Thursday, June 6, 2024
Coffee with MarkZ and Mr. Cottrell. 06/06/2024
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
Coffee with MarkZ and Mr. Cottrell. 06/06/2024
Member: Good Morning- it's a beautiful day in the neighborhood
Member: Remembring D Day and all the brave men and women who fought for our freedom today.
Member: D-Day, June 6, 1944, marks a pivotal moment in history when courage and sacrifice changed the course of World War II
Member: Remember the Catsup commercial that took forever to get any Catsup with song Anticipation playing?
Member: That is us- waiting for the RV and Nesara
Member: Mark give us your opinion will this be over this year?
Member: If it works like it did in Kuwait-will they release the rate before they post it ?
MZ: But with the interconnectivity and the internet-it would make more sense to do it exactly the same time.
Member: Are Bondholders & Whales still beached in Reno ?
Member: Is this our week Mark?
MZ: I have been looking close to the 9th based on what I am hearing…….but no one knows the timing. I was expecting more bond movement this week although the chatter has been excellent on the historic bonds.
Member: Unfortunately chatter doesn’t pay bills or saves the world.
Member: If German bonds are worth more than anticipated- is it reasonable to believe that rates will be higher than expected?
MZ: It’s certainly possible and reasonable to think that. .
MZ: I do have a number of bond people that have been waiting all week. They woke up to messages today saying their appointments were changed to around 10AM on Monday now. They expect full payout. This means they expect money movement this weekend. We shall see.
Member: Well that sucks. Bond folks have to be very frustrated.
MZ: I was really hoping to have the first guaranteed and confirmed, slam dunk bond payment this week. But I still have a few MIA bond folks…where they have turned off their devices….goes straight to voicemail.
Member: People that don’t think a reset is possible. They don’t understand the debt to GDP ratio
Member: Saudi Arabia is expected to announce that it will cease all oil sales in US dollars, marking the end of the 50-year Petrodollar Pact signed on June 6, 1974, which expires on June 9, 2024
Member: Sunday may be a big day for us.
Member: With June 9th Saudi Araba dropping support of the Petro Dollar, and the impact on all global trade settlements I think it is safe to say the USD has run out of gas.
Member: A friend got a letter from the IRS that stated that they were not going to pursue her back taxes because of a major restructure of the IRS~!
MZ: There has been a tremendous cleanup in politics in Vietnam recently.
Member: Lots of cleaning up happening here in South African politics.
Member: praying this our golden weekend- retirement would be awesome
Member: Each day is a life of Euphoric moments just know it's round the corner not a long mile at all.
Mr. Cottrell joins the stream today. Please listen to the replay for his thoughts and information
"BUDGET APPROVAL " BY ARIEL, 6 JUNE
ARIEL
Breaking news: Iraqi budget for 2024 is voted on
A financial advisor to Prime Minister Mazhar Muhammad Saleh revealed the date of the government's implementation of the 2024 financial budget schedules approved by the House of Representatives today, Monday.
The summary: What's next?
Budget approval:
The financial budget for 2024 has been approved by the House of Representatives.
Implementation:
Once approved, the implementation phase will begin once published in the Official Gazette. Steps towards currency revaluation
Legislative approval:
Any changes, such as removing zeros or changing the exchange rate, must be approved legislatively.
Economic conditions:
The Central Bank of Iraq and relevant financial authorities will need to assess economic conditions to ensure post-revaluation stability. And the project, together with trade agreements, will help. Check out the latest post.
International coordination:
Coordination with international financial institutions and market participants is crucial to re-establish the currency in the global trade market. This will help increase the value.
Potential timeline:
Immediate Implementation:
Once the budget is officially implemented, financial authorities could initiate preliminary steps towards revaluation if conditions are economically favorable. Which shouldn't be a problem when you think about how much gold is at stake.
Government statements:
Stay tuned for official statements from the Central Bank of Iraq or the Ministry of Finance regarding revaluation plans and schedules. But this can also come out of nowhere and without warning.
