Tuesday, April 9, 2024
"IMPORTANT IRAQ NEWS:ADVISER TO THE PRIME MINISTER: IRAQ IS WITHIN THE SAFE RANGE COUNTRIES IN TERMS OF PAYING FOREIGN DEBTS" BY MNT GOAT, 9 APRIL
ADVISER TO THE PRIME MINISTER: IRAQ IS WITHIN THE SAFE RANGE COUNTRIES IN TERMS OF PAYING FOREIGN DEBTS
Today, Thursday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the reasons for reducing annual allocations to pay off foreign debts, while noting that Iraq is among the countries in the safe range in terms of debt repayment.
Saleh said to the Iraqi News Agency (INA): “According to international standards in calculating the ability of the national economy to bear the burden of external debt, Iraq is among the group of countries in the safe range in terms of the global standard for the ratio of the external debt stock,” indicating that “the gross domestic product According to estimates, it does not exceed 20 percent, while the global measure of the debt-to-GDP ratio allows up to 60 percent.
He explained, “Given Iraq’s regularity in repaying its external debts due annually, of which only approximately 20 billion dollars remain, the annual allocations to pay external debts through the federal general budget allocations have begun to show a clear decline and decrease in the amount of external debts due, and this has been reflected.” This is in the 2024 budget tables regarding allocations for external debt payments, compared to the 2023 budget tables, with a difference of decrease that may exceed a billion dollars.
He added, “This matter is reflected in Iraq’s high creditworthiness in repaying its debts to external creditors and its commitment to repayment since the Paris Club Agreement in 2004 until the present. These are annual financial allocation mechanisms whose installments and interest are paid on a regular basis through the annual general budget, and they are decreasing. This means that the external debt gap is heading towards shrinking and then almost disappearing.”
He noted that “the Paris Club Agreement in 2004 dropped more than 100 billion dollars of Iraq’s pre-1990 debt after Iraq obtained a discount on its debts at that time, which was 80 percent and more, and only a little of the remnants of those debts remained after it was removed.” The remainder of it has been scheduled and is paid annually according to a precise and regular accounting mechanism on the part of Public Finance and the Central Bank of Iraq, and the continuous decrease in its allocations is demonstrated by the amount of the decrease in the annual allocation of external receivables from the debts that must be paid and their waiver annually.”
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/
Monetary Revolution: The Fed Considers Ditching Fiat Currency For Gold BY AWAKE IN 3D, 9 APRIL
Monetary Revolution: The Fed Considers Ditching Fiat Currency For Gold BY AWAKE IN 3D, 9 APRIL
Is the U.S. on the Verge of Adopting a Beneficial Financial System Reset?
An unbelievable financial report was recently released outlining mathematically modeled scenarios for moving from Fiat to Gold financial systems.
I couldn’t believe my eyes when I read this Philadelphia Federal Reserve Bank’s February 2024 analysis and Working Paper.
The Fed, a principal overlord of modern fiat debt currency finance, is seriously contemplating a move that seems straight out of history books: bringing back a gold-backed currency for the United States and the global financial system.
How does an economy behave in a historical environment where gold is the international monetary standard? We find that key features of this monetary system are long-run price stability and the nonneutrality of money in the short run.
The Philadelphia Federal Reserve Bank Working Paper. February 2024
This isn’t a drill or a speculative thought experiment.
Given the dire predictions for our current fiat currency system, which is not backed by physical commodities and is on a crash course toward certain failure, this old-school idea suddenly makes all the sense in the world.
About the Philadelphia FED’s Surprising Working Paper
In a groundbreaking analysis released by the Philadelphia Federal Reserve Bank in February 2024, a compelling case is made for a significant pivot in the United States’ monetary strategy: the return to a gold-backed currency system.
This detailed examination, rooted in meticulously crafted economic modeling and historical insights, raises critical questions about the sustainability of the current fiat currency system.
