iraqi forces in the face of dangers."
He pointed out that "Iraq will work to schedule the American withdrawal after taking into account all those assessments and then it will work to develop US-Iraqi relations and work in accordance with the Strategic Framework Agreement."
CandyKisses: Amid Doubts About Its Uselity. Sudani Is Preparing For A US Tour To Arrange Relations And End The Existence Of The International Coalition
Earth News / Prime Minister Mohammed Shia' Al-Sudani is preparing to conduct an important visit to the United States of America to meet a large number of officials there, led by Joe Biden, to discuss many important issues, especially in light of the development of the aggression on some areas of the Middle East, in addition to the aggression against the Iraqi security forces by the US aircraft.
This visit comes in light of the dangerous escalation in the world and warnings of the expansion of the circle of fighting, while the Sudani will carry many other sensitive files, most notably the foreign presence in Iraq, in addition to the continuation of strikes between the Iraqi resistance factions and the American forces.
In September last year, the Sudani participated in the meetings of the United Nations General Assembly in New York, during which he met with the US Secretary of State, Anthony Blinken, but did not meet with President Joe Biden, at which time the US minister invited the Iraqi Prime Minister to visit Washington and meet with Biden, to discuss bilateral relations.
On this visit, political analyst Ghalib Al-Dami said in an interview with Earth News, that “the talk about the visit took place a year ago when the government was formed and its date was not set and US Secretary of State Blinken had previously invited the Sudanese to visit the United States, but without specifying the appropriate date, which caused its postponement.”
He added that "the Sudanese visit and his meeting with US President Biden, who says about the media that he is lack of memory, will not have a significant impact on the consideration that the current President Biden will leave his position after about 8 months," noting that "the visit will be very useful if it includes other US departments such as the parliament, the Ministry of Defense, the Ministry of State and the decision-making departments in Washington."
Al-Da'ami pointed out that "the Sudanese Prime Minister will carry with him all files related to the Iraqi economy, Iraqi security, the American presence, the stability of the country and everything related to it."
For his part, the government spokesman, on behalf of Al-Awadi, revealed in a statement followed by Earth News, that “the date of the Prime Minister’s visit will be during the spring, explaining that its goal is to arrange bilateral economic, political, cultural and security relations, end the mission of the international alliance and move to a bilateral relationship only.”
With regard to the calm between the United States and the Iraqi factions, Al-Awadi stressed that "stability in Iraq and the cessation of strikes directly contributed to the completion of dialogue and the timetable for the end of the mission of the international coalition and the withdrawal of foreign forces," but said that "the targeting of Iraqi bases in which international advisers are present, is reflected negatively on the speed of completion of the mission of the Supreme Military Committee and the completion of the task of ending the international coalition."
The Sudanese's visit, which is expected during the next two months, which was postponed more than once, due to the tense regional conditions, most notably the Israeli war on the Gaza Strip, is important in the eyes of the observer circles, as it is his first official visit since he took office in October 2022, and it will be on its agenda to discuss security unrest, including the escalation of mutual attacks between the United States and Islamic resistance factions since the beginning of the events in Gaza.
*************
CandyKisses: The first Iraqi religious reference announces the “first day” of Ramadan
Shafaq News / Iraqi cleric Kamal Al-Haidariannounced that the first day of the holy month of Ramadan will be on Monday, March 11, 2024, according to a statement issued by his office, Shafaq News.
The statement explained that "this is based on the jurisprudential building of his eminence, which is based on accurate scientific and astronomical calculations that indicate that the central pairing (central) will take place on Sunday, March 10, 2024 at 09:00 UTC, God willing."
He continued that "the possibility of seeing the crescent as shown in the two figures below indicates that it can be seen on Sunday evening with an armed eye only (the telescope) in multiple areas of the two continents of North and South America based on the return criterion, and on the Yalop standard, it can also be seen by telescope only in many areas of the western North America and some areas of the Latin American continent, in addition to the possibility of seeing it with the naked eye in the case of the serenity of the full atmosphere and monitoring by an experienced observer in some areas of the western North America continent
Mot: .. how bout on Monday - We ~~~~
Mot: .... Just Saying !!! --- Beeeeeeeee Ready!!!
"Coffee With MarkZ" Monday Morning Chat "Rate Rumors" 3-11-2024
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: gm all ..another week begins in this quest for an RV..
Member: Good Morning and Happy Ramadan to everyone….month long holiday starts today
Member: And here we still wait…Ramadan now…could be a while. Hope not
MZ: Don’t let Ramadan starting shake you. If Kuwait is any kind of example…they don’t mind revaluing in Ramadan.
Member: Eleven: In some cultures, the number eleven is believed to be lucky. It is associated with new beginnings, spiritual awakening, and auspicious opportunities, representing alignment and balance.
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: gm all ..another week begins in this quest for an RV..
Member: Good Morning and Happy Ramadan to everyone….month long holiday starts today
Member: And here we still wait…Ramadan now…could be a while. Hope not
MZ: Don’t let Ramadan starting shake you. If Kuwait is any kind of example…they don’t mind revaluing in Ramadan.
