Dinar Recaps Blog Page — Dinar Recaps (2024)

Good Evening Dinar Recaps,

Now Reuters reported that five payment providers have applied, citing sources. They are Google Pay, Walmart-backed PhonePe, Cred, Amazon Pay and Mobikwik.

PhonePe is India’s leading payments app, followed by GooglePay. Together they make up 85% of transactions and value for UPI, India’s successful instant payment solution, which processes almost 14 billion transactions monthly.

Not mentioned among the digital rupee applicants is third ranked player PayTM, which has a 6% UPI market share. Cred is fourth, AmazonPay is sixth and Mobikwik is sixteenth, but the UPI figures drop off significantly beyond the big three.

If the CBDC follows UPI, then banks might end up playing second fiddle to the payment apps.Three banks rank in the top ten for UPI apps – Axis, ICICI and Kotak Mahindra – with the largest in the fifth spot. However, the three banks combined have a market share of less than one percent.

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I’m a Millionaire: How I Save For Emergencies — and Why I Still Worry About Having Enough

August 2, 2024 by Cindy Lamothe GoBankingRates

One of the smartest pieces of financial advice out there is to have an emergency fund in case the unexpected happens. And while all of that is well and good, how much is enough?

GOBankingRates spoke with millionaires Tommy Mello, founder of A1 Garage Door Service, and David L. Blain, CFA, CEO of BlueSky Wealth Advisors, to discuss exactly how they save for emergencies and when they feel it’s sufficient.

“Since I founded A1 Garage Door Service in 2007, the company has grown to be a leader in the home-service industry,” Mello said. Through this journey, he’s faced numerous financial challenges and learned valuable lessons about saving for emergencies.

“No one likes to think about worst-case scenarios, but being prepared financially for emergencies gives you peace of mind,” Blain noted. “Then you can focus on living your life without constant worry over what might go wrong.”

Here is how these two millionaires save for emergencies and why they still worry about having enough, along with tips for creating an emergency fund.

How I Save For Emergencies

“Building an emergency fund has always been a priority for me,” Mello said.

He sets aside a percentage of his business profits into a separate savings account dedicated solely to emergencies. “This fund acts as a financial cushion, providing security and peace of mind. I aim to have at least six to 12 months’ worth of operating expenses saved,” he explained.

This approach ensures that his business can weather any unexpected downturns or crises without compromising operations.

Concerns About Not Having Enough Savings

“Despite having a substantial emergency fund, I sometimes worry about whether it’s enough,” Mello said.

He explained that the home service industry can be unpredictable, and unforeseen expenses can arise at any time. “For example, economic downturns, natural disasters or sudden equipment failures can significantly impact our financial stability,” he said.

These concerns drive him to continually evaluate and adjust his savings strategy to ensure he is well prepared for any eventuality.

Blain shared a similar view. “As a millionaire, I do worry about emergencies depleting my savings, even with a sizable emergency fund,” he said. “We keep enough cash on hand to cover six to 12 months of expenses, but medical issues or natural disasters could wipe that out quickly.”

Tips for Building a Solid Emergency Fund

According to Mello, when building an emergency fund, you should start small and be consistent. He advised beginning by setting aside a small percentage of your income each month. “Consistency is key. Over time, these small contributions will accumulate into a significant emergency fund,” he explained.

He also emphasized that building a solid emergency fund is crucial for long-term financial stability, especially in the unpredictable world of entrepreneurship. “By adopting disciplined savings habits and continuously evaluating your financial preparedness, you can ensure that you’re ready to face any challenges that come your way,” he said.

Blain agreed. “Building wealth is a marathon, not a sprint,” he said. Making regular contributions to your emergency fund and saving diligently over time is the key, according to Blain. “Stay disciplined, cut excess spending, and your emergency fund and net worth will grow over the years through the power of compounding,” he said.

Here are some additional tips for how to build a solid emergency fund.

To Read More: https://www.gobankingrates.com/saving-money/savings-advice/im-a-millionaire-how-i-save-for-emergencies-why-i-still-worry-about-having-enough/

TNT:

Tishwash: Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?

The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.

An informed source revealed to Al-Mustaqilla today, Tuesday, that Al-Alaq decided to submit his resignation after facing multiple problems in the financial sector, in addition to his inability to fulfill his promises to control the exchange rate. This request comes at a sensitive time for the Iraqi economy, which suffers from severe fluctuations in exchange rates and direct impacts on the local economy.

The main reasons that prompted Al-Alaq to submit his resignation are related to the ongoing difficulties in managing the financial and banking sector, in addition to the major challenges in controlling the dollar exchange rate on the black market. Since taking office, Al-Alaq has made many promises to achieve financial stability, but he has faced great difficulties in implementing them, which has led to increasing pressure on him.

