World Bank Chief warns of global economic threat amid Israil-Hamas conflict, 24 OCT
Tuesday, October 24, 2023
Coffee with MarkZ. 10/24/2023
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
Member: Good morning, everybody, let's hope things get done here soon.
Member: Happy Taco Tuesday! Happy birthday to those celebrating and prayers for those in need.
Member: What is Iraq waiting for???????
Member: Maybe for the system to crash?
MZ: We start the day today with Evergrande and Country garden in China imploding. Scrambling today with lawsuits on why they did not pay their payments….It’s crazy
Member: Hey Mark! Is it true that the Chinese Elders now own Wells Fargo???????
Member: Wells Fargo keep running Wealth Management commercials instead of banking!
MZ: It’s almost like they know somethings coming…lol. The economy is tanking and people are out of money yet they are opening Wealth Management locations….Many banks are opening Wealth Management centers in a time where there is not much wealth. Makes you scratch your head.
Member: This is proof for me that the RV is coming……
MZ: There is a lot going on in the financial world telling us how close we are….
Member: The word “close” doen’t mean what it used to …sigh
Member: Huntington Banks here in Michigan are closing 9 banks so far.
Member: why is it that people think this $$ exchange will happen BEFORE the OLD system crashes? Y would you want that and risk it?
MZ: There is a lot of repetition in the news….We have shared many articles over the last few days /weeks on improvements in the banking system in Iraq….. Articles about how they have secured their borders……how they are attracting more money into the banks…..(85% of the dinar is outside the banking system in Iraq) and they are trying to make their banking system more attractive.
MZ: I do not think this will be successful until there is a value change in the dinar. Why put it in the banks when it’s not worth much???
MZ: MitlitiaMan did a good video on electronic ports. Port of entry, airports….ect. Be sure to watch it.
MZ: Mr. C has not been paid yet. Bonds are still in a holding pattern.Many of my bond contacts were expecting movement today……They have not seen anything yet.
Member: Poor bond folks……They are definitely victims of the “Boy who Cried WOLF” I would have left.
MZ: “Strong case for currency reforms in Zim” If the economy was a human body then the bloodstream is money. Without blood the human body would be dysfunctional and unable to perform metabolism…..This is a case for monetary reform and reform of the financial system with asset backed money.
MZ: Zimbabwe is one of the richest nations in the world based on commodities. They have already told us they are going to a gold backed currency.
Member: All of BRICS members may soon be going gold backed as well…..They are the smart ones.
Member: Why do some say we are exchanging at redemption centers…and some say we go to banks?
Member: It’s just different terminology……RC’s are supposedly parts of banks with special trained people and equipment to exchange currency…
Member: it's like coke, soda or pop. They are all the same thing, but people call it something different in their area.
Member: Will 800 numbers work here in the UK and other countrues.
MZ: I have been told they will work exactly the same….only yours will send you to your local exchange locations in whatever country you reside. I am still told the amounts we receive are pre-negotiated. Rates should be the same worldwide.
Member: Everyone should get the book “The Sudden Wealth Solution” and power read it. It will help you with this process and what you must do.
Member: Mark! Thanks for all you do.
StacieZ joins the stream at the end with health info. Please listen to the replay for her information
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Financial Reform In Iraq: Moving Towards A Digital System And Development, 24 OCT
Financial Reform In Iraq: Moving Towards A Digital System And Development, 24 OCT
Posted On 2023-10-24 By Sotaliraq Translated by / Hamed Ahmed A report by the Canadian Economic News website, Business Network BNN, addressed the aspect of economic and financial reform that Iraq seeks to achieve by implementing its transition in its financial sector and transitioning to the digital era and economic growth in order to achieve stability and prosperity.
The Canadian report states that there is an economic and financial reform revolution taking place silently in Iraq, a country that the press often portrays as troubled by conflicts and disagreements, but which is now moving forward towards a qualitative transition in its financial sector and beginning a new phase of digital technology and economic growth.
The Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, recently chaired a crucial meeting that focused on the unified bank account and the electronic payment system, and these are two poles that will broadly reshape the country’s financial landscape. Al-Sudani focused on the urgent need to activate the work and responsibilities of the Payments Council at the Central Bank. These are not bureaucratic directives, they are an urgent call to modernize Iraq's banking sector and a fundamental step towards broader economic transitions.
