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HUGE: Iraq: US Places No Conditions On IQD.

Luigi1

By Luigi1,
in Dinar Rumors

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screwball Grand Master

screwball

Posted
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2 minutes ago, Luigi1 said:

This is exactly why it's so important the US gets in on the ground floor when it comes to investing & rebuilding Iraq via US contracts

hmmmm..yes and no we need to rebuild our defences and industry...iraq rebuilds their own....the US and co alition stole billions of dollars worth of oil, then secure billions in contracts to rebuild...This is what we dont want...this is the Industrial Military complex starting wars for contracts for their pals...bushes, bidens and cheney....who benefited the most from the iraq war??? which companies??? who sat on their boards??what role did they play in the iraq war???

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BETTYBOOP
BETTYBOOP

Once they move on their currency and my money is in the bank. Bye bye work, Bye bye Iraq and hello to doing whatever I want

Luigi1
Luigi1

Iraq will never totally abandon the USD.   Stability of the IQD will come from the USD along with a basket of four other international currencies, gold & oil.   IMHO.

Luigi1
Luigi1

here's an article from Dinarland... Iraq:  US places no conditions on IQD. Treat as a rumor.  Not verified.  Your opine.       Samson: ARTICLE:  “The Foreign Ministe

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screwball Grand Master

screwball

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In 1933, he became involved in a controversy known as the Business Plot, when he told a congressional committee that a group of wealthy industrialists were planning a military coup to overthrow President Franklin D. Roosevelt, with Butler selected to lead a march of veterans to become dictator, similar to fascist regimes at that time. The individuals involved all denied the existence of a plot, and the media ridiculed the allegations, but a final report by a special House of Representatives Committee confirmed some of Butler's testimony.

Butler later became an outspoken critic of American wars and their consequences. In 1935, Butler wrote a book titled War Is a Racket, where he describes and criticizes the workings of the United States in its foreign actions and wars, such as those in which he had been involved, including large American corporations and other imperialist motivations behind U.S. wars (thus predating US President Dwight Eisenhower's "military-industrial complex" speech by at least 25 years). After retiring from service, he became a popular advocate, speaking at meetings organized by veterans, pacifists, and church groups in the 1930s.

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coorslite21 Grand Master

coorslite21

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16 hours ago, screwball said:

all part of the basket...

 

A great deal of info here for any one wanting to learn more on this "basket" of currencies....yes China was added in 2016.....CL 

(Comments at the end worth reading plus some good links)

 

 

 

Bretton Woods Project

CRITICAL VOICES ON THE WORLD BANK AND IMF

 

9 DECEMBER 2021 | INSIDE THE INSTITUTIONS

 

SUMMARY

 

This Inside the Institutions looks at the IMF’s Special Drawing Rights (SDRs), a type of international reserve asset. The IMF recently created $650bn worth of new SDRs, which has the potential to greatly support the global recovery, if used effectively. This article looks at their history, usage, and options for re-allocation of SDRs fro rich economies to the developing world.

 

 

 

Special Drawing Rights (SDRs) are an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. It serves as the unit of account of the IMF.

SDRs were first introduced in the context of the Bretton Woods’ fixed exchange rate system which came into operation in 1944 and saw many countries fix their exchange rates relative to the US dollar (and, by extension, to gold). The idea was that SDRs, which were initially created with a fixed value of 1 SDR to 1 US dollar, would boost international liquidity at a time when the future of the fixed exchange rate system was uncertain. However, with the collapse of the Bretton Woods system in the early 1970s, SDRs would go on to play only a minimal role as an international reserve asset, making up a small proportion of global reserve assets, which continue to be dominated by the US dollar.

SDRs are neither a currency, nor a claim on the IMF, and cannot be used directly in market transactions. However, they are a way for countries to gain access to hard currency and can also be used for repaying loans to the IMF. Holders of SDRs can obtain hard currencies in exchange for their SDRs either by voluntarily exchanging them with other members or by the IMF designating members with large holdings of reserves to purchase SDRs from members who need reserves. Such transactions do not involve the IMF staff negotiating with country authorities – meaning there is no conditionality involved and no required policy changes.

The value of SDRs is based on a basket of five currencies—the US dollar, the euro, the Japanese yen, the British pound sterling and, from 2016, the Chinese renminbi. This value is set daily by the IMF on the basis of these five currencies and their daily market exchange rates.

Within the IMF, there is an SDR Department that handles all transactions in SDRs. This department is strictly separate from the IMF’s General Department, which handles normal lending operations. 