A document obtained by Al-Mustaqilla today, Tuesday, revealed that the Speaker of Parliament has agreed to host the Governor of the Central Bank, Ali Mohsen Al-Alaq, by the Parliamentary Integrity Committee. This hosting aims to discuss the challenges facing the Central Bank and investigate the reasons that led to the request for his resignation.

Al-Alaq’s resignation could raise questions about the future of financial policy in Iraq. The central bank is central to economic stability, and any change in its leadership could have a significant impact on financial markets and confidence in the banking system.

Iraq faces major economic challenges that require strong and qualified financial leadership. The most prominent of these challenges are:

Controlling the exchange rate: Iraq needs effective policies to control the dollar exchange rate and prevent speculation that leads to sharp fluctuations.

Banking system reform: Improving the efficiency and transparency of the banking system to keep pace with international standards.

Combating corruption: Promoting integrity and transparency in financial institutions to prevent corruption and restore investor confidence.

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Low oil prices threaten Iraq's economy: Does the government have a plan or will it wait and watch?

Economist Omar al-Halbousi confirmed that the drop in oil prices to $75 per barrel is putting Iraq under great pressure, especially since the 2024 budget was approved on the assumption that the price of a barrel of oil will be $80.

Al-Halbousi warned that the continued decline in oil prices will lead to a major collapse and the government’s inability to pay salaries and run the state’s work. link

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Courtesy of Dinar Guru: https://www.dinarguru.com/

Frank26 [Iraq boots-on-the-ground report] FIREFLY:
They're saying the US Treasury has taken over the Central Bank of Iraq...They have an entire floor at the CBI headquarters. It is reference to the CBI not getting the banks that were supposed to be sanctioned to cease and comply...The US Treasury is here to oversee and stop any money laundering that was preventing us from having our monetary reform... FRANK: Not the whole building just the second floor...This is ancient history...

Militia Man [ via PDK] The multi-currency practices are going to go away and ultimately they will apply a REER or Real Effective Exchange Rate to Iraq’s currency - Everything we are seeing is powerful evidence that the monetary reforms are on the table and they are knocking them out….

The IMF's Latest Report on Iraq's Economy

Edu Matrix: 8-6-2024

https://www.youtube.com/watch?v=sSL99mxSsH0

BRICS ALLIES: Malaysia and Russia Focus on Economic Ties as PM Anwar Ibrahim Plans to Visit Russia

Lena Petrova: 8-6-2024

https://www.youtube.com/watch?v=HFq6zYwpxxo

Here Are The Dollar Prices In The Iraqi Stock Exchanges

Economy 2024-08-06 | 2,525 views Alsumaria News – Local Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Tuesday, August 6, 2024.

The dollar prices decreased with the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,800 dinars for every 100 dollars.

As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,750 dinars, while the purchase price reached 148,750 dinars for every 100 dollars. On February 7, 2022, the Council of Ministers announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.

For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets. LINK

More Than 1000 Contractors Declare Bankruptcy In Sulaymaniyah

2024-08-06 Shafaq News/ The Contractors Union in Sulaymaniyah Governorate renewed, on Tuesday, its demand to pay contractors’ dues for completed projects that have been stopped since 2014, revealing at the same time the bankruptcy of more than 1,000 contractors in the governorate.

The spokesman for the Contractors Union, Sulaymaniyah branch, Zain Abdullah, said during a press conference attended by Shafak News Agency, that contractors have been suffering since 2014 until now from the non-payment of financial dues for completed projects, as well as the non-granting of a financial guarantee letter, and the non-disbursem*nt of insurance related to completed projects.

He added that after holding two separate meetings with the management of the regional bank and the central bank in Sulaymaniyah, it was agreed to form a committee and disburse financial insurance and the financial guarantee letter according to the completion rates of the projects within a period not exceeding three days.

Abdullah also pointed out that during the period from 1/2/2023 to 7/1/2024, a financial amount of 179 billion dinars was disbursed for new projects only in Sulaymaniyah, while the financial amounts were not disbursed for the completed projects implemented in 2014.

The union demanded that all dues be paid as soon as possible and that clearing houses be opened between companies so that funds can be transferred to the companies’ bank accounts.

He continued on behalf of the union that the contractors declared bankruptcy, and out of a total of 1200 contractors in Sulaymaniyah, there are now only 100 contractors working, and the rest have stopped working due to lack of financial liquidity. LINK

Oil Issues Clarification Regarding Basra-Haditha Pipeline

Tuesday 06 , August 2024 | Economic Number of readings: 50 Baghdad / NINA / The Ministry of Oil issued a clarification regarding the (Basra-Haditha) pipeline.

The ministry stated in a statement: "Despite the many statements published by our ministry, which clearly explained the full truth of the Basra-Haditha crude oil pipeline project with all its details and the economic feasibility of its establishment, some still insist on addressing the project, describing it with inaccurate and unrealistic information.

