Why The Dollar Will Lose Its Status As The Global Reserve Currency
Why The Dollar Will Lose Its Status As The Global Reserve Currency
Notes From the Field By James Hickman (Simon Black) May 13, 2024
By the early 400s, the Roman Empire was coming apart at the seams and in desperate need of strong, competent leadership. In theory, Honorius should have been the right man for the job.
Born into the royal household in Constantinople, Honorius had been groomed to rule, practically since birth, by the finest experts in the realm. So even as a young man, Honorius had already accumulated decades of experience.
Yet Rome’s foreign adversaries rightfully believed Honorius to be weak, out of touch, divisive, and completely inept.
He had entered into bonehead peace treaties that strengthened Rome’s enemies. He paid vast sums of money to some of their most powerful rivals and received practically nothing in return. He made virtually no attempt to secure Roman borders, leaving the empire open to be ravaged by barbarians.
Why The Dollar Will Lose Its Status As The Global Reserve Currency
Notes From the Field By James Hickman (Simon Black) May 13, 2024
By the early 400s, the Roman Empire was coming apart at the seams and in desperate need of strong, competent leadership. In theory, Honorius should have been the right man for the job.
Born into the royal household in Constantinople, Honorius had been groomed to rule, practically since birth, by the finest experts in the realm. So even as a young man, Honorius had already accumulated decades of experience.
Yet Rome’s foreign adversaries rightfully believed Honorius to be weak, out of touch, divisive, and completely inept.
He had entered into bonehead peace treaties that strengthened Rome’s enemies. He paid vast sums of money to some of their most powerful rivals and received practically nothing in return. He made virtually no attempt to secure Roman borders, leaving the empire open to be ravaged by barbarians.
Inflation was high. Taxes were high. Economic production declined. Roman military power declined. And all of Rome’s foreign adversaries were emboldened.
To a casual observer it would have almost seemed as if Honorius went out of his way to make the Empire weaker.
One of Rome’s biggest threats came in the year 408, when the barbarian king Alaric invaded Italy; imperial defenses were so non-existent at that point that ancient historians described Alaric’s march towards Rome as unopposed and leisurely, as if they were “at some festival” rather than an invasion.
Alaric and his army arrived to the city of Rome in the autumn of 408 AD and immediately positioned their forces to cut off any supplies. No food could enter the city, and before long, its residents began to starve.
Historians have passed down horrific stories of cannibalism-- including women eating their own children in order to survive.
Rather than send troops and fight, however, Honorius agreed to pay a massive ransom to Alaric, including 5,000 pounds of gold, 30,000 pounds of silver, and literally tons of other real assets and commodities.
(The equivalent in today’s money, adjusted for population, would be billions of dollars… similar to what the US released to Iran in a prisoner swap last year.)
Naturally, Honorius didn’t have such a vast sum in his treasury… so Romans were forced to strip down and melt their shrines and statues in order to pay Alaric’s ransom.
Ironically, one of the statues they melted was a monument to Virtus, the Roman god of bravery and strength… leading the ancient historian Zosimus to conclude that “all which remained of Roman valor and intrepidity was totally extinguished.”
Rome had spent two centuries in the early days of the empire-- from the rise of Augustus in 27 BC to the death of Marcus Aurelius in 180 AD-- as the clear, unrivaled superpower. Almost no one dared mess with Rome, and few who did ever lived to tell the tale.
Modern scholars typically view the official “fall” of the Western Roman Empire in the year 476. But it’s pretty clear that the collapse of Roman power and prestige took place decades before.
When Rome was ransomed in 408 (then sacked in 410), it was obvious to everyone at the time that the Emperor no longer had a grip on power.
And before long, most of the lands in the West that Rome had once dominated-- Italy, Spain, France, Britain, North Africa, etc. were under control of various Barbarian tribes and kingdoms.
The Visigoths, Ostrogoths, Vandals, Franks, Angles, Saxons, Burgundians, Berbers, etc. all established independent kingdoms. And for a while, there was no dominant superpower in western Europe. It was a multi-polar world. And the transition was rather abrupt.
This is what I think is happening now-- we’re experiencing a similar transition, and it seems equally abrupt.
The United States has been the world’s dominant superpower for decades. But like Rome in the later stage of its empire, the US is clearly in decline. This should not be a controversial statement.
Let’s not be dramatic; it’s important to stay focused on facts and reality. The US economy is still vast and potent, and the country is blessed with an abundance of natural resources-- incredibly fertile farmland, some of the world’s largest freshwater resources, and incalculable reserves of energy and other key commodities.
In fact, it’s amazing the people in charge have managed to screw it up so badly. And yet they have.
The national debt is out of control, rising by trillions of dollars each year. Debt growth, in fact, substantially outpaces US economic growth.
Social Security is insolvent, and the program’s own trustees (including the US Treasury Secretary) admit that its major trust fund will run out of money in just nine years.
The people in charge never seem to miss an opportunity to dismantle capitalism (i.e. the economic system that created so much prosperity to begin with) brick by brick.
Then there are ubiquitous social crises: public prosecutors who refuse to enforce the law; the weaponization of the justice system; the southern border fiasco; declining birth rates; extraordinary social divisions that are most recently evidenced by the anti-Israel protests.
And most of all the US constantly shows off its incredibly dysfunctional government that can’t manage to agree on anything, from the budget to the debt ceiling. The President has obvious cognitive disabilities and makes the most bizarre decisions to enrich America’s enemies.
