Weekend Coffee With MarkZ and MilitiaMan 11-16-2024
Weekend Coffee With MarkZ and MilitiaMan 11-16-2024
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
MZ: The first 45 minutes we hang out with Matt and Lucas, then dive into the news
Member: Welcome to the weekend………A full moon weekend. Any news overnight Mark?
Weekend Coffee With MarkZ and MilitiaMan 11-16-2024
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
MZ: The first 45 minutes we hang out with Matt and Lucas, then dive into the news
Member: Welcome to the weekend………A full moon weekend. Any news overnight Mark?
MZ” Some real positive stuff out of Iraq this morning.
MZ: “Al Bandowi: Iraq is moving towards full sovereignty with America’s commitment to withdraw its forces” Most of this withdrawal is happening before 2025. In other words in the last and final part if this year. Why is this important? Sovereign currency and sovereign country. And we have been told repeatedly that troops will be gone once US is paid….IE Revaluation.
MZ: “Central Bank of Iraq sales exceed one billion dollars within 5 days” By selling about a billion dollars US- this means they have pulled about a trillion dinar off of the streets. This will help the value tremendously.
MZ: “Advisor to the Prime Minister: The government is able to increase spending without inflation of fiscal deficit” They have a sound economy and letting us know they are stable. Shabibi said to give him a stable Iraq and he would give them a new rate.
MZ: “ For the first time in Iraq –Efforts to establish a investment association and attract the capital of 10 countries” to attract agriculture ect…things that are not oil related. These countries are specifically about agriculture, industrial and housing. A well rounded economy and we get a new rate.
MZ: “18 states file lawsuits against SEC over alleged unlawful crypto regulation” This is a push for states rights and sovereignty.
Member: Militia Man fired up last night - Iraq on a 9 day holiday???
Member: It seems Iraq has more Holidays then work days…lol
Member: Is it true Iraq has a Celebration Today?
Member: Is there a high probability this goes before 2025?
Member: I totally believe it will happen this year.
MZ: We are expecting MilitiaMan to jump in at any moment…..He is excited as I am in seeing some of these articles…..
Member: Good Morning MilitiaMan!!!
MZ: Are you getting excited with these articles? I get warm and fuzzies when I see these.
MM: There are a lot of things to feel warm and fuzzy about today. Its been some time since Sudani said they were going to be the savior of the financial system and today we can see this with all the contracts being done and reconstruction efforts.
Member: So MM how long do you figure Iraq can sustain current economy before they finally need to change their rate to go where they are trying to get to economically.
MZ: They need to finish out the 2024 budget –they have money they want spent over the next month. There is so much they are pushing for to make happen. So much good is going on right now.
MM: I totally agree. Look at the Port of Faw and the non oil revenue streams in Iraq. And currency transactions with Turkey……they would have to be Article 8 complient. And look at the Development road project.
MM: But Iraq still needs to show its people its REER (Real Effective Exchange Rate)
MZ: So many things are finally coming together.
Member: What is your gut feeling on timing MM?
MZ: I’m feeling real good it’s before the end of the year……real good.
MM: I like where we are and there is evidence that supports it happening this year. I think there is a push for Al Sudani and Al Alak to have a conversation about the 2024 budget. They have to show the 2024 final accounts before they can even see the 2025 budget. They need to plan starting the big railway to turkey and they won’t want to do that in 135 degree heat . And they have to pay for it. With 25 projects that have to be funded …I am hoping it’s within a 10 day window.
MZ: It very well could be.
Member: THANK YOU MM FOR JOINING! POSITIVE NEWS!
Member: I went to my credit union today (AZ) and all the ATMs were changed out with the slots that say Notes and Cheques…..All the ATMs were new and different.
Member: 1700 banks & financial institutions have adopted the Ripple protocol XRP
Member: I feel like the U.S. will have to start talking about new asset backed currency before it goes.
Member: I now affirm all obstacles removed, all programs ready, all countries ready, green light on, Mr. C puts in the code. RV activated NOW. Amen
Member: It really seems like the erie calm before the storm.
Member: Thanks Mark and M Man for all that you do and may God richly bless you both always.
Member: Everyone enjoy your weekend
Be sure to watch the replay for the entire MilitiaMan segment and his information and opinions.
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Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.
THANK YOU ALL FOR JOINING. HAVE A BLESSED WEEKEND! SEE YOU ALL MONDAY MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!
Iraq News Highlights and Points to Ponder Saturday AM 11-16-24
PM's Advisor: Government Able To Increase Spending Without Inflation Or Fiscal Deficit
Baghdad - WAA - Nassar Al-Hajj, the Prime Minister's Advisor for Financial Affairs, confirmed today, Saturday, that the good performance of the financial space is an indication of the government's ability to spend without problems, while he pointed out that the government was not hindered by the shortage in the regular flow of public revenue in some months.
Saleh told the Iraqi News Agency (INA), "The government's financial policy worked towards the principle of fiscal space in the economy, which means that the pace of growth in general and investment spending on projects in particular were not hampered by the temporary shortage in the regular flow of public revenue in some months."
PM's Advisor: Government Able To Increase Spending Without Inflation Or Fiscal Deficit
Baghdad - WAA - Nassar Al-Hajj, the Prime Minister's Advisor for Financial Affairs, confirmed today, Saturday, that the good performance of the financial space is an indication of the government's ability to spend without problems, while he pointed out that the government was not hindered by the shortage in the regular flow of public revenue in some months.
Saleh told the Iraqi News Agency (INA), "The government's financial policy worked towards the principle of fiscal space in the economy, which means that the pace of growth in general and investment spending on projects in particular were not hampered by the temporary shortage in the regular flow of public revenue in some months."
He added, "Therefore, the good performance of the fiscal space indicates the government's ability to increase spending or social support to support the economy without causing serious financial problems such as inflation or a large deficit."
He continued, "This space is still available when the state's financial situation is good, and allows the government to take fiscal policies to stimulate economic growth, such as increasing spending on infrastructure or improving social services." https://www.ina.iq/221509--.htm
Economist: Parallel Market Remains Pivotal To Financing Iraq’s Trade With Iran, Syria
Time: 2024/11/16 Reading: 767 times {Economic: Al Furat News} Economic expert Abdul Rahman Al Mashhadani confirmed today, Saturday, that the difference in the dollar exchange rates between the parallel market and the official price is considered a normal matter at the present time, indicating that Iraq has not yet solved the problem of trade with the sanctioned countries.
Al-Mashhadani told Al-Furat News Agency, “We need between 25 and 35 million dollars daily to finance trade with Iran and Syria, especially since the private sector’s trade with these two countries is considered the largest and is financed from the parallel market.”
