Currency News: US Gov Issues Africa Gold Advisory

 

On June 27, the U.S. government joined forces in issuing an “Africa Gold Advisory” warning businesses of the significant risks posed by engaging in any transactions with the African gold sector. This stern warning was fueled by the activities of the Wagner Group – recipients of U.S. sanctions for their nefarious doings – who have continued to reap revenue from the African gold sector in Sudan, the Central African Republic, and Mali.

The Advisory's 29-page document elucidated two primary categories of risk associated with transacting with this sector: "upstream" risks relating to large-scale and small-scale mining operations and downstream risks relating to smuggling and money laundering.  You can read the entire article here:  U.S. Government Issues Africa Gold Advisory | Katten Muchin Rosenman LLP - JDSupra

A Terror Plot on British Soil is Being Planned by ISIS Says Iraqi Intelligence

 

The good news is Iraq has joined the International intelligence world.  The bad news is this extremely dangerous information is deemed creditable and imminent.

A looming terror plot against British soil is set to unfold, according to a startling report from Iraq's most revered counter-terrorism leader General Abdul Wahab el-Saadi. With intelligence of impending attacks, the UK braces for an imminent attack on public grounds.

General Al-Saadi revealed that ISIS have been communicating with extremists in the UK about their malicious plans for a “big attack”. Terrorists were hunted down during recent operations and slain thereafter due to their high ranking positions, as claimed by the General. As dark threats circle around the nation, the tension mounts and a dreadfully imminent assault overshadows the country.

“It could be a car, a knife, a gun, a bomb. The form of the attack that Islamic State wants to launch is unknown, but I can feel its looming presence," he warned.

Baghdad readies itself for battle, devoting all available resources to wiping out terror cells in Iraq.

“We are sacrificing our lives at the frontline of this gruesome battle against Islamic State so Britain and other countries can rest safely,” General Al-Saadi declared.

A special forces unit from the UK will soon arrive in Iraq to provide more troops with vital training to combat the extremists.

The Joint Terrorism Analysis Centre sets the UK's threat level as “substantial”, indicating that an attack is imminent.

Iraq's Reversal on a $417 Million Oil Expansion Project

"The entire future of the subsea pipeline project hangs in the balance as it is subjected to intense political scrutiny, halting an expansion that would allow exporting 500,000 bpd." 

 Iraq's Cabinet issued a shock decision to abruptly withdraw funding approval for a major infrastructure project that could have bolstered the country's oil export capacity by half a million barrels per day. 

In an act of seemingly senseless aggression, the government suspended the authorization granted just weeks earlier to allocate $417 million to Sealine 3, a venture led by Dutch firm Boskalis and Basra Oil Company (BOC). 

This crushing move unraveled hopes of ending infrastructure bottlenecks that were limiting Iraq's production potential and revenue growth. A government spokesperson stated that the Cabinet's sudden about-face had been sparked by "new data" requiring further assessment - though no further details were provided.

Many Financial Advisors Remain Tightlipped Over Precious Metal IRA Accounts

The Taxpayer Relief Act of 1997 opened a door to a treasure trove of wealth when it introduced the loophole allowing investors to include physical precious metals in their self-directed IRA accounts. 

IRS regulations state that as long as gold, silver, platinum, and palladium coins and bars meet fineness specifications and are kept in an approved depository until disbursement, they can be placed into a self-directed IRA. Strangely though, most financial advisors have remained tightlipped about this moneymaking opportunity for years.

Investors know that self-directed IRAs are far superior to traditional retirement accounts, offering greater control over investments and the ability to own different asset classes all in one place. Now, thanks to the precious metals loophole, investors have access to a globally accepted asset with proven benefits as a hedge against inflation, insurance against market crushes, and long-term wealth preservation. 

Moreover, by investing in gold coins within an IRA account, there is potential for collecting coin premiums that can be significantly above the metal's spot price. With gold prices on the rise since the start of the year and set to continue their uptrend, now is the time for action - don't wait to buy gold, buy gold and wait!

But wait, as some viewers of the Edu Matrix channel have noted in the comment section.  It is better to purchase silver than gold.

One out of ten people recommends silver vs. gold because, in 1933, the US government made it illegal to own gold.   However, the government never said a word about silver. 

Could this happen again?

