Friday, November 3, 2023
"2 DIFFERENT MEMBERS' BANK STORIES" , 3 NOV
Clare: THIS IS APPROVED BY FRANK26: 2 DIFFERENT MEMBERS' BANK STORIES.........
#1. I was in Philadelphia, I went to Chase to deposit money and decided to ask if they exchange foreign currency, the branch manager immediately had me talk to a private banker who set up an appointment for me and my husband to speak to a private banker in wealth management we went yesterday we’re treated so nicely!
We were told they currently exchange Dong along with other currencies we hold. She knew all about the IQD and we were told once it’s on OFX - FOREX and the rate changes to call and they will have everything set up for us to come in and exchange. A truly wonderful experience. The bank is in PA.
#2. I believe banking experiences are driven by the individual location and especially the training level of the bankers. I mentioned my investment to a baker at Chase yesterday, and she immediately dug out a "Private Client" business card, different than the one on her desk. She said "When that happens, call me."
BRUCE'S BIG CALL, 3 NOV
Bruce’s Big Call Dinar Intel Thursday Night 11-2-23 REPLAY LINK Intel Begins 1:05:55
https://www.freeconferencecallhd.com/wall/recorded_audio?audioRecordingUrl=https%3A%2F%2Frs0002.freeconferencecall.com%2Fstorage%2FsgetHD%2FHsCgW%2FHBaG
Transcribed By WiserNow
Welcome, everybody to the big call tonight - It is Thursday, November 2nd and you're listening to the big call. We had a pretty good reach with 182 countries on Tuesday night. A little over 19.8 million listeners and we hope the reach is as good or better tonight as our SAT team or satellite team or SAT team gets the call out to a number of countries around the world with instantaneous translation of my voice in about three seconds into a number of different languages, depending on the country that they're going to. So that's how we're getting the word out.
Yesterday was Wednesday the first. So your seniors 62 and older that have Social Security, track your Social Security day, which is a Wednesday, the first the 8th the 15th or the 22nd would be the fourth Wednesday of this month. And as I mentioned, on Tuesday's call, but didn't really get a chance to go into it
The reinstatement and reimbursement and the what we're calling the restitutional allowance starts activation this weekend - its activated, whatever that means, right? But when we actually get the money's in our accounts, it will be on or near your Social Security date. Okay, it will be on or near your Social Security day. So that should happen. We understand this month.
Now for those that have already had Social Security yesterday on the first I don't think you've got your r&r payment yet, but don't worry, they've got you in mind - so whenever they start, I'm sure they'll get it out to everybody. Now this is age 62 and older are getting supposedly a lump sum, divisible by three - paid over three months time - Starting this month of November we believe.
I have to say the least because we were told last month that we get in October, and of course it didn't happen. But this month, supposedly it will and increases in Social Security for seniors. I'm just going to call them 62 and older that are getting social now -- you should get a definite increase in your payment on your Social Security day. So let's stay tuned - we'll see what happens on that.
I personally think that happens and the R & R - restitutional and reclamational allowances allowance restitution reclamation allowance R&R I call it for short, I think, its instituted after the RV begins - after that starts, So we may end up seeing something very shortly, on that.
Alright, now let's talk about the timing of where this is. We were given a window last Tuesday.
And it was given to us by two different banks. Wells Fargo, very high up and PNC Bank for both saying that our window for this to happen for the notifacations that happen in our exchanges to start would be from today the 2nd to the 7th which is Tuesday. So, today is Thursday through Tuesday.
Second through the seventh. That seems to be a good window. That's maybe a little bigger windows and we like so we got some intel today while I was on the big call that I took this call and it comes from a very strong source.
And it's a military source and the information was - Okay, our notifications will come out between after five o'clock Friday - That's tomorrow after five - when the markets are closed and the banks are just about closed – any time after five o'clock tomorrow to Tuesday, mid morning. At five o'clock. Friday, tomorrow, anywhere between that and Tuesday, mid morning Tuesday the 7th - That's a little tighter window.
And it sounds like we can all live with it. I know I can after 19 years of being involved in these currencies directly and 12 years on the call. So that was a really nice piece of Intel. and we had other sources that were saying look for this to occur in the next couple of days. In the next two days. and one yesterday said in a few days - few is usually two or three couple is two.
So that means to me any time after five tomorrow's is in play - Saturday? It really could be in play - like Sunday so it's a Monday -- All the way Tuesday mid morning. I think we're good with that.
Let's just let that go look forward to seeing possibly something coming out in our emails over the weekend. And, you know, if this happens before Tuesday, which we fully expect or by Tuesday mid morning – guess what?. We probably won't have another call. We really won't.
