How a Currency Crisis in Iraq Risks Fight Against Islamic State

[Santanna]

Falling oil price is reducing revenue used to fund military
Dollar reserves have tumbled 20 percent as dinar weakens

Any currency crisis usually comes with dire consequences for a country, and the threat of one in Iraq shows how the impact can go beyond the economy and markets.
A foreign-exchange crunch because of a drop in oil prices could force a devaluation of the dinar and risk making the fight against Islamic State militants even tougher. The nation, currently OPEC’s biggest producer after Saudi Arabia, is dependent on oil revenue to fund its operations on the battlefield and quell growing unrest over the economy.



Iraq's Looming Dollar Shortage

Dollar reserves tumbled about 20 percent to $59 billion as of July 23 since the fighting escalated a year before, and the losses are accelerating. In the first 25 days of August, the central bank sold $4.6 billion of currency to keep the dinar at a pegged rate, a daily outflow of about $184 million, data compiled by Bloomberg show.
 
“Iraq’s perfect storm means the country will continue to lose reserves until the government of Iraq decides to devalue the dinar,” said Frank Gunter, author of “The Political Economy of Iraq.” The currency could weaken as much as 20 percent over the next year, he said.

Global Wave
It raises the prospect of Iraq joining other developing nations in a new wave of devaluations as emerging markets take a hammering this month, led by China. The Iraqi dinar is one of those most at risk in the Middle East from that happening, though the current exchange-rate regime is likely to remain, according to research published on Tuesday by Emirates NBD, the biggest bank in Dubai.
Saudi Arabia’s central bank this week said it’s committed to the riyal’s dollar peg, the Saudi-owned Al Arabiya television reported, amid speculation the country would devalue its currency after the plunge in oil prices.
In Iraq, market forces are complicating Prime Minister Haidar al-Abadi’s efforts to win back territory from Islamic State. Military success has been piecemeal as the government has struggled to enlist support from mainly Sunni communities in parts of the country ravaged by attacks.
The U.S. and its allies have sent arms to the Kurds in northern Iraq and PresidentBarack Obama’s administration plans to spend another $700 million in 2016 on support for the military. The government in Baghdad, though, pays for the bulk of the operations from its budget since the Americans pulled out their troops in 2011.

Selling Dollars
A collapse in the value of the dinar would raise the cost of living for Iraqis already protesting against government corruption, power cuts and water shortages.
“The policy now is to meet the demand for dollars,” Waleed Eedi, a director general at the Central Bank of Iraq, said by telephone on Monday. The reserves won’t be depleted because of oil sales and the dinar won’t devalue, he said.
The Iraqi central bank’s fixes the dinar’s exchange rate at 1,166 per dollar and there’s pressure on the peg. As a result, Iraq’s foreign-currency reserves may drop to about $45 billion by the end of 2016, according to Exotix Partners LLP, a London-based investment firm specializing in frontier markets.
“The authorities will try to hold on to the peg as long as possible, but may be forced to devalue if pressures continue,” said Jakob Christensen, a director at Exotix.

Few Choices
The central bank has so far resisted government pressure to print money to meet an estimated $30 billion budget deficit. It announced plans for a $6 billion bond program last week, which follows about $1.2 billion from the International Monetary Fund, though neither is big enough to plug the shortfall.



Iraq's Oil Economy

That leaves the Finance Ministry with few easy choices. The government is seeking to cut spending and tackle corruption. Other options include borrowing domestically from public banks or even forcing the central bank to buy dollar-denominated bonds from the Finance Ministry, said Gunter.
“Iraq will be able to finance its 2015 deficit, but if the battle against Islamic State and low oil prices continues, Iraq will then hit a wall,” he said.

http://www.bloomberg.com/news/articles/2015-08-25/how-a-currency-crisis-in-iraq-risks-fight-against-islamic-state

 

[MyLadiesDaddy]

DOLLARISE that economy.

This article reminds me of something I learned about business a long time ago. When the economy is slack and everyone else is downsizing if you want to succeed upsize.

Also I said a few weeks ago when China did its first devaluation, that we would start seeing several articles claiming a worldwide economic doomsday.

The very fact that Bloomberg zeroed in on Iraq,( a third world nation that no one is supposed to care about), it's something that I find very telling at this time. Especially when you consider the major moves made by Abadi and his new government.

