"Gold Backed?" - Sun. PM KTFA Thoughts/News 1/6/19

by **Ssmith** Mon Jan 07, 2019 9:31 am

KTFA

KBC123 » January 6th, 2018

A thought occurred to me this AM:

What if as part of the IQD becoming reinstated & international (and in an SDR basket?), the USD simultaneously becomes gold backed????? How WONDERFUL WOULD THAT BE?

Note: I believe I recall years ago that I was told the Iraqi Constitution required their currency to be gold backed. Please, those more familiar with the various Iraqi governing documents can certainly let me know if I'm wrong here! But if true, while I'm doubtful this would apply to a program rate, I'm fairly certain it would apply to a reinstatement.

So, since our Central Banks and their Central Banks have been "twinning," I don't think it's so far-fetched to think that our two currencies have "melded" a bit. So maybe, just maybe...

Just a thought .... All just IMO.

Have a Blessed Day!

Samson » January 6th, 2018

The allocation of 50 million dinars for Article 140 of the Constitution

6th January, 2019

A member of the Finance Committee, MP Ahmed Haji Rachid, announced on Sunday the allocation of 50 million dinars to Article 140 of the Constitution, pointing out that discussions on the budget will begin this week

Rashid said in a press statement that the Council of Ministers allocated 50 million dinars to Article 140 of the Constitution in the draft budget budget, such as previous years, but not been used as in previous years, pointing out that the mechanism of disbursement amount requires the formation of committees around him

He added that the parliamentary blocs will return on Monday to Baghdad to attend the session of the House of Representatives scheduled on Tuesday, adding that the discussions on the financial balance for the year 2019 begins again LINK

IAm » January 6th, 2018

From 50 billion to 50 million.. IMO. Sounds good to me.

LonestarCowboy » January 6th, 2018

~hummmm....50,000,000,000 to 50,000,000....at 50 million dinar that's not much to go around at a Program Rate

Chappy86 » January 6th, 2018

This is HUGE IMO

Tommy17 » January 6th, 2018

50 million to article 140 not 50 billion. Wow

Samson » January 6th, 2018

The resumption of parliamentary sessions Tuesday to discuss the budget

2019/1/6 12:23 '

The House of Representatives, next Tuesday, resume its work after a break for about two weeks on the occasion of the New Year and the Iraqi Army Day.

"The parliamentary blocs will return Monday to Baghdad to attend the session of the Council of Representatives scheduled on Tuesday," said a member of the Finance Committee parliamentary, Ahmad Haji Rashid, "The discussions on the financial budget for 2019 will start again." He pointed out that "the allocation of 50 million dinars to Article 140 of the Constitution," pointing out that discussions on the budget will begin this week."

Between Rashid, "The Council of Ministers allocated 50 million dinars to Article 140 of the Constitution and not 50 billion dinars, as is common in some media , As part of the draft financial budget law, such as the past years, but not been used as in previous years, "pointing out that" the mechanism of disbursement amount requires the formation of committees around him."

The member of the Finance Parliamentary" not knowing any agreement between Baghdad and Erbil on the share of the region Of the federal budget". LINK

Earthquake hit the capital Baghdad and most of the Iraqi provinces

6th January, 2019

An earthquake shook the capital Baghdad and several Iraqi provinces on Sunday afternoon.

In Baghdad, residents felt a short-lived aftershock of a few seconds after the weather body did not know how much it was on the Richter scale.

"The tremor hit the provinces of Babel, Diwaniyah and Wasit in central Iraq, as well as the provinces of Salah al-Din and Sulaymaniyah in the northern part of the country," the correspondent said. LINK

Security expert: As long as the signature exists there is no trace of the vacancy of the posts of interior and defense ministers

2019/1/5 18:13

"The vacuum of the ministerial position of the Ministries of Defense and Interior does not affect the work and performance of the ministry, as long as the signature exists."

"The Prime Minister, Adel Abdul Mahdi, runs the work of the two security ministries by proxy and the decisions that need to be signed by the minister. There is a person who makes the decision, so there is no problem in the work of the ministry," Khalaf told AFP.

"We are in the battle of leadership against the terrorist gangs," said Khalaf. "We fired Defense Minister Khaled al-Obeidi at the time and did not affect the work of the ministry and the military operations in Shi, as long as the existing powers are greater."

Abdul Mahdi's candidate for the defense and interior ministries was unable to win the confidence of the House of Representatives during the cabinet reshuffle last year, which led to the administration of the two ministries being kept by the prime minister until they agreed to name them. LINK

Popcorn » January 6th, 2018

Maybe Iran is preparing to be on a level playing field with Iraq in the near future IMO.