Are these problems fixable? Yes. Will they be fixed? Maybe. But as we used to say in the military, “hope is not a course of action”.
Plotting this current trajectory to its natural conclusion leads me to believe that the world will enter a new “barbarian kingdom” paradigm in which there is no dominant superpower.
Certainly, there are a number of rising rivals today. But no one is powerful enough to assume the leading role in the world.
China has a massive population and a huge economy. But it too has way too many problems… with the obvious challenge that no one trusts the Communist Party. So, most likely China will not be the dominant superpower.
India’s economy will eventually surpass China’s, and it has an even bigger population. But India isn’t even close to the ballpark of being the world’s superpower.
Then there’s Europe. Combined, it still has a massive economic and trade union. But it has also been in major decline… with multiple social crises like low birth rates and a migrant invasion.
Then there are the energy powers like Russia, Iran, Saudi Arabia, and Indonesia; they are far too small to dominate the world, but they have the power to menace and disrupt it.
The bottom line is that the US is no longer strong enough to lead the world and keep adversarial nations in check. And it’s clear that other countries are already adapting to this reality.
Earlier this month, for example, China successfully launched a rocket to the moon as part of a multi-decade mission to establish an International Lunar Research Station.
By 2045, China hopes to construct a large, city-like base along with several international partners including Russia, Pakistan, Thailand, South Africa, Venezuela, Azerbaijan, Belarus, and Egypt. Turkey and Nicaragua are also interested in joining.
This is pretty remarkable given how many nations are participating, even if just nominally. Yet the US isn’t part of the consortium.
This would have been unthinkable a few decades ago. But today the rest of the world realizes that they no longer need American funding, leadership, or expertise.
e can see similar examples everywhere, most notably in Israel and Ukraine. And I believe one of the next shoes to drop will be the US dollar.
After all, if the rest of the world doesn’t need the US for space exploration, and they can ignore the US when it comes down to World War 3, then why should they need the US dollar anymore?
The dollar was the clear and obvious choice as the global reserve currency back when America was the undisputed superpower. But today it’s a different world.
Foreign nations continuing to rely on the dollar ultimately means governments and central banks buying US government bonds. And why should they take such a risk when the national debt is already 120% of GDP?
In addition, Congress passed a new law a few weeks ago authorizing the Treasury Department to confiscate US dollar assets of any country it deems an “aggressor state.”
While people might think this is a morally righteous idea, the reality is that it will only turn off foreign investors. Why should China, Saudi Arabia, or anyone else buy US government bonds when they can be confiscated in a heartbeat?
All of this ultimately leads to a world in which the US dollar is no longer the dominant reserve currency. We’re already starting to see signs of that shift, and it could be in full swing by the end of the decade.
To your freedom, James Hickman Co-Founder, Schiff Sovereign LLC
Iraq Economic News and Points to Ponder Monday Afternoon 5-13-24
Iraq Economic News and Points to Ponder Monday Afternoon 5-13-24
An Economic Expert Warns Against Excessive Selling Of The Dollar At The Currency Auction
Monday 13, May 2024 15:58 | Economical Number of readings: 160 Baghdad / NINA / Economic affairs expert, Raad Tawij, warned today, Monday, against excessive selling of the dollar in the currency auction. Twig said in a statement to the National Iraqi News Agency ( NINA ) that, "It is surprising that the Central Bank of Iraq has excessively sold the dollar at a rate of 275 million dollars per day, at a value of 1,400 million dollars during the past week."
He stressed that "these amounts sold are above Iraq's consumer needs or the cash supply is above the level of cash demand, and such a matter will represent a depletion of Iraq's cash reserves."
The economist continued, “It is possible to control or reduce by reducing unjustified monetary demand within the framework of a strict monetary policy.”
Iraq Economic News and Points to Ponder Monday Afternoon 5-13-24
An Economic Expert Warns Against Excessive Selling Of The Dollar At The Currency Auction
Monday 13, May 2024 15:58 | Economical Number of readings: 160 Baghdad / NINA / Economic affairs expert, Raad Tawij, warned today, Monday, against excessive selling of the dollar in the currency auction. Twig said in a statement to the National Iraqi News Agency ( NINA ) that, "It is surprising that the Central Bank of Iraq has excessively sold the dollar at a rate of 275 million dollars per day, at a value of 1,400 million dollars during the past week."
He stressed that "these amounts sold are above Iraq's consumer needs or the cash supply is above the level of cash demand, and such a matter will represent a depletion of Iraq's cash reserves."
The economist continued, “It is possible to control or reduce by reducing unjustified monetary demand within the framework of a strict monetary policy.” https://ninanews.com/Website/News/Details?Key=1126341
The Association Of Private Banks Praises The Iraqi Central Bank’s Approach To Establishing Digital Banks
Economy News – Baghdad The Executive Director of the Iraqi Private Banks Association, Ali Tariq, praised the Central Bank’s approach to establishing digital banks to keep pace with the great development in the global banking sector.
Tariq said in an interview with Al-Iqtisad News, “The world is moving towards the digitization of banking services, and Iraq has begun its first steps in establishing digital banks, as until now there is a digital bank licensed inside Iraq, and it provides its services normally to the public.”
He pointed out that "the Central Bank of Iraq issued instructions to license banks, which set their number at a rate not exceeding 10% of the total banks operating inside the country, with a capital of 100 billion dinars, with traditional banks participating at a rate of 30%."
