Seeds of Wisdom RV and Economics Updates Thursday Afternoon 7-11-24

Good Afternoon Dinar Recaps,

BIOMETRIC PASSPORTS BY GOOGLE

"Google Wallet is rolling out support for American biometric passports. Users scan their passport with Google Wallet to add it as an ID pass, and can then perform identity verification by connecting their phone to an NFC scanner or scanning a QR code generated by the ID pass. They are still recommended to carry a physical copy of their passport, however."

"Google Wallet also added support for 29 more banks to its payment feature in June, and is up to 170 added this year alone, indicating the focus remains on payments, for now. Mobile driver’s licenses from several states are already available in Google Wallet."

"In Europe, where member states are working towards launching interoperable digital wallets for all citizens, they will store national ID cards that function as travel IDs within the EU."

LIKE IT OR NOT THIS SEEMS TO BE THE DIRECTION THAT TECHNOLOGY IS TAKING US. ALL THE MORE REASON FOR LEGISLATION THAT PROTECTS THE PRIVACY AND SECURITY OF INDIVIDUALS.

@ Newshounds News™
Read more:  Biometric Update
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DONALD TRUMP IS SCHEDULED TO SPEAK AT THE ANNUAL BITCOIN CONFERENCE IN NASHVILLE IN JULY

"President Donald Trump has been officially announced as a speaker at Bitcoin 2024, the world’s largest Bitcoin conference, taking place in Nashville, Tennessee, July 25-27. This announcement marks a significant milestone for the event, which has earned a reputation for historic news and major industry announcements."

"With two U.S. Presidential candidates, Robert F. Kennedy Jr. and Donald Trump, both slated to speak, Bitcoin 2024 is poised to be a pivotal event, potentially shaping the future of Bitcoin and cryptocurrency policy in the U.S."

"In May, Trump said he would ensure that the future of Bitcoin and crypto will be made in the USA, while also promising to protect the right to self-custody to the nation's 50 million crypto holders, if elected president."

WE'RE SEEING A DISTINCT DIVIDING LINE POLITICALLY IN THE STANCE OF REPUBLICAN VERSES DEMOCRAT IN REGARDS TO BITCOIN AND THE FUTURE OF CRYPTO LEGISLATION

@ Newshounds News™

Read more:  Bitcoin Magazine

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BRAD GARLINGHOUSE COMMENTS REGARDING THE LAWSUIT AGAINST RIPPLE

"As many have noticed - and some have already pointed out - there have been numerous misleading and some factually inaccurate headlines describing the decision made by a California judge yesterday in the class action lawsuit about XRP. (I’m happy to see some correcting them - I wish I could tag / link them all here)
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To be absolutely clear, this is a big win – all class action claims in the suit were DISMISSED, and absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security (per the NY Court decision). The CA ruling dismissed all allegations that Ripple had somehow violated federal securities law by selling XRP.

As for the single state law claim that will now be scheduled for trial: the sole plaintiff didn’t buy XRP directly from Ripple and can’t say if he even heard the statement before he traded and only owned a couple hundred XRP. This was a clear example of the trolls that unsuccessfully tried to take advantage of the US legal system and distort statements to seek 100’s of millions in class action settlements."

@ Newshounds News™

Read more:  BGarlinghouse

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UNISWAP LABS PRESSES SEC TO DROP RULES REGARDING DECENTRALIZED EXCHANGES

"Since at least April 2023, the SEC has proposed expanding the definition of what qualifies as an exchange in the Exchange Act of 1934 — explicitly arguing that it should include crypto market participants in DeFi. Uniswap has been among those arguing against it. In a July 9 letter, Uniswap added further arguments following a comment letter it sent last month, calling for the SEC to drop its proposed amendments. "

"Its new argument is that with the Chevon decision — made during the Loper Bright Enterprises v. Raimondo Supreme Court case on June 28 — courts are no longer required to defer to federal agencies to interpret ambiguous laws. Uniswap said this means the SEC will be merely wasting “limited resources” trying to get the definition of “exchange” amended, which had already been “likely to draw, and unlikely to survive, a judicial challenge” even before the Chevron decision. "

"“For all of these reasons, the Commission should not adopt the proposed amendments,” said Uniswap. “The Commission drafted the proposed amendments against a legal backdrop that no longer exists.”

@ Newshounds News™

Read more:  Coin Telegraph

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Fideum FI
Integration of traditional finance and the digital asset ecosystem

Introduction
Fideum is a fintech company focused on accelerating the digital transformation of financial institutions, banks, and small—to medium-sized enterprises (SMEs) through its eponymous blockchain infrastructure. With the strategic backing of Mastercard Europe and a recent win at the Mastercard Lighthouse program, Fideum aims to position itself as a reliable partner for entities seeking to delve into and capitalize on digital assets.

Founded in 2018, the project initially made waves with its non-custodial mobile wallets, amassing a user base of over 80,000.

In response to the 2022 bear market, Fideum pivoted towards serving institutional clients, developing white-label solutions that cater to high-net-worth individuals and larger entities. This shift, leveraging existing infrastructure, led to profitability by 2023 and cemented Fideum’s position as a fintech innovator, continually adapting to market needs and regulatory landscapes.

This report delves into Fideum’s market, technology, tokenomics, team, partnerships, audits, roadmap, and the risks and opportunities it faces.

Technical specifications:
Fideum’s technical stack is designed to provide security and scalability. The platform has a microservice architecture that ensures flexibility and modularity, allowing for various services to be incorporated seamlessly.

—Backend technologies: The core backend is developed using Java OpenJDK 17, with Spring Boot and Hibernate to streamline development and manage database interactions.

—Frontend technologies: The web and mobile user interfaces are built using React and Expo, with Firebase providing real-time database and authentication services. TypeScript enhances code quality and maintainability.

—Blockchain infrastructure: The platform supports ERC20, BEP20, and TRC20 standards, ensuring compatibility with major blockchain networks such as Ethereum, BNB Chain, and Tron.

—Smart contracts: The use of smart contracts automates transactions and agreements, reducing the need for intermediaries and enhancing efficiency.

—On-chain monitoring solutions: Fideum provides real-time insights into blockchain transactions and activities, allowing for proactive monitoring of suspicious activities.

—Database management: PostgreSQL is used for data storage and management.

—Additional technologies: Kafka is used for real-time data processing, and Minio provides scalable storage for unstructured data.

@ Newshounds News™

Read the full Report Here:  Crypto Slate

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European stablecoin market declines under newly imposed MiCA rules.
Stablecoins trading momentum have slowed amid a broader crypto market downturn.

The market capitalization of European stablecoins declined in June due to the implementation of the Markets in Crypto-Assets (MiCA) regulation, according to CCData’s latest stablecoin report.

The market cap of Euro-based stablecoins fell by 2.51%, hitting a seven-month low of $307 million, the lowest since November 2023. During this period, Tether’s EURT stablecoin’s market cap dropped by 26%, mainly due to delistings from major exchanges like Bitstamp.

CCData noted that MiCA’s implementation spurred interest in stablecoins that comply with local laws. MiCA, the EU’s comprehensive crypto regulation package, was recently enacted. It allows firms licensed by one member state to operate throughout the EU.

However, stablecoin issuers like Tether have criticized the rules for their stringent requirements, such as limits on trading volumes for certain stablecoins.

Despite these challenges, several issuers and their stablecoins, including Circle’s USDC and EURC, Societe Generale’s EURCV, Monerium’s EURe, Membrane’s EUROe, and Quantoz’s EURD, are recognized under the law.

Stablecoins volume fall

In June, the global stablecoin market cap rose by 0.53% to $161 billion, marking a nine-month growth streak and the highest stablecoin market cap since April 2022.

CCData said:

“Stablecoin market dominance is currently at 6.83%, rising from 6.22% in May. The increase in the stablecoin dominance highlights the negative price action of digital assets, with Bitcoin and Ethereum retracing the gains made following the surprise approval of spot Ethereum ETFs in the US.”

Despite the growth, stablecoin trading momentum has slowed amid a downturn in the digital asset market.

Stablecoin trading volume on centralized exchanges fell by 18% to a seven-month low of $907 billion in June. Similarly, on-chain transfer volume decreased for the second consecutive month by 7.5% to $1.8 trillion, the lowest since February 2024. This decline aligns with ongoing bearish market sentiments.

The report also highlighted that USDC had the highest on-chain transfer volume in June, surpassing USDT and DAI.

CCData stated:

“Among the top five stablecoins on Ethereum, USDC leads with $786 billion in on-chain transfer volume, representing 43.6% of the market share. USDT and DAI follow with transfer volumes of $616 billion and $334 billion, accounting for 34.2% and 18.5% of the volumes.”

