KTFA Monday Night CC " IQD...Your Turn" 7-31-2023

KTFA

Monday Night Conference Call

Frank26….7-31-23…….IQD…YOUR TURN

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=NkERhZV3S94

Iraqi News Highlights Monday Evening 7-31-23

Iraqi News Highlights Monday Evening 7-31-23

Tlm724 Administrator Bondlady’s Corner

Proceedings Continue To Lower The Exchange Rate Of The Dollar

Samir Al-Nusairi, an advisor to the Iraqi Private Banks Association, confirmed that the rise of the dollar against the dinar on the black market these days is temporary, and will decrease due to the target rate of the Central Bank of Iraq.

Al-Nusairi told the Iraqi News Agency: "One of the most prominent reasons for the dollar's rise is the news of depriving 14 banks of dealing in US dollars and what speculators have done in withdrawing the dollar and unauthorized money exchanges manipulating exchange rates, in addition to the failure of some small retailers to enter the electronic platform for external transfer."

He added, "Some media outlets and analysts exacerbated the confusion of the market by exaggerating unreal and incomplete data and information, and all the aforementioned reasons led to a rise in the exchange rate on the black market."

Al-Nusairi pointed out that "the Central Bank follows up and monitors the markets in cooperation with the concerned government agencies, and urgent measures are taken to address the situation and stop all actions counter to harming the national economy."

And he continued, "The Central Bank is working to diagnose and study the causes and obstacles to entering the electronic platform, and to make possible facilities and flexibility to accelerate external transfers in banks, the Central Bank, and in the relevant international banking agencies, and to ensure that foreign currencies reach the real and final beneficiary."

Al-Nusairi noted that "the measures have resulted in a decline in the dollar since yesterday and will continue to decline, especially since the Central Bank is currently working on adopting new mechanisms and work contexts to control monetary stability, and their results will appear soon, and we urge all government agencies, wholesalers and businessmen to support the Iraqi dinar and deal with it in all Domestic monetary activities and trades, as it is strong and covered by foreign monetary reserves exceeding $113 billion, and its purchasing power is gradually recovering, in addition to being a basic pillar of national sovereignty.

He pointed out that "the Central Bank constantly announces the possibility of securing the dollar in the quantities required by everyone who needs it at the official price and by the only way, which is the electronic platform of the Central Bank."   https://www.radionawa.com/all-detail.aspx?jimare=35242

An Economist For / NINA /: Imposing Economic Sanctions On Iraqi Banks Is A Punitive Measure, Not An Economic One

Monday 31, July 2023 16:06 | Economical Number of readings: 310  Baghdad / NINA / The expert in economic affairs, Raad Twij, counted the imposition of renewed economic sanctions on Iraqi banks by the US Treasury as a punitive measure, not an economic one.

Twigg said in a statement to the National Iraqi News Agency ( NINA ) that "the imposition of renewed sanctions on Iraqi banks by the US Treasury is an uneconomic and punitive act, and it can work to obstruct the work of the Iraqi banking system, monetary instability and obstruction of the mechanisms of the Central Bank of Iraq, and thus the failure to continue the cycle." cash.”

He added that "private banks should expand their cooperation in order to increase compliance with the Swift system and the electronic platform, not to burden the Iraqi economy with more burdens, and to make the Iraqi monetary system more flexible."

Twigg confirmed that "the US sanctions led to the deterioration of the Iraqi currency and the economy, and thus harmed the Iraqi citizen by raising the price of imported goods and commodities to Iraq and burdening the citizen with the economic cost."/ End

https://ninanews.com/Website/News/Details?Key=1068030

A New Decline In The Exchange Rate Of The Dollar In Iraq

Economy | 10:26 - 07/31/2023  Baghdad - Mawazine News  The exchange rate of the dollar decreased today, Monday, in the local markets in Iraq.  The selling price of $100 was recorded at 149,000 dinars.  The purchase price was also recorded at 148 thousand dinars per 100 dollars. Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=232401

The Prime Minister Stresses The Importance Of Continuing Coordination With The GCC Countries In The Field Of Recovering Looted Iraqi Funds

political | 04:44 - 07/31/2023  Baghdad - Mawazine News  Today, Monday, Prime Minister Muhammad Shia Al-Sudani stressed the importance of continuing coordination with the countries of the Cooperation Council in the field of recovering looted Iraqi funds.

The media office of the Prime Minister said in a statement, of which Mawazine News received a copy, that "Prime Minister Muhammad Shia' al-Sudani received the Secretary-General of the Cooperation Council for the Arab States of the Gulf, Jassim Muhammad al-Budaiwi, and his accompanying delegation," pointing out, "It took place, During the meeting, they discussed prospects for joint cooperation in various fields, foremost among them security coordination and drug control, as well as cooperation in the cultural, academic and artistic fields.

He stressed "the importance of continuing coordination with the countries of the Cooperation Council and other countries in the field of recovering looted Iraqi funds and those wanted by the Iraqi judiciary in corruption cases, as part of the government's plans to combat and confront corruption," referring to "Baghdad Conference, two thousand and twenty-three, for the upcoming economic integration and regional stability, Which is of great importance, as it will focus on developing economic partnerships between the countries of the region and the world."

For his part, Al-Budaiwi conveyed the greetings of the leaders of the Gulf Cooperation Council to the Prime Minister, stressing the satisfaction of the countries of the region with the encouraging policies of the Iraqi government, and its keenness to enhance the security of the region, in a way that contributes to the stability and development of its peoples, pointing to the importance of the Iraqi Gulf Business Forum that will be held in Sharjah next September, which will strengthen the economic partnerships between the countries of the Cooperation Council and Iraq.  https://www.mawazin.net/Details.aspx?jimare=232430

World Bank: Iraq Is Witnessing A Strong Recovery

Economy | 07:13 - 07/31/2023  Baghdad - Mawazine News  Today, Monday, the World Bank confirmed that Iraq is witnessing a strong recovery after years of turmoil.

And the Regional Director of the Middle East Department at the World Bank, Jean-Christophe Carré, said in a statement that Mawazine News received a copy of, that "Iraq is witnessing a strong recovery after many years of turmoil."

Carre added, "It is necessary to take measures to accelerate the move towards diversification of economic activity."

He continued, "The importance of reforming the banking sector and promoting digital financial services in order to increase financial intermediation activities and enhance financial inclusion."

https://www.mawazin.net/Details.aspx?jimare=232438

Adviser To The Prime Minister: Central Bank Measures Reduced The Dollar By 60 Points Against The Dinar

political | 10:26 - 07/31/2023  Baghdad - Mawazine News  Adviser to the Prime Minister Fadi Al-Shammari confirmed today, Monday, that the Central Bank's measures reduced the dollar by 60 points against the dinar.

Al-Shammari said in a statement: “The rapid measures that Prime Minister Muhammad Shia’ al-Sudani directed to apply contributed to gradually rebalancing the dinar exchange rate,” noting that “after a series of accurate and effective measures from the Central Bank, the dollar fell by 60 points against the Iraqi dinar.” ".

He added, "The Iraqi government seeks to control the rhythm of the financial market, encourage traders to engage in legitimate financial transactions, and ease administrative procedures," expecting that "decisions to reduce taxes will contribute to increasing the value of the Iraqi dinar during the coming period."