He added, "Digital banks are similar to traditional banks, but they differ in that they do not have branches, and most of their services are via mobile phones," noting that the size of central banks in the world has increased significantly and has reached more than 500 digital banks.
Tariq noted that “traditional banks are still providing their services through applications, and they are keeping pace with the development taking place in the banking sector.”
193 views 05/13/2024 - https://economy-news.net/content.php?id=43371
Al-Sudani Chairs The First Meeting Of The Supreme Committee For Digital Transformation
Monday 13, May 2024 16:56 | Political Number of readings: 148 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani chaired, today, Monday, the first meeting of the Supreme Committee for Digital Transformation./
https://ninanews.com/Website/News/Details?key=1126346
Involving And Integrating The Private Sector Into The Investment Map For Sustainable Development
Samir Al-Nusairi Economy News – Baghdad Within the activities carried out by the Ministry of Planning in implementation of the government curriculum and the government strategy to support and develop the sector
Private sector and its integration into the implementation of the Sustainable Development Goals Investor Map, which was launched yesterday
It discussed in detail the main challenges facing the private sector and the main goals aimed at achieving its effective contribution to improving the investment environment.
While we agree on what is stated in the map, we emphasize the necessity of adding the basic pillars contained in the private sector development strategy, in particular its three time stages and four pillars, what has been achieved since its launch in 2014, and what has not been achieved.
It is also necessary to clarify what has been achieved from Iraq’s Vision 2030, which clearly charted the path to...
Reaching a strong and developmental private sector, in addition to determining what was achieved during the implementation of previous development plans
The economic, financial and banking reform strategy contained in the government’s curriculum of the current government, and what is the real role through which the private sector must contribute with participation and government support in managing the overall economy.
This requires providing a legislative environment and a stable business environment and focusing on the axes that aim to build sound premises for the transition to economic reform. This is what we all agree on, but this requires that the government and the private sector in all its fields of banking, industry, agriculture, energy, health, building, construction, tourism and services participate and cooperate in implementing the interim, medium and long-term economic reform strategy.
This means involving the private sector in a greater role in economic decision-making and market leadership, institutionally and legislatively, through the following:
1- Contributing with the government to improving the business environment in Iraq and providing an encouraging investment climate to attract national and foreign capital.
2- Contributing with the government in creating a new legislative environment based on Article 25 of the Permanent Constitution and strategies and laws for economic reform.
3- Sustaining and activating the partnership, dialogue and cooperation between the private sector and the government by taking rapid measures to activate the Private Sector Development Council and begin its work under the chairmanship of the Prime Minister.
4- Work with the government to provide additional funding sources for the state’s general budget by adopting the development and diversification of resources towards raising the proportion of resources other than oil in the gross domestic product. Activating the real economy
5- Working to encourage the establishment and development of micro, small and medium enterprises in order to achieve comprehensive and sustainable development, including the formation of specialized institutions for this purpose and issuing a special law for the development and development of these projects and determining their economic feasibility and benefiting from the Riyada initiative launched by the Prime Minister, the National Mortgage Strategy and the Riyada Bank. Which the Central Bank is working to launch this year.
6- Activating the role of specialized banks and private banks to provide soft loans to the national private sector. Views 106 05/13/2024 - 11:59 AM https://economy-news.net/content.php?id=43378
Iraq's Internal Debt Rises To More Than 76 Trillion Dinars
Money and business Economy News – Baghdad A new economic statistic revealed that the total internal debt in Iraq rose last April to more than 76 trillion dinars.
According to the statistics published by the head of the Future Iraq Foundation for Economic Research and Consultation, Manar Al-Obaidi, and viewed by Al-Iqtisad News, the total internal debt in April 2024 rose to reach 76.9 trillion dinars, an increase from the month of March 2024 by 5%, as the total debt was Iraq's internal debt is 73.2 trillion Iraqi dinars, which is 10.39% higher than in April 2023, as the total internal debt at that time was 69.7 trillion Iraqi dinars.
Bonds launched by the Ministry of Finance under the management of the Central Bank also increased by an annual rate of 138%, in addition to an increase in government bank loans to reach 6 trillion dinars, according to Al-Obaidi, who confirmed that the internal debt currently represents 20% of the gross domestic product. Views 106 05/13/2024 - https://economy-news.net/content.php?id=43382
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Economist’s “News and Views” Monday 5-13-2024
Bank CEO’s And Elites Panic As Economic Collapse Looms Over Global Economy
Atlantis Report: 5-13-2024
The global economy is currently standing at a critical crossroads.
Bank CEOs and economic elites face the harsh realities of an economic collapse, causing widespread panic among them. They are facing challenges that threaten to disturb the delicate balance of the global financial system.
From the corridors of power to the boardrooms of multinational corporations, these influential figures need help to cope with the situation.
The impending economic crisis has sent shockwaves throughout the highest echelons of power, prompting a flurry of emergency meetings, contingency planning, and frantic efforts to mitigate the fallout.
The warning signs are evident, and the concerns of the elite are real and require solutions to minimize the damage.
BRACE YOURSELVES FOR A FINANCIAL CRASH As Systemic Risks Rise, Warns Bank of Canada
Lena Petrova: 5-12-2023
WEST PANIC: Saudi-US Mega Deal Falls Apart, China Achieves Global Shipbuilding Dominance
Sean Foo: 5-13-2024
US hegemony is in danger. In the Middle East, America's bid for peace is falling apart as Saudi Arabia looks to change the terms of the deal. This deal is a desperate off-ramp by President Biden to exit the Middle East conflict.
