Wednesday, January 3, 2024
"Dollar Traps" Are Coming To An End. Parliament Reveals Those Involved In The Fluctuation Of The Parallel Market - Urgent , 3 JAN
"Dollar Traps" Are Coming To An End. Parliament Reveals Those Involved In The Fluctuation Of The Parallel Market - Urgent
Baghdad Today - Baghdad Today, Wednesday (January 3, 2024), the Parliamentary Economy Committee revealed those involved in the fluctuation of the parallel market in Iraq, while indicating that the "dollar traps" are coming to an end.
A member of the committee, MP Yasser Al-Husseini, told "Baghdad Today", "We are closely following the file of the fluctuation of the parallel market in Iraq, especially after moving to the electronic platform prepared by the Central Bank to regulate dollar liquidity and prevent smuggling, but on the other hand, there are those who have been reconciled to beating with any organization because it loses its ability to smuggle and manipulate, which drives it to try to confuse the markets by various means."
He added, "Despite the fluctuation in prices, the coming days will bring greater reassurance to traders and all dealers in the capital market in terms of the stability of the exchange rate at good levels, especially with the control measures of the Central Bank, which we hope will increase in its axes."
Al-Husseini referred to what he called dollar traps - in reference to the attempt by some to manipulate exchange rates in the parallel market - is nearing completion, pointing out that "there are corrupt people who live on the chaos of the market in addition to the trade of contraband, including drugs, which are also a competitor in the parallel market," stressing that "the measures of the Central Bank will combat the most important liquidity threads for them."
He continued, "The stability of the dollar exchange rate will push to reduce prices in the markets and this needs some time, pointing out that, the government's entry into the file of securing materials in the markets will push to a wave of greater decline in the coming period.
Since the announcement of raising the value of the Iraqi dinar against the dollar by the Central Bank, the local markets are witnessing trading other than the official rate of the dollar with a difference of sometimes up to 30 points, which necessitated the intervention of the government and the Central Bank with measures to reduce this phenomenon, but to no avail so far, as the exchange rate of the dollar remained high to more than 150 thousand dinars per 100 dollars in the markets and banks of Baghdad and the provinces.
Wciappetta: I wonder if the effort to bring to heel the market rate stalls, will this force the CBI to make the next exchange rate adjustment to near 1000 as a dual effort; one to get ready for lower denomination introduction and two, to further prime the monetary pump in its effort to stabilize the market rate? Perhaps not their first thought but it's in the tool box.
Revisiting the 2008 Global Monetary Crisis because it’s Coming Back with a Vengeance this Year BY AWAKE-IN-3D, 3 JAN
Revisiting the 2008 Global Monetary Crisis because it’s Coming Back with a Vengeance this Year
On January 2, 2024 By Awake-In-3D
As we step into a new year, the ghost of the 2008 global monetary crisis still looms large over the fiat financial system.
More than fifteen years have passed, yet the financial earthquake that shook the world in 2008 was never fixed. It was merely “papered over” setting the stage for a grand, catastrophic finale that will bring down the great global fiat currency debt system experiment which began in 1971 (when the United States ended it’s peg to gold).
The 2008 crisis wasn’t just another financial downturn; it represented a seismic shift that transcended the confines of specific assets or sectors.
Unlike an asset bubble like the 2000 dot-com crisis, which primarily affected specific industries, the 2008 meltdown was a global monetary catastrophe.
It went beyond the devaluation of a few assets; even fundamentally sound assets had to be repriced lower due to a severe shortage of cash to purchase them. This scarcity of funds led to a worldwide liquidity crisis, impacting the circulation of money throughout the international financial system.
What made the 2008 crisis different was its global character. The crisis extended beyond the United States, affecting the global financial landscape through the Eurodollar market.
The Eurodollar market, despite its name, is not about Europe; it involves the circulation of US dollars outside the United States and played a pivotal role in the crisis. The shortage of dollars in this international market had a far-reaching impact, leading to a liquidity crisis that affected the worldwide circulation of money.
European banks were ensnared in this dollar shortage, resulting in a tidal wave of fund outflows, which went beyond bad loans and represented a struggle for liquidity in the global financial system.
Fast forward to 2024, and the aftershocks of 2008 are still being felt.
The government-induced economic shockwaves of the COVID-19 pandemic have only served to exacerbate the existing challenges stemming from the 2008 crisis.
