Dinar Recaps Blog Page — Dinar Recaps (2024)

Sudanese Advisor: The Iraqi Central Bank Will Address The Rise In The Dollar.. What About The Inflation Rate?

Money and business Economy News – Baghdad Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Saleh, said that the Central Bank of Iraq will address the recent rise in the dollar exchange rate, noting that annual inflation in the country only exceeds 3%.

In an attempt to control dollar smuggling, the Central Bank issued in previous times a number of measures with the aim of contributing to raising the value of the dinar or reducing the large demand for the dollar.

The difference between the official exchange rate of 1,320 dinars per dollar and what is sold in the market still encourages dollar smuggling networks to increase their activity to achieve profits, in addition to the impact of this matter on the daily life of the Iraqi citizen.

Recently, the exchange rate of the US dollar against the Iraqi dinar rose to about 1,495 dinars.

"Highest international reserve base"

Mazhar Muhammad Salih said, “The fixed exchange rate system in Iraq is based on a base of international reserves that are the highest in the history of Iraq and its monetary policy, and the foreign currency covers a percentage of more than 100% of the total currency currently exported.” He explained,

"In light of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level, which has become stable in its components and trends as a result of the influence of the exchange rate factor."

The official financing currently dominates foreign (import) trade financing, amounting to 1,320 dinars per dollar. Saleh pointed to

“the stable trend of the exchange rate, centered around the stable external value of the dinar, which is embodied by the state of stability in the relative prices of goods and services to a large extent, as annual inflation in our country does not exceed only 3%.” The Prime Minister’s Advisor for Economic Affairs noted that,

“In light of the strength of the foreign reserves supporting the Iraqi dinar, whose value as liquid foreign assets exceeds 100 billion dollars, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that is affected by the parallel market.” For disbursem*nt in short periods, due to urgent international or regional political events here and there, or in adapting some instructions regulating the monetary market. Saleh stressed that

"The decline of the phenomenon of dollarization"

“after the decline of the phenomenon of dollarization in internal transactions, especially in contracts, obligations and payments inside the country since last year and its legal ban, the parallel exchange market has begun to have its general impact today only on a narrow economic scope of prohibited transactions, practiced by informal markets at a rate of 10%.” “Of the total transactions of supply and demand for the currency.”

He explained that “the stability of the dinar-to-dollar exchange rate that the country is witnessing, even in the secondary markets mentioned above, is a real and established stability.

Rather, it is derived from the strength of the influence of the price and quantitative factors of the monetary and financial policies, and

their integration in imposing overall price stability in the country, and containing the inflationary expectations that they were causing.” Parallel exchange market forces during the past years.

The Prime Minister's Advisor for Economic Affairs pointed out that

"the informal secondary market, due to the freedom of external transfer, is under the influence of the official exchange market rate, whose operations are constantly expanding in the interest of dealing at the fixed official exchange rate. - https://economy-news.net/content.php?id=44995

91% Of The Iraqi Currency Is Outside The Banking System

Money and business Economy News – Baghdad Economist Manar Al-Obaidi announced that the monetary supply had risen to more than 102 trillion dinars as of last June. Al-Obaidi said,

“The cash currency issued by the Central Bank of Iraq increased to reach 102.3 trillion Iraqi dinars at the end of June, with an annual growth rate of 2.4% and a monthly growth of 3%.” He added that the

value of cash outside the banking system rose to 93 trillion Iraqi dinars after it was 90 trillion Iraqi dinars in March. He pointed out that the percentage of cash outside the banking system reached 91%.

observations 373 07/09/2024 - https://economy-news.net/content.php?id=45032

Adviser To The Prime Minister: Iraq Is In The Process Of Repaying Long-Term Development Loans To The World Bank

Economy 6-07-2024, 12:11 Baghdad - IA - Nassar Al-Hajj The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Saturday, that the zeroing of debts to the International Monetary Fund reflects the high and solid creditworthiness of Iraq, while he indicated that Iraq is in the process of repaying long-term development loans to the World Bank.

Saleh said to the Iraqi News Agency (INA): “Iraq entered into about 5 programs with the International Monetary Fund from the year 2004 until the end of the year 2018, including 3 credit preparedness programmes, and

all of them were characterized by providing loans whose function was to support a state of stability and economic reform in Iraq and in two directions: the

First: Loan Programs: Iraq received loans from the International Monetary Fund to help it overcome economic crises, as these loans included supporting the general budget and financing economic stability programs, especially during the war on ISIS terrorism.

He added: “As for the other trend: in the field of economic reforms, the International Monetary Fund usually requires countries that receive loans to implement certain economic reforms.

In the case of Iraq, these reforms included improving the management of public finances and the banking sector, enhancing transparency, combating corruption, and reforming the financial sector.” energy".

He pointed out that "these loans did not exceed $5 billion per loan, and the actual withdrawal from them would not exceed $3 billion or more in each case, according to a repayment program that takes place every 6 months with grace periods for two years before repayment, with moderate annual interest, which usually does not exceed 4.5%, and the terms of these loans do not exceed five years.”