Meanwhile, China just sealed the biggest LNG shipbuilding deal in history. China is now the world's biggest shipbuilder, dominating global supply chains.
Here's what you must know!
Timestamps & Chapters:
0:00 US Saudi Deal Collapsing
2:46 Saudi Wants Everything From The US
6:09 China Wins Historic LNG Ship Deal
8:57 China Controls Global Supply Chains
12:15 China Navy Ship Building Shock
Evening News with MarkZ and Zester May 13th 2024
Evening News with MarkZ and Zester May 13th 2024
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
MZ: Here is some quick news …On the bond side- I do not have a bond person paid today, but I have a facilitator that was paid their portion today. They are like a paymaster for bonds.
MZ: I do not know if they were paid to keep everybody at the table or if that means the bonds were paid for? But I have a facilitator with money today. And in my book that is solid news.
MZ: Another thing you need to look at is Goldilock’s post for today. It was pure gold.
Evening News with MarkZ and Zester May 13th 2024
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
MZ: Here is some quick news …On the bond side- I do not have a bond person paid today, but I have a facilitator that was paid their portion today. They are like a paymaster for bonds.
MZ: I do not know if they were paid to keep everybody at the table or if that means the bonds were paid for? But I have a facilitator with money today. And in my book that is solid news.
MZ: Another thing you need to look at is Goldilock’s post for today. It was pure gold.
Mod: YOU CAN FIND GOLDILOCKS IN DINAR RECAPS
DUE TO MARK'S TRAVEL! SHORT MORNING PODCAST TUESDAY MORNING AND "NO" EVENING PODCAST! THANKS
Please listen to full replay for all of Zester’s information and Opinions.
Odysee at: https://odysee.com/@theoriginalmarkz:e OR THE RUMBLE CHANNEL: https://rumble.com/user/theoriginalmarkz
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.
GUYS YOU CAN FIND ALOT OF INFO AT MARK'S WEBSITE: GO TO: https://theoriginalmarkz.com/home
MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/
ZESTER'S LINK TREE: https://linktr.ee/CrazyCryptonaut
THANK YOU ALL FOR JOINING. HAVE A BLESSED NIGHT! SEE YOU ALL IN THE MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!
KTFA Mon. Night CC: “ FRANK26…5-13-24……LIGHTS….CAMERA….ACTION !!! “
KTFA
Monday Night Conference Call
FRANK26…5-13-24……LIGHTS….CAMERA….ACTION !!!
This video is in Frank’s and his team’s opinion only
Frank’s team is Walkingstick, Eddie in Iraq and guests
Playback Number: 605-313-5163 PIN: 156996#
What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE= IMPLEMENTATION
KTFA
Monday Night Conference Call
FRANK26…5-13-24……LIGHTS….CAMERA….ACTION !!!
This video is in Frank’s and his team’s opinion only
Frank’s team is Walkingstick, Eddie in Iraq and guests
Playback Number: 605-313-5163 PIN: 156996#
What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE= IMPLEMENTATION
Nebraska Becomes 12th State to End Taxes on Gold and Silver Sales
Nebraska Becomes 12th State to End Taxes on Gold and Silver Sales
Sunday, 12 May 2024, 21:50 PM
Executive Director of the Sound Money Defense League 5/8/2024 With Gov. Jim Pillen’s recent signature, Nebraska has become the 12th state to end capital gains taxes on sales of gold and silver.
LB 1317 is the fourth major sound money bill to become law this year, as state lawmakers across the nation scramble to protect the public from the ravages of inflation and runaway federal debt.
Under the new Nebraska law, any “gains” or “losses” on precious metal sales reported on federal income tax returns are backed out, thereby removing them from the calculation of a Nebraska taxpayer’s adjusted gross income (AGI).
Nebraska Becomes 12th State to End Taxes on Gold and Silver Sales
Sunday, 12 May 2024, 21:50 PM
Executive Director of the Sound Money Defense League 5/8/2024
With Gov. Jim Pillen’s recent signature, Nebraska has become the 12th state to end capital gains taxes on sales of gold and silver.
LB 1317 is the fourth major sound money bill to become law this year, as state lawmakers across the nation scramble to protect the public from the ravages of inflation and runaway federal debt.
Under the new Nebraska law, any “gains” or “losses” on precious metal sales reported on federal income tax returns are backed out, thereby removing them from the calculation of a Nebraska taxpayer’s adjusted gross income (AGI).
Supported by the Sound Money Defense League, Money Metals Exchange, and in-state advocates, Nebraska’s sound money measure passed out of the unicameral legislature’s Revenue committee unanimously before being amended into a larger bill.
Sponsor Sen. Ben Hansen said upon news of the formal enactment of his legislation:
Gold and silver are the only forms of currency mentioned in our Constitution and with that comes the people’s ability to use it as such without penalty from the government. Saving, and using, gold and silver is our right and one of the only checks and balances to our federal government’s unending devaluation of our paper currency.
Taxpayers often realize ‘gains’ when converting the monetary metals back into Federal Reserve notes even though the ‘gains’ do not reflect an increase in real value but rather reflect the currency’s ongoing devaluation.Despite the lack of “real” gains, the Internal Revenue Service imposes capital gains taxes on such transactions. Nebraska has now opted out at the state level, declining to carry the IRS’s position into the definition of Nebraska income.
