More News, Rumors and Opinions Sunday PM 6-1-2025

KTFA:

Clare:  Under a government decision, Forex and cryptocurrency companies in Kurdistan are closed.

6/1/2025

The Kurdistan Regional Government (KRG) decided on Sunday to form a special committee within the Ministry of Interior, with the participation of relevant authorities, to shut down cryptocurrency and digital currency companies.

According to a letter issued by the Presidency of the Kurdistan Regional Government's Council of Ministers, No. 6640, dated May 27, and seen by Shafaq News Agency, the Ministry of Interior was notified, based on instructions issued by the Central Bank of Iraq, regarding the ban on dealing with electronic trading companies (forex) and digital currencies.

The Court's presidency stressed the need to take the necessary measures to form a committee with the relevant authorities to close down all companies operating in this field under various names.   LINK

Clare:  Masour Barzani: We have begun a strategic partnership with the United States to transform Kurdistan into an energy and innovation center.

6/1/2025

The Prime Minister of the Kurdistan Regional Government and Chairman of the Board of Trustees of the American University of Kurdistan, Masrour Barzani, affirmed on Sunday evening that his recent visit to the United States marked the beginning of a new phase of strategic partnership. He also indicated that efforts will continue to secure permanent electricity in the Kurdistan Region.

Speaking at a graduation ceremony for a new batch of students at the American University in Duhok, Barzani said, "We in the Kurdistan Regional Government have embarked on a series of comprehensive reforms that are not just theoretical ideas, but have tangible and direct impacts on improving the lives of the people of Kurdistan. Through these reforms, we aim to provide a prosperous life and sustainable economic growth."

He noted that his recent visit to the United States "marked the beginning of a new phase of strategic partnership, with agreements signed with a number of leading American companies in the energy sector, which will contribute to creating quality job opportunities and stimulating the innovation and investment environment in the region."

Barzani added, "For the first time in its history, the Kurdistan Region is witnessing an economic transformation that is not solely dependent on oil, but rather based on diversifying vital sectors such as agriculture and banking services." He pointed to "important infrastructure projects, including improving the water distribution system and establishing a special fund to protect the future of future generations."

He also announced "continued work on the Ronahi project to provide sustainable electricity, in addition to launching the Hesabi initiative, the first of its kind in the region, which aims to consolidate financial inclusion through digital banking services and enhance transparency."

Regarding digital transformation and artificial intelligence, Barzani continued, saying, "Artificial intelligence and digital transformation are no longer futuristic concepts; they have become a pivotal reality. We encourage investment in innovation centers and strengthen cooperation between universities and the technology sector, and we call on our youth to engage in this global revolution."

The Prime Minister of the Kurdistan Regional Government also addressed the health sector, commending the graduation of the first batch of nursing students from the American University of Kurdistan, who received comprehensive support through scholarships.

He described them as "a promising hope for a healthier and more prosperous Kurdistan," stressing "the government's continued support for the development of advanced professional programs in this field."

Barzani also emphasized the importance of education as the foundation upon which all forms of progress are based, saying, "We are implementing radical reforms in the education sector to build a transparent and accountable education system, with a special focus on the quality of education from primary to higher education, and instilling a culture of lifelong learning."  LINK

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Frank26    The [CBI] board of directors are all in line with what the United States of America, with what Donald J. Trump, is demanding of the CBI and Sudani.  That's why they are moving so fast...Monetary policy is moving quickly forward to remove 1310...forward to a 1 to 1 relationship.  That's why the Forex is putting the dinar in prime position.  

Walkingstick  Two years the United Nations came out and said everything they're saying today.  They were premature...The CFT (Combatting Financing Terrorism) was what brought us back to security and stability and to remove all those thieves from Iranian politicians that were using auctions through parliament.

$7.6 Trillion Comes Due as U.S. Buyer’s Strike Hits

Taylor Kenny:  6-1-2025

Foreign nations are walking away from U.S. debt and quietly turning to gold. Experts are calling it a global “buyer strike,” and it’s sending a clear message: confidence in the U.S. dollar is cracking.

In this video, Taylor Kenney breaks down what this could mean for your retirement, your savings and why tangible assets may be the most reliable defense in uncertain times.

https://www.youtube.com/watch?v=QcGwB-kWt6Y

Turbulent Times Ahead as US Dollar Gets Ditched

Turbulent Times Ahead as US Dollar Gets Ditched

Liberty and Finance:  5-31-2025

The global financial landscape is undergoing a profound transformation, and according to Mario Innecco, a keen observer of market forces, it’s time to batten down the hatches.

 In a recent interview with Liberty and Finance, Innecco painted a picture of a world moving away from dollar dominance, grappling with inflation, and facing potential market instability, urging individuals to seek shelter in precious metals and financial independence.

One of the key drivers of this shift, according to Innecco, is China’s decision to allow insurance companies to invest their portfolios in gold. He sees this as more than just a localized policy change; it’s a symptom of a larger, global trend of nations diversifying away from the U.S. dollar.

 This move, coupled with other nations exploring alternative currency arrangements for trade, suggests a weakening of the dollar’s long-held position as the world’s reserve currency.

Innecco points to vulnerabilities in the U.S. bond market as further cause for concern. Rising yields, potentially exacerbated by taxation concerns for foreign investors holding U.S. debt, are flashing warning signs. The allure of U.S. bonds, traditionally seen as a safe haven, may be waning, potentially leading to a decline in demand and further pressure on the dollar.