And he continued, "The central bank's procedures for transferring 116 exchange companies that were receiving their weekly shares of dollars from the punished banks to other banks and easing the imposed taxes, as well as the central bank's diagnosis of manipulators, contributed effectively to the stability of the dinar's exchange rate."  https://www.mawazin.net/Details.aspx?jimare=232449

The Supreme Judicial Council Holds A Meeting To Support The Iraqi Dinar

Money  and business   Economy News – Baghdad  The Supreme Judicial Council announced, on Monday, the holding of a meeting to support the Iraqi dinar and address manipulation and speculation.

The council stated in a statement received by "Al-Iqtisad News": "A meeting was held at the headquarters of the Supreme Judicial Council today, within the framework of supporting national efforts to support the Iraqi dinar and to address manipulation and speculation by some speculators in violation of the law."

He added, "The meeting included the head of the Public Prosecution Service, the head of the Judicial Supervision Authority, the senior investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and the Undersecretary of the Interior Minister for Intelligence Affairs." That "during the meeting, the best ways and mechanisms were discussed to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in order to ensure its reduction and the prosecution of those involved in it in accordance with the laws in force."

Views 84  Added 07/31/2023 https://economy-news.net/content.php?id=35415

The Central Bank Announces Its Foreign Currency Sales Today

Monday 31 July 2023 14:20 | Economical Number of readings: 272 Baghdad / NINA / - The Central Bank of Iraq announced, today, Monday, its total sales of foreign currency through the electronic window.

The total amounts of transfers abroad (remittances, credits) amounted to 193,590,035 dollars, while the total amounts of cash sales amounted to 16,700,000 dollars, and the total sales amounted to 210,290,035 dollars.

And the bank indicated that the selling price for amounts of documentary credits and international settlements for electronic cards was (1305) dinars per dollar, while the selling price for amounts of remittances abroad was (1310), and the cash sale price was (1310) dinars per dollar./

https://ninanews.com/Website/News/Details?key=1068006

More Than 126 Trillion Dinars.. The Increase In The Value Of Deposits In Iraqi Commercial Banks

The value of total deposits in Iraqi commercial banks increased to more than 126 billion dinars in May of the year 2023, according to what was announced by the “Iraq Future” Foundation for Economic Studies and Consultations, today, Sunday.

The Foundation said in a report published today that this value recorded an annual increase of 28%, with a monthly increase of 2.78%.

The report added that private sector deposits occupied the largest percentage of deposits, with a value of 53.2 trillion Iraqi dinars, an annual increase of 18.2%, and a monthly decline of 0.7%..

Commercial deposits occupied the largest percentage of the nature of deposits, with an acquisition rate of 78.8%, amounting to 99.78 trillion dinars of total deposits, an annual growth rate of 42%, and a monthly growth rate of 3.39%, then

savings deposits, which represented 13.1% of the total deposits, with a value of 16.6 trillion Iraqi dinars. With an annual growth rate of 4% and a monthly growth rate of 0.6%,

fixed deposits accounted for only 8% of total deposits, according to the report, which included a detailed table.

  https://altaghier.tv/wp-content/uploads/2023/07/1690709156361.jpg

https://altaghier.tv/2023/07/30/أكثر-من-126-ترليون-دينار-ارتفاع-قيمة-الود/

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

More News, Rumors and Opinions Monday Evening 7-31-2023

TNT:

Tishwash: Work: All companies are obligated to employ 50% of the Iraqi workforce for foreign workers

Today, Monday, the Ministry of Labor and Social Affairs clarified regarding the regulation of the legal status of foreign workers coming to Iraq, while confirming that the decision to employ 50% of Iraqi hands for foreign workers is binding on all companies.

The Deputy Director General of Labor and Vocational Training in the Ministry, Abbas Fadel Abbas, said, "The Ministry of Labor and Social Affairs worked through the Department of Labor and Vocational Training to implement Cabinet Resolution No. 23119 extended by Resolution 23649 on adapting the status of foreign workers by correcting the status of expatriate workers to Iraq." legally, that is, through the border crossings.

Abbas added, "The department is also committed to implementing the Council of Ministers' decision to apply the 50% rate of Iraqi workers in exchange for foreign workers."
Regarding the unemployed and their employment in companies operating in Iraq, Abbas explained, "Cabinet Resolution No. 245 obligated all companies to achieve 50% of foreign labor in exchange for Iraqi labor."

He pointed out, "This aims to employ the unemployed according to the ministry's vision to implement the government curriculum for the employment of young job seekers." link

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Tishwash:  An Iraqi-Singaporean memorandum of understanding for the development of Iraqi ports.. Advanced handling and storage mechanisms

Today, Monday (July 31, 2023), the Iraqi Ministry of Transport, the General Company for Iraqi Ports, signed a protocol of joint cooperation with the CEO of the Singaporean Allied Company, one of the companies working with Singaporean ports in the field of handling, container storage, management and electronic monitoring.

The Director General of Ports, Farhan Al-Fartousi, said in a statement received by "Baghdad Today", that "according to the directives of the Minister of Transport, Razzaq Muhaibis Al-Saadawi, we signed a joint cooperation report with the CEO of the Singaporean Allied Company, one of the companies working with Singaporean ports in the field of handling and storage of containers, management and electronic monitoring."

He explained, "The minutes included cooperation in training Iraqi port employees in Singapore ports to use the single window and control the handling of goods inside the port, in addition to developing our staff in the field of transforming our ports to work within the single window, and cooperation in the field of developing logistical work inside Iraqi ports  link

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Courtesy of Dinar Guru

Frank26  Article:  "The US ambassador in Baghdad announces the success of her mediation between the Iraqi Central Bank and the US Treasury". AS WE PREDICTED THE US TREASURY IS NOT DUMB ENOUGH TO PUT SANCTIONS BACK ON IRAQ.

Goldilocks  "HCM CITY — HDBank is one of the first lenders in Việt Nam to have successfully adopted Basel III reforms standards." HD Bank in Vietnam has upgraded from Basel 2 to Basel 3 Reforms across the board on all of the requirements it takes to be compliant. The Basel Committee has recommended this for International Banks since January 1, 2023, and HD Bank is our first International pioneer. They have reached sustainable goals through Article 4...with the IMF, and they are now able to move forward... Iraq being on a similar track...HDBank, one of the pioneers in Việt Nam, has applied leading international risk management standards...

LIVE! Expect Commodity Prices To SURGE HIGHER As Global Debt/WAR VASTLY EXPANDS.

Greg Mannarino:  7-31-2023

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

A 2024 Recession is (almost) Guaranteed

Heresy Financial:  7-31-2023

In today's world, it appears that more and more people believe we can defy the laws of gravity, thinking that printing 40% of the money supply in a few months can lead to endless prosperity without consequences.

Sadly, this is the narrative some, including figures like Powell, are promoting, claiming no recession on the horizon. However, the harsh reality is quite different. I'm here to shed light on the imminent recession that awaits us.

Firstly, it's almost certain to happen. Secondly, brace yourselves, as it won't be a minor downturn; it may rival the magnitude of the great financial crisis or even the Great Depression.

Despite the Federal Reserve's latest meeting claiming no recession is in sight, I'll show you why they might be mistaken. The imminent risks overshadow the economy's supposed resilience, cited by some to justify their optimism.

Several banks have already failed this year, indicating underlying vulnerabilities. The Federal Reserve is not the only entity hoping for a recession-free future, but this optimistic outlook doesn't align with the broader economic indicators.

 Prepare yourself with this essential knowledge and be aware of the looming economic storm.

Timecodes

0:00 No More Recession on the Horizon?