Unless we decided to a celebration call and that was recorded. We might pre record that. After getting the numbers and moving into our setting of appointments and all that we might do a quick celebration call and record it. Alright, so that’s a possibility.
As far as anything else that's pertinent. You know that Iraq did not put the rate in the printed Gazette yesterday and our Iraqi sources are looking forward to quite possibly this Saturday
They can do it any time even in a printed Gazette because their normal printed version of their official publication known as the Gazette - is Wednesdays and Saturdays. So let's see if Saturday happens - It's not gonna make or break us - we know that the dinar is being traded now back in on the forex and that's a good thing. It's being traded and it's probably going to trade up. And I think it's really close to where we are the banks are synchronized with - The forex rates will be the bank rates -
If you want the best rates, you use the toll free number you call the 800 and set an appointment which puts you into a redemption center - now you're looking at different and higher rates compared to just any xyz city bank. Even tier 1 banks
The Redemption centers have the flexibility and the incentive to give us the highest possible rates on all currencies and on our zim which is a bearer bond – as you guys know by now - pay to the bearer of
That means that whatever the zim currency slash coins are saying the denomination is - with all those zeros on it - that is what it is worth -- one to one with the US dollar - and possibly higher - because it fluctuates, as all the currenies change. It's been trading higher as well so I think we're at a point where everybody just needs to sit back and take stock of where they are and what they have where they can present their presentation what they've got in five to eight minutes.
They're trying to get it out of the redemption centers in 30 minutes. They have to identify who we are which they know if you're a zim holder, they know you unless you've been gifted zim and they don't know who you are. That's quite possible. In some cases. But if you're Zim holder, they have your email. They have your phone number, they have your social, they have your birthdate they've got all the information they need.
All you need to do is verify when you come in, two picture IDs, passport if you have one driver's license or equivalent, student ID government ID And then one utility bill, phone bill something like that with your address, home address.
Furnish that pony that up when you get in and then they'll say okay, we see who you are. Alright, let's go. Now I told you guys that are going to have 3 delarue machines - all three machines going. And if you have more than two different currencies, they even have a backup to the machine to count that fourth currency if you have it, or fifth currency, they're gonna have three or four people counting verifying your currency right away.
You'll be talking about rates, you'll be figuring out what your total is. You take that total it goes into the quantum account, the quantum financial system and you don't make interest on that account.
But any monies that you move from your quantum account using your quantum access card or your account card, you will move into your primary Wells Fargo account, and then later you can move funds into your secondary accounts. Like in the case I'll have one primary and then I'll have four secondary accounts, which are my LLC accounts. for my projects. That's how I'm doing it. That's how my attorney suggested that I do it.
So I'll be setting those four accounts up. Probably, unless they have plenty of time for me - Probably on day two, or day three I'll go back and set those up. Okay, the main thing is to get money into the primary Wells account and have access to it with a debit credit card, which is also there.
That's the one that you would use and shop with the restaurants with and so on. It's really a debit or credit card and then your quantum account card is one you never spend on all it is there for you keep it in a very safe place. It's only used to move funds from your quantum account into your primary or secondary bank accounts. And as I said Tuesday you can you can tie three different banks into that quantum card.
It uses biometric finger or thumbprint - They use as an email with password and three chips in that it's a thick titanium card. And that's how it's gonna work. And you keep it in a very safe place. Don’t carry it with you carry around, you don't lose it is a very safe place, whatever that is for you.
Now your regular credit debit card that acts like any old credit debit card that you have now and you just keep if you do some money, wallet or you use a smart Wallet and Google Wallet, whatever, it could go in there. Okay. And it has some pretty good protections on it too.
All right. So I went through a Tuesday that whole process of getting you into the redemption center and out you know, you get a if you're a zim holder, you get a cue phone that you can activate later when you get home and you also get $1,000 certificate to be used for a laptop or equivalent type computer.
Okay, that will buy everything but it's a nice little bonus. And then you're supposed to get a list of perks, which could be two pages or so from the bank, giving you benefits or perks for banking with that institution.
That's nice. And then don't forget you'll be signing your NDA so you're not supposed to disclose where you went, how you obtained this money, how much you what you were worth, any particulars about the exchange. You have to keep all that stuff to yourself.