Yes, it could.  If the country were to get into trouble financially, they could make it illegal to own gold and purchase said gold from citizens at a reduced rate to prop up the US economy.  Thus owning silver may be the best solution. 

At any rate, you can purchase small amounts of gold or silver each month and take possession of your precious metals when you reach certain milestones.   This is the best and safest way for middle-income taxpayers to invest in gold and/or silver. 

Water Scarcity in Iraq is More Than a Headline, It is a Death Sentence if Something is Not Done

 

The people of al-Ankour, Iraq are in a state of despair as their once vibrant and flourishing Habbaniyah Lake has become a wasteland amidst the drought-stricken land. The scorching desert heat amplifies the already severe water scarcity, and the toxic waste spewed by factories has made this crisis an environmental disaster that puts the lives of 13,000 innocent locals at risk. With no financial means of escape, the locals languish in helpless misery, as reported by Al Jazeera.

The Euphrates River, the lifeblood of al-Ankour and al-Majar, has been diverted nine months ago in an appalling decision that plunged the local population into a devastating water crisis. Failed attempts to find a new well and depleting freshwater tankers have left the villages with no other option than relying on costly bottled water.

Desperate cries for help have gone unanswered by both local and national authorities, while economic losses mount for fishing communities as their income dries up faster than the lake itself. In his forsaken struggle to survive, former fisherman Firas Mohammed said: “War is better than living in drought and water scarcity.” But tired of waiting for solutions from above, activists like Nooraldeen Adil, Amin Hamid, Samim Salam, and Zaid Mayouf are doing their best to provide some relief with voluntary donations. It's not enough, but it's all they can do in this desperate situation.

The unfolding catastrophe at Habbaniyah Lake paints a disturbing picture of the looming disaster that awaits Iraq. As the Ministry of Water Resources sounds the alarm, seven million Iraqis face their most dire water crisis in a century.

Statistics from the United Nations are even more concerning, with 90% of rivers already contaminated and an alarming projected shortfall of 85% by 2035. Complicating matters is the risk to Iraq's access to water resources from foreign countries, making it essential for both sides to negotiate a peaceful solution.

The crisis in Iraq highlights the shortsightedness of global inaction on climate change - as governments dither, millions of lives hang in the balance. Unless immediate and decisive action is taken, regional instability could lead to calamity on a massive scale.

In this article, Al-Jazeere says the following: 

All the trees have died’: Iraqis face intensifying water crisis

Iraqis struggle to cope with depleted water resources, exacerbated by climate change and disputes with neighbours.

Al-Sadr Has Not Yet Made a Decision on Provincial Elections

Muqtada al-Sadr, the leader of the Sadrist Movement, has yet to share his opinion regarding the potential involvement of his faction in upcoming provincial elections. Despite a declaration made by one of the Sadrists representatives that the movement intends to participate as three separate electoral lists, al-Sadr's office or political entity has neither denied nor confirmed this statement. 

The Sadrists remain a major element within Shiite factions, mainly in Baghdad and other central and southern provinces. Civil forces, which rely greatly on al-Sadr’s influence and participation, started to make readiness for upcoming elections regardless of whether or not the Sadrist will be part of it. This election is expected to be extremely competitive in terms of confrontation and participation, potentially altering existing alliance dynamics.

Iraqi Prime Minister Shifting Focus to Unfinished Hospitals in Baghdad

These are the actions the Iraqi government wants to complete for the Iraqi people before repaying International debts. 

Prime Minister Mohamed Shia Al-Sudani proclaimed at a press conference unveiling the Center for Hematology and Bone Marrow Transplantation in Medical City that this special facility "offers unique treatment to cancer and blood disease patients," noting how it was "brought to life with donations from citizens and state funding - an unprecedented effort."

He ardently asserted that the center would "alleviate citizen's burdensome medical costs abroad" and assured the populace that his government "places the highest priority on healthcare".  

The Prime Minister announced that the government was shifting its focus to completing unfinished hospitals in Baghdad and its associated provinces, with some soon ready for use. "We have secured money from our tripartite budget to make sure necessary medicines are available," he said. 

He then mentioned a project to manage part of the hospitals with international companies and a health insurance law that had already taken effect with 300 people enrolled for the current year. He went on to mention efforts to reduce medical tourism abroad and promised new factories for medical supplies in the coming months, highlighting the progress made so far in the pharmaceutical industry.