How are SDRs allocated?

The IMF has the authority under its Articles of Agreement to issue general allocations of SDRs to participants in its SDR Department (currently, all members of the IMF) in proportion to their quotas within the Fund. As the quota is based largely on a country’s relative position in the global economy, rich countries receive the majority of SDRs. However, the current quota system has been criticised by many (see Inside the Institutions IMF and World Bank decision-making and governance), including the G24, which in its 2021 IMF and World Bank Annual Meetings communique called for a ”shift in quota shares from advanced economies to EMDEs [Emerging Markets and Developing Economies], while protecting the shares of the poorest countries” (see Dispatch Annuals 2021).

A new issuance of SDRs represents an increase in the global money supply, as the IMF essentially creates the SDR allocations out of nothing but the commitment of IMF member states. Any SDR allocation must be approved by an 85 per cent majority of the total voting power, which gives the US a veto over issuance of SDRs, as the US currently holds 16.50 per cent of the total IMF voting shares (see Observer Winter 2019,  Summer 2019).

SDRs allocations occur very rarely – the IMF has done so only four times in its history: in 1970-72, at the time of establishment of SDRs as the unit of account; in 1979-81; in 2009, to help in the recovery of the 2008 financial crisis; and the latest one, in 2021, as a response to the Covid-19 crisis. In 2009 a special allocation was issued to countries that had joined the IMF after 1981, to correct the fact that they had never received an SDR allocation.

SDRs allocations are highly political as their potential evolution as the “principal reserve asset in the international monetary system”, as intended according to the 1978 amendment to the IMF’s Articles of Agreement, would negatively impact the US dollar’s current “exorbitant privilege”.

Paying and receiving interest on SDRs

Importantly, when the IMF issues SDRs, they serve as both an asset and a liability for countries. Countries whose SDR holdings exceed their allocations receive interest based on the SDR interest rate, while those that exchange their SDRs for hard currencies must pay interest at the same rate. Within the SDR department thus the interest paid and received accounts net to zero.

To understand how this works in practice, consider the following example. If Indonesia were credited with SDR 50 billion as part of a general IMF allocation, it would in that moment have an allocation (i.e. what the IMF said Indonesia should have) of SDR 50 billion and also a holding (i.e. the actual amount Indonesia currently holds subsequent to the IMF allocation) of SDR 50 billion. On its allocation it would be required to pay interest to the IMF’s SDR Department, and on its holding it would receive interest from the SDR Department. The “SDR interest rate”, which Indonesia both pays and receives, is set weekly (based on the SDR basket of currencies).

Because Indonesia’s allocation and holdings of SDRs are currently equal (SDR 50 billion), the interest that Indonesia receives and pays exactly cancel each other out. However, if Indonesia decides to convert some of its SDRs into another currency (as described earlier in this article), then its holdings of SDRs will decrease. If Indonesia converts SDR 10 billion into US dollars, then its holdings will have fallen to SDR 40 billion, whilst its allocation (the amount officially credited to Indonesia by the IMF) will remain at SDR 50 billion. In this case, Indonesia will now be receiving less interest than it pays, and as such it will end up paying out annually to the IMF.

The 2021 SDR allocation

On 2 August 2021, following calls from civil society organisations (CSOs) (see Observer Spring 2021) and after the US reversed its opposition to the disbursal of additional SDRs to help low- and middle-income economies recover from the Covid-19 pandemic (see Dispatch Springs 2020), the IMF board of governors approved a general allocation of $650 billion worth of SDRs. While falling significantly short of the $3 trillion called for by civil society, the allocation was nevertheless significant, accounting for 69 per cent of all the SDRs ever disbursed (see Observer Autumn 2021).

As part of the 2021 allocation, high-income countries (HICs) received nearly $400 billion worth of SDRs, middle-income (MICs) received $230 billion, and low-income countries (LICs) just $21 billion. Given the IMF itself has stated the motivation for this unprecedented issuance of SDRs is to “help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis” and that high-income countries are unlikely to use their huge share of SDR, several groups, including the G7 in its June communique, have called the IMF for the first time to explore options for the channeling of SDRs from HICs to MICs and LICs. Additionally, CSOs such as Oxfam have called for solutions that provide debt-free financing and do not include economic conditionality that could force countries to impose austerity (see Observer Autumn 2021).