@ Newshounds News™

Read more:  Crypto Slate

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CENTRAL BANK OF IRAQ (CBI) INTERESTED IN FURTHERING THEIR POSITION ON E-REGULATION

"Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq (CBI), chaired a meeting on the regulation of e-commerce in Iraq, with participation from relevant authorities.

The meeting discussed controls and consumer protection measures, focusing on registration procedures and obtaining licenses for e-commerce activities.

The committee defined service providers and established a licensing process through an electronic platform to be developed by the Ministry of Commerce. Committee members emphasized the importance of licensing regulations to safeguard all parties involved in e-commerce."

@ Newshounds News™

Read more:  Iraq Business News

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FTC MAKES A STATEMENT ON CRYPTO AS ASSETS ENTER NEW PHASE

"The chairperson of the U.S. Commodity Futures Trading Commission (CFTC) Rostin Behnam is warning that the crypto industry is likely to face more headwinds from regulators over the coming months.

Speaking at the 2024 Milken Institute Global Conference, the CFTC chair says that the crypto industry will “probably see in the next six to 18 months or six to 24 months another cycle of enforcement actions” amid “asset appreciation and [renewed] interest by retail investors.”

"Without a regulatory framework, without that transparency, without those tools that we typically use as regulators, you are going to continue to see this fraud and manipulation.

And putting aside the legitimacy and where this technology may go and what role it might play in our economy and commerce, the internet, digital assets generally… we just have to think about things from a regulatory and consumer protection standpoint. And I think that needs to be our guiding light in terms of driving this conversation, filling these regulatory gaps and creating this framework that’s ultimately going to protect American investors.”

IF CRYPTOS ARE CLASSIFIED AS COMMODITIES INSTEAD OF SECURITIES, THEY WOULD FALL UNDER THE AUTHORITY OF THE CFTC INSTEAD OF THE SEC

@ Newshounds News™

Read more:  Daily Hodl

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“Tidbits From TNT” Thursday 7-11-2024

TNT:

Tishwash:   Al-Sudani reviews Rafidain Bank reform procedures with Ernst & Young

Prime Minister Mohammed Shia Al-Sudani held a special meeting on Wednesday to develop the work of government banks , in the presence of representatives of Ernst & Young for auditing and financial consulting.

Al-Sudani was briefed, according to a statement published by his media office, on the "technical and administrative procedures related to the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector."

Al-Sudani stressed, "The need to continue intensive meetings between the Supreme Committee concerned with the project, which includes the Central Bank of Iraq and government banks, and the consulting company, in order to resolve all matters related to developing the work of Rafidain Bank."

The statement indicated that "the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank's work, and implementing structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transition to automated work, which helps the bank's ability to meet global banking requirements." link

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Tishwash:  A representative accuses America of obstructing Iraq's economic openness to the countries of the world

Today, Wednesday, Deputy Chairman of the Parliamentary Economics Committee, Yasser Al-Husseini, accused the United States of America of obstructing Iraq's economic openness to the countries of the world. 

Al-Husseini said in an interview with the Maalouma Agency, “The United States of America stands against Iraq's economic openness to the countries of the world, indicating that America has contributed greatly to preventing international companies from coming to Iraq.” 

He added, "America stands as a stumbling block in the way of the growth of the Iraqi economy," noting that "what Iraq has reached is due to American interference in internal affairs."

He continued, "America does not want Iraq to be at the forefront of economically developed countries."  link

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Tishwash:  Economic: The ambiguity of the Central Bank's dealings serves the Americans

Today, Wednesday, economic expert Mustafa Hantoush revealed the existence of ambiguity in the Central Bank's dealings, behind which there are intentions that serve American interests. 

Hantoush said in a statement to the Maalouma Agency, “The absence of weekly bulletins on the distribution of the dollar from the Central Bank has made the process of selling the dollar more ambiguous,” noting that “the ambiguity in the Central Bank’s recent dealings regarding the file of distributing the dollar.” 

He continued, "The confusion in the work of the Central Bank enabled the American side to eliminate Iraqi banking by introducing foreign banks and granting them privileges in the country," pointing out that "80% of the dollar is distributed to foreign banks operating in Iraq in a step called presenting banking work on a platter." Who went to America and foreign banks? 

It is noteworthy that the Central Bank authorized the work of three exchange companies inside airports, neglecting hundreds of companies in a decision that many considered a flop, which resulted in the decision increasing the US exchange rate against the Iraqi dinar to more than 150 thousand dinars . link

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Tishwash: For the first time, the Iraqi state's non-oil revenues record an increase of 11%

The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations announced on Thursday that for the first time, the non-oil revenues of the Iraqi state recorded 11% of the total revenues, with oil revenues falling below the 90% barrier.

A report issued by the institution today stated that non-oil revenues for the first five months of the current year amounted to 6.24 trillion Iraqi dinars, while oil revenues for the same period of the current year amounted to 48.4 trillion Iraqi dinars.

According to the report, tax revenues on income and wealth increased by 118%, while revenues from commodity taxes and production fees increased by 285%.

The institution's report indicated that fee revenues increased by 50%, while oil revenues increased by 6.4%.

The continued reliance of the Iraqi state on oil as the sole source of the general budget is a dangerous matter in the face of global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.   link

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Tishwash:  Revealing the volume of trade exchange between Iraq and Saudi Arabia

 The Saudi-Iraqi Business Council estimated the volume of trade exchange between the two countries at 5 billion riyals, with an annual growth of 12%, according to the head of the council, Mohammed Al-Khorayef.

The council stated in a report that the council is working to develop Saudi investments in Iraq, in conjunction with the interest of the private and governmental sectors in the Kingdom in investing in Baghdad.

It indicated that Iraq is preparing to propose a law to protect Saudi-Iraqi investment and discuss it before Parliament in preparation for its approval in the coming few months, to enhance economic cooperation between the Kingdom and Iraq, according to a statement issued by the Federation of Saudi Chambers.

In December of last year, Saudi Arabia and Iraq signed a partnership agreement in the field of private sector industrial investments, at a time when the Kingdom’s ambassador at the time confirmed that there were many investment opportunities being studied.

Last November, Saudi Minister of Investment Khalid Al-Falih also announced that the Kingdom is studying the launch of the first free economic zone with Iraq, in the border area in Arar, expressing his hopes that the zone would be the first free economic zone with a neighboring country without taxes, fees or entry visas to serve investors in both countries.

5 billion Saudi Riyals equals 1,333,082,700.00 US Dollars  link

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Mot:  ... Lets go Deep Sea Diving!! -- It will beeeee Fun they Said!!!! 

Mot:  .. the Patient Fisherman!!! 

News, Rumors and Opinions Thursday AM 7-11-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Thurs. 11 July 2024

Compiled Thurs. 11 July 2024 12:01 am EST by Judy Byington,

Judy Note: Wed. 10 July began the Global Debt Jubilee, although many felt it was a no news day – at least none that was revealed to us.

Wolverine knew it was the long waited for Debt forgiveness day. He posted in his room that notifications for exchange appointments for the Global Currency Reset of 209 nations commenced on that Wed. 10 July evening, with at least some liquidity expected to be available on Mon. 15 July. BQQQM!!! The Debt Jubilee Begins July 10th! Prepare for the Revolution! – American Media Group (amg-news.com)

Also on late afternoon Wed. 10 July we received news that there was a Stock Market Crash Alert for the next day, Thurs. 11 July.

Thurs. 11 July 2024: Stock Market crash alert – Mark calendars for July 11 https://investorplace.com/2024/07/stock-market-crash-alert-mark-your-calendars-for-july-11-2/

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Global Currency Reset:

Wed. 10 July 2024 Wolverine: A note Wolverine placed in the Chosen One Room: “Today I was told that notifications will commence today. Please check your emails.”

Wed. 10 July 2024 Wolverine News Bulletin Report to Mr. Helders, Ruben Baz: “I just found out that Reno will begin the trade today (Wed. 10 July). Europe will follow tomorrow (Thurs. 11 July) and payments will begin on Mon. 15 July. Please pray that there are no further delays. The 12 platforms will open tonight (Wed. 10 July) in Reno and tomorrow (Thurs. 11 July) the six platforms in Zurich. Contracts will be sent over the weekend and money to spend on Mon. 15 July. 1 billion Sow letters sent on Tuesday 16 July and sovereign buyers begin on Wednesday 17 July.”

Reno is imminent, and we are just about to cross the finish line and will start releasing funds soon. They are having a big meeting tomorrow.  We will know when it happens.

I have been told the Codes are inserted, already locked in. It is imminent now that we will be blessed. 