And let us not forget that it was less than a year ago the CBI was claiming to have over 100 billion dollars in reserves. Are we now to believe that nearly half of those reserves have been wiped out?

I find it far more likely that no one knows how much money is in the CBI. As well as what happened to the 9 trillion dollars the Federal Reserve can not find.

[Texstorm]

I venture to say that who ever owns these central banks and federal reserves has a license to make money as they please. Electronic money can be wired anywhere in the world, so when and where these banksters need more money, I would presume they just make it out of thin air. Heck I'm too busy with my own little world and the strife of money too keep up with these big fish. It would be nice not to have money problems and to have all of the worldly things that you could ever imagine, but unfortunately for these people it can't buy them immortality.

[sandfly]

THANKS

[yota691]

Iraqi dinar "exhibition" at risk in the Middle East

Economy and Tenders

 Since 08/26/2015 16:38 pm (Baghdad time)

Follow-up scales News

The newspaper "Bloomberg" the British said, Wednesday, that the foreign currency reserves at the Central Bank of Iraq had fallen to $ 59 billion since the third of the month of July, saying the Iraqi dinar and one of the most currency risk in the Middle East, as he emphasized, Director General of the Bank CBI that the value of the dinar will not cut it.

The newspaper said in a report, "The currency crisis in any country be of dire consequences for the economy, and that the threat posed by the decline in the value of the Iraqi dinar due to lower foreign currency reserves in Iraq and the fall in oil prices may cause by making the fight against al-Daash more difficult."

The report emphasized that "the second-largest oil producer in OPEC after Saudi Arabia, depends only on oil revenues to finance military operations and try to suppress unrest related to the Iraqi economy," noting that "foreign currency reserves at the central bank fell to $ 59 billion since the twenty-third of July Past and losses escalate. "

He pointed out that "in the first 25 days of August, the current central bank sold $ 4.6 billion of currency to keep the dinar at a constant rate, which means that the daily flow rate of the dollar stood at $ 184 million."

He added that "the Iraqi dinar is one of the most currency risk in the Middle East, although it is likely the stability of the exchange rate at the moment," noting that "the collapse of the value of the dinar could cause rising cost of living for Iraqis who are protesting at the moment against corruption Government and power cuts and water shortages. "

He explained that "the central bank has so far resisted government pressure to print a new currency to cover the budget deficit of $ 30 billion, and announced last week plans on bonds worth $ 6 billion, followed by $ 1.2 billion from the International Monetary Fund."

The report pointed out that "despite the fact that these amounts are not large enough to meet the shortfall, but that leaves the Ministry of Finance a few options, including borrowing from local banks or forcing the central bank to buy dollar-denominated bonds from the Ministry of Finance."

The report said that "Iraq will be able to finance the shortfall in 2015, but in the event of continuing the battle against al-Daash and low oil prices, Iraq Vsastdm wall" .anthy 29 / d 25

[yota691]

 

 

The number of Iraqi currency in a banking offices in Baghdad

US site: the continued decline of oil and the war in Iraq Daash may be forced to reduce its currency

 

Author: BS, HAA 
Editor: BK, BS 2015/08/26 21:05 Number of Views: 1 780 

 

 

Long-Presse / Baghdad

Counting economic US site, said on Wednesday that the continued decline in global oil prices, casts a heavy shadow over Iraq and its ability to sustain the momentum of financing military operations against (Daash), while among Iraq's reserves of hard currency fell 20 percent to $ 59 billion , predicted that the value of the dinar weakened by 20 percent over the next year in 2016 unless the government may be forced to reduce its exchange rate against the dollar, and the high cost of living in a country suffering mainly from the protests.

This came in a report published on Bloomberg Bloomberg US economic news, today, all the monetary crisis in Iraq, caused by falling oil prices, and what has caused the problems go beyond the economic side, the more difficult the course of the ongoing war against al (Daash), I followed (range Press).

The Web site said, "Any currency crisis faced by a country often come the consequences of severe and painful it", adding that "the threat to Iraq shows the extent of the impact that could be caused by the crisis to other aspects outside the scope of the market and the economy."