Member: Eleven: In some cultures, the number eleven is believed to be lucky. It is associated with new beginnings, spiritual awakening, and auspicious opportunities, representing alignment and balance.
Member: The weekend was exceptionally quiet.. eerily quiet. I take that as a GOOD thing! Let’s Go!
Member: From the rumor mill….Black Swan event around the 15th
MZ: I have been sent lots of rumors, clips and prophecies about Mar. 15th….you name it.
Member: So when does Iraq ascend to the WTO?
MZ: We know Iraq has completed everything and we know they are keeping the date clouded on purpose.
Member: Iraq had an article out on local gold prices, it equates to over $10,000.00 per ounce of gold! ARE WE THERE YET ?
Member: Any confirmation that China is pulling out of the stock market?
MZ: No, but individual companies are de-listing because we require more oversight and they don’t want to do the accounting and show them their books to stay on the US stock exchange. So there is a big movement for Chinese companies to de-list from the US stock market.
Member: March 11th - The Fed stops lending cash to banks
Member: Not sure why folks think banks are collapsing today, it’s a delayed process.
Member: Stocks are down this morning waiting on key inflation numbers this week.
Member: The market would have to be down at least 800 pts to mean anything
Member: I talked to someone at JP Morgan….Knew nothing and was rude and condescending
Member: IMO Not all bank branches are participating. Info is on a need to know basis only. Security is important.
Member: I hope Nader is wrong! He said it won't RV in March
MZ: I still think we could RV before April. But, nobody knows the exact timing.
MZ: MilitiaMan did a solid one over the weekend. Hope everyone watched it.
MZ: What I would really like to share with you is from this morning: “ Iraq’s ruling coalition may call for early elections” The Iranian lined up divisions seem to be afraid of Sudani. But he has about a 78 percent approval rating from the people and has gotten a lot done.
MZ: But this statement is what they fear the most right now ” The Iraqi government is currently weighing the question to change the currency so that the official cost of the US dollar will be 1.32 Iraqi dinars instead of 1320.” Implementing such a decision is likely to significantly increase Al Sudani’s popularity.
MZ: What does this mean? It means they don’t need the zeros anymore. This means that each Iraqi dinar would be worth .76 cents. This was right from Iraq’s own paper. And they are “currently weighing this question”
Member: If Sudani does this- he would be our hero for sure. Price would float up from there imo.
Member: If Iraq is discussing a rate in the news. It’s already done!
MZ: I agree.
MZ: I still very much believe we will see a higher rate than that …but let’s say each dinar is worth .76 cents. They may be coming in at .76 and letting it float. We don’t know for sure. But to see it openly discussed in their news is huge.
Member: At a rate of .76 – then each 25,000 note of dinar would be worth $19,000 USD. Exchanging one note is enough to help many of us immensely while we wait for it to float higher.
MZ: Roughly each one million in Iraqi dinar would be worth $760,000.00 USD the moment they decide to do that. And they are openly weighing that rate. This may be a huge “tell” for us.
Member: this is an excellent sign they are floating that rate in public papers
Member: For sure the Dinar would be quite higher by the end of the day in open trading!!!!!!
Member: Would be a lot more than we have now for sure. Many lives and homes could be saved.
Member: Either way it goes it will be a blessing and more than we have today. best part will be when we get rid of the circus we have going on.
MZ: I believe they could be “prepping the market” If this is the worst case scenario we would be in good shape. Imo
Member: I don’t think Iraq could fix their entire country on a rate of .76 cents?
MZ: I still believe it will be higher. But we will see. They just gave us what I consider the “worst case scenario” and I feel good about it.
Member: We heard quite a few years ago that Kuwait has requested that the RI/RV rate of Iraq not exceed their rate. I believe Kuwait’s rate is $3+ right now.
MZ: That would make sense…At least in the short term.
Member: At least something may actually be happening. That’s huge in itself. So tired of all the years of talk with no action……
Member: If Iraqs rate comes out at .76…Wonder what VND rate will be?
MZ: that could mean dong at .36-.40 cents…..we always though the VND would be 3/4 of the value of the IQD. And I believe those rates are the worst case scenarios. So nobody panic. I still very much think that we could get up to $4 on the dinar….and closer to $2 on the dong. Its just really great to see that story in print.
Member: If those rates and our exchange is Tax free…….I could live with that for sure.
Member: I've been watching Simply Linn's podcast. She just said that someone from WellsFargo heard about her podcast the other day and called her to have a meeting today
MZ: I would love to be a fly on that wall.
Member: They would have to explain a new asset backed currency to Americans before just releasing it don’t you think mark so some sort of disclosure event ?
Member: Is this our week Mark?
MZ: I expect a tumultuous week…with big things toward the end of it. I am expecting a lot to roll through this week.
Member: Thanks for all the news. I would take .76 if that is what we get……appreciate all you do Mark.
Member: Fingers crossed for big news by tonight.
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Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.
