Goldilocks' Comments and Global Economic News Sunday Evening 6-2-24

Goldilocks' Comments and Global Economic News Sunday Evening 6-2-24

Good evening Dinar Recaps,

"This joint proposal from the Bank of England and the Financial Conduct Authority (together, “the UK regulators”) for a digital securities sandbox (“DSS”) reflects a commendable commitment to incorporating innovation into the financial system."

A letter was sent to the Digital Securities Sandbox joint Bank of England and Financial Conduct Authority regarding this consultation paper.  

If all goes well in this pilot phase / sandbox movement forward, all would commence so long as the United States doesn't have anything further to add from the new Markets in Crypto Assets (MICA) regulations.

This consultation paper will be added to the current work taking place on legislation in Washington. See Rep. McHenry, Patrick T, H.R. 7440 – Financial Services Innovation Act of 2024, US Congress (Feb. 23, 2024). 

The purpose of this consultation letter is to make it clear the intended role of the new Digital Financial/Payment System will take going forward.

The following is the stated purpose: "A sandbox is designed to generate real-world insights about whether distributed ledger technology (“DLT”) could streamline the issuance, trading, and settlement of securities without undermining investor protection, market integrity, or financial stability."

These new regulations under the authority of the FCA has the potential to change the way settlement processes are being done, and this concerted effort is to affirm coordinated actions inside of a sandbox to make sure the US and UK can coordinate and implement a final phase by the end of June when it becomes law.  SEC   Bank of England   The Financial Conduct Authority   DFSA  

© Goldilocks

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We should see a lot of legislative bodies here in the United States and abroad get very active this month regulating and moving virtual assets into law inside the new Global Digital Economy.

© Goldilocks

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Chairman of the Finance Committee: We are ready to present the final report on the budget schedules | Iraqi News Agency

"Baghdad-INAThe Parliamentary Finance Committee announced today, Friday, that it will continue revision and reviewing the 2024 budget schedules to complete it on time in order to vote on them in Parliament, while confirming its readiness to present the final report on the budget schedules in next Monday's session."

This meeting on Monday is regarding budget schedules. No mention of exchange rate changes is expected to be a part of this meeting.

© Goldilocks

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How AI is Paving the Way for a New Era in Financial Services - The Global Treasurer

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Mastercard and HSBC Middle East accelerate travel payment innovation through bank’s first wholesale travel program | Mastercard

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In the Face of Unrelenting Change, Corporations Embrace Innovation and Leadership  |  The Global Treasurer

Corporations today must adapt to constant change to stay competitive, with corporate treasuries leading the charge in managing liquidity and risk.

The introduction of ISO 20022 marks a significant shift in corporate payments, offering a unified standard that promises enhanced transaction transparency and speed.

Corporate treasuries are redefining their strategies to leverage this standard, expanding their roles to include innovative technologies for efficiency and cost reduction. 

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IMF Calls Zimbabwe's Switch To A Gold-backed Currency An "Important" Step | Pindula
The introduction of ZiG represents an important policy action accompanied by several complementary policy changes — including monetary, exchange rate, and fiscal policy measures.

Having a gold standard stabilizes prices and foreign exchange rates.

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US unveils policy to boost carbon offset market integrity | Reuters

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As society accelerates its decarbonization journey, the resource inputs necessary for this energy transition are appreciating in value. This article will spotlight the pivotal role of copper in this transition and the ETF solutions that enable investors to tap into this burgeoning market.  |  ETF Market

👆  Goldilocks pointed to this article

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Sunday Night “Kid Stuff” Posted by Mot at TNT

TNT:

Mot:.. The Origin of America’s Favorite Nursery Rhyme: ((( Bet Ya Didn't Know This un!!!! )))

The Origin of America’s Favorite Nursery Rhyme:

Davy Crockett's older sister, Effie Crockett was invited to help some mothers in the Muskogee Tribe. Once she arrived in camp, Effie laughed at what she saw. The Muskogee Tribe had a custom of cradling their pappooses among the swaying branches of birch trees. This protected their babies from ground insects, the sun, and wild animals.

After first finding it funny, she soon learned all the great reasons for this practice and marveled at the beauty of it.

Effie watched the swaying and soothing motion of the topmost branches of the trees. She loved how each baby enjoyed nature, how they listened to the songbirds, observed every ladybug, and smiled at the colors of a butterfly, every little breeze was felt and enjoyed by these young ones; each babe seemed perfectly content.

One of the Tribal mothers began to sing a song to the children in her native tongue. As the Muskogee mother sang, Miss Effie observed a small tear running down the mother’s cheek.

Lulu se pepe i le pito i luga o le laau,

A agi le matagi e luluina le moega pepe,

A gau le lala e paʻu ai le moega pepe,

Ma o le a sau i lalo pepe, moega pepe ma mea uma.

Effie translated the words and kept the tune. She shared it with everyone and it soon became a wildly popular nursery rhyme among the Colonies.

The English translation:

Rock-a-bye baby on the tree top,

When the wind blows the cradle will rock,

When the bough breaks the cradle will fall,

And down will come baby, cradle and all.

Why did the Muskogee mother cry?