The site Bloomberg, that "the damage to the national reserve of hard currency caused by falling oil prices, could force Iraq to reduce the value of the dinar," he returned that "it can sustain the momentum that makes the financing of the ongoing military operations against al-Daash more difficult."

He explained the site, that "Iraq, which is the second largest oil producer in OPEC, after Saudi Arabia, is entirely dependent on oil imports to fund military operations, and nappy on its economy from the risk of collapse," revealing "landing Iraq's reserves of hard currency by 20 percent to $ 59 billion as of July 23 since the escalation of fighting with Daash a year ago. "

According to Bloomberg, that "the Iraqi financial losses mounting," pointing out that "the Iraqi Central Bank, sold during the 25 first days of August now in 2015, nearly four billions and $ 600 million, with an average daily rate of $ 184 million, to maintain the fixed exchange rate of dinars. "

The website quoted Economic Frank expert Gunter, author of the book (the political economy of Iraq), as saying that "the crisis experienced by Iraq means that he will continue to loss reserves until the government decides devaluation of the dinar," expected to "Iraqi currency weakened by 20 percent over the next year in 2016 ".

He continued by Bloomberg, that "the collapse of the value of the dinar may lead to higher cost of living for Iraqi citizens who cross the now already protesting against corruption in government departments and the scarcity of electricity and drinking water facilities."

The website quoted the Director General of Statistics and Research at the Central Bank of Iraq, Walid Idi, saying that "limited now to meet the needs of a dollar coin bank's policy", stressing that "the bank reserves did not drain to the presence of oil sales, and that the value of the dinar will not cut."

As Jacob Christensen said of Aiczotks Foundation, as quoted by Bloomberg, "the Iraqi authorities will do their best to maintain the exchange value for as long as possible, but it may have to reduce the value of the national currency, if the pressure continued."

The New York Times The New York Times the US, warned in a report, on Tuesday, (the 25th of August now 2015), the fallout from landing "unprecedented" global oil prices on the stability of countries that fully its economy depends on its revenues, including Iraq, while Experts felt that Baghdad is required to spend a lot of money not to fight (Daash) only, but to pass a lot of political deals that need to be decisive in order to preserve the survival of the support of various groups to the government, counting others that bleeding winning the budgets of oil-dependent governments forcing it to make cuts "dramatic" spending or resort to more borrowing options dangerous, if not both together.

The World oil prices fell more than 60 percent compared to last year, the summer of 2014, and it has become without the forty dollars during the past few days, amid expectations of constantly landing as a result of the abundance of production and increase the possibility of Iran produced with ease economic sanctions.

[MyLadiesDaddy]

Sure it will. LOL

Seriously, are they really concerned about speculators looking at their currency?

[DinarThug]

CNN. Broadcasting The Chicken Little Report !

 

 

 

08/26/2015 23:20 
Oil drop may be forced Iraq to reduce its currency 
The currency of any country are often exposed to the crisis come the consequences of severe and painful it.

BAGHDAD / Obelisk: Counting economic site US, on Wednesday, that the continued decline in global oil prices, casts a heavy shadow over Iraq and its ability to sustain the momentum of financing Military intervention against the Islamic State of Iraq and the Levant, while among Iraq's reserves of hard currency fell by 20 percent to reach 59 billion dollars, predicted that the value of the dinar weakened by 20 percent in the coming year 2016 unless the government may be forced to reduce its exchange rate against the dollar, and the high cost of living in a country suffering mainly from the protests.

This came in a report published on Bloomberg Bloomberg US economic news, the cash crisis in Iraq, caused by falling oil prices, and what has caused the problems go beyond the economic side, the more difficult the course of the war against al-Daash.

The Web site said, "Any currency crisis faced by a country often come the consequences of severe and painful it", adding that "the threat to Iraq shows the extent of the impact that could be caused by the crisis to other aspects outside the scope of the market and the economy."

The site Bloomberg, that "the damage to the national reserve of hard currency caused by falling oil prices, could force Iraq to reduce the value of the dinar," he returned that "it can sustain the momentum that makes the financing of the ongoing military operations against al-Daash more difficult."