Iraq Economic News and Points to Ponder Monday AM 3-11-24
Iraq Economic News and Points to Ponder Monday AM 3-11-24
Tlm724 Administrator Bondlady’s Corner
{Financial Digitization}.. A Factor To Reduce Inflation And Absorb Hoarded Funds
Economical 03/10/2024 Baghdad: Haider Falih Al-Rubaie Economic affairs specialists have identified the most prominent advantages that digital transformation can achieve in banking, placing at the forefront of these advantages the
elimination of inflation through the use of small denominations, and the
absorption of citizens’ hoarded cash mass, estimated at more than 95 trillion dinars, while
they praised the Central Bank’s measures. In providing the appropriate ground for achieving financial digital transformation,
they stressed the necessity of doubling the distribution of points of sale and working to oblige all government and private institutions to operate with electronic cards.
Iraq Economic News and Points to Ponder Monday AM 3-11-24
Tlm724 Administrator Bondlady’s Corner
{Financial Digitization}.. A Factor To Reduce Inflation And Absorb Hoarded Funds
Economical 03/10/2024 Baghdad: Haider Falih Al-Rubaie Economic affairs specialists have identified the most prominent advantages that digital transformation can achieve in banking, placing at the forefront of these advantages the
elimination of inflation through the use of small denominations, and the
absorption of citizens’ hoarded cash mass, estimated at more than 95 trillion dinars, while
they praised the Central Bank’s measures. In providing the appropriate ground for achieving financial digital transformation,
they stressed the necessity of doubling the distribution of points of sale and working to oblige all government and private institutions to operate with electronic cards.
“The electronic transformation of the use of money in daily transactions” is of utmost importance in the government’s directions, which is making great efforts to complete this direction, especially after “the Council of Ministers had previously obligated
private educational institutions, universities, private colleges,
fuel processing stations,
centers and
shops of all kinds, In addition to
restaurants,
pharmacies,
private medical clinics,
stores,
all wholesale and retail marketing outlets, and
professionals,
there must be a minimum amount of their cash receipts through the electronic point-of-sale (POS) system.
Despite the short period of time in which it was officially decided to actually start using electronic payment methods (POS) in the country,
“the World Bank believes that the infrastructure for electronic payment systems in Iraq is the best in the region,” praising during a previous meeting with the Governor of the Central Bank, Ali Mohsen Al-Alaq, Director of the World Bank Office in Iraq, Richard Abdel Nour, explained
“the Central Bank’s procedures for facilitating financial transfers to different segments in Iraq.”
The process of “banking digitization” also represents a vital factor in achieving many economic advantages in the country, according to the banking expert and member of the Board of Directors of the Iraqi Association of Islamic Banks, Dr. Abbas Fadel Rahim, who stressed that
“digital transformation has become an important factor in all countries of the world, and it is
“This makes it imperative for all banking institutions in Iraq to use the latest knowledge in this field to keep pace with the development of banking work that most countries of the world have reached.”
In an interview with “Al-Sabah” on the sidelines of an economic symposium on the importance of digital transformation in banking, Abbas believes that
“technical developments in banking can help financial institutions and individuals achieve a number of positives, including
investigation,
financial inclusion,
security,
profitability, and
liquidity,” indicating that
“All banks in Iraq, private and government, operate under the umbrella and laws of the Central Bank,
which has made important steps in the field of electronic banking, and has
worked to provide the appropriate ground for achieving electronic banking transformation, as well as
enabling financial institutions to work and advance in this direction to be able to It provides advanced financial business.” Abbas pointed out that the
electronic transformation of banking carries a number of advantages that can be
reflected positively on the economic reality in the country, especially in the field of
absorbing part of the citizens’ accumulated cash mass, as the digital transformation will
relieve citizens of the need to carry or hoard sums, in addition to that The
transformation is able to play a vital role in reducing the high rates of inflation, due to the use of parts of the currency in electronic trading, and therefore the matter
will save families sums of money that can meet other parts of their daily requirements when using electronic cards, indicating that ………
trading in small denominations of less than 250 dinars is almost non-existent, so the
use of electronic cards will use those amounts, noting at the same time that the
high inflation rates are the result of many global factors that have greatly affected prices, especially the Russian-Ukrainian war. Abbas also explained that
among the advantages that the digital transformation of banking in Iraq can bring is the
complete elimination of the circulation of counterfeit currencies, and the
reduction of bribery operations due to reducing friction and direct dealing between citizens and employees,
calling for intensifying efforts to increase electronic card sales stations (POS).
In turn, the researcher specializing in economic affairs, Durgham Muhammad Ali, explained that
there are a number of steps that would make electronic payment operations successful in Iraq, noting that
among those steps is “the availability of promotional and procedural elements,” indicating that
“the procedural elements are primarily based on encouraging economic activities.” From shops, restaurants, malls and markets to acquire electronic payment devices (POS) and
provide financial privileges represented by granting tax allowances or other incentives to users of electronic cards.