The Federal Reserve’s exploration into this territory is not merely an academic exercise but a profound indication of the serious considerations at play to avert a financial system collapse that everyone knows is “mathematically certain and inescapable.”
The study, while complex, digs deeply into the foundational principles of the gold standard, underlining how such a system historically ensured long-term price stability and economic equilibrium.
In essence, the gold standard acts as a self-regulating mechanism for the money supply, linking the issuance of currency directly to gold reserves. This link curtails the propensity for unchecked money printing, a critical flaw in fiat systems that often leads to inflation or worse, hyperinflation.
Understanding the Gold Standard
Allow me to break down what this all means.
The gold standard is a monetary system where a country’s currency has a direct link to gold. So, if you have paper money notes, you can exchange it for a certain amount of gold.
Historically, this system kept economies stable because it prevented governments from printing money willy-nilly, which can lead to inflation or even hyperinflation.
The Fed’s report points out that with a gold standard, we’d likely see a more stable long-term economy, with fewer sudden spikes or drops in prices.
Why This Matters Now
You might wonder, why consider this now? The Fed’s analysis shines a light on three big reasons:
- Long-term Price Stability: Gold ties the hands of those who print money, ensuring that over time, prices don’t wildly fluctuate. Think of it as a financial thermostat that keeps the economy at a comfortable temperature.
- Money That Means Something : Right now, if the economy starts to falter, the government can just decide to print more money. Under a gold standard, this wouldn’t be as easy. Money would have real value tied to something physical, and as a result, its impact on the economy would be more predictable and steady.
- Protection from Economic Storms: The world economy is a complex web of trade and investment. The Fed believes that linking money to gold could act as a buffer against sudden shocks from abroad that can send our economy into a tailspin.
The Challenge Ahead
However, don’t think transitioning back to gold would be easy. It would require a delicate restructuring of international trade, balancing how much gold comes in and goes out of the country.
The Fed’s report is clear-eyed about these challenges. It talks about the need for careful policy planning and international cooperation to manage these complex dynamics effectively.
The very fact that the Fed is even considering this move is a wake-up call. It signals a profound concern about the sustainability of our current financial system.
This isn’t about looking backward with nostalgia. It’s suggests a forward-thinking strategy aimed at preventing a total economic collapse.
https://ai3d.blog/monetary-revolution-the-fed-considers-ditching-fiat-currency-for-gold/
Evening News with MarkZ. 04/09/2024
CBI OFFICIAL: Offering Completion Bonds, 9 APRIL
Offering Completion Bonds
April 08, 2024 Offering completion bonds :diamonds: This bank, on behalf of the Ministry of Finance, will offer bonds under the name (Injaz Bonds) to the public starting from 4/15/2024 until 5/15/2024.. For more click here https://cbi.iq/static/uploads/up/file-171256457620741.pdf
https://cbi.iq/news/view/2545
~~~~~
[incomplete and approximate translation of
https://cbi.iq/static/uploads/up/file-171256457620741.pdf]
All commercial banks M/ Offering bonds (Enjaz)
Based on the letter of the Ministry of Finance No. 196 dated 5/74/7410, which included the start of issuing national bonds.
To the public. This bank, on behalf of the Ministry itself, will offer bonds under the name (Injaz Bonds) to the public starting from
Date 4/14/1010 until 01/74/5 15. Because the success of the bond selling process depends primarily on your bank.
This bank invites you to receive the public and provide everything that will facilitate this process. It will not be promoted and delivered
Bonds are issued to the public only through banks.
In order to facilitate the procedures for these bonds, we have agreed to provide you with a mechanism for this. As we would like
We inform you of the following:
1. Lump sum administrative commissions will be allocated by the Ministry of Finance amounting to (11) thousand dinars (twenty thousand dinars).
For every customer attracted by your bank to buy the bond.
The bonds offered will be in two categories:-
:copyright:» A bond in denomination (500,000) dinars (five hundred thousand dinars) with annual interest (7.5/) for a period of two years and paid every six
Months.