He explained the site, that "Iraq, which is the second largest oil producer in OPEC, after Saudi Arabia, is entirely dependent on oil imports to fund military operations, and nappy on its economy from the risk of collapse," revealing "landing Iraq's reserves of hard currency by 20 percent to $ 59 billion as of July 23 since the escalation of fighting with Daash a year ago. "

http://almasalah.com/ar/news/59271/%D9%87%D8%A8%D9%88%D8%B7-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D9%82%D8%AF-%D9%8A%D8%B6%D8%B7%D8%B1-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%84%D8%AA%D8%AE%D9%81%D9%8A%D8%B6-%D8%B9%D9%85


Iraqi dinar "exhibition" at risk in the Middle East

Economy and Tenders Since 08/26/2015 16:38 pm (Baghdad time)



Follow-up scales News
The newspaper "Bloomberg" the British said, Wednesday, that the foreign currency reserves at the Central Bank of Iraq had fallen to $ 59 billion since the third of the month of July, saying the Iraqi dinar and one of the most currency risk in the Middle East, as he emphasized, Director General of the Bank CBI that the value of the dinar will not cut it.

The newspaper said in a report, "The currency crisis in any country be of dire consequences for the economy, and that the threat posed by the decline in the value of the Iraqi dinar due to lower foreign currency reserves in Iraq and the fall in oil prices may cause by making the fight against al-Daash more difficult."

The report emphasized that "the second-largest oil producer in OPEC after Saudi Arabia, depends only on oil revenues to finance military operations and try to suppress unrest related to the Iraqi economy," noting that "foreign currency reserves at the central bank fell to $ 59 billion since the twenty-third of July Past and losses escalate. "

He pointed out that "in the first 25 days of August, the current central bank sold $ 4.6 billion of currency to keep the dinar at a constant rate, which means that the daily flow rate of the dollar stood at $ 184 million."

He added that "the Iraqi dinar is one of the most currency risk in the Middle East, although it is likely the stability of the exchange rate at the moment," noting that "the collapse of the value of the dinar could cause rising cost of living for Iraqis who are protesting at the moment against corruption Government and power cuts and water shortages. "

He explained that "the central bank has so far resisted government pressure to print a new currency to cover the budget deficit of $ 30 billion, and announced last week plans on bonds worth $ 6 billion, followed by $ 1.2 billion from the International Monetary Fund."

The report pointed out that "despite the fact that these amounts are not large enough to meet the shortfall, but that leaves the Ministry of Finance a few options, including borrowing from local banks or forcing the central bank to buy dollar-denominated bonds from the Ministry of Finance."

The report said that "Iraq will be able to finance the shortfall in 2015, but in the event of continuing the battle against al-Daash and low oil prices, Iraq Vsastdm wall" .anthy 29 / d 25

http://www.mawazin.net/%D8%A7%D9%84%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-%D9%85%D8%B9%D8%B1%D8%B6-%D9%84%D9%84%D8%AE%D8%B7%D8%B1-%D9%81%D9%8A-%D8%A7%D9%84%D8%B4%D8%B1%D9%82-%D8%A7%D9%84%D8%A3%D9%88%D8%B3%D8%B7/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9


British newspaper: Iraqi dinar and one of the most vulnerable currencies in the Middle East

Publishing Date: Wed, 26 Aug 2015 17:27:53 | Views: 145

The newspaper "Bloomberg" the British said, Wednesday, that the foreign currency reserves at the Central Bank of Iraq had fallen to $ 59 billion since the third of the month of July, saying the Iraqi dinar and one of the most currency risk in the Middle East, as he emphasized, Director General of the Bank CBI that the value of the dinar will not cut it. The newspaper said in a report, "The currency crisis in any country be of dire consequences for the economy, and that the threat posed by the decline in the value of the Iraqi dinar due to lower foreign currency reserves in Iraq and the fall in oil prices may cause by making the fight against al-Daash more difficult", stressing report , that "the second-largest oil producer in OPEC after Saudi Arabia, depends only on oil revenues to finance military operations and try to suppress unrest related to the Iraqi economy," noting that "foreign currency reserves at the central bank fell to $ 59 billion since the twenty-third of last July and losses escalate. " 

He pointed out that "in the first 25 days of August, the current central bank sold $ 4.6 billion of currency to keep the dinar at a constant rate, which means that the daily flow rate of the dollar stood at $ 184 million." He added that "the Iraqi dinar is one of the most currency risk in the Middle East, although it is likely the stability of the exchange rate at the moment," noting that "the collapse of the value of the dinar could cause rising cost of living for Iraqis who are protesting at the moment against corruption Government and power cuts and water shortages. "