A “bough” is simply a tree branch, and its breaking was used by the Muskogee mothers as an analogy of their little baby growing up.

Their little baby would soon outgrow his cradle. With each gently rocking wind, time was passing. One day, little baby would no longer need the protection of his mother. One day, the “branch” would break because her little baby had become too heavy. The “cradle” would fall to the earth – the child, no longer a baby, would dust himself off and grow into a man.

The now famous lullaby was first printed in Mother Goose’s Melody.

The rest is history.

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Mot: When Ya Finally Meet that Critter who ~~~~

Mot:  ... When Ya get Double the Fun!!

Mot: ........ Boooom!!! 

Mot: .... I Nearly Died of Shame!!! 

Mot:  .... What Ever Did She Mean!!!??? 

Economist’s “News and Views” Sunday 6-2-2024

Is the Gold Standard Coming Back?

AMPEX:  6-2-2024

For the first time in 25 years, a country has released a gold-based currency.

The United States officially left the gold standard in 1971, and Switzerland was the last to abandon it in 1999.

But on April 30th, Zimbabwe officially launched its gold-backed currency, Zimbabwe Gold.  Zimbabwe Gold (ZiG, for short) is the world’s first gold-backed currency in two and a half decades but marks Zimbabwe’s sixth currency attempt since 2009.

While this one claims the security of gold, something the previous five failed currencies didn’t have, there’s more to it than meets the eye.

Watch this video to learn more about ZiG and why BRICS is probably closely watching the currency’s success or failure.

https://www.youtube.com/watch?v=ztqY13kdlbI

China EV Giants Ditching Germany, EU Dangerous Seizure Law, India Shifts Gold Back From London

Sean Foo:  6-2-2024

As the trade war spreads further, Chinese EV giants are calling it quits in Germany. Demand is crashing and punishments are coming so companies are leaving. This isn't good for Germany's economy.

Meanwhile, Estonia has enacted a new law to confiscate Russia's frozen reserves as the EU inches closer and closer to total seizure.

Countries like India are seeing this and taking their valuable gold reserves home. Here's what to know!

Timestamps & Chapters:

 0:00 China Companies Exit Germany

 3:15 As Germany Loses, Hungary Wins Big

6:49 Estonia New Confiscation Law

9:35 India Brings Home Gold From The UK

12:22 Financial Escalation Coming

https://www.youtube.com/watch?v=gMGLDnqas4w

MARKETS A LOOK AHEAD: FREEFALL... Another "GRAND DECEPTION" Is Unfolding.

Greg Mannarino:  6-2-2024

https://www.youtube.com/watch?v=TbOQLQBUJ1w

Currency Insider Video Update Sunday Morning 6-2-24

Currency Insider Video Update Sunday Morning 6-2-24

Iraqi Dinar Here Some Massive Changes – 1:31

Iraqi Dinar Amazing Facts After 15 Years – 2:26

Iraqi Dinar Revaluation Latest Something Big For Holders- 2:25

Iraqi Dinar Today Is Investors Day – 2:01

Iraqi Dinar Here Some Massive Changes – 1:31

https://www.youtube.com/watch?v=jnGtHEgMe5s

Iraqi Dinar Amazing Facts After 15 Years – 2:26

https://www.youtube.com/watch?v=O_sdPkLppT8

Iraqi Dinar Revaluation Latest Something Big For Holders – 2:25

https://www.youtube.com/watch?v=O8hxD-Cs-v0

Iraqi Dinar Today Is Investors Day – 2:01

https://www.youtube.com/watch?v=Fu2xAtnwIWc

More News, Rumors and Opinions Sunday Afternoon 6-2-2024

TNT:

Tishwash:  Iraq participates in the OPEC+ coalition meeting in Saudi Arabia

Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani participates in the OPEC+ alliance meeting, which begins its work in Saudi Arabia today. 

Al-Hayani’s media office stated in a statement received by {Al-Furat News}, “The meeting discusses developments in the oil market, a general assessment of OPEC+’s actions over the past, and future expectations.  link

MikeCristo8: Petrodollar Ends on June 9th

Sunday, 2 June 2024,

MikeCristo8:  The world needs to understand the U.S. Treasury bond market is funded off the world needing dollar reserves aka bank derivatives (off balance sheet dollars).

When the Petrodollar ends on June 9th, there is no need for the world to hold U.S. Treasuries as the global world reserve asset in the oil trade. 

The Japanese yen will hyperinflate against their U.S. Treasury holdings. 

Japan will be forced to liquidate all their dollars and U.S. treasuries that fund the Gates Foundation, 

The Gates Foundation will fold. Melinda Gates leaves the Gates Foundation on Friday June 7th, two days before the petrodollar ends (June 9th). Bill and Melinda Gates knew the petrodollar was going to end. 

Coincidence? No? The monetary even is going down NOW! 

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Adam Gaertner :  Anything concrete re: the 9th?

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MikeCristo8   U.S. Treasury must roll over $10 trillion in bonds, of which they don’t have the money. Saudi is protecting their oil against a collapsing fiat dollar. The Fed isn’t going to print this kind of money.

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Jack Straw  June 9th the Agreement between United States and Saudi Arabia to sell Saudi Oil in USD exclusively ends. Saudi Prince has already notified U.S. that this agreement will NOT be renewed and they will no longer accept USD.