Central banks continue to grapple with the long-term repercussions, with discussions and actions indicating ongoing concerns about a return to the gloomy aftermath of the crisis.
These actions are not just economic adjustments; they reflect a persistent worry about the prolonged impact of the crisis on the global economy.
To the non-financial reader, it’s crucial to recognize that the 2008 global monetary crisis isn’t just a historical event—it’s an ongoing issue with profound implications for the stability and functioning of the global financial system.
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The Dollar Continues To Submit To The Iraqi Dinar.. The Exchange Gap Is Shrinking And The Federal Government Is Defeated Again, 3 JAN
The Dollar Continues To Submit To The Iraqi Dinar.. The Exchange Gap Is Shrinking And The Federal Government Is Defeated Again
Information/Private.. After the stifling crisis that embarrassed the government in light of the high numbers reached by the dollar exchange rates compared to the official price, some attribute the reasons for the recovery of the dinar to the success of the Central Bank’s procedures and its recent steps in providing the currency of some countries to finance the country’s foreign trade.
On the other hand, the decline of the dollar is due to the government’s ability to contain the Federal Reserve’s decisions that contributed to the rise in the exchange rate in the previous period, amid expectations that the decline will continue after the Central Bank translates the recent decisions and measures into reality.
*The results of the procedures
Speaking about this file, a member of the House of Representatives, Suhaila Al-Sultani, explained the reasons for the decline in the dollar exchange rates after months of rise, while she confirmed that the results of the successful measures and decisions taken by the government and the Central Bank began to be translated into reality.
Al-Sultani said in an interview with the Maalouma Agency, “The dollar exchange rates will witness a significant decline in local markets compared to the rise that parallel prices reached in the previous period,” noting that “the government’s continued taking the right steps in this file will reduce the gap between the official and parallel rates soon.” ".
He continues, "The campaign of arrests and prosecution of currency speculators had an effective role in keeping the Iraqi dinar from collapsing," adding that "the Central Bank's decisions work to match the parallel and official dollar exchange rates."
The member of the House of Representatives added: “Controlling the dollar file, in light of the major violations in this file, will not be instantaneous and will need a period of time in order to impose it on the local markets,” pointing out that “the results of the successful measures and decisions taken by the central bank government have begun to be translated on the ground.” reality".
* Trade financing:
For his part, the economic expert, Abdul Rahman Al-Mashhadani, confirms that the central bank’s agreements with some countries to finance foreign trade in the local currency contributed to the decline in the dollar exchange rates, suggesting that the exchange rates will reach 145 thousand compared to 100 US dollars.
Al-Mashhadani said, in an interview with the Maalouma Agency, that “the agreement with the banks of the Emirates, Turkey, India, and China to finance Iraq’s foreign trade is a step in the right direction,” noting that “proceeding with these measures will reduce the gap between the official and the parallel.”
He continues, "The measures taken by the government were practical, but the shock of the US Federal Reserve's punishment of banks prevented prices from falling in the previous period," pointing out that "the US sanctions were a painful blow to the local markets."
He added, "One of the factors why the dollar exchange rates did not decline in the previous period was the intervention of the external factor in the dollar issue," adding that "the central bank's agreements with some countries to finance trade in the local currency contributed to the decline in the dollar exchange rates."
The dollar exchange rates in local markets witnessed a significant decline after months of rise, which created severe economic repercussions for citizens, after the exchange rates at one time reached 169 thousand for every 100 dollars. Ended 25/day LINK
wciappetta: You have to wonder why all the fuss of containing the "market rate" bringing it in line with the CBI official rate? In the past the CBI has been able to maintain the 2% margin or at least close to it. I think the goal today is to achieve this standard again thus proving the ability of the CBI to effectively manage the Iraqi economy according to international standards before they move to the next step, or you would have to question why the extreme effort?
AML/CFT is being employed and this did create a strain on commerce as vendors became acquainted with the electronic system to process commerce and this did upset the balance in dollar access. The CBI employing its new strategy has created the expectation that the market rate for dollars is quickly falling in line with the official exchange rate.
This effort has been spearheaded by the CBI in conjunction with the Fed/US treasury by allowing other foreign currencies into the mix for trade [as was apparently done prior to 1990] in order to reduce dollar demand. I think the 2% target is desired. I think the US is requiring this target in order to move forward. My conclusion for better or worse is based on what the reports declare. In any case and IMO it won't be long to reach the goal.
