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“A Massive Shift” – Mon. AM-PM KTFA Thoughts, News w/ Tivon, MilitiaMan, Petra 6-20-22

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KTFA

Tivon » June 20th, 2022

The big four Chinese gold mining companies are ready to enter the game. Something big is expected.

China Gold International Resources

Shandong Gold Group

Hunan Gold Corp 

Zijin Mining Group.

All the assets are backed by 1000 Oz (~$18 millions worth) of real gold. Also they are ready to put into liquidity $1 million if everything goes well. Big players game. This is just a snippet of what was shared.

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A massive shift in the financial system is about to take place. Of course the Dinar is a component. I have more on that as well. You guys are in for some explosive information over the next few days or more. IMO

Samson » June 20th, 2022

There’s a run on Chinese banks and it’s being ignored by the world

12th June, 2022

In the anatomy of an economic crisis, a bank run is the point of no return.

Bank runs occur when people scramble to withdraw cash from banks in fear of collapse. In the worst cases, banks’ liquid cash reserves are exhausted, not everyone gets their money and the bank defaults.

It’s a grim scenario which, fortunately, has occurred rarely in history.

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The most significant bank runs in the United States took place during the 1930’s Great Depression. More recently, there were runs on numerous U.S. banks during the Financial Crisis in 2008.

In Asia, bank runs have also been rare. A run on Japanese banks in 1927 led to the collapse of dozens of institutions across the country. There was a banking crisis in Myanmar in 2003 which the country has never really fully recovered from. But perhaps since the Great Depression, none has been as significant compared to what is seemingly unfolding in China right now.

The Chinese bank run of 2022

In recent years it has become clear the Chinese people are losing faith in their financial institutions. There’s been anger over harsh COVID lockdowns in Shanghai recently, while the collapse of China Evergrande saw rare public demonstrations as residents faced the prospect of losing their life savings used as deposits for housing.

“Return our money” the Evergrande protestors chanted at Evergrande headquarters in Shenzhen in 2021.

The song book is eerily similar at bank branches in a number of China’s rural provinces right now.

Multiple sources contacted by Asia Markets, have confirmed deposits at the following six banks have been frozen since mid-April.

Yuzhou Xinminsheng Village Bank (located in Xuchang City, Henan Province)

Zhecheng Huanghuai Bank (City of Shangqui, Henan Province)

Shangcai Huimin Rural Bank (Zhumadian City, Henan Province)

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New Oriental Village Bank (City of Kaifeng, Henan Province)

Huaihe River Village Bank (Bengbu City, Anhui Province)

Yixian County Village Bank (Huangshan City, Anhui Province)

It’s understood the banks with branches across the Henan and Anhui Provinces successively issued announcements in April, stating they would suspend online banking and mobile banking services due to a system upgrade.

At the same time, clients reported their electronic deposits in online accounts, mobile apps and third-party platforms could not be withdrawn.

This led to depositors rushing to local bank branches, only to be told they were unable to withdraw funds.

By late May, images emerged on Chinese social media of demonstrations at the front of numerous bank branches. Asia Markets has verified these images with local contacts.

According to one user on the Chinese social media platform WeChat, the protests are ongoing but are rarely mentioned in Chinese press. “It has caused widespread concern on the internet but the media attention is not high, the highest degree of concern is the four banks in Henan.”

The People’s Bank of China (PBOC) has responded to the rural bank run. It issued a statement on April 25. “The People’s Bank of China is highly concerned… At present relevant departments have launched an investigation, the People’s Bank of China will cooperate with the relevant departments, to protect the rights of financial consumers.”

Fraud scheme blamed

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Following the public protests and the PBOC statement, the China Banking and Insurance Regulatory Commission revealed it is investigating fraudulent activity carried about by the Henan New Fortune Group – the largest shareholder of the four banks listed above in the Henan Province. It’s understood the commission is working with police to investigate allegations that the Group colluded with bank insiders to misappropriate bank funds.

Anti-CCP group, bannedbook.org, reported the following:

“According to a call recording between depositors and police officers, a company named Henan New Fortune Group Investment Holdings Co., Ltd. is suspected of illegally absorbing public deposits, and the amount is huge.”

Bank run contagion to “sweep across China”

Regardless of the cause, the developments raise serious questions about the health of China’s and its regulatory oversight. The more immediate concern, however, is the prospect of contagion, which could see the (so-far) rural-only bank run spread to bigger cities. There’s evidence this is already happening.