Jp Cortez, executive director of the Sound Money Defense League, explained during his testimony before the Revenue Committee that the ferocious wave of inflation facing Nebraskans is largely caused by harmful actions of the Federal Reserve: The state can take a different course and provide Nebraska citizens cleaner access to gold and silver ownership – and these metals are not only a proven inflation hedge but states all over the country are remonetizing constitutional sound money in the form of gold and silver.
Eleven other states already do not charge an income tax on sales of precious metals, with Arkansas, Arizona, and Utah recently enacting such laws. Meanwhile, Iowa, Georgia, Oklahoma, Missouri, West Virginia, and Kansas have been considering similar legislation in 2024.
“Investments in precious metals coins and bullion in Nebraska are now rightly exempt from both sales tax and income tax,” said Stefan Gleason, CEO of Money Metals and Chairman of the Sound Money Defense League.
Neutralizing Nebraska’s income tax treatment of the monetary metals removes significant disincentives in the Cornhusker State against the ownership and use of the monetary metals.
Meanwhile, LB 1317 revises the state’s formal definition of money by adding language that states: “Money does not include central bank digital currency.”
The new law defines central bank digital currency as “a digital medium of exchange, token, or monetary unit of account issued by the United States Federal Reserve System or any analogous federal agency that is made directly available to the consumer by such federal entities. Central bank digital currency (CBDC) includes a digital medium of exchange, token, or monetary unit of account so issued that is processed or validated directly by such federal entities.”
Sen. Hansen said: “I believe we have to be extra vigilant in our assessment and application of a Central bank digital currency to make sure they do not become a danger to our freedom. That’s why we defined in LB 1317 that CBDC’s are not classified as currency in Nebraska, which should help protect against unwarranted mandates for their use in the future.”
Versions of this “anti-CBDC language” have advanced or signed into law in Tennessee, North Carolina, and Florida, South Dakota, and Indiana . Congressman Alex Mooney has also introduced a federal measure to block the Federal Reserve’s digital currency scheme.
In his testimony, Cortez discussed the potential risks of adopting a CBDC, including creating a greater ability to track all financial transactions, disallowing certain types of purchases, or even completely “turning off” a targeted individual’s access to money.
Nebraska joins Utah, Wisconsin, and Kentucky as states to have enacted pro-sound money legislation into law so far in 2024.
Currently ranked 22nd in the 2024 Sound Money Index, Nebraska’s ranking is expected to rise.
7 Unforeseen Financial Obligations You Take On When You Retire
7 Unforeseen Financial Obligations You Take On When You Retire
John Csiszar Mon, May 13, 2024
Once you retire, you want your financial life to be as uneventful as possible. If you’re like most retirees, you’ll be living on a combination of investment income and Social Security benefits, and that income will be relatively fixed and predictable.
This means that unexpected financial obligations can cause serious distress, as it might be hard to find a way to pay for them without going into debt. To avoid falling into this situation, it’s best to plan ahead and build a bigger emergency fund before you retire so that none of these expenses send you into a financial tailspin.
General Healthcare Expenses
It’s a fact of life that at least statistically, healthcare expenses rise as you age. The problem in terms of budgeting for retirement is that there’s no way to know just how high those costs will go. For this reason, it’s best to head into retirement expecting these so-called “unexpected” healthcare costs and to budget on the high side if at all possible.
7 Unforeseen Financial Obligations You Take On When You Retire
John Csiszar Mon, May 13, 2024
Once you retire, you want your financial life to be as uneventful as possible. If you’re like most retirees, you’ll be living on a combination of investment income and Social Security benefits, and that income will be relatively fixed and predictable.
This means that unexpected financial obligations can cause serious distress, as it might be hard to find a way to pay for them without going into debt. To avoid falling into this situation, it’s best to plan ahead and build a bigger emergency fund before you retire so that none of these expenses send you into a financial tailspin.
General Healthcare Expenses
It’s a fact of life that at least statistically, healthcare expenses rise as you age. The problem in terms of budgeting for retirement is that there’s no way to know just how high those costs will go. For this reason, it’s best to head into retirement expecting these so-called “unexpected” healthcare costs and to budget on the high side if at all possible.
Elderly Parents
Even if you retire at 65, it’s entirely possible that your parents are still alive, and it’s also possible or even probable that they will need your assistance in some way. Oftentimes, this assistance comes in the form of financial aid. If you’re already struggling to live on your retirement budget, having to take care of your elderly parents might be enough to break the bank.
As you approach retirement, however, you’ll likely have a good idea of how much financial support you might have to provide for your elderly parents, and it’s important to incorporate this into your budget, if possible.
Long-Term Care
In addition to rising general healthcare expenses, many retirees will have to plan for long-term care. Research shows that up to 70% of adults 65 and older will need long-term care in their lifetimes, so it’s definitely an expense you should anticipate could arise after you retire. The national average median cost for long-term care ranges from $2,058 for adult day health care to $9,733 for a private room in a nursing home, according to Genworth.
Although it’s hard to budget for large expenses, knowing they are coming can help in the planning process. One of the avenues you might consider is getting long-term care insurance before you need it.
Adult Children
https://finance.yahoo.com/news/7-unforeseen-financial-obligations-retire-120029536.html
More News, Rumors and Opinions Monday Afternoon 5-13-2024
KTFA:
Clare: The Iraqi Parliament decides to elect its new president next Saturday
5/13/2024
The Iraqi Parliament has set next Saturday as the date for electing its new president.
