Bruce’s Big Call Dinar Intel Tuesday Night 8-6-24
Bruce’s Big Call Dinar Intel Tuesday Night 8-6-24
Transcribed By WiserNow Emailed To Recaps
Welcome everybody to the big call. It is Tuesday, August 6th and you're listening to the big call from all over, big call universe, wherever you tuned in. I'm glad that you're here.
All right, let's talk about where we stand right now in terms of the Intel segment, we know that things are happening even in Iraq. For example, today, we found out that the head of the Central Bank of Iraq, Iraq, a l a K, Alak - resigned today, and we're not quite sure why, but I've got some idea why he might have resigned.
I know that we were, we kind of had yesterday - Oh guys, we could go, but there's one more thing, one more thing. And I thought, Oh no, what is it? Well, from last night until, let's call it late this afternoon, or not even late, until this afternoon, we had an issue, between Iraq the administration, and that ended up Being a result of them being the administration wanting to have a lower price for contract price of Iraqi oil that was to be sold - by Iraq which, which the price was, well, let's just say it was well into the higher Numbers and the contract rate would have been higher for us, and it was lowered by about 20% to meet the request.
Bruce’s Big Call Dinar Intel Tuesday Night 8-6-24
Transcribed By WiserNow Emailed To Recaps
Welcome everybody to the big call. It is Tuesday, August 6th and you're listening to the big call from all over, big call universe, wherever you tuned in. I'm glad that you're here.
All right, let's talk about where we stand right now in terms of the Intel segment, we know that things are happening even in Iraq. For example, today, we found out that the head of the Central Bank of Iraq, Iraq, a l a K, Alak - resigned today, and we're not quite sure why, but I've got some idea why he might have resigned.
I know that we were, we kind of had yesterday - Oh guys, we could go, but there's one more thing, one more thing. And I thought, Oh no, what is it? Well, from last night until, let's call it late this afternoon, or not even late, until this afternoon, we had an issue, between Iraq the administration, and that ended up Being a result of them being the administration wanting to have a lower price for contract price of Iraqi oil that was to be sold - by Iraq which, which the price was, well, let's just say it was well into the higher Numbers and the contract rate would have been higher for us, and it was lowered by about 20% to meet the request.
Well, let's just call it the deep state. So that probably occurred as a temporary fix, but it should have solved the problem between the Iraq and and the administration - so that was something we were anticipating happening, and it did happen, to the point where now I think things can move forward
Now, in addition to that, we had situation where -- a situation that was based on electrical storms and severe thunderstorms in the area that were coming up from Hurricane Debby – from the Florida coast – the Gulf, and came across Panama, Florida and Georgia.
And then, skirting the Carolina, South Carolina got really whacked . And also, I think North Carolina, along the coast is also feeling that, and I don't know where that hurricane is now the Outer Bands turned off electricity, shut down electricity in South Carolina to where one of the banks of wells, Fargo Bank, could not be connected to the Wells Fargo redemption center, so we had disconnection between those two facilities such that they couldn't communicate rates and screens were down, electricity was down, and I think it electricity came back up late this afternoon, but it did not allow them to get codes entered that they wanted to get entered so they see what was going on with the screen rates.
Now here's situation that was happening – day before yesterday would have been what Sunday, we had six currencies on the screens lit up with hard rates. In other words, not gray scale, not flickering rate with hard rates. And then yesterday we had six more currencies on the screens with hard rates, so we went to six to 12 currencies that were visible, and that went up
And then - at the redemption center - Actually, this was at the bank, at the lone starville Bank, a code was entered that was that was suggested to be entered by corporate this code was entered, and then all of a sudden, the screens went dark
I could have told you that news screens would go dark when they sent them that information said, go ahead and enter these codes, because they didn’t want anybody to remember those grades or to talk about that or look at it again. They did not want that to happen
So then today - We were told they put in the safe codes because they made the screens dark, they would have the screens up at between 930 10 this morning and see the remaining seven currencies that will go up in value, because we have a total of 19 -- 12 and seven is 19.
So those would have populated. We would have seen those but as a result of the power outage, the bank was not able to connect with the with the redemption center. I think they just needed the quantum computer to be completely interactive there. So we don't know what happened with those last 7 currencies.
We think they probably came up, but we just didn't see what they were. We didn't see, we didn't get the words of that happening. So tomorrow is a new day – they will probably try tomorrow and hopefully those will come up - Today is the sixth tomorrow is the seventh, which is Wednesday, Thursday is the eighth.
All know whose favorite number 8 is. We know China’s favorite number is eight, the number of new beginnings of financial prosperity. It would not surprise me if our start day is Thursday and maybe we get notified tomorrow.
We hope we have heard that we will or that we get notified overnight tonight, but I think it's very possible we get notified set appointments, and maybe we start on Thursday. I'm just saying 8 - 8 - 24, What's two x four? 8 8 8 , right? B I don’t know – Just saying ……
Saying it could be, that's what China and the elders want to do. As far as our start, it may be, we just don't know at this point, whether that's going to come into play or not. It would not surprise me, though, so if I get started, today didn't happen.
Tomorrow is in play. But we haven't heard anybody come in and say that would happen. None of our sources have gotten back to us to say that tomorrow is in play for numbers to come out and for us to serve appointments.
That is very interesting. We know that things are being done behind the scenes or a lot. There's a lot of things happening. We're told to sort of hang in there, stand by it's coming. We've heard all those things before. We've heard them all before. Now it's just a matter of us having faith, believing into this taking place, and just getting the result that we're looking for. So other than that, there's nothing major that I can think of that we have to talk about
All right, let's do this, you guys. I think we are at the point this was ready to go.
We had the one more thing yesterday that I believe they solved today. At least, I've heard that that was solved. Other than that, we did hear that. Let me get the dates right on this. I believe it was Saturday. We actually had the Saturday.
Saturday, we had the RV started, if you will, at 8am the morning with the payout of the CM KX adjudicated settlement, and also with the farm claims, and that night, at 8pm we heard that prosperity packages together.
Now I think they might have queued us up for that. They have not gone out. They were deciding on Friday, on Saturday, whether those were to go out by direct deposit or hand to hand delivery to the house, to the door to you. And I don't know if they made that decision.
I've been told they have and I've been told they have it. So whichever it is. We don't know which one it is, but if you're in a prosperity package, I'm sure you'll find out. So you're not officially please that we're going to take it and pile it on at the redemption center after exchanging currencies and redeeming Zim.
But now I'm not sure that they're going that route. They might do a direct deposit into into our bank accounts, or they could still do a hand to hand delivery to us, and we'll find out, but we don't know the answer yet would be, we thought it might start today. We thought it could have started yesterday, but it hadn't started yet. So that's prosperity packages.
So let's pray the call out. Let's look forward to an exciting week. After all, it is Tuesday, let’s see what the rest of the week has for us, and let's just believe for God to bless us in this way.
