U.S. Support for Israel: A New Low in American Exceptionalism?
The United States’ policy towards Israel and the ongoing conflict in Gaza has ignited a storm of debate, with critics arguing that American support for Israeli actions signifies a significant crisis for U.S. democracy. This crisis, they argue, is comparable in severity to the tumultuous events of January 6, 2021, when the U.S. Capitol was stormed by protestors. Both Democrats and Republicans stand accused of creating a repressive atmosphere where criticism of Israel and support for Palestinian resistance is effectively silenced.
The Crumbling Pillars of American Exceptionalism
Reflecting the gravity of this situation, multiple university presidents have been forced to resign, a turn of events that underscores the crisis in American exceptionalism. In a world that has often looked to the U.S. as a beacon of democratic values, the country’s unwavering support for Israel, despite numerous alleged human rights violations, has raised eyebrows.
The U.S.’ History of Double Standards
Such a predicament is not unprecedented. The U.S. has a storied history of double standards, notably its notorious invasion of Iraq under the false pretenses of weapons of mass destruction. The country’s consistent vetoing of United Nations Security Council resolutions supporting Israel adds another layer to this narrative.
The recent U.S. veto of a cease-fire resolution in the Security Council, juxtaposed against its continued supply of military equipment to Israel, further underscores its perceived complicity in the conflict. U.S. Secretary of State Antony Blinken’s statement that Israel would decide when to end the war, despite escalating civilian casualties, was met with widespread disapproval.
A Thorn in the Side of Global Justice
Turkish President Recep Tayyip Erdoğan criticized the U.S. for its lone veto, positing that a fair world is not feasible with the current U.S. policies. His sentiment echoes a growing global consensus: the U.S. is increasingly seen as an obstacle to a just world, its policy towards Gaza representing a new low in American exceptionalism.
Awake-in-3D: Why Iraq hasn’t Independently Revalued the IQD Higher (Part 2), 14 DEC
On December 13, 2023 By Awake-In-3D
A Pragmatic Analysis of an Iraqi Dinar RV in Today’s Global Financial Landscape
This multi-part article series discusses the following subjects:
Part 1: Iraq’s Dollar Crisis and Lack of Confidence in the IQD Part 2: Why Iraq hasn’t Independently Revalued the IQD Higher Part 3: What Would Happen Today if the IQD was Revalued to $3.00? Part 4: Iraq’s Pivot Towards BRICS and Geopolitical Shift Part 5: A Gold-Backed “PetroYuan” as an IQD RV Solution Part 6: Why Saudi Arabia’s Recent Geopolitical Pivot Matters to Our RV/GCR Part 7: BRICS Alliance and its Potential Gold/Asset-Backed Common Trade Currency Part 8: A Pragmatic and Realistic Base Case for a Meaningful RV/GCR
Here in Part 2, I discuss Iraq’s current peg to the US dollar and the financial challenges they face in order to revalue (re-peg) the IQD substantially higher against the US Dollar and other major currencies in general.
The question arises: why won’t Iraq simply re-peg the IQD at a higher rate, say $1.00/IQD, and potentially open the door for a substantial revaluation?
As Iraq grapples with a crisis of confidence in its national currency, the Central Bank of Iraq (CBI) and the Government of Iraq (GOI) maintain a delicate balance by soft-pegging the Iraqi Dinar (IQD) at 1310 IQD/USD. This peg, held with purpose, acts as a stabilizing force in their evolving economic environment.
The question arises: why won’t Iraq simply re-peg the IQD at a higher rate, say $1.00/IQD, and potentially open the door for a substantial revaluation?
The answer lies in the significant economic challenges that Iraq faces. While the CBI and GOI possess the authority to re-peg the IQD at will, the feasibility of maintaining a higher peg rate becomes evident when considering the existing instability and insecurity within Iraq’s borders (not to mention their current economic situation).
The stark reality is that an abrupt shift to a higher peg rate, such as $1.00/IQD, demands a significant reserve of US dollars that Iraq currently cannot sustain at this time.
According to recent article from al-Sabaah News in Iraq, there are an estimated 100 trillion Iraqi Dinar circulating outside of the banking system (out of a total of 173 trillion IQD in circulation).
Let that 100 Trillion IQD number sink in for a moment…
In order for any currency to maintain it’s valuation against other currencies, the economy of the nation must support that valuation.