The core of Innecco’s concern lies in the long-term inflationary pressures created by persistent government spending and loose monetary policy, particularly in the United States.

 He argues that these policies are ultimately unsustainable, leading to the potential devaluation of currencies like the dollar. In a world where fiat currencies are being diluted, Innecco believes tangible assets like gold and silver offer a critical buffer against inflation and financial instability.

“Protect yourself,” he urges. His prescription includes accumulating physical gold and silver, not as speculative investments, but as a store of value to preserve purchasing power.

He further emphasizes the importance of financial self-sufficiency, encouraging individuals to take control of their own finances and reduce their dependence on volatile market forces.

Adding another layer of complexity to the equation is the risk posed by the Japanese yen carry trade. Innecco highlights the potential for this practice, where investors borrow in low-interest yen to invest in higher-yielding assets elsewhere, to trigger significant global market disruptions if it unwinds unexpectedly. Such an unwinding could trigger a scramble for yen, impacting currencies and asset prices worldwide.

Innecco’s message is clear: the era of unquestioned dollar dominance is fading, and the economic winds are shifting. While uncertainty looms, individuals can take proactive steps to safeguard their financial futures. By embracing the principles of financial prudence, diversifying into precious metals, and striving for self-sufficiency, individuals can navigate the turbulent waters ahead and emerge on the other side with their wealth and financial well-being intact.

Ultimately, Innecco’s forecast serves as a potent reminder that in a world of evolving economic realities, knowledge, preparedness, and diversification are the cornerstones of financial survival.

https://youtu.be/x23pi2msL_I

Iraq Economic News And Points To Ponder Sunday Afternoon 6-1-25

Al-Sudani Stresses The Necessity Of Cooperation Between Iraq And The United States Based On The Strategic Framework Agreement And Memoranda Of Understanding, Coordination, And Consultation Between The Two Sides

Sunday, June 1, 2025 21:05 | Politics Number of readings: 25  Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani stressed the necessity of cooperation between Iraq and the United States based on the Strategic Framework Agreement, memoranda of understanding, coordination and consultation between the two sides.

A statement by the Prime Minister's Office said that Al-Sudani received, on Sunday, the Chargé d'Affaires of the US Embassy, ​​Steven Fagin, on the occasion of assuming his duties.

Al-Sudani congratulated Fagin, wishing him success in his mission and working to develop relations in a way that achieves the common benefit and interests of both countries.

Al-Sudani stressed the necessity of cooperation between Iraq and the United States based on the Strategic Framework Agreement, memoranda of understanding, coordination and consultation between the two sides, especially in the fields of economy, investment, security, energy, education, investment and private sector activities.

For his part, Fagin pointed to the importance of bilateral relations between the two countries, and the US government's support for partnership with Iraq at various levels and fields, praising the government's efforts to accelerate development and urban renaissance, stressing the work to enable American companies to enter the investment and partnership arena in Iraq. /End https://ninanews.com/Website/News/Details?key=1231246

Government Advisor: Iraq's Stability Depends On Energy Markets And Geopolitical Conditions.

Time: 2025/06/01 Read: 1,230 times  {Economic: Al Furat News} The Prime Minister's economic advisor, Mazhar Mohammed Saleh, confirmed the close cooperation between monetary and fiscal policies in addressing the global challenges resulting from the oil price shock.

Saleh told Al-Furat News: "This cooperation aims to defend the stability of the national economy and ensure public spending through good reserves and optimal management of domestic debt, ensuring sustainable stability and development."
He explained that "this economic path remains dependent on the future movements of energy markets and the geopolitical situation in the world, especially in the energy belts, whether in the Gulf or the Mediterranean region, which are responsible for approximately 40% of global oil demand, in addition to the Russia-Ukraine oil belt and the development of the war in that region, which constitutes the backbone of Europe in oil and gas supplies, and the resulting impact on the level of global demand and the trend towards improvement in oil and gas prices."

The advisor stated that "the bet on this economic cooperation extends until the end of the current fiscal year 2025," stressing that "the next phase will witness major financial reforms, most notably controlling public spending in line with the priorities of the government's program, particularly in the services and infrastructure budget, and securing salaries, pensions, and social care."

He explained that "more than 8 million citizens in Iraq receive government income, which in turn impacts the household income of approximately 35 to 40 million citizens, making this income the primary source of government spending within the country."  LINK

US Embassy: Working To Encourage US Companies To Invest And Partner In Iraq
Time: 2025/06/01 20:59:12 Reading: 60 Times

Prime Minister Mohammed Shia al-Sudani received today, Sunday, the Chargé d'Affaires of the US Embassy, ​​Mr. Stephen Fagin, on the occasion of his assumption of his duties.

His Excellency congratulated Mr. Fagin, wishing him success in his mission and working to develop relations to achieve mutual benefit and interests for both countries.

Mr. Al-Sudani emphasized the necessity of cooperation between Iraq and the United States based on the Strategic Framework Agreement and the memoranda of understanding, coordination, and consultation between the two sides, particularly in the areas of economy, investment, security, energy, education, investment, and private sector activities.

