“Huge Step” – Mon. PM KTFA Thoughts, News w/ Tivon, MilitiaMan 6-27-22

0
221

KTFA

Samson » June 27th, 2022

The Kremlin: Russia Is Not Bankrupt, And The West’s Freezing Of Its Funds Is A “Steal”

27th June, 2022
The Kremlin’s spokesperson, Dmitry Peskov, commented on a Bloomberg Agency report about Russia’s default on foreign debt under Western sanctions.

Peskov noted that Moscow does not agree with the allegations that Russia defaults on its foreign debt. He added that the position of the Russian leadership is well-known, as the West has frozen Russian assets and used the frozen funds in any way without Russia’s consent, which is illegal, and expressly means “theft.”

And earlier, Bloomberg Agency reported that Russia had defaulted on foreign debts worth $100 million, in light of Western sanctions.

She pointed out that Russia defaulted on its foreign debt for the first time since 1918, but this time the markets are dealing with a “unique scenario of a troubled borrower who has the will and resources to repay but is unable to do so.”   LINK

Russia defaults on foreign currency debt for the first time in 100 years

27th June, 2022

Russia has defaulted on its foreign currency debt for the first time in more than a century, which marks the climax of tougher Western sanctions that have closed off payment methods to creditors abroad.

Over the course of several months, Moscow has been able to find ways around the sanctions imposed after the Kremlin’s invasion of Ukraine, but by the end of Sunday, the grace period for interest payments of about $100 million due on May 27, a deadline for default, had expired.

It is a grim sign of Russia’s rapid transformation into an economically, financially and politically isolated country.

Eurobonds in the country have been trading at unfortunate levels since the beginning of March, the central bank’s foreign reserves have remained frozen, and the largest banks have been cut off from the global financial system. But with the economy and markets already damaged, defaults are also now mostly symbolic, and it doesn’t matter much to Russians, who are facing double-digit inflation and the worst economic downturn in years.

Russia objected to its designation as a non-paying country, stating that it had the funds to cover any bills and had to not pay. As it was trying to change course, it announced last week that it would switch to servicing its outstanding sovereign debt of $40 billion in rubles, criticizing a case of “force majeure” that it said was artificially orchestrated by the West.

Official announcements usually come from rating companies, but European sanctions have led to the withdrawal of the ratings of Russian entities. According to the bond documents, whose grace period expired on Sunday, holders themselves could describe it as such if the owners of 25% of the outstanding bonds acknowledged a “failure”.  LINK

Source: Dinar Recaps


Economist: The Dollar Exchange Rate Will Not Return To Its Previous Era Due To International Obligations

27th June, 2022

The economic affairs specialist, Muhammad Attia Al-Saadi, ruled out the return of the dollar exchange rate to its previous era, pointing out that there are reasons related to Iraq’s obligations with the World Bank regarding this matter.

Al-Saadi told Al-Maalouma, “The dollar exchange rate set by the government is very unlikely to return to the previous figure set at 1800 dinars to the dollar.”

He added that “the promises made by some political parties and blocs will collide with Iraq’s commitments to the agreements of the World Bank,” stressing that “the agreement to raise the exchange rate came in accordance with agreements with international organizations and dictates imposed by international institutions in exchange for supporting Iraq with loans.”

He pointed out the importance of the next new government working on preparing a comprehensive economic and development plan that would reduce the poverty rate and move the wheels of the private sector by activating investments and benefiting from the great financial abundance that was achieved due to the rise in global oil prices.    LINK

Wagmaster » June 27th, 2022

This does not sound good.  Fake news?  Please, input is wanted.

IAM » June 27th, 2022

Stated specifically:  Al-Saadi told Al-Maalouma, “The dollar exchange rate set by the government is very unlikely to return to the previous figure set at 1800 dinars to the dollar.    1800 dinars to the dollar is not what we want anyway.

Tivon » June 27th, 2022

Right, the rate is literally 0.00. Commonsense would or should imply that the reinstatement would not come out that way. We know based off of the hard currency reserves that Iraq can come out the gate with at least .86 or higher. IMO

MilitiaMan » June 27th, 2022

Of course they are not going to return to the previous figure set on (1180) imo.. There were / are timelines on the devaluation that were to be short lived. What they will do is bring purchase power to the citizens and (1180) is not it.  They have not come this far in the international arena with the AYSCUDA, BUNA, WTO, E-Gov, E- Banking, 14.6 million electronic cards, advanced ATMS, etc., to be allowed to go international with out a REER.. imo ~ MM  (Real Effective Exchange Rate)

Samson » June 27th, 2022

Interior Minister : We continue our quest to move permanently to electronic work instead of paper

27th June, 2022

Interior Minister Othman Al-Ghanimi affirmed, today, Monday, the quest to move permanently to electronic work instead of paper to keep pace with global development.