He added, "This difference between the two prices is mainly due to financing trade from the parallel market, noting that this is the main reason for the difference between the official and parallel prices remaining."
He explained that "indications indicate that US President Trump is thinking of easing sanctions on Russia and Iran due to their impact on the US economy," noting that "if sanctions are eased and Iraq is allowed to deal directly with Iran to finance its trade, the dollar will return to levels close to the official price." From.. Raghad LINK
US Institute: Trump Administration May Prevent Iraq From Importing Iranian Gas As Part Of Pressure On Tehran
Energy Economy News - Follow-up The American Foreign Policy Research Institute believes that the Trump administration may use pressure on the Tehran government through economic files, including exporting gas to Iraq.
The institute published a report stating that "the Trump administration may take advantage of regional tensions to pressure the Iraqi government to reform security institutions and limit the influence of factions."
The report added that "the Trump administration may prevent Iraq from buying Iranian gas as part of its expected strategy of maximum pressure against Tehran."
Regarding foreign withdrawal, the report said that "Trump may decide to keep US forces in Iraq depending on the course of regional events."
He added, "The attacks launched from Iraq will make the country vulnerable to targeting, similar to Syria, Lebanon and Yemen." https://economy-news.net/content.php?id=49873
Find Out The Exchange Rates Of The Dollar Against The Dinar In The Iraqi Stock Exchanges
Economy 2024-11-16 | 3,838 views Sumerian News – Economy publishes Sumerian News, exchange rates Dollar Against the dinar Iraqi In local Iraqi markets on Saturday, November 16, 2024.
Baghdad: Selling price: 151,000 Buying price: 150,250
Erbil: Selling price: 151,250 Buying price: 150,600
Basra: Selling price: 151,000 Buying price: 150,000
On February 7, 2022, the Council of Ministers announced the approval of amending the exchange rate Dollar To 1320 dinars per dollar. LINK
Iraq Is Ahead Of China In Trade Exchange With Iran.. These Are The Numbers
Economy 2024-11-16 | Male Economy responsible Iranian: Trade exchanges between Iran and other countries last October exceeded 22 million and 809 thousand tons.
The spokesman said, Committee Relationships International And trade development in The house The Iranian Ministry of Industry, Trade and Mines said that trade exchanges between Iran and other countries in October exceeded 22 million and 809 thousand tons, worth 13 billion and 698 million dollars, which is 39% more than in October of last year.
Ruhollah Latifi explained, in statements reported byan agency ISNA News: Iran's non-oil trade in October this year, whether in exports, imports or foreign transit, witnessed a remarkable growth, as it was export More than 18 million 359 thousand tons of goods worth 6 billion 771 million dollars this month, which is an increase of 58.6% in weight and 62.6% in value compared to October last year.
Regarding Iran's main export destinations last month, he said: Although China bought most of Iran's goods in the exports of the past months, Iraq Last October, it was the first destination for Iranian goods exports, with a share of $2.78 billion.
After that, Iraq China came in second place with $1.434 billion, followed by Turkey with $925 million, the UAE with $783 million, and Afghanistan with $249 million.
Regarding the first countries that sell goods to Iran, the spokesman said: Committee Relationships International And trade development in The house Iranian Industry, Trade and Mines: Last October, the UAE ranked first in selling goods to Iran, with $2.18 billion, followed by China with $1.755 billion, Turkey with $1.442 billion, Germany with $200 million, and Russia with $161 million. LINK
New Decline In Gold In Iraq.. And Globally Records The Worst Week In 3 Years
Time: 2024/11/15 Reading: 520 times New decline in gold in Iraq.. and globally records the worst week in 3 years Oe-rugperggg
{Economic: Al Furat News} Gold prices in Iraq continued to decline today, Friday, along with its global decline. The price of one mithqal in Baghdad of {21 carats} reached 545 thousand dinars after touching the 600 thousand dinars barrier in the past weeks.
Globally, gold prices declined in today's trading, Friday, with the rise of the dollar in global markets, heading towards recording the worst weekly performance in nearly 3 years.
By 11:10 Moscow time, December gold futures (Comex) fell by 0.10% to $2,569.70 per ounce.
Spot contracts for the precious metal fell by 0.07% to $2,563.10 per ounce, according to data from Bloomberg. LINK
Al-Sahaf: Washington Continues To Support Terrorist Organizations In Iraq
Information / Baghdad.. The spokesman for the popular legal movement, Muhammad Al-Sahaf, confirmed today, Saturday, that the file of removing American forces from the country is still unresolved, indicating that this represents a danger to the political, security and economic conditions of the country.
Al-Sahaf said in a statement to Al-Maalouma Agency, "Iraq does not need American forces under the pretext of fighting the terrorist organization ISIS," noting that "the withdrawal of these forces must begin without any delay."
He added that "the withdrawal of these forces is a guarantee for the security and stability of all of Iraq," noting that "America continues its generous support for terrorist organizations in Iraq."
Al-Sahaf continued, "The file of withdrawing American forces from the country is still unresolved." End / 25 H LINK
Seeds of Wisdom RV and Economic Updates Saturday Morning 11-16-24
Good Morning Dinar Recaps,
BRICS MEETING WITH SAUDI ARABIA: MAJOR DISCUSSION POINTS UNVEILED
Despite the ongoing confusion regarding the country’s position within the economic alliance, the BRICS bloc and Saudi Arabia have met, with major points of discussion being unveiled. The nation had previously accepted an invitation to be among its first expanded members. However, that proved not to be the case, with major leadership not even attending the alliance’s 2024 Summit.
However, the two sides are still reportedly engaged in positive talks. Specifically, they have met to confront the potential for growing cooperation on a global scale.
Good Morning Dinar Recaps,
BRICS MEETING WITH SAUDI ARABIA: MAJOR DISCUSSION POINTS UNVEILED
Despite the ongoing confusion regarding the country’s position within the economic alliance, the BRICS bloc and Saudi Arabia have met, with major points of discussion being unveiled. The nation had previously accepted an invitation to be among its first expanded members. However, that proved not to be the case, with major leadership not even attending the alliance’s 2024 Summit.
However, the two sides are still reportedly engaged in positive talks. Specifically, they have met to confront the potential for growing cooperation on a global scale.
The move could have major ramifications for the coming year. Moreover, it could be a turning point that reestablishes Riyadh as a key BRICS ally.