For his part, Mr. Fagin highlighted the importance of bilateral relations between the two countries and the US government's support for partnerships with Iraq at various levels and in various fields. He praised the government's efforts to accelerate development and urban renaissance, and emphasized the need to encourage American companies to invest and partner in Iraq.   LINK

Al-Haymas: Environmental And Social Standards Guidelines Enhances Transparency In All Economic Sectors

Money and Business  Economy News – Baghdad  Chairman of the Iraqi Securities Commission, Faisal Al-Humais, confirmed on Sunday that the launch of a guide to environmental, social, and corporate governance standards for companies will enhance transparency in the operations of companies across all economic sectors, including vital sectors such as telecommunications, industry, tourism, hotels, and others.

On the sidelines of the guide's launch ceremony, Al-Humais said in a statement reported by the official news agency and reviewed by Al-Eqtisad News, "The guide was launched in cooperation with the International Finance Corporation and with financial support from the Kingdom of the Netherlands."

He added, "This guide will have a significant impact on the application of transparency by companies in the Iraqi Stock Exchange.

It is, of course, an extension of the Central Bank's work when it launched the Governance Guide for Financial Institutions Listed on the Iraqi Stock Exchange. However, this guide will be more comprehensive for all sectors, whether the communications sector, the industrial sector, the tourism and hotel sector, or others."

He continued, "The implementation of the guide will have a positive impact on the operations and trading of the Iraqi Stock Exchange, as investors will receive comprehensive information with greater transparency to support their investment decisions. It will be fully implemented within the next year." https://economy-news.net/content.php?id=56093

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Benefits of a Cash Budget – Part 2

Benefits of a Cash Budget – Part 2

Written by Sam - 

In part 2, I explain how budgeting will help save you time in the budgeting process.

How Cash Will Cut Your Budgeting Time By 80%

Think for a second about entering transactions into financial software like Quicken or YNAB. What are most of the transactions? By far the majority of the transactions come from categories like groceries, household, or entertainment. They are purchases at the grocery store, or walmart, or the corner convenience store.

What if you took those transactions away. For most people, there are only a handful or two of transactions left that occur every month. You might have utilities, a cell phone bill, a few gas transactions, but that’s about it.

Most of Your Transactions Come From Just a Few Categories

This is a classic 80/20 example. 80% of your transactions come from 20% of your budget categories. In fact, I would guess that for many people it’s more of a 90/10 rule. 90% of their transactions come from 10% of the categories. If you’ve used financial software in the past, go check this out and see if it holds true. In fact, leave a comment and let me know if it’s true. I know for us it IS true.

Now I want you to think about the time you spend budgeting every month and what that time is spent on. If you’re like us it’s spent on entering and/or categorizing transactions from the previous month. It’s spent tracking down transaction #x and finding out what it was for. Either you don’t remember or your spouse spent it and he/she doesn’t remember. You spend time tracking down missing receipts. It’s all a big mess.

Well all of that craziness doesn’t have to be. In fact, I’m going to give you permission to stop entering every transaction. How can I do that? Well let me ask this: why do you need to enter all those transactions? Do you really want to know how much you spend on milk every month? Do you ever really care to know on an itemized basis what individual items you purchased in your grocery category?

I don’t think that’s the case. If you think about it, all you really care about is spending the amount you want to spend in any given category. Well I’ve just shown that you can accomplish this goal by using cash. You don’t accomplish this goal by tracking every little thing, if fact, doing so is a lag measure and won’t have any impact on how much you spend next month. You’ll just go through the same process taking a lot of time and experiencing the same or similar results.

One Entry To Rule Them All

So am I saying that we don’t enter in our grocery transactions? That’s exactly what I’m saying. We have one entry in YNAB that is a cash withdraw for our grocery category. We don’t keep receipts, we don’t enter individual transactions. And do you know what? We have achieved our goal of staying within our budget more frequently and consistently than we ever did tracking everything.

To be more specific, we have one cash withdraw, or sometimes two over the course of the month that cover a number of cash categories. At the end of the month, we may have as little as 10 total transactions in our register for the month and most of these are for automated transactions that are easy to identify, categorize and reconcile. It has literally changed our budgeting lives.

My cousin is a great example of how using cash can decrease your time spent budgeting. She pulls out cash for all of her non-automated expenses. She doesn’t even split the money into categories. She has such a good sense of how much money they need in the month for the various categories that she can consistently stay within budget even without categories.

At the end of the month, she has roughly 10 total transactions (if I’m remembering correctly) to deal with in reconciling her budget. Talk about quick and easy. Now I wouldn’t recommend lumping all your cash together at first, but as you get a better intuitive grasp on your spending over time, you can easily start combining your cash categories like she does.

The Myth of Tracking Everything

TO READ MORE: http://www.gettingfinancesdone.com/

Benefits of a Cash Budget – Part 1

Benefits of a Cash Budget – Part 1  

Written by Sam

In this article series of articles, I have recorded somewhat of a manifesto for using cash in your budget.

That’s right, I’m talking about using cash in your budget. Using cash in your budget is a tough topic. People shy away from it and toss it aside as being too much of a hassle. I want to challenge you to put those beliefs aside for a moment and let me make a case for using cash.

The fact is, I know how you feel. Using cash in our budget was one of the things I fought against most. We started using cash as part of Financial Peace University. It was one of those concepts I was ready to ignore and tried to convince my wife that we shouldn’t use cash. But she wanted to give it a shot and since I’d agreed to follow the program, I reluctantly went along.

I’m glad I did.

