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Iraqi News Highlights and Points to Ponder Monday Evening 1-29-24

Imminent Economic Collapse!

Economical  Yasser Al-Metwally    Will The World Witness An Imminent Economic Collapse?

Global events and tensions in most countries herald a possible economic collapse. This prediction is agreed upon by most economists around the world.

Perhaps the global war scenario that was defused at the end of last year was the result of China’s rational reduction in its dealings with the Taiwan problem, and it was able in the last moments to overcome it at a time when indicators, indications, and experts’ expectations confirmed it, and the Ukrainian-Russian war was one of its most prominent causes.

Now, Israel is reproducing it and it seems that it is leading the world to something of undesirable consequence, burning the dry and green.

The war of annihilation led by Israel and its continuing insistence and brutal and sinful aggression against Gaza and the already stolen Palestinian territories has cast its shadow over the Middle East region, as it opened all fronts wide as a result of its brutal, aggressive behavior and led to the ignition of the entire region, adding to the tensions and events on the other side of the world.

I will focus my article on the potential economic effects that may cause the expected collapse if events continue at this pace.

The events affecting global trade routes and their important corridors, especially in the Red Sea, Bab al-Mandab, and the Suez Canal, will have a significant impact on restricting supply chains. This picture brings us back to the events and effects of Corona in disrupting global trade, but the effects of these events will be many times greater than what resulted from them at the time.

These events portend a possible economic recession that will cause painful economic impacts for both supplying and importing countries alike.

It is true that the effects will be distributed differently from one country to another according to their ability to withstand, but most of those affected by this phenomenon are poor and developing countries, and those most affected are their people without a doubt.

Perhaps the reluctance of many transport and maritime shipping companies and stopping their activity until an indefinite notice will inevitably cause a shortage of food and medicine, as well as most goods and services related to the sustainability of life. Perhaps one of the effects of the potential contraction is the loss of thousands of job opportunities among the countries of supply as well as import, and here this phenomenon will form. The biggest indicator of the possibility of the expected economic collapse.

What effects will it have on the Iraqi economy?

At a time when Iraq seeks to achieve economic advancement and emerge from economic dependency, the results of these accelerating events will cast a shadow on the Iraqi economy.

This is because the interruption of supply chains and the cessation of transport companies means a decline in oil exports and a decline in its production. Since Iraq’s budgets are a single source of funding, you can imagine the size of the problem that Iraq will face. Here I am not talking about oil prices, but rather the decline in its oil exports and the global price increases it will cause, especially food and medicine.

In addition to the above, Iraq depends on importing approximately 80 percent of its needs for agricultural commodities

Due to the absence of productive sectors in this aspect.

From this, we conclude that the effects that the global economic collapse will have are dire. Therefore, we repeat our calls for the importance of adopting a protectionist approach to provide for the country’s needs by revitalizing the productive sectors and focusing on the agricultural sector to mitigate the effects of the crisis.

The US Treasury Imposes Sanctions On A New Iraqi Bank And Includes It On Its List – Urgent

Baghdad today –    The US Treasury adds Al-Huda Bank of Iraq to the sanctions list   LINK

The US Treasury Imposes Sanctions On A New Iraqi Bank And Includes It On Its List – Urgent Empty The US Treasury Includes An Iraqi Bank On The Sanctions List

The US Treasury includes an Iraqi bank on the sanctions list

2024-01-29 10:17  Shafaq News/ On Monday, the US Treasury Department included the Iraqi Al-Huda Bank on the sanctions list, as a source of major concern regarding money laundering because it “acts as a channel for financing terrorism by Iran.”

A US Treasury statement, viewed by Shafaq News Agency, said, “Al-Huda Bank, an Iraqi bank that acts as a channel for financing terrorism, as a foreign financial institution raises a major concern about money laundering,” noting that “the Financial Crimes Enforcement Network (FinCEN) proposed a rule… It would separate the bank from the US financial system by prohibiting local financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al Huda Bank, in addition to imposing sanctions on the bank’s owner by the Office of Foreign Assets Control (OFAC).