0:57 Is the Yield Curve Wrong?

4:04 Bankruptcies and Bank Lending

7:53 Yield Curves Always Predict a Recession

11:02 What All the Yield Curves are Saying

14:14 How to Navigate the Current Market

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

Monday Evening News With MarkZ 7-31-2023

Monday Evening News with MarkZ

Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Member: Good evening all

MZ: The chatter suddenly lit up this afternoon in a very positive way. Let’s start with the Rumors.

MZ: I have Asian Bond contact s who have been asked to travel this week…to be in place by Friday by the close of regular banking business. Perhaps things are finally moving?

MZ: It’s my understanding that the NDA’s or pressure to keep quiet is not nearly as severe in Asia….They are not trying to hide things like the European and US Central banks are.  I take this as exceptional news.

MZ:  This is the first thing I have heard since the bond side went quiet a few weeks ago. No news coming out of Reno or Zurich, London ect…..All the news came from Hong Kong and Asia.  

MZ: Also there is a huge natural gas find in Austria. It’s crazy how these sudden discoveries are starting t happen.  .

MZ: “HD Bank achieves $23 M profit …adopts Basel3 norms”  In Vietnam….They adopted Basel 3 right out of the gate and they are highly profitable. The banks not fighting this move are more financially sound ,

“THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IS IN MARKZ’S OPINION ONLY

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary,medical opinions or many guests on this stream……just RV/currency related topics.

THANK YOU ALL FOR JOINING. HAVE A BLESSED NIGHT! SEE YOU ALL IN THE MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!

https://www.youtube.com/watch?v=_c6i6APr-3U

Goldilocks' Comments and Global Economic News for July 31, 2023

Goldilocks' Comments and Global Economic News for July 31, 2023

Good afternoon Dinar Recaps,

Goldilocks posted comments and links on the global financial system:

"Digital Yuan Being Used for Clearing Commodity Spot Trades. Industrial Bank is the first bank to incorporate digital RMB into commodity spot trading."

Commodity spot trading is the act of buying the spot price of an asset and going long with it. You, then, sell that asset at a higher price down the road.

This tells us that the Industrial Bank expects the Digital Yuan to climb towards higher rates in the near term.

This changes the landscape of currency valuations on a global scale. The Yuan is backed by gold, and the competition between the Dollar and the Yuan is about to take center stage.

If the Digital Yuan becomes the preference of trade on the international stage, this will begin to challenge the dominance of the dollar.

China has strong economic ties with several countries and especially Asia and Africa.

These geopolitical advances of the Chinese Yuan will strengthen currencies values in the Eastern half of our world through demand-side economics.

This is why many of the countries in the East are beginning to trade in their own National Currencies and polishing up their Banking System with higher standards such as Basel 3.

Investments like these are actions that go beyond words. This is an intention to move forward with the expectation of higher values that leads to more abundance for their economy.

© Goldilocks

https://www.regulationasia.com/digital-yuan-being-used-for-clearing-commodity-spot-trades/

https://t2conline.com/could-digital-yuan-trade-influence-the-dollars-global-supremacy/

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Banking Announcement:

"US Agencies Update Guidance on Liquidity Risk, Contingency Planning.

BySanday Chongo Kabange, Regulation Asia
Published on 31st July 2023

The guidance requires depository institutions to regularly evaluate and update their contingency funding plans, more frequently in changing market conditions."

Do you hear what they are trying to tell us? Market conditions are changing.

We are at the beginning stages of our Global Markets going into real values.

At some point during this process, a contingency plan will arise. Our latest plan was proposed last week called Basel 3.

The transformation of our markets and banking system are about to come into view.

© Goldilocks

https://www.regulationasia.com/us-agencies-update-guidance-on-liquidity-risk-contingency-planning/

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Chile has more lithium reserves than any other place in the world.

This bilateral agreement between the US and Chile adjusts an income tax treaty allowing trade between our countries to be more affordable.

As many of you know, lithium is needed for electronic vehicle production. This new treaty agreement will bring in more opportunities for both countries to move forward.

The Global Commodity Market going forward is the bridge into our new world.

© Goldilocks

https://www.natlawreview.com/article/come-together-right-now-us-senate-passes-resolution-to-ratify-chile-us-income-tax

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Russia Sets to Sideline Dollar in Trade with African Countries: Report - Economy news - Tasnim News Agency

https://www.tasnimnews.com/en/news/2023/07/30/2933241/russia-sets-to-sideline-dollar-in-trade-with-african-countries-report

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BRICS Bank Encourages Developing Countries to Ditch US Dollar
https://watcher.guru/news/brics-bank-encourages-developing-countries-to-ditch-us-dollar

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If you are watching the news lately, you will notice that we have several geopolitical issues that could make investors nervous on the markets.

All it would take is one major headline to bring the markets to a halt and suffer a decline at this point.

Someone is definitely worried about capital requirements as of late and planning for this scenario (Basel3) in the banking system, and we have major concerns about market liquidity.

Below I have given you a video to look and listen to about market crashes. You will also notice that the US Treasury is borrowing an estimated 1Trillion  dollars to cover liquidity concerns in Q3.

Look for the price of the dollar to go to a real value as the price of commodities move toward their real values during this transition.

© Goldilocks

https://www.morningstar.com/news/marketwatch/20230731307/us-treasury-increases-borrowing-estimate-for-third-quarter-to-just-over-1-trillion

https://youtu.be/W7iU3UH-UVo

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The Gold Standard System | World Gold Council
https://www.gold.org/history-gold/the-classical-gold-standard#:~:text=The%20Gold%20Standard%20was%20a,a%20country%20which%20did%20so.

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https://t.me/+gqQYBsK0ZCpkMDg5

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Thank you Dinar Recaps

Awake-In-3D: Zimbabwe’s Golden History, BRICS, and A New Gold-Backed Currency

Awake-In-3D:

Zimbabwe’s Golden History, BRICS, and A New Gold-Backed Currency

On July 30, 2023 By Awake-In-3D

In RV/GCR Articles

As Zimbabwe’s rich history intertwines with tales of gold and grandeur, the nation emerges as a potential game-changer within the BRICS Alliance. From ancient times, Zimbabwe’s name has been etched in stone, resonating with mythical connections to King Solomon and boasting a storied past of a thriving gold trade.

Today, as the global economic landscape evolves, Zimbabwe’s vast gold reserves hold the promise of shaping the future of the BRICS group.

In this article, I outline Zimbabwe’s golden legacy, exploring its historical ties to the precious metal and the possibilities that lie ahead for the nation’s potential entry into the BRICS Alliance.

You will learn the tale of Zimbabwe’s golden past and its potential significance in reshaping the dynamics of international economics in the not-too-distant future.

The Golden History of Zimbabwe

Zimbabwe and King Salomon

There is no credible historical evidence to support a direct connection between the region known as Zimbabwe today and King Solomon of Israelite history. The association between King Solomon and Zimbabwe is primarily based on folklore, myths, and unsupported claims rather than any well-researched facts I could find.

The notion of a connection between King Solomon and Zimbabwe gained popularity in the late 19th century when European explorers and adventurers speculated on the origins of the Great Zimbabwe ruins. Some early European colonizers, influenced by biblical narratives, hypothesized that the structures at Great Zimbabwe were built by the biblical figure of King Solomon or by the Queen of Sheba, who is said to have visited King Solomon.

