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Reset Intelligence: Bessent Opens Ripple's Conference.
By Reset Intelligence | @EXIT_FIAT
On Tuesday US Treasury Secretary Scott Bessent opened Ripple's Swell conference in Manhattan, the day after Washington chartered Ripple's own national trust bank. He told the room where he thinks the dollar's strength now comes from: "We will keep our military umbrella, but I think more and more it's becoming a technology umbrella."
In the same room sat the firms that hold, clear and settle much of the world's money: CME Group, BNY, State Street and Barclays.
The tell
On Monday the Sinjar Resistance Units, a Yazidi armed group with ties to the PKK, agreed to give up their light, medium and heavy weapons and put their fighters under federal command. Baghdad and Ankara agreed on September 23 to end the presence of outlawed armed groups in Sinjar. Monday is that agreement carried out.
What moved this week
Baghdad's street - opened and closed Tuesday at 168,000 IQD for $100, against the bank's 152,000.
Cash - the Central Bank's spokesman says reserves are back near $80 billion. The cash still arrives by plane, about $500 million a load, and further shipments depend on security.
Spy chief - an order from the Prime Minister's office ended Hamid al-Shatri's tenure as head of Iraq's intelligence service, with no reason given and no successor named.
Maysan - a Baghdad court issued an arrest warrant for the provincial council chairman after he threatened civil disobedience over the closed Al-Sheeb crossing. His office says he was released on Tuesday after appearing before the court.
Election hack - a week before the US midterm vote, the Federal Election Commission shut its web-facing services after someone tried to breach its systems.
The question
The US Treasury Secretary names technology as the dollar's next protection in the same week Iraq's armed holdouts start handing in their weapons, while Iraq's dollars still come in on planes. What system are those dollars moving to, and what does it mean for the IQD you hold?
That is the short version. How the dollar's old protection worked, and why Iraq's dollars still travel under it - that is the daily read.
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