Samson » May 28th, 2022
A Mechanism That Allows Russia To Pay In Rubles And Bypass The “Default”
27th May, 2022
The “RBK” economic website stated that the issuance of bonds that allow payment in the Russian currency would allow Russia to avoid default, after Washington revoked Moscow’s license to service the public debt in dollars.
The site indicated that the Russian bond issues include a “payment in another currency” clause, which will allow the Russian authorities to pay in rubles, without declaring their default.
According to the website’s report, the clause on payment in alternative currencies is present in Russian financial bonds issued since 2018, so there is a legal possibility of paying in rubles under sanctions.
Earlier, Russian Finance Minister Anton Siluanov confirmed that the life of the Russian citizen will not be affected in any way in the event of a technical default on the debts of the Russian government due to the US measures.
And last Tuesday, the US Treasury announced that it would not extend the exemption from sanctions that allowed Russia to make sovereign debt payments to Americans, a move that was widely expected. LINK
Source: Dinar Recaps
Clare » May 28th, 2022
27/05/2022 Baghdad – I know
Today, Saturday, the First Deputy Speaker of the House of Representatives, Hakim Al-Zamili, confirmed the passage of the passage of the Food Security Law.
Al-Zamili said in a tweet followed by the Iraqi News Agency (INA): “The House of Representatives is proceeding with approving the Food Security Law, and it will rise up with the power of God, and the people will win. The people’s need is the responsibility of all of us.”
Today, Saturday, the leader of the Sadrist movement, Muqtada al-Sadr, called on the House of Representatives to approve the Food Security Law . LINK
TIVON » May 28th, 2022
IMO: A month ago it was reported from Saleh that Oil Revenues will be spent on 3 main areas.
The Poor Classes
The Budget Law will reflect this for 2022-2023. The common denominator here that binds the EFSL & 2022 Budget is Oil. Where is the primary account for Iraqi Oil Revenues? New York. So if the US Treasury attended meetings discussing Food Security with other financial institutions in attendance. How are we still treating the Emergency Food Security Law as something separate from the budget when both need the oil revenue to expand the allocation of funds to construction projects and social services?
And to Rasoul Radi, in regards to the Financial Management Law and the Food Security Law supposed violating it. How can a law break another law that had a unanimous vote? Financial advisor Mazhar Muhammad Salih stated yesterday officially that the disposal of financial savings due to the rise in oil prices and their allocation to projects requires two aspects of legislation.
One being the issuance of Food Security Law. The other being the Federal General Budget Law for 2022? Up until now there was now financial transactions outside the federal general budget law or outside any effective law.
So to those who refer to the EFSL as filler. Why would the head of the National Sindh bloc, Ahmed Al-Asadi submit inquiry to the Federal Court who first denied the first draft to seek the approval on the alternative version passed by Parliament due to the political blockage that can go on another two months without the budget?
Even “The Framework” provided solutions to work around the stalled formation who also considered judiciary approval on the EFSL. Wasn’t certain parties surprised as to the funds in the EFSL and had to postpone the 2nd reading to further ensure minimal corruption? Which is why both the EFSL & Law Criminalizing Normalization with Zionist are up for votes basically the same day. Because one effect the other.
How? Well didn’t a anonymous parliamentary source say that if the CNZL was voted on in its “current form” The collapse of the Iraqi Dinar and a decline in oil exports will ensue. Foreign companies operating in Iraq and the ability to sale oil to international world will cause major problems to their GDP. Maybe because outside entities in foreign governments doesn’t or wouldn’t put Iraq 1st above their greed to continue to exploit Iraq’s reserves through auctions and other areas of concern.
The World Bank stated that multiple regions like Africa, the Middle East, Eastern Europe, Central Asia and South Asia will be apart of the program to address high food prices. Hmmmm…..? I find it funny that these regions also have devalued currency that some believe to be a part of a basket.
Iraqi Dinar (Middle East)
Vietnamese Dong (Central/South Asia)
Turkish Lira (Eastern Europe)
If this is true what better way to address each nation by doing a revaluation under the guise of a food crisis?