From time to time, articles are still circulating in the media or on social media insisting on calling the project by a name other than the official name announced for it, drawing unrealistic scenarios that are not consistent with the direction of the ministry, which leads the oil wealth with confident steps and wise policies witnessed by everyone, achieving distinguished successes at all levels of extraction, transportation, refining and distribution."

She added: "The Ministry of Oil has been keen, as is its custom, to be transparent in sharing with the Iraqi people all the developments witnessed by the oil sector and the important achievements made in it, out of its keenness to convey accurate information, as not a period passes without news to our people about completed projects and others under construction or in the process of starting implementation, as these achievements are backed by the tremendous efforts of our ministry's cadres and its various formations."

She continued: "Based on this principle, the ministry is currently preparing to start implementing one of the giant strategic projects in the field of transporting crude oil from Rumaila in Basra Governorate in the south to Haditha in Anbar Governorate in the north, as the project serves two main goals: diversifying export outlets and supplying current and future refineries and power stations with crude oil."

The Ministry clarified in response to the recent article that discussed the project with inaccurate information, the Ministry of Oil would like to say that the officials in our Ministry have stated in more than one forum and occasion that the project does not extend to the port of Aqaba and does not contain any new pipelines outside the borders,

but rather work is being done in parallel with the implementation of the project to link it with the Iraqi-Turkish export pipeline by linking the Haditha warehouse to the (IT1A) station in Baiji with a 200 km long pipeline, where the cadres of our Ministry, represented by the formations of the Oil Projects Company, the Lines and Pipelines Company, and the North Oil Company, have rehabilitated and maintained the pipeline extending from the (IT1A) station in Baiji to the Turkish border point in Fishkhabur,

which was severely damaged during the events that the northern governorates were exposed to during the past years, where the Ministry provided, by resorting to the maintenance option, despite its difficulty, large sums of money estimated at 500 million dollars.

She added that the halt of oil exports through the Turkish port of Ceyhan costs the state large financial fees and causes the loss of customers in Europe and North America, which calls for accelerating the start of this vital project, as all the oil produced from the Kirkuk fields and the northern region is consumed in the refining sector and the halt of crude oil exports from the Kurdistan Region.

She pointed out that the projects implemented by our ministry, especially the strategic ones, are subject to in-depth studies at all technical and economic levels that extend over many years, taking into consideration long-term oil policies and market needs.

Reputable international companies are called upon to prepare technical and engineering documents in order to mature them before they are ready for implementation. Accordingly, the statement that the project is not economically feasible is contrary to reality, as the Ministry of Oil is the most keen on the success of the projects it implements and ensuring their economic feasibility.

She explained that a large part of the oil from this pipeline will be consumed locally by equipping the refineries of the central and southern regions of Nasiriyah, Samawah, Karbala, Najaf, Diwaniyah and the refineries of the northern region, in addition to supplying power stations with crude oil during peak times.

She added that our ministry has repeatedly stated that the Haditha-Aqaba pipeline project is not included in the ministry's plans and that in any case it will be subject to a technical and economic feasibility study, but some people, due to their lack of full understanding of the project's components, continue to present it inaccurately, describing the project in a way that it does not contain, provoking people's emotions in obstructing the project and putting obstacles in the way of the country's progress and prosperity.

She pointed out that the project will be a fundamental pillar in driving the Iraqi economy by maximizing financial resources, raising the country's overall growth level, and delivering Iraqi oil to European and American markets through the port of Ceyhan and perhaps in the future through the port of Tartous or the port of Tripoli on the Mediterranean Sea at competitive costs that allow the sale of oil at rates higher than the price offered for oil available at Gulf ports thanks to the short distance and low shipping costs.

The project, with its large facilities extending along the pipeline route, whether the giant warehouses in both Rumaila and Haditha or the pumping stations, will create significant job opportunities for the country's people.

The project's location near the development road will support the government's orientations to raise the globality of the project and make it a global energy corridor alongside the trade corridor and push surrounding countries to invest in oil and gas transport projects through Iraq, which will positively reflect on the country's economy.

The Ministry of Oil stressed that it is the guardian of the country's oil policy and the guarantor of the success of the projects that are planned accurately and with the most efficient Iraqi expertise and employing the latest technologies by harnessing major international companies in the field of consulting, planning, manufacturing and implementation.

It called on all media interested in the oil field to clarify information from the accredited media outlets in our ministry or through the responsible authorities in the formations of the Ministry of Oil in order to obtain accurate information and an objective and constructive presentation in describing projects in general and the Basra-Haditha crude oil pipeline project in particular. /

https://ninanews.com/Website/News/Details?key=1145998

Iraq Exports More Than 8 Million Barrels Of Crude Oil And Its Derivatives To America In A Month

2024-08-06 Shafaq News/ The US Energy Information Administration announced on Tuesday that Iraq exported more than 8 million barrels of crude oil and its derivatives to the United States during the month of May of this year.