The Prime Minister also stressed that he would receive a final report on the progress achieved, and this reflects a demand for accountability and transparency. His directive to all ministries to implement the fourth paragraph of Council of Ministers Resolution (3581 of 2023) and to accelerate the formation of committees only emphasizes the necessity of accelerating this task at hand.
The report states that Al-Sudani's call to conduct an analysis of the immovable bank accounts of each ministry within a month is a testimony to the government's determination to address the financial recession and inject momentum into the economy. It forms part of a larger effort to make the financial system more responsive and agile and align it with the changing dynamics of the global economic system.
In the first banking conference of the Central Bank of Iraq held in Erbil, the transformation towards a digital economy was at the forefront of the conference and its central topic. The conference, which was attended by the Prime Minister of the Kurdistan Region, Masrour Barzani, the Second Deputy Speaker of Parliament, Shakhwan Abdullah, and several political, economic and business figures, demonstrated Iraq's pledge to the growth of its banking sector and international cooperation.
Central Bank Governor, Ali Al-Alaq, highlighted the risks associated with a cash-dependent economy, which include financial crimes and illegal practices. He painted a picture of a digital economy in which technology serves as a catalyst for growth and transparency. Al-Alaq stressed the importance of maintaining the stability of the exchange rate and giving priority to the components of financial systems and commercial provisions.
The governor also highlighted the importance of adhering to anti-money laundering and terrorist financing laws, which demonstrates Iraq's pledge and commitment to international conventions and standards. These efforts aim to ensure the transparency and integrity of financial operations and make Iraq a more attractive location for global investments.
The report indicates that the developments taking place in the Iraqi banking sector are not separate events in themselves, but rather part of a larger issue about the progress and modernization approach that the country is witnessing. The country is taking important steps towards building a stable, safe and effective banking system that is vital for attracting investment, promoting economic growth and improving the standard of living of its citizens.
The Canadian report notes that, based on the Prime Minister's directives and the initiatives of the Central Bank, Iraq's pledge to change the financial infrastructure is clear. Amid challenges and complications, the country is pursuing a path towards a future that is not characterized by conflicts and crises, but rather by stability, growth, and towards achieving digital capabilities. It is the story of a patient and ambitious country determined to ensure a promising future for its citizens.
The United Nations envoy to Iraq, Jeanine Plasschaert, said in her briefing to the UN Security Council earlier this month regarding developments in the situation in Iraq, that the Iraqi government has taken important steps regarding reforming the financial and banking system in the country. She stated that the Iraqi government has taken steps in the budget that allow for increased private sector investments and efforts to increase transparency regarding the collection of customs revenues.
From the Canadian news site BNN LINK
Iraq’s Central Bank Calls for Trade System Overhaul Amidst Global Market Fluctuations, 24 OCT
In the bustling heart of Erbil, a city that straddles both history and modernity, the Central Bank of Iraq (CBI) Governor Ali Al-Alaq took the podium at the inaugural Annual Banking Conference. His message was clear and urgent: stability in the exchange rate of the Iraqi Dinar against the US Dollar necessitates a comprehensive overhaul of the trade system and financial transactions. This call for change comes amidst a time of significant global market fluctuations, impacting economies worldwide.
(Also Read: Arrest of Iraqi Citizen Intensifies Security Measures in Buenos Aires Amid Rising Middle East Tensions)
The Call for Stability
With the weight of his office behind him, Al-Alaq emphasized the importance of adherence to the principles outlined in the Anti-Money Laundering and Terrorism Financing Law. These principles, he stated, are indispensable to safeguard the integrity of Iraq’s financial system. Further, they are essential in protecting Iraq from serious risks, especially those associated with foreign exchange operations and the sale of the Dollar in various forms.
Al-Alaq underscored the link between the enforcement of these standards and the smoothness of transfer operations. He stressed the need for a commitment to these principles to ensure monetary stability and maintain exchange rate stability, crucial for the economic health of Iraq in an unpredictable global market. The governor also recognized the necessity of significant changes and restructuring within the Iraqi trade system and foreign transfer system to achieve this stability.
Revitalizing the Banking Sector
While the CBI focuses on exchange rate stability, the Iraqi government is also taking significant strides to revitalize the banking sector. Prime Minister Masrour Barzani of the Kurdistan Regional Government (KRG) outlined key initiatives aimed at transforming the banking sector at the same conference. These initiatives include direct deposit of pensions into bank accounts, online financial management for traders, online loan applications, and online money transfers. The government’s ambitious aim is to ensure that one million employees have bank accounts by the end of the following year, and to expand the presence of banks and ATM machines in the region.
