I know I’m hard on the “daily call” gurus but there’s plenty of finger shaking to go around, so today, the negative Nellies.
11-8-2024 Kaperoni A country’s exchange rate is not a random act. An exchange rate is a reaction to a country’s economic growth, inflationary pressure. Until Iraq passes laws, diversifies their economy, creates economic success there will be no change in the value of the dinar. Seriously man, have you not been paying attention to the progress Iraq has made. The economy has been booming the last few years, they have diversified the economy enough to reduce the dependency on oil by nearly 10%, and are working on laws like the HCL and the economic reform to change the economy dramatically. Wake up, and stop bellyaching about nothing ever happening.
Of course, there’s always the old standbys…
11-8-2024 MarkZ Comment: This is a 3 day weekend for Veterans day. MarkZ: There is a lot of anticipation for this weekend. This guy, he’d think that the extra hour from daylight savings would trigger an extended weekend. So, he called it, you know what that means. Won’t happen this weekend.
11-8-2024 Bruce …what we’re being told is we can get notifications over the weekend, but the exchanges that we make for our currencies…would start on Tuesday…the 12th of November, so still a few days away. Confirmation, won’t happen going into next week. One said it, the other confirmed it.
11-8-2024 Clare Article: “Iraq increases its gold holdings and ranks third in the Arab world” Quote: “Iraq increased its gold holdings to 152.6 tons, after it had held 152.5 tons, which represents 11.5% of its remaining reserves.” Anytime you see increases in gold holdings, it’s a very good thing. This continues to build backing for the value of their currency. How much is enough? Guess we’ll find that out when something happens.
11-8-2024 MarkZ Isn’t that interesting… Sudani was overheard saying they planned to have the revaluation completed, everything done by Victory Day…Which is December 10th… This is from a number of folks in parliamentary finance who heard the comment. This means they have to go soon if it’s to be “completed by Dec. 10th. I mean, who exactly heard this? Oh you mean the janitor heard it while picking up trash off the parliament floor and told a document runner, who told a secretary, who told her boyfriend, who told his brother, who told his dad, who told his friend, who you’re friends with on Facebook. If ALL these people heard it, it would have already been in place. If only a small number of people know the timing for this event, do you really think he’s just casually mentioning this in conversation around the meeting room? Seriously, think. This almost makes me want to call it off til December now, just because you said this.
Honestly, there is good news with the gold, and suspected laws to be voted on in the next month. This along with the planned WTO meeting after the first of the year could have trigger more good news along the way. An unrestricted currency is what we seek, after that, where the value can go. But until some things happen that will show the changes have been implemented, we still await news that real change has taken place.
This just in: Had a question posed to me that asked, “what, if any effect do you think the election will play in this?” Look, I’m not going to pretend that the U.S. doesn’t have a heavy hand in all this, and I believe that Trump thought he’d have four more years at the last election. I also believe he will be far more concerned this term with his legacy. How that affects us, I just don’t know. I do know that having full control of both houses will give him some control, so let’s see what happens. I do believe that you’ll see some major changes in economic reform after the first of the year. Nothing would seal his legacy like the bounce back the economy would benefit from like this. Our money in the banks would allow unprecedented opportunities for lending and small business growth triggering not only economic upturns and unemployment decreases, but real estate and stock returns. I do believe President Trump mentioned a “golden age” of America is coming during his next four years. Let’s hope he can deliver that with whatever he has at his means.
BWM