The media of the Iraqi House of Representatives said in a brief statement received by Shafaq News Agency, that the Presidency of the Council decided to hold a session on Saturday, May 18, 2024, to elect the Speaker of the House of Representatives.
An informed political source told Shafaq News Agency that the “Taqaddum” Party and the “Sadara” Bloc decided to present Mahmoud Al-Mashhadani as a candidate for the presidency of Parliament.
Al-Mashhadani, (75 years old), headed the Iraqi Council of Representatives from 2006 to 2009.
KTFA:
Clare: The Iraqi Parliament decides to elect its new president next Saturday
5/13/2024
The Iraqi Parliament has set next Saturday as the date for electing its new president.
The media of the Iraqi House of Representatives said in a brief statement received by Shafaq News Agency, that the Presidency of the Council decided to hold a session on Saturday, May 18, 2024, to elect the Speaker of the House of Representatives.
An informed political source told Shafaq News Agency that the “Taqaddum” Party and the “Sadara” Bloc decided to present Mahmoud Al-Mashhadani as a candidate for the presidency of Parliament.
Al-Mashhadani, (75 years old), headed the Iraqi Council of Representatives from 2006 to 2009.
According to the source, the nomination was supported by Muhammad al-Halbousi, with the withdrawal of Talal al-Zubaie, leaving al-Mashhadani to remain a solo candidate, facing Salem al-Issawi.
The "Sadara" parliamentary bloc announced, after midnight on Saturday, joining the "Taqaddum" coalition led by Muhammad al-Halbousi, in a decision that would advance a candidate for the presidency of the Iraqi parliament. LINK
Clare: A deficit exceeding 75 trillion, and this is the date of its arrival.. Parliament’s finances talk about the 2024 budget
5/13/2024 Baghdad
Today, Monday, the Parliamentary Finance Committee expected the schedules of the general budget law from the government to reach the House of Representatives this week, while it determined the expected deficit percentage.
Committee member Faisal Al-Naeli said, in an interview followed by Al-Iqtisad News, that “the House of Representatives is awaiting the arrival of the budget schedules and the start of discussing its provisions and making the necessary amendments to them by the Finance Committee to ensure the proper implementation of the government curriculum.”
He pointed out that "indicators confirm that the schedules will reach the House of Representatives this week in order to proceed with their approval as quickly as possible."
In turn, a member of the Parliamentary Finance Committee, Moin Al-Kadhimi, revealed the expected deficit in the current year’s budget, indicating that it may exceed 75 trillion dinars.
Al-Kadhimi said, “The current year’s budget amounts to 228 trillion dinars, with a planned deficit of up to 75 trillion.”
He added, "The budget included total revenues and spending in the amount of 150 trillion dinars, indicating that the government seeks for actual spending to be 228 trillion."
He pointed out that "the committee will amend the budget schedules during the second reading." LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Mnt Goat ...the IQD must be put back on FOREX for Iraq to progress to the desired goals as they themselves proclaim they want to accomplish...know that progress is moving along and much more quickly now...Oh…just wait until Iraq gets back on FOREX…WOW, things are really going to explode.
Paulette It is great to see more articles regarding the "Float"...I strongly believe this is the early stages of the last push by the CBI to educate the Citizens prior to implementing the "Delete the Zeros" project...Patience all...this is slowly coming together...
DOLLAR COLLAPSE: IMF Warns of Global Fragmentation Along Geopolitical Lines & Dedollarization
Lena Petrova: 5-12-2023
BANKS ARE GOING TO FALL LIKE DOMINOS! Important Updates.
Greg Mannarino: 5-13-2024
“Tidbits From TNT” Monday 5-13-2024
TNT:
CandyKisses: Minister of Commerce stresses the importance of creating a state of balance in the economy and enhancing financial stability
Economy News _ Baghdad
Trade Minister Atheer Dawood Al-Gheriri stressed on Monday the importance of creating a balance in the economy and enhancing financial stability.
According to a statement of the ministry received by "Economy News", that "Minister of Trade Atheer Dawood Al-Gheriri, headed the delegation of the Republic of Iraq in the meetings of the Economic and Social Council at the level of ministers that began in Manama under the umbrella of the League of Arab States in preparation for the holding of the 33rd session of the Arab Summit in Bahrain."
TNT:
CandyKisses: Minister of Commerce stresses the importance of creating a state of balance in the economy and enhancing financial stability
Economy News _ Baghdad
Trade Minister Atheer Dawood Al-Gheriri stressed on Monday the importance of creating a balance in the economy and enhancing financial stability.
According to a statement of the ministry received by "Economy News", that "Minister of Trade Atheer Dawood Al-Gheriri, headed the delegation of the Republic of Iraq in the meetings of the Economic and Social Council at the level of ministers that began in Manama under the umbrella of the League of Arab States in preparation for the holding of the 33rd session of the Arab Summit in Bahrain."
This meeting comes in light of many important and accelerated changes and developments in the world and our region, especially in light of the economic and social crises and their repercussions, which requires strengthening our Arab environment by coordinating our national policies to deal with international challenges positively and effectively in accordance with the developments of the global economy," Al Ghuriri added in his speech during the meetings.
He added that "the files on the agenda are of great importance, especially those related to the Greater Arab Free Trade Area and the establishment of the Arab Customs Union, in addition to files related to the health sector and financial security, which constitute basic pillars to support sustainable development and economic integration."