(Also Read: Iraqi Prime Minister Speaks Out on Palestinian Rights Amid Conflict)
Barzani accentuated the need to cultivate healthy competition among banks in the Kurdistan Region and restore public trust in the banking sector. He acknowledged the societal hindrance created by an overreliance on cash, which has stifled economic growth and opened avenues for fraud and money laundering. The government, he affirmed, is committed to supporting banks in enhancing and expediting their services to meet the needs of citizens and businesses.
Steadying the Economic Ship
These concerted efforts by the CBI and the Iraqi government reflect a shared commitment to financial stability and economic development in Iraq. By focusing on exchange rate stability, improving the banking sector, and promoting transparency and integrity in financial operations, Iraq aims to create a conducive environment for economic growth and trade. Amidst the ebb and flow of the global market, Iraq’s economic ship is steadying its course, charting a path towards stability and prosperity.
The Echoes of War: An Examination of the Israel-Hamas Conflict, 24 OCT
The sun, a reluctant witness, rose over the Al Schati refugee camp on the Gaza Strip’s Mediterranean coastline, casting long shadows over the remnants of a recent Israeli attack. The Israeli military, poised for a prolonged encounter with Hamas, had targeted one of the group’s bases within the camp. The attack, a ripple in a churning sea of conflict, reverberated far beyond the Gaza Strip, eliciting reactions from world leaders and fueling debates on college campuses halfway across the globe.
The Strike and its Aftermath
As per the Israeli military, the strike was aimed at a key staging ground for Hamas inside the Al Schati camp. The aftermath was a tableau of destruction – dozens reportedly killed or wounded, among them women and children. The Palestinian enclave’s health ministry reported five deaths within the camp, but the Israeli military has remained silent on the specifics.
Despite the international community’s urgings, the Israeli military shows no signs of easing its bombardment of the Gaza Strip. The United States, among others, has implored Israel to allow a greater influx of aid into Gaza, which is on the brink of a humanitarian crisis after two weeks of relentless attacks. Yet, the prospect of a ceasefire seems dim, as if obscured by the thick smoke billowing from the bombarded buildings of Gaza.
The Humanitarian Crisis
As the violence escalates, the toll on human life is mounting. The Palestinian health ministry reports that over 5,000 people have been killed in the enclave by Israeli airstrikes over the past two weeks. Simultaneously, violence and Israeli raids in the occupied West Bank have resulted in the death of 96 Palestinians and injuries to 1,650. In Israel, the initial Hamas attack claimed more than 1,400 lives, primarily civilians, while 222 people, including foreigners, were taken hostage during the incursion.
Amid the turmoil, aid agencies and the United Nations have warned of a looming humanitarian catastrophe. Despite these pleas, Israel has continued to block the entry of critically needed fuel for water, sanitation systems, and hospitals. Two aid convoys did manage to reach Gaza during the weekend, bringing with them food, water, and medical supplies. But the need is immense, and the aid – a mere drop in the ocean.
The Wider Implications
The conflict between Israel and Hamas is not confined within their borders. It has sparked protests worldwide and instigated heated debates on college campuses. As Israel expands its targets to include sites in the occupied West Bank, Syria, and Lebanon, fears of a widening war are growing. The situation is further complicated as Iran-backed militias in Iraq launch attacks on U.S. bases in eastern Syria.
At the United Nations Security Council’s monthly meeting on the Israeli-Palestinian conflict, the U.S. is pushing for a resolution condemning the Hamas attacks in Israel and the violence against civilians. The proposed resolution also reaffirms Israel’s right to self-defense and demands the immediate release of all hostages. Yet, the road to resolution seems long and fraught with challenges.
As the sun sets on another day of conflict, the world watches and waits. The echoes of explosions are a grim reminder of a truth we’ve known too well – in war, it is always the innocent who suffer the most.
https://bnn.network/breaking-news/war/the-echoes-of-war-an-examination-of-the-israel-hamas-conflict/
"RV UPDATE" BY Bearded_PatriotUSA, 24 OCT
Bearded_PatriotUSA
Telegram post
10/23/23
TNT call: We don’t know what is holding up the RV. The banks can see the new dinar rate on their screens since Friday. Iraqi contact and IMF thought it would go on Sunday.
One 3 letter agency is saying in the next 3-4 hours today, and a contact in Iraq is saying by Wednesday.
The electronic cards in Iraq still haven’t been reactivated, even though point of sale is reactivated. We’re just waiting for the US to release it.
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...