I cannot tell you the rest as it is confidential, but for you, just know to get ready. This is coming right from the top. All is coming to fruition as we have dreamed for many years.

I am going overseas pretty soon – I cannot tell you where. I will be out of the picture for a while. I cannot tell you more. God bless you and just get ready as that Green Light is just around the corner.

I am much better with no pain, now. Thank you for all the private messages worrying about my health. I was just waiting to get that Intel I needed to get this news to you.  Have a beautiful day! Take care, Wolverine

Wed. 10 July 2024 MarkZ: “It is busy on the Bond side, but no one is talking. A number of my Bond Holder contacts have gone quiet. One said he was told he would be liquid this week.” Sat. 6 July 2024: “More and more sources are telling me that serious money movement and us moving towards the banks somewhere around the weekend of Fri. – Mon.  12th-15th. No one knows the exact timing but they are certainly preparing lots of bank contacts for that time period.”

Wed. 10 July 2024 Frank26 Call: Hawaii Airlines and certain hotels were now accepting the IQD. HCL is accomplished and is international.

Tues. 9 July Bruce, The Big Call: “I was told that this was the week for this to go and one of our sources said this should be our week.

Wed. 10 July 2024 Debt Jubilee: BQQQM!!! The Debt Jubilee Begins July 10th! Prepare for the Revolution! – American Media Group (amg-news.com)

Global Financial Crisis:

Wed. 10 July 2024: BREAKING: There is a Major Crash Coming on Real Estate | RLUSD, Ripple Stable Coin | The Quantum Financial System | Digital Assets and Frequency Healing Devices (video) – American Media Group (amg-news.com)

Read full post here:  https://dinarchronicles.com/2024/07/11/restored-republic-via-a-gcr-update-as-of-july-11-2024/

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

Frank26   Sudani made it very clear to the Iraqi citizens he was going to add value to their currency this year.  We're talking about the year 2024...They go by a fiscal calendar...Iraq goes from January 1st to December 31st.  

Militia Man  Probably shortly you'll find that Iraq is going to do something with their exchange rate to be IMO an IMF Article VIII complaint exchange rate that will be openly traded on Forex...    

Nader From The Mid East  Lots of things happening...I see good news coming up this week so stay tuned...What's happening now it's good.  I can say we are very close.   

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Exchange Rates & Three Major Shifts That Could Affect IQD Investors

Edu Matrix:  7-11-2024

Exchange Rates & Three Major Financial Shifts That Could Affect IQD Investors - We must navigate between Iraq and the US before we can turn IQD banknotes into US Dollars.

https://www.youtube.com/watch?v=3rLwaL6b6Ik

BRICS Ended Use of the Dollar: What Comes After?

Wealth Insights:  7-11-2024

Discover the concept of "de-dollarization," a strategy aimed at reducing reliance on the US dollar in global trade and finance.

 While the term has been discussed for decades, its significance has grown amidst geopolitical shifts and economic strategies by nations worldwide.

 Join us as we delve into the growing movement among BRICS+ countries to decrease their dependency on the US dollar.

Explore the motivations driving these decisions and gain insights into the economic tactics employed. We'll also highlight specific initiatives within the BRICS+ alliance, showcasing steps taken to diversify global trade currencies and reshape international financial systems.

https://www.youtube.com/watch?v=n0amiIBb4Yg

Boots On The Ground In The World’s Bitcoin Paradise

Notes From the Field  by James Hickman July 10, 2024

[Editor’s note: This letter was written by Schiff Sovereign’s CEO, Viktorija Simulynaite, who is on the ground in El Salvador.]

The first thing my driver said to me after I got off the plane in El Salvador was, “Welcome to my country. It’s very safe here now.”  I chuckled to myself because this seemed like such an odd greeting. But the more time I spent mingling with locals in El Salvador, the more it made sense.

The transformation that has taken place in the country over the past five years cannot be overstated.

Five years ago El Salvador had one of the highest murder rates in the world. It was basically a war zone. Gangs such as MS-13 and Barrio 18 were far more powerful than the government, and they enforced their own laws in their respective territories, sort of like the Taliban in Afghanistan.

The country’s young president, Nayib Bukele, put an end to all that when he was elected in 2019.

Bukele invoked emergency powers and arrested more than 100,000 suspected gang members, then shipped them off to a special prison far away from the rest of society. In a country of 6.3 million, that amounts to over 1.5% of the entire population that’s now locked up.

It was a controversial move to say the least… and I wonder about innocent people who may have been wrongfully imprisoned.

But El Salvadorans seem quite happy with the results; today their country boasts a lower homicide rate than anywhere else in the Western Hemisphere aside from Canada.

Simultaneously, El Salvador also put itself on the map by being one of the first countries in the world to get behind crypto; they even made Bitcoin legal tender and passed a number of pro-crypto tax incentives.

Those are pretty much the two things that El Salvador is known for these days– putting tens of thousands of criminals in jail, and Bitcoin.

But I was pleasantly surprised to find out that the country has so much more going for it.

This was a place that was scraping the bottom of the barrel just a few years ago. Even aside from the crime problem, the economy was in the dumps. Corruption and bureaucracy ruled the day, and debts were rising.

In just a few short years, however, El Salvador has managed to turn itself around, and the economy has taken off.

It’s not an accident. The government has slashed bureaucracy and established a number of incentives to bring in foreign capital and businesses.

One is the recently passed International Services Law, which offers significant tax incentives to service-based businesses, similar to Puerto Rico’s famous Act 60.

El Salvador’s law, though, is perhaps even more generous than Puerto Rico’s because it includes exemption for import duties, income taxes, municipal taxes, and more.

Service industries like call centers, data centers, software development, and other back-office services are starting to be growing industries in El Salvador, and I met a number of foreign entrepreneurs who are starting businesses in the capital.

Foreign investment is flowing in, and you can see construction projects everywhere– the capital city is quickly becoming sleek and modern, and it completely defied my expectations. Even the restaurant scene is really great.

More importantly, there’s an optimism in El Salvador– one that I haven’t seen in Europe and North America for a long time. People feel like the worst days are over and the future will continue to be much brighter.

Now, all that said, I’m not trying to suggest that El Salvador is some perfect paradise or that anyone should move their business there. I’m really writing about it as a sort of case study.

We talk a lot about how governments and politicians and “inspired idiots” wreck their economies. They rack up massive debts and engineer painful inflation and higher energy prices… and generally make things worse with their every move.

But it’s fair to point out that sometimes governments do smart things. And El Salvador is a great example.

They knew they had to figure out how to turn their economy around. And rather than go down a destructive rabbit hole of wage and price controls, which are standard approaches for bankrupt nations, El Salvador’s government got out of the way and is allowing the free market to blossom.

The one thing they have done very deliberately is market themselves.

Advanced western countries don’t do this. Joe Biden doesn’t travel the world pushing foreign nations to invest in America. Rather, he takes America’s standing for granted and simply assumes that everyone wants to invest there.

El Salvador is a tiny country plagued by a bad reputation for its past challenges.

But rather than let that reputation fester, its leaders are hustling to promote their country all over the world with a clear message: El Salvador is open for business.

It’s fascinating to watch such a positive transformation unfold for an entire nation in real time– and to see politicians deliberately do the right things to foster economic growth.

Given how many Western countries are rapidly deteriorating from their own idiotic political decisions, El Salvador is an obvious example of how much better things could be if reason and sanity were restored in government.

Imagine what the US would look like if politicians were actually cooperating and hustling to bring in new business, to make smart investments, to embrace capitalism, or even to simply rein in spending and slash bureaucratic waste…

We’re planning a boots on the ground trip to El Salvador for members of our Total Access group (i.e. our highest tier premium members at Schiff Sovereign). It’s going to be pretty great.

We’ll be meeting with senior officials and business leaders and checking out, firsthand, what’s going on in the country so that our members can see the transformation for themselves.

We’ll also eat at some of the country’s nicest restaurants and tour the beautiful countryside. And we might even leave with an investment or two.

(We’ve already had Total Access trips to places like Cuba, Singapore, the Republic of Georgia, Uzbekistan, and more, so El Salvador fits perfectly.)

If you’re interested in joining or finding out more about Total Access -- click here to read more about it. We’ll be opening enrollment soon.

To your freedom,   Viktorija Simulynaite   CEO, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/boots-on-the-ground-in-the-worlds-bitcoin-paradise-151131/

Is the Global Financial System Collapsing?

Wall Street Silver: Is the Global Financial System Collapsing?

7-9-2024

The global financial system is a complex and interconnected web of institutions, markets, and regulations that facilitate the flow of funds and trade between countries.

Over the past few decades, this system has undergone significant changes and challenges, from the 2008 financial crisis to the COVID-19 pandemic.