According to Treasury, Al-Huda Bank, and its foreign sponsors, including Iran and its proxy groups, are diverting funds that could support the legitimate businesses and economic aspirations of the Iraqi people, and these bad actors are fueling violence that threatens the stability of Iraq and the lives of American and Iraqi citizens alike.

According to the US Treasury statement, Al-Huda Bank has for years exploited its access to US dollars to support designated foreign terrorist organizations including the Iranian Revolutionary Guard, as well as Iraqi militia groups allied with Iran including Kataib Hezbollah and Asaib Ahl al-Haq.

The statement indicated, “The Chairman of the Board of Directors of Al-Huda Bank is complicit in Al-Huda Bank’s illicit financial activities, including money laundering through front companies that hide the true nature of the parties involved in the illicit transactions, which ultimately enables the financing of terrorism.”   LINK

Including Baghdad Today.. Erbil Addresses The Federal Government And Seeks Help From Four Sources: Do You Have A List?

Politics |Today  Baghdad today – Erbil   The official spokesman for the Kurdistan Regional Government, Peshwa Hawramani, said today, Monday (January 29, 2024), that since the outbreak of problems over the salaries of Kurdistan Regional employees, there are new issues being placed before the Regional Government as a condition for sending the people’s salaries and rights, while we presented everything clearly to the government. Federal!

Hawramani said in a statement received by “Baghdad Today”: “We wonder: “Does someone have a list of the militias attacking the Kurdistan region? But the question that comes to mind here is: Is this kind of transparency and clarity, which they want from us, available on their part?”

He continued, “In a simple search of four news sites from a number of reliable media sources:

Al Jazeera: 20% of Iraq’s salaries go to paid fake employees, meaning about 10 billion dollars annually, which is more than the salaries of all salaries in the Kurdistan Region.

Al-Hurra: $300 billion in Iraq for fake projects and salaries

Baghdad Today: On the list of Iraqi retirees, there are 22,000 fake employees whose total salaries are 800 billion dinars, from the state treasury.

BBC: In 2014, the Iraqi government admitted that 50,000 fake Iraqi soldiers were receiving their salaries from the Iraqi treasury.

The official spokesman for the Kurdistan Regional Government pointed out, “If the matter is related to corruption, the salaries of employees in all Iraqi governorates must be suspended.”  LINK

Iraqi Stock Exchanges Open Their Trading With Lower Exchange Rates.. This Is The List

Money  and business  Economy News – Baghdad  Al-Iqtisad News publishes the dollar exchange rates in Iraqi markets during Monday’s trading.

The exchange rates on the Al-Kifah Stock Exchange in the capital, Baghdad, reached 151,500 dinars for every 100 dollars.

The Basra Governorate Stock Exchange recorded a slight increase, as exchange rates reached 151,700 per 100 dollars. As for Sulaymaniyah Governorate, the exchange rates reached 151,650 per 100 dollars.

Views 32  Added 01/29/2024 – 11:47 AM


Compiled By Kevin Kruse   Top 100 Inspirational Quotes

Inspirational quotes and motivational quotes have the power to get us through a bad week, and can even  give us the courage to pursue our life’s dreams.

In my book, 4 Keys to Happiness and Fulfillment at Work, By Kevin Kruse, I share surprising research into the true triggers of workplace motivation.

So in the spirit of self motivation, here are 100 inspirational quotes.

  1. If you’re offered a seat on a rocket ship, don’t ask what seat! Just get on. – Sheryl Sandberg
  2. First, have a definite, clear practical ideal; a goal, an objective. Second, have the necessary means to achieve your ends; wisdom, money, materials, and methods. Third, adjust all your means to that end. –Aristotle
  3. If the wind will not serve, take to the oars. – Latin Proverb
  4. You can’t fall if you don’t climb.  But there’s no joy in living your whole life on the ground. – Unknown
  5. We must believe that we are gifted for something, and that this thing, at whatever cost, must be attained. – Marie Curie
  6. Too many of us are not living our dreams because we are living our fears. –Les Brown