Article: “AL-NUSIRI: IRAQ’S ACCESSION TO THE WORLD TRADE ORGANIZATION CONTRIBUTES TO THE DEVELOPMENT OF THE FINANCIAL AND BANKING SYSTEM”
Quote: “one of the most important returns and benefit achieved by the financial and banking system in Iraq from Iraq’s accession to the full membership in the World Trade Organization is regularity in the global financial system…”
come’on folks can it get any better than this?
MarkZ
[via PDK]
We do know Iraq is moving forward and dotting all the I’s and crossing all the T’s and trying to get from under the US thumb so they can change their value of the IQD.
I am hearing very positive stuff for Sunday…But, that doesn’t mean that is when it’s going to happen…but that’s when they plan on opening all the coffers from the budget. That is when most of my contacts think it could go.
Member Comment: [Guru] Walkingstick owns a bank in Iraq…said that big CBI meeting with the big three took place today or yesterday. They were given the timing of the release. Value, Note count and type of denominations. MarkZ Response: That would certainly explain why there is a sudden flurry and conversations over the last couple of hours…Rumors that “a dam has broken” in a good way… Contacts are giddy about the 15th through the 18th. So this news would make sense. I can’t say if its accurate or not but it would explain all the chatter that has suddenly erupted within a short time…
MilitiaMan (KTFA)
The Iraqi Central Bank has many measures, packages as they put it, in place and have been in place to curb the illegal parallel market that everybody seems to talk about. The bottom line is if they adjust their exchange rate to be and exceed the US dollar that pretty much is going to go away.
Walkingstick (KTFA)
That CBI meeting with the big three took place today [yesterday]…they were given the timing of the release, value, note count and type of denominations.
Nader From The Mid East
Economy, Economy, economy, that’s what’s going to drive the dinar up.
Enorrste
Article Quote: “JP Morgan had previously handled the process of financial transactions for Iraqi trade with China…“
Isn’t that amazing. China and the United States, two of the biggest trade people into entire plant, and Morgan has invested China to participate with America to go into Iraq. It doesn’t get bigger than that. That’s the two biggest traders in the world. Wow.
Judy Note: On Thurs. 13 July it appeared from what Nadar, Frank26, MarkZ and Bruce said that the new Iraqi Dinar Rate would become public and the Global Currency Revaluation would complete, including Tier4b (Us, the Internet Group), beginning currency exchanges and Zim Bond redemption, sometime between Fri. 14 July and Tues. 18 July.
WARNING: There were reports of some asking for you to hand over your foreign currencies and/or Zim Bonds to them saying they will exchange or redeem them for you. DO NOT give in to this scam. Only the purchaser of the currency or bond can legally exchange or redeem that currency or bond at a Redemption Center for the higher rates.
Exceptions were that if you have given someone currency or bonds, along with a notarized gift letter saying you have done so, or if you have given someone Power of Attorney over your affairs. The bottom line: If someone tries to turn in your currency or bonds without your authorization, you could have them arrested.
Quantum Financial System’s Global Currency Revaluation
Frank 26: The RV is expected before the Iraqi Budget is implemented and that budget is scheduled to be implemented starting Sun. 16 July.
Thurs. 13 July MarkZ:
Member: Walkingstick owns a bank in Iraq…said that big CBI meeting with the big three took place today or yesterday. They were given the timing of the release. Value, Note count and type of denominations.
MZ: That would certainly explain why there is a sudden flurry and conversations over the last couple of hours. Contacts are giddy about the
15th through the 18th. So this news would make sense. I can’t say if it’s accurate or not but it would explain all the chatter that has suddenly erupted within a short time.
Rumors started lighting up a little while ago that “a dam has broken” in a good way. It appears there is a lot of excitement for the 15th through the 18th.
Most of my sources feel implementation of the Iraqi Budget with the new Dinar Rate in it will happen on Sun. 16 July.
Heard European banks have collapsed.
We heard a banking story yesterday from California. Somebody went into a Wealth Management location where they were building separate private cubicles…the person straight up asked them if this was for the QFS. The bank manager knew all about the QFS and said “Yes-, we will be doing currency things here” and they are expecting a lot of new, wealthy people.
There was another similar story from Charlotte, NC and from Arizona – all in the last few days. Banks are getting outfitted and banks are being trained. To me this tells us how close we are.