Video: https://x.com/i/status/1796618863599370263

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MikeCristo8   It means state banks can link up to M-BRIDGE, bypassing the SWIFT system and interface with the PBoC and the state banks could then potentially hold RMB as reserves.

===>>>>> This would allow China to control the gold price inside the U.S. state banking system!

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MikeCristo8  Does the world want dollar loans backed by nothing, or do they want RMB loans backed by gold?

China just moved in.

https://dinarchronicles.com/2024/06/02/mikecristo8-petrodollar-ends-on-june-9th/

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Militia Man  The totality of the Development Road Project, 1310 is not going to work.  They just don't have enough money printed, period.  They just don't.  We're going to have to see how all that ties in with the budget because one of the things that's still on the table is the Delete The Zeros Project.  If that's the case trillions turns into billions quite quickly...If they do what they say they're going to do it becomes far far cheaper.

Tishwash  Article:  "Iran: Iraq is one of the richest countries in the Middle East"  Quote:  "...Iraq is considered one of the richest countries in the Middle East, in that it possesses 85 billion dollars in foreign exchange reserves, 130 tons of gold reserves and 147 billion reserves, confirmed from a barrel of crude oil (ranked fourth in the world), explaining that it achieved from selling crude oil an income equivalent to $76 billion in 2021, and $120 billion in 2022."

Deflation ‘Intensifying’, ‘Monumental Rally’ Will ‘Shock People’ | David Rosenberg

David Lin:  6-2-2024

David Rosenberg, Founder and President of Rosenberg Research, discusses the "intensifying" deflationary pressures mounting in the economy, and their impacts on Fed monetary policy, the treasuries market, and equities markets.

0:00 - Intro

1:05 - Rate cuts towards 0%

 6:48 - Inflation vs. Deflation

 14:00 - Monetary policy errors

24:10 – Treasuries

 26:30 - Stock market outlook

35:00 - Labor market and wages

 43:00 - Home foreclosures?

45:40 - Asset allocation

https://www.youtube.com/watch?v=x1PQpoMOvU8

Frank26 and KTFA “News and Views” Sunday 6-2-2024

KTFA:

Frank26:  "THAT'S THE GOAL OF THE MONETARY REFORM!!!"............F26

Experts expect the dollar exchange rate to fall and reach parity with the official price

5/26/2024

Financial experts expected the parallel dollar exchange rate to fall and reach parity with the official price.

The economic advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the dollar exchange rate in the parallel market was close to matching the official price, in conjunction with the increased ability of banks to meet the requirements of the Central Bank and its compliance with the rules of external transfer

While experts indicated in Financial Affairs indicated that, in accordance with government procedures and reforms through the application of the electronic currency transfer platform and the establishment of correspondent relations between Iraqi and foreign banks, its results may be reflected positively in controlling the parallel exchange rate and the black market. LINK

Frank26:  "EDDIE TOLD ME, THE WORLD BANK IS ON IRAQIYA TV NEWS DISCUSSING THE CHANGES OF THE IQD EXCHANGE RATE!!!"............F26

Professor Frank Gunter launches a new white paper on de dollarisation of Iraqi economy.

29th May 2024

‘Two Cheers for Iraq: The Dinar – Dollar Exchange Rate Challenges’ 

Professor Frank Gunter publishes a new paper commissioned as part of a series by IBBC’s advisory council on the challenges of de-dollarisation for Iraq. The Advisory Council members and IBBC members have actively contributed to the paper in the past 4 months. It will be presented online on the 18th June in a webinar and in person at the Spring Conference on 2nd July. The Arabic translation will be published soon.

Professor Gunter provides an analysis of the drivers of impact on the dinar exchange rate and examines how best to deal with the parallel market of dinars to dollars. He outlines the practical policy initiatives that should reduce the gap between the official and parallel exchange rates in the medium-term.

 In particular he lauds the Government of Iraq on its commitment to tackle corruption and to modernise the banking system in one fell swoop but warns of the pressure on the dinar exchange rate as budgets are overstretched and the new banking recipients (state banks) receive the liquidity to enable the economy to perform.

He writes ‘All three of these forces – the anti-corruption effort, the banking liberalization, and the lavish 2023-2025 budget – will create challenges for the management of the dinar exchange rate. One could argue that over the last two decades the Government of Iraq (GoI) had little control over its exchange rate; that exchange rate policy was determined by other sectors of the political economy in Iraq. But even if this is true, the level of the exchange rate and changes in that level are believed by many Iraqis and foreigners as providing valuable insight into the quality of economic management in Iraq.

This importance is exemplified by the current efforts to de-dollarize the Iraqi economy while there is excess demand for dollars. This excess demand is shown by a parallel exchange rate of roughly 1500 dinars per dollar compared to the official exchange rate of 1310 dinars per dollar.
An important cause of this exchange rate gap is that the GoI, with the strong encouragement of the U.S. Federal Reserve, is attempting to reduce the use of the U.S. dollar in both Iraq’s internal economy and its external transactions. Since 2003, the U.S. dollar has facilitated economic growth in Iraq by providing a widely accepted medium of exchange for purchases as well as a reliable store of value for savings. In the long run, whether de-dollarization will have a significant adverse impact on the Iraq economy will depend on how rapidly the GoI can increase both the efficiency of alternative mediums of exchange and the perceived security of alternative stores of value.’