However, archaeological and historical research has since disproven these claims. The Great Zimbabwe ruins were, in fact, constructed by the indigenous Shona people, who inhabited the region during the medieval period, dating back to the 11th century AD. The city served as the capital of the Mutapa Empire, a powerful trading kingdom with a rich cultural heritage and no direct connection to King Solomon.

Meaning of the Word “Zimbabwe”

The word “Zimbabwe” is believed to have originated from the Shona language, one of the major languages spoken in the region. It is a combination of two Shona words: “zimba,” which means “house” or “venerated house,” and “mabwe,” which translates to “stone.” When combined, “Zimbabwe” roughly translates to “venerated houses of stone” or “house of stone,” referencing the impressive stone structures of the ancient city of Great Zimbabwe, which was once the capital of the Mutapa Empire and is now a UNESCO World Heritage Site.

The Stone Symbols on Zimbabwe’s Monetary Notes

The Zimbabwean currency featured stones on its banknotes as a symbolic representation of the iconic Great Zimbabwe ruins, which are ancient stone structures located in the country. Great Zimbabwe was the capital of the Mutapa Empire and is a significant historical and cultural site in Zimbabwe’s history.

The use of these stone structures on the currency was meant to celebrate and showcase the country’s rich heritage and historical legacy. The ruins of Great Zimbabwe are an important national symbol, and their inclusion on the banknotes aimed to evoke a sense of national pride and identity.

History of Great Zimbabwe’s Gold Trade

Around the 11th century AD, the rise of the Mutapa Empire marked the beginning of Great Zimbabwe’s significance in the gold trade. The region’s abundant gold reserves made it a coveted destination for traders from far-flung lands.

The Mwanamutapa, the empire’s rulers, recognized the value of this precious metal and established a thriving gold trade network that extended to distant markets such as Egypt,  Persia and China. Great Zimbabwe’s strategic location, nestled between the Zambezi River and the Indian Ocean, facilitated these lucrative trade connections.

The wealth derived from gold trade enabled Great Zimbabwe to flourish both economically and culturally. The empire’s capital, known for its monumental stone structures, became a symbol of power and prosperity including the hilltop acropolis at Great Zimbabwe, serving as both a fortress and a shrine.

The Portuguese Invade and Conquer

In the early 16th century, the Portuguese arrived on the shores of Africa with their sights set on controlling the lucrative gold trade. As they established posts inland along the Zambezi River, their presence posed a threat to the Mwanamutapa’s authority over the gold-rich region. They coveted the wealth of Great Zimbabwe and sought to exploit it for their own gains.

By the mid-17th century, the Portuguese managed to gain control of the Mwanamutapa Empire, significantly altering the dynamics of the gold trade in the region. The empire’s once-flourishing gold market suffered a severe blow as Portuguese monopolistic policies and violent conduct disrupted trade routes and caused the flight of populations to safer regions.

The Portuguese rule over Great Zimbabwe and its gold reserves had far-reaching consequences. The once-prosperous empire faced diminishing returns as gold intended for the Crown was diverted into private hands. The local dynastic rulers who had once thrived on the gold trade were now weakened, and rivalry and conflicts undermined their command in the interior.

The Portuguese influence on the region’s gold trade was marked by economic exploitation and cultural disruption. Their presence led to the decline of traditional trading emporiums, such as Kilwa, and the destruction of Arab-Swahili trading fleets. This caused a collapse in the maritime trade, leaving the once-thriving gold market in disarray.

Zimbabwe’s Legacy and Rediscovery

Despite the decline of Great Zimbabwe’s gold trade, the legacy of its golden past endured. Tales of hidden mines, buried treasures, and lost cities spread far and wide, capturing the imaginations of adventurers and archaeologists alike. The intriguing ruins of Great Zimbabwe itself became a testament to the ancient empire’s golden age, beckoning explorers to uncover its mysteries.

The tale of Great Zimbabwe’s gold continues to captivate the world, offering a window into the complexities of history, trade, and power in the heart of Africa.

Speculating on Zimbabwe’s Entry into the BRICS Alliance

The possibility of Zimbabwe joining the BRICS alliance has captured the imagination of the global financial community. With its rich and illustrious history of gold, Zimbabwe stands poised to become a pivotal player in shaping the future of the BRICS Alliance.

A Golden Opportunity: Strengthening BRICS’ Economic Sovereignty

Zimbabwe’s inclusion in the BRICS alliance would bring a unique advantage – its vast gold reserves. As the group seeks to create a new gold-backed trading currency, Zimbabwe’s wealth of knowledge and experience in handling precious metals could be instrumental.

Gold, a tangible and stable asset, could serve as a foundation to bolster economic sovereignty within BRICS nations. This move aligns with the alliance’s vision of reducing dependence on the US Dollar-dominated fiat currency system.

Forging a Path to Resilience: A Gold-Backed Trading Ecosystem

By embracing Zimbabwe’s golden legacy, the BRICS alliance could forge a path to resilience and economic stability. A gold-backed trading currency offers a hedge against inflation and financial crises, providing participating nations with a robust financial infrastructure. It could pave the way for fairer trade practices and alleviate the risks associated with currency manipulation, promoting equitable growth for emerging economies within the alliance.

Global Impact: Shifting the Paradigm of International Economics

Zimbabwe’s potential entry into the BRICS alliance could have far-reaching global ramifications. Market dynamics might experience a transformative shift, with BRICS gaining prominence as a viable alternative to traditional fiat currencies. As the world watches this development closely, countries seeking a more reliable and equitable trading platform may flock towards the BRICS group, bolstering the alliance’s influence on the international stage.

While Zimbabwe’s golden potential is alluring, challenges may arise during the implementation of a gold-backed trading currency. Collaborative integration among BRICS members will be crucial to ensure a seamless monetary system. Addressing issues such as gold reserves verification, technological infrastructure, and regulatory frameworks will necessitate extensive cooperation among participating nations.

What It All Means

As speculation mounts over Zimbabwe’s potential entry into the BRICS alliance, the nation’s golden legacy and vast reserves offer a compelling case for its inclusion. Embracing its historical ties to gold, Zimbabwe could play a pivotal role in the alliance’s journey towards economic sovereignty and a more resilient trading ecosystem.

A golden dawn could be on the horizon, where Zimbabwe and BRICS stand united in shaping the future of global finance, leaving a lasting legacy that echoes through the annals of history.

Ai3D Website: Ai3D.blog
Ai3D on Telegram: GCR_RealTimeNews
Ai3D on Twitter: @Real_AwakeIn3D

https://ai3d.blog/zimbabwes-golden-history-brics-and-a-new-gold-backed-currency/

Monday Afternoon Iraq Economic News Highlights 7-30-23

Monday Afternoon Iraq Economic News Highlights 7-30-23

Economist: Tourism is behind the high price of the dollar

Economy   07/31/2023  number of readings: 180  Baghdad-Iraq today:   Professor of Economics at the University of Basra, Nabil Al-Marsoumi, revealed one of the reasons for the rise in the dollar in the Iraqi market.  Al-Marsoumi said in a press statement, "Tourism is another source for the high price of the parallel dollar, as Iraqis constitute 55% of the total number of foreign tourists who entered Iran in 2022."  He added, "Foreign tourists spent $6.2 billion in Iran in 2022, and Iraqi tourists spent $3.410 billion in 2022."

