Economist Talks About The Mechanism For Reviving The Iraqi Economy
Economy | 08/24/2024 Mawazine News – Baghdad Economic expert Mustafa Hantoush said today: "What the Central Bank of Iraq is doing by empowering foreign banks or foreign investors at the expense of the Iraqi banking system is a fatal blow to future opportunities to advance the Iraqi economy through the banking system."
According to his statement to Mawazine News Agency, the expert Hantoush described the experiences of foreign banks or foreign investors who own national banks as failed experiments, pointing out that they have caused financial disasters for many countries.
The economic expert explained: "Most countries in the world give a very specific percentage to foreign investors in the banking sector in order to preserve capital and profits as an economic cycle within the country https://www.mawazin.net/Details.aspx?jimare=253831
๐ข Fabulous conversation in the Liberty Lounge Chat, per the usual. ๐⬇️ Liberty Loungers Extraordinaire, Zachaeus Shaw and Plato (Air Force Active duty & former ARMY - career military) added helpful update pertaining to Heightened Alert Levels. 8.24.24
๐ข Zachaeus: For those of you who believe in such things - I believe it was, before the RFK speech, I noticed my personal angelic attendants walking around with drawn swords in their hands. I asked, "What's going on?"script async="" crossorigin="anonymous" src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-6009082504355829">
"We're all on alert right now," I was told.
๐ขPlato: At work yesterday (Air Force base) we were told to enjoy the weekend cuz it might be last we get off for a while. So even the conventional military is feeling it.
As of August 25, 2024, Iraq has established itself as a significant player in the global gold market, ranking ninth among the top countries purchasing gold this year.
Iraq's Gold Market Dynamics
Iraq's appetite for gold has been on the rise, with the country acquiring over 100 tons of the precious metal in 2024. This surge in purchases has positioned Iraq as the ninth largest buyer globally, a notable development in the context of escalating geopolitical tensions and economic volatility.
Factors Influencing Gold Purchases
The increasing interest in gold can be attributed to several factors. Central banks, including Iraq's, are converting foreign currency reserves into gold, a strategy that underscores the metal's role as a safe haven asset and its importance as a store of value.
This trend is further amplified by the current economic landscape, with growing expectations of interest rate cuts by the Federal Reserve.
Global Context
Iraq's gold buying spree is part of a broader global trend. In 2024, central banks around the world have been increasing their gold reserves, with Russia leading the pack by acquiring 1,298 tons.
This surge in demand has contributed to gold prices reaching record highs, with the precious metal hitting $2,531.75 per ounce.
Gold as a Strategic Asset
The strategic importance of gold for central banks like Iraq's cannot be overstated. Gold is valued for its robust collateral, liquidity, and yield properties, making it an essential component of foreign currency reserves. As global economies navigate through uncertain times, the appeal of gold as a hedge against inflation and a safe haven during market turbulence remains strong.
Impact on Iraq's Economy
Iraq's substantial gold purchases have implications for its economy. By diversifying its reserves with gold, Iraq is positioning itself to better withstand economic shocks and maintain financial stability. This move also reflects a broader strategy to reduce dependency on oil exports, which have historically dominated Iraq's economy.
Conclusion
Iraq's emergence as the ninth largest buyer of gold in 2024 underscores the metal's enduring appeal as a global asset. As central banks worldwide continue to fortify their reserves with gold, Iraq's strategic acquisitions signal a proactive approach to economic resilience and diversification.
Economy 2024-08-24 | 2,315 views Alsumaria News-Economy Iraq ranked ninth globally among the 10 countries that bought the most gold this year.
What is meant by gold is the conversion of foreign monetary reserves into gold, not the gold of goldsmiths
and citizens.
Iraq bought 100 tons of gold this year, coming ninth out of the 10 countries that bought the most gold this year, compared to 1,298 tons bought by Russia, as amid escalating geopolitical tensions and economic fluctuations, interest in buying gold is increasing.
This comes as the price of the precious metal reached an all-time high of $2,531.75 per ounce after surpassing $2,500 for the first time this month amid growing expectations that the Federal Reserve is close to cutting interest rates.
The price of bullion usually benefits from low interest rates, and central banks hold gold reserves because of its strong collateral, liquidity and yield characteristics.
“Farm Claim Payments: I am getting so many reports from you guys on this one. Payments are being made and I think it is just huge. I was told from day one this would be the first claim paid.
I am excited to see it. I do know real people with money in their pockets from Farm Claims payments.”
We are hearing that they are off “stuck” and have moved past the initial round of bond stuff and they are starting to prepare (in mass) the folks with German bonds.
I am 100% certain that is what they are going to start processing next.
Hopefully also releasing the money that goes with it. I started getting this news last night.
We are hearing money is moving fairly quickly…but we have heard that before. I think we need to see more farm claims and settlements paid.
And past Farm claims into CMKX and fines and Penalties. This is some of the milestones we should be able to see in the coming days.
Iraq is not the only monkey in the game….They are just the easiest to track….. .
But we also track bonds and F&Ps…..also easy to track.
Iraq is not the only cog in the wheel. But they just need to release that new rate.”
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MARKZ
Thurs. 22 Aug. 2024 MarkZ
“We have good news on the Farm Claims, the original Pigford Black Minority Farm Claims. I am sure you all have seen the article over the last few weeks that the
“Farmers who faced USDA discrimination received historic $2B payout.”
My understanding is Pigford farm claims first…then the original 14 claims….of which 2 people have checked in telling me they do have money…not everything but a “chunk” ….So for me it is well underway and happening. The question is when will the “rank and file” of the bond world get paid? The bond market appears to be on hold right now, but still lots of expectations for this week.”https://www.agriculturedive.com/news/usda-black-minority-farmers-discrimination-payments/723051/
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GINGER NOTE ABOUT 2024 FARM CLAIMS LIQUIDITY
Thurs. 15 Aug. 2024Farm Claims liquidity, Ginger’s Liberty Lounge
Reports regarding Farm Claims settlements being paid are accurate; and this is a very nice item which we can happily check off our “non negotiable list”. I was unable to share the exact details from my own confirmed contact, so I am sharing this other news passed along from someone else. 8.14.24.
Lamb: “I just got off the phone with a friend of mine, she told me that her friend that had registered with the farm claim packages … He woke up to $500,000 in their bank account with no explanation, no nothing, he showed her the bank statement and knows this other person had “no pot to piss in” before (per se). So the statement about farm claims being paid is 100%.”