FIREFLY: TV is showing the IMF and the World Bank talking about Iraq and then the IMF kind of started talking bad about us...Iraq. Criticizing. Out of no where the World Bank stands up and says, 'Get off their backs. There is a plan in place and expect imports to bust wide open because soon as the dinar revalues...' 'YES the World Bank said this. The World Bank is saying the dinar revaluation will cause us to buy more imports because we have more purchasing power. They're telling us this!
FRANK: It's no longer a secret...My goodness...this is straight from the horses mouth...This is basically an announcement...evidence. He said it.
FIREFLY: TV says we are moving towards monetary sovereignty.
FRANK: The reason they tell you this is because it’s moving towards a monetary sovereign national currency that will replace the 3-zero notes that are worthless and also replace the American dollar…They’re not hiding anything. It’s not a secret. Everything is out in the open…
You are now standing on the grounds of the RD and you’re soon to walk into the float. These are the steps. This is the journey you’ve taken whether your recognize it and understand it or not. The monetary reform is moving forward beautifully.
Article: “The President of the Republic: There is no dollar crisis in Iraq”
OF COURSE NOT… THERE’S A NEW NATIONAL CURRENCY & A NEW EXCHANGE RATE COMING… AND EVERYONE KNOWS IT.
Iraq committed to voluntary reduction in oil production, Minister says, 7 DEC
Shafaq News / Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, announced on Thursday Iraq's complete endorsement of the OPEC+ group's agreement and decisions made last month regarding production cuts.
Abdul Ghani, presiding over a meeting at the Iraqi Oil Marketing Company (SOMO), stated according to a statement that Iraq is committed to a voluntary additional reduction in oil production of up to 220,000 barrels per day, effective from the 1st of January 2024 until the 31st of March 2024.
He affirmed, "Iraq's decision aligns with joint efforts to achieve equilibrium and stability in the oil markets. According to the reduction program, Iraq will decrease its production to four million barrels per day during the specified period."
He also expressed appreciation for the precautionary measures taken by the OPEC+ group to preserve the balance and stability of the oil market.
On his part, the Director General of SOMO, Ammar al-Ankabi, confirmed, "Iraq, being the second-largest crude oil producer in the OPEC organization, will remain supportive of the organization and its allies, in line with the declared cooperation with OPEC+, in accordance with developments in the oil market."
"The OPEC+ agreement and the voluntary reduction decisions by producing countries within OPEC and outside it aim to address challenges and changes in the oil market, minimizing their impact on its stability", he added.
The date of “cancellation of cash” and the reality of the additional fees.. New details about electronic payment at gas stations
Baghdad today - Baghdad
Today, Sunday (December 3, 2023), the Petroleum Products Distribution Company affiliated with the Ministry of Oil revealed new details regarding stopping cash payment at gas stations at the beginning of the new year.
The company's general manager, Hussein Talib, told "Baghdad Today",
"Closing cash transactions at gas stations completely will not happen at the beginning of next year, but rather in the first quarter of 2024, and
the process will also take place gradually at the stations, one after the other.". Talib stated,
“There are kiosks that will be opened in most gas stations in order to issue an electronic payment card, in order to facilitate this matter for many citizens, and
payment via the card will not deduct any additional amount other than the amount that appears on the payment screen, without any Other wages.
The Director General of the Petroleum Products Distribution Company added,
“Payment devices will be available at every pump so that there will be no delay in the issue of paying wages, and
the process will be easy and fast and will not cause any rush.
On the contrary, it will speed up the payment process, but rather cash payment, which takes time to complete.” Count the money.”
The events in Saudi Arabia, particularly the establishment of a $7 billion local currency swap line with China and the probable shift away from the US Dollar, are significant in the context of the end of US dollar dominance and preparations for the approaching Global Currency Reset (GCR).
These events reflect a shifting global economic landscape where multiple currencies play a more prominent role, challenging the historical dominance of the US Dollar.
Saudi Arabia recently announced a groundbreaking $7 billion local currency swap line with China, sparking speculation about a significant shift in their economic strategy.
The Saudis face a unique challenge: despite low production costs, the government’s budget heavily depends on oil revenue. Breaking the Riyal peg to the Dollar becomes a solution, attracting foreign buyers offering alternative currencies for oil.
This move implies a potential detachment of the Saudi Riyal from the US Dollar.
The process is calculated and strategic, involving several stages outlined below.
1. Swap Lines: The Prelude to Ending the Petro-dollar
The initial step involves the official declaration of currency swap lines between Saudi Arabia and China. This move sets the stage for a broader transformation in the financial landscape.
2. Shifting to Yuan for Oil Transactions
The Saudis begin accepting substantial amounts of Chinese Yuan for their oil exports. This signals a departure from the traditional practice of exclusively using the US Dollar in oil transactions, challenging the established norm.
3. Breaking the Peg during Stable Oil Prices
Unlike typical scenarios where currency pegs break during crises, the Riyal is deliberately unlinked from the USD when oil prices are relatively strong. This strategic timing aims to minimize economic turbulence during the transition.
4. USD Substitution and Potential Economic Fallout
The substitution of the Chinese Yuan for the US Dollar becomes an existential threat to the US. As Saudi Arabia diversifies its currency reserves, the US responds by attacking the Saudi Arabian exchange rate, potentially triggering sanctions.
5. Sanctions Risk and Expanded Swaps
In response to the currency shift, the US may impose sanctions on Saudi Arabia. In anticipation, Saudi Arabia expands currency swap agreements, converting sanctioned USD assets into Riyal-based assets.
6. Loans Repaid in Chinese Yuan
China, a key player in this strategic move, provides loans repayable in Chinese Yuan. This reinforces China’s economic influence and helps Saudi Arabia navigate financial challenges post-sanctions.
Historical Context: Learning from Russia’s Experience
Drawing parallels with Russia’s 2014/15 experience, where an oil price collapse led to economic challenges, Saudi Arabia seems to be learning from history. Russia’s survival and subsequent blueprint may guide Saudi Arabia’s strategic decisions.
Russia-China Dynamic: A Blueprint for Yuan Expansion
China’s support for Russia during the ruble crisis, including a yuan-ruble swap line, serves as a blueprint for expanding the Yuan without causing runaway inflation. This strategic collaboration allows China to utilize its US Treasuries and dollar surpluses for loans to emerging market partners.
Saudi Arabia’s Motivation: Balancing Budget Amidst Oil Price Volatility
The Saudis face a unique challenge: despite low production costs, the government’s budget heavily depends on oil revenue. Breaking the Riyal peg to the Dollar becomes a solution, attracting foreign buyers offering alternative currencies for oil.
Saudi Arabia’s Pivot to Russia and China
The geopolitical implications of Saudi Arabia’s alignment with Russia and China become evident. This shift, triggered by a lack of trust in the US, positions Saudi Arabia strategically in a changing global currency and economic landscape.
Preparing for Currency Warfare
Saudi Arabia’s preparation for a potential economic attack on oil prices signifies a proactive approach to safeguard their interests. The kingdom is certainly preparing itself for a future being shaped by strategic currency decisions among new global alliances.
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