PARALYZED FOR 19 YEARS.. PARLIAMENTARY OPTIMISM ABOUT PASSING THE MOST IMPORTANT LAWS IN IRAQ
The Parliamentary Oil and Gas Committee expressed its “optimism” on Sunday about the imminent approval of the Oil and Gas Law, which has been suspended for 19 years, noting that its delay was due to it being a political pressure card used throughout the past years in forming successive governments.
Committee member Nazim Al-Shabli said, “The oil and gas law is the most important of the suspended laws,” noting that “it was being exploited as a political pressure card in forming governments.”
But Al-Shabli expected that “the most serious government in this file is Al-Sudani’s government,” noting that “clear committees were formed between Baghdad and the Kurdistan Regional Government, but until now the government has not sent the final version to the House of Representatives or the Oil Committee.”
Al-Shabli expressed the Oil Committee’s hope that “the relevant committees will resolve the issue and send it to Parliament, given the benefits of the law in regulating oil exports and stopping smuggling or selling oil outside SOMO,” believing that “this issue will be resolved in the coming days.”
In brief why the law is needed:
He stressed that “the delay of the law came because it is a political card, especially since the region wants the law and considers it to be in its interest, in addition to the fact that it has old obligations and contracts with foreign companies, in addition to the continuation of smuggling.”
Meanwhile in another article MP Ali Saadoun ruled out the possibility of the oil and gas law being passed in 2024. Go figure! What do you think will happen?
Saadoun said in a press interview that “the oil and gas law is one of the important laws that has been postponed for several sessions due to deep political differences, despite its importance in correcting several paths that cast their shadows on the performance of a sector that finances the country’s treasury with about 90% of its revenues.”
He added, “He rules out the possibility of resolving the oil and gas law in 2024 because the differences still exist and agreeing on it requires more dialogue, despite the serious desire of many forces to resolve this law.”
More news….
MANIPULATING BUDGET TABLES IS A SCANDAL WAITING TO BREAK OUT
The issue of tampering with the budget schedules sparked great controversy in the House of Representatives, after approximately 2 trillion dinars from the budget were lost in a dramatic manner.
The General Secretariat of the Council of Ministers sent a letter to the House of Representatives to inquire about the manipulation occurring in the budget tables, as it was stated in the letter, “After examining the printed tables attached to the Parliament letter signed by the ( acting) Speaker of the House of Representatives, it was revealed that there are fundamental differences in them compared to the sent copy.” From the Council of Ministers and contrary to the text of the parliamentary decision.
Member of the Parliamentary Finance Committee, Representative Jamal Kujar, confirmed that the manipulation occurred after voting on the budget tables in Parliament.
More news….
IRAQ STORES GOLD AND EXPECTS IT TO RISE IN THE NEXT TWO MONTHS
Economic expert, Abdul Rahman Al-Shaikhli, expects Iraq’s gold reserves to rise over the next two months.
Al-Mashhadani told {Euphrates News} that: “Owning gold is considered part of the investment portfolio that countries seek, and Iraq has been storing gold and increasing its reserves for many years, especially with expectations of its rise during the next two months, and this means that the rise in gold prices is continuing and is part of the countries’ investments.”
He explained that “maintaining dollar reserves or investing in treasury bonds does not achieve profits commensurate with the size of the profits achieved from the increase in gold prices, although Iraq increased its reserves by two and a half tons of gold.”
The data indicated that Iraq increased its gold holdings by 2,644 tons to 148,305 tons in May 2024.
RV updates
I know my readers are waiting for the reaction to an article posted from an interview with the US Federal Reserve concerning Iraq and the dollar.
So, is this news good or bad? I am going to tell you today what I have been telling you all along that to get their currency reinstated for Iraq, it is an uphill battle. They must fight, fight these globalists. But some of the problems stem from themselves too as there are measures they could have taken to further manage the dollar, curb corruption and money laundering. But they didn’t. There are also timelines in the strategic plan to get to the reinstatement that have not been met and need to move ahead now.