 These events have led many experts and investors to wonder if the global financial system is on the verge of collapse, and what the potential impact on precious metals, like silver and gold, might be.

Gold and silver prices often act as a barometer for global financial uncertainty. As the stability of the global financial system comes into question, investors might seek out safe-haven assets like precious metals, driving up demand and prices. Here are a few potential scenarios:

1. Gold as a safe haven: Gold has long been considered a safe-haven asset due to its intrinsic value, scarcity, and history as a store of wealth. During periods of global financial instability, investors tend to shift their assets to gold, pushing up its price and providing a buffer against potential losses elsewhere.

2. Silver as an industrial and safe haven metal: Silver has dual demand drivers, as both an industrial metal and a safe-haven asset. Its use in various industries, such as electronics, solar panels, and medical equipment, fuels industrial demand. Meanwhile, its status as a safe-haven asset, similar to gold, results in increased investment demand during times of global financial uncertainty.

3. Increased volatility: Given the uncertain future of the global financial system, silver and gold prices could experience increased volatility. This can provide opportunities for investors to profit from price swings but also carries higher risk.

The global financial system’s stability is a cause for concern, given rising debt levels, systemic risk, economic imbalances, and regulatory weaknesses. In such an environment, investors should monitor precious metal prices, particularly gold and silver, as they often act as a safe haven during periods of financial instability.

While there are risks associated with this increased volatility, there are also opportunities to profit from price movements. As always, investors should conduct thorough research, assess risk tolerance, and consult with financial advisors before making any significant investment decisions.

https://youtu.be/elCX25v9eA4

More News, Rumors and Opinions Wednesday PM 7-10-2024

TNT:

Tishwash:  Details of Iran-Russia local currency swap agreement

The deputy governor of the Central Bank of Iran said that the national currency swap agreement concluded between the central banks of Iran and Russia contributes to strengthening the ruble and the rial and excluding the dollar from mutual settlements.

Mohsen Karimi explained in statements published by Tasnim News Agency that the monetary agreement concluded between the Iranian and Russian central banks represents a channel for exchanging money between the two countries, and this is the approach followed to eliminate the dollar and mitigate the risks of sanctions.

He pointed out that "this measure is not subject to sanctions, and any sanctions will not affect the national currencies of the two countries."

The Deputy Governor of the Central Bank of Iran said: The transactions of the monetary agreement between the two countries and card payments for travelers have been completed, and this agreement will come into effect as of the coming weeks, while card payments will start as of the end of August.

“This will be a good incentive for Iranian exporters to trade with Russia,” Karimi added.

He pointed out that currency swap is a tool through which both parties can obtain liquidity in another country's currency without having to buy it in the currency market.

He said: The Iranian Shatab network will soon be connected to 11 neighboring countries and member states of the Eurasian Union, such as Egypt.

The Iranian official concluded: For more than a decade, the Central Bank has been issuing dollar bills to Iranian travelers. But a new step has been taken, through which we will move to pay the same currency share with the same countries through their bank card. For example, a traveler who applies for travel currency from a Russian ATM can get rubles equal to his currency share and deduct rials from his account.  link

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Tishwash:  Foreign Minister Fuad Hussein arrives in Washington

Foreign Minister Fuad Hussein arrived in Washington today, Wednesday, to participate in the NATO Summit 2024

His media office stated in a statement received by {Euphrates News}, that "the latter arrived in Washington to participate in the NATO Summit 2024, which will be held from July 9 to 11. This participation comes at the official invitation of the Iraqi government on the occasion of the 75th anniversary of the founding of the alliance." 

The summit will discuss a range of important issues, including global security challenges and military cooperation.

The summit will be attended by a number of heads of state and government from NATO and international partners.  link

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

Militia Man  I think when they say, "Whose operations are constantly expanding in favor of dealing at the fixed official exchange rate", is an argument suggesting that instead of being a floating currency...they're leaning towards a fixed official exchange rate for some time...

Frank26   I think Sudani is in control of the monetary reform.  I think he has security and stability and I think the international world knows it.  I think all the three letter agencies are in cahoots...with the CBI...GOI to go ahead and launch the new exchange rate...I think the exchange rate is either going to float at a fixed rate or it's going to float at a low rate then take some time to grow and be capped.  If it's fixed at an RI rate then you know it's not going to float very much because the distance between $3.22 to...where they want to cap it it's not that far and the demand will allow the gap to be reached very quickly.  If it comes out at $3.22 you think I'm gonna wait around for a float?  No.

************

Iraq's Banking Overhaul: Restructuring & Mergers Explained

Nader: 7-10-2024

https://www.youtube.com/watch?v=NNkNsLCwZrg

 $300 BILLION WARNING: Saudi Arabia Warns G7 Against Stealing $300B in Russian Sovereign Assets

Lena Petrova:  7-10-2024

https://www.youtube.com/watch?v=XkR5EUr4_L4

Seeds of Wisdom RV and Economics Updates Wednesday Afternoon 7-10-24

Good Afternoon Dinar Recaps,

IS THE US MILITARY CONSIDERING BLOCKCHAIN ADOPTION?

"The United States Senate Committee on Armed Services has taken a significant step towards integrating advanced technology into national defense. As part of the fiscal year 2025 National Defense Authorization Act (NDAA) report, the committee has directed Secretary of Defense Lloyd Austin to investigate potential applications of blockchain technology within the military. This directive, issued on July 9, focuses particularly on enhancing supply chain management and strengthening national security."

"Secretary Austin is required to provide a briefing by April 1, 2025, outlining plans for blockchain integration in national security applications. The briefing must address pilot programs, benefits and risks, current adoption in industry and by foreign countries, and implementation feasibility."

"This move coincides with growing political interest in cryptocurrencies. The Republican National Committee recently included support for Bitcoin mining and digital asset self-custody in its draft policy platform. This development signifies increasing recognition of blockchain and cryptocurrency technologies in U.S. government and military planning, potentially shaping future national security strategies."

@ Newshounds News™

Read more:  CoinGape

~~~~~~~~~

MICA REGULATIONS GAIN TRACTION IN ITALY

"The Bank of Italy is preparing to implement the European Union’s (EU) Markets in Crypto-Assets (MiCA) regulation. Notably, this significant move aims to preserve the smooth functioning of the payment system, according to recent reports. Besides, the upcoming guidelines by the bank will clarify how the new rules will apply, signaling a transformative phase for Italy’s crypto market."

"Besides, this strategic move by the Bank of Italy underscores its commitment to integrating crypto assets into the traditional financial system. By implementing MiCA, Italy aims to create a regulated and secure environment for crypto transactions. The guidelines will provide clarity and direction for market participants, fostering confidence in the evolving digital asset landscape."

WHERE DOES THE US STAND WITH CRYPTO REGULATION? There seems to be a lagging behind in the United States compared to the rest of the world.

@ Newshounds News™

May I go in

Read more:  Coin Gape

~~~~~~~~~

STABLECOINS GAINING ACCEPTANCE IN THE PHILIPPINES

"Gaming-centric sidechain Ronin announced Monday the launch of the first Philippine peso-pegged stablecoin on its network. "
“Over 80 million Filipinos transact online using the Philippine Peso, but the financial infrastructure available is often slow and expensive. That’s why Coins.PH is launching PHPC on Ronin,” Ronin said."

"PHPC’s launch comes as the Philippines prepares to introduce a crypto regime. The country’s Securities and Exchange Commission said in May that it would be ready by the second half of this year."

 @ Newshounds News™

Read more:  Daily Coin

~~~~~~~~~

JANET YELLEN ADMITS TO DE-DOLLARIZATION

"When US Treasury Secretary Janet Yellen on Tuesday testified before the House Financial Services Committee, she said that one of her concerns is how best to protect the international status of the US dollar as US financial sanctions have pushed more countries seek alternative financial transaction methods that do not involve the US dollar, VOA reported."

 "The remarks from Yellen have shed light on growing concerns regarding US dollar hegemony. Experts believe that the weaponization of the US dollar will reduce its dominance as the world moves toward local currency settlements and accelerate policies to facilitate de-dollarization. China and other countries are actively promoting local currency settlements and multilateral cooperation, offering more choices and possibilities for the global financial order."

"For a long time, the US has abused its dollar hegemony, shifting domestic crises and harvesting global wealth by damaging the economic and financial stability and well-being of other countries. It is also used as a tool to impose financial sanctions, isolating other countries from the dollar payment system."

"In June, Saudi Arabia joined a central bank digital currency initiative for international trade, which may set the stage for wider local currency payments for oil trade between China and Saudi Arabia and reduce the reliance on the US dollar."

@ Newshounds News™

Read more:  Global Times

~~~~~~~~~

WHOLESALE CBDC's ARE GAINING GROUND IN INTERNATIONAL TRADE

"Last week China’s President Xi Jinping visited Kazakhstan.  The Chinese government reported that the country supports Kazakhstan becoming a member of BRICS and President Xi penned an article in a Kazak newspaper. The National Bank of Kazakhstan and the People’s Bank of China signed a memorandum of understanding to cooperate on digital currency"

"Last October China signed a similar agreement with the UAE and used the digital renminbi to settle a crude oil transaction later that month. The UAE is also a founding participant of mBridge the cross-border central bank digital currency (cross-border CBDC) project where China developed the technology. Additionally, the UAE was the first to execute a live transaction on mBridge, making a Dirham 50 million ($13.6m) payment to China in January."

