Goldilocks and Seeds of Wisdom
Goldilocks posted some news articles and comments this morning:
The debt ceiling goes to Congress today for a vote. It is expected to be a very close vote.
The debt ceiling is affecting US credibility and credit crunch issues.
Yesterday, Saudi Arabia began making moves away from the Petro Dollar and signed agreements with the Petro Yuan inside the BRICS system.
https://www.nbcnews.com/politics/congress/live-blog/debt-blog-monday-rcna86530#rcrd13478
https://www.valuewalk.com/debt-ceiling-crisis-has-already-hit-us-economic-credibility-reform-needed/
https://thedeepdive.ca/bricss-saudi-arabia-reportedly-joining-brics/
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We currently do not have a rate change in Iraq, but we are getting closer.
Let’s take a good look at where we are.
* Iraq is currently moving into electronic mechanisms design to fulfilled trades on both sides of a transaction through point-of-sale mechanisms. These mechanisms are internationally approved and internationally based.
* Iraq has built up their foreign currency reserves to stabilize their economy.
* They have issued new VISA and MasterCard credit to their people allowing local and International payments.
* They have a new working currency reform system.
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* They have adopted their own National Currency, and it is now the preferred currency.
* And, they have recently increased their gold reserves by over 2% stating that this is “just the beginning.”
Why is the purchase of gold so important? It goes beyond stabilizing an economy during distressful times. It creates discipline in government spending.
It is a way of extending their net worth for a country giving it more purchasing power.
But, did you know that gold and currencies are co-related? Holding gold strengthens relationship values between countries. It is one way to raise the value of a country’s currency.
https://www.reuters.com/plus/why-central-banks-buy-gold
https://www.policybazaar.com/gold-rate/articles/how-gold-affects-currencies/
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Source: Dinar Recaps
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