GOOD SOURCES INFORM THAT THEY ARE ATTEMPTING TO PUSH IT ON OUT TONIGHT...INTO THE MORNING.
...HEARD FROM...IMF CONTACT LATE LAST NIGHT...WINDOW IS STILL OPEN...TO MONDAY MORNING.
Kaperoni
If Iraq is ever going to raise the value of the dinar there are several things that need to occur first of which requires Iraq to diversify their economy away from oil. To create a private sector, employ their citizens and begin to manufacture, create agriculture etc. This is an absolute requirement to be self-sufficient. Currently, Iraq Imports about 90% of the goods they need.
Breitling
Question: "Why haven't all the big sharks bought in anticipation of the RI?"
Who says they haven't? I told you guys with some of the companies that I've worked with we did research and we had contact with a lot of senators and congressmen from both sides of the aisle, they all have it.They all have Iraqi dinar.
Expert warns against China's growing influence in Iraq, Middle East
Shafaq News/ March 2023 was a historically significant month for the Middle East, as China successfully brokered a peace deal between Saudi Arabia and Iran. The two regional powers had been supporting different and opposing groups in armed conflicts since the Arab Spring of 2011 onwards. Conflicts and wars in the Middle East are no rare occurrences. The region has been characterized by the intricate and fragile relationship between identities for decades, but saw a peak in sectarian conflicts throughout the region in 2011, with Iraq, Syria and Yemen most affected. However, while the potential for de-escalation of proxy conflicts thanks to the peace brokering of China is good news, this has also opened the door for the East Asian great power to gain even more influence in the region. In the context of the grander US-China rivalry, China has actively been seeking opportunities to expand its global influence. On this geopolitical chessboard, the strategic importance of the Middle East to Beijing has increased, especially since the announcement of the Belt and Road Initiative (BRI) in 2013.
While China’s role in brokering peace between Saudi Arabia and Iran is commendable on the surface, Middle Eastern leaders must exercise caution and consider the potential long-term repercussions of allowing China to become a significant player in the region’s security affairs. First and foremost, Middle Eastern nations need to carefully assess China’s motives. While Beijing presents itself as a neutral actor, intent on promoting stability and economic cooperation with its soft power tactics, its involvement is not likely driven by altruistic goals and its long-term interests may not align with those of Middle East states. Most importantly, while the BRI brings new opportunities of development and investments for countries, it also showcases China’s hegemonic ambitions. China’s increasing military presence in the region is a major cause for concern. China has conducted military exercises with both Saudi Arabia and Iran and increased its regional arms sales. Meanwhile, the region currently has a stalemate relationship with the United States. Under President Biden, the US has deprioritized its involvement in the region.
However, the security risks of accepting China to fill the gap that the United States has left may not only turn into a future problem for the United States but could also be problematic for the region. China’s willingness to take over the role as key security partner might seem to provide short-term benefits for both sides but, as cooperation grows, the distance might deepen between the region and Western countries. For instance, the historical example of Iran, known for their anti-American sentiments and actions, highlights the pitfalls of exclusively rejecting a major power. While this move allowed Iran to assert its sovereignty and pursue an independent foreign policy, it also led to international isolation and economic challenges.
The rejection of a major power like the United States limited Iran’s access to global markets and resources. It serves as a cautionary tale for Middle Eastern countries and emphasizes the need for an approach of strategic hedging rather than choosing sides between China and the United States. In the dynamic landscape of the Middle East, several nations grapple with the challenge of mounting debt, which is driven by a combination of internal inefficiencies, governance issues, and the ever-evolving global economic terrain.
This raises concerns about the potential economic and political leverage that China holds over the region. Behind the opportunities of foreign investment hides the risk of debt dependency, like the ones China has been accused of creating in African countries. This is arguably a lesser concern for the richer Gulf countries but could be troublesome for poorer states such as Iraq, Syria and Lebanon. For instance, despite China’s commitment to massive development projects in Jordan, which exceed $7 billion for infrastructure initiatives over the last decade, including the establishment of a Jordan-China university, a national railway network, and an oil pipeline connecting Iraq and Jordan, there continue to be many challenges. The reality is that most of these projects remain unrealized, which underscores the difficulties in translating promises into tangible progress. The looming spectre of a debt crisis in many Middle Eastern countries necessitates proactive and precise measures, a genuine commitment to reform, and the courage to undertake debt restructuring. The urgency of this situation cannot be overstated: the time for decisive action is now. The critical question is whether these nations will seize this pivotal moment to implement the necessary political and economic reforms or continue to drift into deeper waters of debt.
With US de-prioritization of its goals in the region and the collaboration between Saudi Arabia and Iran, Middle Eastern leaders should thus take this opportunity to strengthen regional stability without depending on an outside power. An economic model to emulate is found in East Asia. East Asia’s remarkable economic growth can be attributed to the open trading system established in the post-war era.