The report is available here to download.

https://iraqbritainbusiness.or.....qi-economy

Together we build Iraq

The Iraq Britain Business Council brings together business, trade and investment from the UK and International companies, for the benefit of the Republic of Iraq and its members. Committed to a free, prosperous and diverse Iraq, IBBC creates strong relationships with Iraq, from Government to private companies, to benefit business, industry and the people of Iraq.

IBBC 

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Frank26:  "VERY IMPORTANT TOOL FOR THE MONETARY REFORM".............F26

Visa unveils new digital products

 5/29/2024

Today as part of the annual Visa Payments Forum in the Central and Eastern Europe, Middle East and Africa region, Visa unveiled a package of new products and services that drive a radical transformation in card services and meet the future needs of its customers, consumers, merchants and financial institutions throughout the region. 

As payment methods have changed over the past five years from what they were previously, these new innovations will provide unique payment experiences to create a qualitative shift in commercial and financial activity, including e-commerce, in-store shopping, and money transfers.

“The dramatic acceleration in the growth of digital payments across the Central and Eastern Europe, Middle East and Africa (CEMEA) region has significantly transformed the way we pay and collect money online and in stores,” said Andrew Torrey, Visa’s Regional President for CEE, Middle East and Africa. “

As we continue our mission In shaping the future of commerce, we are pleased to support our customers, partners, consumers and merchants with the next generation of pioneering digital payment experiences and today we unveil new card features and digital innovations that will provide consumers and merchants with more personalized, convenient, secure and comprehensive solutions.”

Visa offers a range of innovative solutions that support digital identity, seamless payment experiences, flexible payments, accepting digital payments for microbusinesses, and protecting the security of account-to-account payments. Additionally, Visa announced the launch of its new payments-as-a-service platform, Visa Pay, which provides world-class mobile experiences for digital payments and intra-remittance transfers across the Central and Eastern Europe and Middle East Africa regions. This platform includes a comprehensive set of payment capabilities, and allows banks to deploy innovative and rapid solutions including digital card issuance requests, payment initiation order management, click-through payment, fraud and risk management, digital wallet platforms, and many more.

The new products and services Visa unveiled today, which will begin rolling out later this year, include:

Flexible Visa credentials

The provision of flexible credentials from Visa will allow customers to switch between different payment methods using a single card, providing greater choice for customers who can now set specific payment criteria or choose one of the payment methods that include debit cards, credit cards, or pay in four instalments. , redeem reward points, or even pay in another currency. This service is scheduled to be available in the Central and Eastern Europe, Middle East and Africa regions in the coming months.

Accepting payments from micro business owners

With an estimated 120 million formal and informal small and micro business merchants unable to accept digital payments in the CEE region, Visa is developing new ways to enable digital payments using virtual cards and credentials. In this context, the company this year will provide new methods of payment via mobile devices to all merchants, including:

* USSD Push Payments: Allows digital payments via any mobile phone that supports this feature.

* Small Business Owner Acceptance: This allows money to be transferred from consumer to merchant through smartphone devices.

* Mobile tap: Any device can now become a point of sale (POS) by simply tapping a card or digital credential.

Visa Payment Passkey Service

Identifying people in the digital world has become very complex; This has naturally led to a significant increase in fraud, with online payment fraud today being seven times higher than in-person payments.

Based on the latest Fast Verification of Identity Online (FIDO) standards, the Payment Passkey service can confirm a consumer's identity and enable online payment through a quick scan of their biometrics such as their facial features or fingerprint. Visa passkeys replace one-time passwords or codes when shopping online, allowing for more seamless and secure transactions. This service also confirms the consumer's identity without interrupting the payment process, as well as enhancing security levels and reducing friction when paying digitally - through any device or website - globally.

Click to pay

Visa has launched Click to Pay to provide a more seamless and secure payment experience on a broader scale, where consumers only need their email, phone number or Visa payment passkey to complete online payments. Additionally, Visa will collaborate with card issuers in several markets around the world to enable Click to Pay and Visa Payment Passkey services on new Visa cards, reducing manual entry of card details and passwords from the moment you start using the card. The Click to Pay service is available today in the Central and Eastern Europe, Middle East and Africa regions.

Visa Protection for Account-to-Account (A2A) Payments

Visa processes more than 200 billion transactions annually and analyzes 500 data elements in each transaction to detect and stop fraud in real time. By collaborating with real-time payments (RTP) networks around the world and leveraging decades of experience, Visa is working to use artificial intelligence to reduce fraudulent attempts in account-to-account payments across these networks. Visa's P2P protection service has already identified 60% of fraud across real-time payments channels, which financial institutions in the UK and Latin America had not previously detected. This service is scheduled to be available in the Central and Eastern Europe, Middle East and Africa regions in the coming months.

Visa Pay platform

Visa Pay is a payments-as-a-service platform that allows banks to quickly launch a range of new digital services for consumers and sellers through their mobile banking apps to stay ahead of consumers' digital preferences. This platform enables digital card issuance applications, payment initiation order management, pay-per-click, risk and fraud management, tokenization, digital wallet platforms, and issuer processing through a partner.