Saudi Arabia & BRICS Hold Key Discussion: Here’s What Was Said
The BRICS bloc has grown massively over the last year. Indeed, it had enacted a groundbreaking expansion in 2023, where four nations joined the collective. Specifically, the United Arab Emirates (UAE), Egypt, Iran, and Ethiopia became the first expansion countries since 2001.
Yet, one nation that had accepted, but did not join the bloc was Saudi Arabia. Indeed, the country was poised to be one of the most important additions to the economic alliance. Its dominance in the oil sector was expected to only strengthen the group’s position. However, the country would end up rejecting a full position within the bloc.
That hasn’t stopped the two sides from engaging in efforts to strengthen their relations. Indeed, BRICS has met with Saudi Arabia in recent discussions that sought to fortify their relationship. Specifically, reports how Russian President Vladimir Putin and the Crown Prince of Saudi Arabia, Mohammad bin Salman Al Saud, recently talked.
According to reports, the two sides discussed the success of the bloc’s 2024 Summit. Moreover, they affirmed the “importance of continued coordination between the two states” within economic collaborations. Finally, they both spoke highly of the ongoing trajectory of their nation’s partnerships.
However, they also highlighted the importance of their “readiness to further strengthen cooperation in political, trade, economic, and humanitarian spheres.” The bloc has recently shifted its focus amid an ever-changing geopolitical landscape.
With Donald Trump’s election taking place this month, the group has said they will no longer ditch the US dollar. Perhaps the absence of Western opposition makes continued partnership with Saudi Arabia more appealing to the Middle Eastern powerhouse.
@ Newshounds News™
Source: Watcher Guru
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UK GOVERNMENT CONFIRMS DIGITAL GILTS PILOT. WHAT’S THE ROADMAP?
The UK’s HM Treasury has confirmed plans to run a pilot for the issuance of digital gilts, UK government bonds, following leaked news earlier this week. The previous Conservative government had also planned to organize a pilot.
t’s seen as an important step for UK capital markets, particularly as the UK has launched a Digital Securities Sandbox for DLT and tokenization pilots.
The UK could benefit more than other jurisdictions. One of the killer apps for blockchain in capital markets is repurchase agreements or repos, which involve exchanging cash for gilts. This allows banks and institutions to either lend excess liquidity or borrow it if they are short.
Conventional repos involve delayed securities settlement, which means repo duration is typically overnight. By contrast, blockchain supports instant settlement enabling intraday repo. The ability to manage liquidity for hours at a time is very attractive to banks and other institutions.
Intraday repo is already happening by tokenizing existing Treasuries in the United States. A native digital gilt would make the process far easier.
On top of that, the UK has Fnality, a tokenized cash settlement network backed by an omnibus account at the Bank of England. Fnality is backed by more than 20 institutions.
Hence, with a digital gilt, the UK will have both a digital security and cash on chain.
With the previous government floating the idea, industry trade body UK Finance collaborated with EY to draft a digital gilt roadmap. It submitted it to the government in April, but published it today.
A digital gilt roadmap
It suggests two alternative approaches, one is more evolutionary whereas the other is a Big Bang path.
In the multi-staged approach it suggests issuing a short dated digital Treasury bill within the first six months with only a limited number of market participants.
In the second phase within the first year, a medium term digital gilt would have more functionality. For example, it would involve more market makers and a wider group of investors.
Most importantly, it would be integrated with the existing off-chain secondary market, with the gilts eligible as collateral for repo. These are essential steps to ensure liquidity.
The third phase within 18 months would involve another issuance with both the trading of gilts and repo performed on chain.
The Big Bang approach would essentially skip the first two steps and happen in a more compressed time frame. The UK Finance paper outlines the pros and cons of each path.
A major hurdle could be the legal and regulatory work needed to support digital gilts being used as collateral for repo and other purposes. Plus, there’s the need to maintain a sufficient level of liquidity.
Switzerland is one of the most advanced jurisdictions in this area. Its central bank considers using digital Treasury bills for money market operations as premature, given the immaturity of the DLT sector.
However, Switzerland was the first mover in launching a digital securities exchange, so progress unsurprisingly has been slow going. By contrast, there’s been strong interest and engagement in the ECB’s wholesale DLT settlement trials, with market participants hoping the trials won’t end.
UK Finance believes that with the digital gilt program “the UK can lay the groundwork for a robust and innovative digital capital market ecosystem, bolstering its position as a global leader in financial technology and digital finance.”
@ Newshounds News™
Source: Ledger Insights
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🌱MASSON CLASS 1) ID REQUIREMENTS FOR CRIMINAL TRESPASS SHERIFF HANDBOOK - ARE YOU FREE? | Youtube
Did you miss the Friday Night Constitutional Call last night. You can catch it on our Youtube Channel. Learn the steps to change your status to return your power and rights as a Citizen of the State.
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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“Tidbits From TNT” Saturday Morning 11-16-2024
TNT:
Tishwash: Al-Sudani and Al-Ameri: The census is an additional pillar for economic reform plans
Prime Minister Mohammed Shia al-Sudani and Secretary-General of the Badr Organization Hadi al-Amiri confirmed on Friday that the success of the general census is an added pillar to the development and economic reform plans.
The Prime Minister's media office stated in a statement that "Al-Sudani met with Al-Amiri, where during the meeting they discussed all service and national files, and ways to proceed with implementing the government program, especially after completing the constitutional entitlement and choosing the Speaker of the House of Representatives."
TNT:
Tishwash: Al-Sudani and Al-Ameri: The census is an additional pillar for economic reform plans
Prime Minister Mohammed Shia al-Sudani and Secretary-General of the Badr Organization Hadi al-Amiri confirmed on Friday that the success of the general census is an added pillar to the development and economic reform plans.
The Prime Minister's media office stated in a statement that "Al-Sudani met with Al-Amiri, where during the meeting they discussed all service and national files, and ways to proceed with implementing the government program, especially after completing the constitutional entitlement and choosing the Speaker of the House of Representatives."
He added that "the two sides discussed the upcoming entitlements, most notably the general population census and the importance of its success to be an added pillar to the development and economic reform plans, in addition to reviewing the regional and international situations, in light of the continued Zionist aggression on Palestine and Lebanon, and international efforts to stop the war and escalation." link
Tishwash: Urgent Parliament Presidency sets date for resuming sessions
The Parliament Presidency set, today, Friday, the date for resuming sessions next week after the completion of the population census operations in the country.
The media department of the House of Representatives stated in a statement received by {Euphrates News} that "the Presidency of the House of Representatives affirms its full support for conducting the general population and housing census 2024, and urges the representatives to direct and encourage citizens in their areas to cooperate with the field teams affiliated with the Ministry of Planning to accomplish their tasks with the aim of making the census operations that will be conducted on the 20th and 21st of this month a success."