In one of the only mainstream international media articles to report on the unfolding situation, local residents highlighted the seriousness of the situation and the likelihood of contagion.

From the Financial Times on June 9:

Some depositors such as Xu have already lost trust in the system. The 39-year-old said he had withdrawn all of his deposits from 10 other small banks that had promised him an annualised yield of more than 4 per cent.

“Another depositor, a 30-year-old father, said he had placed more than Rmb900,000 in his village’s banks since 2020 at a return of 4.1 per cent. “I felt like being slaughtered,” he said, declining to give his name. He drove overnight to negotiate with the banking regulator in Zhengzhou, capital of Henan, in mid-May. “This is the money my wife and I have saved together since we got married. I had to lie to her that I was away for work.”

On Twitter, a video of a large line at an ICBC Bank in China (one of China’s largest state-owned banks) posted on Tuesday, June 9, suggest contagion is in progress.

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Translated to English, the tweet reads “The bank card system is locked, and these people are here to unlock it. Massive runs are coming.”

Blogger, Jennifer Zeng, has reported major issues with withdrawing cash from banks in Shanghai in recent days. The uncertainty no doubt exacerbated by the prospect of more lockdowns as COVID cases again spike. “All banks in Shanghai have restricted depositors from withdrawing money… A bank run is about to sweep China,” she said.

Should the world be worried about Chinese banks?

The lack of reporting about the clear signs of a bank run in China is somewhat surprising.

As HSBC China’s Xuefang Liu puts it, “The rise of China as a global economic power has caused concern that a crisis in Chinese banking could lead to a worldwide downturn similar to the Global Financial Crisis.”

While many analysts believed China’s banking system was widely immune to the Evergrande Crisis, cracks are beginning to emerge and should this bank run intensify, already volatile global markets could be faced with a black swan event even more significant than Evergrande.

VIDEOS ON TWITTER :  LINK  LINK  LINK       Article LINK

US pressure in vain.. Russia is flooding Asia with oil, and Iraq is among the beneficiaries

20th June, 2022

The United States is applying “useless” pressure on Asian countries, including India, in order not to buy oil from Russia, but Russian oil has become the second largest source for the Indian market directly after Iraqi oil.

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The American newspaper, “Midland Daily News”, stated in a report translated by Shafak News Agency, that India and other Asian countries have become a vital major source of oil revenues for Russia despite the strong pressure exerted by the United States not to increase their imports of Russian oil, in At a time, European countries stopped importing Russian oil in compliance with sanctions against Moscow due to its war on Ukraine.

The newspaper pointed out that these sales enhance the financial returns of Russian exports at a time when Washington and its allies are trying to limit financial flows into the Russian treasury, which finances its military campaign against Ukraine.

Meanwhile, the US Associated Press quoted the Helsinki-based Finnish Research and Energy Institute that Russia generated 93 billion euros (97.4 billion dollars) in revenue from oil exports in the first 100 days of its invasion of Ukraine, despite a decline in export levels. The report indicated that these revenues constitute 40% of the Russian state budget, and oil exports thus contribute as a major factor enabling the Russian army to continue its war.

The US agency indicated that oil-starved India, with a population of 1.4 billion people, consumed nearly 60 million barrels of Russian oil during 2022 so far, compared to 12 million barrels in the whole of 2021, according to the figures shown by “Kepler Company” for analysis.

The data on basic commodities, while shipments to other Asian countries, such as China, have increased in recent months, but to a lesser extent. The report recalled a statement by the Sri Lankan Prime Minister, Ranil Wickremesinghe, who said recently that his country may have to buy more oil from Russia while it is searching with difficulty for fuel to keep the economic wheel going in light of a bad economic crisis.

Meanwhile, India’s Free Express Journal reported that Russia continues to make large sums of money selling oil and gas, despite being subjected to tougher sanctions around the world since the invasion. The Indian report indicated that the Indian contracts for the purchase of Ural crude oil, which is the most common type of export from Russia, during the months of March, April, May and June, in addition to expectations for delivery in July and August (about 66.5 million barrels in total), exceeding the total amount purchased during the whole of 2021.

After the report indicated that India’s imports of Russian oil rose from 100,000 barrels per day in February to 370,000 barrels per day in April, and then to 870,000 barrels per day in May. The report added that Russian oil imports have now become India’s second largest source after imports from Iraq, adding that India is the third largest consumer of oil in the world, and 80% of it is imported from abroad. LINK

Source: Dinar Recaps


Samson » June 20th, 2022

Russian official: Relations with the United States have reached zero, and there is no need to restore them

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20th June, 2022

Deputy Chairman of the Russian National Security Council, Dmitry Medvedev, considered, on Monday, that the time is not appropriate for new negotiations with Washington regarding the extension of the “START 3” treaty.