A schedule of the administration, which Shafaq News Agency has reviewed, showed that Iraq's exports of oil and its derivatives in April amounted to 8.460 million barrels, down by 2.52 million barrels from what it recorded in April, which amounted to 10.512 million barrels.

The US Energy Information Administration stated that OPEC's exports of crude oil and its products to America during April amounted to 47 million and 348 thousand barrels, with Saudi Arabia leading the highest rate of exports to America, amounting to 15 million and 69 thousand barrels during the same period of time.

Iraqi oil exports to the United States have increased significantly over recent years, with export figures reaching record levels in some months, due in part to Iraq's ability to increase its oil production, as well as rising global demand for oil.

Oil trade relations between Iraq and the United States play an important role in strengthening economic relations between the two countries, and contribute to enhancing the stability of the global oil market and providing energy to the American and global economies. LINK

'Don't Panic': What To Do When The Stock Market Sinks Like A Stone

Daniel de Visé, USA TODAY Updated Mon, August 5, 2024

If you are one of those amateur investors who checks your 401(k) balance at every meal, today might be a good day to fast.

Stocks had bad days Thursday and Friday. Monday looks to be worse. Global markets plunged overnight, with Japan’s Nikkei 225 index posting the worst one-day return in its history. The losses spread from Asia to Europe, and then to the United States, where the S&P 500 and Nasdaq opened sharply lower.

Market reporters trotted out such terms as “rout,” “correction” and even “panic,” descriptors that invoke memories of the market’s darkest days, such as the brief COVID-19 crash of 2020 and the deeper, longer dive of the Great Recession of 2008.

Though it's hard to stay calm as the stock market reels, amateur investors should at least try.

“My best advice is, don’t panic. Really, because you can’t,” said Catherine Valega, a certified financial planner in Boston.

'Stocks are on sale today'

If anything, financial advisers say, this summer stock swoon would be a great time to buy.

“Stocks are on sale today, right?” Valega said. “If you have some cash, let’s go put some money in the market.”

But that can seem counterintuitive.

To an armchair investor, the dilemma is familiar and frustrating: We are instructed to buy low and sell high. When the stock market tumbles, your first impulse is to sell. But then you are selling low.

The stock market “correction,” in dispassionate Wall Street parlance, unfolded swiftly and with seemingly little warning.

Just last Wednesday, Federal Reserve chief Jerome Powell waved off an interest rate cut and assured the nation that the economy was doing pretty well.

“It's just a question of seeing more good data,” he said.

The rest of the week yielded mostly bad data.

A surprisingly weak jobs report stoked fresh recession fears from forecasters. Toss in gloomy earnings reports from Amazon and Intel, and together, those tidings pushed stocks sharply lower on Friday.

That news ricocheted around the globe, seeding Monday’s losses in Asia and Europe. Those losses, in turn, triggered more losses in the U.S.

Market watchers urged consumers to keep a sense of perspective. As of late morning, the S&P 500 was higher than it was at moments in April and May, although that could quickly change.

“Short-term market movement can be unpredictable, but over the long term, the trend is up,” said Erika Safran, a certified financial planner in New York. “The irony is that we rush to buy items on sale, but when it comes to investing, when prices drop, the instinct is to sell.”

And we’re still talking about one bad jobs report. Right?

A 'recipe for sudden volatility'

Well, maybe not. The job market was weakening before Friday’s alarming report. Powell cited cooling job data in his news conference Wednesday, listing it as one rationale for the Fed to begin cutting interest rates soon, perhaps in September.

To Read More: https://www.yahoo.com/finance/news/dont-panic-stock-market-sinks-154619022.html

Iraq Dinar Update - IQD Revaluation - Central Bank Governor - Stability of Exchange Rate

MilitiaMan and Crew: 8-6-2024

https://www.youtube.com/watch?v=n-gLlQMWvaY

Decoding Economics: New Black Monday, Stock Markets Crash

Tuesday, 6 August 2024, 6:35 AM

On a day that will undoubtedly be etched in the annals of financial history, Japan’s Nikkei Index faced an unprecedented fall, plummeting 12.40% to 31,458.42 points. This remarkable downturn has been labeled the new “Black Monday,” a term that conjures images of financial chaos and market panic, reminiscent of previous stock market crashes. But what triggered this massive sell-off, and what does it imply for Japan and the global economy?

The catalyst behind this startling decline was an amalgamation of concerns centered on a potential global recession. Weak economic data emanating from the United States has heightened fears about the broader economic landscape. It isn’t merely the numbers that are alarming; it’s the narratives they weave, signifying a possible slowdown that could ripple through nations and continents.

Prior to this downturn, the Nikkei 225 had been riding high, with a peak of approximately 42,400 points reached in mid-July. Investors were optimistic, buoyed by a robust recovery from the pandemic and strong export performance. However, as global sentiments shifted and indices began to display signs of volatility, the stage was set for a dramatic correction.

