Jon Dowling and Eli Weber discuss economic concerns in America, the potential for gold prices to surge, and updates on financial markets, including IRA options with Ryan Metal Exchange.
Highlights
💰 America faces government mismanagement of retirement savings amid rising inflation.
📈 Gold prices doubled during Trump’s first term; could history repeat itself?
🏦 Ryan Metal Exchange offers precious metals IRA for better retirement security.
🌍 Global economic shifts with BRICS and rising national debts pressuring the US dollar.
🔄 Significant changes in the SEC and financial regulations may impact crypto markets.
📊 Economic indicators show potential recovery signs in various sectors.
🌟 The holiday season brings hope for future economic stability and wealth opportunities.
Key Insights
📉
Government Mismanagement: The U.S. government’s handling of inflation and national debt threatens retirement savings, prompting the need for alternative investment strategies.
📈 Gold as a Safe Haven: Historical trends suggest that gold is a reliable asset during economic instability, making it a valuable consideration for retirement plans.
🏦 Precious Metals IRA: Ryan Metal Exchange presents a viable option for converting traditional IRAs into precious metals, enhancing financial security.
🌍 Global Economic Landscape: The rise of BRICS and the weakening U.S. dollar indicate a shifting global power dynamic that could affect American consumers.
🔄 Regulatory Changes: New SEC leadership and evolving regulations may create opportunities for growth in cryptocurrency and blockchain technologies.
📊 Market Recovery Signs: Observations in sectors like gas and groceries suggest potential economic recovery, which could lead to increased consumer confidence.
🌟 Optimism for the Future: As economic changes unfold, there is a sense of hope for rebuilding wealth and stability in the coming years.
Economic: The Parallel Market Sells The Dollar At A Price Not Subject To Government Control
December 6 14:44 Information / Baghdad... Economic affairs researcher Diaa Abdul Karim said on Friday that the Iraqi parallel market sells the dollar to citizens at a price that is not subject to state control, pointing out that the absence of control will create a crisis with any tension that the country may go through. Abdel Karim told Al-Maalouma, “There is silence from the government regarding the parallel market and the price at which the dollar is sold to citizens, and this silence will generate a real crisis within the market if the country goes through any emergency circumstances or tensions that may occur in the coming days.”
He added, "Most people heading to the parallel market want to obtain the dollar for urgent travel purposes, or to urgently
purchase medicine from abroad, or for the purpose of purchasing cars from approved showrooms." He stated that "the government can open a window in government banks that allows the citizen to obtain the dollar for the purpose of buying a car, or give him a check for the amount to be disbursed after signing the purchase contract officially and certified by the Traffic Department, in order to avoid the corruption that occurs in the buying and selling of the dollar." https://almaalomah.me/news/84633/economy/اقتصادي:-السوق-الموازي-يبيع-الدولار-بسعر-غير-خاضع-لسيطرة-الح
Article quote: "The fiscal year of government banks in Iraq ends the end of December each year where some financial operations are temporarily suspended to conduct annual settlements and close accounts."
Those that think Iraq is on a different system and different time frames for their end of year...those that were saying April or March are wrong.
Fiscal year of the government bank ends at the end of December each year.
Prime Minister Issues Directives On The Occasion Of The Great Victory Day Over ISIS Gangs
Prime Minister Mohammed Shia al-Sudani issued several directives today, Saturday, on the occasion of the Great Victory Day over ISIS gangs.
The directives obtained by the Iraqi News Agency (INA) included the following:
- Directing the Ministries of Education in Baghdad, the governorates, and the Kurdistan Region, especially in the liberated areas, to make Thursday, December 12, 2024, the central celebration day for students in schools and universities, and to allocate the first hour to raising the Iraqi flag and giving speeches in celebration of the great victory day and the liberation of the governorates from the terrorist ISIS gangs:
- Directing the security forces in all governorates to work on carrying out popular events and decorations to celebrate the seventh anniversary of the Great Victory Day in all sectors, governorates, districts and sub-districts for the period from December 8, 2024 to December 12, 2024.