All right, everybody, thank you so much for listening. Thank you Sue, thank you Bob, thank you GCK and Pastor Scott, good to have you back. Thank you Pastor as well as Jeannie, thank you for your continued support. And we look forward to this going so let's get this thing, and let's look forward to receiving it in Jesus. name, amen, and amen. And I will turn off the recording. And we will go from there
Bruce’s Big Call Dinar Intel Tuesday Night 8-6-24 REPLAY LINK Intel Begins 1:05:40
Bruce’s Big Call Dinar Intel Thursday Night 8-1-24 REPLAY LINK Intel Begins 51:00
Bruce’s Big Call Dinar Intel Tuesday Night 7-31-24 REPLAY LINK Intel Begins 57:37
Bruce’s Big Call Dinar Intel Thursday Night 7-25-24 REPLAY LINK Intel Begins 1:11:25
Bruce’s Big Call Dinar Intel Tuesday Night 7-23-24 REPLAY LINK Intel Begins 1:07:40
Bruce’s Big Call Dinar Intel Thursday Night 7-18-24 REPLAY LINK Recorded Call not available
Bruce’s Big Call Dinar Intel Tuesday Night 7-16-24 REPLAY LINK Intel Begins 1:04:40
Bruce’s Big Call Dinar Intel Thursday Night 7-11-24 REPLAY LINK Intel Begins 1:11:40
Bruce’s Big Call Dinar Intel Tuesday Night 7-9-24 REPLAY LINK Intel Begins 1:13:20
Bruce’s Big Call Dinar Intel Thursday Night 7-4-24 REPLAY LINK NO CALL
Bruce’s Big Call Dinar Intel Tuesday Night 7-2-24 REPLAY LINK Intel Begins 1:14:20
Bruce’s Big Call Dinar Intel Thursday Night 6-27-24 REPLAY LINK Intel Begins 1:03:30
Dollar Poised For Comeback, Recent Weakness Just A Hiccup
Dollar Poised For Comeback, Recent Weakness Just A Hiccup
Reuters poll Sarupya Ganguly Tue, August 6, 2024
BENGALURU (Reuters) - The U.S. dollar will claw back some of its recent losses over the coming three months on expectations financial markets have again gone too far in pricing in too many Federal Reserve interest rate cuts this year, a Reuters poll of foreign exchange strategists found.
After rising about 5% for the year, the greenback lost more than half its gains against a basket of major currencies in recent weeks amid sluggish U.S. economic data fuelling expectations of multiple Fed rate cuts, starting in September.
Much of those losses came following weaker-than-expected jobs data on Friday, which encouraged financial markets to project around 120 basis points worth of rate cuts in total from the three remaining Fed meetings this year, compared with 50 basis points just a few weeks ago.
Dollar Poised For Comeback, Recent Weakness Just A Hiccup
Reuters poll Sarupya Ganguly Tue, August 6, 2024
BENGALURU (Reuters) - The U.S. dollar will claw back some of its recent losses over the coming three months on expectations financial markets have again gone too far in pricing in too many Federal Reserve interest rate cuts this year, a Reuters poll of foreign exchange strategists found.
After rising about 5% for the year, the greenback lost more than half its gains against a basket of major currencies in recent weeks amid sluggish U.S. economic data fuelling expectations of multiple Fed rate cuts, starting in September.
Much of those losses came following weaker-than-expected jobs data on Friday, which encouraged financial markets to project around 120 basis points worth of rate cuts in total from the three remaining Fed meetings this year, compared with 50 basis points just a few weeks ago.
Several major banks, including primary dealers who deal directly with the Fed, followed suit in predicting more rate reductions than expected earlier.
Yet with policymakers pushing back against speculation that recent weakness in economic data would translate into recession, markets may yet again be forced to temper their rate cut expectations.
FX strategists in the monthly Reuters poll, conducted from Aug. 1-6 through recent market turmoil, predicted the euro, currently about $1.10, would fall about 1.4% to $1.08 by end-October, before rising to current levels in six months and then to $1.11 in a year.
"Our strong dollar argument has certainly taken a big hit in terms of confidence, but is its strength truly over? That's not our call," said Paul Mackel, global head of FX at HSBC. "Our recession indicators are not flashing red. And even if the U.S. economy loses momentum, that usually spells bad news for other economies. The dollar does better in that environment."
"Are markets getting carried away? Naturally, I'd say yes, but it's difficult to stand in front of that speeding train in the very short term because this type of overreaction can persist," Mackel added. "You need to be very careful when volatility is this high and you're not used to it coming back so quickly."
MAJOR CUTBACK
The Japanese yen, which started its latest upward march against the U.S. dollar after the Bank of Japan raised its overnight call rate to 0.25% on July 31 and announced a major cutback in its asset purchases going forward, hit a seven-month high of 141.7/$ on Aug. 5. It will hold on to its recent gains to trade at 144/$ in a year, the survey showed.
To Read More: https://news.yahoo.com/news/finance/news/dollar-poised-comeback-recent-weakness-125712849.html
Economist’s “Market Crash News and Views” 8-7-2024
Economic Freight Train Is Coming | Gregory Mannarino
Liberty and Finance: 8-7-2024
Gregory Mannarino warns of a looming economic trainwreck driven by massive currency devaluation and unsustainable debt levels.
He believes that the central banks' policies, such as suppressing interest rates and weakening the dollar, are setting the stage for a severe financial crisis.
Economic Freight Train Is Coming | Gregory Mannarino
Liberty and Finance: 8-7-2024
Gregory Mannarino warns of a looming economic trainwreck driven by massive currency devaluation and unsustainable debt levels.
He believes that the central banks' policies, such as suppressing interest rates and weakening the dollar, are setting the stage for a severe financial crisis.
Mannarino argues that these actions disproportionately benefit corporations and the wealthy, leaving average citizens vulnerable.
He emphasizes the need for awareness and proactive measures to mitigate the impact of the impending economic downturn on individuals and communities.
INTERVIEW TIMELINE:
0:00 Intro
2:10 Volatile markets
12:18 The “solution”
18:19 Dividing the population
27:46 Preparedness
Commodities To Go 'Through the Roof' After Brutal 80% Market Crash: David Hunter
Commodities Culture: 8-7-2024
David Hunter forecasts that the broad market is set for an 80% crash in the next year, in a bust he believes could be one of the biggest financial downturns in history.
The good news for commodities investors is that he sees an unprecedented supercycle for hard assets on the other side, where gold, silver, energy, uranium, copper, and other vital commodities will explode in value beyond what anyone can anticipate.
00:00 Introduction
00:44 The Fed's Next Move
01:42 State of the Broad Market
05:58 Implications of Rate Cuts
11:07 History Repeating
13:52 Canada Has No Gold
17:44 BRICS Versus the West
23:22 Oil and Geopolitics
26:43 Thoughts on Uranium
28:24 Forecast For Copper
30:07 Agricultural Commodities
33:54 Inflation Leading to Civil Unrest
36:18 Get Your House in Order
42:40 Gold and Silver's Role
“Coffee With MarkZ” Wednesday Morning Chat 8-7-2024
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
Coffee with MarkZ and Andy Schectman. 08/07/2024
Member: Good Morning Mark, Mods and RV’ers
Member: Two week notice or not 2 week notice, that is the question!