And he continued, "Because of the American sanctions that do not allow Iraqi travelers to Iran to convert the dinar into dollars at the official rate, the Iraqis are forced to request or buy the dollar, which is a real request and not for these purposes." of speculation at the parallel price,  LINK

A Government Meeting Discusses Addressing The Phenomenon Of Manipulating The Value Of The Iraqi Dinar Against The Dollar

Today, Monday, a meeting was held at the headquarters of the Supreme Judicial Council to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar.

A statement by the judiciary stated that "a meeting was held at the headquarters of the Supreme Judicial Council within the framework of supporting national efforts to support the Iraqi dinar and to address manipulation and speculation by some speculators in violation of the law."

He added that "the meeting included the head of the Public Prosecution Service, the head of the Judicial Supervision Authority, the senior investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and the Undersecretary of the Interior Minister for Intelligence Affairs."

He continued, "The meeting discussed the best ways and mechanisms to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in order to ensure its reduction and the prosecution of those involved in it in accordance with the laws in force."

https://takadum-news.com/archives/176383

Sudanese Financial Advisor Confirms The Stability Of The Dollar Exchange Rates After The Procedures Of "Small Importers"

Policy   07/30/2023 Number of readings: 252   Baghdad-Iraq today:  On Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced a movement to stabilize the exchange rates of the dollar, by providing soft financing operations for small importers at the official exchange rate, which amounts to 1,320 dinars per dollar.

Saleh said, in a statement to the official agency, that "the foreign trade of small merchants constitutes the highest number in the import commercial market activity, and its rate may reach 60 percent of the local market's needs for imported goods."

And he added, “With the aim of dismantling the monopolistic commercial financing ring to finance foreign trade and all external transfer operations that result as dangerous mediating forces that carry a lot of colored noise between the small trader and financing foreign trade in currency, whether in The position of international compliance or dealing in foreign currency outside the stability controls, in addition to its danger.”

In spreading a dangerous pricing pattern based on floating the prices of goods and services at the parallel market exchange rate, which leads to a dangerous transfer of inflation from the exchange market to the general level of prices and endless price disturbances, so the Iraqi Trade Bank works with direct openness in providing soft financing operations for small importers at an affordable price.

He pointed out that “this matter will lead to providing a flexible commodity supply and help to establish stability in the parallel exchange market, as well as removing the forces of commercial monopoly from the most dangerous mediation process between small traders and the exchange market, in a way that achieves stable competitiveness in which the parallel exchange rate gradually matches the official exchange rate.”  LINK

Economic Circles Suggest The Return Of Calm To The Currency Exchange Markets In Iraq

2023.07.31   Baghdad - Nas  Iraqi economic and financial circles suggested that calm would prevail again in the local currency exchange markets during the coming period, after the US decisions regarding the activities of banks in the oil-producing country caused unrest recently, according to a report by the London-based Al-Arab newspaper.      

Economic expert Abd al-Rahman al-Mashhadani predicted, in a statement to the official Iraqi News Agency, that the exchange rate would soon drop to around 1,400 dinars to the dollar.    

Al-Mashhadani said, "The issuance of the US Treasury's decision to prevent 14 Iraqi banks from dealing in dollars caused fluctuations in the exchange rate between high and low."    

He added, "The government subsequently applied a series of measures based on the Prime Minister's directives, which coincided with other measures from the Central Bank."    

The Central Bank authorized about 116 exchange companies to obtain their shares of the dollar from new banks other than those that had been issued a decision to prevent them, and this matter will contribute to the rise in the value of the dinar against the dollar again.    

Al-Mashhadani emphasized that “these measures will restore prices to what they were before the crisis, but more than that. There are also government measures to reduce taxes imposed on entering the currency auction, and this will lead to the stability of prices, which we expect to reach 1400 dinars to the dollar.   

The Governor of the Central Bank, Ali Al-Alaq, had confirmed that the rise in the exchange rate was temporary and that the bank had diagnosed the manipulators, while noting that the government had approved a proposal by the bank to ease tax procedures to obtain the dollar.    

He also explained that preventing Iraqi banks from dealing in dollars came against the background of checking bank transfers for the past year, and before the application of the electronic platform, and before the formation of the current government as well. 

Last week, dozens of people organized a protest movement in front of the Central Bank, and bank owners called for official action from government agencies to stop the sharp rise in the dollar exchange rate, which followed the inclusion of 14 Iraqi banks on the blacklist by the United States.    

The market price of the dollar at that time jumped from 1470 to about 1570 dinars after Washington banned Iraqi banks from conducting transactions in US dollars on suspicion of using them for money laundering and transferring funds to Iran. 

Haider Al-Shamaa, owner of a private bank in Baghdad, said on the sidelines of a press conference last Wednesday that "the inclusion of nearly a third of private banks in the list of those prohibited from dealing in US dollars will have serious consequences."    

Al-Shamaa called on the Iraqi government to work to prevent the damage caused to the owners of private banks.   

According to the Central Bank, local banks that are deprived of dealing in dollars, their requests constitute only about 8 percent of the total foreign transfers. 

Last Wednesday, Al-Alaq told the official Iraqi News Agency that the central bank continues to provide dollars at the official rate of 1,320 dinars to the dollar “for all legitimate transactions,” including “transfers and credits for various imports.”    

After the US invasion of Iraq nearly two decades ago, specifically since 2004 until now, the exchange rate has changed more than once, according to circumstances, whether it is upward or downward.    

And the government decided in last year's budget to reduce the value of the dinar by 1450 dinars per dollar, after it was 1182 dinars per dollar, in order to face the financial crisis and the deterioration of the local economy. 

The decision caused a crisis in the local market, as prices of commodities and merchandise rose in the local markets, harming the working class. 

  Experts said that the main reason behind the devaluation of the Iraqi currency at that time was to bridge the inflation gap that emerged clearly last year during the epidemic and with the continued collapse of global oil prices, which is a major source of Iraqi financial resources. 

https://www.nasnews.com/view.php?cat=111880

Parliamentary Oil: Domestic Gas Does Not Cover The Need, And America Is Obstructing The People's Access To Energy

Information / Baghdad... A member of the Oil and Natural Resources Committee, Kazem Al-Touki, confirmed Iraq's inability to secure gas to operate power stations from local production, accusing America of standing against attempts to secure gas.

Follow the "information" channel on Telegram.. news that does not need to be documented..

Al-Touki told Al-Maalouma, "Iraq needs about 5,000 billion standard cubic meters of gas in order to operate power stations, especially in the summer season, at a time when Iraq was unable to produce more than 1,000 cubic meters of gas, which pushes the government towards Import the rest.

He added, "America is trying and moving to ensure that the Iraqi people are not comfortable and to create problems, in order to push them towards going out against the government and repeating the scenario of the events of 2019 to topple the government, as it did with Adel Abdul Mahdi."

And he indicated that "America can bypass some files that the people need, especially in the issue of gas supply in order to operate power stations without causing problems or obstructing this matter, but it stood before the people's need to ensure that they stand against the government." LINK

Chambers Of Commerce: The Parallel Market Prices For The Dollar Are On The Way Down

Information / Diyala..  The Chambers of Commerce confirmed, on Monday, that the parallel market prices of the dollar are on their way to decline for three reasons.

Follow the "information" channel on Telegram.. news that does not need to be documented..

The head of the Chambers of Commerce in Diyala, Muhammad al-Tamimi, said in an interview with Al-Maalouma, that "the removal of 14 Iraqi banks from the currency sale window by the Central Bank a week ago led to the deprivation of dozens of banking companies associated with it of liquidity in the dollar, which led to a scarcity and push prices." to up".