Muhammad also stressed the importance of
“facilitating the process of citizens obtaining electronic payment cards, by
spreading more outlets for selling and charging these cards in residential and commercial areas outside banks,” pointing out at the same time that
expanding the process of using electronic cards will achieve many positive economic factors. At the forefront of which is
reducing the need for annual printing of cash, and
increasing circulation in cash denominations of less than 250 dinars, which is reflected at the end of the month in the family budget.
The economic affairs specialist called for the necessity of “reducing the operator’s commission or paying it by the state to encourage the adoption of these technologies to increase financial inclusion in the country.” https://alsabaah.iq/93145-.html
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
Iraqi Dinar Today Video Updates Sunday Evening 3-10-24
Iraqi Dinar Today Video Updates Sunday Evening 3-10-24
Chase Bank Massive Announced Exchange IQD And VND on True Value – 4:27
See the Big News $3.22: The Iraqi Dinar Exchange Rate Revealed! – 2:55
Finally Chase Bank WOW Iraqi Dinar & Vietnamese Dong Do it – 3:50
Iraqi Dinar Today Video Updates Sunday Evening 3-10-24
Chase Bank Massive Announced Exchange IQD And VND on True Value – 4:27
See the Big News $3.22: The Iraqi Dinar Exchange Rate Revealed! – 2:55
Finally Chase Bank WOW Iraqi Dinar & Vietnamese Dong Do it – 3:50
Chase Bank Massive Announced Exchange IQD And VND on True Value – 4:27
See the Big News $3.22: The Iraqi Dinar Exchange Rate Revealed! – 2:55
Finally Chase Bank WOW Iraqi Dinar & Vietnamese Dong Do it – 3:50
News, Rumors and Opinions Monday AM 3-11-2024
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
EV Excerpts from the Restored Republic via a GCR: Update as of Mon. 11 March 2024
Compiled Mon. 11 March 2024 12:01 am EST by Judy Byington
Global Currency Reset:
On Mon. 11 March banks will no longer be legally able to loan the fiat US Dollar as per announcement of the Federal Reserve Board. In other words, banks will begin to close on Mon. 11 March. The only way they can save the economy is to activate the Global Currency Reset
Sat. 9 March: Shari Raye said her intel (military) has told her the UST has given the Green Light and was supposed to be this weekend. It seems to line up with Bruce and Wolvie saying the codes released after the speech…hang on, this could be right as Bruce said he would see us on the other side.
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
EV Excerpts from the Restored Republic via a GCR: Update as of Mon. 11 March 2024
Compiled Mon. 11 March 2024 12:01 am EST by Judy Byington
Global Currency Reset:
On Mon. 11 March banks will no longer be legally able to loan the fiat US Dollar as per announcement of the Federal Reserve Board. In other words, banks will begin to close on Mon. 11 March. The only way they can save the economy is to activate the Global Currency Reset
Sat. 9 March: Shari Raye said her intel (military) has told her the UST has given the Green Light and was supposed to be this weekend. It seems to line up with Bruce and Wolvie saying the codes released after the speech…hang on, this could be right as Bruce said he would see us on the other side.
Fri. 8 March Banker: : Banks have been placed on alert beginning Mon. 11 March, so he feels
Thurs. 7 March A high up Source said we would get notification sometime over the weekend.
Thurs. 7 March Bruce: This morning a source from Iraq said that Iraq would get the RV out to us over the weekend. Another source said that one hour after the start of the State of the Union speech Thurs. evening everything would be released: Bond Holders, Admirals Group and Tier4 funds would be released. Notifications could come at any time.
On Mon. 11 March the Bank Term Funding Program (BTFP) will cease making new loans according to the Federal Reserve Board. This would be a huge catalyst for the banking crisis and beginning of the new gold-backed financial system!
On Fri. 15 March the new gold/asset-backed US Note should be available to the General Public and will replace the old Federal Reserve fiat US Dollar in ATM machines.
Global Financial Crisis:
Banking Collapse, Ben Fulford
Prepare for the unthinkable: Trillions of dollars in US Treasury bonds are returning to Europe and 110 countries, revealing the alarming truth that American multinationals are on the brink of insolvency.
Prepare for the impending catastrophic COLLAPSE that will send shockwaves across Europe and beyond.
France’s brazen act of stealing the wealth of its citizens has sparked widespread civil unrest.
Hyperinflation in Germany is decimating the metal industry, crippling weapons production and pushing companies to the brink of bankruptcy.
Read full post here: https://dinarchronicles.com/2024/03/11/restored-republic-via-a-gcr-update-as-of-march-11-2024/
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 IMO This is an RI not and RV like the other people tell you. The RV was a long time ago...This is an RI. It is to be reinstated. I believe it's trying to reach $3.22 so he can be on par and then float in the basket and gain more value.
Frank26 Each one has done their job - BOA, Chase, CitiBank, Wells Fargo. They're all in the chain of command now. These banks are being informed of what's going on. I also believe...the ones [banks] inside of Iraq are receiving new machines that have the software for the new lower notes...Chase, they don't need that software because they will not be proving/inspecting it [lower notes] they're just the middle person who sends it to the others. The others at JP [Morgan] have the new technology...machines...software. They are the ones training and practicing IMO...
