Forwarded from TraderGirIQ Channel
🚨BIG MOVE: European banks are going after ETF FEES dominated by BlackRock and Vanguard.
UniCredit, Commerzbank, Santander and ING are launching their OWN ETFs as Europe’s ETF market grows to around $4 TRILLION, per FT.
Banks already have the customers.
Now they want to sell them their own investment products too.
That means more ETF fees stay with the banks instead of flowing to outside asset managers.
Germany’s pension reforms could also bring another €40 BILLION a year into funds.
The battle for Europe’s ETF market is getting BIGGER.
UniCredit, Commerzbank, Santander and ING are launching their OWN ETFs as Europe’s ETF market grows to around $4 TRILLION, per FT.
Banks already have the customers.
Now they want to sell them their own investment products too.
That means more ETF fees stay with the banks instead of flowing to outside asset managers.
Germany’s pension reforms could also bring another €40 BILLION a year into funds.
The battle for Europe’s ETF market is getting BIGGER.
Forwarded from RVhighlights
👆
Please Understand This One Basic Principle:
Every line item in the 2027 Budget Law is denominated in Iraqi dinars. Every primary revenue stream that funds it SOMO crude sales, transit fees, customs arrives in US dollars.
The exchange rate is the conversion constant baked into the arithmetic of the entire law. Salaries for seven million-plus public employees, pension obligations, the Kurdistan regional share, provincial transfer formulas, sovereign debt service on the external obligations, reconstruction tranches all of it is IQD math running on a USD intake assumption at a fixed peg.
You cannot pass that law at the old rate and then move the rate after passage. You would detonate the entire fiscal framework retroactively.
Move the rate upward post-enactment and the dinar-denominated expenditure side inflates against the actual purchasing value of the incoming dollars instant structural overcommitment in some lines, unallocated surplus in others, and the Finance Committee gets to explain why a law they voted on no longer means what it said.
Move it downward post-enactment and you gut the salary lines and the development budget overnight. Either direction, you trigger emergency amendment legislation, which Iraq does not have the calendar time to process before January 1.
So the rate must embed in the draft itself, before October 15th, or the 2027 framework is built on sand.
Ariel
Please Understand This One Basic Principle:
Every line item in the 2027 Budget Law is denominated in Iraqi dinars. Every primary revenue stream that funds it SOMO crude sales, transit fees, customs arrives in US dollars.
The exchange rate is the conversion constant baked into the arithmetic of the entire law. Salaries for seven million-plus public employees, pension obligations, the Kurdistan regional share, provincial transfer formulas, sovereign debt service on the external obligations, reconstruction tranches all of it is IQD math running on a USD intake assumption at a fixed peg.
You cannot pass that law at the old rate and then move the rate after passage. You would detonate the entire fiscal framework retroactively.
Move the rate upward post-enactment and the dinar-denominated expenditure side inflates against the actual purchasing value of the incoming dollars instant structural overcommitment in some lines, unallocated surplus in others, and the Finance Committee gets to explain why a law they voted on no longer means what it said.
Move it downward post-enactment and you gut the salary lines and the development budget overnight. Either direction, you trigger emergency amendment legislation, which Iraq does not have the calendar time to process before January 1.
So the rate must embed in the draft itself, before October 15th, or the 2027 framework is built on sand.
Ariel
Forwarded from RVhighlights
👆
Please Understand This One Basic Principle:
Every line item in the 2027 Budget Law is denominated in Iraqi dinars. Every primary revenue stream that funds it SOMO crude sales, transit fees, customs arrives in US dollars.
The exchange rate is the conversion constant baked into the arithmetic of the entire law. Salaries for seven million-plus public employees, pension obligations, the Kurdistan regional share, provincial transfer formulas, sovereign debt service on the external obligations, reconstruction tranches all of it is IQD math running on a USD intake assumption at a fixed peg.
You cannot pass that law at the old rate and then move the rate after passage. You would detonate the entire fiscal framework retroactively.
Move the rate upward post-enactment and the dinar-denominated expenditure side inflates against the actual purchasing value of the incoming dollars instant structural overcommitment in some lines, unallocated surplus in others, and the Finance Committee gets to explain why a law they voted on no longer means what it said.
Move it downward post-enactment and you gut the salary lines and the development budget overnight. Either direction, you trigger emergency amendment legislation, which Iraq does not have the calendar time to process before January 1.
So the rate must embed in the draft itself, before October 15th, or the 2027 framework is built on sand.
Ariel
Please Understand This One Basic Principle:
Every line item in the 2027 Budget Law is denominated in Iraqi dinars. Every primary revenue stream that funds it SOMO crude sales, transit fees, customs arrives in US dollars.
The exchange rate is the conversion constant baked into the arithmetic of the entire law. Salaries for seven million-plus public employees, pension obligations, the Kurdistan regional share, provincial transfer formulas, sovereign debt service on the external obligations, reconstruction tranches all of it is IQD math running on a USD intake assumption at a fixed peg.
You cannot pass that law at the old rate and then move the rate after passage. You would detonate the entire fiscal framework retroactively.
Move the rate upward post-enactment and the dinar-denominated expenditure side inflates against the actual purchasing value of the incoming dollars instant structural overcommitment in some lines, unallocated surplus in others, and the Finance Committee gets to explain why a law they voted on no longer means what it said.