If you have Dinar, plus other currencies and/or Zim, you cannot receive the Dinar Contract Rate.
A source said that we were in a window that suggested we could be notified at any time from now until tomorrow evening at 6:30 pm EST.
The exchange process was held up when 830 Iraqi Rafidian bankers were arrested because they were trying to do illegal things.
The new Iraqi Dinar Rate should be printed in the Iraqi Gazette on Sat. 15 July.
Yesterday 12 Wed. Bank of America held us up from exchanging because they were to refund late charges to their people and they did not comply. Another 30 bankers were arrested. That problem was handled as of early this morning 4-6 am Thurs. 13 July.
A Redemption Center employee was told to keep Sat. morning open 15 July.
Tier 4b (us, the Internet Group) could get the toll free number to set exchange/ redemption appointments anywhere from Fri. 14 to Tues. 18 July.
Biden and Harris were arrested yesterday Wed. 12 July.
Speaker of the House Kevin McCarthy would soon appoint the duly elected president Trump, who would choose JFK Jr. to be his vice president.
In the past few days there have been around 14,000 arrests (4,000 of those were in the banking community).
The Supreme Court would likely announce their decision to reverse the 2020 Election on Fri. 14 July.
When Trump’s presidency ended, JFK Jr. would come in as President and Trump would be elevated to Global Financial Ambassador to make the GESARA changes around the Globe.
Bond Holders started to be paid yesterday and would be completely paid out by Tues. 18 July.
All financial changes would be completed by Sun. 23 July.
Med Bed appointments could be made as early as three days after the Redemption Center appointment. You could Age Reverse 32 years. We could visit the Med Beds every 30 years. Hospitals will be a thing of the past.
The last week of July US citizens would receive restoration allowances. SS payments would increase.
The toll free number will go out in emails from Wells Fargo.
MarkZ Friday Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Morning all! Happy FriYay….wishing all a blessed weekend.
Member: Hopefully is our last weekend of being broke/ broken
Member: I think we're just waiting for the announcement! We are so close!
MZ: As quiet as the news is today- It’s a good thing we have Mr. C
Member: It's not good Mr C is here today, that means he didn't put in the codes yet
MZ: Everyone went really quiet since yesterday. Even redemption center folks have gone MIA….won’t respond. That can be a great thing……its quiet on the bond side and every side.
MZ: Yesterday was so noisy with expectation and anticipation of something between the 15th and 18th…to nothing today. I really thought we would get solid news overnight…..but, It is eerily dead silent.
MZ: So for Intel- I do not have any.
Member: This really is like groundhog day..
Member: I believe this is the calm before the storm.
Member: Remember- Mark is just the messenger…not the trigger puller.
MZ: I am hearing some chatter about banks in Europe failing….this is from many sources including main stream think tank sources who say we are going to see the implosion of the European banking system in the next few days…. But, we have heard these claims before.
Member: If Europe Banks fail …..US banks would follow shortly thereafter imo
Member: Rumor is a UST employee is holding this up?
MZ: I believe the US is fighting it….but no rogue UST employee is holding it up.
Member: the Iraqi government has been quoted in the news 2 times in the past day saying the US Treasury has a 'stranglehold' on their currency. I definitely think this is the problem.
Member: At least Iraq seems to still be moving forward
Member: As for Iraq, Sudani is cleaning house, doesn’t want all the cockroaches in this new reform.
Member: I wonder -can Iraq just do it without the US holding their hands
Member: XRP case won- price nearly doubled yesterday :)
Member: GM all… my friend works in banking, said she signed an NDA but we are going to be very happy very soon!!! Woo Hoo!!
Member: Some are saying that XRP is pegged to IQD
Member: Mark since IQD was pegged to XRP does that mean IQD rate is in line with IQD? or that it WILL be at some point
MZ: I guess it’s possible…I don’t think it’s likely but it is possible.
Member: QFS ? I took some profit from xrp at 2pm yesterday and it was in my bank account by Midnight !!!
Member: Is there an influence of the XRP event yesterday on the RV? Or just affects the crypto world?
Member: I still pray that we don’t get taxed on this exchange
Member: I still feel like the government will tax us to the max. Like crypto, if you cash in, 40% goes to the government.
Member: If Nesara happens there will be no taxes……..except a flat or fair tax on purchases.