Silver Alert: "It's Time To BUCKLE UP" –
Mike Maloney: 3-11-2024
Mike Maloney discusses the current state of the silver market and why it's time to buckle up for what could be one of the most significant crashes in history.
Silver production from Mexico and Peru is at a 14-year low, while gold breaks out to record levels, signaling a new bull market for precious metals.
Maloney explores the alarming trends in the stock market, billionaire stock sell-offs, and major outflows from Tech funds.
Join him on the front porch of his farm as he shares insights on the shrinking M2 currency supply and the potential economic downturn. Are you prepared for what's coming?
Iraqi Dinar Today Video Updates Sunday Afternoon 3-10-24
Iraqi Dinar Today Video Updates Sunday Afternoon 3-10-24
Wow Good News For Investors Hold Your Dinar – 3:13
See the Great d News Reinstatement Done Officially - 3:36
US Treasury Confirm IQD Revaluation Massive Exchange Rate – 3:01
WOW Amazing Reinstated 3.22 IQD Exchange Rate Possibilities – 3:27
Iraqi Dinar Today Video Updates Sunday Afternoon 3-10-24
Wow Good News For Investors Hold Your Dinar – 3:13
See the Great d News Reinstatement Done Officially - 3:36
US Treasury Confirm IQD Revaluation Massive Exchange Rate – 3:01
WOW Amazing Reinstated 3.22 IQD Exchange Rate Possibilities – 3:27
Wow Good News For Investors Hold Your Dinar – 3:13
See the Great d News Reinstatement Done Officially – 3:36
US Treasury Confirm IQD Revaluation Massive Exchange Rate – 3:01
WOW Amazing Reinstated 3.22 IQD Exchange Rate Possibilities – 3:27
Economist's "News and Views" Sunday 3-10-2024
BTFP (Bank Term Funding Program) Shutdown Starts Tomorrow: Everything You Need To Know
Taylor Kenny: 3-10-2024
As the countdown to March 11th looms, the fate of the Federal Reserve's emergency bank bailout program hangs in the balance, sending shock waves through the economy.
Brace yourself for a riveting exploration of high-stakes finance, where the stakes couldn't be higher and every decision reverberates with consequence.
BTFP (Bank Term Funding Program) Shutdown Starts Tomorrow: Everything You Need To Know
Taylor Kenny: 3-10-2024
As the countdown to March 11th looms, the fate of the Federal Reserve's emergency bank bailout program hangs in the balance, sending shock waves through the economy.
Brace yourself for a riveting exploration of high-stakes finance, where the stakes couldn't be higher and every decision reverberates with consequence.
CHAPTERS:
00:00 Bank Bailouts Set To Expire
01:44 Significant Unrealized Losses
03:27 Bank Term Funding Program
05:56 Commercial Real Estate Debt
U.S. Economic Crash Worse than 1929 - Peter Schiff Issues Warning
Sachs Realty: 3-10-2024
Peter Schiff says the U.S. has made mistakes that will result in a depression worse than 1929
Rafi Farber: 1970s Are Repeating for Gold, Too, Not Just Silver
Arcadia Economics: 3-10-2024
Last week Rafi Farber detailed how the silver market is playing out the late 1970s almost exactly, and how we are currently situated in 1978.
Well, it's not just silver. With gold at new all time highs and silver lagging, this was also the exact same situation of that year. History is repeating, and we should not be surprised, as human nature does not change.
Meanwhile, the Bank Term Funding Program is closing up next week, and one month later, about $80B in emergency loans from the Fed come due.
The problem is, the Treasury's those banks turned in for all that cash, are even more underwater than they were back then. The Fed's balance sheet will necessarily shrink by at least $80 one month from now, and this as the reverse repo facility comes close to zeroing out.
Gird your loins, as they say. It's going to be an interesting springtime for gold bugs and silver apes. To find out more, click to watch the video now!
News, Rumors and Opinions Sunday PM 3-10-2024
KTFA:
Clare: The Iraqi market decides to launch trading on construction bonds
3/10/2024 Baghdad
The Iraq Stock Exchange decided to launch trading on reconstruction bonds starting from March 19.
A source in the Iraq Stock Exchange told Al-Eqtisad News that the construction bonds will be traded starting from the Tuesday session, March 19, 2024, and will be in two denominations: 500 thousand dinars, with an interest of 6%, and one million dinars, with an interest of 8%.
He added that the second issuance of reconstruction bonds will be launched for trading in the Wednesday session, March 27, 2024. LINK
KTFA:
Clare: The Iraqi market decides to launch trading on construction bonds
3/10/2024 Baghdad
The Iraq Stock Exchange decided to launch trading on reconstruction bonds starting from March 19.
A source in the Iraq Stock Exchange told Al-Eqtisad News that the construction bonds will be traded starting from the Tuesday session, March 19, 2024, and will be in two denominations: 500 thousand dinars, with an interest of 6%, and one million dinars, with an interest of 8%.