This platform allows banks to enhance their applications on mobile phones, as consumers will enjoy world-class user experiences via mobile phone to complete digital payments and financial transfers, as well as enhance security levels and reduce fraud attempts. The Visa Pay platform is scheduled to be launched in the Central and Eastern Europe, Middle East and Africa regions in the coming months.   INK

Frank26:  "I BELIEVE IN MONDAY JUNE 3rd FOR THE BUDGET"..........F26

In the document.. The House of Representatives will vote next Monday on the budget schedules

 5/31/2024

 Representative Mustafa Sanad announced that the House of Representatives intends to vote on the financial budget tables for the year 2024.
Sanad published a copy of the session’s agenda and limited it to voting on the budget schedules, indicating that it will be held at three o’clock in the afternoon.

Sanad said, "The Finance Committee has not voted on the schedules and has not prepared its report" yet

TRANSLATION: 

Republic of Iraq House of Representatives

The fifth electoral session, the third legislative year, the first legislative term

In the name of God, the most gracious, the most merciful

Agenda for session No. (27), Monday, June 3, 2024

Republic of Iraq House of Representatives

Reading verses from the Holy Quran

- Voting on the amended schedules of the Federal General Budget Law No. (13) 2024

Attached are tables (A/B/C/D/E/F). (Finance Committee).

The session begins at three in the afternoon    LINK

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Frank26:  "ONCE AGAIN... I BELIEVE IN JUNE 3rd FOR MANY THINGS TO COME TOGETHER."........F26

Parliamentary Finance confirms the readiness of the budget tables for voting in Monday’s session

5/31/2024

The Parliamentary Finance Committee announced its readiness to present the federal financial budget schedules for the year 2024 in the Parliament session next Monday.

The head of the committee, Atwan Al-Atwani, said in a statement, a copy of which {Al-Furat News} received, “For days, the committee has continued to study and review the 2024 budget schedules, in detail, in order to complete them in the optimal manner, and to ensure the necessary financial allocations for all sectors,” adding, “After a series of meetings Intensive, during which we hosted the relevant ministers, today we are about to complete the task of discussing and reviewing the details of these schedules, in accordance with the Federal General Budget Law for the years (2023-2024).”

Al-Atwani continued, “The Finance Committee confirms its readiness to present its final report to the House of Representatives in next Monday’s session dedicated to approving the budget schedules and its annexes,” reiterating “the great keenness to enable the federal government to implement its service and development plans and programs in a manner consistent with its government program that the House of Representatives voted on.”

We also affirm our full support for local governments, by increasing their financial allocations and ensuring the continuity of funding for projects with the aim of improving the reality of services in all governorates.”  LINK

Iraqi Dinar Video Update Sunday AM 6-2-24

Iraqi Dinar Video Update Sunday AM 6-2-24

Released USD vs IQD Dinar New Exchange Rate – 3:42

World Bank Reveal IQD New Rate – 7:05

Vietnamese Dong Massive Update – 5:52

Iraqi Dinar Huge Reinstatement  - 4:54

Released USD vs IQD Dinar New Exchange Rate – 3:42

https://www.youtube.com/watch?v=oXfWaldC76w

World Bank Reveal IQD New Rate – 7:05

https://www.youtube.com/watch?v=pliAAcwKC-I

Vietnamese Dong Massive Update – 5:52

https://www.youtube.com/watch?v=AQ09JUDP8Fs

Iraqi Dinar Huge Reinstatement  - 4:54

https://www.youtube.com/watch?v=jJRPvC_qUcQ

Iraqi News Highlights and Points to Ponder Sunday AM 6-2-24

Iraqi News Highlights and Points to Ponder Sunday AM 6-2-24

Parliamentary Praise For The Current Year’s Budget: The Best Since 2003

Money  and business Economy News – Baghdad  Chairman of the Parliamentary Services and Reconstruction Committee, Representative Ali Jassim Al-Hamidawi, confirmed that the reports prepared by the Parliamentary Finance Committee after studying the tables sent by the government confirm that allocations to the governorates in the 2024 budget have not been reduced, but rather they are the best since 2003.

Al-Hamidawi stated in a brief statement, followed by Al-Iqtisad News, that “the reports prepared by the Parliamentary Finance Committee after studying the tables sent by the government confirm that the allocations to the governorates in the 2024 budget have not been reduced, but rather they are the best since 2003.”

He added, "The budget includes promising service projects for the governorates," pointing out that "members of the House of Representatives will vote on Monday on the schedules to launch a new phase of services and construction in the government of achievements." 102 views 06/02/2024 https://economy-news.net/content.php?id=4393

A Final Meeting Of The Parliamentary Finance Committee To Complete The Budget Law Schedules Report

Sunday 02, June 2024 13:20 | Economical Number of readings: 181  Baghdad / NINA / Today, Sunday, the Parliamentary Finance Committee held a final meeting to put the final touches on its report on the general budget schedules.