It quickly became clear how powerful using cash in your budget is. I was quickly converted and became a big advocate for using cash. In fact, I now consider it a requisite for having an effective budget. REALLY! I don’t know a single family who considers themselves successful at budgeting that doesn’t use cash.

On the flip side, I know plenty of people who struggle with their budget or struggle staying within their spending limits and are always trying to figure out why. Yet, they resist using cash. They just won’t give it a try. Or they give it a half-hearted try and quickly give up.

How We Saved $6,000 In One Year By Using Cash

So what was the result of using cash for me and Emily? Not only did we stay within our budget consistently for the first time in our marriage, but we actually spent $6,000 less the year we started using cash with no perceived decrease in lifestyle. It was mind boggling that we saved so much.

We saved an average of about $500 a month. We spent less on groceries, ate out much less, and no longer made impulse credit card purchases to the tune of hundreds of dollars a month. But I never would have thought those seemingly little things would make such a big difference in our savings.

The Advantages Of Using Cash

There are several advantages of using cash in your budget, but there are mainly two that I want to emphasize.

First, using cash makes it easy to control your spending and to keep within your budget.

Second, using cash will cut as much as 80% of the time spent reconciling your budgeting at the end of the month. While I’ve already showed you how to speed up your budgeting process, using cash is the thing that will have the greatest single impact in decreasing your budgeting time. My wife and I spend 30-60 minutes a month budgeting. THAT’S IT!

In this article I’ll be addressing the first advantage of using cash.

Before I jump in let me point out that I’m not saying you need to use cash for your WHOLE budget. In fact, there are some cases in which using cash doesn’t make sense. You’ll mainly want to use cash in those categories in which you tend to overspend. This may only be 2 or 3 categories.

Controlling Spending With Cash

The Power of Instant Feedback

Cash is the perfect instant feedback mechanism. It easy to keep from overspending because when the cash is gone, you know you’re done spending. It’s really as simple as that.

Alternative Ways to Track Your Spending

When using credit cards you are totally disconnected with how much you’ve spend and how much is left to spend. Some people try to track their spending by writing everything down in a notebook, but in my own personal experience and hearing experiences of others it’s very difficult to be consistent with a system like that. Inevitably you stop keeping track.

TO READ MORE: http://www.gettingfinancesdone.com/

“Tidbits From TNT” Sunday 6-1-2025

TNT:

Tishwash:  Including the Popular Mobilization Law... 140 draft laws await parliament's vote

 The Parliamentary Investment and Development Committee revealed that there are more than (140) draft laws, including new legislation and amendments to existing laws, that are still awaiting a vote in the House of Representatives.

The committee's vice-chair, Hussein Al-Sa'bari, said, "A large number of these projects have completed their discussions within the relevant committees and are ready for inclusion on the agenda of the general sessions."

He pointed out that "many of them concern vital sectors that affect citizens' lives."

He explained that "among the most prominent laws proposed are the Popular Mobilization Forces Law, legislation related to higher education, particularly the "Basis for Granting Certificates," in addition to service and administrative laws."

For his part, member of the Parliamentary Legal Committee, Muhammad Anouz, added that the legislative priorities also include the Anti-Narcotics Law and the Retirement Law, which needs to be amended to ensure..  link

Tishwash:  Parliamentarian: Extraordinary sessions will be held after Eid to approve important service laws

MP Hussein Al-Saabari revealed, on Saturday, that the House of Representatives intends to hold extraordinary sessions after the Eid Al-Adha holiday, to compensate for previous sessions that were not held due to the lack of quorum.

Al-Saabari said in a statement to the Al-Maalouma Agency, that “the House intends to discuss a number of important laws during these sessions, most notably the Popular Mobilization Law, the budget schedules, and the Ministry of Education Law.”

He called on members of the House of Representatives to "commit to attendance and not be absent from upcoming sessions," calling on "political blocs to urge their representatives to perform their legislative role in a way that serves the public interest."

Al-Saabari pointed out that “the holding of extraordinary sessions represents an important opportunity to correct the course of legislative performance and compensate for the delay in passing laws that directly affect the lives of citizens,” noting that “serious political will and cooperation between blocs will be the decisive factor in the success of these sessions and achieving tangible results.” 

It is noteworthy that the House of Representatives had previously called for holding emergency sessions during the legislative recess in order to vote on important laws  link

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Tishwash:  Al-Sudani to a member of Congress: It is necessary to build a comprehensive vision for Iraq that keeps pace with economic transformation and development.

Prime Minister Mohammed Shia al-Sudani received today, Saturday, Senator Jacky Rosen, a member of the Armed Forces Committee and the Foreign Relations Committee in the US Congress, and her accompanying delegation, in the presence of the Chargé d'Affaires of the US Embassy in Iraq.

A statement from his office, a copy of which was received by {Euphrates News}, stated that: “The meeting discussed the overall Iraqi-American relations and ways to strengthen them in a way that serves common interests, Iraq’s progress in economic recovery, and confirms regional stability.”

Al-Sudani pointed to "the importance of deepening relations with the United States in various fields, continuing bilateral dialogue based on mutual respect, and affirming Iraq's sovereignty and shared values, within the framework of the agreements and strategic partnership between the two friendly countries."

He also highlighted the "need to build a comprehensive vision for Iraq in light of the scale of the economic and developmental transformation taking place in Iraq."