Before you go any further in my commentary today you must first realize that events around the globe do not just happen. They are all well-orchestrated with precision and the globalist control these events. One event leads to another and then it leads to another and so on and so forth. For instance, just take the simple action of the Biden administration in the USA when he affected the oil production and greatly reduced it. What happened as a result? Of course, oil prices rose per barrel and then your gasolene and diesel fuels at the pump from nearly $1.80 a gallon to close to $4-$5. This caused inflation as when energy is higher, everything must compensate. This Biden action also drove the USA to drastically change the volume of oil imported from Iraq into the USA, as president Trump had the USA independent from Middle Eastern oil. This was suffocating the terrorist countries and finally bringing them to the knees to negotiate. But it all changed as Biden reverted USA policy bad to the globalist policy and what was good for the globalist and not necessarily for the betterment of his country. Then we must not discount the pandemic that also caused reactions from inflation. If you look at the evidence closely it is apparent this event also did not just happen. It too was well planned. In Iraq the pandemic caused them to devalue the dinar and this move allowed for a massive upsurge in the CBI reserves and the hoarding of their gold reserves. Do you see now why Biden or some other globalist puppet had to be president in the USA in the last term? So, putting these thoughts together we know that there is a globalist plan for Iraq. The plan does include the reinstatement of the dinar but under the terms of the globalist and the people of Iraq don’t necessarily like being controlled by some outside entity. But they also want and need their currency turned back on. So, here we stand that it a short explanation of where we are and so now let’s talk about this recent article.
Reactions to these events are predictable. But when something gets out of whack and disturbs the overall plan, then there is a problem that needs to be reconciled. The plan I am talking mostly about now is the Strategic Plan for Reforms in Iraq effecting the Pillars of Financial Reform. How many articles do we need to read about these three pillars and the necessity to control and reform the banking, insurance and stock market for Iraq. Yes, it all boils down to these three areas of reform. Did you notice almost all the articles coming out of Iraq concerning reforms are in these three categories?
In this regard there is a most important article in the news today. The title of the article is “THE US FEDERAL RESERVE ADOPTS A NEW STRATEGY TOWARDS IRAQ.. THE DOLLAR IS THREATENED WITH RISING TO UNPRECEDENTED LEVELS” You can go read the entire article in the Articles Section of the Newsletter. This article was bought to my attention over the Saturday call with my CBI contact. Yes, we talked about this issue and more.
So, let me explain what the hell is going on here since this is a VERY demanding and may be looked at as a negative article. But someone has finally told the TRUTH! My CBI contact did not deny any of it when we talked about it on Saturday.
Remember I have been telling you all along that it is the US Federal Reserve that has been holding back the Project to Delete the Zeros thus not giving the assurances the CBI needs from them to go forward with it, not the US Tresuary. The US Federal Reserve is a globalist entity that took control over the monetary policies of the USA and now wants to also control the monetary policies of Iraq through the Central Banking System, also an affiliated Federal Reserve System (“the Feds”) organization.
The Feds are working very hard to bring Iraq inline with the banking system. So far they have been very successful “pushing” them forward. But they are telling in today’s news there is still work to be done. There is still corruption in the Central Bank and at the local banking level.
Then out pops yet other articles, one titled: “ECONOMIST: THE CENTRAL BANK DOES NOT HAVE THE UPPER HAND OVER THE BANKING SYSTEM AMID FINANCIAL AND INSTITUTIONAL CORRUPTION”. Is this article coincidental in its timing?
Then yet another article pertaining to today’s subject matter again talks about what exactly are some of the problems and some solutions to the problems. It is titled “EXTENSION PUTS 7 MEASURES BEFORE THE SUDANESE TO ELIMINATE THE “ROOTS OF CORRUPTION” IN THE CENTRAL BANK”. I also encourage everyone to go read these articles as you can get a really good feel what the Feds are talking about and why they are finally cracking down on the CBI.
We know the reinstatement will follow shortly thereafter the project to delete the zeros and so they are integrated and connected in the overall plan of reforms. So go figure. Again, Mnt Goat is right and now here is the proof in black and white for you to read. It is mostly now all POLITICAL holding back the RV process. Get it?
So, in all the recent meetings in Washington DC with the US Treasury, Feds and the Iraqi delegation, they had little success. In fact, they got their asses chewed out. This is a FACT! And…. Rightfully so! Iraq deserves it. They are not in compliant and need to come into global banking standards. They need to enforce them and kick ass. I was told this was all FACTUAL by my CBI contact (who was in the room when the delegation returned to Iraq and had to brief the board of directors and the staff of what happened). We even talked about the second and third articles.