He added, "The Central Bank dealt with the matter and ensured the flow of dollars to banking companies in order to meet the market's need," pointing out that "the dollar is on its way to a gradual decline in the coming days for 3 reasons, most notably dealing with the file of banking companies and providing dollars for them in addition to increasing the supply while reassuring the markets that it is There are no new penalties for banks."

He pointed out that "America's use of the dollar in Iraq is undisputed in terms of pressure, pointing to" the importance of expanding the circle of diversity of hard currencies in order to reduce the duration of pressure and provide alternatives in foreign trade. LINK

A Western Report Is Betting On The Collapse Of The “OPEC Plus” Alliance

Economy  Despite the huge oil price gains caused by Russia's war in Ukraine last year, OPEC members are reaping hugely disproportionate returns from a shrinking basket. Indeed; The alliance is under severe pressure due to the decline in oil demand and lack of coordination among members, and some experts believe that “OPEC Plus” is at risk of collapsing in the near term.

The “Oil Price” website published a report on the future of the OPEC Plus alliance. Considering that these are the best and worst times for OPEC; Depending on which member you are asking about.

The site said, in its report, that 2022 was a distinguished year for “OPEC Plus.” with nominal revenue at its highest level since 2013; to $888 billion for 2022, according to figures from the US Energy Information Administration; They increased by a whopping 54 percent from 2021 levels and slightly higher than the 2014 total, after which oil prices began their long decline.

However, the real numbers are not rosy; Once inflation is factored in, prices are actually down by about a fifth compared to 2014, though it's still a significant 43 percent increase from last year.

And the site stated that “OPEC” revenues may appear to be on a significant upward trend after the epidemic thanks to high oil prices, but the actual number of barrels being sold is still alarmingly low. “While the amount increased last year, it remained below pre-pandemic levels and among the lowest in any year so far this century,” Bloomberg reported earlier this month. “

In fact, Taking all factors into account, real per capita export earnings in 2022 are lower than they were in 2009, when global GDP shrank and nominal oil prices fell by about 40 percent.

The site stated that “OPEC” is concerned for understandable reasons. In the wake of last year's war windfall, Saudi Arabia - the group's de facto leader - pushed for sharp production cuts in order to keep oil prices high, but a further drop in the amount of barrels produced and sold backfired for the government. Saudi Arabia. this week only;

The International Monetary Fund cut its growth forecast for Saudi Arabia from 3.2 percent to just 1.9 percent, citing “production cuts announced in April and June in line with an agreement through OPEC Plus” as a driving factor for the revised forecasts, and this decline represents a complete turnaround for Saudi Arabia. , which was the fastest growing economy

The site added that the burden of production cuts - and the resulting economic blow - is not borne equally by the “OPEC Plus” members. Greg Priddy, a consultant at Spot Run Advisory and a senior fellow at the Center for the National Interest in Washington, D.C., told Middle East Eye earlier this month: “Russia has been pretty much cheating and avoiding cuts in Saudi Arabia. ". In fact, the International Energy Agency stated that Saudi Arabia is on its way to losing its position as the largest oil producer in “OPEC Plus”; Where Russia is set to overtake it.

The site stated that “OPEC” needs Russia in order to maintain its ability to control oil prices. As “Bloomberg” published a report in which it said that “a growing number of OPEC members have far exceeded their prime in terms of production capacity anyway, and they have stumbled differently due to war, sanctions and mismanagement.” But the shift of power away from Saudi Arabia and towards Russia raises a major problem for the group's cohesion, and perhaps its longevity.

The site concluded its report with statements by Per Leander, Director of the Clean Energy Transition Foundation, which he made last week to CNBC; He said he was “very sure” that the “OPEC+” alliance would break, adding that “the more negative growth there is, the less you cooperate.” And if the “OPEC Plus” coalition, which currently controls about 40 percent of the world’s crude oil, breaks away, oil prices could drop to $35 a barrel.    https://takadum-news.com/archives/176251

KTFA Members "News and Views" Monday Afternoon 7-31-2023

KTFA:

Clare:  World Bank: Iraq is witnessing a strong recovery

7/31/2023 Baghdad

Today, Monday, the World Bank confirmed that Iraq is witnessing a strong recovery after years of turmoil.

"Iraq is witnessing a strong recovery after many years of turmoil," Jean-Christophe Carré, Regional Director of the Middle East Department at the World Bank, said in a statement.

Carre added, "It is necessary to take measures to accelerate the move towards diversification of economic activity."

He continued, "The importance of reforming the banking sector and promoting digital financial services in order to increase financial intermediation activities and enhance financial inclusion." LINK

Turk182:  As of this posting, it is now 2:10AM Monday, July 31st 2023

They printed the 2023, 2024 & 2025 Budget in the Gazette, back in JUNE.  Here we are a day away from AUGUST 2023.

I'm calling their bluff!  I could care less, how many think SUDANI is doing a great job, and the CBI is doing a great job!  ENOUGH

The Citizens of Iraq have suffered enough.  They have bought into your HYPE about the whole, "don't us the US Dollar anymore (or you'll go to jail", and DON'T give away your IRAQI DINAR, because "soon" it will be worth more money than the US Dollar.

Blah Blah Blah...  ALL WORDS, NOT ACTION..

Typical politicians! LIARS!  Could care less about all those MOUs they signed, or all those Countries pouring into Iraq. 

Means NOTHING with a worthless, toilet paper currency.

The time to "Put Up or Shut Up" has longer passed.  Time to see some ACTION! 

Time to put down the Lemonade.  Only so much of the "Boy that cried wolf" are the Iraqi People going to tolerate.

Prove me wrong. 

Suzie:   well stated, if they're so concerned about their people then prove you're the leaders  everyone thinks you are. At the beginning of this year things were looking so promising with just a few i's to dot and t's to cross and June looked to be the promising time, now here we sit again

Turk182:  IMHO - Sudani & the CBI are very much seriously approaching that point of losing any/all Credibility/Faith of the Iraq Citizens, as well as all those Countries that have been pouring into Iraq to do Business.

Agree with you Suzie, I too was under the impression that once Sudani got in, that this was nothing more than a Rubber Stamp, the words, "Done, Done, Done" have been floated/hyped around for past several months.

Lie on me once, shame on you, lie to me twice, shame one you, lie to me 1,308 Times, SHAME ON ME.  (see what i did there 1308) hahahah

Time to pull back the curtain on Sudani & CBI to find out who are the ones truly in Control of Iraq and pulling the strings.

Frometad:  Talk, talk, talk...enough talk. So many promises made.  

Margarita:  we know the kurds just agreed to implement the budget...as of a few days ago.  So if that is true, and it is true the new exchange rate is a line item AND the HCL is a line item, then once they open it we should get what we want.  I am excited myself

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Clare:  An upcoming visit of an Iraqi government delegation to America to discuss the issue of the exchange rate

7/30/2023  Rudaw Digital 

The State Administration coalition is scheduled to meet this week in Baghdad to discuss a number of issues, on top of which is the depreciation of the Iraqi dinar against the US dollar, with a proposal to send an Iraqi government delegation to America to discuss the issue. 

A spokesman for the Victory Alliance, which represents one of the parties to the State Administration Coalition, Salam Al-Zubaidi, told Rudaw Media Network, on Sunday (July 30, 2023) that the State Administration Coalition “will meet this week in the office of one of the coalition leaders in Baghdad, to discuss a number of issues, including the actions of the government.” level of services, and the latest developments in this field. 