Member: Is there one thing we are waiting for – before this RV goes?
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
Coffee with MarkZ and Andy Schectman. 08/07/2024
Member: Good Morning Mark, Mods and RV’ers
Member: Two week notice or not 2 week notice, that is the question!
Member: Is there one thing we are waiting for – before this RV goes?
MZ: I don’t know if there is one certain thing or not.
Member: I still think the RV will deflate the dollar and the euro which will speed up the stock market crash
Member: That’s one heck of a dead cat bounce! DOW is up
Member: RUMOR: People being paid but money can't be touched in their accounts. Frozen. No dancing for me till LIQUIDITY!
Member: mtn goat said they had to do revision then it will be done- hcl that is
MZ: What I am hearing is they expect to announce completion and ratification of the HCL this week.
Member: So Alaq is no longer the governor of the CBI……I thought he was supposed to be one of the good guys?
Member: Could al Alak have been the issue with the corruption in the CBI ?!
MZ: My contacts are saying how excited they are about Alaq stepping down. There are many confirmations now that Alak has resigned.
MZ: I have a contact in the finance ministry who says there is a lot of excitement in Iraq because they believe he was one of the last roadblocks they needed to remove.
MZ: We do know that Sudani has made it very clear that the revaluation or change in rates lies in the CBI’s hands. So I am going to take this as good news.
MZ: My contacts on the ground in Iraq say it is extremely good. And they expect to see sudden movement and HCL: I hope they are correct.
Member: rumor: Jon Dowling @ [8/6/2024 10:39 PM] Breaking News: the CBI Governor has resigned. He was a corrupt Ira Ian proxy who would never help Sudani complete the RV. So he was asked to step down. This is good news for our blessing.
Member: Question Mark...are there certain YEARS of Bolivar or other currencies that we need to have?!?!
MZ: Based on my research the favorite is 2021 and up…but I still hear the rest will still be good.
Member: Im confused about if our exchanges go into QFS or in my accounts?
MZ: I hear it should be automatic. Your existing money and all bank accounts will go to the QFS.
MZ: “US household debt surges to record $17.8 Trillion” This is unsustainable.
Member: All Iranian government offices and banks in Tehran and Alborz province will be closed Wednesday. Reason given, high temperature. Interesting
Member: I've always wondered what the heck do they mean by keeping our frequency High what difference does that make on how our frequency is if they want us to keep our frequency higher than end this movie
Member: Let's make this day a beautiful blessed day
Member: It’s going to be Beautiful on the other side, we are close to the end of all this!
Member: Tomorrow is 8/8/2024---8/8/8. everyone pray and imagine living your life to its highest purpose.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
FOLLOW MARKZ : TWITTER . https://twitter.com/originalmarkz?s=21. TRUTH SOCIAL . https://truthsocial.com/@theoriginalm...
Mod: MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM
MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.
ZESTER'S LINK TREE: https://linktr.ee/CrazyCryptonaut
THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!
Has it Begun? Three Phases Now Lead to the Final Fiat Currency System Apocalypse
Has it Begun? Three Phases Now Lead to the Final Fiat Currency System Apocalypse
On August 5, 2024 By Awake-In-3D
Is the financial system crash upon us? Here’s what you need to know about the potential collapse of the fiat currency system apocalypse.
The global financial system today is showing signs of severe distress. But is it the beginning of global currency system apocalypse?
Has it Begun? Three Phases Now Lead to the Final Fiat Currency System Apocalypse
On August 5, 2024 By Awake-In-3D
Is the financial system crash upon us? Here’s what you need to know about the potential collapse of the fiat currency system apocalypse.
The global financial system today is showing signs of severe distress. But is it the beginning of global currency system apocalypse?
This Time, It Could Be Far Worse
Unlike the 2008 crisis, this time, the underlying issues are far deeper, and the usual remedies may not work.
Today’s alarming events may just be the beginning and the Federal Reserve’s usual tactics of cutting interest rates and pumping money into the financial economy might not be enough to save the Great Global Fiat Currency Debt System Experiment.
In This Article
Market Downturn and Margin Calls
Bear Market and Flight to Safety
Federal Reserve Intervention and Quantitative Easing
The Bottom Line
The current global financial situation is precarious. While today’s events were not disastrous, they signal potential future dangers.
The fundamental weaknesses from the 2008 financial crisis were never properly fixed, only temporarily covered up.
So let’s take a look at the three phases that could certainly lead to a final global currency system apocalypse.
1) Market Downturn and Margin Calls
A sudden and significant drop in global markets can trigger Margin Calls.
A Margin Call is a demand from a broker for an investor to deposit more money or securities to cover potential losses.
When this happens, large investment firms and hedge funds often sell assets like gold to cover their losses, which drives down the price of gold during market crashes.
For example, if the stock market plummets, investors who borrowed money to buy stocks (using leverage) must quickly provide additional funds or sell their assets to meet the broker’s requirements.
This forced selling can create a downward spiral, where falling asset prices lead to more Margin Calls and further selling, exacerbating the market downturn.
2) Bear Market and Flight to Safety
Continued sell-offs can lead to a Bear Market, which is a prolonged period where investment prices fall significantly, typically 20% or more from recent highs.
During a Bear Market, investors look for safer places to put their money. This rush to safety causes the prices of gold, the US dollar, long-term US Treasury bonds, and even Bitcoin to rise, as these are seen as safe investments.
A Bear Market reflects widespread pessimism and negative investor sentiment, where people expect prices to keep falling.
In such times, they often shift their investments to assets that are considered more stable and less risky. Gold is traditionally viewed as a safe haven because it maintains value better than most assets during economic downturns.
Similarly, the US dollar and US Treasury bonds are seen as secure because they are backed by the US government. Recently, Bitcoin has also been perceived as a hedge against traditional financial instability.
3) Federal Reserve Intervention (Bringers of the Currency System Apocalypse)
If the markets keep falling, the Federal Reserve (the central bank of the United States) may step in.
They will cut interest rates and use Quantitative Easing (QE), which means buying long-term securities to inject money into the economy and encourage lending and investment.
However, this can lead to the debasement of fiat currencies (making money less valuable) and eventually freeze credit markets, where businesses borrow money.
During the 2008 financial crisis, the Federal Reserve used massive QE to stabilize the economy. By purchasing large amounts of government bonds and mortgage-backed securities, the Fed increased the money supply, making it cheaper to borrow money.
While this helped to avert a deeper recession, it also set a precedent for relying on QE during crises. In today’s context, the effectiveness of QE is uncertain.
Further QE could lead to fast-rising inflation and erode the value of currencies. If banks, businesses and consumers lose additional confidence in the financial system, they might hoard cash instead of spending or lending, potentially leading to a freeze in the credit markets. It won’t take much.