Discussions on how SDRs will be re-channelled are ongoing, but there are three likely courses of action:

  • Using SDRs to boost the resources of the IMF’s Poverty Reduction and Growth Trust (PRGT) – the IMF’s concessional lending facility for LICs, with $17.9 billion worth of SDRs (see Observer Autumn 2021).
  • Using SDRs to provide initial funding to a soon-to-be-created IMF fund, the Resilience and Sustainability Trust (RST) (see Observer Winter 2021), for which the G7 has given green light. According to the early suggestions this would be operational from the end of 2022, at the earliest, and would require economic conditionality for countries to access finance.
  • On-lending SDRs to multilateral development banks (MDBs), including the World Bank. High-income economies appear interested in this option, but it remains unclear how countries can on-lend to MDBs while maintaining the option to recall their SDRs in the event of balance of payment emergencies.

The latest SDR allocation could serve as a boost for MICs and LICs to recover from the health and financial crisis brought by the Covid-19 pandemic and for the IMF to provide a large-scale debt-free financing scheme that would help those countries that have been hit the hardest by the pandemic. The debate about the use of SDR to support recovery, as demanded by civil society, versus maintaining it as a buffer, as suggested by the Fund, is already out there.

 

RELATED ARTICLES

Civil society joint statement on UK channelling of its SDRs allocation

23 AUGUST 2021

G24 communiqué analysis - Annual Meetings 2018

16 OCTOBER 2018

G24 communiqué analysis - Annual Meetings 2021

19 OCTOBER 2021

IMF increases limits of its concessional lending facility, leading to warnings from debt activists

21 SEPTEMBER 2021

Open letter to G20 Finance Ministers, Central Bank Governors and the IMF: Civil society organizations call for principles for fair channeling of Special Drawing Rights

30 SEPTEMBER 2021

Opportunity lost? IMF approach to Special Drawing Rights channelling risks wasting golden chance

30 SEPTEMBER 2021

Quota reform impasse likely as IMF faces legitimacy crisis

30 JULY 2019

Tip of the iceberg: How the call for SDRs reveals the urgency for deeper reforms of the global reserve system to address systemic inequalities

23 MARCH 2021

US blocks IMF voting rights redistribution

12 DECEMBER 2019

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Luigi1 Grand Master

Luigi1

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4 minutes ago, coorslite21 said:

 

A great deal of info here for any one wanting to learn more on this "basket" of currencies....yes China was added in 2016.....CL 

(Comments at the end worth reading plus some good links)

 

 

Thanks for the articles.   May I add...China Yuan was first to be gold backed.
 
 

 

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coorslite21 Grand Master

coorslite21

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1 hour ago, Luigi1 said:

 

Thanks for the articles.   May I add...China Yuan was first to be gold backed.

 

 

Yes....No....and Maybe... 

 

China is pretty secretive on their gold reserves.... They have a great deal of it in the ground.....they have been a major buyer in the past few years.

 

They have....(no doubt) introduced the PetroYuan backed by Gold and it is in use today. They should have enough Gold to back this payment process.

The purpose would be to replace the Petrodollar as the primary payment plan for oil sales around the World. Whichever Country/Curreny has that advantage has the advantage financially over the rest of the World.

 

Being the second largest economy it will take some time to back the entirety of their economy with gold.

It will be much easier to do once they have cornered the market on oil payments using the gold backed petroyuan.

 

Honestly........PetroYuan..

gold backed vs a paper dollar Petrodollar backed by nothing.......what would you use?

 

I believe Iraq will go the PetroYuan way.....and eventually join BRICS.

 

Just my thoughts....   CL

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screwball Grand Master

screwball

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Posted
4 hours ago, coorslite21 said:

Thanks for the articles.   May I add...China Yuan was first to be gold backed.

 

 

Yes....No....and Maybe... 

 

China is pretty secretive on their gold reserves.... They have a great deal of it in the ground.....they have been a major buyer in the past few years.

 

They have....(no doubt) introduced the PetroYuan backed by Gold and it is in use today. They should have enough Gold to back this payment process.

The purpose would be to replace the Petrodollar as the primary payment plan for oil sales around the World. Whichever Country/Curreny has that advantage has the advantage financially over the rest of the World.

 

Being the second largest economy it will take some time to back the entirety of their economy with gold.

It will be much easier to do once they have cornered the market on oil payments using the gold backed petroyuan.

 

Honestly........PetroYuan..

gold backed vs a paper dollar Petrodollar backed by nothing.......what would you use?