Al Ghurairi stressed the importance of supporting all efforts and cooperation in order to achieve the desired goals and enhance economic integration, stressing the importance of creating a state of balance in our economy and enhancing financial and economic stability.
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Tishwash: 5/11 Iraq , Tunisia sign bilateral agreements in several areas
The Iraqi government signed ,on Sunday, bilateral agreements with Tunisia in several areas.
The agreements and understanding memorandums included the following:
- The Ministry of Education signed an executive program memorandum for educational cooperation for the years 2024, 2025 and 2026, with the Tunisian Ministry of Education.
- The signing of the annex to the amendment of the memorandum of understanding in the fields of youth and sports between the minister of youth and sports Ahmed Al-Mubarqa, and the Tunisian Minister of Foreign Affairs and immigration Nabil Ammar .
- A memorandum of understanding in the field of pharmaceutical and health cooperation between the Iraqi and Tunisian ministries of Health, represented by the Iraqi Ministry of Health, Minister Saleh Al-Hasnawi, and the Tunisian Ministry of Health, Tunisian Foreign Minister Nabil Ammar.
- A memorandum of understanding in the security field between the Iraqi Ministry of Interior and the Tunisian Ministry of Interior, on the Iraqi side, minister Abdul Amir al-Shammari and the Tunisian side, Tunisian Foreign Minister Nabil Ammar.
- A memorandum of understanding in the field of Labor and social affairs between the Ministry of Labor and Social Affairs, represented by Minister Ahmed Al-Assadi and the Tunisian Ministry of Social Affairs represented by Tunisian Foreign Minister Nabil Ammar.
- Memorandum of understanding for technical cooperation between the Iraqi Ministry of Labor and Social Affairs and the Tunisian Ministry of Social Affairs.
- A memorandum of understanding in the field of vocational training and employment between the Iraqi Ministry of Labor and Social Affairs and the Tunisian Ministry of Social Affairs.
- A memorandum of understanding in the field of traditional industries between the Ministry of industry and minerals represented by its minister Khaled Batal and the Tunisian Ministry of industry and energy represented by Tunisian Foreign Minister Nabil Ammar.
- A memorandum of cooperation in the field of religious affairs between the Iraqi Ministry of Culture, Tourism and antiquities represented by Minister of Culture Ahmed Fakak Al-Badrani, and the Tunisian Ministry of Tourism represented by Tunisian Foreign Minister Nabil Ammar.
- A memorandum of understanding in the field of civil protection between the Iraqi Civil Defense Directorate, represented by its director, Major General Mohsin Kadhim Alak, and the Tunisian civil defense and protection service, represented by the Tunisian ambassador in Baghdad.
- A memorandum of understanding between the Baghdad Secretariat, represented by Secretary Ammar Moussa, and the municipality of Tunis, represented by the notary of the municipality of Tunis.
- A memorandum of understanding in the field of Archives between the Iraq National Library and Archive represented by the director general of the Department of cultural relations and the Tunisian National Archives represented by the Tunisian ambassador in Baghdad.
- Memorandum of understanding between the Union of Iraqi chambers of Commerce and the Union of Tunisian chambers
- Memorandum of understanding between the Union of Iraqi contractors and the Chamber of Tunisia.
- Signing the minutes of the meeting of the Joint Committee between Iraqi foreign ministers Fuad Hussein and Tunisian Foreign Minister Nabil Ammar.
- Memorandum of understanding in the field of developing trade exchanges between the Republic of Iraq and the Ministry of trade and export development of the Republic of Tunisia.
- Memorandum of understanding on the environmental side on the Iraqi side minister Nizar Mohammed and the Tunisian side Foreign Minister Nabil Ammar.
- Memorandum of understanding between the Iraqi federation of industries and the Tunisian Federation. link
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CandyKisses: Iraq signs MoU with Honeywell to support energy sector
Baghdad today - follow-up
Today, Monday (May 13, 2024), Iraq signed a memorandum of understanding with the American company "Honeywell" to support the energy sector in the country.
Honeywell CEO Ken West said in a press statement, followed by Baghdad Today, that "these agreements allow the company to explore opportunities for strategic cooperation in Iraqi oil and gas fields, including stopping the burning of gas associated with production operations and providing development, automation and control services." Remote monitoring.
He added, "The memorandums of understanding were signed during a meeting hosted by the American Chamber of Commerce, accompanied by members of his team, with the participation of Prime Minister Muhammad Shiaa Al-Sudani, along with an elite group of high-level officials in the government and prominent companies in the private sector."
"Honeywell has made significant achievements in Iraq, and we look forward to bringing these agreements into effect," West said, stressing that "there is huge potential for growth and cooperation to enhance the levels of reliability and sustainability of the energy sector for Iraqis across the country."
"These agreements come as part of Honeywell's commitment to provide the best global solutions and expertise to help raise the levels of efficiency and sustainability within the country's energy sector. It also reflects the company's efforts to align and strengthen its portfolio with three mega trends, including the energy transition."
Mohammed Shabout, president of Honeywell in Iraq, said, "These agreements reflect the firm commitment of Honeywell and the private and public sectors in Iraq to continue working on modernizing and developing the local industry."
"The focus is increasing on the energy sector where we all have to invest in the necessary technology and work to provide a better energy future for the entire region," he said.
Honeywell has been operating in Iraq since the seventies and recently appointed Mohammed Shabout as the company's regional head of Iraq.