He pointed out that "Iraq has repaid the loans that were withdrawn during the last twenty years and according to regular payment mechanisms, and stage of zeroing is approaching unless they are all zeroed today,

which reflects the high and solid creditworthiness of the Republic of Iraq in repayment before the international financial community in particular and before international financial organizations." multilateralism in general.

He continued: “But certainly there are long-term development loans belonging to the World Bank that are still in place, which is another development financial organization, and for a number of billions, they are in the process of being repaid, and

some of them are still in the process of committing to withdrawing them to be spent on completing the development projects contracted with the World Bank, and they are long-term soft loans as well.”".

He stressed that "cooperation relations continue between Iraq and the International Monetary Fund in various fields, including providing technical advice and supporting economic policies," noting that

"the relationship between Iraq, the International Monetary Fund and the World Bank is important for achieving economic stability and sustainable development in the country." He pointed out that

"Iraq is a founding member of the International Monetary Fund and the World Bank since 1945."

https://www.ina.iq/212088--.html

To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/

Provoking Thoughts and Points to Ponder on Advice :

Be frank and explicit. That is the right line to take when you wish to conceal your own mind and to confuse the minds of others.-Benjamin Disraeli

Put all thine eggs in one basket and - watch that basket.-Mark Twain

It has seemed to be more necessary to have regard to the weight of words rather than to their number.-Cicero

Don't offer me advice, give me money.-Spanish proverb

If you aren't rich, you should always look useful.-Louis-Ferdinand Celine

He who can lick can bite.-French proverb

When a man comes to me for advice, I find out the kind of advice he wants, and I give it to him. -Josh Billings

We only make a dupe of the friend whose advice we ask, for we never tell him all; and it is usually what we have left unsaid that decides our conduct.-Diane de Poitiers

I give myself, sometimes, admirable advice, but I am incapable of taking it.-Mary Wortley Montagu

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

http://famousquotesandauthors.com/quotes_by_topic.html

5 Financial Mistakes Millennials Got From Their Parents

David Nadelle Tue, July 9, 2024 GOBankingRates

While only 27% of Americans across all ages say their money-saving habits are “excellent,” a new study found 65% of millennials and Gen Z-ers worry about baby boomers’ impact on their future.

The survey, conducted by OnePoll for National Debt Relief between Aug. 4-8, 2023, found that although younger generations were concerned about the effect older generations’ financial decisions will have on them, 62% of all respondents (split evenly by generation) admit they make poor money decisions sometimes. Almost half (48%) of respondents said their parents influenced their money habits.

With 51% of respondents admitting they have been in debt at some point, and 42% currently experiencing money troubles, the study also found that many Americans are eager to destigmatize “shameful” debt (36%) and are taking responsibility for their bad spending and savings habits.

There’s a lot of guilt and shame people feel when they’re in debt and that needs to change,” said Natalia Brown, chief compliance and consumer affairs officer at National Debt Relief. “The data shows that most of us face challenges with money and that none of us are alone in that.”

Here are the five most common bad money habits that you might have learned from your parents — and ones you need to unlearn as soon as possible — according to the National Debt Relief/OnePoll study:

Writing Off Small Purchases As Insignificant (43%)

It’s easy to make simple purchases that can add up over time, so you have to hold yourself accountable for how you spend your money. Even if it seems like an insignificant purchase, write it down or acknowledge it. Spending even a few extra dollars a week can account for hundreds of dollars a year.

Instead of making impulsive purchases like in-app purchases that give you that quick dopamine hit, give it 24 hours. If you still want (or even remember) to make that purchase, you should buy it.

Gambling (39%)

Gambling can develop into an addiction quickly. When gambling becomes uncontrollable, the problem gambler will spend even more money, attempting and usually failing, to win back their losses.

Regardless of income, those who spend too much on gambling are prone to have overdue bills, max out their credit cards and borrow money. Even low levels of gambling are linked to financial hardship and unemployment, per The Guardian.

If you or someone you know is struggling with a gambling addiction, it’s best to get help so you can start recovering your mental health and your finances. Call 1-800-GAMBLER for more information.

Using Credit To Pay Bills (33%)

Paying your bills with a quick credit card swipe or online payment can be tempting. When credit cards are considered an extension of income, people are often unable to pay the balance off entirely, leading to hefty credit card interest charges and increases in debt.

Credit card debt should always be counted as an expense in your budget. If you find you’re relying on them too much, it might be time to cut them up or consider a credit freeze so that you can curb your spending.

To Read More: https://www.yahoo.com/finance/news/millennials-boomer-parents-blame-shameful-180041296.html

Tuesday 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: Hello MarkZ and everyone! Let’s go!!!

Member: I feel different today, like something good is about to happen

Member: MarkZ Tell me something good . Tell me ,Tell me, Tell me.

MZ: I had 2 bond folks check in. One said they do not have money yet….but they will be paid this week. The second bond holder said “I cannot comment-PERIOD” to me that tells us something pretty positive happened on the bond side. If they are under an NDA I wouldn’t want them to violate it.

