Tishwash:  from Iraq’s News      here’s the of it 

An American bill to re-link the dollar to gold

Three members of the US Congress presented, today, Thursday, a financial bill, to re-peg the dollar with gold, which, according to them, would enable the Federal Reserve (US Central Bank) to restore stability to the dollar.

The bill is called the “Gold Standard Restoration Act,” and it was referred to the House Financial Services Committee, according to what was stated on the Congress website. All their gold holdings and gold transactions.”

According to its authors, the draft law aims to “facilitate the re-fixation of the dollar by linking it with a fixed weight of gold, as well as the possibility of recovering dollars in full, and also exchangeable for gold and at the new price.”

In 1971, former US President Richard Nixon “suspended gold support for the US monetary system, and this came as part of a series of economic measures at the time.

Nixon said at the time: “The measure is temporary, and he intends to resume direct conversion of the dollar after the reforms that were applied to the Bretton Woods system.” However, all these reform attempts proved unsuccessful.

By 1973 the Bretton Woods system was de facto replaced by a system of floating fiat currencies, which is still in place today.

Historians note that repealing the gold standard would free central bankers and federal officials from accountability when they expand the money supply, fund government deficits through trillion-dollar bond purchases, or otherwise manipulate the economy.  link


Reuters: China is planning an undersea Internet cable through the Middle East

China intends to build a submarine internet cable linking Asia, the Middle East and Europe to compete with a similar project supported by the United States. It will become one of the most advanced submarine cable networks in the world, according to a Reuters report, quoting “four informed sources.”

The agency stated in the report, which was followed by “NAS”, (April 7, 2023), that four informed sources told it that Chinese state-owned telecommunications companies are developing a $500 million undersea fiber optic Internet cable network that will connect Asia, the Middle East and Europe to compete with a similar project it supports. United State.

The plan is a sign that the intensification of the technology war between Beijing and Washington risks disrupting the Internet.

“The most advanced network in the world”

 The sources with direct knowledge of the plan said that China’s three major telecommunications companies, namely China Telecom, China Mobile Limited and China Unicom, are implementing one of the most advanced and long-distance submarine cable networks in the world.  

The sources, who asked not to be identified because they are not allowed to discuss potential trade secrets, added that the proposed cable, known as EMA (Europe, Middle East and Asia), would connect Hong Kong to China’s Hainan island province before heading to Singapore, Pakistan, Saudi Arabia and Egypt. and France.

The sources said the cable, which will cost about $500 million to complete, will be built and laid on the seabed by China HMN Technologies Ltd, a fast-growing cable company.

China Mobile, China Telecom, China Unicom, HMN Technologies or Heng Tong did not respond to requests for comment.

The Chinese Foreign Ministry said in a statement to Reuters that it “always encourages Chinese companies to make foreign investment and (open) cooperation,” without commenting directly on the cable project.

China competes with US plans  

News of the planned project follows a Reuters report last month that revealed how the US government, concerned about Beijing eavesdropping on Internet data, has thwarted a number of Chinese submarine cable projects abroad over the past four years.

Washington has also suspended licenses for private undersea cable projects that were to link the United States with Hong Kong, including projects led by Google, Meta Platforms and Amazon.

The Chinese-led EMA project aims to compete with another cable project currently being implemented by the US company Sapcom, and will also connect Singapore to France via Pakistan, Saudi Arabia, Egypt and six other countries. It is called (CMW-6), meaning (Southeast Asia, the Middle East, and Western Europe-6).

American silence  

Sapcom declined to comment on the competing cable project. The Justice Department, which oversees an interagency task force to protect US communications networks from espionage and cyberattacks, declined to comment on the project.

A State Department spokesperson said the United States supports a free, open and secure Internet. He added that countries should prioritize security and privacy by “completely excluding untrusted companies” from wireless networks, terrestrial and submarine cables, satellites, cloud services and data centers, but he did not mention HMN Technologies or China.

The State Department did not respond to questions about whether it would launch a campaign to persuade foreign telecom companies not to participate in the EMA project.

China’s foreign ministry said in its statement that it opposes “the United States’ violation of well-established international rules” on cooperation in the field of submarine cables. “The United States should stop making up and spreading rumors about its so-called ‘data monitoring activities’ and stop defaming and defaming Chinese companies,” it said in the statement.    link


Cougar: Approving the budget after the holiday and its delay will affect investment

A member of the Parliamentary Finance Committee expected the approval of the draft financial budget law until after Eid Al-Fitr.

ougar told {Euphrates News} agency: “Until now, it is not known how long the budget will need for approval, but we expect that it will need between 20 days to a month.”

He added, “The preparation and legislation of the budget took the first half of the current year, so it does not lose its importance because this period from the operational side was spent on the basis of the State Administration Law 1/12.”

Cougar pointed out, “Only the investment side was affected, and this can be compensated by withdrawing its amounts.”

The House of Representatives had finished at dawn on Wednesday the first reading of the draft federal budget law for the Republic of Iraq for the fiscal years 1023, 2024 and 2025, and it is likely that it will proceed with the second reading in the coming days.

The government praised “the national and responsible position of the House of Representatives by completing the first reading of the draft general budget for the years 2023, 2024, and 2025.”

Government spokesman Basem Al-Awadi said in a statement, “This interaction clearly indicates a spirit of high understanding by the people’s representatives of the responsibility entrusted to them and their good appreciation for the conditions our country is going through and its urgent need to speed up the ratification of the budget, to take its way to implementation and enable the government to meet the needs.” essential for citizens.   link

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