The Bottom Line
Today’s financial troubles might be early warnings of a much larger crisis. The three phases—Market Downturn and Margin Calls, Bear Market and Flight to Safety, and Federal Reserve Intervention and Quantitative Easing—could lead to the collapse of the fiat financial system. It’s vital to stay aware and ready as these uncertain times unfold.
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Iraq News Highlights and Points To Ponder Wednesday AM 8-7-24
For Categories (A - B).. The Trade Bank Of Iraq Invites Exchange Companies To Participate In The Dollar Selling Window
Economy |Baghdad Today - Baghdad Today, Wednesday (August 7, 2024), the Trade Bank of Iraq called on all exchange companies of categories (A - B) to visit its branches to participate in entering the window for buying and selling foreign currency for cash dollars for travelers .
The bank said in a statement received by "Baghdad Today", "Based on the directives of the Central Bank of Iraq and to achieve the objectives set by the management of the Trade Bank of Iraq, in order to facilitate and simplify the procedures for selling cash dollars to travelers, the Trade Bank of Iraq calls on all exchange companies of categories (A, B) licensed by the Central Bank of Iraq to visit its branches to open a special bank account to participate in entering the window for selling and buying foreign currency for cash dollars for travelers.
For Categories (A - B).. The Trade Bank Of Iraq Invites Exchange Companies To Participate In The Dollar Selling Window
Economy |Baghdad Today - Baghdad Today, Wednesday (August 7, 2024), the Trade Bank of Iraq called on all exchange companies of categories (A - B) to visit its branches to participate in entering the window for buying and selling foreign currency for cash dollars for travelers .
The bank said in a statement received by "Baghdad Today", "Based on the directives of the Central Bank of Iraq and to achieve the objectives set by the management of the Trade Bank of Iraq, in order to facilitate and simplify the procedures for selling cash dollars to travelers, the Trade Bank of Iraq calls on all exchange companies of categories (A, B) licensed by the Central Bank of Iraq to visit its branches to open a special bank account to participate in entering the window for selling and buying foreign currency for cash dollars for travelers.
It is noteworthy that the Central Bank of Iraq decided on July 4, 2024, to start selling dollars to travelers, exclusively through corporate and bank outlets at international airports.
Meanwhile, the Central Bank decided to grant category “AB” exchange companies the ability to record internal and external remittance activities via the FITR platform. LINK
Financial Disaster Looms: Two-Thirds Of Oil Revenues Spent On Salaries And Welfare
August 7, 2024 Baghdad/Al-Masala: Iraq is facing a serious financial crisis that threatens the stability of its national economy, as figures reveal that a large portion of oil revenues is spent on salaries and social costs.
With alarming figures showing that more than two-thirds of oil revenues are spent on salaries and social welfare, concerns are real about the country's ability to cope with potential fluctuations in global oil prices.
As pressure on the general budget continues, the big question arises: How will Iraq deal with the upcoming economic challenges in light of increasing financial dependence on oil revenues?
Economic analyst Nabil Al-Marsoumi said that salaries and social welfare consume a large portion of Iraq's oil revenues, leaving the national economy vulnerable to fluctuations in global oil prices.
The state's actual accounts for the first half of 2024 showed worrying data indicating that:
- Salaries of employees on the permanent staff amounted to 28.189 trillion dinars.
- Social care costs amounted to 12.244 trillion dinars.
- Total salaries and social care amounted to 40.433 trillion dinars.
These numbers represent:
-69% of general expenses
-77% of operating expenses
-69% of oil revenues
This means that more than two-thirds of oil revenues are spent on salaries and social welfare, putting significant pressure on the public budget and limiting the ability to finance other projects.
And the drop in the price of a barrel of oil to $60 will result in oil revenues being barely enough to cover salaries and social welfare costs alone.
The economic analyst commented, saying: “May God prolong the life of oil, raise its price, and keep the horror of decline away from it,” expressing hope that oil prices would continue to rise to avoid negative effects on the national economy.
This warning comes at a time when global markets are facing significant fluctuations in oil prices, making it necessary for the Iraqi government to take measures to improve resource management and enhance non-oil sources of income to ensure financial and economic sustainability. https://almasalah.com/archives/97832
Dollar Exchange Rates Rise In Iraqi Stock Exchanges
Economy 2024-08-07 2,626 views Alsumaria News – Local Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Wednesday, August 7, 2024.
The dollar prices rose slightly at the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,950 dinars for every 100 dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, they rose, as the selling price reached 151,000 dinars for every 100 dollars, while the buying price reached 149,000 dinars for every 100 dollars.
On February 7, 2022, the Council of Ministers announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.
For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets. LINK
Economist Explains The Impact Of Regional Tension On Iraqi Oil Exports
Economy Information/Baghdad... Economic expert Safwan Qusay accused America and the Zionist entity of creating tensions in the region and affecting oil exports.
Qusay told Al-Maalouma, "Oil prices have fallen to $77 per barrel, but the value of the decline is less than the decline in the value of stocks."
He added, "There is a fear of the expansion of the circle of conflict in the region, especially since Iran is a large country and the process of its entry into a conflict in the Middle East requires time and funding. Certainly, the American economy will shift from a development zone to a war zone, which will affect industrial and technological companies."
He added, "Oil supplies will be affected in the event of a comprehensive war in the Strait of Hormuz, as exports from this region represent 20 percent of the world's oil exports."
He explained that "the Strait of Hormuz represents a pivotal point, as any conflict in this strait will negatively affect Iraqi oil exports as well as revenues." He explained that "Iraq has a reserve at the level of the Central Bank that can finance operating expenses for no less than 360 days only." LINK
Finance Figures Lead Experts Into A “Fiery Debate”… Continuous Bleeding Of Iraq’s Financial Future
Economy 2024-08-07 1,313 views Alsumaria News – Economy Experts and those interested in economic affairs in Iraq are immersed in a deep discussion about the size of the "old renewed" danger, which the spending and revenue figures remind us of from time to time with an increase in the risk rate, as a result of the increase in the size of spending monthly and annually in Iraq.
The latest report of the Ministry of Finance’s accounts revealed the size of revenues and expenditures in Iraq during the first half of the current year.
The report showed that employee salaries and social welfare consume two-thirds of the budget revenues, with a continuous increase due to continued employment and continued increase in allocations, with expectations that salary amounts will rise above the 50 trillion barrier for the first time by the end of the current year, in contrast to indicators of a decline in Iraq’s revenues due to the decline in oil prices.
Employee salaries in Iraq have reached more than 28 trillion dinars and social welfare more than 12 trillion dinars, so that the total welfare salaries and salaries are more than 40 trillion dinars during the first half of this year, which was described by the economic expert Nabil Al-Marsoumi as more than two-thirds of public expenditures and oil revenues are spent on salaries and welfare. Al-
Marsoumi explained that if the price of a barrel of oil falls to $60, oil revenues will be enough to cover salaries and social welfare only.