The statement confirmed, "Given the presence of representatives in their governorates and the importance of the census, it was decided to resume the sessions next week after the completion of the population census operations in the country." link
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Tishwash: PM's advisor: Government able to increase spending without inflation or fiscal deficit
The Prime Minister's Advisor for Financial Affairs, confirmed today, Saturday, that the good performance of the financial space is an indication of the government's ability to spend without problems, while he pointed out that the government was not hindered by the shortage in the regular flow of public revenue in some months.
Saleh told the Iraqi News Agency (INA), "The government's financial policy worked towards the principle of fiscal space in the economy, which means that the pace of growth in general and investment spending on projects in particular were not hampered by the temporary shortage in the regular flow of public revenue in some months."
He added, "Therefore, the good performance of the fiscal space indicates the government's ability to increase spending or social support to support the economy without causing serious financial problems such as inflation or a large deficit."
He continued, "This space is still available when the state's financial situation is good, and allows the government to take fiscal policies to stimulate economic growth, such as increasing spending on infrastructure or improving social services." link
************
Tishwash: Iranian newspaper: Iraq's development path is a step towards regional economic integration
Iraqi media reported that Iraq has made its first commercial ship docking at the port of Faw. This project aims to develop Iraq and reduce the country's dependence on crude oil, and will be fully operational by 2050 in three phases. Upon completion of this project, a route will start from the port of Faw and end in Turkey and from there to Europe via land routes in various Iraqi governorates.
The Donya-e Eqtesad newspaper said in a report that this corridor increases the strategic importance of Iraq as a neighboring country to Iran and creates competition between the Iranian North-South Corridor and the Iraqi Development Road Project. As an alternative to traditional transportation routes, the Iraqi Development Road Project connects the Gulf countries to Turkey with the aim of creating a cross-border transportation network for Iraq.
Road development project
The basis of this project is linked to the Faw Port Project. This is one of the important projects implemented by the Iraqi government to improve the country’s infrastructure and boost economic development. The port project, which is located in southern Iraq and adjacent to the Gulf countries, and serves as a vital channel linking the Gulf to the Mediterranean Sea, is expected to require an investment of $1.2 billion.
Overall, the project includes the construction of a new port capable of receiving large ships, complete logistics facilities and related infrastructure. The annual capacity of this port is also expected to reach 12 million tons. After the completion of its final stages, the goal of the Faw Port Project is to improve the transportation capabilities of Iraqi ports, reduce logistics costs, and further promote economic development in Iraq and economic exchanges and cooperation with neighboring countries such as Turkey.
Challenges of Faw Port Project
The Faw Port project requires an investment of $1.2 billion, which poses a major financial challenge. Therefore, it is very important to ensure that the project progresses after addressing the financing issue.
On the one hand, the Iraqi government can seek assistance from international financial institutions such as the World Bank and the Development Bank for low-interest loans or grants. The UAE and Qatar are also expected to provide strong financial support for this project. Other financing options can be pursued including loans from European banks and Turkish investment in this project.
Given the location of this project in a sensitive and strategic region in the Middle East, geopolitical risks are a concern for its project sponsors. Ensuring regional peace and stability is of paramount importance during the project implementation stages. It is necessary to strengthen communication and coordination with regional countries to maintain common peace and stability, and to fully take into account the interests and concerns of neighboring countries in the project implementation to minimize the impact of the project on the political landscape in the region.
The Faw-Iraq-Turkey Port Corridor will not only strengthen Iraq’s relations with Turkey, but will also deepen its engagement with the entire region. The project will play a role in enhancing the close economic and political cooperation between Iraq and Turkey by creating a vital bridge between the two countries.
In addition, the corridor is expected to be integrated into broader regional initiatives, such as the Belt and Road Initiative, thus increasing Iraq’s geopolitical importance. As a participant in the Belt and Road Initiative, Iraq will benefit from closer ties with China, infrastructure development, and investment opportunities. This not only makes Iraq’s economic prospects more clear, but also increases its diplomatic standing on the international stage.
Turkey has played a key role in transporting energy resources from the Caucasus and Russia to energy-hungry European markets. Now, this new highway is a transit point for energy shipments from the Gulf to Europe, which Iraq connects by land. Iraq will thus provide a low-cost route not only for Iraqi oil and gas, but also for Iranian and Qatari oil and gas.
Regional stability
In light of the above, it is clear that the Faw-Iraq-Turkey Port Project is of great importance for promoting regional integration, economic growth and geopolitical stability in Iraq. This means that the construction of this corridor not only creates an important link between Iraq and Turkey, but also brings many benefits and opportunities to the entire region.
Moreover, this is not only an important step towards regional economic integration and development, but also helps to promote peace and stability in the region. This project makes an important contribution to the sustainable development of the region by enhancing trade links, strengthening bilateral relations, and promoting prosperity and development in the wider region.
However, although the Al-Faw-Iraq-Turkey port project is expected to play a positive role in regional connectivity and economic development, this corridor is a competitor to Iranian trade routes, especially the North-South corridor, because this project could open an alternative route for the Russians to the Gulf countries, and reduce Iran's strategic importance in the region. link
Mot: ... Sooooooo Frustrating -- Maybe Tomorrow!!!!
Mot: .... iiiiiiiiFFFFFFF -- Ur Happy and UUUUUUUUUUU
MilitiaMan & Crew -News Report-Iraq Dinar-Oil-Flow-Global Maritime Trade-Cross Border Transfer-Exports-Port of FAW
MilitiaMan & Crew -News Report-Iraq Dinar-Oil-Flow-Global Maritime Trade-Cross Border Transfer-Exports-Port of FAW
11-15-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
MilitiaMan & Crew -News Report-Iraq Dinar-Oil-Flow-Global Maritime Trade-Cross Border Transfer-Exports-Port of FAW
11-15-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
FRANK26….11-15-24……SUDANI TALKS
KTFA
Friday Night Conference Call
FRANK26….11-15-24……SUDANI TALKS
This video is in Frank’s and his team’s opinion only
Frank has stated he will no longer do public videos on the Iraqi dinar UNLESS it is Important, Prudent or Necessary.
Frank’s team is Walkingstick, Eddie in Iraq and guests
Playback Number: 605-313-5163 PIN: 156996#
KTFA
Friday Night Conference Call
FRANK26….11-15-24……SUDANI TALKS
This video is in Frank’s and his team’s opinion only
Frank has stated he will no longer do public videos on the Iraqi dinar UNLESS it is Important, Prudent or Necessary.