And that's not going to be too bad if anybody needs to be excluded from the NDA. You have a list of people that would be excluded from your NDA as an addendum to your NDA. You bring that typed out listening these are people maybe that are working with your projects - could be a significant other spouse, something like that, that's entitled to know what you know, from the exchange process and have that so that you can attach that to the NDA when you get there, have it typed and have to have a couple of copies so you can bring that with you at a couple of copies of your presentation. So that once you present you leave behind a copy of it with them
And they'll run that through their quantum computer system to look for similar or exactly the same type of projects, and they may ask you to collaborate with other people. We'll see how all that works. I hope with the big call that we do rebuild America and I asked for 5000 volunteer people do what I intend to do throughout the United States
I think guys that's really what I wanted to tell you tonight. I don't think there's a whole lot else that we need – you know the redemption process of the zim. You know that the currencies are all being traded now on forex, and I would think we're gonna probably see the dinar rate put out in the published Gazette Saturday, probably.
And Oh, one other piece -- This is actually gonna happen tomorrow. Starting tomorrow, Iraq. pays back pay to the contractors that are working in Iraq. They pay social security which they do have, they pay that out. They pay the oil and gas proceeds or profits. Called the HCL the hydro carbon law. HCL proceeds go out tomorrow. And pensions. Sometimes their military pensions, other pensions. They're catching up and paying out starting tomorrow to their citizenry
And they're dual citizens who live in, you know, in the US. So that's supposed to start tomorrow, And then the fireworks to celebrate what Iraq is doing. I believe they're going to start either tomorrow night or Saturday, which is cool. That's great. I hope we can celebrate, like getting our, notifications. Remember the latest information we have is, after 5pm Tomorrow, Friday, all the way up to mid morning Tuesday.
Okay, so everybody enjoy. Make sure you set the clocks if you do that.
Minister: KRG will commence salary distribution next week, 3 NOV
Minister: KRG will commence salary distribution next week, 3 NOV
Shafaq News / The Minister of Awqaf (Religious Endowments) and Religious Affairs in the Kurdistan Region (KRI), Beshtawan Sadiq, expected on Wednesday that the regional government (KRG) would begin distributing salaries to employees and workers in the public sector next week.
Sadiq stated that he had a morning conversation with the Regional Minister of Finance and Economy, Awat Sheikh Janab. The latter informed him that the distribution of salaries to employees and those receiving them would commence next week.
It is noteworthy that KRG faces difficulties in disbursing salaries to employees, retirees, and those receiving monthly financial grants through the social welfare network, following the federal government's victory on March 25th of last year, in a case brought before the International Chamber of Commerce's arbitration body in Paris, which ordered the halt of oil exports from KRI through the Turkish port of Ceyhan.
The Iraqi government recently approved loans to KRG to finance the salaries for the last three months of the current year, with a monthly amount of 700 billion dinars. A loan was sent at the end of September, but it was delayed in the second month.
At the end of October, KRG decided to send a delegation to Baghdad to settle the cash loan amount agreed with the federal government for paying employees' salaries. However, the government's spokesperson, Beshwa Hormani, announced yesterday that the visit was unnecessary after the Kurdistan Ministry of Finance submitted a "budget review" report.
Furthermore, KRG’s Ministry of Finance and Economy announced on Sunday, October 29th, that it had sent a budget review report for the last three months to Baghdad.
According to a statement from the ministry, the review of July, August, and September was sent to the federal Ministry of Finance, signed by KRG’s Minister of Finance and Economy. The report included all revenues and expenditures for the mentioned three months in KRI, with clear data and figures.
Can an Iraqi Dinar RV Reach $3.00+ Matching Kuwait? Here’s What You Need to Know : Awake-In-3D, 3 NOV
- The three strongest currencies in the world are held by Iraq’s neighboring nations – Kuwait, Bahrain and Oman. How does Iraq compare economically and politically against these powerhouse currencies, and can the Iraqi Dinar RV support such valuations?
This is Section 3 of: The Ultimate Guide to Every Economic and Political Reason for an Iraqi Dinar Revaluation (RV)
This section represents the culmination of the 3-section article series which set out to analyze and explain the important factors surrounding a potential revaluation (RV) of the Iraqi Dinar (IQD)Section 1, Staging an Iraqi Dinar Revaluation (RV): A Unique Background of Eventsprovided a detailed, historical context surrounding the Iraqi Dinar, This included its evolution, the impact of wars, the role of economic sanctions, and the popular reasons for speculations regarding an Iraqi Dinar revaluation.Section 2, A Sky High Iraqi Dinar RV Boils Down to This identified and explained every key economic and political stability indicator that directly influences and supports a strong and stable currency exchange rate.