Since last week, the committee has continued its periodic meetings in the Guest House building of the General Secretariat of the Council of Ministers, to discuss the general budget schedules, leading to the preparation of the final report that will be presented in tomorrow’s session, Monday, which the Presidency of the House of Representatives decided to allocate for voting on the schedules of General Budget Law No. 13. For the amended year 2024 and its annexes, Tables A/B/C/D/E/F./End 5

https://ninanews.com/Website/News/Details?key=1130151

Parliament Holds A Session To Vote On The 2024 Budget Schedules

Iraq  2024-06-02  The House of Representatives is scheduled to hold its regular session, tomorrow, Monday, to vote on the schedules of Federal Budget Law No. 13 for the year 2024 and its annexes.

The representative of the Patriotic Union of Kurdistan bloc, Dr. Briar Rashid, told PUKMEDIA: The House of Representatives has postponed its legislative recess to vote on the federal budget schedules for the year 2024.

He added: There is pressure from Federal Prime Minister Muhammad Shia al-Sudani and some political parties to vote on the budget schedules so as not to disrupt government affairs. Federal and continuing to provide services to citizens.

He explained: Voting on the budget tables requires the presence and voting of 165 deputies, and the government needs to vote on these tables, so it wants to speed up the vote on them.

Representative Briar Rashid continued: The House of Representatives will hold its regular session at exactly three o’clock in the afternoon tomorrow, Monday, to vote on the schedules of the Federal Budget Law for the year 2024.   https://kirkuktv.net/AR/Details/21071

Deputy: The Budget Does Not Contain Appointments And Contains Taxes On Electricity And High Gasoline Prices

Policy  06-02-2024 | 2,828 views  Alsumaria News – Politics  Member of the Legal Committee in the House of Representatives, Raed Al-Maliki, revealed today, Sunday, that the budget tables sent from the Council of Ministers to the House of Representatives are devoid of new appointments, noting that they contain large taxes on electricity supply as well as a “possible” rise in gasoline prices. .

Al-Maliki said in an interview with: Alsumaria News “The budget tables sent by the government do not contain any new appointments and there are no increases for any societal or functional segments,” indicating that the tables received from the government only contain changes in terms of allocations to ministries, and allocations allocated to the region.Kurdistan".

Al-Maliki added, "The schedules also contained some amendments related to financing methods," adding, "These have a major negative impact on the citizen, including imposing fees and taxes on the electricity sector, by imposing high taxes."

Al-Maliki pointed out, “The tables also included a very significant increase in the selling prices of crude oil to refinery companies, and this will lead to the refineries having two options: either to bear the loss and be loss-making companies, or to transfer the burden of additional costs to oil product distribution companies.” And companies distributing petroleum products, in turn, can transfer them to citizens and raise gasoline prices.”   LINK

Iraq Participates In The OPEC+ Coalition Meeting In Saudi Arabia

Time: 06/02/2024 Read: 585 times  {Economic: Al-Furat News} Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani participates in the OPEC+ alliance meeting, which begins its work in Saudi Arabia today.

Al-Hayani’s media office stated in a statement received by {Al-Furat News}, “The meeting discusses developments in the oil market, a general assessment of OPEC+’s actions over the past, and future expectations.”    LINK

The Governorates’ Shares In The Budget Are Up In The Air, And The Blocs Are Trying To Rectify The Matter

Information / Baghdad...  Although the federal budget was approved for three years 2023-2024-2025; However, the schedules for each budget always raise controversy between the governorates and the Ministry of Finance.

Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..

This is what actually happened when the 2024 budget schedules arrived in the corridors of the House of Representatives.

Today, Sunday, the Parliamentary Finance Committee held a final meeting to put the final touches on its report on the general budget schedules.

A statement by the committee received by “Al-Ma’louma” stated that, since last week, the committee has been continuing its regular meetings in the guest house building of the General Secretariat of the Council of Ministers, to discuss the general budget schedules, leading to the preparation of the final report that will be presented in tomorrow’s session, Monday.”

He touched on the decision of the Presidency of the House of Representatives to allocate tomorrow’s session, Monday, to vote on the amended schedules of General Budget Law No. 13 of 2024 and its annexes, Schedules “A/B/C/D/E/F.”

In the meantime, the media department of the House of Representatives announced the agenda for tomorrow’s session, Monday, which includes voting on the amended schedules of Federal Budget Law No. (13) of 2024.

The 2024 budget schedules angered many representatives due to the reduction in the budgets of the central and southern governorates.

Representative Wafaa Al-Shammari confirmed that the central and southern governorates were subjected to great injustice in the current year’s budget that the government sent to the House of Representatives.

Al-Shammari told Al-Maalouma, “The bulk of building the Iraqi economy falls on the central and southern governorates,” explaining, “These governorates are the ones who finance the state treasury through their oil fields, but despite that, they suffer injustice.”

She added, "What was allocated to the central and southern governorates in the budget tables is very weak and does not match their need to sustain projects," noting that "instead of doing justice to these governorates, the government reduced their budgets and increased the Kurdistan region's budget."

In addition, member of the Parliamentary Services Committee, Mahdia Al-Lami, said today, Sunday, that the financial allocations to all governorates are not commensurate with the size of the service problems.