"The National Bank of Kazakhstan is not a participant in mBridge but is an observer on the project, alongside another 22 central banks. The country has been working on CBDC, with plans to go live next year. When it released a status report last year it said the initial focus was retail CBDC for consumer transactions with a clear path to production. However, it said it was researching wholesale CBDC and its use for interbank settlements and cross border payments."

@ Newshounds News™

Read more:  Currency Insider

~~~~~~~~~

WILL THE US HAVE A CBDC AND IF SO WHAT WILL IT LOOK LIKE?

Newshounds News has been reporting on CBDC's and their implementation around the world but the United States has yet to introduce either a wholesale or retail version.

"A U.S. central bank digital currency (CBDC) would be a tokenized and blockchain-based version of the U.S. dollar, maintained and issued by the Federal Reserve. This form of digital fiat money would be similar to cryptocurrencies in that a blockchain would be used, but a CBDC would be regulated by the Federal Reserve, recognized as legal tender, and backed by the full faith and credit of the U.S. government."

"The United States doesn't yet have a CBDC as of 2024, but it's important to understand the concept with this option under discussion, as well as the benefits and risks attached and steps taken so far."

"Fiat currency is a government-issued currency that's not backed by a physical commodity such as gold or silver. It's backed by the government that issues it. This type of money is the dominant means of making transactions in most countries. People use it to facilitate the exchange of goods and services in an economy. Generally, a country's central bank issues fiat currency for the nation's use. The Federal Reserve plays this role in the U.S."

"A U.S. CBDC would serve as a complement to existing central bank reserve account balances and widely used fiat currency. As a bonus, it should provide a medium for executing instant and seamless cross-border transactions. "

WHAT US CITIZENS ARE LOOKING FOR IS A CBDC THAT'S BACKED BY GOLD AND NOT THE FIAT DOLLAR.

@ Newshounds News™

Read more:  Investopedia

~~~~~~~~~

JANET YELLEN SAYS TREASURY NOT RESPONSIBLE FOR 'QUARTERBACKING' BETWEEN SEC, CFTC OVER CRYPTO RULES

"Yellen also responded to questions about concentrated risk and Russia potentially bypassing US sanctions via crypto and stablecoins."

"US Secretary of the Treasury Janet Yellen said the Treasury is not responsible for ‘quarterbacking’ between the CFTC and the SEC regarding their opposing positions toward crypto regulation."

"Yellen made the statement during a July 9 hearing before the House Financial Services Committee."

Opposing positions

"House Financial Services Committee Chairman French Hill said that the SEC and CFTC have taken opposing legal positions in federal court on crypto and asked if the Treasury’s Financial Stability Oversight Council (FSOC) is working to unite the two regulators."

"Hill said the council is “supposed to quarterback for financial risk.” However, Yellen disagreed, stating:

“It’s not the job of the Financial Stability Oversight Council to adjudicate.”

She noted that the Treasury had published a report on crypto risks, partly addressing risks arising from a lack of agreement between regulators.

"Earlier in her testimony, Yellen told Hill she remains committed to achieving a regulatory framework for digital assets and hopes the efforts “reach a good conclusion.”"

Concentrated risk, Russian stablecoins
"Yellen also responded to other questions related to crypto. Congressman Mike Flood asked Yellen whether decentralized trading protocols require a different approach to regulation from centralized services."

Yellen answered that the SEC and CFTC are looking at the issue and added that some matters “may fall under the regulatory umbrella of the banking agencies as well.”

"Flood also questioned whether SEC rulemaking could reduce custodial options for crypto. He asked Yellen if a limited number of approved custodians available to registered investment advisors (RIAs) for Bitcoin ETFs would introduce concentrated risk."

"The Treasury secretary responded that the trend could pose a “potential” risk but declined to answer with certainty without more details."

"Congressman Brad Sherman commented on the Russian central bank’s plans to bypass Western sanctions with crypto. Yellen said that the Treasury is “very attentive” to the use of crypto and stablecoins but does not believe that Russia’s activities are substantial."

@ Newshounds News™

Read more:  Crypto Slate

~~~~~~~~~

Newshound's Daily Breakdown Podcast Link

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Q & A Classroom Link  

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Thank you Dinar Recaps

Economist’s “News and Views” Wednesday 7-10-2024

The Fuse Is Lit: Dollar Hegemony Ending | Andy Schectman

Liberty and Finance:  7-10-2024

Andy Schectman joins Dunagun Kaiser at the Rule Symposium in Boca Raton, Florida.

Schectman discusses the continued dedollarization around the world and the growing influence of the BRICS alliance.

With financial and political chaos around the world, safeguarding your wealth is more important than ever, he notes.

INTERVIEW TIMELINE:

 0:00 Intro

2:04 Weekly market update

 6:45 BRICS+ & dedollarization

20:50 Safeguarding our wealth

https://www.youtube.com/watch?v=0u1qe1GP7XY&list=PLank8aMTYJBY1L49VT6P23msnwUJAHYHf

De-dollarization Shocked the US: BRICS End Dollar Hegemony

Fastepo:  7-9-2024

The term "de-dollarization" refers to the process of reducing reliance on the US dollar in international trade and finance.

While the concept has been discussed for several decades, its prominence has grown in recent years due to geopolitical shifts and economic strategies by various countries.

 The exact first use of the term is difficult to pinpoint, but it has gained significant attention particularly after the 2008 financial crisis.

 In recent years, countries like China and Russia have actively pursued de-dollarization to mitigate the impact of US economic sanctions and to diversify their foreign reserves.

This trend aims to reduce reliance on a single currency and enhance economic stability by using various local currencies. By focusing on their own currencies, nations aim to minimize geopolitical risks and bolster their domestic economies.

This shift is reshaping global trade and financial systems, potentially lessening the worldwide dominance of the US dollar.

In this video, we explore the growing movement of BRICS+ countries, decreasing their reliance on the US dollar for international transactions.

We examine the motivations behind these choices and provide insights into their economic tactics. Furthermore, we highlight the de-dollarization initiatives within the BRICS+ alliance, showcasing significant steps these nations have taken to diversify the currencies used in global trade.

https://www.youtube.com/watch?v=JeMRF_1XwMc

Vince Lanci: 'If West Wants To Trade With BRICS, They Need More Gold'

Arcadia Economics:  7-10-2024

Vince Lanci: 'If West Wants To Trade With BRICS, They Need More Gold'

As the BRICS nations continue to move their plans forward to a potential gold-backed trade settlement currency, you have to wonder how that will affect the west over time.

Because if an oil producer can sell their oil and receive currency with a partial gold-backing, will they still want to accept treasuries in the current environment?

So in this morning's show, Vince Lanci talks about how if the west is going to continue to trade with the resource rich BRICS nations, they're going to need more gold.

 To find out why, click to watch the video now!

https://www.youtube.com/watch?v=6aRWrviaRz0

News, Rumors and Opinions Wednesday AM 7-10-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Wed. 10 July 2024

Compiled Wed. 10 July 2024 12:01 am EST by Judy Byington

Global Currency Reset: (Rumors/Opinions)

Judy Note: On Wed. 10 July a World Debt Jubilee was set to break the chains of our Financial Slavery by bringing in the Global Currency Reset of 209 Sovereign nations to a gold/asset-backed currency standard.

The entire US Financial System which has been bankrupt for going on 17 years (since 2008) while running on the fiat US Dollar, was now officially broke.

At this point the Globalists planned to keep the World enslaved by bringing in their Great Reset of fiat digital currency that could control everyone’s bank account – including what one traveled, bought and ate, or were unable to eat, with man made food shortages.

However, the Alliance was one step ahead, and had already used the Global Currency Reset to back up a Checkmate.

~~~~~~~~~~

Tues. 9 July Bruce, The Big Call The Big Call Universe (ibize.com)  667-770-1866, pin123456#, 667-770-1865

I was told that this was the week for this to go and one of our sources said this should be our week.

Three different sources said that Wed. 10 July was the start of Debt Jubilee.