BRUCE'S BIG CALL, 3 JAN
Bruce’s Big Call Dinar Intel Tuesday Night 1-2-24 REPLAY LINK Intel Begins 1:07:27
Welcome everybody to the big call tonight, it is Tuesday January 2, 2024. I didn't think we were gonna get here. Didn't think we're gonna have a new call in our 13th year of the big call. And - but here we are. So, you know things come every day to me that surprised me a little bit - and that's one thing that is a surprise. Yes, I was told I wouldn't - that Thursday would be my last call – didn’t expected me to have to do a call tonight. I get I get it - but I've been told that probably five or six times now
So, I have to take that with a grain of salt and say let's just see what happens. We have to lift this manifest in our lives - let this come through. And I'll address that a little bit more in the Intel segments.
All right, so hang in there. Welcome and Happy New Year to everybody within the sound of my voice - big call universe, Happy New Year and hopefully everybody had a decent New Years and a decent Christmas - it wasn't as good as we thought it would be. That's for sure. But I hope you guys have the endurance in the faith with this and stay in the game. And, you know, hang in there with us because that's what we're gonna do we're gonna hang in there until this thing manifests
All right, guys, let's talk about it. I told you briefly that you know, things obviously change, sometimes from hour to hour - Sometimes day to day. We had the anticipation even on Thursday's call when I get an Intel call in the middle of Sue’s segment, which is what happened - and I took it and then adjusted my Intel to say we should be notified on either Monday, the first or today.
It was like Monday or Today, I think by noon, at least that's what I had by Saturday and Sunday, but neither one happened – so we kind of go what happened? What exactly transpired or what didn't transpire so that didn't happen? And the only thing we got, this was last night by 11 o'clock I got a call that said the Treasury, US Treasury was going to send out an email to all banks and redemption centers - all banks and redemption centers at 10am Eastern – this morning .
I have to assume that happened. However, we don't know what was in the email. We never got a report back from anybody that said what the email said. I would be guessing if I tried to tell you all I believe is that it probably dealt with the setting of our appointments and maybe the start of our exchanges.
Now, since 11’oclock last night, we've got little bits and pieces of things. We've had a little bit of clarification. There was some chatter out there. about the world court and maybe the language of the RV needed to be put into common law from the other type of law even under But we did find out today that anything regarding the language was all done by New Year's Eve. That part was handled.
That part was handled – that part is done - when we talk to people like the southeastern regional manager of Wells Fargo and certain other people they say everything is done. everything's done.
We don't know why it hasn't happened. And when you get that from your top banking sources, that you really haven't heard what that email was - it tends to make us believe - Yes, we're super close, but we still don't know exactly when it's gonna go.
So I think another - another piece of information I got was from a bond paymaster that has connections with Miami, Reno - Geneva - and he said, regarding the bondholders that they expect them to have access to liquidity tomorrow and or Thursday.
So tomorrow, and Thursday - And the same paymaster says he expected tier 4B to also be receiving their notifications in that same timeframe.
So - where I hate the idea of telling you guys probably tomorrow or next day - you know, I don't like saying that. but if that's what I'm getting from some of the higher more credible sources, then I have to go with it now and let you know that.
So it could very well be that instead of today – we get notified tomorrow and exchange on Thursday. I have to consider that a possibility. I don't think we're expecting to wait on other things to manifest.
Even though there are things happening politically there are things happening - I can't even tell you everything that is happening, things that are happening out there. And the other thing we did here was that we expect the announcement like NESARA and GESARA - our new USN currency gold backed, et cetera. Et cetera, all these little announcements that we're looking for. We're expecting them to happen on January 11 or before -- on the 11th of January or before.
Well, this is before and I think we will get some of those between now and the 11th. And possibly, we'll we'll do a grand finale of a major announcement on the 11th. But I and I've asked this question of my sources, and they're indicating that no, we don't have to wait until the 11th to go that everything is ready to go Now.
We just have to get the green light from Treasury to get started and get these numbers out to us.
So I wouldn't be surprised if they came out tomorrow. And I wouldn't be surprised if we just set appointments tomorrow and started Thursday. So you know, this is one of these where I don't have them telling me that exactly. But that seems to be the direction we're going in. We know every day that goes by which is one day closer and the fact we didn't get notified today and get our toll free numbers and set our appointments - It indicates that we're close - But are we waiting on anything else to happen?
