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Iraq Bans US Dollar Transactions As Federal Reserve Admits US Debt Unsustainable Reader 02/05/2024 (Mon) 19:43 Id: f41e57 [Preview] No. 22058
Iraq Bans US Dollar Transactions As Federal Reserve Admits US Debt Unsustainable

The United States is on an “unsustainable” path with regard to its national debt and it is time to address the issue, Jerome Powell said in an interview aired Sunday.

The US national debt currently stands at more than $34 trillion, according to the US Treasury.

“In the long run, the US is on an unsustainable fiscal path. The US federal government’s on an unsustainable fiscal path. And that just means that the debt is growing faster than the economy,” Powell told CBS’ “60 Minutes” news program.

“It’s probably time, or past time, to get back to an adult conversation among elected officials about getting the federal government back on a sustainable fiscal path,” he said in the interview, which was recorded on Thursday.


The Central Bank of Iraq (CBI) banned eight local banks from making US dollar transactions on 4 February, in an attempt to avoid sanctions and US financial restrictions.

A CBI document lists the banned banks as Ahsur International Bank for Investment, Investment Bank of Iraq, Union Bank of Iraq, Kurdistan International Islamic Bank for Investment and Development, Al-Huda Bank, Al-Janoob Islamic Bank for Investment and Finance, Arabia Islamic Bank, and Hammurabi Commercial Bank.

"We commend the continued steps taken by the Central Bank of Iraq to protect the Iraqi financial system from abuse, which has led to legitimate Iraqi banks achieving international connectivity through correspondent banking relationships,” a US Treasury Department spokesman said on Sunday.

The Finance Committee in the Iraqi parliament made a statement on 31 January calling for the sale of oil in currencies other than the US dollar, aiming to counter US sanctions on the Iraqi banking system.


Reader 02/06/2024 (Tue) 07:55 Id: 77af47 [Preview] No.22059 del
The only way to stabilize the U.S. economy now is to burn the old money, erase credit and start over with new notes. Or you know - collapse like the Greek and Roman empires.

Reader 02/06/2024 (Tue) 14:24 Id: 850c85 [Preview] No.22062 del
We would need to have a debt default and then drastically cut back governmental and military spending. Many institutions, corporations and banks would have to file bankruptcy due to systemic insolvency which could bog down the bankruptcy courts for many years. Perhaps, in many cases, complete debt jubilee when necessary to mitigate the amount of civilian riots/murder/suicides that would take place if enough people were to risk losing everything. Could you imagine 100,000,000+ angry disgruntled armed Americans risking losing everything, getting kicked out of their own homes? That's a recipe for full blown armed rebellion. On top of that, hoards of pissed off illegals who came here for some better life then getting ass screwed by the same corrupted system they trusted? It would be chaos. We would need to either adopt to the next global reserve currency (possibly joining BRICS), or start another currency hopefully backed by something of value that Americans could trust (oil, coal, silver, gold, and/or some other physical commodity used in industrial capacity). We won't have enough energy security to go to digital currency, let alone waste life-essential energy from electric cars off the dying bankrupted power grid lol. Lifestyles would change drastically, think about going back to the old days having to keep food cooled using ice boxes. Energy would be rationed for some time after an economic collapse (even if all the chaos was mitigated properly). Americans would, hopefully, learn we cannot just create endless debt to solve every problem and in fact it ends up creating more problems later on. Hopefully the binding resolution would be to go back to limited government and sound monetary policy like they told us to do in the US Constitution, and that would including abolishing the income tax which was considered unconstitutional.

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