:copyright: Bond denomination (1,000,000) dinars (one million dinars) with annual interest (8.5)) for a period of four years and paid every six months also.
“Your bank is required to announce to the public through all your branches and on social media pages
Your account or any other means of communication that you deem appropriate in a way that makes the purchasing process understandable and non-existent Complicated.
5. The amounts received from the public are collected and transferred at the end of each week to this bank until the end of the period
Designated for sale and code (5509).
. These bonds are exempt from taxes and related fees.
. Adherence to the usual anti-money laundering and counter-terrorism financing procedures and in accordance with the instructions issued in this regard.
. The possibility of using the bonds under study as guarantees in exchange for granting cash credit to customers (companies or individuals)
Provided that the amount and duration of the credit granted do not exceed the value and term of the bonds taken as guarantees.
6. These bonds are traded in buying and selling in the Iraq Stock Exchange.
9. The open market operations office in this bank is provided (exclusively) with the names of those wishing to buy any bonds
In paper form or via this office’s e-mail (WZA :copyright:08500.00626).
We ask your bank to take the necessary measures to combine efforts and make the bond sale process successful at all stages. With appreciation.
Attachments: - Mechanism for issuing completion bonds - Form/number (1)
https://cbi.iq/static/uploads/up/file-171256457620741.pdf]
The Beginning Of “Drying Up” Liquidity From The Hands Of The Iraqis.. The Destruction Of “Surplus” Currency And Deposits In Banks Are The Highest Historically, 9 APRIL
The Beginning Of “Drying Up” Liquidity From The Hands Of The Iraqis.. The Destruction Of “Surplus” Currency And Deposits In Banks Are The Highest Historically
Economy | 30,007 views Alsumaria News - Special
Over the past years, all of the economic problems in Iraq internally, whether with regard to corruption, the dollar, the rise in real estate prices, etc., as well as inflation,have been directly linked to the
high volume of liquidity and the printing of money by the Central Bank, as well as the high volume of cash in the hands of the street, citizens or... Capital owners, away from Iraqi banks.
Recently, trends and numbers indicate that a reverse process has begun to take place in Iraq, which consists of reducing cash and getting rid of “surplus printed money” without printing new money in front of it, and increasing banks’ possession of this liquidity instead of leaving it in the hands of the street and citizens, where it can be said that the government and the banking sector And finance in general in Iraq began to “nibble” the existing liquidity and “dry it out” from the hands of the people.
In a special review conducted by Al-Sumaria News, it becomes clear that the currency printed or issued in Iraq until February 2024 is the lowest in 8 months, that is, since May 2023, as the currency printed in Iraq reached 99.2 trillion dinars, and the highest historical level reached by the printed currency was recorded. In November 2023, it amounted to 102.6 trillion dinars.
This approach represents getting rid of the currency and not only stopping its printing, but also “destroying it.”
This matter does not seem “absurd,” but rather
it is an approach committed by Iraq
to reform liquidity management and with recommendations from the International Monetary Fund, which, in its statement last February, praised “ Efforts made by the Central Bank of Iraq aimed at getting rid of excess liquidity!
While the currency printed until February 2024 is the lowest in 8 months, there is a “historical” record corresponding to it, as the data reviewed by Al-Sumaria News show that until January 2024, the currency in banks amounted to 9.1 trillion dinars, and this number is the highest ever in history. Banks after they ranged between 6, 7 and 8 trillion over the past months and years.
The expected effects of this trend are not known, but specialists believe that the data will continue in one direction, which is to reduce printed cash and liquidity, and the banks’ attempt to hold on to liquidity and not leave it in the hands of citizens, and all of these indicators will ultimately lead to reducing inflation in general and reducing the “enormous” purchasing power among groups. Great Iraqi.
https://www.alsumaria.tv/news/economy/485612/بدء-تنشيف-السيولة-من-يد-العراقيين-اتلاف-فائض-العملة-والإيداع-بالمصارف
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