Mot: .. uh oh
Mot: ... tough being a mum
Iraqi Dinar Video Update Late Sunday Evening 5-12-24
Iraqi Dinar Video Update Late Sunday Evening 5-12-24
Finally Iraqi Dinar Revaluation Done – 3:03
CBI Governor Announced IQD RV Today – 4:27
Chase Bank Huge Announced About IQD Exchange Rate - 4:08
This is Very Good Vietnamese Dong Exchange Rate – 3:02
Iraqi Dinar International Revaluation 2024 – 3:16
Iraqi Dinar Video Update Late Sunday Evening 5-12-24
Finally Iraqi Dinar Revaluation Done – 3:03
CBI Governor Announced IQD RV Today – 4:27
Chase Bank Huge Announced About IQD Exchange Rate - 4:08
This is Very Good Vietnamese Dong Exchange Rate – 3:02
Iraqi Dinar International Revaluation 2024 – 3:16
Finally Iraqi Dinar Revaluation Done – 3:03
CBI Governor Announced IQD RV Today – 4:27
Chase Bank Huge Announced About IQD Exchange Rate – 4:08
This is Very Good Vietnamese Dong Exchange Rate – 3:02
Iraqi Dinar International Revaluation 2024 – 3:16
“Coffee With MarkZ” Monday Morning Chat 5-13-2024
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: Happy Monday everyone! Is this our week? I sure hope so.
Member: May this be the magic week!
MZ: We are looking for a lot of information throughout the day today.
Member: Are we close?
MZ: If all goes well today- we should know how close we are. And what we are hoping was initiated yesterday with a lot of funds
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: Happy Monday everyone! Is this our week? I sure hope so.
Member: May this be the magic week!
MZ: We are looking for a lot of information throughout the day today.
Member: Are we close?
MZ: If all goes well today- we should know how close we are. And what we are hoping was initiated yesterday with a lot of funds
MZ: I have a good feeling about the next couple of days. Hoping it is not just hopium.
MZ The things that make me hopeful is when we started seeing some of the historic bonds that went into platforms solely for humanitarian things. That is where we have seen large scale, solid money movement. And should continue moving through out this week.
Member: Now just for historic bonds and investors turning them in- we are hoping to see this happen this week. We expected that money to be moving starting last night. But, we don’t know yet as the banks are just waking up.
MZ: So the expectation is to find out today that at least some of those funds have started moving for the “for profit” investors. That would give us a clearer timeline.
MZ: I think we are going to see positive things today and tomorrow…..to let us know where we are at in the process.
Member: If those bonds move –are we close?
MZ: Absolutely. That is why we are keeping an eye on it.
Member: Remember that bank story last week where the banker told her it will happen in “June” so maybe the bonds will be done by then and it’s our turn in June?
Member: DOW up 100
Member: Happy May 1st. by the Julian Calender. which is Mayday! This will be the 8th day straight of profits on the market. Just like in 2008. meltup before meltdown.
MZ: “JP Morgan Chase warns banks assets may be seized in Russia after $1,460,000,000 B write off report” The US government seized $439 million first in New York of Russia’s money because of US sanctions. Russia says “We can do the same” The difference is JP Morgan Chase has over $1 billion ,460 million that they have to write off. Someone has to pay this back as it belongs to depositors. In the “tit for tat “ game The US is losing because of sanctions.
MZ: “Vietnam Business news May 12/24” They are talking about an increase in revenues and how well the country is doing. This is a feel good economic piece out of Vietnam.
Member: Interesting how the countries whose currency we expect to be valuable economies are doing well while the US economy is deeper in the tank than we’ve ever seen!
Member: I have been reading this morning that Iraq has to be back on Forex to move forward
Member: (From Dinar Guru) Guru Mnt Goat ...the IQD must be put back on FOREX for Iraq to progress to the desired goals as they themselves proclaim they want to accomplish...know that progress is moving along and much more quickly now...Oh…just wait until Iraq gets back on FOREX…WOW, things are really going to explode.
Member: If Iraq hits the forex…it’s a international rate and we can exchange!
Member: How can we RV as all the laws and regulations in Iraq have yet to be in place?
Member: What if everything is in place and ready and everyone is lying about it? Everyone in this is a liar…Good guys, bad guys, news guys and politicians…… who knows?
Member: Mark do you currently see that everything is in place from the Iraqi side for this thing to go? If so, why the delay?
Member: I feel like a lot of this is going to be too little too late. I’m afraid we’re going down a path faster than RV/Nesara is moving. Feels like if it doesn’t happen by the next election it’s game over.
Member: Bank called me to wish me a happy birthday. A first , been with them over 40 years . Wanted to know if I needed anything
Member: My popcorn is way past stale…. Ready for the credits to run!
Member: Life's like a captivating movie – blink and you might miss the best parts. Stay awake, soak it all in, and enjoy the show!
MZ: There will be a podcast tonight either recorded or from Zester. I go back to Puerto Rico tomorrow.
Member: Mark, thank you for always making things feel better. We really appreciate you probably more than you might realize.
DUE TO MARK'S TRAVEL! SHORT MORNING PODCAST TUESDAY MORNING AND "NO" EVENING PODCAST! LOOK FOR UPDATES IN THE INTEL INFO ROOM. INTEL INFO ROOM: Link: https://t.me/+K_GNVfTI0gFkZWYx
StacieZ joins the stream today. Please listen to the replay for her information and opinions.
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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!
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.