Iraqi PM and UN Representative Discuss November 2023 Provincial Elections

At a meeting on Monday, Iraqi Prime Minister Mohammed Shia’ al-Sudani and the United Nations' special representative for Iraq, Jeanine Hennis-Plasschaert, talked about political developments in Iraq and getting ready for the provincial council elections coming up in November 2023.

Al-Sudani stated that the government is devoted to holding transparent elections. He mentioned that Iraq welcomes the UN's suggestions for addressing financial troubles, climate dilemmas, and displacement crises.

Hennis-Plasschaert thanked the government of Iraq for its commitment to fulfilling the needs of the Iraqi people.

On Monday, the Independent High Electoral Commission declared that registration for alliances and political parties would be open from July 1st until the 30th in preparation for November's provincial elections. The 15 provinces out of 18 where these elections will take place, excluding those in the semi-autonomous Kurdistan region, which will take place at another time.  Previous provincial elections occurred in April 2013, but conflicts between politicians have caused multiple postponements.

 

Iraq to Use Transit Transport Agreements to Pass Trucks Through Border Crossings

 The Iraqi Ministry of Transport is furiously working to energize transit transport agreements with a multitude of countries, including those nearby, while pushing the General Secretariat of the Council of Ministers toward reducing fuel costs for its trucks.

Mortada Karim Al-Shahmani, Director General of the General Company for Land Transport connected to the ministry, revealed that the ministry is determined to activate all international agreements that would expand land conveyance, making it simpler to pass trucks through border crossings according to the procedure of international transit transport (transit) to an unparalleled number of countries, including those in proximity.  The total number is said to be 70 plus countries.

Iraq Upcoming provincial Council Elections to be Held in November 2023

Iraqi Prime Minister Mohammed Shia' al-Sudani met with the Special Representative of the United Nations Secretary-General for Iraq, Jeanine Hennis-Plasschaert, on Monday to discern a plan of action for the upcoming provincial council elections in November 2023.

Al-Sudani emphasized that the government is committed to providing all necessary resources for successful elections and highlighted Iraq's willingness to collaborate with the UN for financial reforms, climate change solutions, and more efficient repatriation of displaced persons. The statement released by the media office revealed Iraq's earnest dedication to facing these manifold issues head-on.

The Iraqi people have suffered for too long, and now Hennis-Plasschaert is poised to take action. With unflinching resolve, the government has prioritized the needs of its citizens above all else. Earlier today, the Independent High Electoral Commission announced that alliances and parties could register for provincial council elections until July 30th. Tensions are high as Iraq braces for the chance at democracy, with provinces across the nation eagerly anticipating November 6th - the date set for the elections. The road ahead will be rough, but it's one that must be traveled if Iraq is to move forward into a brighter future.

Iraq Qatar Agreement Could Shake Up the Oil Industry

June 2023 -  In a move that could have far-reaching consequences for the global oil market, Qatar and Iraq have signed an explosive MoU to establish a mammoth 150,000 barrels per day oil refinery in war-torn Iraq. The deal was sealed on the sidelines of Qatar’s Amir HH Sheikh Tamim bin Hamad Al Thani’s official visit to the Republic of Iraq amidst tight security due to ongoing violent insurgencies.

But that’s not all. Both countries also inked yet another MoU to establish a joint company - a formidable powerhouse - that will build and operate oil tankers carrying crude oil and petroleum products according to the laws in force in both countries. This alliance of two behemoths marks a new era in the oil trade, with analysts warning that it could lead to an excessive concentration of power and influence in the hands of these massive corporations.

What you want to know about Qatar is that thanks to its oil and gas reserves and some good investments, Qatar has the highest GDP per capita in the world, meaning Qatar is fifty rich as a country.  Oil is the main source of income for the country of slightly over 2 million people.  The country has invested between 45 to $51 billion in London real estate, making it one of the UK's biggest landlords. 

One thing is certain: this bold move by Qatar and Iraq has shaken up the geopolitical landscape.