One of the critical factors contributing to the Nikkei’s downfall was the sudden and sharp appreciation of the yen, which, although typically a sign of strength, began to pose challenges for Japan’s export-driven economy. A stronger yen makes Japanese goods more expensive for foreign buyers, effectively hurting sales in international markets. Consequently, companies that thrive on export revenues found themselves caught in a tightening vise, resulting in a steep decline in stock prices across the board.

This situation not only affected domestic sectors but had a domino effect on markets in the region. Asian financial markets responded swiftly, with notable declines in Hong Kong, Shanghai, Mumbai, Bangkok, Manila, and Jakarta. Investors’ apprehension was palpable, creating a sense of uncertainty that cast a long shadow over market activities.

The fallout from the Nikkei’s plummet was global. European markets in Frankfurt, Paris, and London experienced significant declines, though they were less severe than their Asian counterparts. Such trends underline a growing interconnectedness within the global financial system, where turmoil in one major economy can lead to widespread unease elsewhere.

Social media platforms lit up with analysis and commentary, as traders, analysts, and economic pundits sought to make sense of the situation. Many expressed a deep concern for the prolonged health of the global economy and the interconnected nature of financial markets. The reactions varied from panic to caution, signaling that investors are weighing their options in a climate of heightened uncertainty.

As we move forward, the question remains: what does this mean for the future? Economists warn that before recovery can commence, stabilizing factors must be addressed. Central banks might need to reassess policy schemes to shield economies from volatility, while businesses might have to adapt their strategies to weather economic headwinds.

Investors will undoubtedly remain vigilant, watching for indicators of recovery in the U.S. and elsewhere. The road ahead could be tumultuous, but it is crucial for market players to recalibrate expectations and remain cautious of potential market overreactions.

In conclusion, Japan’s “Black Monday” serves as a stark reminder of the fragility of markets in the face of economic uncertainty. As we navigate through these turbulent times, vigilance, informed decision-making, and a keen understanding of underlying economic indicators will be essential for investors and businesses alike.

The path to recovery may be long, but one thing is clear: the world is watching, and the ramifications of this day will echo across markets for time to come.

Watch the video below from Decoding Economics for more information.

https://youtu.be/PvZLQREipaA

Is This The "Everything Bust" Of The "Everything Bubble"? | John Rubino

Liberty and Finance: 8-5-2024

The S&P 500 has declined by nearly 10% from its peak. John Rubino (https://rubino.substack.com) highlights the vulnerability of the stock and real estate markets.

He notes that almost all asset classes are experiencing bubble-like conditions. Recent market movements and financial crisis in Japan could signal the onset of a widespread downturn.

We may be witnessing the "everything bust" of the "everything bubble." This situation suggests significant challenges ahead for investors.

INTERVIEW TIMELINE:

0:00 Intro

1:55 Real estate

13:15 "Emergency" rate cuts

15:50 Fiat collapse

20:20 The "everything bust"

22:25 Preparedness

https://www.youtube.com/watch?v=Pix9_CyDGT8

Global Market MELTDOWN (this is just the beginning)

Taylor Kenny: 8-5-2024

BREAKING NEWS: Dubbed Black Monday 2.0, the world is witnessing a dramatic global stock MELTDOWN.

With concerns escalating as the Federal Reserve faces calls for an emergency rate cut to prevent an even deeper recession.

Taylor Kenney is here to bring you the latest developments as they continue to unfold.

https://www.youtube.com/watch?v=yVP33pUgC8M

Thank you MarkZ for all your time, and encouragement daily….. PDK

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

Member: Good morning….maybe yesterdays market crash broke our “Groundhog Day” rut??

Member: its a wild wild WILD ride! after all this we could be rodeo stars I tell ya!

Member: Dead cat bounce incoming.

MZ: (Referencing the thumbnail picture on this video) This is a dead cat bounce and where we are at.The markets rebound before a bigger crash

Member: So what do you think the markets will do today?

MZ: I think the markets will consolidate and go up some today.

Member: Will the markets rebounding affect the RV?

MZ: I don’t think it will have any effect on the RV. Wallstreet and mainstreet are so far disconnected. …just like the jobs reports are so disconnected from the working class. I complete implosion is going to happen. But if it completely crashes the elite won’t have anything to hide behind. Right now they have manipulated numbers to hide behind.

Member: Paper money eventually returns to its intrinsic value - zero.

Member: Last night Jeff Rahm said several times that we needed the market to crash in order to get gold backed currency.

Member: I wonder -Will the exchange be in fiat or asset backed?!????

Member: Guess it depends which reset wins….the globalists and their CBDS which will destroy the world as we know it…or the QFS…where we will be free and prosperous.

Member: What were the top five currencies to have that Jeff Rahm said last night?

MZ: Vietnam, Iraq, Indonesia, Zima and Chinese Renminbi /Yuan.

Member: Mark, about a month ago you were sure the RV had started. What are your feelings now?