In the early phases of their economic development, East Asian nations leveraged open markets to export simple manufactured goods, capitalizing on their abundant but relatively unskilled labour force. Their growth journey began with labour-intensive exports, and as their incomes rose, they transitioned to higher-value industries, investing in human and physical capital to climb the value-added chain.
The Middle East can draw valuable lessons from East Asia’s experience with open markets. Embracing economic interdependence, the Middle Eastern nations can capitalize on their unique strengths, such as energy resources and strategic geographical locations, to foster economic growth. Just as East Asia used open markets as a springboard for transformation, the Middle East can harness its economic potential for sustainable development. Moreover, the open system in East Asia had additional advantages beyond economic prosperity. It nurtured strong bilateral economic ties, rooted in expanding trade relationships and deeper integration, serving as a stabilizing force in politically and strategically sensitive bilateral relations.
The growing economic interdependence within East Asia reinforced a more secure and harmonious regional environment, promoting cooperation and peace. If Arab and Iranian state elites were to aim for an economic cooperation and interdependence that is more regionally based, then stability and political cooperation might be achievable. This is a moment of reckoning and potential revitalization, a chance for MENA countries to reshape their future, fostering economic stability and prosperity. With a clear vision and resolute commitment, these nations can overcome the looming debt crisis and emerge stronger and more resilient together on the global stage.
The best way for the regional leaders to achieve this economic cooperation is by adopting a balanced and impartial stance on the geopolitical rivalry between the US and China. Middle Eastern nations should avoid the role of pawns in the power plays and at the same time safeguard their own sovereignty and stability, such as the approach seen in Oman’s diplomatic strategy. Oman has historically maintained a non-aligned stance in international politics. This neutrality has enabled the country to maintain peaceful relations with a wide range of countries, including those with opposing interests, and has allowed it to serve as a mediator in regional disputes.
A neutral approach coupled with economic cooperation gives the Middle Eastern states the tools to navigate in the international arena while preserving their own interests and maintaining a stable equilibrium in the face of global power competition. The Middle Eastern leaders should take steps to reduce risks and uncertainties in their foreign policy and economic decisions by maintaining a degree of flexibility and not fully committing to one side. Instead, countries may balance their relationships with multiple global powers without aligning too closely with any one of them.
The recent diplomatic efforts in peace brokering put forward a promising path towards fostering cooperation between rival states in the region. This demonstration of a potential collaboration also underscores the urgency for regional leaders to seize the opportunity to advance the collective interests of regional stability and economic prosperity. It is imperative that they do so without excessive reliance on foreign intervention in security matters while safeguarding the region from becoming a mere chess piece in the broader geopolitical game between the United States and China. The unfolding diplomatic overtures between Iran and Saudi Arabia signify a remarkable turning point in the region’s history. This shift toward cooperation signals that longstanding rivalries and disputes can be resolved through diplomacy and negotiation. It is testament to the power of diplomacy to bridge gaps and foster a more stable and prosperous environment in the Middle East. However, it is vital that the region adopts an approach of strategic hedging and remains neutral for this environment to become sustainable.
(By Hassan Jaber for the E-international Relations)
Iraq Implements Banking Agreement with Turkey, Joins EBRD, and US Strikes Militants
The Iraqi Government has initiated the implementation of a significant banking arrangement agreement with Turkey, a move designed to strengthen the economic ties between the two nations, as reported by an undisclosed government source to the Iraqi News Agency (INA). This initiative, which kicked off last Sunday, involves the Central Bank of Iraq providing tens of millions of euros to fortify retail traders’ imports from Turkey.
Payment Process Simplification
Under the new financial arrangement, Iraqi traders are making payments in Iraqi dinars, which are then reinforced by the Central Bank with euros. Subsequently, settlements with Turkish traders are made in Turkish lira. The purpose of this financial setup is to facilitate easier transactions for Iraqi retailers importing goods from Turkey, thereby ensuring a smoother trade flow between the two countries.
Iraq Becomes 74th Shareholder of EBRD
In related news, Iraq has joined the European Bank for Reconstruction and Development (EBRD) as its 74th shareholder. The EBRD, in a statement, clarified that Iraq, as a shareholder, can now apply to become a recipient economy. This status could enable Iraq to benefit from EBRD’s finance and policy support. The EBRD board has greenlit an amendment to the agreement, expanding the bank’s operations into Iraq.
US Military Engages Militants in Iraq
In other developments, the US military announced on Tuesday that it engaged five militants preparing to launch a one-way attack drone in Iraq. The operation resulted in the death of all five militants and the destruction of the drone. Iran-backed militants have been targeting US troops in Iraq and Syria, with at least 76 incidences reported since October 17, according to American defense officials. The US military informed the Iraqi Security Forces of the strike, who then confirmed the death of the militants and the destruction of the drone.
Central bank boosts tens of millions of euros as initial payment to cover imports from Turkey
Economy News - Baghdad
The central bank has boosted tens of millions of euros as an initial payment to cover imports from Turkey, a government source said on Tuesday.