Medvedev added, “Relations with the United States have reached zero and there is no need to restore them.”

A few days ago, Kremlin spokesman Dmitry Peskov said that Moscow and Washington were in a “very hot stage of the confrontation.”    LINK

Source: Dinar Recaps


Samson » June 20th, 2022

Finance: We Have Made Remarkable Achievements For The Banking Sector During The First Half Of 2022

20th June, 2022

The Ministry of Finance confirmed today, Monday, that the Iraqi Company for Banking Services, one of its formations, has achieved qualitative achievements in the areas that fall within its competencies and responsibilities during the first half of this year.

The company’s general manager, Hussein Ali Muhaisen, said in a statement received by Earth News, “The company achieved, during its plan for the first half of the current year 2022, a remarkable increase in revenues by attracting the largest possible number of banks, companies and government agencies, as a result of the increasing confidence of these institutions in the services they provide.

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The company in the field of money transfer and others, as well as a rise in the company’s investments index in various economic sectors.”

He added, “We are working with continuous efforts to expand the company’s coverage in the field of banking services, as it is hoped to create branches for the company in the Erbil governorate and the Ramadi branch in Anbar Governorate, and we also seek, within our plan for the next stage, to increase the company’s branches to include all regions of Iraq.”

Muhaisin explained that “in the framework of the company’s keenness to improve the level and quality of its services and keep pace with the global programs and systems used in the field of money transfer, the company will be awarded the international (ISO) certificate in the near future, in a ceremony organized by it and in the presence of all government banks and the Association of private banks and companies.”    LINK

MilitiaMan » June 20th, 2022

It looks like they are setting the stage for to be ISO compliant. We have witnessed they set up of new high tech ATMs. Once everyone is ready and integrated I suspect they’ll issue the ISO certification all at once.

All banks that will be doing money transfers will have the certification. An internationally accepted criteria ISO is. They are announcing what to expect.

We can see inroads have already been accomplished and they are not waiting on any future form of government. Mind you that may or may not play out in any event here shortly, that may very well happen. It is however, not a requirement.  This is a good sign of things to come.. imo ~ MM

https://www.meadmetals.com/blog/what-exactly-is-iso-certified-and-what-does-it-mean

Samson » June 20th, 2022

Tasmeem Alliance Invites Political Blocs In Case Parliament Is Dissolved

20th June, 2022

Today, Monday, the representative of the Design Alliance, Ali Mashkour, called on the political blocs not to run for elections again in the event of resorting to the dissolution of Parliament.

Mashkour said in an interview with Earth News that “the work is still in full swing in the political dialogues, and this is very natural, especially after the withdrawal of the Sadrist bloc, because the failure to form the government now by the framework and the rest of the political blocs is considered the failure of all.”

Mashkour added that “all political blocs should not run for new elections in the event of going to the dissolution of Parliament as a last solution to the crisis, despite the lack of belief that the blockage will not be repeated in new elections.”    LINK

MilitiaMan » June 20th, 2022

Those are some powerful words about the FRAME WORK.. Being a FAILURE.. They are staring at dissolution. imo ~ MM

Samson » June 20th, 2022

‘It’s Over’… Sources From Within The Movement Decide The Intentions Of Overthrowing The New Government Through Massive Protests

20th June, 2022

Informed sources from within the Sadrist movement confirmed today, Monday, that there are no intentions to mobilize the masses and bring down the new government, if it is formed.

According to those sources who spoke to “Earth News”, “The issue of mobilizing the masses of the Sadrist movement during this period is not on the political table of the movement, given that the current government is new and it is not possible, once the government is formed, to agitate the masses and push them to the street in order to bring it down.”

The sources, who spoke on condition of anonymity, added that “there will be an assessment of the government and the way it manages the economic, political and military files, and through that the decision will come out regarding them. The people, therefore, if the people intend to leave, the current will support them.”