Al-Ghanimi said in a statement received by the Iraqi News Agency (INA): “The planned work, according to solid scientific foundations, will certainly have positive results.”

He continued, “We look with appreciation at the continuous series of achievements by the Directorate of Civil Status, Passports and Residence, after it worked to open the new building of the National Card Department in Al-Madina District, Basra Governorate.”

He stressed, “We will continue our endeavor to move permanently from electronic work instead of paper to keep pace with global development,” noting: We are present in all security and service fields.”  

MilitiaMan » June 27th, 2022

There you go. The interior minister is present in all security and service fields electronically. Likely to be able to communicate with the AYSCUDA System.. There are no coincidences.. Not a theory imo ~ MM

Samson » June 27th, 2022

The second American oil company to withdraw from Kurdistan after the decision of the Federal Court

27th June, 2022

The American company Schlumberger Oil Field Services announced, on Monday, its withdrawal from the Kurdistan region, in compliance with the decision of the Federal Court

The official news agency quoted “responsible sources” as saying that “the American company Schlumberger sent a letter with an official document to the Iraqi Oil Ministry in its commitment to Federal Court Decision No. 59, which includes not dealing with the Kurdistan region regarding the oil file

Earlier, the American company “Baker Hughes”, the global giant in the field of oil field services, announced its withdrawal from the Kurdistan region in compliance with the decision of the Federal Court    LINK

MilitiaMan » June 27th, 2022

Looks like the federal court ruling is being implemented, hence, the large players are respecting that now.. Another sign of progress at a time when the EFSL, and other emergency meetings took place on the back of the the Tehran and Riyadh talks being held. What else are they about to tell us? ~ MM 

Samson » June 27th, 2022

Association of Banks: More than 14.9 million bank cards in Iraq

27th June, 2022

The Association of Iraqi Private Banks announced that the percentage of users of electronic payment tools in Iraq has increased, confirming that there are more than 14.9 million active bank cards

The Executive Director of the Association, Ali Tariq, said in a statement, “The policy of the Central Bank of Iraq is working to increase electronic payment tools, which contributes to increasing confidence between the citizen and the banking sector, in addition to raising the percentage of financial inclusion

He added, “The year 2021 witnessed a growth in bank cards by 26.87%, as the total number of activated cards owned by citizens amounted to 14.9 million cards of all kinds, in addition to the presence of 2.1 million active mobile payment wallets. He stressed that “there are 1,566 ATMs spread throughout Iraq, until the end of the year 2021, in addition to the presence of more than 14.7 thousand financial payment points and more than 8.3 thousand electronic payment points

He explained, “The activation of bank cards and the dissemination of electronic payment tools will contribute to facilitating the payment process when purchasing from inside and outside Iraq, in addition to reducing dependence on banknotes and increasing the volume of electronic commerce in Iraq, which contributes to achieving greater revenues for merchants, regulating and reducing losses in electronic commerce  LINK

MilitiaMan » June 27th, 2022

They have close to 50% saturation in the country from the looks of it for cards in the hands of the citizens. They have been telling us all about the new ATMs lately too. The advanced ATMs that can not decipher multiple currencies and at varied exchange rates. They can recycle cash as well. This is more education and support that they are geared for internationalism. imo ! MM

Samson » June 27th, 2022

The Central Bank announces that the Iraqi gold reserves have risen to more than 130 tons

06/27/2022 17:03:39

The Central Bank of Iraq announced today, Monday, that Iraq has advanced ten ranks in the table of the most countries in gold reserves, bringing its total possessions to (130.39) tons, ranked thirty in the world and fourth in the Arab world.

And the bank confirmed in a statement that {Al-Furat News} received a copy of it: “The purchase of new quantities of gold amounting to approximately (34) tons, an increase of 35% over what was in its possession, and this increase came within the framework of the Central Bank’s strategy to manage its assets, including It achieves the highest levels of stability and ability to face local and international economic changes.

It is noteworthy that gold is one of the most important assets held by central banks and international financial institutions, and a safe haven in conditions of uncertainty, due to its acceptance at the international level.   LINK

DeepWoodz » June 27th, 2022

Imo   HUGE step towards backing up a new currency. But what do I know.