Member: Really sounds like an NDA to me!!.

Member: I am now under an NDA- No Darn Assets!!

MZ: “US Military delegation continues meetings with Iraqi officials in Baghdad” All about working together in the region and the withdrawal of US troops from iraq. But no set timeline yet.

MZ: There was a very encouraging Nader video today about Iraq’s progress…. You all should look for it under just “Nader” and watch it.

Member: Nadar vid was great

Member: (From Dinar Guru) Frank26 The international community already has seen the new exchange rate. IMO the international community is satisfied and happy and anticipating for what is about to happen. It is not a secret.

MZ: I would agree with that.

Member: Mark, have you heard anything about BRICS payment system being launched?

MZ: “Russia and Iran agree on all stages of integration of National Payment systems” This one is important. Many believe this will be the backbone for the payment system for BRICS global blockchain MBridge based currency.

Member: Wolverine posted yesterday a Chinese elder signing to release the gold in Thailand

MZ: There is a video out that had many of you losing your minds …but I can’t vet it….Do I think there is a great chance it is real…..I do….because of the news I received overnight on documentation being signed in Indonesia and the Phillipines.on the Gold Treaty. So it is highly possible….but not absolutely verified. .

Member: Large accounting firm in Tulsa area announced today they are shifting their main focus to wealth management…. Hmmmm

Member: My prediction is that this will all be over soon so I am just chilling out and waiting!

Member: Have a great rest MarkZ thank you for all you do. Great evening to all

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

Odysee at: https://odysee.com/@theoriginalmarkz:e OR THE RUMBLE CHANNEL: https://rumble.com/user/theoriginalmarkz

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.

​TO GET THE “REAL MARKZ ACCOUNTS”, TWITTER, YT, RUMBLE, TELEGRAM ROOMS, AND FOR MARK’S DAILY LINKS TO HIS WEBSITE: https://theoriginalmarkz.com

STAY IN THE KNOW: FOR UPDATES ON PODCASTS (CHANGES & GUESTS). YOU WILL FIND PLENTY OF USEFUL INFO THAT KOUKLA UPDATES OFTEN FOR MARK AT THE TELEGRAM INTEL CHANNEL: https://t.me/+K_GNVfTI0gFkZWYx

GUYS YOU CAN FIND ALOT OF INFO AT MARK’S WEBSITE: GO TO: https://theoriginalmarkz.com/home

MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/

Mod: MarkZ “Back To Basics” Pre-Recorded Call” for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM

ZESTER’S LINK TREE: https://linktr.ee/CrazyCryptonaut

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=1t5B5YGW6SM

KTFA:

Clare: Iraq is the fifth largest economy in the Arab world and the 52nd largest economy in the world

7/8/2024

The American magazine "CEOWORLD" reported on Monday that Iraq ranked fifth in the Arab world and 52nd globally as the largest economy in the world in 2024.

According to the American magazine, despite growing concerns about rising prices, the United States has maintained its position as the largest economy in the world, with an impressive GDP of $28.78 trillion.

China follows with a massive GDP of $18.54 trillion, while Germany, meanwhile, has cemented its position as Europe’s economic leader with a GDP of $4.59 trillion, building on its manufacturing expertise and strong exports while overcoming additional challenges from energy supply issues related to the conflict between Russia and Ukraine.

The magazine showed that Japan ranks fourth with a GDP of $4.11 trillion, while India ranks fifth, as one of the fastest growing economies with a GDP of $3.94 trillion.

While Iraq ranked 52nd globally in terms of growth with a GDP of $265.894 million for the current year, the GDP for 2025 was estimated at $278.811 million, in 2026 at $292.147 million, in 2027 at $307.465 million, in 2028 at $325.197 million, and finally in 2029 at $345.074 million.

The magazine indicated that Iraq ranks fifth in the Arab world after Saudi Arabia, the Emirates, Egypt and Algeria. LINK

***********

Clare: The dollar's flight does not threaten the dinar.. Al-Sudani's advisor dispels fears: The dollar system is a thing of the past

7/8/2024

The financial and economic advisor to the Iraqi Prime Minister, Mazhar Mohammed Salih, commented on Monday on the return of the rise in the exchange rate of the US dollar against the Iraqi dinar in local markets.

Saleh explained to Shafaq News Agency, "The fixed exchange rate system in Iraq is based on an international reserves base that is the highest in the history of Iraq and its monetary policy, as foreign currency covers more than 100% of the total currency currently issued."

He added that "given the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in the country does not constitute any relative importance in influencing the stability of the general price level, which has become stable in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports) amounting to 1320 dinars per dollar, which is a stable trend for the exchange rate and around which the stable external value of the dinar revolves, which is embodied by the state of stability of the relative prices of goods and services to a large extent, as the annual inflation in the country does not exceed 3%."

According to Saleh, based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, the value of which as liquid foreign assets exceeds $100 billion, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market in short periods due to urgent international or regional political events here and there or in adapting some instructions regulating the monetary market.