Accordingly, this means that Iraq is separated by less than $20 per barrel, so that all investment projects and all types of Iraqi expenses will stop, even the ration card perhaps, and the expenses of commodity supplies for schools, hospitals, and others.
Accordingly, Al-Marsoumi comments by saying: "May God prolong the life of oil, raise its price, and keep the horror of the decline away from it!"
Economic expert Munar Al-Obaidi said two days ago that it is expected that government sector salaries for the year 2024 will exceed the 50 trillion Iraqi dinar barrier for the first time in Iraq's history, reaching 56 trillion Iraqi dinars and representing more than 44% of total expenditures after representing less than 40% of total expenditures in previous years. The
total value of government sector salaries until mid-2024 amounted to 28 trillion Iraqi dinars, an increase of 19% compared to last year. In contrast, total revenues for the current year are expected to decrease by 3% compared to the previous year, according to Al-Obaidi.
Amidst this raging debate about the ongoing indicators of the slow collapse, death and gradual bleeding of Iraq's financial power and its financial fate, with rapidly rising expenditures and declining revenues, specialists describe the most dangerous payments as the monthly payments in a fixed installment that are not linked to the increase or decrease in revenue, namely salaries and the share of retirees in the budget, and the monthly share of care and support in the budget,
because they are expenses that are difficult to reverse except by the trick of reducing the value of the currency and have become exposed after 2021, or by imposing taxes and withholding allocations, and they will face popular rejection, in a vicious circle from which there is no escape. LINK
News, Rumors and Opinions Wednesday AM 8-7-2024
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.
RV Excerpts from the Restored Republic via a GCR: Update as of Wed. 7 Aug. 2024
Compiled Wed. 7Aug. 2024 12:01 am EST by Judy Byington
“There is a Black Swan Stock Market Crash on the horizon that will have a huge impact across the world and lead to a Global Currency Transition in 209 countries. To ensure that this actually happens, a DEFCON ONE ALERT has already been issued.” …Mr. Pool on Telegram Tues. 6 Aug. 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.
RV Excerpts from the Restored Republic via a GCR: Update as of Wed. 7 Aug. 2024
Compiled Wed. 7Aug. 2024 12:01 am EST by Judy Byington
“There is a Black Swan Stock Market Crash on the horizon that will have a huge impact across the world and lead to a Global Currency Transition in 209 countries. To ensure that this actually happens, a DEFCON ONE ALERT has already been issued.” …Mr. Pool on Telegram Tues. 6 Aug. 2024
Thurs, Fri. 8, 9 Aug. 2024: “I just saw something that really made me stop and say huh. Kevin O’Leary was being interviewed for his opinion on the economy and how bad it is being handled, he said just wait until August 8 and ninth. There is going to be a major Nexus August 8 and ninth, a major transformation of the world economy.
He didn’t say revaluation he said transformation coming from somebody like Kevin O’Leary. If you don’t know who Kevin O’Leary is, he’s one of the richest men in the World and he helps people make money. He understands the stock market understand national economy it doesn’t matter it is if it is the USA, Canada, Great Britain, China, any country he understands how the economy is structured.
He also understand how it should be running he has said in the past that it is broken, but he just got through saying just waiting until after August 8 and ninth, there’s change coming interesting to me.” …Super Mario on Telegram Mon. 5 Aug. 2024
~~~~~~~~~~
Global Currency Reset:
Tues. 6 Aug. 2024 Bruce: Last Sat. 3 Aug. 2024 at 8am EST the RV began with payout of CMKX Adjudicated Settlements and Farm Claims. Prosperity packages were getting ready to be delivered. By Tues. 6 Aug. there were 19 currencies whose hard rates were on the bank screen.
Tues. 6 Aug. 2024 Wolverine: News about notifications are coming out with the release of codes for payments and account access. Information confirms that Paymasters are ready to disburse funds on receipt. Get ready everyone this is the week we’ve been waiting for. I just got another confirmation from a huge Whale that it is happening. Your friend, Wolverine
Remember I told you that the “delay” we have been through for the past 2+ years, is because it literally took this TIME to collapse the US Dollar, and introduce a new Gold/Silver backed currency, and implement GESARA.
Remember the Cabal controlled us because of the Central Banking system, including the Federal Reserve.
NOW…the TIME has FINALLY arrived on what we have been waiting for and working so hard for. There will still be bumps in the road, but remember easy was never the promise. VICTORY was.
Hold on patriots and buckle up, the movie is about to get REALLY GOOD!
~~~~~~~~~~~
The Shanghai Exchange Corporation and Russia are working on a BRICS payment system. Watch the water. …Goldilocks https://tass.com/economy/1824025#amp_tf=From%20%251%24s&aoh=17228107385705&referrer=https%3A%2F%2Fwww.google.com&share=https%3A%2F%2Ftass.com%2Feconomy%2F1824025 https://unitingtocombatntds.org/en/get-involved/events/brics-summit-2024/
This new International Digital Payment System is expected to be discussed at the BRICS summit on October 22nd through the 24th of 2024.
After discussions during the summit, Russia in cooperation with a Shanghai Exchange Corporation will begin the implementation process of moving the trading world into a new payment system. Remember, this is over 80% of trade that takes place around the world on the water, and it has the power to influence exchange rates.
Many countries are already beginning to join the BRICS Nations as trading partners utilizing a gold standard in trade to level the playing field. Other countries will be added as we go along.
This is expected to change the Global Financial system in a profound way especially in the area of currency valuations being traded locally instead of through the dollar as the World Reserve Asset.
From that point on, we can expect changes to begin processing themselves AS the BRICS Nations begin to mobilize their new payment system.
I am not calling an RV date at that time, but I will say that price pressures on new currencies being utilized on the market will begin to show signs of new movement.
~~~~~~~~~~~~
Global Financial Crisis:
Tues. 6 Aug. 2024 Staged Stock Market Comeback: Wall Street stages ‘Turnaround Tuesday’ after biggest sell-off in two years – but JPMorgan warns stock market rout is only ‘half complete: https://www.dailymail.co.uk/yourmoney/consumer/article-13714195/global-stock-market-crash-america-wall-street-recession.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
Tues. 6 Aug. 2024: Bank Closures. https://www.lancashiretelegraph.co.uk/news/national/uk-today/24492762.hailfax-natwest-lloyds-bank-branches-close-august/
Read full post here: https://dinarchronicles.com/2024/08/07/restored-republic-via-a-gcr-update-as-of-august-7-2024/
Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
Iran has been using some of Iraq's banks to get around the sanctions and to profit off of the dollar. Now the US Treasury is here and stopping it. FRANK: Yeah, they are extremely angry because they lost their sugar daddy. They lost the CBI auctions...They will figure out other ways to steal... The power of the corrupt political people in your country is being suffocated. That power is dying. It is going from those corrupt people back to you Iraqi citizens through a monetary reform that will give you purchasing power...