For her part, Senator Rosen affirmed her country's "commitment to building sustainable relations with Iraq," praising "the progress being witnessed in Baghdad and other Iraqi cities, and the Iraqi government's ability to avoid regional conflicts, which underscores Iraq's pivotal role and its growing importance in the region."  link

Mot:  . Doggone It!!! --- Wont Sleep Tonight Wondering !!!!~~ 

Mot: What is the Space Between Your Eyebrows Called??? - HUH??

News, Rumors and Opinions Sunday 6-1-2025

Gold Telegraph: Some Companies Believe a Monetary Reset is Already Underway

5-31-2025

A trade truce between the United States and China is at risk of falling apart… Why? Elements.

China has been very focused on mining for years and acquiring world-class projects. Now, the world is waking up to the consequences.

I will be on stage in Quebec City next Tuesday. Looking forward to seeing some of you there to discuss the role of gold in this shifting global order.

More and more mining CEOs… leading companies with market caps over $10 billion believe we are on the brink of a monetary reset. Some even argue it’s already underway.

A common theme?

They all recognize one fact:
The flow of gold has been shifting east for years.

More soon.

BREAKING NEWS: THE BANK OF JAPAN’S LONG-TERM GOVERNMENT BOND HOLDINGS FELL FOR THE FIRST TIME IN 16 YEARS AS OF END-MARCH

Where is my circus picture?

Oh there it is:

It’s easy to miss the signals in the noise.

But pay attention:

This week:

• The President of the European Central Bank said the euro could replace the dollar in global trade.
• Germany is pushing to get its gold back from the United States.

This isn’t just noise… Europe is preparing for the future. They are worried that the Federal Reserve won’t provide lifelines if the system starts to crack.

Of course, the euro will never replace the dollar as the world’s reserve currency, but that’s not the point.

The real story is this: America’s closest allies are now openly questioning the dollar’s role, exploring alternatives, and pushing for their own currencies.

Source(s):  https://x.com/GoldTelegraph_/status/1928892504683774408

https://dinarchronicles.com/2025/05/31/gold-telegraph-some-companies-believe-a-monetary-reset-is-already-underway/

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Frank26  IMO the Iraqi dinar is the linchpin.  The Iraqi dinar will go first, then the Vietnamese dong and the others will follow suit. A lot of people say, well that's double dipping. So what...It's not going to affect anything.  If  you're smart enough to double dip then go right ahead and do it.  I plan to. 

Militia Man  What we're hoping is Iraq changes the value of the currency and has no sanctions on it...Iraq is far more further along in her reforms than many probably realize.  The data supports that...

The Quiet Coup: BIS Just Rewrote The Global Monetary Rules With One Gold Ruling

Two dollars Investing:  5-31-2025

In this explosive interview, Andy Schectman breaks down how a single gold ruling by the Bank for International Settlements reclassified gold as a Tier 1 reserve asset—putting it on equal footing with the U.S. dollar.

https://www.youtube.com/watch?v=aMT_m2vTUmI

U.S. Dollar Undervalued—Or Just Losing Its Purchasing Power

Lynette Zang: 5-31-2025

 Do you know the real difference between intrinsic and fundamental value?

Wall Street’s definition of “intrinsic value” is designed to mislead you—and protect their profits.

 In this video, Lynette Zang exposes the truth behind intrinsic value, explains how the U.S. dollar continues to lose purchasing power, and why gold remains the ultimate protection against inflation.

https://www.youtube.com/watch?v=zl0KLQ_QOgI

Iraq Economic News And Points To Ponder Sunday Morning 6-1-25

Mogadishu Refinery Find Triggers Iraq’s Hunt For $100B In Lost Global Assets

Iraq Jawad Al-Samarraie May 30, 2025 AL Rafidain Bank branch in London, opened in 1954
 
Baghdad (IraqiNews.com) – A startling revelation at the Arab Summit in Baghdad this May has jolted Iraq into confronting a forgotten legacy: a sprawling international portfolio of properties and investments, potentially worth at least $100B, that has languished in neglect and obscurity for two decades.

The unexpected news of a large, Iraqi-built oil refinery still standing in Mogadishu, Somalia, has served as a dramatic wake-up call, triggering a renewed effort to trace and potentially reclaim these vast, squandered national assets.
 
The ghost refinery in Mogadishu, constructed in 1978 under a bilateral agreement and largely forgotten by Iraqi officialdom since 2003,
 
was brought back to Baghdad’s attention by Somali President Hassan Sheikh Mohamud.
 
He informed Iraqi Prime Minister Mohammed Shia Al Sudani that the facility merely requires technical rehabilitation to become operational – a timely prospect as Somalia begins exploring offshore oil.
 
This single revelation underscored a much larger, more complex issue: Iraq’s dozens of lost properties scattered across three continents.
 
During its oil-boom years in the 1970s and 1980s, Iraq strategically invested its wealth globally, acquiring an estimated 50 significant assets.
 
These included luxury palaces and real estate in prime European locations like Cannes, France, Spain, the UK, and Italy;  agricultural ventures such as tea, rice, rubber, and tobacco farms in Malaysia, Sri Lanka, and Vietnam; and diverse holdings in Africa, from tourist islands and agricultural factories in Mozambique and Nigeria to the aforementioned Somali refinery.
 
This was a policy of extending economic and diplomatic influence.
 