He explained that "the central bank has so far resisted government pressure to print a new currency to cover the budget deficit of $ 30 billion, and announced last week plans on bonds worth $ 6 billion, followed by $ 1.2 billion from the International Monetary Fund." The report pointed out that "despite the fact that these amounts are not large enough to meet the shortfall, but that leaves the Ministry of Finance a few options, including borrowing from local banks or forcing the central bank to buy dollar-denominated bonds from the Ministry of Finance." 

The report said that "Iraq will be able to finance the shortfall in 2015, but in the event of continuing the battle against al-Daash and low oil prices, Iraq Vsastdm the wall." For his part, he said economic analyst and author of the book "The Political Economy of Iraq," Frank Gunter, said that "the continuation of this storm in its current form means the continuation of the loss of Iraq to its reserves, forcing the Iraqi government to reduce the value of the dinar," noting that "the Iraqi currency has weakened by 20% during the year next. " In a related context, Idi Walid, one of the directors-general in the Iraqi Central Bank stressed that "the current policy is to meet the demand for the dollar, and that the reserves will not be depleted because of oil sales," stressing that "the value of the dinar will not cut it."

http://today-news.org/news.php?NewsID=6615


Bloomberg: Iraq reserves will be reduced by about $ 45 billion at the end of 2016

08/26/2015 14:24
Tomorrow Press / Baghdad: Iraq is suffering from a very difficult financial crisis, and its consequences disastrous certainly the center of the security threat in Iraq was, so influenced by the Iraqi limiting the repercussions of the war has hurt the market and expenses of the citizens. Iraq today is suffering from a cash crisis and clear because of lower oil prices, and this forced the Iraqi dinar also on the decline under a fierce battle against militants, "Daash". Iraq is now the second largest oil producer after Saudi Arabia in OPEC, depends mainly on crude oil revenues to finance military operations Square fighting amid growing economy in general market turmoil. Declining Iraqi dollar reserves about 20 per cent, reached $ 59 billion as of July 23 from last year, and with the escalation of fighting against the militants, "Daash", in the first 25 days of August sold the Central Bank $ 4.6 billion of currency to keep the dinar, and the flow of daily by about $ 184 million, according to data collected by the US site by Bloomberg. Frank Gunther, author "The Political Economy of Iraq book" says "Storm with Iraq, made ​​him suffer from the loss of large reserves, the government will pay to reduce the value of the dinar by 20 per cent in the coming period." That could make Iraq from developing countries, enter in a new wave of cut value of the currency, and countries at risk of China so as well. Iraqi dinar and one of the most currency display risk in the Middle East region, but according to a study published yesterday by the Emirates National Bank the largest bank in Dubai confirms that the current exchange rate system will remain the same. The Saudi central bank would said, he is committed to a price The dollar and the policy of linking Riyals, according to the Saudi-owned Al-Arabiya, amid speculation that the country may cut the value of its currency after the drop in oil prices. in Iraq despite the deteriorating market conditions, the prime minister seeks to regain territory under the control of militants, "Daash" according to a partial military success, But so far, these assistive parked. Militarily the United States sent to their Kurdish allies of weapons and military equipment in millions of dollars, and in the hope that the United States complete the rest of the payments amounting to $ 700 million at the end of 2016. Iraqi government that so far, paid military operations costs from their budgets since the withdrawal of US forces in 2011. sell the dollar and with the collapse of the value of the dinar and the high cost of living for the Iraqis, citizens protested recently against the deterioration of services and government corruption, leading to blackouts and water shortages. Walid Idi, Director General of the Central Bank of Iraq, said in a telephone conversation with him, "we seek today to meet the demand for the dollar, and that talk of runs out something that does not exist because the precautions will not dry because of the oil sales that will not reduce the value of the dinar. "CBI processors on the dinar exchange rate, it was in 1166, and as a result of this exchange may be reduced Iraq's foreign currency reserves to about $ 45 billion in the end of 2016, according to the experts Exotix company, an investment for the London-based company. He says the company's director, Jacob Christensen, that the authorities are trying to maintain the currency peg as long as possible and this would lead to reduction of value in the continued political pressure. few options the central bank to now resist Government pressure on printing money to meet the $ 30 billion and this figure is an existing public budget deficit, as the bank announced last week. And he was also on the Shatt al-launch the rest of the $ 60 billion, which the 1.2 billion dollar development plans grant from the International Monetary Fund, and this shortage in all cases, will not fill. The government is seeking to cut spending and tackle corruption, says Gunter in this regard, other options include borrowing locally public banks or even force the central bank buying bonds in dollars from the Ministry of Finance., adding that Iraq would be able to finance its inability in 2015, but if the war against "Daash" and the drop in oil prices continued, The country is on the brink of the abyss. Translation: Ahmed Alaa

