Samson: Bloomberg: A trillion dollars evaporate from global foreign exchange reserves!
6th October, 2022
Global foreign exchange reserves are declining at the fastest pace ever, as central banks intervene from east to west to prop up their currencies.
According to data compiled by Bloomberg, reserves have fallen by nearly $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since it began compiling the data in 2003.
Much of the decline is due to valuation changes. With the dollar jumping to its highest levels in two decades against other reserve currencies, such as the euro and the yen, the dollar has thus reduced the value of these banks' dollar holdings. But dwindling reserves also reflect pressure in the currency market that is forcing an increasing number of central banks to turn to their currency assets to stave off a decline.
For example, India's reserves declined by $96 billion this year to $538 billion. The country's central bank said asset valuation changes accounted for 67 percent of the decline in reserves during the fiscal year beginning in April, meaning the rest came from intervention to support the currency. The rupee has lost about 9% against the dollar this year and hit a record low last month.
Japan spent about $20 billion in September to slow the yen's decline in its first intervention to support the currency since 1998. This would represent about 19% of the loss of reserves this year. Currency intervention in the Czech Republic has helped reduce reserves there by 19% since February.
While the scale of the decline is unusual, the practice of using reserves to defend currencies is nothing new. Central banks buy dollars and increase their stock of currencies to slow the appreciation of a currency when foreign capital flows. In bad times, they rely on reserves to cushion the blow from capital flight.
“Some countries, particularly in Asia, can go both ways, to quell weakness,” said Alan Ruskin, chief international strategist at Deutsche Bank AG.
Most central banks still have enough strength to continue interventions, if they so choose, as India's foreign reserves are still 49% higher than 2017 levels, enough to pay off 9 months of imports.
Central banks including Indonesia, Malaysia, China and Thailand will release their latest foreign reserves data on Friday. But for others, they deplete quickly. Data compiled by Bloomberg shows that after a 42% drop this year, Pakistan's $14 billion in reserves are not enough to cover 3 months of imports. LINK
Samson: The Kurdistan Regional Government will suspend the official working hours tomorrow, Saturday
7th October, 2022
The Information and Information Department of the Kurdistan Regional Government announced the suspension of working hours in all official institutions in the region, on the occasion of the Prophet's birthday.
The Prophet’s birthday is an annual commemoration that coincides with the birthday of the Prophet Muhammad bin Abdullah on the 12th of Rabi’ al-Awwal, as Muslims celebrate it every year in some Islamic countries not as a holiday but as a joy at the birth of their Prophet.
The popular celebrations begin from the beginning of the month of Rabi’ al-Awwal to its end, by setting up councils in which he sings poems in praise of the Prophet, and in which lessons are learned from his life, his merits are mentioned, and food and sweets are served, such as the sweetness of the birthday.
Samson: Parliamentary Integrity reveals the theft of more than (800) million dollars in tax revenues
6th October, 2022
Thursday, the Parliamentary Integrity Committee revealed the theft of tax funds exceeding $800 million
Committee member Ahmed Al-Rubaie said in a statement received by Al-Ghad Press, a copy of it, that "there is a theft in the revenues of the trust accounts belonging to the general tax in Al-Rafidain Bank, which exceeds (800) million dollars, and no authority or entity can cover or deny this theft. in favor of thieves of public money
He added, "After addressing the Ministry of Finance to disclose the results of the investigative committees on the file of the loss of trust account revenues related to the general tax in the Rafidain Bank, which is estimated at more than one trillion Iraqi dinars, and to indicate the real numbers of the amounts and suspected persons who illegally acquired the funds, the ministry answered It has formed an investigative committee to conduct an administrative investigation into the matter
He pointed out that "the investigative committee recommended precautionary measures regarding what was changed in the investigation, because the loss of these huge sums from the account of the General Tax Authority was during the period of their administration and under their direct responsibility and authority
He pointed out that "the answers of the Ministry of Finance confirm the existence of this theft, and no party or authority can cover it or even deny it," calling on government and regulatory agencies to "prevent the travel of some managers and senior cadres in the Tax Authority who have been changed until the end of the administrative and judicial investigation LINK
Samson: The repercussions of the OPEC Plus decision .. a draft law to withdraw US forces from Saudi Arabia and the UAE
7th October, 2022
Three members of the US House of Representatives announced that they had submitted a bill requiring the withdrawal of US forces stationed in Saudi Arabia and the UAE, and stressed that they did not see any reason for US forces to stay there after the UAE and Saudi Arabia supported the OPEC Plus decision
"Saudi Arabia and the UAE have long relied on the US military presence in the Gulf to protect their security and oil fields," the three members of the US House of Representatives, Tom Malinowski of New Jersey, Sean Kasten of Illinois, and Susan Wild of Pennsylvania, said in a joint statement
"Following their (Riyadh and Abu Dhabi) support for the OPEC Plus decision, we see no reason for US forces and contractors to continue providing this service to countries that are actively working against us," the statement added
The statement indicated that "if Saudi Arabia and the UAE want to help Russian President Vladimir Putin, they should look to him to defend them," according to the statement, which stressed that "this decision is a turning point in our relationship with our Gulf partners
"If Saudi Arabia and the UAE hope to maintain the good relationship with the United States that has always been beneficial to them, they must demonstrate a greater willingness to work with us, not against us, in advancing what is now our most urgent national security goal, which is to defeat Russian aggression in Ukraine LINK
Sir: IMO-This is the end of the road for the Federal Reserve note , the petro-dollar is officially dead. Prepare for the flood of dollars coming home as you will see inflation in America never seen before. You will witness first hand the rise of all countries currency against the dollar . That’s why you have witnessed countries continually up their gold reserve like never seen before. This is Biblical and we are here to witness it first hand. Hold on tight people, it’s going to get rough here in the states.
MOakes12: It is way past time the families who own the Federal Reserve are bought to their knees. They have been ripping off people since Pres. Woodrow Willson signed the Federal Reserve Act into law. We will have to deal with the pain in order to get out from under their control.
Samson: What to do...before Plasschaert delegitimizes you
5th October, 2022
In front of representatives of all countries, the UN envoy, Jenin Plasschaert, spoke in a way that causes “shyness”, “humiliation” and “shame” about Iraq, and described the regime in Baghdad, in which it “does not respect the people”, and that the parties are working against the Iraqis.
This utterance is not insignificant, as it is an internationalist view extracted from the practical experience of Plasschaert in Iraq, and no matter how much we support him or disagree with him, we must stand with him.
The influential elites have no reaction when they listen to an international representative who considers them enemies of their people, and almost delegitimizes them, after a global, historical insult.
The most dangerous thing in Plasschaert's briefing is her saying that the political class is unable to resolve the crisis, and any local leader can drag the country into a bloody conflict, and this is an inferior view of our leaders, unfortunately.
It may be early to talk about Iraq's return to Chapter VII, but it will be a possibility, if we put Plasschaert's ruler on the international tools, especially since the regional alignment allows this, to keep Iraq away from Iran.
Did the bell sounded by Plasschaert reach the leaders?
O frame, hold things, or else leave the leadership to the Sadrists.
I heard if you called alive.. LINK
DoTalkToMe: the way the leaders are not handling the affairs of the country...they deserve to be thrown back into chapter VII