Just a reminder that we knew for a FACT that in mid-June Iraq was following a strategic plan, and the 3rd stage of what was supposed to be kicked off by the Project to Delete the Zeros. Now in today’s article we find out why it did not happen and how pissed-off the US is that it did not and could not go forward. The information always eventually comes out. There is no use to lie to anyone in the intel or make stories up.
The timelines for the 3rd phase of their plan just moved out. But most importantly the trickledown effect for events to happen downstream will suffer as a result. Since it is over a month already past the failure of this next step in the strategy plan something now has to change or else. It has to change quickly or else. Thus the purpose of this article and chewing out of the CBI. Can you see why the US is pissed off? I can! Did you read the articles. If you read any articles today, please read these.
My blog readers asked me repeatedly if it was Iraq or the US Treasury or who that is holding up the RV. I have to say it is more like the US Federal Reserve, a private entity working for the US government holding it up. Yes, and they should. The US Treasury has to give permission and they will not do it until the Federal Reserve also signs off. The CBI and the Finance Committee complies with their list of tasks in reforms necessary for the US to give its permission. But no permission is given.
Oh …. Wait a second, didn’t all these intel gurus tell you “its all done” and that all signoff are completed? This is just not true and now you know why. These gurus are caught in their lies.
But here is the catch-22. The US dollars in Iraq are the property of the US Federal Reserve. This is what gives them permission to bully Iraq in this process. So, again what comes first the chicken or the egg? The CBI says they need the reinstatement to move ahead in order to execute the other parts of their strategic plan and to lock down the corruption but the Federal Reserve says they will need the other parts of the plan executed first.
The good part of the story today:
Yes, there is always a shining rainbow after it rains heavy and it did last week. But there is one, as now we know the reforms that the Feds need completed to move ahead. We know who the culprit is in holding up the reinstatement and it is clearly stated in the article titled: “ECONOMIST: THE CENTRAL BANK DOES NOT HAVE THE UPPER HAND OVER THE BANKING SYSTEM AMID FINANCIAL AND INSTITUTIONAL CORRUPTION” Folks this is their words not mine:
I quote from the article – “The economic expert, Ahmed Saddam, confirmed today, Friday, that the Central Bank does not have the upper hand over the banking system, and that the Central Bank has become a prisoner of the US Federal Reserve, so the issue of changing the person of the bank governor will not lead to changing the current situation” – “institutional corruption, especially those banks linked to political and partisan entities.”
Saddam also said “The problem does not lie in the person of the governor of the Central Bank, nor in the procedures followed by the Central Bank, but rather in the monetary policies of the Central Bank, which cannot be activated in light of the existence of faltering financial policies, a fragile economy, and financial and institutional corruption, especially those banks linked to political and partisan entities.” So, it appears the CBI has the monetary policies but can’t activated or enforced due to the political corruption. In other words there are too many corrupt politicians and bankers involved that influence the government preventing the CBI to do its job. Thus it needs the independence and the judicial system to back up enforcement of its policies. This is what the first article was talking about.
Saddam also said that “the Central Bank has become a victim because of these corrupt banks and dollar mafias, in addition to the fact that the Central Bank has become like a prisoner of the US Federal Reserve, and thus even if the governor of the bank changes, he cannot move a finger regarding the banking situation in Iraq, and this is due to the fact that the Central Bank does not have the upper hand over the banking system for the reasons mentioned above.”
You don’t have to trust me anymore as you read it from the Iraqi news yourself.
So here are the issues why the Project to Delete the Zeros is stalled in Mid-June. This is why we still sit and wait. This is their words not mine. No banker stories, lies about banking memos or everyday RV happening.
However if you ask many of the economists in Iraq they also will say that Iraq has the problems are under control and they have a high level of stability in their banks. Really? Maybe they do but the dollar is still be laundered out and as I said that becomes the business of the Feds. When you read these types of articles you must ask under who’s standards? Seems to me like the US does not agree with such statements. Here is the article titled: “PRESIDENT OF THE REPUBLIC: SECURITY AND STABILITY IN IRAQ INSPIRE OPTIMISM” But what the hell does the president know anyhow. Evidently this was just a public relations article.