Move it downward post-enactment and you gut the salary lines and the development budget overnight. Either direction, you trigger emergency amendment legislation, which Iraq does not have the calendar time to process before January 1.
So the rate must embed in the draft itself, before October 15th, or the 2027 framework is built on sand.
Ariel
Forwarded from Sergeant News Network 🇺🇸
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BREAKING: Sec. Marco Rubio has officially revoked over 250,000 VISAS since President Trump took office in 2025 — Fox
Included in the pool of foreigners revoked include fraudsters, criminals, security threats and BIRTH TOURISM scams
🇺🇸Join👉 @SGTnewsNetwork
📎 X (Twitter)▪️Truth Social
Included in the pool of foreigners revoked include fraudsters, criminals, security threats and BIRTH TOURISM scams
🇺🇸Join👉 @SGTnewsNetwork
📎 X (Twitter)▪️Truth Social
Forwarded from Sergeant News Network 🇺🇸
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WOW! An immigration judge just gave the GREEN LIGHT for the Trump admin to DEPORT the leader of Wisconsin's largest mosque, Salah Sarsour — who is pro-Islamist and Palestine
🇺🇸Join👉 @SGTnewsNetwork
📎 X (Twitter)▪️Truth Social
🇺🇸Join👉 @SGTnewsNetwork
📎 X (Twitter)▪️Truth Social
Forwarded from Pepe Deluxe (Pepe Deluxe)
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🚨 BREAKING: In a MAJOR mask-off moment, Senate Democrats just REJECTED legislation that would've required photo voter ID and banned stock trading for members of Congress, 53-47
100% OF DEMOCRATS VOTED "NAY"
LET THAT SINK IN. Democrats just voted for VOTER FRAUD and INSIDER TRADING 🤯
Same bill passed the House. In the Senate, it needed 60 votes to advance — but couldn't get there because of Dems
These people do not want what's best for America. VOTE RED IN NOVEMBER 🇺🇸
https://x.com/EricLDaugh/status/2105339965961908682
100% OF DEMOCRATS VOTED "NAY"
LET THAT SINK IN. Democrats just voted for VOTER FRAUD and INSIDER TRADING 🤯
Same bill passed the House. In the Senate, it needed 60 votes to advance — but couldn't get there because of Dems
These people do not want what's best for America. VOTE RED IN NOVEMBER 🇺🇸
https://x.com/EricLDaugh/status/2105339965961908682
Forwarded from Insider Paper
BREAKING: Flydubai ‘terrorist’ wanted to crash plane, kill Israelis, Israel's security minister says
READ: https://t.co/HJKxiE3lWI
READ: https://t.co/HJKxiE3lWI
Forwarded from 🎶 W.H.Grampa🎸
Donald J. Trump Unites States ....
There are those that believe Trump mistakes are typos ... and then there are anons who know the comms ....
W.H.G.
There are those that believe Trump mistakes are typos ... and then there are anons who know the comms ....
W.H.G.
Forwarded from BRICS News
JUST IN: 🇩🇪🇷🇺 German Chancellor Merz says Germany is preparing for major hybrid attacks by Russia.
@BRICSNews
@BRICSNews
Forwarded from BRICS News
JUST IN: 🇷🇺 Russian President Putin says Russia does not plan to attack any European countries.
"Not in 2030, not in 2050."
@BRICSNews
"Not in 2030, not in 2050."
@BRICSNews
Forwarded from Pepe Deluxe (Pepe Deluxe)
Five out, two in....
For every five tradesmen walking out the door into retirement, only two walk in to replace them
That’s not a hiring challenge. That’s a slow-motion national emergency and Rowe cuts right through all the BS
those future workers are currently in the eighth grade. Not in some DEI internship. Not writing poetry about their feelings. Sitting in classrooms that still treat the trades like a consolation prize for the “not college material” kids
This isn’t complicated. Stop lying to kids. Stop pretending a four-year degree is the only path to dignity
Put the tools back in the schools
I remember welding and bricklaying classes were in highschool.....but that was the 80s
For every five tradesmen walking out the door into retirement, only two walk in to replace them
That’s not a hiring challenge. That’s a slow-motion national emergency and Rowe cuts right through all the BS
those future workers are currently in the eighth grade. Not in some DEI internship. Not writing poetry about their feelings. Sitting in classrooms that still treat the trades like a consolation prize for the “not college material” kids
This isn’t complicated. Stop lying to kids. Stop pretending a four-year degree is the only path to dignity
Put the tools back in the schools
I remember welding and bricklaying classes were in highschool.....but that was the 80s
Forwarded from Sergeant News Network 🇺🇸
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BOOM! The Trump administration is now probing Rochester General Hospital NY for possible H-1B and J-1 VISA ABUSE — hiring MASS FOREIGNERS and BARELY any Americans at all
Labor IG D'Esposito: "Show us the numbers. How many residency slots went to H‑1B and J‑1 visa holders? How many American applicants got a fair shot?"
🇺🇸Join👉 @SGTnewsNetwork
📎 X (Twitter)▪️Truth Social
Labor IG D'Esposito: "Show us the numbers. How many residency slots went to H‑1B and J‑1 visa holders? How many American applicants got a fair shot?"
🇺🇸Join👉 @SGTnewsNetwork
📎 X (Twitter)▪️Truth Social
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