"In implementation of the banking arrangements agreement made with Turkey during the past week, the Central Bank of Iraq has since last Sunday, December 3, strengthened tens of millions of euros as an initial payment," the source said.
He added that "this aims to cover the imports of retailers from Turkey, through Iraqi traders paying in Iraqi dinars and the Central Bank's reinforcement in euros to settle with Turkish traders in Turkish lira."
Thank you MarkZ for all your time, and encouragement daily….. PDK
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 Mark, Mods and family.
Member: I heard that the rate at banks would be different from those at redemption centers. Is this true?
MZ: That is what we have been told. That the rates will be higher at redeeming banks/centers than if you just walked in off the streets .
Member: I have seen photos of banks getting ready.
MZ: IMO they are clearly gearing up.
MZ: Not really any news overnight ……still quiet. There are many reports on the boards that CMKX, has been paid, farm claims have been paid, fines and penalties have been paid…..Well that is BS. We have hundreds..maybe thousands of CMKX shareholders in our community….we have dozens that have farm claims…..4 of the original farm claims people….in our midst….we will be able to tell you when they all get paid.
MZ: So for the intel people that are reporting these things….please take 2 seconds to verify before getting people hyped up….Its 100% not true that these things were paid…….yet. Yes we are close and things look great…..if you are not certain …not positive about something….say it’s a rumor……that’s all you need to do. Please stop saying things are facts unless its 100% certain.
MZ: We are seeing many reports…even in mainstream news that we may have a bank crash this mid December….around the 15th…..even Jaimie Dimon is calling for a apocalyptic bank event.
Member: When I first started, it was "any time". Then we found out things that needed to occur first. Are we aware of anything else that needs to occur now?
Member: Dear God I hope it’s all finished and ready to go.
Member: Weren’t we excited about banks and redemption centers gearing up this time last year? What made us excited then,..if things are only happening now?
MZ: Because they were clearly preparing then. They are even more geared up now. Perhaps they were doing early preparations and we read too much into them because we desperately want it? We are guilty of that.
Member: I hope we're not asking that same question next year!
Member: Where are those redeeming banks?
MZ: They will be all over. They could be right down the street from you. They are not going to give us redemption center locations until it is time to set appointments. For security reasons. It is a well guarded secret for now.
Member: MilitiaMan says Iraq is going to start spending budget funds on Dec 6th.
MZ: Iraq has also told us there will be no budget deficit in 2024. Next years budget starts Jan 1st. Without a revalued currency their deficit should be over $100 billion dollars. …so the only way they cannot have a budget deficit is with a change of value in their currency….that is news worth reporting.
Member: Wy bank story…. Teller was telling my sister they are ready to switch to a completely different system. Trained and ready to go!!!
Member: I heard Reno is funded- I confirmed with my Reno contact, one notch above us. We are at the wire with this RV folks!
Member: What do you think about the golden yuan going live this Thursday?
MZ: I have not heard its happening this week…but that it could possibly go live a week from this Friday on the 15th…That is what I am hearing. We will see….but, when it happens I believe that will be the death of the Petrodollar.
Member: goldilocks said Iran is on the fast track to BRICS. They join Jan 1
MZ: Along with 6 others including Saudi Arabia.
MZ: And Iraq says they will be totally de-dollarized by Jan 1st. They are telling us what they are doing.
Member Thanks to everyone for the encouragement today……looking forward to hopefully big news tonight…..
Member: It’s the season of miracles…….keep the faith.
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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.
World Bank Article...the part here I like the most: "...an expected influx of imports driven by the dinar revaluation and the significant increase in government expenditures..."
If you think about this for a minute if they give the citizens purchasing power are they not going to drive up an influx of imports because everybody has a little bit more money to maybe buy a new car, carpets, paint their house, build an addition to their home. They're going to have that extra money for those kids...
The World Bank has an expectation of influx of imports due to what? '...Driven by the dinar revaluation...'
Article: "It's time for the Iraqi economy to be linked to the global economic cycle. Al-Sudani stresses the government's endeavors to achieve an industry that exports its product outside Iraq."
That's exactly what we need. Everybody knows Iraq has been an import country and they've been using oil as a revenue stream. Now they're going to go from a rentier oil industry to a non-oil revenue stream country...You have the industrial cities, liquid natural gas, tourism, agriculture...Iraq is filthy with minerals.
Article: "It's time for the Iraqi economy to be linked to the global economic cycle. Al-Sudani stresses the government's endeavors to achieve an industry that exports its product outside Iraq."
That's exactly what we need. Everybody knows Iraq has been an import country and they've been using oil as a revenue stream. N ow they're going to go from a rentier oil industry to a non-oil revenue stream country...You have the industrial cities, liquid natural gas, tourism, agriculture...Iraq is filthy with minerals.
What we're seeing is probably one of the most exciting times we've ever been in and there's more to come...
We all see the writing on the wall at this point in time that Iraq is going to go international. They're going to be part of the WTO. With them going to the private sector you can just see it's going to be a robust economy in this country.