Remember that the Iraqi reserves are still in the hands of the US banks in the USA. Any dollars must still be requested and transferred to Iraq. So, this is the noose around the neck of Iraq. If you don’t cooperate, they tighten the noose and they are now tightening it!
However, this news today is not all as bad as it seems as this had to happen sooner or later. Better for us sooner ….right? The question now is will the CBI cooperate and enforce the necessary reforms for the US Federal Reserve to move ahead with their strategic plan? How long will this all take?
My feeling on this is there has to be a middle of the road and negotiations must take place at some point. Last week the Iraq delegate came to Washington DC to negotiate, but instead got their asses rimmed out. The US Federal Reserve is standing very firm. Will the US Treasury step in and help?
Some information from inside the corridors of the Central Bank of Iraq indicate that the US Federal Reserve has adopted a strategy different from its previous strategies towards the Iraqi economy, indicating that “this strategy will be more stringent and will depend on three axes”. These are the issues I talked about on Saturday with my CBI contact too: See my commentary below is RED after each axis. Let’s discuss these issues.
-The first axis: The continuation of the punishment of the previous banks, and there is no lifting of the sanctions on them, meaning that the ban on those banks trading in dollars will continue indefinitely. Okay, so the US now told Iraq they do not EVER intend to lift these dollar sanctions. How will these banks do business then with the dollar? Simply put, they won’t. Iraq will have to consolidate or disband these banks as part of their reform. This is what the US Treasury really wants them to do. Too many corrupt banks in Iraq. Too many holes for dollars to sneak through to terrorists and money laundering.
The second axis: closing banks that continue to violate federal controls related to money laundering, dollar smuggling, and supporting sanctioned entities and countries. But what are the federal controls? Are they talking about the Federal Reserve or the CBI federal controls? Okay, so this second axis fits just what I told you above and so we watch what will happen to these sanctioned banks as a good indication to use of the seriousness of the CBI in conforming to the demands of the US Treasury. This will be easy to track.
The third axis: Preventing the Iraqi government from interfering in the dollar file, and for this file to be in the hands of Central Bank of Iraq Just. Okay so it looks like the US Federal Reserve wants more independence of the Central Bank and less interaction of listening to the Financial Committee of what to do with the dollar. Oh…. of course they do. Since the Federal Reserve wants the Central Bank of Iraq to join the globalist Central Banking System. Get it?
My take on this is the US Federal Reserve wants direct communication and work with the CBI and only working with the CBI. This I totally understandable if the CBI was a member of the globalist Central Banking System. This one will be the hardest challenge for Iraq, as I told you the CBI now feels the necessity to work with the government for political consensus and support but these entities are corrupt and that’s a big part of the problem to resolve.
The CBI will need the political support to pass relevant bills related to the monetary system in Iraq, i.e. changes in the Investment Law for the WTO accession. I do not know how this will workout and may be much harder than the US thinks for Iraq to accomplish. In the Washington meeting last week this was already explained to the US with little success.
From todays article I want to quote what was said as “He stressed that “the last axis explains that the Federal Bank has detected political influences from the Iraqi government,” noting that “the Iraqi Central Bank is today in a very embarrassing situation and is almost in trouble due to internal pressures on it to obtain a larger space for the dollar and its circulation.”
Then the article continued and I quote again – “He stressed ”that the Central Bank will only be able to delay and postpone federal procedures for the longest possible period of time, while achieving temporary protection for the Iraqi banking system and the Iraqi dinar.”
Oh …. But didn’t we just hear from the advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed in early July, that the banking reform and development strategy is the main pillar for reforming the comprehensive national economy. Al-Nusairi pointed out that “a national strategy for bank lending in Iraq for the years 2024-2029 was launched. Remember this news?So, what’s the problem here then with the US Treasury? Is it because Iraq is taking too long in getting the reforms accomplished or not the correct/complete reforms?
Then the last paragraph of today’s article really hits home and I will quote it and then explain it below– “He stated that “the US Federal Reserve will not be able to wait forever, and it is expected that there will be federal measures that may occur at any moment, and there will be a sudden and large demand for the dollar, which will lead to a decrease in the value of the Iraqi dinar against the dollar, which will generate great pressure on the Iraqi banking system, the Iraqi economy and the official political system.”