Member: Are we ever going to exchange our foreign currencies? Just be straight!
MZ: Absolutely or I would not be here. I am still here because I absolutely believe we will exchange our currencies.
Member: I pray this is about to go because at this point it's ridiculous. So many false alarms by all the gurus over years has made us bitter.
Member: Are we soon getting a new can to kick? Been kicking this one since last august when we were reportedly at the finish line.
Member: when this happens we are not going to believe it…after all the “boy who cried wolf” reports over these long years.
Member: Hang in there….The reward will be well worth the pain.
Member: May this be the weekend we have all been waiting for!!!
Member: We need to stay positive and have no doubt! Remember it is not our timing, God's timing.
Member: Still hoping for a “Christmas in July!”
Member: Thank MarkZ and Mr C for always being here for and sharing your information thoughts and opinions
Mr. Cottrell joins the stream about minute 15:00. Please listen to the replay for his opinions and information.
Iraq Takes First Step Towards Becoming The World’s Biggest Oil Producer
By Simon Watkins - Jul 11, 2023
Iraq’s parliamentary oil and gas committee plans to increase the country’s oil production to more than five million barrels per day, according to the release of committee minutes last week.
As analysed in full in my new book on the new global oil market order, not only could this be done with relative ease by Iraq but it could also easily be the precursor to further oil production increases to 13 million barrels per day (bpd) if handled correctly. This would make Iraq the biggest oil producer in the world.
In broad terms, Iraq remains the greatest relatively underdeveloped oil frontier in the world.
Officially, according to the EIA, it holds a very conservatively-estimated 145 billion barrels of proved crude oil reserves (nearly 18 percent of the Middle East’s total, and the fifth biggest on the planet). Unofficially, it is extremely likely that it holds much more oil than this.
In October 2010, Iraq’s Oil Ministry increased its own figure for the country’s proven reserves to 143 billion barrels. However, at the same time as producing the official reserves figures, the Oil Ministry stated that Iraq’s undiscovered resources amounted to around 215 billion barrels. This was also a figure that had been arrived at in a 1997 detailed study by respected oil and gas firm, Petrolog.
Even this figure, though, did not include the parts of northern Iraq in the semi-autonomous region of Kurdistan. This meant, as highlighted by the IEA, that most of them had been drilled during a period before the 1970s began when technical limits and low oil prices gave a narrower definition of what constituted a commercially successful well than would be the case now. Overall, the IEA underlined that the level of ultimately recoverable resources across all of Iraq (including the Kurdistan region) at around 246 billion barrels (crude and natural gas liquids).
Given the true scale of Iraq’s oil reserves – and the fact that the average lifting cost per barrel of oil in the country is US$1-2 pb (the lowest in the world, along with Iran and Saudi Arabia) – what sort of oil output could reasonably be expected?
Back in 2013, the Integrated National Energy Strategy (INES) was produced, and this analysed in detail three realistic forward oil production profiles for Iraq and what each would involve. As also analysed in my new book, the INES’ best-case scenario was for crude oil production capacity to increase to 13 million bpd (at that point, by 2017), peaking at around that level until 2023, and finally gradually declining to around 10 million bpd for a long-sustained period thereafter.
The mid-range production scenario was for Iraq to reach 9 million bpd (at that point, by 2020), and the worst-case INES scenario was for production to reach 6 million bpd (at that point, by 2020). Consequently, the 5 million bpd figure announced last week can be regarded as the first easily achievable stepping stone toward those figures.
Indeed, according to Iraq’s Oil Minister, Hayan Abdel-Ghani, last week, the country’s oil production capacity already stands above this level - at 5.4 million bpd – although it is still only producing around 4.3-4.5 million bpd overall.
The question at this point is, with these enormous reserves in place, and specific plans on how to turn these into up to 13 million bpd in the Oil Ministry’s files, why is Iraq not already producing a lot more oil than it is? The reason is the ongoing endemic corruption that lies at the heart of Iraq’s oil and gas industry.
This not only removes enormous amounts of money from Iraq’s coffers that could fund much-needed infrastructure investments but also deters Western companies with the required technology, logistical expertise, and personnel from becoming too involved in the country. Although commissions are standard practice in the Middle East – and indeed across many business around the world – the practice has become something else entirely in Iraq.