 

I believe Iraq will go the PetroYuan way.....and eventually join BRICS.

 

Just my thoughts....   CL

agree not gold backed as yet

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Pitcher Grand Master

Pitcher

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5 hours ago, coorslite21 said:

It will be much easier to do once they have cornered the market on oil payments using the gold backed petroyuan.

 

Honestly........PetroYuan..

gold backed vs a paper dollar Petrodollar backed by nothing.......what would you use?

 

 

How are they going to do those payments?  Gold is too cumbersome to transport as a payment for Oil.  SPFS, the Brics version of Swift payment system is powered by Ripple (and a few others) and many Countries in Brics will be using XDC and XLM.  Who are the 3 Leading Crypto Cross Border Payment Currencies?  XRP, XLM, XDC  In other words the world's money will be moved by US Companies and will get a cut of that action.  The US will not be quite as powerful but will still be very instrumental when it comes to MONEY!! 

 

Do any of you know how much Oil, Nat Gas the US has in known reserves??  Hundreds of years worth!!!  The world is going clean energy, ESG, and Oil will be phased out in the next 20-30-50 years as a way to provide power for cars and electricity for power plants.  I've been to the MIT labs and I've seen first hand what is coming.  Trust me the USA will LEAD when it comes to innovation and ENERGY!!!!!

 

Fiat Currency will be replaced with a blockchain/ledger digital currency (a Fed Coin type of token for USA, a World CBDC or Private ledger for Central Banks, Cryptos, etc ??).  We still don't even have Regulations and Clarity for Crypto Currencies so we'll have to wait to see what Stablecoin is deemed acceptable if at all.  We might even run both Fiat and CBDC/Stablecoins/Cryptos at the same time for awhile. (We are basically already doing this) It's a confusing time for money.

 

All National Currencies will be valued by a basket of Commodities, Metals, Oil, Nat Gas, Grain, etc.  The USA has more Gold on record than any other Country (we also have a lot of Oil, Minerals, and the ability to produce more grain than most Countries).  There is no doubt that the USA will lose its role as the main World Reserve Currency and the only one allowed to be in charge of an Oil Dollar and Swift Payment Banking System.  The World is moving to a more level playing field whether we like it or not.  The USD, UK Pound, Euro, Japanese Yen, Canadian Dollar, and all the other Fiat Currencies of the West have run their course just like all other previous Fiat Currencies.  Even though they are currently all over leveraged Currencies don't expect this group to wither away.  They are still a very powerful block of Countries and will still command a major role in World Leadership for years to come.  This event has been planned for decades.  Let's not get all wrapped up in people's opinions and Fear.  It will probably be a messy transition, especially for the West, but we will come through it and prosper again.  

 

None of what you just read is 100% fact, totally correct, or just my opinion.  It's a compilation of years of reading, talking to numerous business leaders, and trying to cobble together what this Great Reset is, means, and how it will be implemented.  There is a plan and that plan has been changed numerous times.  I'm no Guru, know it all, trying to manipulate or have an agenda.  I'm sharing what I think I know learned from what others think they know. So, pure speculation with a grain of truth.  We are living in exciting times and anyone who says they know exactly when and how this all shakes out is probably wrong.  

 

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screwball Grand Master

screwball

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4 minutes ago, Pitcher said:

Crypto Cross Border Payment Currencies?  XRP, XLM, XDC

sorry mate disagree....china have their own? CIRPS and EURO have TARGET 2...Russia has SPFS and China and Russia are working on Gold backed? I am not saying they wont play a role, they will not as big as you think, they will replace paypal etc which is another Deepstate, NWO and WEf payement system along with SWIFT = global control

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Pitcher Grand Master

Pitcher

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31 minutes ago, screwball said:

CIRPS and EURO have TARGET 2...Russia has SPFS and China and Russia are working on Gold backed?

 

Yes, I know they do but they are powered by software code produced by Ripple, R3, Corda, and others.  XRP, XLM, and XDC will be the instrument to move the currencies of the world powers.   It may not be as big as I believe and one day those Brics Countries may produce their own Systems but they are working with the Companies I wrote about above.  I've read too many articles and seen too many graphs to believe otherwise. Brics aren't going to disassociate from Banking with the West.  There has to be some accepted form of payments and most of these Blockchain Technologies were developed in the West/USA.  That is changing very quickly as our Congress dithers away at coming up with Regulations and our innovators are leaving for overseas opportunities.  One last thing.  Ripple's XRP is already in use and has been for over 2 years moving Billions cross border and that's the testing phase.  When the switch is flipped Trillions will be moved.   

