“This is a Surprise” – Mon. PM KTFA Thoughts, News w/ MilitiaMan 9-20-21

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KTFA

Samson » September 20th, 2021

A “historic” financial crisis threatens the United States… and the Treasury is appealing

20th September, 2021

“US Treasury Secretary Janet Yellen appealed to Congress to raise the debt ceiling to avoid a “historic financial crisis

In an article published in the Wall Street Journal, Yellen noted that the United States had always raised the debt ceiling before it was exceeded

The United States has never defaulted. Not once” “Doing so (defaulting) would likely lead to a historic financial crisis”. She explained that “a default could lead to higher interest rates, a sharp decline in stock prices, and other financial turmoil”

The debt ceiling, which only Congress can increase, was reinstated on August 1, after being suspended for two years. The current debt ceiling, unless it is raised, prohibits the United States from borrowing more than the current ceiling of $28.4 trillion

The issue usually raises differences between the Republican and Democratic parties, and the debt ceiling has already been raised 80 times since the 1960s. The Treasury Department warned last week that the government will run out of money in October

In her last article, Yellen enumerated a list of potential financial disasters that could inflict on the country if the debt ceiling was not raised and the United States was not able to repay its debts within the specified deadlines

Within days, millions of Americans will be short of cash she said and she continued, “Social security checks may be cut off for about 50 million elderly people. Soldiers’ salaries may stop. “We will emerge from this crisis as a temporarily weaker nation

Yellen recalled the 2011 debt crisis, noting that the policy of putting the United States on the brink of the debt ceiling “has pushed America to the brink of crisis. During the crisis related to the debt debate under former President Barack Obama, the United States was closer than ever to default. This prompted Standard & Poor’s to downgrade the US debt rating to “AAA”, which caused a shock in the markets

Yellen stressed that acting as soon as possible would enable the country to avoid the worst outcomes of 2011. “Time means money in this case, billions of dollars, she wroteShe stressed, “Neither postponement nor default in payment can be tolerated

“The last 17 months have tested the economic strength of our country. We are just emerging from the crisis. We must not completely immerse ourselves again in another avoidable (crisis)  LINK

Source: Dinar Recaps


MilitiaMan » September 20th, 2021

This is a surprise.. Didn’t they talk about the possibility of surprises? Yep.. Sounds to me like they have a view that the decision from the court that is expected on the 23rd may have good news. imo.. ~ MM

Samson » September 20th, 2021

For the first time since 2019, there is talk of a “no deficit” financial surplus in Iraq

20th September, 2021

The Parliamentary Finance Committee announced, on Monday, that the salaries of employees will be secured for the current year, while it indicated that there is a surplus in the current budget.

This is the first time that a competent executive or legislative body has talked about the existence of a financial abundance, not a budget deficit.

The current year’s budget had approved a deficit estimated at 28 trillion dinars.

A member of the Finance Committee, Naji Al-Saidi, told Shafaq News Agency, “The salaries of employees in the current budget are absolutely secured, and there is a surplus and there is no budget deficit.”

Al-Saidi added, “The use of this surplus is to release employee bonuses and promotions, and most ministries’ budgets allow this,” noting that “special job grades will be launched for all ministries in the next budget.”

With regard to promotions, Al-Saidi pointed out that “it has been suspended for years, but most ministries allow promotions, including the Ministry of Education, and there is a plan in the rest of the ministries, and financial allocation will be provided to the rest of the ministries and launched in the coming years.”  LINK

Clare » September 20th, 2021

Dow Jones tanks 800 points as doubts swirl over China’s property market

Federal Reserve kicks off 2-day meeting on Tuesday

https://www.foxbusiness.com/markets/dow-futures-tank-china-property-market

Samson » September 20th, 2021

Saleh leaves the homeland for New York to participate in the work of the United Nations General Assembly at its 76th session

20th September, 2021

The President of the Republic, Barham Salih, left the homeland, heading to New York to participate in the work of the United Nations General Assembly at its 76th session.

The media office of the President of the Republic said in a statement received by Mawazine News that “the President of the Republic, Barham Salih, left the homeland on Sunday evening, heading to New York to participate in the work of the annual United Nations General Assembly at its seventy-sixth session.”