MZ: I still very much believe the RV process has started. I have seen to much movement with things lining up and the organization of the historic bonds and believe the process has started. The question is has it slowed down with things happening in the middle east? And where we are at in the process??

MZ: None of us have the complete manual on how it all will roll out. We just know that historic bonds are one of the first things to go….then we RV…Then the reset …then currencies will move to parity. We know the process has started …the question is where are we timing wise???

Member: I think the curtain has been pulled. The Wizard of Oz just hasn’t turned around to see that we can see him!!!

MZ: What a great metaphor for where we are at. The emperor has no clothes and we can all see it.

MZ: RV news is quiet- just a lot of wild rumors out there …but anything that can be verified by sources is non-existent for me.

Member: I saw where the three big oil sellers will not trade the U.S dollar for oil unless our currency is backed up by gold.

Member: Do we need a trust to exchange?

MZ: I am told you will not need a trust to exchange …I am told they will help you set up a trust for your humanitarian projects….that you will need one for that.

Member: A trust is for our security post RV….So many bad guys will want to steal our new wealth….be sure to talk to professionals about it.

Member: Japan is holding emergency meetings to discuss international financial markets after realizing that endlessly printing money is causing the fabric of the monetary system to catch fire.

Member: Overall I think I am a fairly smart person, but I will never understand this movie. Why are we still sitting here waiting? And now stocks back up—-I just don’t get it. Wish I did.

Member: There was a movie called Its a Mad Mad Mad Mad World …it was a comedy …this one isn't.

Member: As crazy as world events are going, if an alien attempts to abduct me, I will gladly go!!

Member: Present opportunities are not to be neglected; they rarely visit you twice.

Member: Happy, Happy, Happy, Happy Birthday To All Celebrating Their Birthdays Today

Member: Everyone keep thoughts positive…..and remember the best is yet to come.

THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY

FOLLOW MARKZ : TWITTER . https://twitter.com/originalmarkz?s=21. TRUTH SOCIAL . https://truthsocial.com/@theoriginalm...

Mod: MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM

MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.

ZESTER'S LINK TREE: https://linktr.ee/CrazyCryptonaut

THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!

Twitch: https://www.twitch.tv/theoriginalmarkz

Youtube: https://www.youtube.com/watch?v=XaUdLngDEew

TNT:

Tishwash: Former MP: Iraq's financial autonomy is lost because of Washington

On Monday, former member of the Finance Committee, Muhammad Al-Shabki, accused Washington of dominating the oil revenues in the US Federal Bank.

Al-Shabki said in a statement to the “Al-Ma’louma” agency, “There are issues imposed on Iraq and domination of the Iraqi economy by the United States,” noting that “this policy that America placed on Iraq is the reason for the calamity in its economic situation.”

He added, “Iraq does not have autonomy over its money coming from oil exports in the US Federal Bank,” calling on the government to “be freed from this pressure and have a say in reformulating the relationship with the Americans.”

He stated that "Iraq is asking the American side for a lot of money, which represents the proceeds of the amounts in the Federal Bank."

Earlier, a member of the Al-Fatah Alliance, Ali Hussein, warned in a statement to the Al-Ma'louma Agency about the American control over the oil financial revenues in the Federal Bank, accusing Washington of exploiting this control to exert pressure on Iraq. link

Tishwash: The power of the "Federal Forces"... Iraq is moving to achieve financial autonomy

The United States of America still dominates the Iraqi economy through economic agreements concluded by Washington according to what primarily serves its interests, as the American administration seeks to block the way for those trying to rid the country of its control over Iraqi oil sales funds.

The United States of America continues to impose its influence on Iraq in many vital files, including depositing the funds from the sale of Iraqi oil in the US Federal Bank, amid clear blackmail by passing many files, most notably the dollar bill, which puts great pressure on the government.

Iraq seeks to get rid of this dominance by depositing the money in the Federal Bank and sending it directly to the Central Bank.

Speaking about this file, Al-Fatah Alliance member Ali Hussein calls on the government to seek to find alternatives and take the step of liberating the country from the dominance of the dollar and the continuing American sanctions, while stressing that Iraq's move towards lifting the restrictions of the US Federal Bank is a must.

Hussein said in an interview with the Maalouma Agency, “It will be a bold step, but it will succeed if the atmosphere is created and contracts are made with alternative international banks,” noting that “it is necessary to bring in companies from international countries.” that do not deal in the US dollar.”

He continues, “Entering into the Shanghai system and other global organizations will be the first stage of liberation from the dollar,” adding that “the movement to end the dollar’s ​​hegemony over the world, led by major countries, has greatly succeeded.”

He adds, “Contracting from companies from Eastern countries and bringing them to work inside Iraq will avoid the economic blockade,” pointing out that “the government is required to seek to find alternatives and take the step of liberating the country from the dominance of the dollar and American sanctions." link

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Harambe: Telegram: Reports of 2 American soldiers killed in the bombardment of 7 missiles by the Iranian proxy on the Ain Asad base in Iraq

🔸 Reports of 2 American soldiers killed in the bombardment of 7 missiles by the Iranian proxy on the Ain Asad base in Iraq.