Clare Article: "The Iraqi Stock Exchange achieves “positive results” in light of the major and accelerating collapse of global stock exchanges!" Quote: "the Iraqi Stock Exchange, unlike the world, achieved positive results for this day, unlike the data of Arab and international stock exchanges, indicating that the stock exchange in Iraq operates in a business environment that is almost separate from international markets."
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Crash Not Over: Markets To ‘Wash Out’ 94% In ‘Most Important Event In History’ | Harry Dent
David Lin: 8-6-2024
Harry Dent, Founder of HS Dent, discusses the causes of recent market volatility and what's next for financial assets and real estate in what he describes as the "most important economic event in history."
0:00 - Intro
1:30 - Most important event of the century
7:00 - Bubble bursting
10:07 - Stock market targets
12:30 - Interest rates and inflation
14:50- Recent volatility
18:40 - Recession and labor market
21:20 - Emergency rate cut?
23:30 - More Fed stimulus
25:45 - Recession by 2025
26:44 - The Coming Great Conflict
30:40 - Global fertility decline
33:45 – Bonds
35:36 - Real estate
37:30 - Safe haven?
“Tidbits From TNT” Wednesday Morning 8-7-2024
TNT:
Tishwash: Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?
The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.
An informed source revealed to Al-Mustaqilla today, Tuesday, that Al-Alaq decided to submit his resignation after facing multiple problems in the financial sector, in addition to his inability to fulfill his promises to control the exchange rate. This request comes at a sensitive time for the Iraqi economy, which suffers from severe fluctuations in exchange rates and direct impacts on the local economy.
TNT:
Tishwash: Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?
The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.
An informed source revealed to Al-Mustaqilla today, Tuesday, that Al-Alaq decided to submit his resignation after facing multiple problems in the financial sector, in addition to his inability to fulfill his promises to control the exchange rate. This request comes at a sensitive time for the Iraqi economy, which suffers from severe fluctuations in exchange rates and direct impacts on the local economy.
The main reasons that prompted Al-Alaq to submit his resignation are related to the ongoing difficulties in managing the financial and banking sector, in addition to the major challenges in controlling the dollar exchange rate on the black market. Since taking office, Al-Alaq has made many promises to achieve financial stability, but he has faced great difficulties in implementing them, which has led to increasing pressure on him.
A document obtained by Al-Mustaqilla today, Tuesday, revealed that the Speaker of Parliament has agreed to host the Governor of the Central Bank, Ali Mohsen Al-Alaq, by the Parliamentary Integrity Committee. This hosting aims to discuss the challenges facing the Central Bank and investigate the reasons that led to the request for his resignation.
Al-Alaq’s resignation could raise questions about the future of financial policy in Iraq. The central bank is central to economic stability, and any change in its leadership could have a significant impact on financial markets and confidence in the banking system.
Iraq faces major economic challenges that require strong and qualified financial leadership. The most prominent of these challenges are:
Controlling the exchange rate: Iraq needs effective policies to control the dollar exchange rate and prevent speculation that leads to sharp fluctuations.
Banking system reform: Improving the efficiency and transparency of the banking system to keep pace with international standards.
Combating corruption: Promoting integrity and transparency in financial institutions to prevent corruption and restore investor confidence. link
************
Tishwash: Finance seeks to improve financial performance and enhance spending efficiency
Finance Minister Taif Sami chaired a meeting of the Ministry's Opinion Board on Tuesday, where it discussed the measures taken to improve the ministry's financial performance and enhance the efficiency of public spending.
The ministry said in a statement received by the Iraqi News Agency (INA): "The Minister of Finance chaired the meeting of the Ministry's Opinion Board, attended by all its members, to discuss a number of important financial and economic topics."
The statement added, "The attendees discussed the current financial policies and procedures and ways to develop them to achieve the ministry's strategic goals and follow up on the implementation of the financial plan for the current year and the challenges it faces."
It continued, "The future directions of financial policies were also discussed in light of local economic variables and the measures taken to improve the ministry's financial performance and enhance the efficiency of public spending."
The meeting stressed - according to the statement - the importance of "continuous coordination between various relevant parties to ensure the achievement of the desired goals." link
************
Tishwash: Rafidain announces the implementation of the comprehensive banking system in 37 branches
Rafidain Bank announced today, Wednesday, the implementation of the comprehensive banking system in 37 branches.
The media office of Rafidain Bank stated in a statement received by the Iraqi News Agency (INA), that "in implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, the comprehensive banking system was applied in the Al-Amir neighborhood branch in Najaf and the Kut branch, thus joining the branches in which the comprehensive system was activated in Baghdad and the governorates in addition to the branches of the border crossings (Zurbatiya - Safwan - Arar - Trebil) so that the number of branches in effect and completed for the system becomes (37) branches."
He added, "This important step came to strengthen the banking system, meet its requirements, and move away from paper work and towards completely electronic systems."
He added that "the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timetables to include all bank branches in implementing the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions." link
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Tishwash: Agenda of the House of Representatives session tomorrow, Wednesday
The Iraqi News Agency (INA) publishes the agenda of tomorrow's session of the House of Representatives, Wednesday, according to what was published by the media department.
Iraqi News Agency IRAQI NEWS AGENCY
News Al-Nawar sat
First: voting on the draft law on public scientific university education (7 articles). private. Heaven Alt
Second: The first reading of the draft law on the first amendment to the Industrial Cities Law No. (2) Economy, Industry and Trade (7 articles).
Third: Report and discuss (the second reading of the draft law on the first amendment to the law establishing the year 2016. (Committee of Martyrs, Victims and Political Prisoners).
Fourth: The first reading of the draft law on the first amendment to the Notary Book Law No. (Legal Committee), (10) articles).
Fifth: The first reading of the proposed law on the first amendment to the Pharmacists Syndicate Law of 1966. (Health and Environment Committee), (31) articles).
Sixth: The first reading of the proposed law on the first amendment to the law of the House of Representatives and its formations, Legal Committee No. (14 articles).
The session begins at one o'clock in the afternoon link
Mot: ... Sooooooooooooo Ready to Ask!!!!!
Mot: .. Just Love When I Find Such Positive Vibs on da net!!!!
Seeds of Wisdom RV and Economic Updates Tuesday Evening 8-6-24
Good evening Dinar Recaps,
Google Pay, Walmart-backed PhonePe to join India’s CBDC pilot
In April, Reserve Bank of India Governor Shri Shaktikanta Das announced plans to expand its retail central bank digital currency (CBDC) pilot beyond banks. Last month the central bank said payment providers would join the digital rupee pilot this quarter.
Now Reuters reported that five payment providers have applied, citing sources. They are Google Pay, Walmart-backed PhonePe, Cred, Amazon Pay and Mobikwik.
PhonePe is India’s leading payments app, followed by GooglePay. Together they make up 85% of transactions and value for UPI, India’s successful instant payment solution, which processes almost 14 billion transactions monthly.