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screwball Grand Master

screwball

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11 minutes ago, Pitcher said:

 

Yes, I know they do but they are powered by software code produced by Ripple, R3, Corda, and others.  XRP, XLM, and XDC will be the instrument to move the currencies of the world powers.   It may not be as big as I believe and one day those Brics Countries may produce their own Systems but they are working with the Companies I wrote about above.  I've read too many articles and seen too many graphs to believe otherwise. Brics aren't going to disassociate from Banking with the West.  There has to be some accepted form of payments and most of these Blockchain Technologies were developed in the West/USA.  That is changing very quickly as our Congress dithers away at coming up with Regulations and our innovators are leaving for overseas opportunities.  One last thing.  Ripple's XRP is already in use and has been for over 2 years moving Billions cross border and that's the testing phase.  When the switch is flipped Trillions will be moved.   

whats the outcome of there court case????

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coorslite21 Grand Master

coorslite21

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44 minutes ago, Pitcher said:

How are they going to do those payments?  Gold is too cumbersome to transport as a payment for Oil.  

 

Paper or electronic funds backed by gold....much like the Fereral Reserve note was long ago....

 

I'm on board with anything ISO 20022 as the future...however the US can't seem to pull their head out butt when it comes to moving on with any of this....

 

The World doesn't have as much need for the US as in the past..     CL 

 

 

 

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Pitcher Grand Master

Pitcher

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34 minutes ago, screwball said:

they will not as big as you think, they will replace paypal etc which is another Deepstate, NWO and WEf payement system along with SWIFT = global control

 

The founders of PayPal which Elon Musk is one had always envisioned a more Cryptic form of Payment System but the Technology just wasn't available in the late 1990's-early 2000's.  The founder of Quant, Gilbert Verdian has been working on this for over 25 years.  He is also working with MIT and Algorand founder, Silvio Micali.  Who also came out of MIT, SBF and Gary Gensler.  There is no doubt SBF's father who teaches at MIT and Gary Gensler tried to capture this new technology and hand it over to the Banking Cartels, ie, WEF, NEW, Creeps.    

I hope the WEF, NWO, WEF is crushed and scattered to Hell where they belong.  

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Pitcher Grand Master

Pitcher

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5 minutes ago, screwball said:

whats the outcome of there court case????

 

Anything I say is pure speculation so I'm not even going to speculate.  There are 100's of Vids and Twitter know it all types that will give you plenty of speculation but it will be probably be wrong.  Judge Torres will deliver her verdict in the following days, weeks or months.  There could be a Settlement before then which could send it to an Appeals Court and maybe then the Supreme Court.  If I think this is as big as it needs to be then we are probably looking at a Supreme Court date sometime in the future.  I know from my readings that the final argument written by Ripple's lead Attorney wrote it with the idea that it would be judged by the SC.   

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Pitcher Grand Master

Pitcher

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11 minutes ago, coorslite21 said:

I'm on board with anything ISO 20022 as the future...however the US can't seem to pull their head out butt when it comes to moving on with any of this....

 

That is a correct statement from what we read, see, and hear.  I'm not so sure our leaders are as dumb as everyone believes.  I think they are beholden to and selling us out to the WEF which are in bed with the Chinese from what I've read.  I've also read that many in the USA think the moving everything to China is a huge mistake. 

Wow, it's all so hard to wrap our head around but Carl Marx said that the Capitalist would sell his own mother to make a buck.  I guess he was right.  

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Pitcher Grand Master

Pitcher

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13 minutes ago, Pitcher said:

Banking Cartels, ie, WEF, NEW, Creeps

 

NWO not NEW... Got distracted and typo..

 

Sorry, I try to be clear but I'm got more stuff going on than a 3 ring circus leader.  It's 7:13 and I'm still at my desk since 6:30 this morning.  On March 1st I'm moving out to the Country and then I'll be like Adam and Thugs.  

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Shedagal Mentor

Shedagal

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14 hours ago, Pitcher said:

March 1st I'm moving out to the Country and then I'll be like Adam and Thugs.  

I hear ya.  The more I hear about the changes coming to our financial system and tax laws, the more I think all the prep work those on here have done (OSI, ROTH IRA, CRUT) will be unnecessary.  Maybe why Adam has disappeared.   I, too, am moving toward a quiet and peaceable life.

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