This means refunding to us trading benefits that were earned on our birth, marriage, divorce and death certificates. We will also get back Federal Income Tax, mortgage interest, credit card interest and bank loan interest that we paid.

Those 62 and older will be given a lump sum payment.

The final email to go out to Redemption Centers went to the leader that has jurisdiction over all of the redemption centers (3,400) that were East of the Mississippi. That email came in last Sat. at 10:03 am, but has not gone out yet to the Redemption Centers.

Our notifications to set our redemption appointments will follow that email by an hour or two.

Arrive at your appointment no earlier than 10 min. before your appointment. They do not want people loitering in the parking lot.

Wed. 10 July 2024 Debt Jubilee: BQQQM!!! The Debt Jubilee Begins July 10th! Prepare for the Revolution! – American Media Group (amg-news.com)

~~~~~~~~~~

Tues. 9 July MarkZ: “My Bond contacts are hoping to become liquid sometime this week, and we should do so three days later. …One Bond Holder said he didn’t get paid today but was guaranteed he would be paid this week. Another Bond Holder would not comment, meaning he was likely under an NDA.”… Sat. 6 July 2024: “More and more sources are telling me that serious money movement and us moving towards the banks somewhere around the weekend of Fri. – Mon.  12th-15th. No one knows the exact timing but they are certainly preparing lots of bank contacts for that time period, so I think it may speak well to where we may be on that.”

Mon. 8 July 2024 Wolverine: “It has started. It is a process hopefully completed by the 20th. I’m hoping to get the Green Light in a few days. …I am pleased to share this already viral video (showing a Thailand Attorney signing a notarized document marked Confidential). It is the signature for the Redemption Centers, where the gold standard is ready. Therefore, we too…We are ready to go. God bless you all.” …Wolverine

Mon. 8 July 2024: The QFS Revolution: Are You In or Out? Have You Started Banking with the QFS? All Banks are Transitioning Over Into the QFS! – American Media Group (amg-news.com)

~~~~~~~~~~

Global Financial Crisis:

Tues. 9 July 2024: Nine of the largest banks in the world are settling a long-running lawsuit that accuses them of conspiring to rig a $465.9 trillion market.   According to lawyers, ironically, the banks have been using an electronic exchange-like platform to trade the instruments themselves, but have barred investors and the public from using it: https://dailyhodl.com/2024/07/06/jpmorgan-chase-bank-of-america-and-7-mega-banks-paying-46000000-over-alleged-conspiracy-to-rig-trillion-dollar-derivatives-market/

Read full post here:  https://dinarchronicles.com/2024/07/10/restored-republic-via-a-gcr-update-as-of-july-10-2024/

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

Frank26  The international community already has seen the new exchange rate.  IMO the international community is satisfied and happy and anticipating for what is about to happen.  It is not a secret.

Buckeyetree  "The dollar system is a thing of the past."  Sudani a while back told Iraqis to keep your dinars because the dinar will be stronger than the US dollar, that is, more valuable.  IMO, so many will be affected in a good way from the reinstatement except for Iran and the politicians, no more stealing via the auctions which is a good reason not to delay further. IMO, the new lower notes with security features will be very pretty.

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Central Banks Reasons for High Exchange Rate

Nader: 7-9-2024

• Jabber Koran's list of reasons to blame the central bank for the high exchange rates in Iraq.

https://www.youtube.com/watch?v=jUWAy9shL1s

LIVE! TODAY, THE FED. HAS SET THE STAGE FOR ITS FINAL SOLUTION... CRITICAL UPDATES!

Greg Mannarino:  7-9-2024

https://www.youtube.com/watch?v=iRyeqzvV6bg

“Tidbits From TNT” Wednesday Morning 7-10-2024

TNT:

Tishwash:  91% of the Iraqi currency is outside the banking system

Economist Munar Al-Obaidi announced that the money supply rose to more than 102 trillion dinars until last June.

Al-Obaidi said, "The currency issued by the Central Bank of Iraq rose to reach 102.3 trillion Iraqi dinars at the end of June, with an annual growth rate of 2.4% and a monthly growth rate of 3%."

He added that the value of the currency outside the banking system rose to 93 trillion Iraqi dinars, after it was 90 trillion Iraqi dinars in March.

He pointed out that the percentage of cash outside the banking system reached 91%  link

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Tishwash:  A new branch of Rafidain Bank applies the comprehensive system.. this time in Diyala

Rafidain Bank announced today, Wednesday, the implementation of the comprehensive banking system in Diyala.  

The bank's media office stated in a statement that "in implementation of the government program to move from paper transactions to electronic transactions to provide the best services to citizens, the comprehensive banking system has been implemented in the Baladruz branch in Diyala, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates in addition to the border crossing branches (Zurbatiya - Safwan - Arar - Trebil), so that the number of effective and completed branches of the system becomes (32) branches in an important step to strengthen the banking system and achieve its requirements and leave paper work and move completely to electronic systems."

 The bank confirmed that "the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings to include all branches of the bank in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions."  link

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Tishwash:  Hot legislative session for parliament with amnesty, oil and property laws - Urgent

The Parliamentary Oil and Gas Committee revealed, on Wednesday, a number of draft laws that will be voted on during the second legislative term of the third legislative year of the House of Representatives.

“There are a number of draft laws that will be voted on during the second legislative term of the third legislative year, including the twenty-first amendment to the Personnel Law No. 25 of 1960, which includes a wide segment of employees of the ministries in the state, in addition to the general amnesty law that does not include terrorists and ISIS members, but there are oppressed people in prisons, as well as the law amending the Martyrs Foundation Law, and also among the important draft laws is the service and retirement law for the fighters of the Popular Mobilization Authority,” said committee member MP Alaa Al-Haidari in a statement to Al-Rabia.

He added that "there are also a number of proposals, including a draft law to include some victims of natural disasters, including the Ibn al-Khatib Hospital incident, the incident of teachers in one of the schools in the Safwan Cases Center in Basra Governorate, the incident of students in the al-Hartha district in Basra, and other incidents in Maysan Governorate," noting that "these proposals will be discussed and put forward for the purpose of voting on them and providing justice to their families."  link

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Tishwash:  Parliamentary effort to question the Central Bank: Costs Iraq trillions and threatens the economy

Member of the Legal Committee, Raed Al-Maliki, announced on Tuesday that he is seeking to hold the relevant authorities accountable, especially the Central Bank administration and the government, due to the failure of their procedures to address the crisis of the decline in the value of the Iraqi currency and the large gap between the official dollar exchange rate and the parallel rate.

Al-Maliki said, in a press statement received by Shafaq News Agency, that the continued failure of the Central Bank and the government to achieve stability of the dinar and reduce the gap between the two prices led to the waste of huge sums of money and exacerbated the suffering of citizens. 

He pointed out that these conditions resulted in the state incurring trillions of dinars and enriching the corrupt at the expense of the people, as the prices of most goods depend on the parallel price, which is much higher than the official price.

Al-Maliki also pointed out that the failure of the government and the Central Bank to deal with the exchange rate crisis was embodied in several main aspects, the first of which is the government’s inability to determine Iraq’s position on countries banned from using the dollar, as it failed to reach an agreement with the United States on how to deal with Iran and Syria, while other countries were able to find formulas of understanding in this regard.

The "second failure," according to Al-Maliki, is embodied in the government's inability to control the ports and informal trade. It has failed to unify customs policy and prevent informal ports in the Kurdistan Region, which includes more than 32 informal ports.

The third failure, MP Al-Maliki says, is the failure to address the issue of small traders, whose number exceeds 400,000 traders in Iraq, who rely on the parallel dollar to avoid official procedures and taxes.

Regarding the fourth failure, the government and the Central Bank, according to Maliki’s statement, failed to address the problem of speculation and commissions in banks, as banks buy the dollar at the official price and sell it at higher prices without any legal accountability.

Finally, the fifth failure, according to the statement, is embodied in turning the file of providing travelers with dollars into a corruption case that cost 600 billion dinars, as dollars are collected for fictitious travel purposes without verifying the actual need for travel.

Al-Maliki added that these points represent the most prominent reasons for the continuation of the exchange rate crisis and the waste of money, pointing out that Arab and foreign banks have entered the currency auction and increased their profits at the expense of Iraq.

The MP stressed that he will use all constitutional, legal and popular means to confront this failure and mismanagement, calling on MPs from other blocs to support these efforts in order to protect the interests of the Iraqi people.

For his part, MP Majid Shankali called on the Council of Ministers to take decisive and bold decisions related to the financial reality in Iraq.

In a statement received by Shafaq News Agency, Shankali stressed the necessity that these decisions be preceded by the process of building trust between the citizen and the banking system, which is currently suffering from a significant lack of this trust. 