Al-Sudani's financial advisor said that after the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments inside the country since last year and its legal prohibition, the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions practiced by informal markets and at a rate of 10% of the total supply and demand transactions for the currency.

Saleh stressed that "the stability of the exchange rate of the dinar to the dollar that the country is witnessing, even in the secondary markets above, is a real and solid stability. Rather, it is derived from the strength of the impact of the price and quantity factors of the monetary and financial policies and their integration in imposing overall price stability in the country and containing the inflationary expectations that were caused by the forces of the parallel exchange market during the past years."

The financial advisor concluded his speech by pointing out that “the secondary (irregular) market, due to the freedom of external transfer, is under the influence of the official exchange market rate, whose operations are constantly expanding in favor of dealing at the fixed official exchange rate.” LINK

*************

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

Militia Man Article quote: "The fixed exchange rate system in Iraq is based on an international reserves base is the highest in the history of Iraq...Foreign currency covers more than 100% of the total currency issued." Even the trillions, they have enough reserves to do that. In other words if they change the exchange rate to something that's strong, that reflects the true fundamentals of the country, they shouldn't have any problem. Their model is stable, secure...very little inflation. They've been successful doing this model...

Frank26

Iraqi Dinar July Update, Revaluation & Cleaning Out the Corruption

Nader: 7-9-2024

https://www.youtube.com/watch?v=tY9xVWUS1dI

Is The Fed Getting 'Abolished'? Economist Explains 'End The Fed' Movement | Carola Binder

David Lin: 7-9-2024

Carola Binder, Associate Professor of Economics at Haverford College, discusses her inflation outlook, prediction for number of Fed rate cuts this year, and the origins "End The Fed" movement, which was detailed in her book "Shock Values: Prices and Inflation in American Democracy."

0:00 - Intro

1:15 - Inflation outlook

7:00 - Inflation measurements

8:40 - 2% inflation target

11:45 - Price controls

13:55 - How many rate cuts this year?

14:30 - Central bank independence

18:36 - Monetary vs. fiscal policies

21:45 - 'End The Fed' movement

23:45 - Gold standard

26:20 - Fed's dual mandate

https://www.youtube.com/watch?v=VHW3fXkIaqk

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Parliamentary Effort To Hold The Central Bank Accountable: It Costs Iraq Trillions And Threatens The Economy

Politics breaking Central Bank of Iraq Dollar crisis 2024-07-09 09:03 Shafaq News/ Member of the Legal Committee, Raed Al-Maliki, announced on Tuesday that he was seeking to hold the concerned authorities accountable, in particular the management of the Central Bank and the government, due to the failure of their measures to address the crisis of the devaluation of the Iraqi currency and the large gap between the official dollar exchange rate and the parallel price.

Al-Maliki said, in a press statement received by Shafaq News Agency, that the continued failure of the Central Bank and the government to stabilize the dinar and reduce the gap between the two prices led to the waste of huge amounts of money and exacerbated the suffering of citizens.

He pointed out that these conditions resulted in the state incurring trillions of dinars and enriching the corrupt at the expense of the people, as the prices of most goods depend on the parallel price, which is much higher than the official price.

Al-Maliki also pointed out that the failure of the government and the central bank to deal with the exchange rate crisis was embodied in several main aspects.

The first of these aspects is the government’s inability to determine Iraq’s position on countries banned from using the dollar, as it failed to reach an agreement with the United States on how to Dealing with Iran and Syria, while other countries were able to find formulas of understanding in this regard.

The "second failure," according to Al-Maliki, was embodied in the government's inability to control unofficial ports and trade.

It was unable to unify customs policy and prevent unofficial ports in the Kurdistan region, which includes more than 32 unofficial ports.

As for the third failure, Representative Al-Maliki says, it is the failure to address the issue of small merchants, as they number more than 400,000 merchants in Iraq, who depend on the parallel dollar to avoid official procedures and taxes.

Regarding the fourth failure, according to Al-Maliki’s statement, the government and the Central Bank were unable to address the problem of speculation and commissions in banks, as banks buy the dollar at the official price and sell it at higher prices without any legal accountability.

Finally, the fifth failure, according to the statement, is to turn the file of providing travelers with dollars into a corruption case amounting to 600 billion dinars, as the dollar is collected for fictitious travel purposes without verifying the actual need for travel.

Al-Maliki added that these points represent the most prominent reasons for the continuation of the exchange rate crisis and the waste of money, pointing to the entry of Arab and foreign banks into the currency auction and the increase in their profits at the expense of Iraq.

The representative stressed that he will use all constitutional, legal and popular means to confront this failure and mismanagement, calling on representatives from other blocs to support these endeavors in order to protect the interests of the Iraqi people.

For his part, Representative Majid Shankali called on the Council of Ministers to take decisive and bold decisions related to the financial reality in Iraq. In a statement received by Shafaq News Agency,

Shankali stressed the need for these decisions to precede the process of building trust between the citizen and the banking system, which is currently suffering from a significant lack of this trust. In this context,

Şengali called for prohibiting dealing and trading in the dollar in buying and selling operations, in a step aimed at enhancing the use of the Iraqi dinar and reducing dependence on foreign currency.