- Directing ministries and security agencies to hold events on the seventh anniversary of the great victory over the terrorist organization ISIS after the central celebration.
- Directing unions, associations and civil society organizations to celebrate the seventh anniversary of the Great Victory Day over the terrorist organization ISIS for the period from December 8, 2024 to December 12, 2024.
- Directing the necessity of completing all the dues of the families of martyrs and the wounded, considering it a basic principle of the ministerial program of the Iraqi government.
- Directing the Baghdad Municipality and municipal directorates to open parks to celebrate the Great Victory Day.
- Directive to suspend official working hours on Tuesday, December 10, 2024, in all ministries and government institutions, in celebration of Victory Day.
- Launching a competition for an artistic statue that embodies the Great Victory Day in Iraq, and publishing flyers and a major advertising campaign to commemorate this great event.
- Publishing flyers and a major advertising campaign to commemorate this great event.
Apparently, one of our brotherhood channels misunderstood what we weee saying in regards to Iraq’s HCL Oil &Gas law that was approved and passed in parliament .
We were not guaranteeing or saying it would go into the gazette. What we were conveying is that it’s ready to go to the gazette to be published.
Whether that means tomorrow or Sunday is anyone’s guess, but historically they have published Iran’s on a Saturday and they get confirmed on a Sunday, so we’ll see how it all plays out, but the point is it’s coming very soon. Be encouraged everyone!
Baghdad – INA Ministry of Trade affirmed on Saturday that the ongoing crisis in Syria will not affect Iraq’s economy or its food security, citing robust measures to ensure the availability of essential goods and commodities. Speaking to the Iraqi News Agency (INA), ministry spokesperson Muhammad Hanoun said, “From its inception, the government has prioritized ensuring food security for citizens by relying on large-scale imports of essential food basket items and marketing significant quantities of domestically produced wheat.” He noted that Iraq has achieved record production levels, with wheat output reaching 6.3 million tons and a reserve stockpile of 3 million tons. Additionally, substantial quantities of food basket items remain in supply. Hanoun added, “To bolster local markets, a plan was implemented to diversify food imports from neighboring countries.” He stressed that, despite the Syrian crisis, Iraq’s markets are experiencing significant stability in food supply, with no shortages. “Food commodities required by citizens are entering the country from various sources smoothly and without disruption,” he stated
. The ministry’s efforts include ongoing initiatives to secure food supplies. Hanoun revealed, “Among the government’s measures is the opening of a hypermarket in Al-Bayaa district, with plans to launch six additional centers soon to provide citizens with food items at competitive prices.” He further assured, “The Syrian crisis will not impact Iraq’s economy or food security. Iraq remains unaffected by Syrian-produced foodstuffs due to its reliance on diverse sources of food imports.” The Ministry of Trade’s proactive strategies underscore Iraq’s resilience in mitigating external challenges and safeguarding food security for its citizens.
Shafaq News/ Iraq’s long-debated General Amnesty Law is once again at the center of political tension, with deep divisions over its provisions threatening to delay its passage.
Amid ongoing disputes over proposed amendments and the controversial use of the "basket system" to pass multiple laws, the GAL remains a key demand as part of the broader political reconciliation process, despite other parties' pushback, citing concerns over security and national unity.
Sunni Demand for Amnesty Law
The General Amnesty Law remains a key demand of Sunni blocs in Iraq, which insisted on its passage during negotiations to form the State Administration Coalition. This coalition, composed of the Shiite Coordination Framework, Kurdish, and Sunni blocs, ultimately led to the formation of a new government headed by Prime Minister Mohammed Shia al-Sudani.
Despite the prior political agreement, the GAL has faced uncertainty since the formation of al-Sudani's government.
Analysts believe there is "political will," particularly from the Coordination Framework, to obstruct the law’s passage.
Iraq’s parliament completed its report and held a second reading of the amendments to the GAL on September 16. However, it has repeatedly failed to convene sessions to vote on the matter over the past few months, most recently on December 3, following several unsuccessful attempts.
While GAL remains a pivotal demand of Sunni blocs, its passage is complicated by the contentious nature of proposed amendments.