However, following the 2003 regime change, this global portfolio fell into disarray.
 
Iraq’s Parliamentary Integrity Committee previously revealed to news agencies that crucial ownership documents were stolen or destroyed.
 
Some properties were illicitly transferred to individuals or shell companies linked to the former regime,  
while others simply vanished from official oversight, becoming a forgotten treasure.
 
Early attempts at recovery highlighted the dangers.
 
In 2012, an Iraqi Foreign Ministry delegation dispatched to Mozambique to inspect a state-owned asset, believed to be a palace on a tourist island, received direct threats from an armed group controlling the site, forcing their immediate withdrawal.

The incident underscored the formidable challenges beyond mere legal claims.
 
The Mogadishu refinery news has now spurred the Iraqi government into decisive action.
 
Specialized legal and technical committees have been formed, and the Ministries of Oil, Foreign Affairs, and Justice are tasked with a coordinated global effort.
 
This includes attempting to re-register properties, settle outstanding tax issues,
and verify any remaining documentation.
 
Legal experts suggest Iraq could pursue claims through the International Court of Justice (ICJ) or negotiate bilateral agreements with host nations.
 
They also stress the necessity of pursuing individuals and entities involved in the illicit appropriation of these assets,
potentially through international arrest warrants via INTERPOL if sufficient evidence is available.
 
For a nation facing ongoing economic challenges and heavily reliant on oil exports, the potential recovery or proper investment of these assets, valued around $100B, represents a monumental financial opportunity.
 
Economists believe even partial success could generate sustainable revenue streams,  
offering a vital diversification away from almost exclusive dependence on crude oil exports for its budget.
 
However, the path to reclamation is fraught with obstacles.
 
Experts caution that some assets may now be subject to statute of limitations in their host countries,
or may have been legally acquired by other parties during Iraq’s two-decade absence from active management.
 
Furthermore, concerns exist about potential internal political interference derailing recovery efforts,
especially if assets are now linked to influential figures or complex, decades-old contracts that would be difficult to unwind without triggering intricate legal disputes.
 

Despite these challenges, the  surprise rediscovery of the Mogadishu refinery has ignited a new sense of urgency and hope.
 
The Iraqi government’s renewed commitment, if pursued with transparency, international cooperation, and persistence,
could potentially unlock billions in national wealth that has lain dormant across the globe for far too long, offering a much-needed boost to its economic future.
 
5. Image Alt Text Suggestions:
 
* “Archival photo of the Iraqi-built oil refinery in Mogadishu, Somalia”
* “Map highlighting locations of potential lost Iraqi assets across Europe, Asia, and Africa”
* “Somali President Hassan Sheikh Mohamud”
* “Iraqi Prime Minister Mohammed Shia Al Sudani”
* “Graph or visual representing the estimated $90 billion value of Iraq’s forgotten assets”
* “A dilapidated historic building representing a neglected Iraqi asset abroad”      
https://www.iraqinews.com/iraq/iraqi-government-hunts-forgotten-global-assets-saddam-era/

Starting Tomorrow, Payment Cards From These Banks Will Be Suspended Abroad.
 
Economy     2025-05-31 | 07:22  16,893 views  Alsumaria News – Economic  Economic expert Munar al-Obaidi confirmed on Saturday that a large number of electronic payment cards issued by Iraqi banks will no longer work outside Iraq as of June 1.

This is  due to changes in the mechanisms used to enhance the  balances of these cards with global companies such as Visa and Mastercard.  told Al-Obaidi Sumaria News,
 
"Cards belonging to government banks will continue to operate normally, and  cards belonging to private banks that have accounts with US correspondent banks outside the country will remain active." 

He added, "The problem lies with cards issued by banks that do not have accounts with US banks, as
they are currently unable to top up their card balances, which leads to the cessation of their operations abroad." 

 Al-Obaidi pointed out that "the Central Bank of Iraq is currently working on activating a temporary mechanism in cooperation with the Trade Bank of Iraq (TBI) to strengthen the balances of these banks until they open accounts in American banks," stressing that  "the final solution will come when these banks complete their procedures with their correspondent banks in the United States."

 According to Al-Obaidi, What's going on? 
 
"Since the end of 2022, payment cards have become one of the tools used to expel foreign currency from Iraq, especially given the price gap between the parallel market and the official dollar exchange rate, which has put significant pressure on foreign exchange reserves." 

According to the expert, estimates indicate that "foreign spending via cards has reached approximately $10-12 billion annually, a significant figure that has directly impacted the currency market."  

Central Bank Decision
 
Under pressure from this, the Central Bank of Iraq decided to amend its operating procedures.
 
Iraqi banks are now required to replenish their card balances in dollars exclusively through US correspondent banks, to ensure transparency and monitor the flow of funds.
 
However, because many private banks do not currently have such accounts, their cards will not be valid outside Iraq until further notice.  

Al-Abidi confirmed that  Is there a solution soon?

"banks are working to open accounts with US correspondent banks, but until that happens, the problem will remain."
 
He called on citizens to "verify the type of card and the issuing bank, especially for those who rely on it for travel or online shopping abroad."  
  
https://www.alsumaria.tv/news/economy/528202/بدءاً-من-الغد-بطاقات-الدفع-لهذه-المصارف-تتوقف-خارج-البلاد

A Clear Monopoly And Binding Commissions." Observers Warn Of Arab Banks' Dominance Of Currency Sales.
 