Al-Lami told Al-Maalouma that the governorate allocations in the 2024 schedules differ from the 2023 allocations, indicating that the percentage of infrastructure completion in some governorates does not exceed 6%.

She added, "The government is supposed to increase financial allocations to all governorates instead of reducing them."

She continued, "Budget allocations threaten service projects in all Iraqi governorates."

According to these objections, there are two trends within the House of Representatives, which will not be ignored by political discussions, after the completion of professional discussions related to the Finance Committee and the government.

First: There is a tendency in the House of Representatives to hold consensus discussions between the large blocs before voting on them.

Second: The budget is presented without agreeing on it.

The weight is based on consensus between the political blocs and finding agreed-upon formulas to give the central and southern governorates part of the reinforcements to their budgets.

However, even if the political blocs agree, these reinforcements will not meet the needs of these governorates.   LINK

Provoking Thoughts and Points to Ponder on Advice :

But one must know where one stands, and where the others wish to go.  - Goethe

No man ever listened himself out of a job.  - Calvin Coolidge

Thanksgiving comes after Christmas.  - Peter Kreeft

The proverb warns that, "You should not bite the hand that feeds you." But maybe you should, if it prevents you from feeding yourself.  - Thomas Szasz

I remember my father telling me the story of the preacher delivering an exhortation to his flock, and as he reached the climax of his exhortation, a man in the front row got up and said, 'O Lord, use me. Use me, O Lord - in an advisory capacity!'  - Adlai Stevenson

http://famousquotesandauthors.com/topics/advice_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

“Tidbits From TNT” Sunday 6-2-2024

TNT:

CandyKisses:  Parliamentary praise for this year's budget: the best since 2003

Economy News - Baghdad

The Chairman of the Parliamentary Services and Reconstruction Committee, MP Ali Jassim Al-Hamidawi, confirmed that the reports prepared by the Parliamentary Finance Committee after studying the tables sent by the government confirm that the governorates' allocations in the 2024 budget are not reduced, but are the best since 2003.

Al-Hamidawi said in a brief statement, followed by "Economy News", that "the reports prepared by the parliamentary finance committee after studying the tables sent by the government confirm that the allocations of the governorates in the 2024 budget are not reduced, but rather the best since 2003."

He added, "The budget includes promising service projects for the provinces," pointing out that "members of the House of Representatives will vote on Monday on the tables to launch a new phase of services and ages in the government of achievements."

Tishwash: Before submitting it to a vote...a final meeting for the 2024 budget in the corridors of Parliament today

Deputy Chairman of the Finance Committee in Parliament, MP Ahmed Mazhar Al-Jubouri, revealed today, Sunday, an expected final meeting of the committee to resolve the 2024 budget schedules, before submitting them to a vote within the Council.

Al-Jubouri said, “The powers and directions may not allow us to make amendments to the budget tables, and this may dispel the dream of many who are waiting to make amendments to them, including appointments or governorate rights, etc., and it may be difficult to change a single letter in the tables.”

He added, “The committee will open the schedules today and will discuss the possibility of making amendments to them or passing them according to the texts that reached Parliament from the government,” indicating that today’s meeting will decide whether the schedules will be passed in tomorrow’s session or moved until after Eid al-Adha.

Al-Jubouri said, “The committee members’ orientations are with the rights of citizens, but we are waiting for today’s meeting to discuss the possibility of amending them according to the necessary requirements.”

The House of Representatives had allocated its session tomorrow, Monday, as a date to vote on the federal financial budget tables, at a time when the Parliamentary Finance Committee announced, yesterday, Saturday (June 1, 2024), the near end of its work on the federal financial budget tables for the year 2024.  link

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Tishwash:  Al-Aboudi: The decision to end UNAMI’s mission in Iraq is a big step towards full sovereignty

Member of the General Authority of the National Wisdom Movement, Rahim Al-Aboudi, considered the decision to end UNAMI’s mission in Iraq a big step to prove complete sovereignty.

Al-Aboudi said {to Al-Furat News} that: “The United Nations is looking with another eye at Iraq and is following up on all political, security, social and economic activities. Therefore, this transition is a merit of the Iraqi people and political forces.”
 He added, "The government had a major role in this transition, and it is a major step to prove that Iraq has a different title and status and the need for complete sovereignty and dealing with the country on the basis of this entitlement."

Al-Aboudi continued, "Iraq adopted many decisions, as well as many foreign relations, whether at the level of Middle Eastern countries or countries of the world, in order to have a different role in the next stage."

He stated, "This decision has become an important responsibility for the government to affirm the right of the Iraqi people to be a growing and prosperous country. Today, Iraq is adopting a policy of calm in the region and proving itself."

Yesterday, Friday, the UN Security Council decided to withdraw the United Nations Assistance Mission for Iraq (UNAMI), which has been in the country for more than 20 years, by the end of 2025, at the request of Baghdad. 

The unanimously adopted resolution stipulates extending the mandate of the mission, which was established in 2003, “for a final period of 19 months until January 31, 2025.”