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
More News, Rumors and Opinions Friday PM 11-15-2024
KTFA:
Clare: Rafidain Bank announces a plan to include other branches in the implementation of the comprehensive banking system
11/15/2024
Baghdad / NINA / Rafidain Bank announced today, Friday, a plan to include other branches in the application of the comprehensive banking system.
The bank stated in a statement: "The continuous expansion in the application of the comprehensive banking system will include more branches in the future within a well-thought-out plan aimed at providing a modern banking experience that contributes to supporting the national economy and meeting the needs of society with distinguished and comprehensive banking services." LINK
KTFA:
Clare: Rafidain Bank announces a plan to include other branches in the implementation of the comprehensive banking system
11/15/2024
Baghdad / NINA / Rafidain Bank announced today, Friday, a plan to include other branches in the application of the comprehensive banking system.
The bank stated in a statement: "The continuous expansion in the application of the comprehensive banking system will include more branches in the future within a well-thought-out plan aimed at providing a modern banking experience that contributes to supporting the national economy and meeting the needs of society with distinguished and comprehensive banking services." LINK
Clare: With the participation of the Kurdistan Region.. An imminent forum in Rome to enhance cooperation between Iraq and Italy
11/15/2024
The Italian website "Nova News" reported that an Iraqi-Italian cooperation forum will be held on November 27 in the capital Rome, with the participation of the Kurdistan Region, with the aim of facilitating cooperation between companies and institutions of the two countries in the fields of agricultural food, energy, environment, infrastructure, construction, medicine and pharmaceuticals.
The report, translated by Shafaq News Agency, explained that the "Iraqi Business and Cooperation Forum" will be held in Rome in cooperation with "Confindustria", an association of Italian industries, and organized by the "Italian Investment and Technology Promotion Office of the United Nations Industrial Development Organization."
The report indicated that the aim of the forum is to "facilitate partnerships and commercial cooperation between Iraqi and Italian stakeholders from institutions, business associations and the private sector in the fields of agri-food, energy, environment, infrastructure, construction, medicine, pharmaceuticals and others."
The report pointed out that the forum will open with interventions by high-level representatives, including from the Italian Ministry of Foreign Affairs and International Cooperation, and the Italian Agency for Development Cooperation.
On the Iraqi side, the report stated that there will be representatives from the Ministries of Industry and Minerals, Trade, the Iraqi Federation of Industries, the Federation of Iraqi Chambers of Commerce, the National Investment Commission, the Kurdistan Region Investment Commission, and the Industrial Cities Authority.
UNIDO Project Development Centres will also be present, providing their expertise and knowledge, and contributing to the strategic discussions and resulting developments.
According to the report, the forum will facilitate direct interaction between participating Italian companies and their Iraqi counterparts.
The report pointed out that the organization of the forum falls within the framework of the "Investment Promotion in Iraq - Phase II" project funded by the Italian Agency for Development Cooperation. LINK
*************
Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
Saleh on TV talking about the US Treasury supporting the mechanism for Iraq...and how the USA has support for all of Iraq's mechanisms. FRANK: The US Treasury is supporting monetary reform 100%. They want a new exchange rate. They want Iraqi citizens to have their lower notes as promised to them. That is the only mechanism of any importance with the US Treasury and the CBI right now...
Militia Man What are they doing? They're focusing in on non-oil revenues. That's important because 90%-95% used to be all oil...Alaq is talking about getting to $40 a barrel...By going to non-oil revenue streams, by opening up the private sector...the transformation of the country is phenomenal. It's not going to stop. We have the evidence of that...
(We Have A Problem)... CENTRAL BANKS CONTINUE TO HYPER-BALLOON THE GLOBAL "MONEY" SUPPLY.
Greg Mannarino: 11-15-2024
This Debt Crisis Will Change EVERYTHING warns Francis Hunt from Market Sniper
ITM Trading: 11-15-2024
The debt crisis is here, and it’s changing everything. Banks are hiding massive losses, housing affordability is collapsing, and confidence in the U.S. economy is crumbling.
In this video, Francis Hunt reveals why the debt-based system is unsustainable and how gold could be the ultimate safe haven during this financial storm.
Seeds of Wisdom RV and Economic Updates Friday Afternoon 11-15-24
Good Afternoon Dinar Recaps,
CRYPTO LEADERS UNITE FOR DESCI: A NEW ERA OF SCIENCE WITH BLOCKCHAIN
▪️DeSci movement seeks to make scientific research more open, fair, and accessible.
▪️Prominent figures like CZ, Vitalik, and Brian Armstrong are actively supporting DeSci's goals.
▪️DeSci can improve scientific funding, democratize research, and foster greater collaboration within the scientific community.
Good Afternoon Dinar Recaps,
CRYPTO LEADERS UNITE FOR DESCI: A NEW ERA OF SCIENCE WITH BLOCKCHAIN
▪️DeSci movement seeks to make scientific research more open, fair, and accessible.
▪️Prominent figures like CZ, Vitalik, and Brian Armstrong are actively supporting DeSci's goals.
▪️DeSci can improve scientific funding, democratize research, and foster greater collaboration within the scientific community.
Decentralised Science is now one of the most sensational topics in the cryptocurrency world. Its goal is to make science more open, transparent, and accessible, while solving long-standing issues such as limited funding and lack of data-sharing in the scientific community.
Some of the biggest names in crypto, including Binance Co-Founder Changpeng Zhao, Ethereum Co-Founder Vitalik Buterin, and Coinbase CEO Brian Armstrong, have publicly supported DeSci.
Let’s explore what this movement is all about.
Crypto Leaders Back DeSci
Reports show that crypto leaders like Zhao, Buterin, and Armstrong believe that DeSci has the potential to transform the scientific world by tackling challenges such as funding shortages and restricted access to research data.
Changpeng Zhao: CZ is particularly interested in solving the funding issue for science. He is looking into how blockchain technology can be used to create new ways to fund research. Blockchain’s transparency and security could open up fresh opportunities for financing scientific projects.
Vitalik Buterin: According to reports, Vitalik is keen to make the environment of scientific research more democratic in nature. He is likely to promote the usage of tools like quadratic funding and DAOs.
Brian Armstrong: Coinbase CEO Brian Armstrong is also a strong advocate for DeSci. Recent reports reveal that Coinbase has backed ResearchHub, a decentralized platform that encourages open sharing and collaboration in science. Armstrong’s support highlights his commitment to making scientific research more open and accessible.