Tivon » June 27th, 2022

This is my favorite quote below when they mentioned that the reserves are prepared to protect against local & international changes! Consider what that means when you think about the 100 deputies signing on to follow through on what Al-Kazemi requested of them in the earliest session. Mazhar Saleh (Financial Advisor) said that they can maintain the purchasing power that will result from the reinstatement because of their reserves a month or so  ago. IMO

And the bank confirmed in a statement that {Al-Furat News} received a copy of it: “The purchase of new quantities of gold amounting to approximately (34) tons, an increase of 35% over what was in its possession, and this increase came within the framework of the Central Bank’s strategy to manage its assets, including It achieves the highest levels of stability and ability to face local and international economic changes.

Source: Dinar Recaps


MilitiaMan » June 27th, 2022

Deputy For Al-Fateh: The Exchange Rate Reduction Will Soon See The Light

27th June, 2022

Member of Al-Fateh Alliance, Suhaila Al-Sultani, confirmed, on Monday, that the issue of reducing the dollar exchange rate is soon after collecting the signatures of 100 deputies to vote on reducing it under the dome of the House of Representatives.

Al-Sultani said in a statement to “The Information”, “The Sadiqoun Parliamentary Bloc, with the follow-up of Representative Uday Awad, is seeking to reduce the exchange rate more than a year after its change.”

She added, “The paper in which the signatures were collected, was attended by all the deputies of the political blocs affiliated with the coordinating framework,” noting that “the exchange rate change will be soon.”

It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.    LINK

There is no way that these guys are not taking advantage by saying, “the exchange rate change will be soon.” If they dissolve parliament and they may as noted by the articles today that specifically say that it is a topic that may have legs to it. The support is growing, as is the vocal rejections from the leader of the Coordination Framework. There being over 100 deputies openly supporting the exchange rate change is powerful. They are campaigning. A sign of currying favor from the citizens. They want there purchase power…~ MM

Samson » June 27th, 2022

The Rule Of Law Excludes The Dissolution Of Parliament For These Reasons

27th June, 2022

The State of Law coalition ruled out, on Monday, the dissolution of the House of Representatives after the voices calling for the dissolution of Parliament rose as the only way out for resolving the political crisis, stressing that the dissolution of Parliament is very unlikely for several reasons.

Member of the coalition, MP Alia Nassif, said in a statement to / the information /, that “the withdrawal of the Sadrist bloc and the resignation of its 73 deputies and their replacement with losing representatives called on some who do not want to form a government by the large bloc represented by the coordination framework to demand the dissolution of Parliament as the only solution to satisfy the withdrawal as the only way out. to resolve the political crisis.

She added, “Calls to dissolve Parliament will not be fulfilled for several reasons, including that the current political stage is very sensitive in light of the internal and international circumstances, and this requires the political forces to support the formation of the government and create a fully legitimate government without maintaining a caretaker government that does not have the powers required by the stage.”

Nassif explained, “The losers who filled the vacant seats in the Sadrist bloc’s deputies will stand against these calls because they got an opportunity they were dreaming of.” Nassif indicated that “the only and best way that most political forces see is to speed up the formation of the government with the participation of all political forces in the next government without excluding anyone,” explaining that “the issue of forming an emergency or transitional government has no constitutional basis, only an emergency government and for security reasons, and there is no case Security calls for a vote on it.”  

LINK

MilitiaMan » June 27th, 2022

Once again there is more false flags. They are trying to persuade others to not dissolve parliament. There is no constitutional explicit caretaker or emergency government. The PM since the EFSL and latest emergency session one where there were 100+ deputies that signed on to the exchange rate change were involved. The PM during emergency’s can and may have “NECESSARY” powers. The Frame Work would like us to believe that is not the case. The Supreme Judicial Council Judge has stated as such on on more that one occasion. Again, no theory on that matter.. So, we can see that the cracks in the dam are there, as there is good reason to be noted by many jumping ship.. Peoples lives are on the line in more ways than one.. imo ~ MM 

Samson » June 27th, 2022

Azm Objects To The Use Of The Term “Losing Representatives”: Intentional!

27th June, 2022

The Azm Alliance refused, on Monday, to name the losers’ representatives on the Sadrist bloc’s replacements, an intentional mistake, indicating that launching this label has goals behind it to obstruct the political process and reduce the prestige of the House of Representatives.

