TNT – More News, Rumors and Opinions Wednesday PM 10-11-2023

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TNT:

Harambe:  Zimbabwe Introduces New Digital Currency – allAfrica.com (10/10/23)

Zimbabwe launched a new gold-backed digital currency in an effort to halt re-dollarization, which the administration of President Emmerson Mnangagwa worries could destroy the country’s already .

 The digital tokens, also known as Zimbabwe Gold (ZiG), which are primarily measured in milligrams, can be used for transactions by both private individuals and businesses, according to the nation’s C. In addition to being priced in U.S. dollars and local currency, they can be purchased via banks in ZiG, while bank customers can make purchases with ZiG accounts through POS (point-of-sale) systems or online payments.

 Zimbabwe introduced  in July 2022 to be used in peer-to-peer and peer-to-business transactions, as well as serve as a store of value as the local currency continued to depreciate against major currencies.

Physical gold coin owners can swap or convert their coins into digital tokens that are backed by gold through the banking system.

 After a decade of dollarization that followed record-breaking hyperinflation under former leader Robert Mugabe, Zimbabwe reinstated its own currency in 2019. The Zimbabwean dollar, however, rapidly  against foreign currencies. This week it was trading at a rate of ZWL$5,252 to $1, and on the black market, one dollar can now be bought for ZWL$10,000.

To defend the  at the height of the Covid-19 pandemic, the government instituted a multi-currency system. Today, authorities estimate that US dollars account for 80% of economic transactions.

Zimbabwe’s top export product is gold. The nation produced 35.2 metric tonnes last year and in 2023, according to the administration, it aims to produce 40 metric tonnes in an effort to boost mining sector income and revive the flagging economy. The majority of the the country’s gold, according to watchdogs, is sold through . A documentary by Al Jazeera  how members of the southern African country’s political elite smuggled the gold to refineries in Dubai.

The Reserve Bank of Zimbabwe denied having any connections to the smugglers after  that the smugglers used the Central Bank to launder money through its gold buying activities.

Soaring inflation is piling pressure on President Emmerson Mnangagwa in a country that still remembers the economic chaos under Mugabe’s almost four decades of rule. Hyperinflation forced the country to abandon the Zimbabwe dollar in 2009, and it opted instead to use foreign currencies, mainly the U.S. dollar.

https://allafrica.com/stories/202310100479.html

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CandyKissesS:  PM confirms Iraq’s readiness to join BRICS

Follow-up – conscious

Prime Minister Mohammed Shia al-Sudani on Wednesday confirmed Iraq’s readiness to join the BRICS group.

The Prime Minister said in a statement to RT during a dialogue session with representatives of the Iraqi community in Russia, and was followed by the Iraqi News Agency (conscious): “Iraq is ready to join the BRICS group if it receives an invitation from the founding countries,” noting that “Iraq understands the role played by the group and understands the conditions and specifications of joining it.”

On the Palestinian issue, the Prime Minister expressed his gratitude for “the principled position of Russia on the Palestinian issue,” noting that he “discussed this file with President Putin in depth and out of concern for the lives of civilians.”

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Courtesy of Dinar Guru   https://www.dinarguru.com/

Nader From The Mid East  You always come back to my words, to my sentence, [Guru] Piimpy just came back my sentence when I said only, ‘only the US can RV Iraq.’  It’s only the U.S.  I’ve been telling you for year…the RV is in the hands of U.S.  If U.S. tomorrow give green light to Iraq, Iraq will do whatever they wants.  Iraq will be the richest country in the world with all the oil they got.  They got more oil than Saudis…Venezuela  …Russia, more than anybody else.  They’ll be rich as hell.  You see it.

Frank26  [Iraq boots-on-the-ground report]  FIREFLY:  Sudani said the banks that did not have our money that we deposited have basically been using that money on the black market to make money with a high exchange rate and this will stop.  They better come up with the month to pay our deposited money back or actions will be taken by the CBI toward these banks.  He spoke to high end corruption and how this too will end.  FRANK:  I knew Sudani had everything under control but this is a little surprising to me.  It is very good news. 

Thank god they back to work at CBI and making decisions

Nader:  10-11-2023

Crisis Mode Begins As Hundreds Of Banks Face BILLIONS In Losses From Deposit Outflows

Atlantis Report:  10-11-2023

So far, banks have lost $870 billion dollars since the Federal reset started raising interest rates. Several banks have gone under, including First Republic, Silicon Valley, and Signature Bank, thanks to these reverberating losses sweeping the financial sector.

 FDIC data shows that this year alone, there have been more bank failures than in the last three years. It appears that the situation is indeed dire, and there’s no need to be falsely optimistic or ignore the apparent catastrophe that’s looming on the horizon.

As of March 2023, J.P. Morgan reported that the most vulnerable US banks had lost $1 trillion in deposits in a year. This report came barely a month after regulators were forced to close down Silicon Valley and Signature Bank, bank failures regarded as the second and largest failures in the history of U.S. Banking.

As soon as the banks’ closing was announced, a massive bank run began with customers running to withdraw their funds and place them in bigger and perceived stronger and safer banks.

 Bank runs have continued to be a phenomenon as consumers are catching wind of the crisis looming in the banking industry.

These moves are often from the mid and small-size banks to the bigger banks. The problem with this is that these seemingly small banks play a disproportionately large role in US bank lending.