Changing the Future of Science
The DeSci movement could play a major role in overcoming some of the most pressing issues in science. From funding shortages and data-sharing problems to publishing challenges, DeSci offers innovative solutions that could improve how science is conducted and shared.
With support from influential crypto leaders, DeSci has the potential to transform how scientific research is funded and shared. This is certainly something to look forward to!
@ Newshounds News™
Source: Coinpedia
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TRUMP NOMINATES FORMER SEC CHAIR AS SDNY ATTORNEY
Trump nominates Jay Clayton to lead the highly influential office.
A familiar figure who enforced securities regulations against the crypto industry under the previous Trump Administration may soon find himself back in power, this time as a chief federal prosecutor.
What’s the Scoop?
Presidential Appointment:
In an announcement to Truth Social followers on November 14, President Elect Donald Trump made public his intention to nominate former Securities and Exchange Commission (SEC) chair Jay Clayton as U.S. Attorney for the Southern District of New York.
Key Enforcer:
Notably, the SDNY jurisdiction encompasses Manhattan; the trial district has long been one of the most active in the United States and often decides matters related to American financial institutions and the prosecution of white-collar crime.
Bankless Take:
Trump presented himself as crypto’s champion on the campaign trail, but Clayton’s appointment as U.S. Attorney for a key federal prosecutorial district has offended many within the industry.
While crypto participants remain optimistic for the impending Trump Administration embrace, Clayton’s appointment threatens to increase enforcement actions against blockchain-based issuers of unregistered security products.
This Newshound agrees with Bankless on this appointment!
@ Newshounds News™
Source: Bankless
~~~~~~~~~
US ATTORNEY'S OFFICE FOR THE SOUTHERN DISTRICT OF NEW YORK TO PARE BACK CRYPTO-RELATED CASES: REUTERS
▪️The U.S. Attorney’s Office for the Southern District of New York has brought a number of high-profile cases, including against former FTX CEO Sam Bankman-Fried.
▪️The news comes a day after President-elect Donald Trump tapped Jay Clayton to lead that office.
The U.S. Attorney's Office for the Southern District of New York, a prominent and powerful court that has brought numerous high-profile crypto-related cases, plans to cut back on cases related to crypto, according to one of its top prosecutors.
That doesn't mean prosecutors there will disregard crypto cases, but fewer people will be working on them compared to 2022, Scott Hartman, co-chief of the securities and commodities fraud task force at the Manhattan Court said during a Practising Law Institute conference on Friday, according to reporting from Reuters.
"You won't see as much crypto stuff coming out of at least the SDNY in the future," Hartman said at the conference.
Prosecutors in Manhattan brought several high-profile cases against crypto industry players including against former FTX CEO Sam Bankman Fried and Celsius founder Alexander Mashinsky. Both firms filed for bankruptcy in 2022.
Hartman's comments come a day after President-elect Donald Trump tapped Jay Clayton to lead that office as Attorney for the Southern District of New York.
Clayton previously served as chair of the U.S. Securities and Exchange Commission from 2017 to 2020 and led the agency through the initial coin offering boom of 2017-2018. During that time, his office filed several high-profile lawsuits against prominent and lowly crypto projects. Before leaving the SEC, charges were filed against Ripple.
The SEC accused the firm of raising $1.3 billion through the sale of XRP, which the agency says is an unregistered security. The case is ongoing after a New York judge gave both parties a partial win and both have filed appeals.
SDNY's Hartman also said on Friday that SDNY knows that its "regulatory partners are very active in this space." Both the U.S. SEC and the Commodity Futures Trading Commission have brought numerous cases involving crypto over the years, including against FTX, Binance and other crypto entities.
@ Newshounds News™
Source: The Block
~~~~~~~~~
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Source: Seeds of Wisdom Team RV Currency Facts
~~~~~~~~~
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Thank you Dinar Recaps
Bruce’s Big Call Dinar Intel Thursday Night 11-14-24
Bruce’s Big Call Dinar Intel Thursday Night 11-14-24
Transcribed By WiserNow Emailed To Recaps
Welcome everybody to the big call tonight. It is Thursday, November 14TH and you're listening to the big call. Thanks for tuning in everybody all over the blue marble of the planet. You flat landers, whatever that is, just hang in there. We believe that the globe is round - the Earth is round, although it's not perfectly round, but just round ish - alright, so I want to welcome everybody that's listening as we refer to you as big call universe. Thank you for tuning in
Let's get into Intel. Let's talk about it. This is a really going to be a short segment, but an important segment, and this is information that has been consolidated and brought in over the last couple of days. We didn't, you know, it's so hard for us to pin down some of the things that need to happen, like, for example, banks are looking for,…….let me put it this way, President Trump is going to be making an announcement to the banks on behalf of the New US Treasury, and that is what's supposed to happen today or tomorrow. And it looks like it probably would not happen this evening, but happen sometime tomorrow
Bruce’s Big Call Dinar Intel Thursday Night 11-14-24
Transcribed By WiserNow Emailed To Recaps
Welcome everybody to the big call tonight. It is Thursday, November 14TH and you're listening to the big call. Thanks for tuning in everybody all over the blue marble of the planet. You flat landers, whatever that is, just hang in there. We believe that the globe is round - the Earth is round, although it's not perfectly round, but just round ish - alright, so I want to welcome everybody that's listening as we refer to you as big call universe. Thank you for tuning in
Let's get into Intel. Let's talk about it. This is a really going to be a short segment, but an important segment, and this is information that has been consolidated and brought in over the last couple of days. We didn't, you know, it's so hard for us to pin down some of the things that need to happen, like, for example, banks are looking for,…….let me put it this way, President Trump is going to be making an announcement to the banks on behalf of the New US Treasury, and that is what's supposed to happen today or tomorrow. And it looks like it probably would not happen this evening, but happen sometime tomorrow
Now, once that occurs, then the redemption center leaders over various parts of the country will get out the emails to banks and to redemption centers so that they will be aware of when their notifications to the redemption center operatives, or leaders - as I call them, and to the bank managers on their emails when those are to go out, so they're contingent upon receipt of emails after with after President Trump notifies the banks, probably on a huge conference call about what is, what is going on and when things are to happen.
Now, that sounds pretty good, but we got some more information tonight that really looks good. First of all, the Iraqi dinar is floating on the Iraqi stock change, which is the is x, and that we knew that yesterday, and also the Forex, we've got two confirmations yesterday that the dinar is actively trading on the Forex now, rates on the Forex yesterday were what's called populating and elevating. That means they were blinking slowly, but they're also showing increases in value. That's what we want to see
Also the redemption centers were not showing the currencies on the screens until today. We did see that they were up on the screens at the redemption centers today. So that's another good sign that we're moving in the right direction.