Iraq Seeks Foreign Companies to Bid for Gas Exploration Contracts

 The Iraqi Ministry of Oil issued an announcement on Sunday, June 18, 2023, asking foreign oil corporations to compete for contracts to investigate and exploit natural gas sources in 11 different regions. This is a move to create more energy from homegrown resources and to lessen the need to buy costly imported gas, which heavily impacts the national budget. Eight of these areas are located in the Anbar governorate in the west. One is in Mosul in northern Iraq, another is between Anbar and Mosul, and the final location is between Anbar and Najaf in central Iraq. The ministry has also completed all preparations for issuing licenses for gas exploration, although they have not yet specified when firms should submit their bids.

Iraq, the second largest producer in OPEC after Saudi Arabia, is suffocating from its own combustible resources. The hot gas emitted as a byproduct of oil extraction operations is too immense to be properly harnessed and converted into fuel, leading to a wasteful burning that fills the air with thick, dirty smoke. The United States has made it clear that it will not permit Iraq's reliance on Iranian gas imports to generate electricity, pressuring Baghdad to find new ways of generating power or face dire consequences.

Iraq-Jordan Power Link To Be Completed by August 2023

Minister of Energy and Mineral Resources, Saleh Al-Kharabsheh, said on Saturday that the first phase of an electric interconnection between Jordan and Iraq would be finished by August - a bold undertaking that would bridge the vast expanse of Al-Rishah and Al-Rutba. Ahmed Musa, spokesman of the

Iraqi Ministry of Electricity confirmed the news, specifying that the connection would be completed at the start of July with a capacity of 50 megawatts, supplying power to the national grid in Al-Anbar Governorate. The connection marks a major milestone for both countries - an ambitious endeavor that has been long sought after and is sure to bring immense change.

The project was set in stone in October 2022 and is planned to progress with higher intensity, increasing its capacity to 150 megawatts in phase one, then 500 megawatts in phase two, and 900 megawatts in phase three. Soon after, drilling operations are expected to commence in the Al-Rishah area for the phosphate exploration project - a hint of something even more powerful on its way.

Foreign Investment in Iraq is Crucial for Increase in Currency Value

The US and the EU are the top contributors to Iraq's economy.  However, private investment is needed for a more stable economy, and here's why private investment is slow to develop.

Iraq is a good place to invest as it has the fourth biggest proven oil reserves on Earth, plus it needs major rebuilding efforts and infrastructure development. Per Iraqi law, foreign investors have access to a similar set of rights to locals, with no restriction on how much they can participate.

The Iraqi government dictates that, based on the National Investment Law, foreign ownership of natural resources such as extraction and processing is limited. This includes banking and insurance companies. Additionally, the authorities have the authority to screen foreign direct investment under this law. 

Iraq is having difficulty introducing laws and forming institutions that can help them effectively implement economic policies. Political reforms must be made in order to allay investors' worries about the unreliable business climate. While the government has the desire to bring in foreign direct investment, numerous challenges still exist; weak governance, security threats from militant groups, interrupted domestic and international trading routes and deteriorated economic infrastructure are some of those issues (US Department of State, 2023).

Attracting foreign direct investment is essential to rebuilding the country, given its dearth of local finance, but only those with a great risk appetite are likely to be enticed by the current investment climate. The issues are present, such as corruption, archaic infrastructure, a shortfall of experienced personnel, and outdated commercial regulations, still hinder investments and impede the growth of non-petroleum industries.

Resources:

Investing in Iraq

How to Invest in Iraq (irfad.org)

Foreign direct investment (FDI) in Iraq - Stanbic Bank TradeClub

Investing in Iraq: Prospects and Challenges | Middle East Institute (mei.edu)

Central Bank of Iraq | Home (cbi.iq)

The Conflict and Bond Between Christianity and Islam - The Common Denominator

This is not a religious article but an article about religion for IQD Investors.

A long-standing conflict between Christianity and Islam has been going on for centuries. The roots of this conflict are complex and multifaceted. Still, the primary issue at the heart of it is a fundamental disagreement about the nature of God and the role of religion in society.

For Christians, God is a loving and merciful deity who sent his son Jesus Christ to earth to save humanity from sin. The central message of Christianity is one of forgiveness and redemption, and Christians believe that they must spread this message to others.

Muslims, on the other hand, follow the teachings of the prophet Muhammad and believe in a strict interpretation of the Quran. For Muslims, the central message of their faith is one of submission to God's will, and they believe they must spread Islam to others.