He added, "The financial and banking sector will also be one of the most important axes of the meeting, especially after the US restricted the work of 14 Iraqi banks, which had a significant impact on the depreciation of the dinar." 

Salam Al-Zubaidi, indicated that this issue has become "dangerous", attributing this to its threat to the Iraqi economy "and its negative impact on people's livelihood and destabilization of various sectors, in a way that leads to the loss of billions of dinars," he said. 

It is noteworthy that the United States of America removed 14 Iraqi banks from the list of the Central Bank of Iraq related to banks that are entitled to obtain hard currency, on charges of smuggling dollars to countries subject to US sanctions. 

On July 19, the Wall Street Journal reported that the United States had taken these measures against the 14 banks, on suspicion of money laundering. 

For his part, the spokesman for the Victory Alliance, which is headed by Haider al-Abadi, stated that "the devaluation of the dinar is one of the hottest issues in the Iraqi street, so it will be the most prominent axes of the meeting of the State Administration Alliance." 

And he indicated that "there are fears of a further decline in the value of the dinar," noting that there is a vision among the leaders of the coordination framework and the state administration as well to send a delegation representing the Iraqi government to discuss this issue with the US Federal Bank and discuss with it threats and risks and present proposals to address the situation.    LINK

Clare:  A government meeting to support the Iraqi dinar and address manipulation and speculation

7/31/2023

The Supreme Judicial Council announced, today, Monday, that it will hold a meeting to support the Iraqi dinar and confront manipulation and speculation.

The council said, in a statement, which "Efrat News" received a copy of, that "a meeting was held at the headquarters of the Supreme Judicial Council, within the framework of supporting national efforts to support the Iraqi dinar and to address manipulation and speculation by some speculators in violation of the law."

He added, "The meeting included the head of the Public Prosecution Service, the head of the Judicial Oversight Authority, the first investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and the Undersecretary of the Interior Minister for Intelligence Affairs."

He pointed out that "during the meeting, the best ways and mechanisms were discussed to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in order to ensure its reduction and the prosecution of those involved in it in accordance with the laws in force."   LINK

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Clare:  Judges and security leaders meet to address the "manipulation" of the value of the dinar and to prosecute those involved

7/31/2023

On Monday, Iraqi judges and security leaders held a meeting at the headquarters of the Supreme Judicial Council to put in place mechanisms to deal with "manipulating" the value of the Iraqi dinar and prosecute those involved.

A statement of the Supreme Judicial Council received by Shafaq News agency stated, "The meeting included the head of the Public Prosecution Service, the head of the Judicial Supervision Authority, the senior investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court, which is specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and an undersecretary. Minister of the Interior for Intelligence Affairs.

During the meeting, they discussed the best ways and mechanisms to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in a way that ensures limiting it and prosecuting those involved in it in accordance with the laws in force, according to the statement.

Today, Monday, the Supreme Judicial Council announced the arrest of suspects carrying out suspicious banking activities.

He pointed out that "the defendants admitted that they had taken companies to do business as a cover to smuggle currency out of Iraq, and these companies were raided in separate areas of Baghdad, and sums of money estimated at fifteen million dollars were seized and deposited with the central bank after the Anti-Money Laundering Office submitted its reports that included the existence of Suspicions of money laundering by monopolizing the dollar currency in this way.   LINK

IRS Rule Change Should Have You Rethinking How You Leave Assets to Heirs

IRS Rule Change Should Have You Rethinking How You Leave Assets to Heirs

Brian J. O'Connor Sun, July 30, 2023

Managing your taxes can be one of the most complex aspects of estate planning and a new IRS rule change continues that trend. The rule, published at the end of March, changes how the step-up in basis applies to assets held in an irrevocable trust. If you need help interpreting the IRS rule change or setting up your estate, consider speaking with a financial advisor.

What Is a Step-Up in Basis?

When someone inherits an asset with unrealized capital gains, the basis of the asset resets or "steps up," to the current fair market value, wiping out any tax liability for the previously unrealized capital gains.

For example, if you purchased stock for $100,000 more than a year ago and sold it now for $250,000, you would pay capital gains tax on the $150,000 profit above the original basis of $100,000. If you inherit that stock, however, your new basis steps up to $250,000 and you'll pay tax only if you sell the stock for more than that amount.

To protect their assets, many people place them in an irrevocable trust, which means they lose all ownership rights to the assets. Instead, the trust becomes the owner of the assets for the benefit of the trust's beneficiaries.

How IRS Rule Change Impacts Irrevocable Trusts

Previously, the IRS granted the step-up in basis for assets in an irrevocable trust but the new ruling – Rev. Rul. 2023-2 – changes that.

Unless the assets are included in the taxable estate of the original owner (or "grantor"), the basis doesn't reset. To get the step-up in basis, the assets in the irrevocable trust now must be included in the taxable estate at the time of the grantor's death.

That's the bad news.

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/want-leave-assets-heirs-irs-105000681.html

News, Rumors and Opinions Monday 7-31-2023

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 Mon. 31 July 2023

Compiled Mon. 31 July 2023 12:01 am EST by Judy Byington

Global Currency Revaluation:

Judy Note: The Quantum Financial System was expected to be running on the new secure Star Link Satellite System by Tues. 1 Aug. – the same date President Trump was expected to return to his duly elected office as President of the US.

Sun. 30 July Text received 10:10 this morning from a Banker: “All indications are from high sources is that this coming week will have positive news in light that all 209 countries have approved the required protocols. So will advise ASAP after I receive the news.”

Sun. 30 July Wolverine: “Very early today I received Intel from a very high Contact. I can’t tell you what they said other than things are progressing. Everything is ready. It won’t happen today but we may have very good news this week.”

Thurs. 27 July Bruce: “Those in Tier4b (Us, the Internet Group) expected to be notified to set redemption/ exchange appointments some time Mon. 31 Aug, with appointments likely beginning on Tues. 1 Aug. NESARA should be announced to the US general public on Mon. 31 July. Restitution allowances will come out the first week of Aug. Those 60 and older can take it as a lump sum. Those younger will be paid out over ten years. Increases in SS up to $5,000 will supposedly start in Aug. The General Public Tier 5 could exchange currency at the new rates at a bank beginning on Thurs. 3 Aug.  

Prepare for activation of the Emergency Broadcast System in a version of Martial Law, which could shut down everything for up to a ten day period while documentaries are shown in eight hour segments 24/7. The purpose would be to educate the public about our new court and government systems including our God-given Freedoms as outlined in the original and inspired US Constitution.

We are in a critical time frame window of the Great Wealth Transfer until Wed. 9 Aug. …Bo Polny

 “The RV will happen after a Global Financial crisis.” …Charlie Ward

By 22 Aug. most of the world will have decoupled from the Federal Reserve Dollar.

Gold-backed Currency Launching Aug. 22nd – Robert Kiyosaki, Andy Schectman: https://youtu.be/IUY1rmVu3Mk

Major banks were collapsing: JP Morgan, Citibank, Bank of America (set aside $847 million to cover their next quarter of losses), Goldman Sacs (down 58% last quarter), Wells Fargo (set aside $900 million to cover their next quarter of losses) and Chase (set aside $1.2 billion to cover losses and lost $200 billion in deposits last quarter).

On Thurs. 27 July 2023 360 banks were closed because they weren’t Basel 3 compliant (didn’t have the gold/asset-backed assets to back their currency).