Financial implications:
Project financing:
A new exchange rate will help finance large projects by making the currency more viable in international markets once the 3 zeros that by default will give purchasing power to Iraqis are removed.
Monetary policy adjustments:
Continued efforts by the BCI to ensure compliance with anti-money laundering (AML) and counter-financing of terrorism (CFT) regulations to stabilize the foreign exchange market and ensure private sector access to foreign exchange at the official rate for imports and travel.
Non-oil GDP growth:
Growth in the non-oil sector is critical, with real non-oil GDP set to grow by 6% in 2024. This growth is expected to continue, supported by public spending and strong agricultural production.
US Treasury and IMF participation:
Coordination with international financial institutions, such as the IMF and the US Federal Reserve, to ensure smooth financial operations and compliance with global standards. The 2024 IMF Article IV consultation highlights the need for fiscal adjustments and economic reforms.
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Well, this is all what they say is being worked on. We'll see when it becomes official.
IMPORTANT IRAQ NEWS: AFTER APPROVING THE BUDGET, AL-SUDANI CALLS ON PARLIAMENT TO MONITOR THE WORK OF THE GOVERNMENT: NO COURTESY AT THE EXPENSE OF THE PEOPLE BY MNT GOAT, 6 JUNE
AFTER APPROVING THE BUDGET, AL-SUDANI CALLS ON PARLIAMENT TO MONITOR THE WORK OF THE GOVERNMENT: NO COURTESY AT THE EXPENSE OF THE PEOPLE
On Monday, Prime Minister Muhammad Shiaa Al-Sudani called on the Iraqi Parliament to strengthen the government’s work by following up on the legislative and oversight efforts, following the vote on the 2024 budget, stressing that there is no courtesy at the expense of the people.
Al-Sudani said, in a statement received by Shafaq News Agency, “With greater appreciation and pride, we congratulate the responsible step of the esteemed House of Representatives, represented in approving the 2024 budget schedules, related to Law (13 of 2023), the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023). , 2024, 2025).
Al-Sudani expressed his “thanks and appreciation for the efforts of the Presidency of the House of Representatives, the political forces, the parliamentary committees, and the Finance Committee, which completed the government effort, and what was previously approved in the Council of Ministers, represented by the budget schedules (A, B, C, D, E, and F).”
Al-Sudani stressed, “to continue implementing the government program, which received the vote of the House of Representatives and the support of the political forces, in order to complete the goals and implement the priorities that represent, above all, the aspirations and demands of our Iraqi people that they wish the government to fulfill. ”
He continued: “On this occasion, we call on the House of Representatives and the governorate councils to support the government’s work by following up on the legislative and oversight efforts, which our government institutions, with all their arms and bodies, view as support for their work, a course correction, and a guarantee against corruption, deviation, and failure, just as we promised our people that there is no room for delaying. There should be no courtesy at the expense of people’s interests, preserving public money, and implementing services in all their names.”
Earlier today, Monday, the Iraqi Council of Representatives voted on the budget schedules for the current year, 2024.
The hours before the vote witnessed controversy within the Parliamentary Finance Committee, as votes were taken twice on the budget tables due to disagreements.
And earlier; Member of the Parliamentary Finance Committee, Saad Al-Tobi, confirmed that the committee voted on the federal budget schedules for the year 2024 without making changes to them, indicating that two trillion dinars had been allocated for transfer between the exchange doors.
"1 IQD TO $3.78 USD" , FROM GINGER LIBERTY LOUNGE TELEGRAM ROOM, 6 JUNE
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🙏Wow 25,000 Iraqi Dinar Is Equal To $25,000 USD 5/13/2024
Today's 6/6/2024 ( Eastern Time ) IQD Rate On Live Forex, Back Screen Rate And https://it.tradingview.com/chart/?symbol=USD%2FIQD All Are Showing $3.78 USD