Samson » January 6th, 2018

The Central Bank of Iran is in the process of deleting 4 zeroes from the currency

2019/1/6 10:04

A deputy in the Islamic Shura Council in Iran, (parliament) revealed the intention of the central bank in the country to delete four thousand of the Iranian currency. "The governor of the Central Bank of Iran Abdul-Assad Hamati, announced that the liquidity of 1700 thousand billion Tuman lost 30 percent of its capacity due to inflation."

He added that the governor of the bank confirmed that the bank plans to delete four zeros from the national currency and that he should take the initiative quickly and the banking system should be reformed." Papai said to the meeting of the bloc held on Sunday in the presence of Central Bank Governor Abdul Nasser Hamti to discuss the status of the country's reserves Of hard currency and inflation in society."

He said that the governor of the bank pointed out at the meeting that the central bank in front of two important challenges are the hard currency and the national currency and at a time when the people suffer from the size of inflation, we find that the value of foreign currency tended to stability.

He said that Hamati also pointed out that the US president is forced to retreat daily after he claimed the collapse of the Iranian economy says today that the Iranian national currency is now besieged." "The central bank governor announced that the government never plans to revalue the hard currency and we have to achieve better."

The governor said that the reason for the non-decline in the value of hard currency is due to the perception that the value of hard currency will increase again, noting that the road is open with China and South Korea on his way to deal with India while talking with Turkey in this area." Haji Babai announced that Hemmati said he could not hold hopes too much on the European channel, but it should work on the claim". LINK

Don961 » January 6th, 2018

Global economic crisis

- 4 Hours Ago

There is a looming global economic crisis, some believe it has already happened, and its effects are alive.

The most prominent feature of this crisis is the increase in loans in general, especially in Europe, there is also more new taxes, or an increase in what exists, so the majority of people will have to work more, to maintain the same levels of current income, and then the budgets of the majority of the majority Countries may see more deficits, which is also likely to happen in the big pension funds.

In practical terms, the incentives and privileges that workers and employees would have received would have been reduced, and therefore felt, by the people.

A reference to these concerns was echoed by Egyptian international economic expert Mohamed El-Erian on Monday, warning that financial markets could see more volatility in the new year 2019, but ruled out that the world economy was in a long-term recession.

Al-Erian, an Egyptian citizen who now works as chief economic adviser to Allianz Insurance, wrote an article published by Fox News Sunday and featured on CNN last Monday. There are three reasons why he expects to continue fluctuating in the new year.

Markets do not like the growing uncertainty in the global economy, especially in Europe and China. Secondly, central banks no longer buy securities and no longer keep interest rates low. The third factor in Al-Arian's view is that Wall Street or the US stock market changed its position.

It is no longer about buying shares, but selling, which increases the volatility of the market through electronic trading, leading to more sales, Exaggerated.

Adding to the third factor is the crisis in the United States due to President Donald Trump's persistent criticism of US Federal Reserve Governor Jerome Powell over the latter's insistence on raising interest rates. Al-Arian believes that Trump may be right in his fears, which he sees as affecting the current US recovery, but the problem is that the attack strongly affects the idea of the independence of the US central bank or the Federal Reserve.

The features of this crisis or the repercussions of the crisis began to strike in many regions of the world, and we have seen in our region what happened to Turkey and South Africa, and as far away as Argentina.

Perhaps the Turkish model is the clearest illustration of this crisis, though not the only one.

Turkey presented what some thought was an unprecedented growth experience since the beginning of the new millennium, and that growth enabled the AKP led by Recep Tayyip Erdogan to continue to govern so far.

Suddenly, we discovered that the experience, despite its apparent success, carries many of the citizens of the fundamental solutions, which are mainly the decline in production in various forms, and the high proportion of debt, whether on the government, the public budget or even the private sector.

Bloomberg, the US economic agency revealed days ago that at the end of August, the volume of debt of non-financial Turkish companies 331 billion dollars, almost three times the assets of foreign currencies.

As a result, the Turkish lira witnessed record lows months ago, reaching 40% of its value. It coincided with a US-Turkish clash over Ankara's detention of US cleric Branson on the grounds that he supported the Turkish president's rival, Fathallah Gulen. Erdogan eventually acquiesced and Branson was released. It has also been subject to the demands of the Turkish central bank to raise interest rates in order to maintain the lira and prevent further collapse of its value.

The difference happened in South Africa and the RAND collapsed before the government also raised interest rates.

One of the results of this is that foreign investments, especially the hot ones, ie, investment in "debt instruments" started to decrease, and is directed to those who give higher interest, and of course the higher the interest rates, the lower the proportion of investments.

Question: How will all this affect us in the Arab region ?!

Sunrise link