And she indicated that “the coordination framework is concerned, because it knows in advance that its administration of the state will fail, and the evidence for this is the nature of their discourse,” noting that “failure and corruption are looming on the horizon,” and he continued, “The conflict will be over who stole Iraq, and this word remains confused between the Kurds.” Shiites and Sunnis.  LINK

MilitiaMan » June 20th, 2022

Sadr is playing the corrupt like a well tuned fiddle..  Sadly many seem to not see it. He is the solution not the problem. The corrupt are on notice.. Sadr, is not laying down at all.. imo ~ MM  

PETRA » June 20th, 2022

Don’t you just love when an article begins with “An informed political source”….who is so “informed and political” that they do not want their name put in the article?   They must be “informed” enough to not be stupid enough to put their name on this article as the names of these potential PM’s are…nobodies. 

Do you really think that the main author and editor of the WP’s (White Papers) , Prime Minister Kathemi is going to see his life’s most momentous work go to the hands of some nobody minister of Labor and Social-Affairs?  The world knows who wrote it, developed it, and insuring it’s future success in the deployment of the ESFL? (Emergency Security food Law)   I would say…no.

And look at the crazy theatre we see now in the attempted formation of the Parliament.  There is an article by Super Samson that indicates they are trying to slot a Parliament meeting for Wednesday, June 22, which by the way is pretty close to our 15 day window of the ESFL going into law. (Interesting timing). 

For the purpose of electing new Parliamentarians to replace the Sadrists who left and resigned.  The constitution allows for those in “2nd” place from the previous elections (Oct 2021) to then get the nod to become a member of Parliament.  The problem is, 18 of the 2nd place people are also with Sadr and they also will resign…..go figure. 

Now what does Parliament do?  They do not have a “3rd” place rule in the constitution so…who will sit???   There is no solution constitutionally, so…the only solution, IMO, is dissolution!!!!   Leaving Saleh and Kathemi in their current roles and able to solidify the efforts built into the White Paper’s that we know are part of the driving force in the ESFL.

And one more thing….to those who think Maliki will get another crack at being the PM which is never going to even become close.  The Iraqi constitution states that a PM can only serve 2 terms.   Don’t forget that!!!!  How many terms has Maliki served????   Thus endeth the lesson!! 

ALL IMO   PETRA!!!!

MilitiaMan » June 20th, 2022

Well done and you observations have ample support.. There is no challenge to the EFSL. There is a note that they need to abide by the constitution and not disenfranchise anyone citizen.. The politicians are being warned by the court. By not having a seated government citizens are being discriminated against. Imo!! ~ MM

The judiciary recalls the Federal Court’s decision on elections

06/20/2022 18:55:28

The Supreme Judicial Council recalled today, Monday, the Federal Supreme Court Decision No. 43 of 2021 regarding the elections.

And the parliament’s media stated in a statement that {Euphrates News} received a copy of it, that: “The House of Representatives, when it issues legislation for elections, must treat all components of the Iraqi people in accordance with the principles of equality and equal opportunities, and ensure full representation of the people in the House of Representatives, and it is in violation of the constitution. Any legislative text that does not abide by with that.”

To view the decision link,  click here  LINK

Samson » June 20th, 2022

Oil prices fell due to global economic concerns

20th June, 2022

Oil prices fell on Monday, as concerns about slowing global economic growth and fuel demand offset concerns about tight supplies.

Brent crude futures were down 18 cents, or 0.16%, at $112.94 a barrel by 04:33 GMT.

First month prices fell 7.3% last week, their first weekly decline in five years.

US West Texas Intermediate crude recorded 109.29 dollars a barrel, down 27 cents.

Oil from Russia, the world’s second largest oil exporter, is still out of reach for most countries due to Western sanctions over the war in Ukraine.

The impact was mitigated in part by the release of strategic oil reserves, led by the United States, and increased production from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+.  LINK

The framework submits a request to hold an emergency parliamentary session… and the reason?

06/20/2022 12:10:39

A deputy from the State of Law bloc revealed that the coordinating framework submitted a request to the Presidency of the House of Representatives to hold an emergency parliamentary session.

Muhammad Al-Sihoud told {Euphrates News}: “The coordinating framework submitted 50 signatures to hold an emergency session to repeat the oath to the new deputies.” And he indicated that “setting the date of the meeting is up to the presidency of the council.”

It is noteworthy that the coordination framework’s request to hold an emergency session to repeat the oath comes against the background of the resignation of the Sadrist bloc’s deputies (73 deputies) and the rise of the winning candidates in their place.

A member of the National State Forces Alliance, Saad al-Lami, expected 44 parliamentary seats to be added to the coordination framework from the benches for the Sadrist bloc.   LINK

Source: Dinar Recaps

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