That's the big question. That's what I'm not getting. The fact that we may have to wait on anything else to happen because several sources are telling me that everything is done.
Now one bank is not even involved in the zim, just involved in the other currencies, is suggesting Wednesday or Thursday for our exchanges. They may be right on the money Wednesday or Thursday. As soon as you guys all I can tell you is we didn't get it by the end of last year. We didn't get it before Christmas.
But I believe they want to get this done and out to us.
Trying to think what else relevant? Oh yeah, let's bring up Iraq. Now Iraq has already been doing exchanges at their new rate in the country of Iraq. They were told that on the first which was yesterday first of January, the US D or Fiat dollar is dead. It is no longer usable – it’s gone - they want them to completely transition to the new lower denominations of the Iraqi dinar and those are in the ATMs. They're in banks and in shops in Iraq. They're in the businesses and shops. They have a lower denomination center using them now.
The other thing that has not yet been released and this is where the ban - the ban on pulling out the Iraqi dinar rate internationally. We still seem to control that here from the States.
But we are hearing that that ban is supposed to come off tomorrow and which is great. That's Wednesday. Wednesday in Iraq.
So I think that's a really good sign. If that ban comes off and the dinar is rate is known internationally, and I think everything should be ready to go for us. We know that there are nine currencies. - Of all those currencies we talked about in the first basket there are nine that RE GOING UP in value.
And I can name them we know what they are OKAY - Most of you have some of you have more than others. They that is really good you know - I'll just run them down - obviously the Iraqi dinar - the Zimbabwe dollar – zim - The Indonesian rupiah - the Israeli shekels is one of them - the Afghani – obviously the Vietnam Dong of course - Venezuelan bolivar - there are probably forgetting one or two that are if I did seven or eight or nine total that are going up in value.
The rest of the currencies - take the whole rest of them, Half of them approximately will stay the same - other half will go down slightly in value. So that's where we are on that -
So they are changing and how they are doing things a little bit, but I think it's all gonna come down very well for us. We need to get the toll free numbers to Set our appointments - and then we'll be off to the races - really looking very close.
So if you can hang in there a little bit longer – I hope - I think all of you can if you choose to, We might be right there. Right next to where we’re about to start
Now, I would say – look at the intel - okay - I see what you're saying, maybe this thing is close - Okay, that’s good – great – maybe we’re going soon - ok great –
In the meantime – you stay with your plan A, your current job – you continue to work with that - you can know that this plan B might be a blessing when it comes in - it will come in
I don't think it's going to be too much longer. I really don't. Well let's wait to see what happens. That's sort of where we are. We need to do that. And stay in faith for it . Continue thinking positively about believing in this happening for us, because it will happen and there's probably a bunch of things I'm not mentioning that we've talked about this but I'm still excited by what happened by now but it hasn't so I wouldn't do stay with it and allow it to come in to us and allow us to be right to redeem our zim and exchange.So in the meantime do that say with your plan a continue to just be in faith for this
.So let's do this. Let's go ahead and pray the call out. Let's see what if something manifests to us tomorrow. We'll see what happens.
Well, God bless you guys. Have a great one. we'll see what happens in the next few days. Obviously, if we don't have numbers, by Thursday, we'll have a call. All right. God bless you guys have a wonderful night. Amen. And amen.
Well, God bless you guys. Have a great one. we'll see what happens in the next few days. Obviously, if we don't have numbers, by Thursday, we'll have a call. All right. God bless you guys have a wonderful night. Amen. And amen. Amen and Amen.
"INTEL OF A CBI CONTACT" BY GOLDILOCKS, 3 JAN
Intel:
Today {01/02/23), Dee and I did get confirmed in a meeting with our CBI contact that the Iraqi Dinar is currently trading through electronic mechanisms.
As their currency expands into the International stage this year, they do expect to have a currency with a higher value as the year progresses.
This is a learning curve for them as well as other currencies around the world as many of them began the process of trading in their own currencies on an official level today.
We did schedule a meeting with our contact and other members of their IT Department for later this week or early next week.
© Goldilocks
'Your account has to be with us at least 6 months before we do something like that.'?? BY FRANK26, 29 NOV
Frank26 [Response to what the community is hearing from Chase Banks - That you have to wait 6 months before you can exchange your for...
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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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...