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2Cents: Does anybody else find it odd that there was this Huuuuuuuge meeting at the Peace Palace last night and there is so little reporting as to the outcome??????? Even the Kurds attended!!!!! By the way, the Kurds had a delegation in the US this evening addressing the US Chamber of Commerce on Investment opportunities in Kurdistan.....
MilitiaMan: Fascinating turn of events. ISIS is said to be 100% done, it appears they have Bahgdadi in the bag.. lol They had a meeting with the AMF / IMF on the 27th and finished yesterday on 28th, they told us about the Customs and Taxes being put in force whereby, putting pressure on the citizens to pay them, they had meetings with the Governors in the provinces throughout the country in regard to the 2019 Budget Allocations for re construction and the Citizens needs and then top it off the Peace Palace, as you point out 2cents!! Well done!
So, with that said, we can an scratch our heads and think. Why all the convergence on a Thursday? After banks are closed? Is it me or didn't Kuwait make a move way back on a Thursday and then show their hand on a Sunday? Things that make one go hummm... lol We shall see.. imo All looks very promising none the less! ~ MM
Rockcharlie229: If we went back to Gold the amount of Gold could cover the money supply but that would entail gold shooting up to approximately $50,000 an ounce. Basils 3 allows you to back your currency with all resources available to that country including precious metals. Source: The Death of Money, Currency Wars, The Big Drop and The New Case for Gold.
Daytrader: Agree 100%. Not all are aware of Basel III. Can't assume gold is distributed on a per country basis vs their narrow money figures. An asset backed currency is the practical solution.
Rockcharlie229: I Concur that why they are talking about 25% precious metal under Basel 3
Chappy86: Do you think that if the currencies of the world are gold backed the value of gold will rise very quickly?
Crose: I have heard $10,000.00/oz is not out of the question.
Doodlebug: I love this conversation. Thank you all. Isn't this one of the reasons why "I'm not a crook" Nixon took us off the Gold Standard? Because we were running trade deficits and it would have sent all of our gold to exporting Nations? I remember reading about how being "gold backed" was not a good thing and that is one of the reasons we ran from the Crown because it would allow the price of gold to be manipulated, but I digress from that because I don't know enough about it. LOL just that little tidbit. Anywhodeehow, I agree that replacing the term "Gold Backed" with "Asset Backed" rings better in my ears. GO TRUMP!
Boxman: I remember coming back from Europe in 1967 and being told that customs would seize any gold coins or bars being brought into the country..Gold if i recall was at $35.00 an ounce...i also seem to recall several countries were presenting large number of dollars to the Treasury to be redeemed in gold and the concern the Treasury would soon be depleted of its gold holdings...could be incorrect but that is what i recalled from that period...
ChrisC: You are correct Boxman. What actually happened is that, fearing imminent confiscation of their gold by Germany many countries deposited their gold with the US for safe keeping. Mistake. If anybody believes we have been run by honest people over the last 100 years or so, let me clear up a couple of other misconceptions you may have
1) Frank can confirm this, but nobody can eat 500 million cookies in one night, and if they could after the first thousand or so they couldn't fit down the chimney, so there is no Santa Claus.
2) Anybody wanting to collect your kids teeth is most likely a serial killer, so no tooth fairy.
Now that we are rid of any fantasies, let me proceed.
Our money was based on gold backing and was convertible. Unscrupulous folks in the govt said "hey, how is anybody going to know with all this gold we have which is ours and which is theirs so let's just print up a whole bunch of extra bills and buy a whole lot of stuff with it".
Charles DeGaulle was the first to catch on and started exchanging their currency for gold. That is when Richard "I am not a crook" Nixon said "They's done found out we punked them" and he immediately removed us from the gold standard (even though the Constitution really has it as a silver standard).
Nixon made a deal with Saudi Arabia that all oil would be traded in US dollars no matter who was buying or selling and thus the petro-dollar was born.
The real "punking" started then. With nothing solid backing the dollar it has let the Fed print as much money as they needed to buy whatever they wanted and loan out to whomever they please.