Good Evening Dinar Recaps,
Google Pay, Walmart-backed PhonePe to join India’s CBDC pilot
In April, Reserve Bank of India Governor Shri Shaktikanta Das announced plans to expand its retail central bank digital currency (CBDC) pilot beyond banks. Last month the central bank said payment providers would join the digital rupee pilot this quarter.
Now Reuters reported that five payment providers have applied, citing sources. They are Google Pay, Walmart-backed PhonePe, Cred, Amazon Pay and Mobikwik.
PhonePe is India’s leading payments app, followed by GooglePay. Together they make up 85% of transactions and value for UPI, India’s successful instant payment solution, which processes almost 14 billion transactions monthly.
Not mentioned among the digital rupee applicants is third ranked player PayTM, which has a 6% UPI market share. Cred is fourth, AmazonPay is sixth and Mobikwik is sixteenth, but the UPI figures drop off significantly beyond the big three.
If the CBDC follows UPI, then banks might end up playing second fiddle to the payment apps. Three banks rank in the top ten for UPI apps – Axis, ICICI and Kotak Mahindra – with the largest in the fifth spot. However, the three banks combined have a market share of less than one percent.
The percentages reference the user interface used to initiate payments. UPI is for interbank payments, so the money comes from bank accounts.
A Reuters source also stated that the erupee pilots are likely to stay in the pilot stage for a couple of years, which makes sense.
Advanced CBDC functionality takes time
From the early days, the central bank managed expectations, noting that the CBDC was unlikely to compete with the well-established UPI payment infrastructure.
Without more advanced functionality, there’s no incentive for consumers to switch. And if providers offer cash incentives, the switch could be temporary, as has happened in China with its digital yuan red envelope incentives.
Some of the distinguishing functionalities of India’s CBDC include offline payments and programmable payments, which are still in the early stages. Unlike rolling out the app, both may take a little time to come to fruition.
Plus, both the Ministry of Finance and central bank believe that the CBDC killer app will be cross border payments, especially for remittances. Even more so than the other two features, cross border payments take time to develop through collaboration with other jurisdictions.
@ Newshounds News™
Read more: Ledger Insights
~~~~~~~~~
Euro stablecoin market surges under MiCA
French and Irish fintech companies have partnered to introduce a euro-backed stablecoin. The coin will launch on the Stellar blockchain a month after MiCA stablecoin laws came into force.
The European Union’s Markets in Crypto-Assets Regulation (MiCA) framework is gradually coming into effect in line with its planned implementation timeline. The initial set of regulations, which took effect on July 1, focused on stablecoins and their issuers.
These clear guidelines have both cleaned out the market of players not able to meet regulatory requirements and created a favorable environment for stablecoins pegged to local currency.
One example is a new partnership between the France-based fintech company Next Generation and Ireland-based electronic money institution (EMI) Decta, which announced a plan to reintroduce a euro-pegged stablecoin, EURT, on the Stellar blockchain.
According to the involved parties, the initiative, which launched on Aug. 5, is fully MiCA compliant.
MiCA rebirth
Next Generation has strong ties to the renowned fintech player Tempo France. This company initially launched EURT in 2017 in collaboration with the Stellar Foundation, pioneering one of the first euro-pegged stablecoins.
However, the absence of a regulatory framework then led to the project’s suspension. However, under MiCA, stablecoins are classified as electronic money tokens (EMTs), aligning them with traditional e-money and necessitating that issuers possess an EMI license or be a credit institution.
This regulatory clarity has transformed the euro-backed stablecoin market, making it more predictable and attractive to investors.
Circle became the first global stablecoin issuer to comply with MiCA and chose France as its European headquarters, citing the country’s “forward-looking” stance on digital asset regulation.
The activation of MiCA is expected to drive substantial growth in the euro-backed stablecoin sector. Market predictions forecast a minimum market capitalization of 15 euros by 2025, reaching 70 billion euros by 2026 and potentially surpassing 2 trillion euros by 2028.
@ Newshounds News™
Read more: CoinTelegraph
~~~~~~~~~
UBS says ‘going into Japan now is like catching a falling knife,’ warns stock sell-off will continue
“The only reason why the Japanese market is up so strongly in the last two years is because the Japanese yen has been very, very weak.
Once it reverses, you got to get out right and I think they’re all getting out right now as a result of that,” Tay said.
"The yen, which weakened to a 38-year low of 161.99 against the U.S. dollar in June, reversed course during the run-up to the Bank of Japan’s policy meeting."
"It strengthened sharply after the BOJ raised its benchmark interest rate last week to around 0.25% and decided to trim its purchases of Japanese government bonds."
"Currently, the yen was last trading at 144.82, its lowest level against the greenback since January. A stronger yen pressurizes Japanese stock markets, which are heavily dominated by trading houses and export-oriented firms by eroding their competitiveness."
"Tay said the yen can indicate whether the Japanese market will do well. As the yen has strengthened, stocks have declined, “there is still a lot more pressure on the Japanese stock market, unfortunately,” he said.
"While Tay acknowledged that some gains made by the market were due to corporate restructuring efforts by the Tokyo Stock Exchange, “the main driver was the Japanese yen.”
"Now, with the U.S. Federal Reserve signaling rate cuts are on the table and the Bank of Japan raising rates, the interest differential between the two central banks will narrow, making a “carry trade” less attractive, potentially setting the stage for the yen to strengthen further."
EVERYONE IS WONDERING WHY DID THE MARKETS CRASH ON 8/5 AND THEN REBOUND. JAPAN SET THE STAGE WITH A WEAKING NIKKEI. THIS ARTICLE SHEDS LIGHT ON THE CURRENCY SIDE OF THIS EVENT AND HOW THE YEN NEEDS TO STRENGTHEN AGAINST THE DOLLAR
@ Newshounds News™
Read more: CNBC
~~~~~~~~~
Morgan Stanley, one of the most important financial institutions in the world, has stated that CRYPTOCURRENCIES WILL DISRUPT THE GLOBAL FINANCIAL SYSTEM IN 2024.
In a Banking And Financial Law Journal, it is documented that Morgan Stanley has also stated that Ripple is a LEADING PAYMENT ALTERNATIVE TO SWIFT.
And their own research reports, Morgan Stanley notes that XRP is more efficient than BTC and is closer to what traditional banks do today.
@ Newshounds News™
https://x.com/SMQKEDQG/status/1820783189197017134
@ Newshounds News™
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Thank you Dinar Recaps
How I Save For Emergencies — and Why I Still Worry About Having Enough
I’m a Millionaire: How I Save For Emergencies — and Why I Still Worry About Having Enough
August 2, 2024 by Cindy Lamothe GoBankingRates
One of the smartest pieces of financial advice out there is to have an emergency fund in case the unexpected happens. And while all of that is well and good, how much is enough?
GOBankingRates spoke with millionaires Tommy Mello, founder of A1 Garage Door Service, and David L. Blain, CFA, CEO of BlueSky Wealth Advisors, to discuss exactly how they save for emergencies and when they feel it’s sufficient.