Economy     2025-05-31 | 04:38  1,940 views  Alsumaria News – Economic  Economist Mahmoud Dagher confirmed on Saturday that  Arab banks' takeover of the currency exchange window portends an economic catastrophe. ,”

Dagher told Sumaria News  “Arab banks have come to dominate the currency sales window and foreign money transfer operations in Iraq, noting that “this came as a result of the series of US sanctions known as deprivation,
 
which Iraq strictly adhered to due to the great influence of the United States in the global financial system.”

He explained that   “the new reality has opened the way for banks with foreign capital, some with Arab contributions, to work intensively in the field of money transfers,
 
especially after a number of Iraqi banks withdrew from this activity as a result of the sanctions,
which led to a vacuum in the arena that these banks exploited to their advantage.” 

Dagher explained that  "only two or three banks currently control money transfer operations,
which amounted to approximately $80 billion in 2024, which represents a severe concentration in the remittance market."

He noted that  "this concentration has led to the emergence of a clear monopoly, as these banks now
 control trade and  import financing operations in Iraq and  impose commissions as they see fit,  which has negatively impacted diversity and competition within the banking sector." 

He explained that "the state is aware of the seriousness of this situation and is moving toward reforming the banking sector," warning that "any reform must be calm and thoughtful to avoid the creation of powerful financial blocs that monopolize transfer operations."  He stated, "The reform process cannot succeed if it is undertaken hastily or without taking into account market balance.
 
The goal must be to redistribute banking efforts more broadly and prevent a limited number of banks from monopolizing the market." https://www.alsumaria.tv/news/economy/528178/احتكار-واضح-وعمولات-ملزمة-مراقبون-يحذرون-من-هيمنة-مصارف-عربية-على-بيع    

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Seeds of Wisdom RV and Economic Updates Sunday Morning 6-1-25

Good Morning Dinar Recaps,

Ripple Presents XRP, RLUSD to Replace SWIFT’s Outdated Payment System

XRP is powering Ripple’s bold challenge to SWIFT’s outdated payment system, offering blazing-fast, low-cost, and transparent cross-border transactions through blockchain and stablecoin innovation.

Ripple Unveils XRP Solution While SWIFT Struggles With Outdated Payment Rails

Ripple shared in a blog post on May 28 that blockchain technology and the digital asset XRP could resolve many long-standing issues in cross-border payments, especially those linked to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network.

The company emphasized the fragility of traditional rails, where outdated systems still rely on manual processes:

“Most cross border payments still rely on manual processes. A typo in an account number, an incorrect SWIFT code or incomplete payment instructions can all cause a transaction to fail.”

“Failed payments don’t just waste time, they also incur costs, create operational headaches and can strain relationships with partners or customers awaiting funds. Reducing manual touchpoints and increasing automation are key to minimizing these risks,” Ripple noted.

Ripple highlighted that these legacy systems, dependent on multiple intermediaries and correspondent banks, suffer from delays, errors, and lack of transparency. Payments often pass through up to five institutions before reaching the recipient—causing uncertainty and racking up fees.

This system, Ripple argued, is incompatible with the demands of modern global commerce. Issues like inconsistent messaging standards, foreign exchange markups, and regulatory complexity add to the inefficiencies and risks of international transactions.

Ripple Payments: A Blockchain-Based Alternative

In response, Ripple introduced its Ripple Payments platform—a blockchain-based system built as a modern, scalable solution to replace SWIFT’s outdated rails.

“Ripple Payments offers a cross-border stablecoin payment solution that is a modern alternative to traditional cross border payment rails,” the company explained.

Ripple’s solution uses XRP and the Ripple USD stablecoin (RLUSD) to enable fast, reliable, and affordable payments across borders. It provides real-time settlement, fee transparency, and lower operational risks, backed by a global payout network covering over 90% of the world’s foreign exchange markets.

While concerns about digital asset regulation remain, Ripple and other blockchain advocates argue that distributed ledger technology (DLT) is key to building a more efficient, inclusive, and future-ready financial infrastructure.

@ Newshounds News™
Source:  Bitcoin News

~~~~~~~~~

BRICS, Euro, & Bitcoin: Why US Dollar Opposition Has Never Been Greater

It’s been a challenging year for the United States, marked by rising macroeconomic pressures and geopolitical tension. Now, the future of the US dollar as the global reserve currency appears more uncertain than ever. With BRICS, the euro, and Bitcoin gaining momentum, opposition to the greenback has never been greater.

Euro, Bitcoin, & BRICS: Can the US Dollar Withstand All Three?

The BRICS alliance has made no secret of its ambition to challenge the dollar’s dominance, but it’s not alone in 2025. Bitcoin has emerged as a hedge against fiat volatility, while Europe is asserting the euro’s international potential more forcefully.

US Vice President JD Vanec recently asserted that Bitcoin does not compete with the US dollar. However, that stance was undermined by a report from Standard Chartered Bank, which projected that Bitcoin is poised to grow stronger as confidence in the dollar wanes.

This adds to the growing pressure on the Western currency. With BRICS ramping up de-dollarization, the euro vying for more global relevance, and Bitcoin rising to an all-time high, the challenges facing the dollar have reached a historic level.

Christine Lagarde Eyes Euro’s Global Role

In a recent report, European Central Bank President Christine Lagarde stated that the shifting geopolitical landscape could present the perfect moment for the euro to increase its international influence. She emphasized the opportunity for the euro to become a stronger competitor on the global stage, further eroding the dominance of the greenback.

Meanwhile, the BRICS coalition is continuing its long-term campaign to de-dollarize—favoring local currencies and regional trade. This strategy has only accelerated amid rising tariffs and protectionist policies from the US.

Bitcoin: Catalyst or Competitor?

Perhaps the most intriguing element is the role of Bitcoin. Ironically, the US itself has played a pivotal role in pushing the cryptocurrency to new heights—culminating in a record-breaking price this year. But as Bitcoin's utility and appeal expand, it increasingly stands as a viable alternative to the US dollar, potentially undermining the very currency that helped boost its value.

With BRICS, the euro, and Bitcoin gaining global traction, the US dollar faces a perfect storm of competition unlike anything in recent history.

@ Newshounds News™
Source:  Watcher.Guru