So here's where we stand. We normally talk about Iraq, and we did. We talked about the dinar, on the forex and on the ISX - It's all good. But we also are talking about, let me get my mind right on this ok –
Okay, okay, we don't normally follow as closely as we would like. What's going on with tier 4A so called the admirals groups, but we did get word that the admirals groups are to be notified - If you're in the admirals group pay attention to this. You're to be notified on Saturday, and then I believe for most of them, it would be by email that you're supposed to be notified Saturday and have access to your accounts on Monday.
Now they've got the tier 3 bond holders and tier 4B the Internet Group aligned to be pretty much on a true shotgun start.
The admirals group would go ahead of us by a day or so. In 4B and tier 3 bond holders are to be to receive their notification by email, Monday morning before noon, Monday morning before noon, and then go in for their exchanges, like in our case to exchange currencies and redeem the zim to go in Monday evening or Tuesday morning. Monday afternoon, late afternoon, evening or Tuesday morning.
So that's in the in the tier three bond holders would also receive their notifications Monday by noon and then have access to their accounts on Tuesday. So that's a pretty close shotgun start, but the whole rollout of this is probably 12 to 24 maybe as many as 36 hours.
Now, the other thing with bondholders is, we heard this either yesterday or the day before, that bondholders would be paid out over a 10 day period. So that is something that, because they are, there are so many and there, I don't know why it would take that long, but it could take up to 10 days for all the bondholders to receive their funds. But everything is supposed to be triggered.
That's the key word, triggered Saturday night, which is the 16th - Am I right on the date? Yeah, 16th is Saturday - but it really shows up for us in the internet group Monday morning by noon, it's when we're supposed to get our notifications, and then we get set our appointments and go in for exchanges, either Monday, afternoon, evening or Tuesday.
So that's the latest Intel, and everything's been crunched down and concentrated and brought into focus so that we can sort of plan the next several days ahead - We should have Christmas before Thanksgiving, in a sense, that's what somebody posted a while back. We've heard that. I think that's what's going to happen.
So this is the intel that we had, right now - We got what's going on with the dinar. We know that currently are flashing slowly and populating, between changing rates and elevating, which means rates are going up. Obviously, if you're wise, you use the redemption center with the toll free number that's going to be available on our website, And let's, let's pray the call out,
Bruce’s Big Call Dinar Intel Thursday Night 11-13-24 REPLAY LINK Intel Begins 1:04:54
Bruce’s Big Call Dinar Intel Tuesday Night 11-12-24 REPLAY LINK Intel Begins 1:06:06
Bruce’s Big Call Dinar Intel Thursday Night 11-7-24 REPLAY LINK Intel Begins 1:05:10
Bruce’s Big Call Dinar Intel Tuesday Night 11-5-24 REPLAY LINK Intel Begins 1:00:50
Bruce’s Big Call Dinar Intel Thursday Night 10-31-24 REPLAY LINK Intel Begins 1:15:45
Bruce’s Big Call Dinar Intel Tuesday Night 10-29-24 REPLAY LINK Intel Begins 1:13:23
Bruce’s Big Call Dinar Intel Thursday Night 10-24-24 REPLAY LINK Intel Begins 1:13:50
Bruce’s Big Call Dinar Intel Tuesday Night 10-22-24 REPLAY LINK Intel Begins 1:15:35
Bruce’s Big Call Dinar Intel Thursday Night 10-17-24 REPLAY LINK Intel Begins 1:18:55
Bruce’s Big Call Dinar Intel Tuesday Night 10-15-24 REPLAY LINK Intel Begins 1:11:00
Iraq Economic News and Points to Ponder Friday Afternoon 11-15-24
New Decline In Gold In Iraq.. And Globally Records The Worst Week In 3 Years
Time: 2024/11/15 Read: 1,911 times {Economic: Al Furat News} Gold prices in Iraq continued to decline today, Friday, along with its global decline.
The price of one mithqal in Baghdad of {21 carats} reached 545 thousand dinars after touching the 600 thousand dinars barrier in the past weeks.
Globally, gold prices declined in today's trading, Friday, with the rise of the dollar in global markets, heading towards recording the worst weekly performance in nearly 3 years.
New Decline In Gold In Iraq.. And Globally Records The Worst Week In 3 Years
Time: 2024/11/15 Read: 1,911 times {Economic: Al Furat News} Gold prices in Iraq continued to decline today, Friday, along with its global decline.
The price of one mithqal in Baghdad of {21 carats} reached 545 thousand dinars after touching the 600 thousand dinars barrier in the past weeks.
Globally, gold prices declined in today's trading, Friday, with the rise of the dollar in global markets, heading towards recording the worst weekly performance in nearly 3 years.
By 11:10 Moscow time, December gold futures (Comex) fell by 0.10% to $2,569.70 per ounce.
Spot contracts for the precious metal fell by 0.07% to $2,563.10 per ounce, according to data from Bloomberg. LINK
Rafidain Bank Announces A Plan To Include Other Branches In The Implementation Of The Comprehensive Banking System
Friday 15 November 2024 10:51 | Economic Number of readings: 257 Baghdad / NINA / Rafidain Bank announced today, Friday, a plan to include other branches in the application of the comprehensive banking system.
The bank stated in a statement: "The continuous expansion in the application of the comprehensive banking system will include more branches in the future within a well-thought-out plan aimed at providing a modern banking experience that contributes to supporting the national economy and meeting the needs of society with distinguished and comprehensive banking services." / End https://ninanews.com/Website/News/Details?key=1169195
Al-Sudani Discusses With Al-Hakim The Government's Efforts To Advance Its Economic And Service Files
Friday 15 November 2024 21:27 | Politics Number of readings: 112 Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani discussed, on Friday, with the head of the National Wisdom Movement, Ammar Al-Hakim, the government's efforts to proceed with its service and economic files.
The Prime Minister's media office said in a statement that "Prime Minister Mohammed Shia Al-Sudani met with the head of the National Wisdom Movement, Mr. Ammar Al-Hakim" and discussed with him the overall situation in the country, and the government's efforts to proceed with its service and economic files, especially after the election of the Speaker of Parliament, who will support the government's work in completing the implementation of its program and its basic goals. "
He added that "the meeting touched on the national entitlement represented by the general population census process that will be implemented this week, and its reflection on long-term development plans, in addition to discussing developments in the region and the tragedies that the Palestinian and Lebanese peoples are exposed to due to the continued crimes of the occupying entity, and Iraq's continuous calls to stop its repercussions." / End5 https://ninanews.com/Website/News/Details?key=1169256
Oil Falls Amid Fears Of Weekly Loss
Energy Economy News - Follow-up Oil prices fell early Friday, as concerns about oversupply offset a sharp drop in U.S. fuel inventories. Brent crude futures fell 30 cents, or 0.41 percent, to $72.26 a barrel by 0105 GMT.