🔸 Report on American military activity at the Arar border crossing between Saudi Arabia and Iraq. Possible US reinforcements on their way to Iraq.

Telegram Link:

https://t.me/beholdisraelchannel/37017

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Tishwash: Iraq, EU discuss combating terrorism

Good Morning Dinar Recaps,

"Next Generation, which has close ties with Tempo France, previously launched EURT with the Stellar Foundation as one of the first stablecoins in 2017.

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JUST IN: El Salvador bought more #Bitcoin today while everyone else is selling.

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"Although CBDCs are a form of digital currency, they are not a cryptocurrency. Compared to cryptocurrencies, CBDCs are centralized, meaning they’re issued and regulated by a monetary authority — in this case, a country’s government.

CBDCs are not a payment mechanism, but rather a form of currency and a digital means of storing value.FedNow, however, is a payment mechanism — in other words, it’s a means of moving funds from one bank account to another.

"To put things into perspective, the FedNow Service can be likened to a highway system, providing a fast and efficient infrastructure for the movement of payments between financial institutions.

CBDCs enable central banks to compete with private-sector offerings by providing a wider array of services to consumers, including a more stable, secure alternative to cryptocurrencies.

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The National Currency Is Fluctuating.. An Expert To The “Iraq Observer”: We Need A Banking System That Creates Balance

August 5, 2024 Baghdad/Iraq Observer Dollar prices have witnessed a significant rise recently, with a difference of 20 thousand dinars from the official price, amid the absence of any real solutions to control it and limit its rise.

In this regard, Mustafa Hantoush, a researcher in banking and financial affairs, confirmed to the Iraq Observer that “the issue of currency stability and the exchange rate is determined according to monetary policy, which is represented by several axes, the most important of which is that the dollar currency and the rest of the foreign currencies are owned by a number of foreign countries.” He added, “At the same time, Iraq has policies and understandings with these countries, such as the United States, so the issue of trade with countries such as Iran and Syria must be done according to the platform,” pointing out that

“this trade is huge and must be financed according to a specific method by purchasing gold or making transfers.” Or goods are imported until there is an understanding with these countries.”

He continued, “The United States today prevents dealing with the dollar in official trade, so how can this trade be financed at a time when it is not allowed to deal in the dollar-denominated dinar?

The issue of the platform with Iran and Syria may raise the American momentum and reduce tensions, and thus stabilize the currency.” He pointed out that “to support and strengthen the national currency, there must be a basket of currencies that needs a banking system.

Today, the banking system is due to the mistake committed by the Central Bank of Iraq related to the lack of a platform system with countries such as Iran and Syria from day one, unlike countries in the region such as Turkey and others that have created a platform.”

Gold and remittances, as the banking system was stopped, restricted from the dollar, and eliminated with quasi-sanctions, which created a banking problem, and then introduced banks to foreign investors with another mistake.”

The researcher asked about banking and financial matters:

How are Iraqi banks given to foreign investors?

This matter led, as a result, to these investors transferring the dollar to their bank branches in their countries, to an account in Citibank and JP Morgan, and

their profits will be in exorbitant amounts transferred to foreign countries, as

the issue has begun to affect the sovereign financial security of Iraq.”

He explained, “Iraq needs to build a banking system that strengthens banking standards and

thus enables Iraq to build a banking system that provides a balance for the currency.

Also, the issue of people is not as important in monetary policies as the policies themselves are important,

because the presence of a specific person who follows the same policies and does not have any plan, he cannot benefit from it.

”Rather, there must be a plan related to monetary policy to achieve the

balance of the currency and the banking system,

plans for financing and attracting deposits, and

plans related to granting loans.

Whoever has banking policies will be the best.” https://observeriraq.net/العملة-الوطنية-تتأرجح-خبير-لـعراق-او/

A Financial Expert Diagnoses A “Fatal Error” In The Iraqi Banking System - Urgent

Economy | Today, 10:00 | Baghdad today – Baghdad Today, Tuesday (August 6, 2024), financial expert Saleh Al-Banker confirmed that Iraq is among the top countries in the Middle East in terms of hoarding money, while he diagnosed a grave error in the Iraqi banking system.

The banker said in an interview with “Baghdad Today” that “the accumulations that have been continuing for many years have led citizens to lose confidence in banks and resort to hoarding money in homes,” noting that “their percentage reaches 70% of financial flows, and these are large numbers that indicate that we are among The countries with the highest amount of money in the Middle East. He added, "Hoarding money in the financial concept is a grave mistake.

It will confuse the financial process and reduce the government's ability to provide cash to pay salaries," explaining that "resorting to electronic payment is a step in the right direction, but the most important thing is withdrawing cash, and there are several ways."