In this context, Shankali called for banning dealing and trading in dollars in buying and selling operations, in a step aimed at enhancing the use of the Iraqi dinar and reducing dependence on foreign currency. He also called for not allowing citizens to hoard amounts exceeding ten thousand dollars or its equivalent outside banks, in order to limit financial evasion and enhance official banking practices.

Shankali also stressed the need to encourage and stimulate electronic dealing in financial transactions, pointing out the need to start implementing these decisions gradually to avoid creating new crises, stressing that these procedures must be well thought out and based on gradual steps to ensure achieving the desired financial goals without causing additional problems for citizens.   link

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Mot: Say - How Hot Was it there Today!!!! 

Mot: .. Maybe avoid Death Valley this week

More News, Rumors and Opinions Tuesday PM 7-9-2024

KTFA:

Clare:  Iraq is the fifth largest economy in the Arab world and the 52nd largest economy in the world

7/8/2024

The American magazine "CEOWORLD" reported on Monday that Iraq ranked fifth in the Arab world and 52nd globally as the largest economy in the world in 2024.

According to the American magazine, despite growing concerns about rising prices, the United States has maintained its position as the largest economy in the world, with an impressive GDP of $28.78 trillion.

China follows with a massive GDP of $18.54 trillion, while Germany, meanwhile, has cemented its position as Europe’s economic leader with a GDP of $4.59 trillion, building on its manufacturing expertise and strong exports while overcoming additional challenges from energy supply issues related to the conflict between Russia and Ukraine.

The magazine showed that Japan ranks fourth with a GDP of $4.11 trillion, while India ranks fifth, as one of the fastest growing economies with a GDP of $3.94 trillion.

 While Iraq ranked 52nd globally in terms of growth with a GDP of $265.894 million for the current year, the GDP for 2025 was estimated at $278.811 million, in 2026 at $292.147 million, in 2027 at $307.465 million, in 2028 at $325.197 million, and finally in 2029 at $345.074 million.

The magazine indicated that Iraq ranks fifth in the Arab world after Saudi Arabia, the Emirates, Egypt and Algeria.  LINK

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Clare:  The dollar's flight does not threaten the dinar.. Al-Sudani's advisor dispels fears: The dollar system is a thing of the past

7/8/2024

The financial and economic advisor to the Iraqi Prime Minister, Mazhar Mohammed Salih, commented on Monday on the return of the rise in the exchange rate of the US dollar against the Iraqi dinar in local markets.

Saleh explained to Shafaq News Agency, "The fixed exchange rate system in Iraq is based on an international reserves base that is the highest in the history of Iraq and its monetary policy, as foreign currency covers more than 100% of the total currency currently issued."

He added that "given the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in the country does not constitute any relative importance in influencing the stability of the general price level, which has become stable in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports) amounting to 1320 dinars per dollar, which is a stable trend for the exchange rate and around which the stable external value of the dinar revolves, which is embodied by the state of stability of the relative prices of goods and services to a large extent, as the annual inflation in the country does not exceed 3%."

According to Saleh, based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, the value of which as liquid foreign assets exceeds $100 billion, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market in short periods due to urgent international or regional political events here and there or in adapting some instructions regulating the monetary market.

Al-Sudani's financial advisor said that after the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments inside the country since last year and its legal prohibition, the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions practiced by informal markets and at a rate of 10% of the total supply and demand transactions for the currency.

Saleh stressed that "the stability of the exchange rate of the dinar to the dollar that the country is witnessing, even in the secondary markets above, is a real and solid stability. Rather, it is derived from the strength of the impact of the price and quantity factors of the monetary and financial policies and their integration in imposing overall price stability in the country and containing the inflationary expectations that were caused by the forces of the parallel exchange market during the past years." 

The financial advisor concluded his speech by pointing out that “the secondary (irregular) market, due to the freedom of external transfer, is under the influence of the official exchange market rate, whose operations are constantly expanding in favor of dealing at the fixed official exchange rate.”  LINK

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

Militia Man  Article quote: "The fixed exchange rate system in Iraq is based on an international reserves base is the highest in the history of Iraq...Foreign currency covers more than 100% of the total currency issued."  Even the trillions, they have enough reserves to do that.  In other words if they change the exchange rate to something that's strong, that reflects the true fundamentals of the country, they shouldn't have any problem.  Their model is stable, secure...very little inflation.  They've been successful doing this model...

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:
The television was interviewing Sudani and asked him about the reforms and about the progress of the economy.  He says we are stronger than ever and all projects are poised.  He says the delete the zeros is still on the table as Iraq moves forward.  FRANK: It's encouraging to see Sudanii repeat once again the same words...That means you're about to see it...He says the project is still alive...I'm excited that they talked about a fixed rate rate verses a float...They could float at a fixed rate and cap it very quickly.  I've got a feeling that's exactly what they're going to do.

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Iraqi Dinar July Update, Revaluation & Cleaning Out the Corruption

Nader:  7-9-2024

https://www.youtube.com/watch?v=tY9xVWUS1dI

Is The Fed Getting 'Abolished'? Economist Explains 'End The Fed' Movement | Carola Binder

David Lin: 7-9-2024

Carola Binder, Associate Professor of Economics at Haverford College, discusses her inflation outlook, prediction for number of Fed rate cuts this year, and the origins "End The Fed" movement, which was detailed in her book "Shock Values: Prices and Inflation in American Democracy."

0:00 - Intro

1:15 - Inflation outlook

 7:00 - Inflation measurements

8:40 - 2% inflation target

11:45 - Price controls

13:55 - How many rate cuts this year?

 14:30 - Central bank independence

18:36 - Monetary vs. fiscal policies

 21:45 - 'End The Fed' movement

23:45 - Gold standard

26:20 - Fed's dual mandate

https://www.youtube.com/watch?v=VHW3fXkIaqk

Seeds of Wisdom RV and Economics Updates Tuesday Afternoon 7-9-24

Good Afternoon Dinar Recaps,

RUSSIA'S PROSPERITY INCREASES AFTER US SANCTIONS
DE-DOLLARIZATION CONTINUES

"Russia, one of the leading nations in the world, has now added one more feather to its cap. The nation’s GDP has reportedly exploded post-sanctions. Russia is now one of the most prosperous nations in the world, with its per capita income ranging from $14,250 annually. The nation is also spearheading efforts to derail the US Dollar by echoing the multipolar currency narrative."

"It is particularly interesting to note, considering that the US has sanctioned Russia by cutting its access to the SWIFT payment system. Despite encountering a major financial blow, the Russian economy is projecting an upward ascent, displaying its mettle against global nations."

"Russia is exclusively heading the de-dollarization agenda. Being an active part of the BRICS alliance, the nation, alongside China, India, Brazil, and South Africa, is currently planning to launch an independent currency system rivaling the USD’s prestige. At the same time, Russia is also conducting active trade proceedings with China in local currency, ditching USD usage in every possible way."

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Read more:  Watcher Guru

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BRICS duplicating THE BRETTON WOODS structure?

"Jim Rickards: Notice what the BRICS are doing, they COPIED the World bank AND the IMF…they are DUPLICATING the Bretton Woods structure.
They're also building underseas {fiber optics} telecom channels so they can BYPASS channels like SWIFT & others that are controlled by the West."

BRICS has been building this infrastructure for 15 years.

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Read more:  Twitter
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SAB 121 SET FOR VETO VOTE ON WEDNESDAY

"The US House of Representatives is scheduled to vote on significant crypto legislation on Wednesday, July 10. This vote might override President Joe Biden’s veto of the Securities and Exchange Commission’s (SEC) resolution to repeal Staff Accounting Bulletin 121 (SAB 121)"

"The SEC issued SAB 121 in 2022, which mandates that banks holding cryptocurrency must disclose these assets as liabilities on their balance sheets. Many in the crypto industry have questioned this accounting treatment, claiming that the additional regulatory burden deters banks and other institutional actors from dealing with digital assets."

"Ron Hammond of the Blockchain Association highlighted the unusual political dynamics at play, noting that “crypto has now found itself to be a campaign issue.”

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Read more:  Bitcoinist  

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BITCOIN ETF'S GAINING ACCEPTANCE IN AUSTRALIA

"Australia's leading stock exchange, the Australian Securities Exchange (ASX), has approved listing the second Bitcoin exchange-traded fund (ETF) on its platform. On July 9th, the ASX gave the green light to digital asset manager DigitalX to launch a spot Bitcoin ETF. The new ETF will begin trading on July 12th under the ticker BTXX."