http://alghadpress.com/ar/news/36016/%D8%A8%D9%84%D9%88%D9%85%D8%A8%D9%8A%D8%B1%D8%BA-%D8%A7%D8%AD%D8%AA%D9%8A%D8%A7%D8%B7%D9%8A-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D8%B3%D9%8A%D9%86%D8%AE%D9%81%D8%B6-%D8%A8%D9%86%D8%AD%D9%88

[SnowGlobe7]

IF the reserves are shrinking that is not a good sign

[Officiallytook]

Gotta love press...

Watch this unfold...

Right before everyone's eyes...

Iraq's security...

Banking...

Political...

Blah blah blah...

But all news(knowledge to the people)...and all in the right direction...just watch...

Iraq in the shiets...then ALL OF A SUDDEN ...

RI/RV/Float/still raising which ever they pick...or when...

Still waiting for the control...

But we're almost done folks hold on

[Wiljor]

Well folks, crude just jumped 10% basically in a day, who saw that coming? I believe that their are many things going on behind closed doors that only the banksters and politically privileged know. I hope you are right Officiallytook, we patiently wait....

[MyLadiesDaddy]

Gotta love press...

Watch this unfold...

Right before everyone's eyes...

Iraq's security...

Banking...

Political...

Blah blah blah...

But all news(knowledge to the people)...and all in the right direction...just watch...

Iraq in the shiets...then ALL OF A SUDDEN ...

RI/RV/Float/still raising which ever they pick...or when...

Still waiting for the control...

But we're almost done folks hold on

It's amazing isn't it. They may as well just come out and say,

 

"Guess what folks, China ticked off the whole world with their little devaluation stunt

 

so watch what we're gonna do". This is sooooooooo going down right before our eyes. 

 

And that doesn't even begin to talk about the reactions of respected folks around here. 

 

There is hope on the horizon, people, just don't forget where your prayers were answered from. 

Well folks, crude just jumped 10% basically in a day, who saw that coming? I believe that their are many things going on behind closed doors that only the banksters and politically privileged know. I hope you are right Officiallytook, we patiently wait....

My friend, there is so much going on behind the scenes both physically and spiritually that 

 

it would terrorize a Marine and cause a Navy Seal to defecate.  

 

I have come to realize that what looks like a grand conspiracy that only a few select know of,

 

is really just the Devil doing his thing. Most people have no knowledge as to how what they

 

do plays out in the grand scheme of things.  

[Rasica]

DOLLARISE that economy.

This article reminds me of something I learned about business a long time ago. When the economy is slack and everyone else is downsizing if you want to succeed upsize.

Also I said a few weeks ago when China did its first devaluation, that we would start seeing several articles claiming a worldwide economic doomsday.

The very fact that Bloomberg zeroed in on Iraq,( a third world nation that no one is supposed to care about), it's something that I find very telling at this time. Especially when you consider the major moves made by Abadi and his new government.

And let us not forget that it was less than a year ago the CBI was claiming to have over 100 billion dollars in reserves. Are we now to believe that nearly half of those reserves have been wiped out?

I find it far more likely that no one knows how much money is in the CBI. As well as what happened to the 9 trillion dollars the Federal Reserve can not find.

 

YOU ARE ABSOLUTELY SPOT ON!!

 

The IQD is not pegged to world economy and Iraq just signed a $1 Billion military arms deal with Russia.

 

Everyone hold onto your lug-nuts because the world is going through an overhaul.

 

https://youtu.be/qBR0oNp9A7c