Iraq must pull in and destroy the a very large portion of those physical 100 trillion IQD notes in order to re-peg the Dinar to a higher rate. If one looks at Iraq’s current economic situation, their GDP (Gross Domestic Product) is only around $260 billion in USD terms.
This is why Iraq is constantly discussing it’s US dollar problem, the need to bring more IQD into the banking system (in Iraq), and deleting three zeros off of their notes. Yet even deleting three zeros would mean there are still over 173 billion (instead of 173 trillion) IQD in circulation.
Consequently, if Iraq were to RV, they would require a substantially higher GDP, or substantially higher foreign exchange reserves than their current $100 million USD FX reserves they have in the bank.
Understanding these financial constraints provides clarity on why Iraq hesitates to independently revalue the IQD at this time.
The risk of exacerbating instability and compounding the no-confidence crisis at the proposed revaluation rate creates a formidable obstacle. The existing economic landscape demands a cautious approach, prompting Iraq to navigate its economic and currency valuation challenges strategically.
All of this said, the main point is that Iraq cannot just independently RV (float or peg) today as many appear to believe. But there is another path…
While the allure of a higher IQD valuation is enticing, the reality is that Iraq’s financial limitations, coupled with its prevailing geopolitical instability, necessitate a more measured and calculated path for now.
The pivotal question arises: can Iraq sustain a higher peg rate without succumbing to the financial pitfalls described above?
This question underscores the intricate dance that Iraq engages in today as it strives for economic rejuvenation while treading carefully to avoid the certain economic suicide of premature or unsustainable financial maneuvers.
All of this said, the main point is that Iraq cannot just independently RV (float or peg) today as many appear to believe.
There is a path towards a successful and sustainable RV or $3.00 (or higher) for the IQD
Part 3 of this article series specifically addresses a scenario where Iraq independently RV’s at a value of $3.00 per IQD and introduces a likely “existential” solution for achieving this exchange rate.
In an ambitious, three-year pursuit to amplify inbound tourism, the Ministry of Culture and Tourism is embarking on a series of strategic initiatives aimed at elevating the tourism experience and ensuring widespread benefits. The plan includes refining the policy environment, mitigating existing obstacles, fostering unity within the industry, and stimulating product innovation.
Shanghai’s Global Tourism Ambassadors
Shanghai has kickstarted the ‘Visit Shanghai’ campaign, launching a fresh wave in its tourism industry. The city has designated seven international ambassadors, each hailing from a different country, to represent ‘Shanghai Global Tourism’. This initiative also saw the release of a new culture and tourism promotional video, and the signing of cooperation agreements with Shanghai Global News Network, SMG International, and China Tourism Academy. The city’s inbound tourism market has shown promising growth, with 2.299 million visits recorded in the first three quarters of the year. Going forward, 2024 will witness a series of cultural activities, sports events, and continuous optimization of the inbound tourism environment.
Religious Tourism: Iraq and Punjab
Meanwhile, the Ambassador of Iraq engaged in discussions with Punjab Caretaker Chief Minister Mohsin Naqvi on promoting bilateral relations and religious tourism. The conversation touched upon the potential of religious tourism between the two countries and the Punjab government’s endeavors to create an investment-friendly environment. To streamline this process, a Facilitation Centre has been set up in Lahore, with similar centers planned for other cities. The Iraqi ambassador expressed keen interest in leveraging the investment opportunities in Punjab.
Boosting Tourism in Karnataka
Elsewhere, Karnataka’s tourism minister HK Patil unveiled a new tourism policy aimed at enhancing tourism in the state. This initiative includes infrastructure improvement at tourist spots, promoting public-private participation in monument adoption, and resolution of disputes between government departments and stakeholders. The state government has identified 856 monuments for conservation, with plans to notify 500 more next year, inviting private firms, NGOs, and public participation in the conservation efforts. Initiatives for education, agriculture, adventure, wildlife, and religious tourism are also part of this comprehensive plan.
Focus on Sustainable Development in Greek Tourism
In Greece, Tourism Minister Olga Kefalogianni announced a new legal framework for spatial plan defining land use for tourism purposes. This will prioritize sustainable development, diversifying and improving the competitiveness of the tourism product, upgrading tourism education, and strengthening the promotion of Greek tourism. Significant emphasis is being placed on marine tourism and the upgradation of tourist port infrastructure. The first Mediterranean Coastal and Maritime Tourism Observatory is also in the pipeline, marking a new phase in tourism promotion through digital transformation.