Proposed Amendments Spark Debate
First introduced in 2008 as part of Sunni efforts to achieve "national reconciliation," Iraq’s General Amnesty Law has undergone significant revisions over the years. The latest proposed amendments aim to strike a balance between political integration and national security, but deep divisions remain.
The proposed amendments exclude those convicted of terrorism and serious crimes, a move seen as a compromise. Shiite leaders emphasize the importance of "national security," while Sunni representatives view the law as vital for "peace and political balance."
Legal expert Ali al-Tamimi explained that the new amendments to Law No. 27 of 2016 broaden its scope. "Even previously excluded cases will now be eligible. Those who have served one-third of their sentence can pay 10,000 dinars (about $8) for each remaining day and be released," Al-Tamimi told Shafaq News Agency.
The amendments also include conditions such as the complainant or victim's family waiving their rights in court and full repayment for those convicted of financial or administrative corruption. In tribal disputes, formal agreements endorsed by tribal committees are now mandatory, Al-Tamimi added.
Serious crimes such as human trafficking, possession of silencers, kidnapping leading to death, and drug trafficking are excluded. However, offenders who have served one-third of their sentence may also opt for release by paying the daily fee, Al-Tamimi noted.
In addition, he highlighted provisions allowing retrials for individuals coerced into confessions through torture or secret informants. “The law distinguishes between drug possession (for amounts under 50 grams) and trafficking, with offenders qualifying for amnesty under specific conditions.”
According to legal expert Jamal al-Asadi, the revised law includes 74 crimes, such as non-lethal terrorism and attacks on foreign forces, within its scope.
While the amendments aim to address security concerns, they have deepened political divisions, particularly over provisions related to terrorism and corruption.
State of Law Opposes, Taqaddum Insists
Firas al-Muslmawi, a member of the State of Law bloc, said lawmakers have "raised several concerns about the draft law, including the need to involve the public prosecution office in the central committee amending the legislation."
Speaking to Shafaq News Agency, Al-Muslmawi criticized provisions allowing corrupt individuals to secure release by returning stolen funds to the state treasury. "This clause must be removed entirely," he insisted.
He also rejected leniency in cases of kidnapping, calling for all individuals involved in such crimes to be excluded from amnesty without exceptions.
Suhad al-Maliki, another State of Law MP, confirmed that her bloc, led by former Prime Minister Nouri al-Maliki, boycotted the December 3 parliamentary session to block the law.
"Some provisions related to terrorism remain unchanged, despite demands for revisions," she told Shafaq News, pointing out that the bloc is unwilling to compromise on amnesty in exchange for passing other laws, such as Personal Status legislation, which she described as non-contentious.
In contrast, Taqaddum National Alliance MP Mohammed Qutaiba al-Bayati explained that the disagreement centers on two provisions: “testimony by accused witnesses and reliance on secret informants. Sunni blocs demand retrials for these cases, leaving the judiciary to decide, but Shi’ite blocs have rejected this," he told Shafaq News.
With no consensus on these contentious clauses, the December 3 session was adjourned, further delaying a final vote.
These ongoing disagreements have been exacerbated by the controversial “basket system” used to bundle contentious laws, further complicating efforts to pass the General Amnesty Law.
Disputes Over "Basket System" Persist
Political analyst Saif al-Saadi argued that this approach is unlikely to succeed. "The basket system for passing three contentious laws has repeatedly failed in past sessions," al-Saadi told Shafaq News.
However, he stressed that the General Amnesty Law should be treated differently. "This law affects all groups in society, irrespective of sect or ethnicity, and should be separated from the basket system," he added.
In Iraq’s political framework, major legislation often requires agreement among the Shiite, Sunni, and Kurdish blocs to ensure a balance of interests. Currently, three laws are at the center of debate: amendments to the Personal Status Law, a priority for the Shiite Coordination Framework; the Property Restitution Law, championed by Kurdish blocs; and the General Amnesty Law, a key demand of Sunni factions.
Despite efforts to achieve consensus, the intertwined nature of these laws continues to delay their passage, with no clear resolution in sight.