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“Massive Confusion” – Thurs. AM TNT Thoughts/News 11-3-22

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TNT

Cutebwoy:
Iraq dismantles a network of high-ranking officers involved in smuggling oil derivatives

Shafaq News/ Nine officers, including the energy police chief, have been apprehended for being involved in a fuel smuggling scandal at the country’s oil hub, an official document revealed on Wednesday.

Beside the Director-General of the Energy Police, Major-General Ghanem Mohammad Jaafar Hasan, the roster includes the energy police commanders of northern and middle Iraq, the administrative director, and the commander of the north’s security checkpoints.

Iraq’s new Prime Minister Mohammad Shiyaa al-Sudani said that the Iraqi security forces managed to dismantle a large network for smuggling oil derivatives in the southern governorate of Basra.

Chevy:
Tony said this at the very end of the call today – “OKAY. BANKS BEING PUT ON NOTICE I JUST GOT IT. NOT TODAY OR TOMORROW. WE’LL SEE WHAT HAPPENS.”

MontanaCoach:
Hope the bank notice us for this weekend!! We can always Hope!!

JudiBlueEyes:
Massive confusion at the end is what we expected and we sure are getting it. Stay focused and keep your vibrations high. Speak it into fruition. Keep studying your speech with Mr. Drysdale. ….. Remember this if your ship hasn’t come in, swim out to it!

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Joe:
I hope my ship comes in before my dock rots !

RVAlready:
Good morning! I hope Iraq jumps straight to 1 to 1 or better. 1300, 1200, 1100, or 1000 to 1 offers little to Iraq. Everyone is eagerly awaiting 1 to 1 or better….I  think the UN and IMF want to see at least 1 to 1. Probably by the end of November.

Tishwash:
Banks and banks banned from the currency auction after they were suspected of being involved in looting tax money

Sources, 11-03-2022, revealed security and security decisions to stop the Middle East banks, Al-Ansari and Al-Haqed from dealing in the currency auction against the background of precautionary measures regarding the file of looting tax deposits.

According to the information, this measure was taken, after it was proven that these banks, in agreement with the Central Bank, withdrew their balances, to remove their funds from any legal procedures related to involvement in the looting of tax funds.

He directed the Central Bank to seize the funds of family members accused of stealing tax deposits.

The Iraqi politician, Adnan Al-Zarfi, revealed the refusal of the concerned government agencies to sign with a European company specialized in financial auditing, despite the availability of four solid international companies, as the finance refused to sign with one of them for special reasons. He added: If the contracting process had taken place, the tax deposits, amounting to 3.7 trillion dinars, would not have been looted!   link

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The approach to forming the venerable Iraqi sovereign fund..who forms it methodologically and structurally and implement

A knowledge base that “on the path, the path is formed”, but we are still in the steps of thinking about shaping the path of the methodology of the sovereign fund. Undoubtedly, the scientific methodological theorizing about the sovereign investment fund is not scientifically and methodologically difficult, but the stumbling obstacle in practical application, as is the case with the obstacle of transition to a type of budget Programs and objectives in the federal general budget. 

It highlights the importance necessary to focus methodically and practically to contain and enable the shift from scientific theorizing to the reality and methodology of the applicable financial and economic model, which is the biggest challenge for government economic officials. In this regard, we think in parallel who is the party responsible for forming and formulating the structure of the Iraqi Sovereign Fund in a real and realistic way, methodologically, structurally and institutionally, in the reality of institutional work away from non-productive and practically unproductive theorizing! 

Sovereign funds can be created and formed from federal budget surpluses, government revenue surpluses from the activities of companies whose assets occupy a significant share, revenue from certain tax savings, including foreign exchange reserves of central banks, and international trade surpluses. This, for example, is how money is made in China.

Sovereign funds, representing the state, dispose of national savings, invest them in funds of various companies and other financial instruments, in particular, in stocks, bonds and funds of foreign countries. In principle, the foreign exchange reserves of the Fund are used differently from the official reserves of the government. 

Specifically, the state usually has two other schemes for investing financial resources: a central bank that invests primarily in bonds, and state-owned companies that invest their money in private equity. But the resources of the last two institutions can also be transferred by the state to sovereign funds. 

Sovereign investment funds, owned by the governments of sovereign countries, manage state rental income (the public domain) and budget surpluses. Each sovereign fund seeks to increase its potential and capabilities by investing in various national and international financial instruments.

If the main goal of pension funds is to ensure the financing of pension obligations, then sovereign accumulation funds pursue various goals, such as: pooling savings for future generations, promoting the implementation of social and economic projects, and protecting the economy from fluctuations. In commodity prices, to promote restructuring and scientific and technical development.

This management of national wealth in the name of developing society and the state as a whole can be considered a new type of modern international economic approach based on the formation of national welfare funds. It opens new horizons for organization, planning and macroeconomic methodology. From the foregoing, there are several questions that seem logical and objective in the reality of the proactive thinking approach to the issue of forming the Iraqi sovereign fund, including    link

Source: Dinar Recaps

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