Wasn’t Covid-19 used in the same manner to reform the Iraqi banking sector by going digital to reduce paper transactions to minimize the spread of future viruses where little to no hand contact is involved with transactions sense it will be all digital?
Henig » May 28th, 2022
Once again, you’re on point, my friend. You’ve laid out this possibility very well. Now we get to see if it’s right or not–and there’s a good chance that your opinion is accurate. Just my humble opinion.
Ryan1216 » May 28th, 2022
Your breakdown makes perfect sense Tivon. The Food & Security Law deals with the rate just like MM has said. Appreciate you guys! Hopefully the Law is passed quickly.
TIVON » May 28th, 2022
IMO: Absolutely. I mean how obvious does it have to get? Paying attention to certain language and the verbiage that implies a conjunction of two things concurrent to a singular action is not being considered by some members here who continue to separate what has been designed to create a revenue for investments that needs a rate to underwrite legislation of two laws. One being Food Security and the other being the 2022 budget where one segues into the other.
May 9th 2022
Economy News – Baghdad
Member of Parliament Faisal Al-Issawi expected, on Monday, the passage of the Food Security Law, which he considered a “similar” to the budget law, in the next session of Parliament .
Al-Issawi said in an interview with “Shafaq News” and followed by “Al-Iqtisad News,” that “the parliament session scheduled for next Wednesday may witness a vote on the emergency food security law, which is synonymous with the general budget law as it has the support of the majority of parliament members
There will be 3 different forms of money in the new Basel 3/ISO-20022 /Comex 589 system. A combination of old & new.
1.) Sovereign money- fiat money (Dollar) backed by gold for use within Sovereign borders.
2.) Digital Currency or Crypto Asset= XRP for exchange across borders (X-borders) and exchanging value between all markets and asset classes. XRP will be used to balance trade accounts between Sovereign entities or countries, via Treasury & Central Banks.
3.) Gold will be used to back former fiat currencies to become real money again. Gold will also be used as a stable point of reference to standardize pricing for things of value. Such as commodities. Exchange rates would be fixed. Physical gold can be priced locally (At The Sovereign Level) to manage and reverse trade flow imbalances preventing one way trade flows. Since this is a global system the pricing reference I believe will be grams per gold and not the imperial oz. So prices would be grams/barrel for example.
This new “International Monetary System” creates what analysts and politicians are calling for- “A Global Level Playing Field”. Which means no hegemonic currency.
Didn’t the Federal Reserve come out with a report on the challenges facing cross border payments as being slow and archaic? Due to high fees, limited accessibility and the friction of this problem includes currency exchange, legal regimes, and technological issues.
Well what is one thing that can solve all of these problems? Digital Currency/XRP/XLP. Which is why countries are being linked via The World Bank & US Treasury under the guise of a food crisis.
Samson » May 28th, 2022
Oil achieves high gains and approaches $120 a barrel
28th May, 2022
Oil prices rose in Friday’s session, to conclude the week with gains before the Memorial Day weekend in the United States, the beginning of the peak demand season in the United States, while European countries are negotiating whether to impose a complete ban on Russian crude oil.
Brent crude rose $2.03, or 1.7%, to settle at $119.43. US West Texas Intermediate crude also rose 98 cents, or 0.9%, to $115.07 a barrel upon settlement. Over the course of the week, Brent rose 6%, while WTI rose 1.5% and prices were supported by strong global demand for fuel, as futures contracts for gasoline and heating oil outperformed crude oil prices this year.
Meanwhile, officials said, European Union countries are negotiating an agreement on oil sanctions against Russia that would block deliveries but delay sanctions on pipeline-delivered oil to persuade Hungary and other landlocked member states to join the embargo.
Hungary’s rejection of oil sanctions and the reluctance of other countries to accept them is hindering the implementation of a sixth package of EU-27 sanctions against Russia following its invasion of Ukraine.
Officials said EU government envoys could reach a deal in Brussels on Sunday in time for leaders to endorse it at their May 30-31 summit.
Russian President Vladimir Putin informed Austrian Chancellor Karl Nehamer that Moscow will fulfill its obligations to deliver natural gas. LINK
Source: Dinar Recaps
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