Building upon the knowledge acquired regarding key economic indicators in Section 2, we now direct our focus toward a comparison of Iraq’s neighboring countries, distinguished by their robust and stable currencies.
This analysis centers on the examination of the key economic indicators and political stability indices that underpin countries with very strong (high) exchange rate in U.S. Dollar terms. Specifically, the nations of Kuwait, Bahrain, and Oman.
By comparing these nations with Iraq, we will gain valuable insights into the practical determinants that may influence the potential revaluation of the Iraqi Dinar.
3.1 Iraq’s Regional Neighbors with Strong Currency Exchange Rates
Let’s start by establishing a baseline of currency exchange rates within the region.
- Kuwait (KWD): 1 KWD = $3.23
- Bahrain (BHD): 1 BHD = $2.65
- Iraq (IQD): 1 IQD = $0.00076 (1310 IQD per 1 USD)
3.2 Key Regional Economic Indicators to Support an Iraqi Dinar RV
The relevance of this comparative analysis lies in the examination of fundamental economic indicators which serve as the bedrock of currency dynamics.
These indicators allow us to assess the currency dynamics and economic environments within Iraq and its regional counterparts.
Here are the key economic indicators we shall scrutinize and compare for each country:
- National Gross Domestic Product (GDP)
- Economic Growth (GDP Growth Rate)
- Core Inflation Rate
- Current Account Balance
- Public Debt (as a Percentage of GDP)
- Foreign Exchange Reserves
The following chart summarizes a direct comparison of these key economic indicators between Iraq, Kuwait, Bahrain and Oman based on the latest 2023 economic data.
Source Data: 2023 IMF Economic Research
3.2.1 What this Economic Comparison Indicates Relative to an Iraqi Dinar RV
National Gross Domestic Product (GDP):
- Iraq has the highest GDP among the mentioned countries at $254.99 billion, indicating the largest economic size in the region.
- While Iraq’s GDP is relatively large, its economy is heavily dependent on its competitive strength in oil exports and processing efficiency (production cost per barrel of oil). Given Iraq’s ongoing need for infrastructure efficiency and capacity upgrades, its competitive position is weaker than that of neighboring nations .
- Moreover, Iraq’s economy suffers from a broader set of structural issues, including elevated levels of financial and political corruption, which prevents the confidence necessary for significant foreign capital investment.
GDP OF MIDDLE EASTERN REGION. Source: IMF
Economic Growth (GDP Growth Rate):
- Bahrain leads in economic growth with a GDP growth rate of 2.74%. This positive growth rate signifies a thriving economy.
- Oman’s growth rate is 1.18%, indicating a moderately growing economy.
- Kuwait has a negative growth rate of -0.61%, suggesting a contraction in its economy.
- Iraq’s GDP growth rate is -2.74%, showing a significant economic output decline, which can likely be attributed to ongoing security issues and political instability.
GDP GROWTH RATE OF MIDDLE EASTERN REGION. Source: IMF
Inflation Rates:
- Bahrain has a relatively low inflation rate of 1.0%, indicating price stability.
- Oman’s inflation rate is also low at 1.1%, contributing to stable purchasing power.
- Kuwait’s inflation rate is 3.4%, relatively high compared to its neighbors, which may affect consumer affordability.
- Iraq, with an inflation rate of 3.5%, experiences even higher price increases, impacting the living standards of its citizens, which is reflected by Iraq’s contracting GDP above.
Current Account Balance:
- Kuwait maintains a significant surplus with a current account balance of $48.41 billion, reflecting strong international trade.
- Oman has a surplus of $5.51 billion, indicating a healthy trade balance.
- Bahrain’s surplus is $2.99 billion, showcasing its economic stability.
- Iraq, however, has a deficit of -$4.94 billion, implying that it imports more than it exports, which can strain its foreign exchange reserves.
CURRENT TRADE ACCOUNT BALANCE OF MIDDLE EASTERN REGION. Source: IMF
Public Debt (as a Percentage of GDP):
- Kuwait’s public debt is relatively low at 3.38% of its GDP, reflecting fiscal responsibility.
- Oman’s public debt is 38.21% of its GDP, suggesting a higher debt burden.
- Bahrain’s public debt is notably high at 121.17% of GDP, indicating significant fiscal challenges.
- Iraq’s public debt is 49.25% of its GDP, which is relatively high and indicates a substantial debt burden.
- Kuwait holds foreign exchange reserves of $54.49 billion, which is substantial and provides stability to its currency.
- Oman’s reserves are $20.19 billion, providing a buffer against external economic shocks.