He also called for not allowing citizens to hoard amounts exceeding ten thousand dollars or its equivalent outside banks, in order to limit... Financial evasion and the promotion of formal banking practices.

Şengali also stressed the encouragement and stimulation of electronic dealing in financial transactions, noting the

necessity of starting to implement these decisions gradually to avoid creating new crises, stressing that

these measures must be thoughtful and based on gradual steps to ensure achieving the desired financial goals without causing additional problems for citizens.https://www.shafaq.com/ar/سیاسة/سعي-نيابي-لمسا-لة-البنك-المركزي-يكلف-العراق-تريليونات-ويهدد-الاقتصاد

Economic: Stopping Trading In The Yuan Caused The Dollar To Rise

Today 19:59 Information/private.. Today, Tuesday, economic expert, Diaa Mohsen, explained the most important reasons for the rise in dollar prices in Iraq, while confirming that the exchange rate has not reached 160.

Mohsen said in a statement to the Al-Ma’louma Agency, “The Central Bank of Iraq’s blunders and its bad management in this file raised the price of the dollar against the Iraqi dinar,” noting that

“stopping remittances in the Chinese yuan, whose trade price amounts to 53 billion dollars, had a great impact.” He continued, "The volume of trade with China is large, and dealing in dollars cannot be done according to American dictates," pointing out that "limiting the sale of dollars inside Iraqi airports is a wrong decision and a major cause of the dollar crisis."

It is noteworthy that dollar prices rose during the past week, after the Central Bank’s decisions to sell dollars at airports and stop transactions with Chinese remittances, until it reached 151 thousand dinars, compared to 100 dollars.

https://almaalomah.me/news/69858/economy/اقتصادي:-إيقاف-التعامل-باليوان-تسبب-بارتفاع-الدولار

To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/

Provoking Thoughts and Points to Ponder on Advice :

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

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

Thanksgiving comes after Christmas.-Peter Kreeft

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

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

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

http://famousquotesandauthors.com/quotes_by_topic.html

10 Industries That Are Double Billing You — How You Can Avoid Paying So Much

J. Arky Tue, July 9, 2024 GOBankingRates

When was the last time you took a good look at your bill to make sure that what you were charged for is the correct amount? You might want to start double-checking the fine print and doing the math yourself since several industries are getting called out for double billing customers.

You might be able to negotiate to get the charges reversed or a partial refund, but at the end of the day, that’s time and money down the drain.

How can you avoid paying so much and not get double billed? It all starts with knowing which industries are notorious for charging customers twice. Here are the ones to be on high alert for so you do not get billed twice over.

Telecommunications

Telecom providers are notorious for hidden fees and erroneous charges, according to David L. Blain, CFA and CEO at BlueSky Wealth Advisors.

“As someone who has audited telecom bills for over 20 years, I’ve found erroneous charges at nearly every company,” said Dylan Cleppe of OneStop Northwest LLC. “Carefully scrutinize your bill each month and question any charge that seems off. Negotiate the best rate upfront, then lock in that rate with a multi-year contract.”

“Carefully review your bills each month for any unwarranted additions like device insurance or data overage fees,” echoed Blain. “Don’t be afraid to call and dispute incorrect charges.”

Insurance

Ben Klesinger, co-founder and CEO of Reliant Insurance Group and Helping Hand Financial, said, “Insurance companies frequently tack on extra fees when policies renew.

“Always ask for an itemized renewal notice and question any charge not clearly tied to your coverage limits or payouts last year. Don’t be afraid to shop [around with] other companies.”

Healthcare

“Healthcare providers may charge separately for facility fees, physician fees and anesthesia — often from different billing groups,” Blain said.

“Healthcare is an industry designed to bill as much as insurers will cover,” Cleppe agreed. “Question costs that seem disproportionate to the services rendered. Check that each provider who treated you is in your insurance network. Out-of-network doctors and facilities will balance the difference [of the bill for you] between their charge and your insurer’s allowed amount.”

Blain advised customers to request “an itemized bill to ensure you’re only paying for services actually received. Ask about insurance network participation for all providers before receiving treatment.”

Car Repair

To Read More:

https://www.yahoo.com/finance/news/10-industries-double-billing-avoid-160023920.html

BRICS Launches Intra-bank Payment System: What's next?

Wealth Insights: 7-8-2024

Discover how Russia and Iran, both BRICS members, have achieved a major milestone in economic cooperation by integrating their national payment systems.

Recently finalized, this integration links Iran's SEPAM system with Russia's SPFS, enabling trade and financial transactions in their national currencies—ruble and rial.

By bypassing the U.S. dollar and SWIFT system dominated by Western powers, this move aims to reduce reliance on international sanctions.

