I'm in the middle of a blizzard (ok, it's just snowing a little) and I've got a bajillion fires to put out here at home, so this one will be quick!
The good news is that I see lots of good reasons to come back with more updates before next Wednesday. In fact, I made a detour to buy a lottery ticket this morning - that's how good I feel about the near future! (Get in the lotto pool here.)
It looks like the protest situation is coming to a head, all while budgetary and other government issues are also moving forward.
The US is putting pressure on Iraq to do something about the protests, which really means the US is putting pressure on Iraq to get their butts in gear. This article I posted states that the Iraqis are grumbling about "US interference", but the fact of the matter is this: if the US is putting pressure on them, they are going to do something. And they are going to do something that moves Iraq in the direction we want, and it's not going to drag out forever. Personally, I see that as a positive sign and I'm looking forward to the next week.
Here's some evidence of what I'm hearing that has me feeling positive... despite the blustering about not wanting US interference, the news says they are doing exactly what we want. Take a look at this and the 12 posts that immediately follow it:
We are looking at a positive situation, friends. I'll be back with more as it develops - hopefully even before the weekend, if the rumors I'm hearing are correct. This can all come to a head very quickly.
Iraq isn't in the best possible spot this week... we are nearing a month of protests. Mahdi has promised to resign once a successor is named. They are working on a new election law that will likely eliminate a handful of positions in the GOI, and thereby reduce a bit of the corruption.
Bad news - nothing is happening immediately. It appears that things are settling, but realistically this is going to take a couple more weeks.
On the positive side, the exchange rate is stable in spite of the confusion. I can't imagine a more solid argument for Iraq's future than that! WTI oil pricing is stable.
The work that was being done hasn't backtracked - it's just paused.
Progress made has not been lost - just paused.
On a related note, I've seen a couple of the "rumors" floating around about the dinar being released with "par value" (that means nothing to us), or Chapter 7 being reimplemented, and a few other things like that. I say it's related because when Iraqi news is slow, or negative, the "gurus" always seem to come up with some nonsense like this. That's what it is - nonsense. Just read it, give your favorite newshound or rumor sharing member a "❤️ " for sharing, and take a deep breath - the situation will work itself out, and we'll be back on track shortly.
Crypto. BTC settles in over the $9000 mark after a nice boost up... remember a few updates ago when I told you I was going to trade some precious metals for crypto and grab a short term gain? China's news a couple weeks ago certainly happened at a good time! China continues to back off on their former ban on crypto, basically stating they are going to support blockchain... if not necessarily supporting bitcoin itself. Either way, this is really good for the crypto world in general. More blockchain projects and support means more adoption, which means more demand, and BTC stands to gain from that both short and long term.
Recommendation for the day: Follow the Crypto section in VIP! You can choose more or less notifications, based on your preferences. Personally - I get an email anytime a new thread is posted, and of course a notification when a post is made in a thread I follow. If you don't know, you can't win.
Just for fun: Courtesy of the brew, check out this amazing footage:
That's it for now! It's unfortunate that we're seeing a delay in Iraq, more so for them than for us, but keep your head up and stay positive. This train is still heading the right direction.
There are positive signs everywhere, but the protests and "civil unrest" that's going on right now has tossed an anchor out on the final progress we'd like to see.
It's not something that will last forever. The face of Iraq, Iraq's current exchange rate, OIL news, and more... all mostly unchanged by the current situation. The country is NOT in a downward spiral... but they are in the middle of an annoyingly long "pause".
Not much more to say at the moment!
Some of us patiently... others, no so patiently.
Keep your heads up and kee on smiling! This shall pass, and then 💥 (in a good way. Not 💥 in a bad way. Perhaps that's the wrong emoji for this situation. )
P.S. How about that resignation we've been hearing about?! Sounds a little like the so-called impeachment process we have here at home in the US of A
Our path to an RV of the Iraqi dinar is pretty clear, so I stay on top of the news and my messages from my people, but I had a major project come to a conclusion over the last week and it kept me away from the computer. I won't say it broke my heart to stay away from the computer for a few days longer than I usually do
I didn't title this thread "weekly" because it's probably not going to be the "official weekly" update... this is more of a "drive by".
I mentioned recently that I have a favorite daily newsletter - it's called "the brew" (you can get it free at that link), and this morning they nailed a lot of topics that were already on my mind. I figured it would be worth making an appearance for these topics, so here we go!
Amongst the topics... Trump/Syria/Turkey/Kurds: This one is a little complicated, so let's break it down. It was announced last week that we are withdrawing US troops from Syria, which led to talk of Turkey ramping up attacks on the Kurds, finger pointing at Trump because he's bailing on the Kurds when we are supposed to be babysitting them, Trump responds by saying if Turkey steps out of line we will hit them in the wallet, and here on DinarVets we're all like "wait what about the Iraqi Dinar?!"
WHEW! That was a mouthful
First, I'll quote The Brew - they said it well enough:
Next, let's identify "the Kurds" - I'll quote a part of this WaPo article that gives a good explanation:
So, this current news cycle we are reading and hearing about involving "the Kurds" isn't specifically about Iraqi Kurds, but the events unfolding right now are going to do one very significant thing with regards to Iraq... a message is being sent.
I'm not saying I approve or disapprove of the tactics, or the decision to withdraw troops, or the decision to put them there in the first place. But what's happening right now is irrefutable evidence that the US of A has a huge influence in the Middle East, the affairs of the Middle East, and therefore... the Iraqi economy, which includes the trade value of the Dinar.
What this sets up in the near future is the confidence and assurance that with the US on their side, Iraq can make changes, improvements, and progress.
What happened to Turkey in the past, and may happen very soon again, can happen to Iraq.
The same is true of the inverse... where we can inflict severe harm, we can also support massive gain. (GO RV!)
Politics... Elizabeth Warren has been running ads accusing Facebook CEO Zuckerberg of supporting Trump in the last election, and her ads specifically state that the accusation may not be true.
Read that again if you need to
Speaking of Facebook, their cryptocurrency Libra lost a ton of backers... PayPal among them, followed by Visa, Mastercard, Stripe, eBay, and Mercado Pago. Tim Apple also stated a "hard no" on an Apple Crypto, which opens up a lot of room for discussion on the future of BTC. My take is that BTC lost a serious potential competitor with Apple pulling out of the game for the moment. Tim's reasoning for not wanting to get involved in crypto actually supports the argument that crypto is destined for success - feel free to chime in on that one! I have a feeling that the recent release of the Apple credit card has more to do with their current stance on "AppleCoin" than anything else.
Either way, BTC seems to have stopped pulling back on price and is poised to move up again. I'm keeping a watch on it.
That bit about crypto wasn't in the brew's email this morning, but they did mention bank profits... or rather, the decline in bank profits. Quoting again:
I'll add a bit to that... banks aren't going to lose money when there is the option of negative interest. Negative interest is when the banks charge you to keep money in the bank, and what kind of impact do you think THAT will have on Crypto?
To the moon, baby! 🚀
That's enough for the Monday morning drive by... Happy Columbus day!