~~~~~~~~~

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Thank you Dinar Recaps

MilitiaMan and Crew: Iraq Dinar Update-Banking Powerhouse-Coming days-UN-IMF-EBRD-IFC Supported-Oil & Gas Law-Salaries-ER

MilitiaMan and Crew:  Iraq Dinar Update-Banking Powerhouse-Coming days-UN-IMF-EBRD-IFC Supported-Oil & Gas Law-Salaries-ER

5-31-2025

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=e_CTVo73qDE

“Bits and Pieces” in Dinarland Sat. PM 5-31-2025

Gold Telegraph: Everyone is Sounding the Alarm Now

5-30-2025

BREAKING NEWS: THE TEXAS SENATE ADVANCED A BILL THAT WOULD ESTABLISH A STREAMLINED DIGITAL CURRENCY LINKED TO GOLD AND SILVER AS LEGAL TENDER

Poetry in motion.

“HB 1056 aims to allow Texans to make transactions using gold stored in the Texas Bullion Depository through a debit card system…”

Source: https://www.cbs19.tv/article/news/local/texas-senate-advances-gold-bill/501-143ce992-afb1-4b6a-a41a-e6d899441da1

One of the world’s largest copper mines remains partially offline, with 70% of its production halted. This mine is the third-largest copper producer globally.

As global copper supplies tighten, this is worth watching… Copper is the glue that holds the global economy together.

Never underestimate the power of the underdog. It’s been my mantra throughout my career and it’s the perfect way to describe gold.

You can dismiss it.
You can mock it.
You can try to break it.

But it always endures and when the world gets ugly, it roars back with a vengeance.

BREAKING NEWS: GERMANY’S TAXPAYERS FEDERATION SENT LETTERS THIS WEEK TO THE BUNDESBANK AND THE FINANCE MINISTRY CALLING ON THEM TO REPATRIATE THE GOLD STORED IN THE UNITED STATES.

Boom.

“Germany has stored gold in New York since Cold War…”

Source: https://www.reuters.com/business/finance/trump-spurs-questions-about-safety-germanys-gold-new-york-2025-05-30/

The CEO of America’s largest bank just warned that the U.S. bond market will crack under rising debt. Everyone’s sounding the alarm now. As I’ve said for years, QE helped inflate the greatest sovereign debt bubble in history. End scene.

Source(s):   https://x.com/GoldTelegraph_/status/1927802098546077786

https://dinarchronicles.com/2025/05/30/gold-telegraph-everyone-is-sounding-the-alarm-now/

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

Courtesy of Dinar Guru:  https://www.dinarguru.com/

Clare  Article:  "Al-Hassan: Iraq is on its way to becoming a banking powerhouse domestically and internationally." Quote: "Al-Hassan pointed out that the United Nations supports Iraq's approach, which will in the coming days become a banking force that interacts internally and externally."

Walkingstick  [Response to Guru Clare 5-31-2025 Article ] This is a big announcement.  The United Nations fronted Iraq.  They beat the CBI to the punch because this is a very big strong statement to release.  It's a new world now that Trump is back in office.

Luke Gromen: US Braces for Capital Controls as Global Trade Reset Begins

Daniela Cambone:  5-30-2025

“If one believes that this is a restructuring of the global trading system, as a lot of people do, then it is fait accompli, the United States is no longer going to have open capital account,” says Luke Gromen, founder and president of Forest for the Trees (FFTT).

He explains to Daniela Cambone that if the US keeps its capital account open while China restricts capital flows, it risks becoming a source of funds for a heavily indebted global economy during trade disruptions.

“Everybody wants to get their money out of China. Chinese say no. Then they go... to the US, sell stocks, sell treasuries. And the US loses the trade war.” Gromen also highlights that the status of gold has been strengthened since the 2008 financial crisis, when it became clear that the US would not reform fiscal policy but instead print money to resolve crises.

 “Gold is both preserving purchasing power and providing absolute national control,” he concludes.

Chapters:

00:00 Will gold price reach the moon?

5:44 Capital controls are inevitable

8:20 Geopolitical power is breaking down

10:00 Will the Fed be forced to cut rates?

11:59 Recession won’t be fatal

 13:41 Implications of debt spiral

16:29 Central banks buying gold

 20:38 Gold’s bullish run projection

 24:10 Gold’s future growth trajectory

25:48 Is financial reset looming?

https://www.youtube.com/watch?v=W6G6pNPMEno