The Iraqi government welcomed the UN Security Council's decision to end the mandate and tasks of the United Nations Assistance Mission for Iraq. link

Mot: Good Morning

Good Mom

News, Rumors and Opinions Sunday AM 6-2-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Sun. 2 June 2024

Compiled Sun. 2 June 2024 12:01 am EST by Judy Byington

Fri. 31 May Last Wolverine Call:

“I received an official notification from Brazil – “Good afternoon to you and your family. Confirmed the release order has been given – Colombia, USA, Brazil. The representative of the Columbian project manager begins with his delivery protocols to his Tier4B. Leading representative internet group starts in June.

Wolverine Cont…….The banks are ready and adapted to 100% QFS. The drought has already ceased. Wait for your notifications from Columbia today (Sat. 1 June) after 12 pm. 

The Victory of the Light took off. Prepare your Passports. The Journey to the New World has arrived. Congratulations and Best regards.”

This came through last night. I received another message from a very strong contact, a Whale, from Zurich, saying he got the same message.

I don’t follow TNT much, but it came through on their call saying that every contact and agency says, “It is a go today.” This may be in line with what we have received from Brazil.  

Reno – I have been told, is about to kick off.  I am waiting to get a call from my source in Reno and hopefully we will get that done. 

My friend Mauricio cannot say much, but all is good, and he is ready to go. I was a bit emotional when I heard.

So, by next week, everything will be looking beautiful. The foundations are all funded. They are ready to go. So, get ready to meet the new world.

This is not a rumor, this is fact that is coming through. I am hoping and praying this is my last call and my next call will hopefully be the opera. Have a beautiful day. I am hoping I get that call from Reno today. If I do, then I will have an EMERGENCY LIVE CALL for you all. Obviously if I am allowed to send that opera, I will. Take care, Wolverine

Global Financial Crisis:

Sat. 1 June Ariel: Boom! Boom! Boom! Confirmation that we have a dual banking system running alongside the traditional system based on the Petrodollar that the Federal Reserve wants to maintain a monopoly over. But the Supreme Court has ruled in favor of the states to adhere to their own charter outside the corporate Fed system.

The Federal Reserve doesn’t respect state rights for banks to adhere to their own charter outside the control of Washington DC. States are taking their power back. This document shows that we never needed the Federal Reserve on a legal basis. How? Simple. Banks with federal charters, called national banks, are subject primarily to federal oversight and regulation. And banks with state charters, called state banks, are subject to additional state oversight and regulation. Those two banking systems co-exist and compete. Now you have it in writing. Officially.

Sat. 1 June 2024: Good news from the United States. The US Federal Reserve and the Bank of America have gone to the Supreme Court to argue that the federal banking system (under the control of the FED) is the only legal banker authorized in the United States. The Supreme Court ruled them wrong, because according to the Constitution, each state is above the federal bank and can open all types of banking establishments on its territory.

First, the FED wanted to control all the banks and all the bank accounts. Second, individual states have now obtained a ruling from the Supreme Court that will allow them to legally establish chartered banks in their state, which will accept crypto-currencies and also allow currencies backed by gold or silver.

This is a good thing for freedom and for not allowing CBDCs to be deployed without legal recourse. https://x.com/CaitlinLong_/status/1796201938813633004

Read full post here:  https://dinarchronicles.com/2024/06/02/restored-republic-via-a-gcr-update-as-of-june-2-2024/

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Yada  The value of the restored dinar will have more assets and less debt than most countries. To the extent it will be on the level of Dubai. To think the dinar will have 4x more value than the dollar is awesome.

Militia Man  The totality of the Development Road Project, 1310 is not going to work.  They just don't have enough money printed, period.  They just don't.  We're going to have to see how all that ties in with the budget because one of the things that's still on the table is the Delete The Zeros Project.  If that's the case trillions turns into billions quite quickly...If they do what they say they're going to do it becomes far far cheaper.

IMPORTANT Biden Signs Executive Order 103303 for Iraq National Security

Edu Matrix:  6-2-2024

IMPORTANT: Biden Signs Executive Order 103303 for Iraq National Security. What is Executive Order 103303, and why is it so important? And why did the White House wait until two days before it expired to renew?

https://www.youtube.com/watch?v=C0taD5BJw2o

Worst Financial Reset (Over-Priced Everything) with Adam Taggart

Sachs Reality:  6-2-2024

Over-priced, unaffordable, everything (housing included)! Great Depression 2.0. moves closer to reality.

https://www.youtube.com/watch?v=x6pH63UTyDU

Iraqi Dinar Today Video Update Late Saturday Evening 6-1-24

Iraqi Dinar Today Video Update Late Saturday Evening 6-1-24

Its, Good Time To Change Let's Go – 3:08

CBI Decieded Active Rate Change Decision – 4:03

Wow Its Massive , Finally Iraq Budget Approved – 5:05

Iraqi dinar finally Released $4.25 – 3:20

Its, Good Time To Change Let's Go – 3:08

https://www.youtube.com/watch?v=l5zpJlb8xwI

CBI Decieded Active Rate Change Decision – 4:03

https://www.youtube.com/watch?v=kKB4sRohU6I

Wow Its Massive , Finally Iraq Budget Approved – 5:05

https://www.youtube.com/watch?v=QJvCk93iAEM

Iraqi dinar finally Released $4.25 – 3:20

https://www.youtube.com/watch?v=-YzAo3bG7dw