The leader of the coalition, Faris Al-Fares, said in a statement to / the information /, that “the circulation of the term losers who replaced the representatives of the Sadrist bloc after they submitted their resignations from the membership of the House of Representatives is a wrong and intentional deliberation by some political forces that lost their political project by achieving the political majority for the purpose of putting the stick in front of the wheel of forming the next government.”

Al-Fares added, “The real and legal description is the reserve deputies,” noting that “the new deputies who replaced the Sadrist bloc’s deputies in the first place got loud and large votes, and some of them were subjected to injustice as a result of manipulating the election results, as they were already winners.”

He pointed out that “the launch of this name stands behind it aims to obstruct the political process and reduce the prestige of the House of Representatives and an attempt to drag the House of Representatives to dissolve itself again and hold early elections.”   

MilitiaMan » June 27th, 2022

Sadr likely has done this deliberately and that may turn out to be true.. Think about it. HE gets his group that won legitimately the larges block to resign. Then the next group in line that were losers to take over.. That won’t fly with the street. They’ll push for the Dissolution and get a fresh election in the future. Mean time the present government with necessary powers may likely keep on working and what the citizens need. PM Kahdimi has been doing exactly that as we can see over this past weekend. imo ~ MM

Samson » June 27th, 2022

The Central Bank of Iraq’s gold reserves rise

27th June, 2022

Today, Monday, the Central Bank of Iraq announced that Iraq has advanced ten ranks in the table of the most countries in gold reserves, bringing its total possessions to (130.39) tons, ranked thirty in the world and fourth in the Arab world.

The Central Bank of Iraq confirmed the purchase of new quantities of gold, amounting to approximately (34) tons, with an increase of 35% over what was in its possession. and international.

It is noteworthy that gold is one of the most important assets held by central banks and international financial institutions, and a safe haven in conditions of uncertainty, due to its acceptance at the international level.

Central Bank of Iraq
Media Office
27 – June – 2022   LINK

MilitiaMan » June 27th, 2022

Now we finally see that 30-40 tonnes of gold show up they found on the Syrian Border..? Why now are they telling us this now? Well, they have far more reserves now that ever needed for to support the new exchange rate change. ~ MM

DeepWoodz » June 27th, 2022

Imo….HUGE step towards backing up a new currency. But what do I know.  

MilitiaMan » June 27th, 2022

Your are absolutely correct. The additional gold tonnage will support the value of the currency. They’ll be able to defend the REER easily now.. A very good and well timed placement of the tonnage.. The world will be seeing this a a very positive sign.. imo.. ~ MM

Samson » June 27th, 2022

The Dollar..The Biggest Lie Of The Modern Era

25th June, 2022

America lies to the world with dollars and the world is happy to accept this lie. How did that happen? What is the future of the dollar and the economies associated with it?

The turning point was at the end of World War II when the old colonial world handed over the banner of colonialism to the leader of neo-colonialism (America), when World War II exhausted colonial Europe, and these countries went bankrupt, and inflation hit their currencies and economies and became at the mercy of the Americans and their aid represented in the (Marshall Plan).

America, stalking this moment, found an opportunity to impose on these countries the Britten Woods Agreement of 1944, which included 44 countries. This conference came to the conclusion that the dollar constitutes the exchange rate for all currencies and is a measure of the pricing of basic and raw materials, the currency of international trade exchange, and the currency of financial settlements. And that America is the safe haven for currencies represented by the dollar.

In return, America pledged to continue linking the dollar to gold at a fixed rate ($35 per ounce of gold) in order to ensure the exchange in dollars and the stability of global pricesWhat gave this confidence to the dollar is America’s possession of three-quarters of the gold reserves in the world. Thus, it was able to control the global economy through the dollar by introducing it into most of the world’s currencies as a cash reserve in its central banks.

The honeymoon with this agreement lasted only eleven years, starting the Vietnam War in 1955, which America thought would be resolved within months, but it lasted for nearly twenty years. Which led to the depletion of its economy with the increasing costs of the war on the treasury, and it was forced to print the dollar without gold cover and in secret.

In the year 1970, France discovered that America was lying to the world and printing the dollar without a gold cover, so the French President (De Gaulle) asked to convert France’s reserves of dollars into gold according to the Bretton Woods agreement. However, America rejected the French request because it was unable to transfer this amount, which amounted to only 191 million US dollars.