- Bahrain’s reserves are $5.68 billion, which, while lower than its neighbors, still contributes to currency stability.
- Iraq’s foreign exchange reserves are $93.69 billion at approximately 37% relative to GDP – stronger than any of its neighbors. This would serve well in maintaining a strong currency peg to the U.S. dollar (or a basket of currencies including the USD).
PUBLIC DEBT OF MIDDLE EASTERN REGION. Source: IMF
Foreign Exchange Reserves:
FOREIGN EXCHANGE (FX) OF MIDDLE EASTERN REGION. Source: IMF
The Bottom Line
Iraq faces substantial economic challenges compared to its neighbors with stronger currencies being the weakest in 5 out of 8 key indicators.
These challenges include a negative GDP, economic contraction, higher inflation rates, a trade deficit, and a relatively high public debt burden. Consequently, Iraq’s ability to support an equally high exchange rate as its neighbors is limited by these economic constraints.
However, the weakness around Iraq’s key economic indicators is not so severe as to prevent a significant currency RV in the $2.00-$2.75 range.
Iraq appears to have the basic economic strength to support a currency peg similar to Kuwait, Bahrain and Oman.
So what’s holding Iraq back from Revaluing the IQD with a new currency peg? Perhaps the political stability index can provide an answer.
3.3 Political Stability: The Most Significant Challenge Facing an Iraqi Dinar RV
Political stability is a pivotal element in the realm of global economics and currency valuation. Understanding the political stability index is integral to our comparative analysis.
This index measures the perceived likelihood of a country’s government being destabilized or overthrown through unconstitutional or violent means, including politically motivated violence and terrorism.
An index value of 2.5 points indicates a strong and secure political environment, while a value of -2.5 points reflects a weak and insecure setting. The global average index value for 2021, derived from 193 countries, stands at -0.07 points.
Here is how the different countries rank in terms of overall political stability:
- Oman: With a commendable index of 0.51, Oman holds the 69th place in the global political stability rankings, signifying a robust and stable political environment.
- Kuwait: Kuwait secures the 79th position in global political stability standings with an index of 0.30, indicating a relatively stable political climate.
- Bahrain: Bahrain ranks 134th in global political stability standings, albeit with a modestly negative index of -0.51, reflecting specific political challenges.
- Iraq: Within this regional context, Iraq stands at the 189th position in political stability rankings out of a total of 193 countries. Iraq’s political stability index stands at -2.4, signifying a significantly weaker and insecure political environment.
Source Data: 2021 TheGlobalEconomy.com
Conclusion
In unison, these comparisons have underscored the interplay of economic indicators and political stability that define the currency dynamics within Iraq and its regional counterparts.
Clearly Iraq has a long way to go in reducing the political and financial corruption that dominates how the international business and foreign exchange markets view Iraq in terms of overall risk vs. reward.
Until the endemic corruption that plagues Iraq is addressed and mitigated, any serious attempts to float or peg a revalued IQD substantially higher will likely fail to achieve the desired results such an RV would yield.
Sources:
- IMF Economic Data: https://data.imf.org/?sk=2ab615ea-9fb9-45b2-8d65-a031a6204fea
- Political Stability Index: https://www.theglobaleconomy.com/rankings/wb_political_stability/
Section 1, Staging an Iraqi Dinar Revaluation (RV): A Unique Background of Eventsprovided a detailed, historical context surrounding the Iraqi Dinar, This included its evolution, the impact of wars, the role of economic sanctions, and the popular reasons for speculations regarding an Iraqi Dinar revaluation.
Section 2, A Sky High Iraqi Dinar RV Boils Down to This identified and explained every key economic and political stability indicator that directly influences and supports a strong and stable currency exchange rate.
Barzani emphasizes financial rights in meeting with US ambassador, 3 NOV
Barzani emphasizes financial rights in meeting with US ambassador
Shafaq News / The Kurdistan Regional Government's Prime Minister, Masrour Barzani, met the United States Ambassador to Iraq, Alina Romanowski, and her accompanying delegation.
The meeting attached importance importance to disbursing financial entitlements to the Kurdistan Region, "especially following the submission of comprehensive and precise data, fortified by legal and constitutional documents, to the relevant entities within the federal government."
"In another facet of the meeting, both parties concurred on the vital necessity of upholding Iraq's security and stability. They stressed the imperative of safeguarding embassies, diplomatic missions, as well as the forces of the international coalition, both in Iraq and the Kurdistan Region."
https://shafaq.com/en/Kurdistan/Barzani-emphasizes-financial-rights-in-meeting-with-US-ambassador