Boxman: With Fiat currency, Govts can play with the printing and control the monetary policy with no real backing of their currency...Gold and asset backed currency will put a severe limit on this ability....IMHO
Clare posting for Felix: With New Laws and Some Help, Iraq Turned Around Anti-Money-Laundering Problems The Iraqi government was removed last year from an international watchlist
MilitiaMan: So they are apparently turning the corner on how they are perceived in the international arena. Banks are starting to do business with Iraq. That take security, stability and a strangle hold on corruption. Al-Alaq is not new to the game either.
His credentials speak about it clearly too. Now we watch them implement the tools they have to maintain a tight ship going forward.. They will need the tools especially after they finish the monetary reforms and while finishing over time the economic reforms. So, in all the article is showing progress. imo ~ MM
McDan: Frank do You think they will try to Peg to the Euro and not to the dollar.
I believe it make more sense to just use the SDR as the base of the value of the Iraq Dinar.
The article on the gold asset backing currency needs some though of the backing of the SDR by Gold .
i also can see why President Trump is trying to force Country to use their on Currency instead of using the US Dollar to maintain their international Trade.
This is Just IMO , just looking for other people opinion to stir the bucket of thoughts.
Samson: Iran’s President to Visit Iraq in March
1st March 2019
Iranian President Hassan Rouhani will travel to Iraq on March 11 for an official visit.
Heading a high-ranking delegation, the Iranian president will be visiting the Arab country at the official invitation of Baghdad. It will be Rouhani’s first official visit to Iraq during his tenure.
On Monday, Iranian Deputy Foreign Minister Abbas Araqchi met with Prime Minister of Iraq Adil Abdul-Mahdi in Baghdad to make arrangements for Rouhani’s forthcoming trip. The Iranian president’s visit would come against the backdrop of Tehran’s efforts to boost its foreign trade in the US sanctions era.
Iraq’s foreign minister said recently that his country is “not obliged” to abide by sanctions imposed by the US against Iran and would be pursuing options to continue bilateral trade.
President of Iraq Barham Salih paid a visit to Tehran in November 2018 with a ranking delegation for a series of political and economic talks.Speaking at a joint press conference with his Iraqi counterpart at that time, Rouhani said the value of trade and economic interaction between Tehran and Baghdad stood at around $12 billion, adding that the two neighbors have the potential for a $20-billion trade target.
Earlier this month, governors of the central banks of Iran and Iraq signed an agreement to develop a payment mechanism aimed at facilitating banking ties between the two neighboring countries.
According to governor of the Central Bank of Iran Abdolnaser Hemmati, Iran is going to open euro and dinar-based accounts to process transactions for trade in oil and gas. Describing Iraq as Iran’s major partner, Hemmati said the two countries have agreed to make the banking ties much stronger. He also stated that Iraqi companies can reciprocally open accounts in Iranian banks and conduct transactions in dinar.
In December 2018, Chairman of Iran-Iraq Chamber of Commerce Yahya Ale-Eshaq said the central banks of Iran and Iraq were finalizing negotiations to begin trade in their own currencies. Iraq’s Foreign Minister Mohamed Ali Alhakim has made it clear that his country cannot cut off trade ties with Iran under the US sanctions. LINK
LarryH: THIS IS HUGE. I CAN'T BELIEVE NO ONE IS TALKING ABOUT THIS. NO WAY POSSIBLE IF NOT ART.8. HUUUUGE. RIGHT FRANKIE. DELTA MM
Samson: Deputy Iranian Ambassador to the Murad: Trade with Iraq continues and deal in dinars instead of the dollar
28th February, 2019
The deputy Iranian ambassador in Iraq, Musa al-Tabtabai said that despite the US sanctions, but dealing with Iraq commercially did not stop, pointing out that dealing with Iraq financially be in the Iraqi currency.
The Tabtabai of the Murad that Iran has begun to give up dealing in US dollars and limited its financial dealings with countries on the currencies of those countries, each according to its currency, pointing to the Iraqi citizens' interest in tourism and therapeutic aspects in Iran as well as trade and import of goods and this is done by the Iraqi currency. LINK
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