Inflation began to hit the dollar and the countries of the world began to lose confidence in the dollar, which prompted US President Richard Nixon in the year 1973 to officially announce the cessation of linking the dollar to gold, and since that year the value of the dollar has decreased forty times, and gold has risen from 100 dollars per ounce to about two thousand dollars and now ranges around 1800 dollar. Gold is inversely related to the dollar, the lower the dollar, the higher the price of gold, and vice versa.

In an attempt by America to destroy the value of the dollar after its separation from gold, it concluded an agreement with King Faisal (King of Saudi Arabia) as the largest oil producer at that time, and this in the year 74 includes two points, the first of which is linking the price of oil to the dollar and that Saudi Arabia will persuade OPEC to price oil in dollars. 

The second point is that Saudi Arabia invest oil revenues in US bonds, that is, return this money to America in order to support its economy, in exchange for protection (and history is still repeating itself) and through this agreement, what is known as the concept of petrodollars emerged.

This situation continued for nearly thirty years and the dollar was the master of world currencies until the capitalist contradictions reached their climax. The US defense department from the annual general budget, which in some years amounted to more than 800 billion dollars, and this was accompanied by an increase in the volume of indebtedness, which increased from 5.3 trillion dollars in the year 2000 to more than 32 trillion dollars in 2022, making America the largest city in the world .

The biggest shock was in 2008, which was called the mortgage crisis. This crisis came after the occupation of Iraq and before that, Afghanistan. America was on the verge of bankruptcy.

In reality, the dollar is not covered, and America was able to sell this illusion to the world, and in its behavior it became similar to the gang that owns a printing press and produces currencies without restrictions. The question is will the dollar collapse?

There are several factors that support the dollar and the collapse of the dollar is not in its interest, namely:

1- The world’s countries invest in US bonds, and these investments amount to seven trillion dollars. China, Japan and Britain top the group of these countries, as China holds 1.3 trillion dollars of these bonds, followed by Japan, which holds 1.2 trillion dollars.

2- The dollar constitutes 60% of the countries’ reserves in their central banks, while the euro constitutes 25%.

3- There is no international currency to replace the dollar.

4- The bankruptcy of a group of countries whose currency is linked to the dollar.

5- Chaos and stagnation that can occur in the global economy.

6- The loss of major countries to the American market, especially China, which contains 1,500 American companies operating within it and marketing most of its products in the American market.

These reasons made America succeed in transferring and exporting the dollar crisis from the inside of the United States to the world, and it has been studying the printing of the dollar without any coverage. Dollars outside the United States constitute 75% of the total dollar.

But this reality based on this American blackmail of the world cannot continue indefinitely.

What is important is the current reality of the dollar?

The dollar is threatened with collapse for the following reasons:

1- The American economy is collapsing due to globalization and the exit of industry and the transformation of America into an importer, consumer and producer of services, and the project of globalization is out of control.

2- The current account deficit, which is the widest indicator for measuring the imbalance in the international balance, and this imbalance is entrenched in favor of China.

3- The net national savings rate (which is the sum of the savings of individuals, companies, and the government sector) fell to a record low and entered the negative region for the first time.

4- American pressure on the countries of the world by imposing sanctions on countries, companies and individuals, waging wars … etc. This led a large group of balanced countries to think of disengaging from the dollar, and among these countries the BRICS system (China, Russia, India, Brazil and South Africa).

5- The extensive spending that America spent at home on individuals and companies in the form of aid due to the Corona virus, in order to stimulate the economy, as this spending has so far reached 3.5 trillion dollars in the hope of revitalizing the economy, but in light of an open economy whose economic circle begins in the American market and ends with factories in China Excessive spending increases the purchasing power in the American market, which is filled with Chinese products, so this support will be transferred to Chinese industries and aggravate the already dysfunctional trade balance deficit.

6- The huge military spending and the continuation of America in the colonial approach and the unjustified domination of the world and the role of the policeman on the world.

For all these reasons, the fall of the dollar is considered inevitable through blatant inflation, and this inflation can be in the interest of the American economy. America will not be enough to cover this amount of cash.

With the inevitable fall of the dollar, this is a prelude to the fall of America and the decline of its hegemony over the world and the halt of globalization, and America can disintegrate, as happened in the collapse of the Soviet Union, and its consequences will be the loss of savings, the crushing of the middle class and chaos within America and in the countries of the world.

It can also be a sudden, blatant collapse or a gradual successive decline.  LINK

Source: Dinar Recaps

______________________________________________________

If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.
______________________________________________________

All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.

Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.

Copyright © 2022 Dinar Chronicles

LEAVE A REPLY

Please enter your comment!
Please enter your name here