He added that the second issuance of reconstruction bonds will be launched for trading in the Wednesday session, March 27, 2024. LINK
Clare: With its rise locally... Iraq's gold reserves were revealed
3/10/2024
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the size of the Iraqi gold reserve at the Central Bank of Iraq.
Saleh told {Al-Furat News} agency, “There should be a distinction between fundamentally imported commercial gold and monetary gold, which is an integral part of the country’s foreign reserves, as monetary gold falls within the diversification of the monetary authority’s investment portfolio, and the numbers indicate that it exceeds 132 tons of monetary gold and within the safe range of reserves.” foreign to the country.
He added, "As for commercial gold, it is regulated by a law and instructions that are subject to the controls of commercial systems and the gold marking law, which the Central Agency for Standardization and Quality Control undertakes to mark and protect gold assets supplied to the country as national wealth."
Local markets in Baghdad are witnessing an increase in gold prices, as the selling price of a gram (the mithqal) reached 465 thousand dinars.
An economist, Salah Nouri, revealed the reasons for the rise in gold prices.
Nouri told Al-Furat News, “What is happening at the present time in terms of the increase in gold jewelry is the result of an increase in demand for it. When the demand for it increases, its price increases, and so far this is economically logical.”
Nouri added, "But more importantly, why has the demand for gold jewelry increased at the present time? I think that the citizen tends to save in it instead of the dollar, and this is a weak reason. It is more likely that traders speculating in the dollar are turning to gold instead of the dollar for reasons of speculation or smuggling, because Individual citizens’ need for gold jewelry is limited to special occasions.”
Meanwhile, an informed source told {Al-Furat News} that one of the reasons for the rise in gold prices was due to “citizens’ weak confidence in banks,” so they withdrew the amounts deposited in banks and turned to gold.”
Raghad Dahham LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 In my opinion the Iraqi dinar is going through an internal float...Something is going on.
Breitling Question: "The difference between Kuwaiti revaluation and the Iraqi dinar - what's the difference?" It's a completely different model...Kuwaiti got invaded. Saddam Hussain stole the printing press, the Kuwaiti version of the Treasury. Stole everything...Iraqi dinar was completely different. It was planned. They knew the old Iraqi currency was going to collapse. We injected their economy with dollars and euros. That's when they took the old dinars off the streets and introduced the new dinar you and I have. It's a completely different model. There's no way to compare.
Oil Giants SHUTDOWN German Plants, India Dumps USD Payments For Oil, Shameless US Jobs Report
Sean Foo: 3-10-2024
In the latest blow to German industry, oil giants including BP and Shell are scaling back their oil refining in the country.
This threatens to pile on more pressure, making manufacturing even more expensive. Meanwhile, India is trying to de-dollarize their oil purchases away from the dollar, this is another big move by the world's third-largest oil consumer.
And finally, we must break down the latest and shameless jobs report from the BLS.
Timestamps & Chapters:
0:00 German Oil Industry Crisis
3:05 Deindustrialization Getting Worse
6:24 India Refuses US Dollar Oil Payments
9:31 The Disastrous US Jobs Report
12:48 The STRONG Economy Story
Goldilocks' Comments and Global Economic News Sunday Evening 3-10-24
Goldilocks' Comments and Global Economic News Sunday Evening 3-10-24
Good Evening Dinar Recaps,
For the last few years, Japan and the United States have been engaged in "yield curve control mechanisms" to adjust monetary supply. This keeps long-term bond yields low. It encourages consumers to spend and businesses to invest. If you have a lot of money to invest in these activities, it allows you to move ahead of the rest of the world in wealth.
Japan is currently deciding to change their monetary policy under a new framework. This new framework will target the "volume of purchases," rather than, the yield curve control.
This is a move from benefiting the 1% to allowing supply and demand to determine market prices. When supply and demand determines market prices, a shift in currency values follow to meet these new demands.
Monetary policy changes such as this gives power back to the people by allowing the people to participate in determining market values. We do make up most of the market.
Goldilocks' Comments and Global Economic News Sunday Evening 3-10-24
Good Evening Dinar Recaps,
For the last few years, Japan and the United States have been engaged in "yield curve control mechanisms" to adjust monetary supply. This keeps long-term bond yields low. It encourages consumers to spend and businesses to invest. If you have a lot of money to invest in these activities, it allows you to move ahead of the rest of the world in wealth.
Japan is currently deciding to change their monetary policy under a new framework. This new framework will target the "volume of purchases," rather than, the yield curve control.
This is a move from benefiting the 1% to allowing supply and demand to determine market prices. When supply and demand determines market prices, a shift in currency values follow to meet these new demands.
Monetary policy changes such as this gives power back to the people by allowing the people to participate in determining market values. We do make up most of the market.
Consumers make up 2/3 of the influence made inside the marketplace through consumer spending. Coupled with an open market system in trade, and this becomes a much different way of life for the Global Economy.