The conflict between these two religions has led to countless wars, conflicts, and acts of violence over the years. While there are undoubtedly many Christians and Muslims who live peacefully alongside one another, many also see the other religion as a threat to their way of life.

Hidden Annamoisity 

Despite the many differences between Christianity and Islam, there are also many similarities. Both faiths strongly emphasize prayer and believe in the importance of living a good and moral life. Ultimately, the conflict between these two religions reminds us of the importance of tolerance, understanding, and respect for those who believe differently than we do.

It's interesting to consider the deeper issues surrounding the story of Abraham's first son. There's a belief that this child represented the Arab people, and it's said that when he and his mother were sent into the desert with very little food or water, this even caused a rift between Christians and Muslims. Many Muslims believe that they are the true firstborn of Abraham, which has led to silent tension between the two groups.

Common Views

A second unspoken difference is that many Christians believe Christ was more than a mere man or prophet. This debate is a universal question that has been debated for centuries by scholars, theologians, and laypeople alike. It is a deeply personal topic that often leads to passionate discussions among those with different beliefs. Regardless of where one falls on the spectrum of belief, it is clear that Christ's impact on the world has been immeasurable and continues to influence countless lives today.

Some Muslims believe that individuals who view Christ as a magical deity may not be fit for leadership roles. Additionally, they may believe this belief system could contribute to a decline in morality and the ability to make sound judgments. However, it's important to note that not all Muslims necessarily share these views, and opinions can vary greatly within the community.

Strangely enough, Muslims believe that Jesus called 'Isa in Arabic, was the son of Mary and was conceived without the intervention of a human father. The Qur'an describes an angel appearing to Mary to announce the "gift of a holy son" (19:19).  However, it is after this one factor that the two religions go separate ways.  The Muslim faith views Christ as a great MAN, as a prophet.  Whereas many Christians believe Christ to be far more than a mere man. 

Decaying Morals on Both Sides

There are decaying morals in both the Middle East and the West. Iraq continues to deal with illegal drugs being shipped in and out of the country, while the United States is dealing with a significant hike in violence, much of which is due to the consumption of illegal drugs and mental illness. 

There appears to be a worldwide, organized effort to provide drugs to inhabitants in certain parts of Europe and the United States. 

Number of Christians in the World

Prayer is the common denominator for both of the religions. Almost one-third of the global population is Christian, with Roman Catholicism taking up the majority, about 1.3 billion. Protestantism, Evangelicalism, Orthodoxy, Anglicanism, and more subgroups are included in that percentage. 

Number of Muslims in the World

People who practice Islam, the second-largest religion in the world after Christianity, are known as Muslims. Close to two billion individuals around the globe adhere to this faith, which is based upon the teachings of its founder Prophet Muhammad.

Summary

In summary, prayer is the common denominator for Muslim and Christian religions.

BRICS Countries Buying Gold - Now May Be a Good Time for You to Invest in Gold

As a sign of their growing economic and geopolitical power, BRICS countries have started to challenge the dominance of the U.S. dollar by turning to gold as an alternative reserve currency. Rockefeller International chairman Ruchir Sharma warned that this could be a precursor to a much bigger global shift away from the U.S. dollar, calling it "central bank revolt against the dollar." He added that now gold is seen as a much safer haven than the dollar ever was, marking a huge change in how investors view these two assets.

The shift to gold has been dramatic, driven by the U.S. and its allies wielding sanctions as a weapon. Gold prices have skyrocketed 20% in a mere six months, with an unprecedented surge of demand from central banks seeking refuge from the Dollar's destruction.

This buying spree has propelled gold nearly to record levels, far exceeding projections based on real interest rates—a sign that something else is afoot besides inflation and low-rates. Emerging economies such as China, Russia, India, and Turkey are leading the charge, stockpiling gold as they look to bypass the Dollar with their own currencies and bolster reserve holdings.

For all of the above reasons, you, TOO, may want to purchase gold.  It doesn't matter how much gold you can afford to purchase. What matters is that you take the first step and set up an account using a debit or credit card, starting with only $5 if that is all that you can afford.  Take possession of your gold as soon as possible. 