Witness how this integration not only strengthens economic ties between Russia and Iran but also underscores their efforts to build financial independence and counter Western economic pressures. Stay informed about the evolving landscape of global finance and geopolitical strategy with our latest update.

https://www.youtube.com/watch?v=mr3JMDbJDAo

Huge BRICS Power Play & A Global Trend Towards Physical Gold

Gold and Silver with Mike Maloney: 7-8-2024

In today’s video, Alan Hibbard dives deep into the accelerating expansion of BRICS and its significant implications for the US dollar and global economic power dynamics.

We'll explore how countries are realigning their economic strategies, the impact of Western sanctions on Russia, and the growing movement towards de-dollarization.

Plus, we'll discuss the trend of gold repatriation and its importance in today's volatile geopolitical climate.

Stay tuned for an insightful analysis that connects the dots between economic decisions and military strategies on the world stage.

https://www.youtube.com/watch?v=f0nAfqFmN3w

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

MarkZ 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: Good morning fellow RV’ers……sure hope there is some RV news today

Member: Been in this for almost 20 years…..starting to think we have been scammed….sigh

Member: If this is all a scam at least we are all gonna face it together

Member: I don’t think Sudani would be telling the people of Iraq they are about to have a rate back to its former glory….and then not do it. Over there the people would riot and politicians would face the noose for stuff like that. I think it’s real. Just taking way to loooooooong.

Member: Mark- did you state yesterday that Iraq has a new rate- just not released yet?

MZ: That is what I was told. I was told they have the rate….and they will activate it soon.

MZ: I do have reports that key pieces of the gold treaty being ratified and signed in Indonesia and the Phillipines. To me this is still a rumor and I am chasing down verifications of it.

MZ: This is one I want to double confirm-triple confirm that key pieces of the gold treaty were just signed. But I was told this is a breakthrough and movement and documentation were done…and we should see things very quickly now. .

Member: I wonder Would Mr. C be connected to the gold treaty that was signed yesterday?

Member: Maybe it was to back our gold backed USN currency????

Member: I heard it has to start in the Phillipines.

Member: It is supposed to go EAST TO WEST when the RV happens

Member: I saw a video of some official looking documents being signed in Thailand

Member: Maybe it was a Chinese elder transferring money?

MZ: I don’t know. But it would not surprise me with what I am hearing that Chinese elders and parts of the families were in Thailand and the Phillipines over the last 24 hours or so signing things for the Gold Treaty. . This would not surprise me if that was accurate.

MZ: For the North American market- The Chinese families have a signatory based on the west coast that represents 7-9 of the Chinese families. So when it happens things should go quickly for the US. Not sure how things would work for the rest of the world. But, I always thought Europe would go with the US.

Member: And Canada too.

Member: Saw a video of (alleged) QFS papers being signed at a currency exchange: Hoping it is true and we are up next

Member: India recently moved 100 tons of gold from UK vaults to domestic vaults.

MZ: In WW2 Many countries sent gold to safer locations so the Nazi’s didn’t get it. Now countries are taking it back. Some countries have lost faith in the US and UK and now want it back. We are not seeing this is main stream news but it should be huge financial news everywhere …that countries want their gold back.

MZ: I do have 2 bond contacts that expect “spendable” money today. That is what the update said that they received yesterday. They believe they are still of track for today and the rest of this week.

Member: What would timing look like for us if those bond contacts get paid today?

MZ: My guess- maybe 3 days out?

MZ: Nothing new from Iraq for me this morning.

Member: I’m ready for an NDA

Member: Do you think NESARA has to be implemented so we don’t pay taxes on our currency so the Cabal doesn’t get any funding

Member: That makes sense.

Member: I believe NESARA starts after the gold is released. However, I believe some companies started early forgiving car loans, etc, because they know it’s coming

MZ: Here is my theory about that….i also believe Nesara starts after the gold is released. But, I think some companies may have already started because they want to see what the effect is. There are a number of reports of mortgages being forgiven…people have gotten titles in the mail . And reports about credit cards being paid off ect…..many lines of credit ect…being wiped off the books. I believe they are trying to better gage what the masses are going to do when this moves forward.

Member: what does HCL stands for and it's significance in this RV process?

Member” Hydro Carbon Law….that supposedly gives every Iraq citizen a monthy payment from oil revenues….I think

Member: Can anyone give us a concise straight skinny on NDA's and redemption centers? for those of us who are new

Member: We may have to sign a non-disclosure agreement when we exchange…..and there is supposedly an exchange center/redeeming bank within 50 miles of most Americans…unless they live in remote areas….

Member: I do not care if we have to drive further away to exchange- if they would just “DO IT”

Member: Anyone used to think being pregnant for 9 months was a long wait…..until they started the RV journey..lol

Member: World Day for international justice is July 17 this year.

The difference between a good life and a bad life is how well you walk through the fire

Member: Mark...just wanted to thank you for all you do for us...so appreciate you.

Afterwards we talk with Dr. Randi Shannon and StacieZ about health coverage.Please listen to the replay for their information

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TNT:

Tishwash: Al-Sudani receives a delegation from the US Department of Defense

The Prime Minister's Media Office stated in a statement that "Prime Minister Mohammed Shia al-Sudani received the US Deputy Assistant Secretary of Defense for Middle Eastern Affairs, Daniel Shapiro, and his accompanying delegation, in the presence of the US Ambassador to Iraq."