He added, “The President of the Republic is scheduled to deliver Iraq’s speech at the General Assembly meeting.”    LINK

The Minister of Foreign Affairs arrives in Washington to participate in the work of the United Nations Assembly

19th September, 2021

Foreign Minister Fouad Hussein arrived in New York on Sunday. To attend the 76th session of the United Nations General Assembly.

Ministry spokesman Ahmed Al-Sahaf said in a statement received by Mawazine News that “Hussein will deliver Iraq’s speech within the work of this session, and represent Iraq in a number of meetings that will be held on the sidelines of the scheduled meetings.”

He added, “It is expected that the minister will meet with a number of foreign ministers and officials from a number of countries in the world to discuss and strengthen bilateral relations, and mobilize efforts to continue their support for Iraq, contribute to the reconstruction of the infrastructure of Iraqi cities, and emphasize Iraq’s foreign policy and its active role.”

In strengthening security and stability and achieving effective economic partnerships, within the framework of government preparations for the upcoming elections scheduled for the tenth of next October.” LINK

Najaf suspends official working hours for five days

20th September, 2021

The Najaf Governorate announced, on Monday, the suspension of official working hours from September 26 to 30 of this month.

Translation…..

Peace be upon you…….  Based on the directives of the respected Governor, and for the purpose of providing the best services to the visitors coming to our holy province for the purpose of commemorating the Arbaeen visit of Imam Hussein, peace be upon him, it was decided to suspend the official working hours and all except the service ones, starting from Sunday 19/9/2021 until 9/30/2021 Kindly note and work accordingly   LINK

Al-Kazemi’s government signs the two largest contracts that will put Iraq in the category of the largest energy sources in the Middle East

20th September 2021

Within about two weeks, the government of Prime Minister Mustafa Al-Kazemi was able to attract the two largest companies operating in the energy field in the world, and from two countries that are considered giants of global economies.

The Iraqi government was able to attract the French company Total, which will enter the field of energy investment, and yesterday it signed a contract with Baker Hughes to invest associated gas in the fields of Nasiriyah and Al-Gharraf.

In the opinion of experts and economic analysts, “these steps will push the country to occupy a prominent position in the field of energy in the Middle East, and it will reflect positively on the Iraqi local economy, as well as provide great job opportunities.”

And the experts told (Iraq Today), that “for decades, Iraq has neglected the associated gas file, and billions of this wealth were wasted, and therefore the Al-Kazemi government made the right decision in difficult and unconventional circumstances, and this is what counts for it as a clear and announced achievement.”

They pointed out that “the Total and Baker Hughes contracts will also encourage the giants of the oil and gas industry to enter this promising arena, and compete to gain a foothold for it, especially in the field of auxiliary industry or industries related to the extraction or purification file or other important projects.”

On Sunday, Iraq launched a gas investment project in two oil fields in the south of the country, with a capacity of 200 million standard cubic feet of gas per day, with the American company “Baker Hughes”. Where the “Baker Hughes” company will invest the gas associated with the extraction of oil in the fields of Nasiriyah and Al-Gharraf in Dhi Qar Governorate. The cost of the project is $370 million, and it will be implemented within 30 months.

On the fifth of this month, Al-Kazemi’s government signed a contract with the French company “Total Energies” worth 27 billion dollars, to implement four projects in the field of gas and electric power. The French oil company will build four giant energy projects in the southern province of Basra, with a value of $27 billion. Under this contract, Total will provide two billion dollars to build gas station facilities in the south, and a third of the investment funds will be spent over the next seven years.

For his part, CEO of Total, Patrick Pouyanne, said on the sidelines of the contract signing, that “the company will start with an initial investment of $10 billion, and that engineering work will begin at the end of this year.”

The contract includes four projects, the first is the development of a gas refining complex in all fields, outside the Basra Gas Agreement, which are the fields of (Artawi, West Qurna/2, Majnoon, Al-Touba, Al-Luhais). The second project, the construction of a large central gas complex in the Artawi field (southeast); The third project is the construction of facilities to produce 1,000 megawatts of electrical energy using solar energy. While the fourth project, the development of the Artawi field with the aim of maximizing the potential of gas supply.

Estimates indicate that Iraq possesses an estimated stock of 132 trillion standard cubic feet of gas, but 700 million standard cubic feet of it is burned daily as a result of the lack of optimal investment over the past decades.  LINK

Source: Dinar Recaps

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