An open market system is an economy that has no trade barriers and free market activities that govern trades between countries.
"The United Nations Conference on Trade and Development (UNCTAD) estimates that roughly 80 percent of global trade by volume and 70 percent by value is transported by sea. Of that volume, 60 percent of maritime trade passes through Asia, with the South China Sea carrying an estimated one-third of global shipping."
Do you see how shifts in monetary policies have the ability to change the way we live, and why I keep encouraging you to "watch the water?" This is the way to new currency values going forward.
The new digital asset-based trading system known to many as the Quantum Financial System is a way of shifting monetary influence back to the people who support it all. It levels the playing field, and the participatory effort gives opportunity to those who take it.
© Goldilocks
Bloomberg
ChinaPower
WhiteHouse
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The last few years have been difficult for so many people across the board. Our world is simply looking for direction to move forward. "Without a vision, the people perish."
These words have never been more true in the history of our world as it is now. We are beginning to gain steam in a new direction Globally, and those who participate in this new world will find themselves expanding within it.
Others will not participate in the New World, and it has a devastating effect of disconnecting people from the very energies the new world provides to sustain you.
These choices draw our attention to a wisdom deeply embedded within us all and endowed by our Creator at the moment of our birth. This is to freely choose from a myriad of paths a life in front of us a road of destiny.
Each of us have gifts and talents that can be utilized in the New World, and these are opportunities for us to explore a strange new world, to seek out life in all its forms, for the benefit of transforming ourselves and those around us in our co-creative relationship between our Creator and ourselves United by a power of peace.
© Goldilocks
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Clarity for Payment Stablecoins Act of 2023
This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed monetary value).
Only permitted issuers are allowed to issue a payment stablecoin for use by U.S. persons. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. In general, permitted issuers must be regulated by the appropriate federal regulator, however, state-qualified issuers must be regulated by an appropriate state regulator.
Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using assets as outlined by the bill, such as U.S. coins and currency or other assets regulators determine appropriate. Permitted issuers must also publicly disclose their redemption policy, establish redemption procedures, and publish on their website every month the details of the issuer's reserves.
The bill sets forth requirements for (1) the rehypothecation, or reusing, of such reserves; (2) providing custodial or safekeeping services for stablecoins or private keys; and (3) supervisory, examination, and enforcement authority over non-state qualified issuers.
In addition, the bill places a two-year moratorium on new endogenously collateralized stablecoins (i.e., stablecoins that rely on the value of another digital asset created or maintained by the same originator to maintain the fixed price).
Under the bill, permitted payment stablecoins are not considered securities under securities law. © HR 8950
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What is a supply and demand curve and how is it useful? | Indeed.com UK
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The Banks: “Unrealized Losses” in Q4, Securities Held by Banks, Bank Failures, and the Dropping Bank Count | Wolf Street
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CFTC Announcement:
Washington, D.C. — Two subcommittees of the Market Risk Advisory Committee (MRAC) will hold public meetings on Friday, March 15 from 9:30 a.m. to 12:30 p.m. (EDT) at the CFTC’s Washington, D.C. headquarters. Members of the public will also have the option of attending in person or virtually. Commissioner Kristin N. Johnson is the sponsor of the MRAC.
The Future of Finance Subcommittee and Climate-Related Market Risk Subcommittee will, separately, continue workstreams, including examining the potential risks that emerge in connection with increasing adoption of artificial intelligence in global financial markets and the risks that arise in connection with carbon derivatives markets with a particular focus on fraud and greenwashing, market integrity, product design, and disclosure.
Each meeting will be open to the public with seating on a first-come, first-served basis. Persons requiring special accommodations to attend the subcommittee’s meeting because of a disability should notify the contact persons below. Formal agendas for each subcommittee’s meeting are forthcoming. CFTC
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Japan is one of the United States’ most important trade and investment partners. In 2022, bilateral U.S.-Japan trade in goods and services was worth $309 billion International Trade Administration
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We hold these truths to be self-evident, that all men (and women) are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. Archives
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I really hope you understand that cryptocurrency is soon to be the foundation for the infrastructure of our new digital asset-based trading system.
As Bitcoin grows, the rest of the crypto space grows. This is the first RV. The second one that many are looking for in paper currency will become possible because of the first one taking place right now.
Our new global economy is currently being re-indexed. Everything will be tokenized. Yes, even the foreign currency you hold. It is a process that will give new value to all of our currencies around the world.
© Goldilocks
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When the Bible speaks of living water, it is a symbol for spiritual nourishment and renewal. The new digital monetary system is symbolic of many things, and many do not recognize it's contents revealing itself right in front of our eyes.
For those who have eyes let them see that the gold attached to our new digital economy is an asset that can never be diminished for the elements contained within gold are eternal.
A new heaven and a new Earth represents the new economy of spirit, as well as, a new beginning for the Earth as well.
There is a promise contained within Revelations 21:1-6 that God will make all things new. It is a promise that many countries are making with one another in investing in the restoration of New Life.