He added, "During the meeting, the procedures for proceeding with ending the mission of the international coalition to fight ISIS and activating bilateral relations between Iraq and the United States were discussed," noting that "the meeting witnessed discussion of the situation in the region and the continued aggression on Gaza."

Al-Sudani pointed to "the suffering of the Palestinian people, the difficulty of accessing humanitarian aid and relief supplies under the stifling siege, and the failure of the international community to assume its responsibilities in pressuring the Netanyahu government to stop the genocide."

The Prime Minister stressed "the need for a firm stance against the aggression, and the necessity of preventing escalation that threatens to expand the scope of the conflict."

For his part, the American official pointed out "the importance of Iraq's role in reducing tensions in the region, and the inevitability of continuing the approach of communication and cooperation between the two countries in the areas of armament and security and raising the combat level of the Iraqi forces, in a way that supports Iraq's security and sovereignty, economic development and progress at all levels." link

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Tishwash: Politician: America is continuing the dollar chaos scenario in Iraq

Today, Monday, the leader in the coordination framework, Jabbar Odeh, accused America of repeating the dollar chaos scenario in Iraq.

Odeh said in an interview with Al-Maalouma, “Since 2003, America has sought to make Iraq's economy hostage to the policies of the White House, and to use the dollar bill as a pressure tool to confront any movement outside the context of its interests in the region.”

He added, "The recent rise in the exchange rate is nothing but a scenario of chaos through pressure on the parallel market and raising exchange rates," stressing that "Iraq's economy will not be safe as long as Washington exploits oil revenues through the Federal Bank."

He pointed out that "the statements of the new American ambassador carried three clear agendas in Baghdad, which are using the economic card, selling oil supplies, and trying to escalate the security situation and interfering in the country's affairs," adding that "Baghdad's exit "From the pressure of the dollar will free the country from dangerous restrictions imposed by the White House administration." For more than 20 years.”

It is noteworthy that the dollar exchange rates witnessed a noticeable increase, raising many question marks amid accusations that an American agenda is behind what is happening. link

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LouNDebNC: Stocks could fall 30% as US heads for a deep recession, analyst warns

Do you have a lot of your wealth tied in the stock market?

A new analyst note from BCA Research suggests the S&P 500 could slide as much as 30% within the next year as the U.S. economy enters a deep recession.

There may be trouble looming on the horizon for theU.S. stock market, according to BCA Research.

In a note to clients last week, BCA Research chief global strategist Peter Berezin warned that, contrary to popular belief, the economy willfall into a recessioneither this year or in early 2025.

Should that happen, the S&P 500 could tumble to 3,750, which marks a 30% drop from current levels.

Berezin's prediction hinges on the belief that the labor market will slow notably in coming months, which will weigh heavily on consumer spending – a major driver of economic growth. The relationship between inflation and unemployment is measured by something called the "Phillips curve."

"The reason the U.S. avoided a recession in 2022 and 2023 was because the economy was operating along the steep side of the Phillips curve," he wrote. "When the labor supply curve is nearly vertical, weaker labor demand will mainly lead to lower wage growth and falling job openings. In other words, an immaculate disinflation."

Berezin also foresees widespread economic pain, with growth slowing sharply in Europe and China. This scenario could further weaken global growth and weigh heavily on international stocks.

Stocks notched a new record in mid-May, with the Dow Jones Industrial Average topping 40,000 for the first time ever, but they have since fallen from those highs.

The indexes opened slipped Monday morning as investors await key jobs data from the Labor Department. The S&P benchmark was down about 12 points as of mid-morning.

The forecast from BCA Research – one of the gloomiest on Wall Street – comes after a volatile year for the market.

All three indexes tumbled in mid-2023 amid fears theFederal Reservewould raise interest rates higher than previously expected – and hold them at peak levels for longer. However, they have recouped those losses and more, with the S&P 500 up more than 29% since it hit bottom at the end of October.

Since the start of the year, the benchmark index is up about 15%, while the Dow Jones Industrial Average has climbed 3.7%. The tech-heavy Nasdaq Composite, meanwhile, has increased about 20% year to date.

https://www.foxbusiness.com/markets/stocks-could-fall-30-us-heads-painful-recession-analyst-warns

Social Security Will Run Out Of Money In Nine Years

Notes From the Field by James Hickman/Simon Black May 7, 2024

Social Security’s annual trust fund report was released yesterday… and, no surprise, the report states very clearly that trust fund balances “are projected to become depleted during 2033.”

Allow me to repeat that: Social Security’s most important trust fund will run out of money in nine years.

This is a fact, not some wild conspiracy theory; remember that the annual report is signed by top government officials including the United States Secretaries of the Treasury, Labor, and Health and Human Services… so the projection is about as official as it can get. But if you dive into the report, you quickly notice that even such a grim forecast may, in fact, be too optimistic.