“Since I founded A1 Garage Door Service in 2007, the company has grown to be a leader in the home-service industry,” Mello said. Through this journey, he’s faced numerous financial challenges and learned valuable lessons about saving for emergencies.
I’m a Millionaire: How I Save For Emergencies — and Why I Still Worry About Having Enough
August 2, 2024 by Cindy Lamothe GoBankingRates
One of the smartest pieces of financial advice out there is to have an emergency fund in case the unexpected happens. And while all of that is well and good, how much is enough?
GOBankingRates spoke with millionaires Tommy Mello, founder of A1 Garage Door Service, and David L. Blain, CFA, CEO of BlueSky Wealth Advisors, to discuss exactly how they save for emergencies and when they feel it’s sufficient.
“Since I founded A1 Garage Door Service in 2007, the company has grown to be a leader in the home-service industry,” Mello said. Through this journey, he’s faced numerous financial challenges and learned valuable lessons about saving for emergencies.
“No one likes to think about worst-case scenarios, but being prepared financially for emergencies gives you peace of mind,” Blain noted. “Then you can focus on living your life without constant worry over what might go wrong.”
Here is how these two millionaires save for emergencies and why they still worry about having enough, along with tips for creating an emergency fund.
How I Save For Emergencies
“Building an emergency fund has always been a priority for me,” Mello said.
He sets aside a percentage of his business profits into a separate savings account dedicated solely to emergencies. “This fund acts as a financial cushion, providing security and peace of mind. I aim to have at least six to 12 months’ worth of operating expenses saved,” he explained.
This approach ensures that his business can weather any unexpected downturns or crises without compromising operations.
Concerns About Not Having Enough Savings
“Despite having a substantial emergency fund, I sometimes worry about whether it’s enough,” Mello said.
He explained that the home service industry can be unpredictable, and unforeseen expenses can arise at any time. “For example, economic downturns, natural disasters or sudden equipment failures can significantly impact our financial stability,” he said.
These concerns drive him to continually evaluate and adjust his savings strategy to ensure he is well prepared for any eventuality.
Blain shared a similar view. “As a millionaire, I do worry about emergencies depleting my savings, even with a sizable emergency fund,” he said. “We keep enough cash on hand to cover six to 12 months of expenses, but medical issues or natural disasters could wipe that out quickly.”
Tips for Building a Solid Emergency Fund
According to Mello, when building an emergency fund, you should start small and be consistent. He advised beginning by setting aside a small percentage of your income each month. “Consistency is key. Over time, these small contributions will accumulate into a significant emergency fund,” he explained.
He also emphasized that building a solid emergency fund is crucial for long-term financial stability, especially in the unpredictable world of entrepreneurship. “By adopting disciplined savings habits and continuously evaluating your financial preparedness, you can ensure that you’re ready to face any challenges that come your way,” he said.
Blain agreed. “Building wealth is a marathon, not a sprint,” he said. Making regular contributions to your emergency fund and saving diligently over time is the key, according to Blain. “Stay disciplined, cut excess spending, and your emergency fund and net worth will grow over the years through the power of compounding,” he said.
Here are some additional tips for how to build a solid emergency fund.
More News, Rumors and Opinions Tuesday PM 8-6-2024
TNT:
Tishwash: Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?
The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.
An informed source revealed to Al-Mustaqilla today, Tuesday, that Al-Alaq decided to submit his resignation after facing multiple problems in the financial sector, in addition to his inability to fulfill his promises to control the exchange rate. This request comes at a sensitive time for the Iraqi economy, which suffers from severe fluctuations in exchange rates and direct impacts on the local economy.
TNT:
Tishwash: Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?
The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.
An informed source revealed to Al-Mustaqilla today, Tuesday, that Al-Alaq decided to submit his resignation after facing multiple problems in the financial sector, in addition to his inability to fulfill his promises to control the exchange rate. This request comes at a sensitive time for the Iraqi economy, which suffers from severe fluctuations in exchange rates and direct impacts on the local economy.
The main reasons that prompted Al-Alaq to submit his resignation are related to the ongoing difficulties in managing the financial and banking sector, in addition to the major challenges in controlling the dollar exchange rate on the black market. Since taking office, Al-Alaq has made many promises to achieve financial stability, but he has faced great difficulties in implementing them, which has led to increasing pressure on him.
A document obtained by Al-Mustaqilla today, Tuesday, revealed that the Speaker of Parliament has agreed to host the Governor of the Central Bank, Ali Mohsen Al-Alaq, by the Parliamentary Integrity Committee. This hosting aims to discuss the challenges facing the Central Bank and investigate the reasons that led to the request for his resignation.
Al-Alaq’s resignation could raise questions about the future of financial policy in Iraq. The central bank is central to economic stability, and any change in its leadership could have a significant impact on financial markets and confidence in the banking system.
Iraq faces major economic challenges that require strong and qualified financial leadership. The most prominent of these challenges are:
Controlling the exchange rate: Iraq needs effective policies to control the dollar exchange rate and prevent speculation that leads to sharp fluctuations.
Banking system reform: Improving the efficiency and transparency of the banking system to keep pace with international standards.
Combating corruption: Promoting integrity and transparency in financial institutions to prevent corruption and restore investor confidence.
text:
To / Governor of the Central Bank / Office of the Governor
M/ Oral parliamentary question
good greeting.
Based on Article (61/Seventh (1) of the Constitution, and Articles (27) Second) and (29) of the House of Representatives and its Formations Law No. (13) of 2018, and based on Articles (50) and (51) of the internal regulations.
House of Representatives. We refer to you the parliamentary question addressed by Mr. Representative Dr. (Hadi Hassan Al-Salami) to answer it orally in the presence of the Governor of the Central Bank at the House of Representatives session, and the date will be determined later according to the period specified in the legal articles. Media
with respect link
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Low oil prices threaten Iraq's economy: Does the government have a plan or will it wait and watch?
Economist Omar al-Halbousi confirmed that the drop in oil prices to $75 per barrel is putting Iraq under great pressure, especially since the 2024 budget was approved on the assumption that the price of a barrel of oil will be $80.
Al-Halbousi warned that the continued decline in oil prices will lead to a major collapse and the government’s inability to pay salaries and run the state’s work. link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
They're saying the US Treasury has taken over the Central Bank of Iraq...They have an entire floor at the CBI headquarters. It is reference to the CBI not getting the banks that were supposed to be sanctioned to cease and comply...The US Treasury is here to oversee and stop any money laundering that was preventing us from having our monetary reform... FRANK: Not the whole building just the second floor...This is ancient history...
Militia Man [ via PDK] The multi-currency practices are going to go away and ultimately they will apply a REER or Real Effective Exchange Rate to Iraq’s currency - Everything we are seeing is powerful evidence that the monetary reforms are on the table and they are knocking them out….
The IMF's Latest Report on Iraq's Economy
Edu Matrix: 8-6-2024
BRICS ALLIES: Malaysia and Russia Focus on Economic Ties as PM Anwar Ibrahim Plans to Visit Russia
Lena Petrova: 8-6-2024