U.S. West Texas Intermediate crude futures also fell 25 cents, or 0.36 percent, to $68.45.
Brent crude is set to fall 2.2 percent on the week, while WTI is set to fall 2.7 percent.
https://economy-news.net/content.php?id=49851
The House Of Representatives Will Resume Its Sessions Next Week After Completing The Population Census Operations In The Country
Friday 15 November 2024 20:40 | Politics Baghdad / NINA / The Presidency of the Council of Representatives announced the resumption of parliament sessions next week after the completion of the population census operations in the country.
It affirmed in a statement its full support for conducting the general population and housing census 2024, and urged representatives to direct and encourage citizens in their areas to cooperate with the field teams of the Federal Ministry of Planning to accomplish their tasks with the aim of making the census operations that will be conducted on the 20th and 21st of this month a success. / End https://ninanews.com/Website/News/Details?key=1169247
Minister Of Commerce: The Government Has Developed A Roadmap To Develop The National Economy And Support The Private Sector
Minister of Trade, Athir Al-Ghurairi, confirmed today, Wednesday, that the government has developed a roadmap for developing the national economy, noting that the private sector is witnessing a remarkable recovery thanks to government support.
In press statements, Al-Ghurairi explained that "the government has begun implementing economic reforms through new legislation," noting that "many laws have been sent to the Council of Representatives for approval." He added that these reforms represent a "reform revolution" that the Iraqi people may not notice at the present time, but will soon appear clearly to citizens, businessmen and project owners.
The minister indicated that the government has begun practical steps to support important sectors such as the pharmaceutical industry, which has witnessed a remarkable recovery as a result of effective government policies, in addition to localizing other industries.
Al-Ghurairi also noted that the government has taken new regulatory steps through the Ministry of Trade Law, which allows for the issuance of accurate and clear data, which contributes to developing a roadmap for local and international businessmen and investors. He expressed his "optimism about the future of the Iraqi economy" in light of these reforms.
https://www.radionawa.com/all-detail.aspx?jimare=40229
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
BRICS Write-off $20 billion Debt of Africa and Shocked IMF
BRICS Write-off $20 billion Debt of Africa and Shocked IMF
Fastepo: 11-15-2024
In a bold move that has sent ripples through the global financial landscape, the BRICS nations—Brazil, Russia, India, China, and South Africa—have announced a write-off of $20 billion in African debt. This unprecedented decision is not just a gesture of goodwill; it represents a strategic shift in the geopolitical dynamics of international finance, one that has left the International Monetary Fund (IMF) and the World Bank reeling in shock.
But could this be the beginning of the end for these longstanding financial institutions?
BRICS Write-off $20 billion Debt of Africa and Shocked IMF
Fastepo: 11-15-2024
In a bold move that has sent ripples through the global financial landscape, the BRICS nations—Brazil, Russia, India, China, and South Africa—have announced a write-off of $20 billion in African debt. This unprecedented decision is not just a gesture of goodwill; it represents a strategic shift in the geopolitical dynamics of international finance, one that has left the International Monetary Fund (IMF) and the World Bank reeling in shock.
But could this be the beginning of the end for these longstanding financial institutions?
BRICS was established as a counterweight to Western financial institutions like the IMF and World Bank, aiming to foster economic cooperation among emerging markets. Over the years, it has focused on creating a multipolar world order where financial decisions are not solely made in Western capitals. This debt write-off epitomizes the bloc’s commitment to supporting African nations, many of which have been crippled by the twin burdens of colonial legacy and crippling debt.
The BRICS nations are in a unique position to alleviate some of Africa’s financial woes. With abundant resources and significant economic diversification, they can provide a lifeline to nations grappling with the repercussions of the C***D-19 pandemic, climate change, and rising inflation. Cancelling a substantial amount of debt demonstrates not just a monetary gesture but a visionary approach to foster economic resilience in a continent rich with potential.
The IMF and World Bank have long been the arbiters of international finance, wielding significant influence over the economic policies of developing nations. Their involvement in African economies has been marked by a heavy reliance on austerity measures and strict loan conditions that many argue hinder long-term development.
The BRICS debt write-off raises serious questions about the relevance of these institutions. It invites scrutiny as to whether the established financial order that prioritizes conditional lending is becoming obsolete. If emerging economies start organizing their own frameworks for support, powered by alternatives like the New Development Bank (NDB) of BRICS, this could drastically reduce the influence of the IMF and World Bank.
This move by BRICS may signal the dawn of a new financial diplomacy where countries with shared interests collaborate on economic issues without strict conditionalities. Furthermore, BRICS is also capitalizing on the opportunity to strengthen its political ties with Africa, positioning itself as a more viable partner than traditional Western institutions.
China, in particular, has expanded its economic footprint in Africa with initiatives like the Belt and Road Initiative (BRI), aiming to foster infrastructure development while securing resource access. This creates a multi-layered aspect of economic diplomacy, one where the need for financial support and infrastructure development intertwines, allowing for a new paradigm that may stand in stark contrast to Western policies.
The pivotal question that arises is whether the IMF and World Bank can adapt to this changing landscape. Historically, they have faced criticism for their approach to lending, which some argue perpetuates cycles of dependence. In response to this growing pressure, both institutions need to rethink their strategies and engage constructively with borrowers, focusing more on sustainable development rather than strict austerity measures.
Reforming their engagement with African nations could be an avenue for the IMF and World Bank to regain credibility. Offering programs that respect the local economies and contribute to self-sufficiency could demonstrate a commitment to genuine partnership rather than control.
The BRICS’ decision to write off $20 billion in African debt marks a turning point in international finance, challenging the traditional powers that have dominated the global economic landscape for decades. While it is too early to declare the demise of the IMF and World Bank, it is clear that their roles and methodologies are under intense scrutiny.
As we watch these unfolding events, one thing is certain: the era of financial dependency might be coming to an end, making way for a new blueprint of global economic cooperation. The world is changing, and how the IMF and World Bank respond could define their future relevance in this evolving geopolitical arena. In the meantime, the BRICS countries have opened a door to new possibilities, and it remains to be seen who will step through it next.
Watch the video below for more information.