XRP and XLM, XRM Crypto Currencies were not secure.

US Inc. Bankruptcy finalized 4 Feb. 2021.

Five months before his assassination, President John F. Kennedy issued this executive order that would give the American currency back to the people by printing money based on a silver standard, taking away the power of the Federal Reserve Banking Cartel. Many argue this is the reason that JFK was assassinated.

US Debt Explodes $392,750,000,000 in 30 Days As Cato Institute Warns ‘Unsustainable Spending’ Hindering National Security – The Daily Hodl. The US national debt is growing at an unrelenting pace. New numbers from the government’s FiscalData system: https://dailyhodl.com/2023/07/28/us-debt-explodes-392750000000-in-30-days-as-cato-institute-warns-unsustainable-spending-hindering-national-security/

Apparent Timeline:

Sometime soon and with the NESARA/GESARA announcement, comes the Med Beds.

Global Financial Crisis: Liquidity & Credit Crisis. Banks, online payment systems suffer a Huge Outage

Sat. 22 July: Europe, US Banks, online payment systems suffer an outage spreading worldwide. Talks of a Liquidity and credit crisis happening will spread rapidly.

Sun. 23 July: Money from banks fail. Bank run posts on T, FB banned. Sunday night Euro banks suffer liquidity, fail critical margin levels. Australia Banks: Comm Bank, ANZ, Westpac, NAB

Mon. 24 July: Liquidity crisis contagion spreads to US. Financial sector instruments blow up. BOA, JP M, G Sachs rumored to be insolvent. Stocks drop 20%, halted. Tether, other stable coins fail, causes other cryptos to crash. 

Tues. 25 July: Stocks drops another 20%, halted. Eurozone total melt. Hedge F’s collapse. Bank deposits bailed, most lose all money. Social protests erupt. Banks: stuck w meme stock shorts in trillions, fail critical margin levels. DTCC forced to cover shorts.      DTCC insurance policy fails. Insurers never had $. Fed R stuck with bag.

Wed. 26 July: Stock market drops another 20%, halted. Subprime hits, housing crash by 50%+. Meme stock, silver, gold, commodity trading is frozen and halted, will make problem worse. Dollar insolvency is all over international news, while silver and gold skyrocket. U.S bonds will be dumped sending interest rates into stratosphere. Mainstream media will now blare Great Depression 2.0 and collapse is here.

Fri. 28 July Meme stock and silver/commodities shorts. Dollar declared non-grata in most countries. BRICS picks up steam to replace dollar. Legislation fast tracked to convert dollar debt to other fiat to prevent total credit freeze.

Read full post here:  https://dinarchronicles.com/2023/07/31/restored-republic-via-a-gcr-update-as-of-july-31-2023/

Courtesy of Dinar Guru

Mnt Goat  The VERY good news...is that the honest Iraqis are waking up and it will very soon become public knowledge that they MUST liberate the dinar and this is the real and only solution. When I talk to my CBI contact I am still told that the Project to Delete the Zeros is “not off the table” and is going to be executed shortly...

Jeff  They can only change the rate at a certain time because that's how their new budget is structured.  It's time specific sensitive.  Because of that that's the reason why it looks like nothing is getting done.  The timing of the budget has to do with the timing of the rate change.  They are paired and linked together...

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Bill Holter: What to do when the System breaks

The Market Sniper:  7-30-2023

https://www.youtube.com/watch?v=aEaNrvnPw2o

"Coffee With MarkZ" Monday Morning Chat 7-31-2023

Thank you MarkZ for all your time, and encouragement daily….. PDK

MarkZ Monday Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Member: GM All, Hope you had an Amazing Weekend, and got a lot of rest.

Member: Well tomorrow brings a new month of RV possibilities. Come on August- be our month.

Member: July went by like a blink of the eye.

Member: Come on Mark, give us some great news! What do you expect this week?

MZ: In Iraq it is hot and they are working on power outages and infrastructure issues. US sanctions have stopped them from being able to pay Iran for electricity. Some has been worked out but this is causing problems for Iraq.

MZ: I have been told by at least 3 different contacts to expect a very fruitful week. Es[ecially on the disclosure front. Perhaps we will get some bombshells from Devin Archer today? A number of sources think that this week will see our release? We shall see.

MZ: I am hopeful but do not know the timing.

MZ: I spoke with a bond paymaster who was told the same thing- To stay at an extreme level of readiness. They are waiting on that signal to “GO” . It could be at any minute.

MZ: Se we sit here and twiddle our thumbs and wait for our blessings.

MZ: “Zimbabwe requests to join BRICS new development bank”  This is now official.

Mark, Phil G., said Saturday that Robert Kiosacki gave a date of August 22 for BRICS to make public announcement, they will use Gold & Silver for asset backed currency.

Member: I heard Zimbabwe exchange rate is 11 cents per 100 trillion or 18 cents per 100 trillion there is no 1 to 1

Member: They brought Salah (former finance minister?) back in! Things are heating up!

Member: Someone asked Phil if EBS this week to touch his nose.... He did!!!

Member:  Went to CU Friday & they were having problems connnecting. I asked if it was QFS and teller said how do you know about that.

Member: Was told by Chase Bank in Indianapolis to hold on to my Venezuelan currency because whatever’s gonna happen. It’s gonna happen soon.

Member:  Made my weekly call to Chase Bank to see if they were exchanging IQD yet. The fellow told me that if the US would release the sanctions on Iraq they could!

Member:  I saw a JP Morgan commercial saying it’s now JP Morgan Wealth Management

Member: Chase is now Chase Wealth Management and Financial Services.

MZ: Banks are not even trying to hide it now. They know their roles are changing

Member: Important!!  My niece works for a bank and her president has been talking about the bank reset and he has told them to concentrate on deposits and not loans.

Member: I asked Alexa last night if Iraq was going to rv and she said soon

Member: (From Dinar Guru)   Militia Man  Article:   "U.S. ambassador in Baghdad announces the success of mediation between the Iraqi government, Central Bank and U.S. Treasury"  Do you find that to be fascinating?  Because it should be.  Because the bottom line is that the largest entities in the world...is the Untied States Treasury and the central banks...The Central Bank of Iraq, The United States Treasury and the U.S. ambassador have come to some sort of an agreement in respect to what's going on...

MZ: That is huge news.

Member: From Bearded Patriot :Good morning everyone……got some great news!A HUGE bridge has been crossed between the US Treasury, IRAQ & CBI!This is OUTSTANDING NEWS MY FAMILY…..Stay calm and grounded

Member: I saw where a finance minister in a third world country can't remember which was given 48 hrs to explain missing money or going to be executed

Member: (From Dinar Guru)  Walkingstick  They are talking about the float now.  They are doing a lot of work about the international connections and everything that's connected to the float... 3 to 1 at the onset is ridiculous.  It's better to have small incremental pip movements of let's say $0.50, $0.60, $1.  That would be more logical. 

MZ: People I have spoken to who have crunched the numbers say it needs to be at least $1.30 to make sense for Iraq- IF they are going to do it that way. I am still hearing that we will have a contract rate no matter how they do it….because they need it for the “Oil for Dinar” program

Member: We need to see ACTION…..So Tired of all the BS talk, talk, talk…….

Member: We really need to see perp walks and some justice for everything the cabal has done to our world. .

Member: Supposed to be 2 full moons in August. Doesn’t mean anything but will be nice to see.

Member: Thanks Mark and Mods. See everyone tonight….hoping for some big news by then.

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