Many of the key economic assumptions that they make in the report are wildly inaccurate. They assume, for example, that US fertility rate will be as high as 2.1 (i.e. 2.1 children born per woman). But, in reality, the US fertility rate has been falling for decades, and just hit another all-time low of 1.6 last year.

They’re also way off on other assumptions– like economic productivity. They assume (rather optimistically) that productivity growth will average 2%. Last year it was just 1.3%. And in 2022 productivity actually shrank by 1.9%.

They’re also way off-base in their assumptions about inflation, unemployment, and more.

Plus, just like the Congressional Budget Office’s long-term projections about the US economy, the Social Security trustees don’t account for any kind of future emergency, pandemic, recession, depression, war, financial crisis, or debt crisis.

The really ironic part is that the trustees’ assumptions fail to consider the future economic impact of Social Security going bankrupt.

Think about it– when Social Security’s trust funds suddenly run out of money, it’s going to trigger a major crisis in the United States. Clearly this will be disruptive and throw off their rosy economic assumptions. But they don’t account for this either.

Bottom line, Social Security’s demise is, at best, nine years away. And probably sooner.

So, what will happen when Social Security runs out of money?

Remember that 70 million retirees’ monthly benefits are essentially funded from three different sources.

The first source is payroll tax revenue; people currently in the labor force fork over a portion of their wages to pay Social Security benefits.

For decades, payroll tax revenue exceeded the total benefits that Social Security paid. And this surplus was invested into a special trust fund, which now totals trillions of dollars.

And that’s the second source of funding for the program: investment income from the trust fund, while the third source is the trust fund itself.

Again, for most of Social Security’s history, the trust fund was growing, and its investment income was compounding year after year.

But starting in 2021, Social Security’s annual costs have exceeded combined payroll tax revenue and investment income. So, in order to make ends meet, the program had to start dipping into its trust fund.

The fund’s reserves are now falling. And, again, by 2033, the trust fund will be fully depleted. This also means that there will be no more investment income… leaving payroll tax revenue as the sole source to fund Social Security.

Once this happens, the report states that retirees will have to suffer an immediate, substantial cut (roughly 25%) to their promised benefits. And most likely this cut will continue to become worse over time.

It’s not like there aren’t options to fix Social Security. The government could overhaul the program, raise the retirement age, or start allowing private asset managers to generate higher rates of return for the trust funds (while they still have money).

But everyone in government insists that they are not going to touch Social Security. Joe Biden never misses an opportunity to promise that he will veto any attempt to reform the program.

As a matter of fact, Joe Biden released a statement yesterday (after the trustee report was published) saying– literally in the first sentence– that “Social Security remains strong.”

Come again? What report was this guy reading?

Social Security is, by definition, NOT strong. The trust fund is indisputably going to run out of money in nine years. But this guy is just living on another planet. He refuses to acknowledge reality, he refuses to fix the problem, and he promises to prevent other people from fixing the problem.

Now that’s leadership.

I find it remarkable, though, how many other ‘experts’ are falling in line behind the President.

Even the Wall Street Journal, which is supposed to be a conservative-leaning paper, published an article this morning to say that Social Security’s rapidly depleting trust funds are no big deal… because Congress can always just “choose” to continue funding the program.

Uh… with what money? The budget deficit is already $2 trillion per year. So, if Congress “chooses” to continue paying out 100% of Social Security benefits after 2033, it will all be funded with more debt.

The Journal then suggests that such spending “could also mean the U.S. deficit continues to grow at a pace economists find alarming, potentially weighing on the performance of the economy.”

Could? Potentially? In what reality does multi-trillion-dollar deficit and a fully depleted Social Security trust fund NOT weigh on the US economy?

It’s astonishing how few people want to acknowledge the reality. Social Security will run out of money. Benefits are at risk. And the only way to ‘save’ the program is more debt… which means more inflation, more risk to the dollar’s global reserve status, and more consequences down the road.fmay

That said, Social Security is a perfect example how to think about a Plan B. It is a known and obvious risk: the program will almost certainly run out of money.

But if you know this is going to happen down the road, you can take steps now to secure your retirement– like setting up tax-advantaged retirement accounts to set aside more money in an extremely tax efficient way.

It’s the same with inflation, the national debt, and the dollar; when you can make a very strong case for rising prices and decline in the dollar’s global reserve status in the future, there are ways to mitigate those risks today.

Real assets like gold, energy, uranium, and other critical minerals, plus the companies that produce them, will likely be fantastic investments in a debt-ridden, inflationary environment. And it just so happens that many of them are trading at ridiculously cheap prices right now.

(Subscribers to our premium investment research– check out your most recent edition which features an extremely well-managed, debt-free, highly profitable real asset producer that pays a nearly 9% dividend. Yet its stock sells for a laughably low, single Price/FCF multiple.)

Bottom line, there are completely logical and rational ways to solve these problems and mitigate these risks on your own. Don’t wait for Joe Biden to do it.

https://www.schiffsovereign.com/trends/social-security-will-run-out-of-money-in-nine-years-150811/