Vietnam Experiencing Huge Online Export Growth to $3.4 Billion Exchange Rate

Amazon Global Selling's 2022 report indicated that Vietnam’s cross-border retail revenue had grown to 80 trillion VND (3.4 billion USD) and is projected to reach 250 trillion VND within the next five years. Gijae Seong, the Head of Global Selling Vietnam for Amazon, pointed out that Vietnam has many advantages in regard to promoting exports through online platforms.

Last year, nearly 10 million Vietnamese items were featured on the e-commerce platform—a 35% increase from 2021.

Additionally, Access Partnership suggested that Vietnam’s export revenue through e-commerce could even reach close to 300 trillion VND by 2027 if domestic firms receive adequate help to advertise their services digitally.

At a recent workshop, Lai Viet Anh from the Ministry of Industry and Trade shared her thoughts on the potential of the industry. She highlighted that with an annual growth rate of over 20%, it was possible for Vietnam to become one of the countries with the fastest e-commerce growth in the world. Plus, in accordance with the Government's digital economic policy, multiple programs are being implemented which support small businesses in developing their international selling abilities and taking full advantage of global e-commerce features.

The Vietnam E-Business Index (EBI) 2023, conducted by Vecom, predicted that Vietnam’s e-commerce market is set to grow 25% this year. This progress will be driven by numerous factors, such as digital transformation, consumer trust, technical infrastructure, as well as incentives provided by the Vietnamese government.

VND/USD Exchange Rate at 23,700 on June 14, up 1 VND from the previous day.

Iraq and Egypt Sign Agreements Between the Central Bank of Iraq and Egypt to Facilitate Economic Growth

 

On Tuesday, Iraq and Egypt signed eleven agreements on the sidelines of the second session of their Joint Committee. These agreements included a memorandum of understanding between the Central Bank of Iraq and the Micro, Small, and Medium Development Agency in Egypt to facilitate economic growth. They also signed documents related to diplomatic training, administrative development, public service, civil services, and trade as it pertains to joining the World Trade Organization. In addition, both countries agreed to cooperate in labor, sports, and planning.

At a press conference with his Egyptian counterpart, Prime Minister Al-Sudani explained that these agreements act as a road map for developing relations between Iraq and Egypt in terms of opening new opportunities for economic and trade cooperation. The Egyptian Prime Minister shared an optimistic outlook that their relationship will flourish in the coming period. During his visit to Cairo, Prime Minister Al-Sudani also met with President Abdel Fattah El-Sisi to discuss ways they could strengthen bilateral partnership pertaining to security, trade, investment, and infrastructure.

Thirteen Countries Who Could Collapse in the Coming Months 2023

 

When a nation collapses, the value of its currency can take a substantial hit or become completely worthless. This occurs because the worth of money is contingent upon the stability and economic strength associated with the country's government.

The potential for hyperinflation, caused by an excessive amount of printed money to finance debt repayment or government spending, can result in a rapid decrease in purchasing power for citizens. In extreme cases, people will turn to bartering goods and services instead of using what was once their currency.

Political instability can also influence the value of a collapsed country's currency. If there is no central leadership or ruling body, investors may doubt the capacity of a said nation to meet its obligations or secure economic security; this then leads to a reduction in demand for such money, thus devaluing it.

In some cases, a nation that has experienced collapse may implement the usage of another country's currency. This process is known as dollarization or euroization, depending on which currency is chosen. By doing so, the country can bypass the hiccups associated with having its own devalued currency. Though this does come at the cost of relinquishing control over monetary policy and being restricted in terms of accessing foreign currency reserves.

The status of a collapsed country's currency usually depends on variables such as inflation, political instability, and the adoption of foreign currencies. But generally speaking, it ends up either heavily devaluated or even worthless.

Thirteen Countries That Could Collapse in Coming Years

1.   Argentina

2.   Ukraine

3.   Tunisia

4.   Ghana

5.   Egypt

6.   Kenya

7.   Ethiopia

8.   El Salvador

9.   Pakistan

10. Belarus

11. Ecuador

12. Nigeria

13. Zimbabwe

How Exchange Rates Affect Inflation Rates

High inflation, in many cases, can be attributed, in part, to fluctuations in the exchange rate. A weaker currency, for example, makes imported goods more expensive, driving up the cost of living for average citizens.