"The flurry of new Bitcoin investment vehicles hitting the Australian market reflects the growing interest in Bitcoin exposure. Investors are increasingly looking to gain Bitcoin exposure through regulated fund structures rather than direct ownership."

"ETFs provide an easy avenue to invest in the asset class without needing to custody Bitcoin directly. Many expect more countries to approve Bitcoin ETFs as the instruments gain traction and regulatory acceptance expands.

"By greenlighting another Bitcoin ETF, Australia's main securities exchange demonstrates a favorable shift in attitudes toward Bitcoin assets within one of the world's top financial markets."

© Newshounds News™

Read more:  Bitcoin Magazine

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"Banque de France partners HKMA to explore interoperability between wholesale CBDC infrastructures"

WE'RE SEEING EUROPE JOINING IN WITH CHINA AND THE EAST LINKING WHOLESALE CBDC'S

"The Banque de France (BDF) has signed a memorandum of understanding with the Hong Kong Monetary Authority (HKMA) to explore how their differing infrastructures can support cross-border settlement using wholesale central bank digital currencies (wCBDCs), building on their mutual participation in the European Central Bank’s (ECB) Eurosystem CBDC exploratory project."

"The testing will focus on “real-time cross-border and cross-currency payments”, according to the central bank, and will explore the optimization of settlement efficiency by strengthening the compatibility of financial market infrastructures between different jurisdictions. From this month up until November, the group will be tasked with exploring the mock settlement of domestic payments, foreign exchange PvP transactions and “a wide set of securities-related use cases”, as per the ECB’s June announcement."

© Newshounds News™

Read more:  Currency Insider

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GLOBAL RACE FOR CRYPTO REGULATION SPEEDING UP

"HK maturing, Singapore cautious, Dubai pragmatic, EU comprehensive, US promising"

"There has been a marked recognition amongst global regulators that to build the guardrails to protect investors - we must collaborate. And policymakers have listened, supported and reacted."

Hong Kong advances crypto regulation with strategic developments
"Over the last 12 months, Hong Kong has pushed forward a raft of regulatory announcements in a bid to develop a tightly regulated home for the digital asset industry. From implementing a licensing regime for virtual asset trading platforms, to working on a framework for fiat-referenced stablecoins."
A major milestone was reached with the introduction of bitcoin and ether ETFs.

In December 2023, the Securities and Futures Commission, alongside Hong Kong’s Monetary Authority (HKMA) released a joint statement in which they detailed the requirements that must be met for the regulator to approve ETFs with more than 10% of holdings in crypto. Within four months of this circular, spot crypto investment products in Hong Kong received the green light."

Singapore strengthens crypto ecosystem with robust regulations
"Meanwhile, Singapore continues to enhance its regulatory framework for cryptocurrencies. While cryptocurrency trading and possession are legal, the Monetary Authority of Singapore (MAS) maintains a cautious approach, particularly concerning the public advertisement of crypto services. 

Against this regulatory backdrop, Singapore is spearheading forward-thinking initiatives like Project Guardian. This project, a distinct yet complementary approach to Hong Kong’s e-HKD program, also explores blockchain’s potential across different financial sectors and demonstrates how tokenization can significantly enhance market and transaction efficiencies."

Dubai attracts crypto firms with a defined regulatory framework
"The UAE has signalled its intent to become a global hub for the sector by outlining clear guidelines for firms looking to operate in the region. In 2022, Dubai established the world’s first independent regulator for virtual assets, the Virtual Assets Regulatory Authority (VARA), to serve as a transparent and trusted guiding authority for the emerging world of crypto. Firms operating in the cryptocurrency space in the UAE must obtain a licence from the Securities and Commodities Authority, ensuring they meet the required AML and know-your-customer standards."

Europe presents unified approach through MiCA
"Europe has taken a proactive stance with the introduction of the Markets in Crypto-Assets (MiCA) regulation.

This comprehensive framework is the first of its kind globally. The crypto measures aim to create a unified regulatory landscape across 27 countries in the EU, ensuring consumer protection, facilitating legal certainty for businesses and attracting more investment to the region."

Promise of progress in the United States
"In the United States, the recent passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the US House of Representatives is a landmark development, after large industry players quit the country due to regulatory crackdown and uncertainties that have made investments in the US higher risk.

FIT21 aims to clarify the regulatory responsibilities of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission over digital assets and update existing securities and commodity laws to accommodate blockchain technology applications, including decentralized protocols. It categorizes digital assets into restricted digital assets, digital commodities, and permitted payment stablecoins, each with distinct regulatory oversight."

@ Newshounds News™

Read more:  The Asset

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WHY IS TOKENIZATION OF TRADE FINANCE TRANSFORMATIVE FOR INVESTORS? 

Standard Chartered and Synpulse paper explains why digital assets are critical to addressing financing requirements of companies

Institutional investors are always looking for new, fast-growing markets.  Trade finance tokenization provides exposure to emerging market assets.  For banks, "tokenization can help raise their net interest income and optimize their capital structure."

Standard Chartered Bank's new paper titled “Real-World Asset Tokenization: A Game Changer for Global Trade” written in collaboration with global consulting company Synpulse gives some insights into tokenization of trade finance.

"In its simplest form,

TOKENIZATION  --- is —   the process of issuing digital representations of real or traditional assets in the form of a token on a distributed ledger which can be fractionalized into smaller and transferable units. "

"This ability to produce bite-sized assets for ownership is a game changer for asset classes that are struggling to secure funding and liquidity."

"Tokenizaboutation could support companies in need of trade financing by opening a viable channel for institutional investors such as asset management companies and sovereign wealth funds to provide capital.  MMEs are especially active in fast-developing regions such as the Middle East, Asia, and Africa. They represent a vast and largely unaddressed market, offering an immense yet unrecognized opportunity for investors."

"Banks stand to gain from increased tokenization of trade finance assets as well. With the increased pressure to comply with Basel IV requirements by 2025 on the calculation of risk-weighted assets, banks need to be strategic with their balance sheets."

"Through tokenization, banks can adopt an originate-to-distribute model for trade finance by distributing trade finance instruments they have initially financed to the capital markets and the emerging digital asset markets, thereby providing companies in need of trade financing, access to a global pool of institutional investors seeking returns."

Learn more about the role of banks in the tokenization of trade finance and how the tokenization of trade finance is a win-win for both banks and institutional investors globally by reading the entire article and pdf below.

@ Newshounds News™

Read more:  The Asset

Read more:  Real-World Asset Tokenization: A Game Changer for Global Trade

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10 Industries That Are Double Billing You — How You Can Avoid Paying So Much

10 Industries That Are Double Billing You — How You Can Avoid Paying So Much

J. Arky  Tue, July 9, 2024   GOBankingRates

When was the last time you took a good look at your bill to make sure that what you were charged for is the correct amount? You might want to start double-checking the fine print and doing the math yourself since several industries are getting called out for double billing customers.

You might be able to negotiate to get the charges reversed or a partial refund, but at the end of the day, that’s time and money down the drain.

How can you avoid paying so much and not get double billed? It all starts with knowing which industries are notorious for charging customers twice. Here are the ones to be on high alert for so you do not get billed twice over.

Telecommunications

Telecom providers are notorious for hidden fees and erroneous charges, according to David L. Blain, CFA and CEO at BlueSky Wealth Advisors.

“As someone who has audited telecom bills for over 20 years, I’ve found erroneous charges at nearly every company,” said Dylan Cleppe of OneStop Northwest LLC. “Carefully scrutinize your bill each month and question any charge that seems off. Negotiate the best rate upfront, then lock in that rate with a multi-year contract.”

“Carefully review your bills each month for any unwarranted additions like device insurance or data overage fees,” echoed Blain. “Don’t be afraid to call and dispute incorrect charges.”

Insurance

Ben Klesinger, co-founder and CEO of Reliant Insurance Group and Helping Hand Financial, said, “Insurance companies frequently tack on extra fees when policies renew.

“Always ask for an itemized renewal notice and question any charge not clearly tied to your coverage limits or payouts last year. Don’t be afraid to shop [around with] other companies.”

Healthcare

“Healthcare providers may charge separately for facility fees, physician fees and anesthesia — often from different billing groups,” Blain said.

“Healthcare is an industry designed to bill as much as insurers will cover,” Cleppe agreed. “Question costs that seem disproportionate to the services rendered. Check that each provider who treated you is in your insurance network. Out-of-network doctors and facilities will balance the difference [of the bill for you] between their charge and your insurer’s allowed amount.”

Blain advised customers to request “an itemized bill to ensure you’re only paying for services actually received. Ask about insurance network participation for all providers before receiving treatment.”

Car Repair

To Read More:

https://www.yahoo.com/finance/news/10-industries-double-billing-avoid-160023920.html