The banker pointed out that “the recent offering of treasury bonds is a correct decision, but the media propaganda to create a culture of safe investment on the street is very weak, and this is what creates low rates for dealing with them, even though the interest rates are attractive.”

He stressed "the necessity of seeking to expand the circle of withdrawing liquidity from homes and creating a movement of money that contributes to increasing the recovery of investment and granting government loans, especially with requests that are five times greater than the amount of funds allocated for loans in any sector, especially housing."

It is noteworthy that the Parliamentary Finance Committee commented on Saturday (July 13, 2024) on the impossibility of lifting US sanctions on some Iraqi banks.

Committee member Moin Al-Kazemi said in an interview with “Baghdad Al-Youm” that “there is no weakness in Iraq’s foreign policy and there is no defect in the Iraqi banking system that makes the United States of America not lift the sanctions on Iraqi banks.”

Al-Kadhimi stated, “There is a clear intention by the United States of America to continue these sanctions despite the clear development in the banking system and the restriction of foreign transactions through the electronic platform in the Central Bank, but Washington is using this file as a political file towards Iraq.”

He added, "The Iraqi government is working with everything it has to lift the sanctions on the banks, especially since those sanctions negatively affected the banking sector and contributed significantly to the dollar crisis."

https://baghdadtoday.news/254943-خبير-مالي-يشخص-خطأً-فادحاً-في-النظام-المصرفي-العراقي-عاجل.htm l

Imposing Guardianship On Zain Iraq Bank Reveals The Extent Of The Deterioration In The Banking Reality

August 6, 2024 Last updated: August 6, 2024 Independent/-TheCentral Bank of Iraqplacedthe “Zain Iraq Islamic Bank”underguardianship, in a step that reflects theimproper practicesandunsatisfactory performanceof the bank’smanagement, whichthreatenstheindependenceandintegrityof theIraqi banking system.

According to an official document obtained by Al-Independent, the decision of the Board of Directors of the Central Bank, No. 165 of 2024, was issued in accordance with the provisions of Article 59 of the Iraqi Banking Law No. 94 of 2004.

Jalal Abdullah Salman was appointed as trustee of the bank, in accordance with the provisions of Article 60 of the same The law, and is granted the powers specified in accordance with this decision. faces

Thebanking realityin Iraqmajor challengesthatnegativelyaffect thestabilityof thefinancial systemandinvestor confidence.

Thesechallenges include mismanagementof somebanksand theirlack of transparencyandgood governance.

The recentdecision to imposeguardianshiponZain Iraq Islamic Bankreflectstheweakness of the supervisory procedures and internal controls in this bank.

TheCentral Bank of Iraqis the bodyresponsibleforsupervisingthebanking systemandensuring its stability.

However, criticism is growing about the effectiveness of this oversight and its ability to detect and prevent financial abuses in a timely manner.

Thedecision to imposeguardianshipon the “Zain Iraq Islamic Bank”indicatesthedelay in supervisory intervention, which raises questions about the feasibility of the preventive measures taken by the Central Bank.

Oversight of banks and the Central Bank must not be limited to them alone, but the

IraqiCouncil of Representativesmust have an effective role in following up and monitoring financial and banking performance.

However, theHouse of Representatives' oversight role appearsweakand oftenineffective, leavingthedoor open to furtherviolationsandimproper practices.

Theabsence of parliamentary oversight contributesto theexacerbationoffinancial problemsandweakens confidencein theIraqi financial system.

In conclusion, thedecision to impose guardianship on“Zain Iraq Islamic Bank”reflects the urgentneedforradical reformsin thebanking systemandstrengthening financial oversightby theresponsible authorities.

It requiresjoint cooperationbetween theCentral Bank, banks, and theHouse of Representativestoensurethestabilityandsafetyof thefinancial systeminIraq. https://mustaqila.com/مصرف-زين-العراق/

The Governor Of The Central Bank Chairs The Meeting Of The Supervisory Committee On The Restructuring Process Of Rafidain Bank

August 05, 2024 The supervisory committee for the restructuring process of Rafidain Bank met under the chairmanship of His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, and in the presence of the committee members from the Ministry of Finance and the advisors of the Prime Minister and the advanced staff at the Central Bank of Iraq, as well as the presence of the international consulting company (Ernst & Young). Ernst & Young).

The progress of work on the plan adopted by the government was reviewed in coordination with the Central Bank within the framework of the expanded program to reform the banking sector, improve its performance and services, and achieve financial stability.

The attendees discussed the process of organizing the administrative, financial and technical structure of Rafidain Bank, to move towards the best global banking practices.

It is worth noting that the aforementioned committee holds a monthly meeting under the chairmanship of the Prime Minister to provide a presentation on the steps taken and to monitor the progress of the process and provide guidance regarding it.

Central Bank of Iraq information Office August 5, 2024 https://cbi.iq/news/view/2631

For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/