Conversely, a stronger currency can lead to lower inflation as the cost of imports decreases. Understanding the relationship between exchange rates and inflation is critical to developing effective strategies for managing the economy.

Babylon Yesterday, Iraq Today

The image is the Hanging Gardens of Babylon, One of the Seven Wonders of the Ancient World. 

To answer the question about the century-old conflict between the Kurds and Baghdad, keep reading.  To understand How Saddam's IQD was 3.24 to $1 USD, read this article.  The Iraqi Dinar Exchange Rate Prior to 2003

The city of evil was called Babylon.  People over 4000 years ago were practicing sorcerers and dark magic.

The city was shrouded in mystery and darkness, a place where evil lurked around every corner.  It was said that Babylon was home to some of the most powerful sorcerers and dark magicians who could summon demons and bend reality to their will.

As I delved deeper into the city's history, I began to uncover some disturbing truths.  The religions of the time were twisted and perverse, filled with blood sacrifices and heinous acts of violence.  The people of Babylon worshipped dark gods and goddesses, who demanded their followers to offer up human sacrifices in order to appease them.

But as I continued to research, I discovered that there was more to the story.  There were whispers of a secret cult, one that worshipped a deity so powerful and ancient that it had been forgotten by time.  This cult was said to possess incredible knowledge and power, and they wielded it with terrifying skill.

Regardless if this is true or not, for a long time, I have felt that the Iraqi people knew and understood a truth that the world had yet to learn.  You see, Babylon was located less than 60 miles outside of what is now Baghdad.

We can't help to believe that Bayblon may have had a profound effect on the development of Saddam's Iraq. 

However, Iraq has managed to do to Babylon what the Egyptians have done in Egypt.  And that is to cover up the ancient history, replacing it with the laws and rules of Islam. 

Iraq Signed Off on 2023 Budget 600,000 New Workers Added to the Budget

GREAT NEWS, EVERYONE! The Iraqi legislature has signed off on a gigantic 2023 budget of 198.9 trillion dinars ($153 billion). This record-breaking spending will be used for public wages, development projects, and reparations to infrastructure ruined by war and disregard.

The shortage is anticipated to reach 67.36 trillion Iraq dinars, which indicates it's more than twofold the last deficit in 2021, based on the data in the budget report as well as comments from lawmakers.

The oil price used in this budget is $70 per barrel, along with oil exports projected at 3.5 million barrels each day (bpd), including 400,000 bpd from the semi-autonomous Kurdistan region.

This budget states that the exchange rate for oil revenues denominated in U.S. dollars will be 1,300 dinars per dollar, effective through 2025. It is liable for an amendment if required, particularly regarding the oil cost factor, given Iraq’s acute reliance on oil revenue.

The most remarkable part is that half a million jobs will be created in addition to existing ones, including contractors, daily employees, and full-time staff.

Ahmed Tabaqchali, a visiting fellow from the London School of Economics Middle East Center, estimates that 600,000 new workers were taken on, which would take the total cost of public wages and pensions to beyond $58 billion (76 trln dinars).

"The longer these expenditures are kept up, the more exposed Iraq becomes," he said. "To keep funding government spending at current levels, oil prices will have to continually rise."

The International Monetary Fund noted in its May 31 report that Iraq needs a minimum of $96 bpd to break even; however, oil averaged $71.3 bpd across the month. They advise that a tighter fiscal policy is necessary to reduce reliance on petroleum revenue and safeguard essential social services.

Iraq's budget is usually passed late or not at all due to civil unrest and political disagreements. With one of the fastest-growing populations in the world, set to double between now and 2050, the nation faces high unemployment rates and frequent demonstrations due to grievances. 

This year's budget plans account for longstanding issues between Baghdad and Kurdistan by placing oil revenues into an Iraqi central bank-governed fund. Previously, Baghdad had no control over Kurdistan's used petroleum money as they independently shipped crude through Turkey regardless of Baghdad's protests.

In April, after Turkey blocked the crude oil exports that an international arbitration declared illegitimate, Kurdish authorities were obliged to enter negotiations with Baghdad. This resulted in a contract handed out by Iraq’s SOMO, granting them access to export petroleum produced from Kurdish-controlled fields. Even though Baghdad requested Turkey to resume the flows on May 11, this has not happened yet. (One US dollar equals 1 300 Iraqi dinars.)