This has been highlighted repeatedly by OilPrice.com and independently over many years by Transparency International (TI) in various of its ‘Corruption Perceptions Index’ publications, in which Iraq normally features in the worst 10 out of 180 countries for its scale and scope of corruption.
“Massive embezzlement, procurement scams, money laundering, oil smuggling and widespread bureaucratic bribery that have led the country to the bottom of international corruption rankings, fuelled political violence and hampered effective state building and service delivery,” TI states. “Political interference in anti-corruption bodies and politicisation of corruption issues, weak civil society, insecurity, lack of resources and incomplete legal provisions severely limit the government’s capacity to efficiently curb soaring corruption,” it concludes.
The sums of money that Iraq has lost could have funded all the major projects needed to boost oil production up to at least 7 or 8 million bpd to begin with, notably the crucial Common Seawater Supply Project (CSSP), as also analysed in my new book. According to a statement made in 2015 by then-Oil Minister – and later Prime Minister of Iraq – Adil Abdul Mahdi, Iraq “lost US$14,448,146,000” from the beginning of 2011 up to the end of 2014 as “cash compensation” payments to international oil companies and to other entities.
In basic terms, the way in which such a staggering sum was lost relates to the way in which gross remuneration fees, income tax and the share of the State partner was deducted and accounted for in the compensation paid out over reduced oil production levels.
The sheer scale and scope of this corruption created the unwillingness of major Western firms to become too heavily involved in the country. In June 2021, U.K. oil super-major, BP, said it was working on a plan to spin off its operations in Iraq’s supergiant Rumaila oil field into a standalone company. The statement was highly reminiscent of the withdrawal of the U.K.-Dutch oil super-major, Shell, from Iraq’s supergiant Majnoon oil field in 2017 and of its withdrawal from Iraq’s supergiant West Qurna 1 oil field in 2018.
Each of these announcements also bore a startling similarity to U.S. super-major ExxonMobil’s earlier announcement that it also wanted to get out of West Qurna 1 and to its withdrawal from the Iraq’s crucial CSSP before that.
Indeed, ExxonMobil’s withdrawal from the CSSP is a template on why major Western firms believe operating in Iraq poses too many risks to their business. According to sources who work closely with the Oil Ministry spoken to exclusively by OilPrice.com at the time, the central problem for ExxonMobil was that the risk/reward elements of the CSSP contract as laid out by Iraq’s Oil Ministry were profoundly unbalanced.
In terms of the general risk/reward matrix that formed the basis of these negotiations, there were three key elements: ‘cohesion’, ‘security’ and ‘streamlining’. Cohesion related to ensuring that building the facilities connected to the CSSP were completed in full and in order. Security related not just to the on-the-ground security of personnel but also to the soundness of the basic business and legal practices involved in the agreement. Streamlining meant that any deal should continue as had been laid out in the agreement, regardless of any change in government in Iraq.
On the first point, hurdles had already arisen on several projects before in southern Iraq relating to the approval of contracts for service work, such as building new pipelines and drilling wells, as well as for obtaining visas for workers and customs clearance for vital technical equipment.
Concerns surrounding such issues were shared by ExxonMobil. The second part of the risk/reward matrix was the lack of a meaningful legal structure relating to the origination, monitoring and administration of business agreements would have opened the company up to a plethora of problems in the future, especially when the third part of the risk/reward matrix was factored in.
This third major risk in the risk/reward matrix was that many leading politicians on the opposite side of whoever is prime minister at any given time in Iraq are frequently not inclined to stand by the decisions relating to the oil and gas industry made by the previous administration.
Even more dangerous for ExxonMobil – and any other major Western company attempting to operate in Iraq – was that any realignment of Iraq with the U.S. that had been seen from time to time could have been reversed at any point in the future.
At such a point, any questionable practices that ExxonMobil might have been forced into to move the CSSP forward could well have been publicised across the world if Iraq’s key sponsor, Iran, decided it wanted to embarrass the U.S. government, with ExxonMobil portrayed as a corporate proxy of Washington.
FIREFLY: Television is telling us our population here in Iraq has swelled to 43 million. They're talking about the mechanisms to help support the dinar and how to get away from the dollar.
FRANK26: ...You know what the mechanism is. To support the dinar, a program rate is not a mechanism. The program rate cannot support the dinar. And to get away from the dollar - so they can introduce the new mechanism, the new exchange rate.