It is a change in the way we have been using up our resources here on Earth, and a movement for countries to commit themselves to Green Bond Initiatives. It is a promise we have been thirsting for and centuries in the making. As it is written, "To the thirsty I will give water without cost from the spring of the water of Life."
It is a movement that has begun its activation through the process of connecting Quantum Technologies around the world that have embedded within them many of these green initiatives (Protocol 20).
As countries connect to one another, we are making a promise to restore our money to real values through gold enabled by a digital economy to help us fulfill new goals whose paths reach into our highest potential in favor with God and humanity.
This is why our current QFS that is still in process of finalizing a payment and messaging system will bring forth tokenized assets as a means capable of reaching the fulfillment of our return to that which is most sacred to us.
Have a wonderful Sunday my friends, and remember the purpose for which you were born. For what lies deepest within you, has the capacity to create miracles. Because the essence of who we are is greater than we think or even can think, our true home resides in the Stars. Remember these things, and there will be no limits on what you can achieve from this day forward. Reference: Revelations 21:1-6
© Goldilocks
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Eventual Financial Death Spiral Now Imminent – John Rubino
Eventual Financial Death Spiral Now Imminent – John Rubino
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Analyst and financial writer John Rubino warned nearly four months ago of a “U.S. Financial Death Spiral.” This past week, Bank of America caught up to Rubino and issued a warning about a “US dollar death spiral” because the federal government was going deeper in the red by creating “$1 trillion in new debt every 100 days.”
Maybe this is why gold and Bitcoin have been hitting new all-time highs day after day. Rubino says, “When a building was worth $200 million and someone sells it for $48 million, that means there is a loss that someone has to take. Those losses are mostly on the books of regional and local banks. So, they are in big trouble financially. . . .
Eventual Financial Death Spiral Now Imminent – John Rubino
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Analyst and financial writer John Rubino warned nearly four months ago of a “U.S. Financial Death Spiral.” This past week, Bank of America caught up to Rubino and issued a warning about a “US dollar death spiral” because the federal government was going deeper in the red by creating “$1 trillion in new debt every 100 days.”
Maybe this is why gold and Bitcoin have been hitting new all-time highs day after day. Rubino says, “When a building was worth $200 million and someone sells it for $48 million, that means there is a loss that someone has to take. Those losses are mostly on the books of regional and local banks. So, they are in big trouble financially. . . .
You will get these massive bank runs that the government will have to step in and bail out. This is one of many things that will happen in the not-so-distant future. This will impact government finances in a scary way that will send people’s attention to the currency. In other words, if we have another $3 trillion bailout on top of everything else that’s going on . . .what is that going to do to the dollar? . . . .
Currencies are being inflated away with all these bailouts, deficits, wars and all these things that are going on that are bad for the currency. So, people start selling government bonds, which push up interest rates and blows up even more bad real estate and paper . . . until you get a debt spiral, a real live financial death spiral than cannot be fixed. . . .
I was talking to a real estate guy the other day, and he said this is not just inevitable, it is imminent. It is happening now. It is happening quickly, and it is going to hit the headlines. . . . In this case, what is inevitable in commercial real estate is also looking imminent.”
Rubino goes on to say, “The numbers are not lost on the guys running the big investment banks and the big media outlets. They are sitting around, and they are thinking we have to say something about this because this is obviously a very big financial story. So, we have to report on it. Finally, the numbers have gotten big enough with the deficits and government interest costs . . . that this is a story that cannot be ignored anymore.
It’s got to be pretty far along before they reach that point because they really don’t want to report on this. To report on this is seen as a betrayal of the establishment, and they are part of the establishment. They are playing on that team. The debt numbers are finally big enough that they can’t be ignored anymore, and that implies that we are getting near the end of the road.”
Gold and Bitcoin both hit all-time new highs this past week. What does it mean? Rubino explains, “This means the market is speaking, and it’s concluding these currencies have a problem. Capital is flowing into the alternatives. It’s flowing into the old kind of money that has held up for thousands of years like gold or the possible new kind of money like Bitcoin that has come on relatively recently (when compared to gold). . . . In either case, it is a vote against the dollar. When gold and Bitcoin are both spiking, it is a big vote of no confidence in the dollar.”
In closing, Rubino says, “There is no way to know how this plays out in the next six months, but this should terrify the central banks. By the way, the big central banks are behaving as if they are terrified because they are aggressively buying gold. They have bought about 1,000 tons of gold in each of the last two years. 1,000 tons is a fourth of the gold that comes out of all the gold mines in a given year.
So, that is a major purchase, and they take the gold off the market. They don’t turn around and sell it. They put it away as a reserve asset. The gold is effectively disappearing. This makes the market even tighter, and this is also part of the reason why gold is going up.”
There is much more in the 42-minute interview.
Join Greg Hunter as he goes One-on-One with financial writer John Rubino and his new enterprise called Rubino.Substack.com for 3.9.24.
https://rumble.com/v4i4tv5-eventual-financial-death-spiral-now-imminent-john-rubino.html