In an unprecedented move, Iraq voiced concerns regarding a clause in the final agreement at the United Nations Climate Change Conference (COP28) held in Dubai on December 13, 2023. The Iraqi delegation argued that the stipulation could hamper its ability to fulfill its commitments to the people and national interests. The Iraqi government praised the efforts of its negotiators, who successfully preserved the role of fossil fuels in the country’s development and avoided potentially detrimental measures proposed by developed countries.
Global Stance on Fossil Fuel Consumption
Simultaneously, France’s second-largest listed bank, Credit Agricole, announced its decision to discontinue financing new fossil fuel projects, aligning with its climate objectives. The bank also vowed to disclose its sector exposure. The announcement comes in the wake of nearly 200 countries at COP28 agreeing to curtail global fossil fuel consumption—a move cherished by U.S. President Joe Biden as a historic milestone despite the looming challenges in meeting global climate goals.
Saudi Arabia’s Support and Unresolved Issues
Saudi Arabia also backed the COP28 agreement, underscoring the sovereignty of countries to determine their routes to cleaner energy. However, the summit left various intricate issues, such as climate change adaptation and financing, unresolved.
Delay in Arms Supply to Israel
In a separate development, the Biden administration delayed the sale of over 20,000 U.S.-made rifles to Israel due to concerns around violence by Israeli settlers against Palestinians in the West Bank.
Unveiling the Billionaires’ Influence
An analysis by Oxfam revealed that at least a quarter of the billionaires registered as delegates at COP28 amassed their fortunes from high-polluting industries like petrochemicals, mining, and beef production. The report raises questions about the influence of ultra-rich, mega-emitters on global efforts to tackle the climate crisis. The study also showed that fewer than one in 10 businesses represented at COP28 have lobbying efforts that support Paris-aligned climate policy.
They are lined up at the banks today. Get ready.On Sat. 9 Dec.Iraqi citizens were told that they had to wait just afew more days.They are not going to use the US Dollar for exchange afterJan. 1 2024. Everyone we talk to tells us that there is nothing left to do and they are just waiting for the IMF to release it since they are the ones in charge now.
Wed. 13 Dec. MarkZ:
The IQD is on Forex as a tradable currency. This means individuals and institutions can buy and sell IQD on the Forex market…just like any other currency. The IQD is traded against other currencies like the US dollar, Euro and British pound. The exchange rate of the IQD is determined by market forces. In other words, there is an article coming out that says it is looking for a “float” or adjustment against other currencies. They say they are adjusting the exchange rate and the value of it.
Iraqi Ministry of Finance Increases Pensions, DLS 2024 Launched with Arabic Commentary
Retirees in Iraq are witnessing a significant financial uplift as the Iraqi Ministry of Finance has announced an increase in pensions. This announcement comes as a significant relief to the nation’s retired workforce, reflecting the government’s commitment to ensuring the welfare of its older citizens.
Enhancing the Quality of Life for Retirees
The hike in pensions is a considerable step forward for Iraq’s retired employees, who have dedicated their lives to serving the nation. The financial boost will undoubtedly help them meet their financial obligations more comfortably and enhance their quality of life. While the specifics of the pension increase are yet to be disclosed, the news has been warmly welcomed by the retiree community.
At the Intersection of Football and Gaming: DLS 2024
Meanwhile, in the realm of digital entertainment, the much-anticipated Dream League Soccer game, DLS 2024, has been launched. Available in Arabic for both iPhone and Android devices, the game is a popular choice among football enthusiasts looking for an outstanding gaming experience. With a roster of over 4000 real players and various teams, the game promises high-quality graphics and an immersive soundtrack.
Localized Gaming Experience with Arabic Commentary
DLS 2024 stands out for its unique features such as the ability to customize the Dream League logo. This localized gaming experience is further enhanced with Arabic commentary, resonating with Arab-speaking gamers worldwide. Detailed steps for downloading DLS 2024 for Android users have been provided, making it easy for players to get started on this exciting football journey.
The launch of DLS 2024 and the boost in Iraqi pensions showcase the country’s strides in both the financial and digital spheres. As Iraq strengthens its support for its elderly population, the world of gaming is also evolving, offering more localized and engaging experiences for players.