So, I wanted to talk this part of the article, the last part, especially in detail with my CBI contact. What does this mean, I asked?
I was told that this could result in cutting off ALL dollars to Iraq. This of course the CBI does not want to happen as this will lead to a huge decrease in the value of the dinar against the dollar, thus causing a surge of inflation, maybe like never seen in Iraq before. This is the “sudden and large” demand for the dollar they are talking about, as stated in the article. So this is something that is going to happen VERY soon if changes are not made. One very necessary outcome may be cleaning up the judicial system so the CBI can prosecute violators.
I then asked if there were other political influences other than from the GOI affecting the monetary policy?
I was told that the US is referring mainly to the Iranian and other corrupt politicians who are still laundering millions from Iraq not Al-Sudani’s policies and working with the CBI. This made sense to me. Again, I just have to think back to what Dr Shabibi told us in his presentation, in that the longer this three zero monetary process and sole de facto peg to the US dollar goes on, the worst will be the corruption and it will only grow. He predicted it would grow to a point where it would take drastic measures to resolve. I think we are there now.
But what is the solution since they can’t seem to fix it now and how will they do it later?
My contact referred to the part in the last paragraph about pressure on the official political system. I agreed and have known this to be a problem all along. I was told they must weed out or isolate the Iranian backed politicians. This could easily be done by legislation that prohibits dual citizenship. They can also in addition set minimum Iraq citizenship criteria (years) to run for any political position.
I then said this would take time and many election cycles. Can Iraq wait that long?
I was told this legislative effort to reform the elections could coincide with the will to investigate these politicians, but the state has to have a justice system that is willing to do so. Reforms are also necessary in this area too. By cleaning out the corrupt now could in the short-term help the situation and drastically curb the corruption with the dollar. I was told that they know who the culprits are but that no one can seem to prosecute them.
So, these are turbulent times in Iraq too. Iraq will need our prayers to help them through this. Please include the people of Iraq in your prayers.
Will the US leave Iraq?
Folks all these articles about forcing the US military out is all just propaganda as the Iranian backed politicians and militia leaders would luv to fill the gap when the US pulls out. The way I see it is that the high-ranking officials know it and support the US presence. There are many lies being spread. The US does not want to deploy again in the future to kick Iran out of Iraq should it pull out now. They are trying to prevent a disaster later. Meanwhile the Iraqis say it they come under Iranian influence that is their business. Oh… but how quickly they came to the US to beg for help to get rid ISIS in 2014. Remember?
Iraq must make some more very hard decisions. They must take the necessary steps and do them now to clean up the corrupt. This article and what happened in the meetings in Washington DC last week was a warning shot over the bow.
So, I wanted to bring out yet another article today too. This article only shows the irony of what is going on in Iraq today. I quote – “President of the Republic Abdul Latif Jamal Rashid stressed, today, Thursday, that the security and stability witnessed by Iraq inspires optimism and requires everyone to unite to maintain it”. Really? So, I believe there is in fact SECURITY and STABILITY in Iraq and I believe his statement. But I want also to being out the FACT that for years the CBI kept telling us they needed an environment, a condition in Iraq of security and stability in order to conduct the Project to Delete the Zeros. Well …. seems to me all indications are that even in spite of what is happening between the US Treasury and the CBI they now have the needed security and stability, at least they keep telling us this, almost weekly now in articles. So, where is the Project to Delete the Zeros then? This was their criteria, their words for more than a decade now. So where is it? So where is it? So where is it?
But let me point out one basic FACT to you about Iraq and that is they were declared a sovereign nation once again way back in December 2022 when the Chapter VII sanctions were lifted. So why does the US Treasury still stick their nose into Iraq’s affairs, as we are witnessing in this article today. When will this criteria be satisfied? When is enough, enough? Maybe the extent of these issues stems from no reinstating by now as Dr Shabibi wanted to do. Maybe if they had not blocked it way back in 2012-2013 these issues would not be so bad, if existing even? Just asking……
There has to be a breaking point at some time. Either the US cuts off all US dollars to Iraq and then what? We can see this might happen. Will this be a good thing or a bad thing? Will the dinar crash? How will they pay their bills? Will they be forced to use the dinar to pay all their bills and will it be widely accepted? Just asking…..
