The Financial System Crisis Unfolding Now is Different and Way Worse

The Financial System Crisis Unfolding Now is Different and Way Worse

On August 6, 2024  By Awake-In-3D

The Current Financial System Crisis is more severe than 2008. Here’s what is coming and why.

I want to have a candid conversation with you today about something incredibly important. Many of us remember the financial system crisis of 2008 and the global turmoil it caused.

Now, we’re facing a situation that’s not only different but potentially much worse.

The global financial system is on the brink of a crisis that could see the collapse of the US dollar, something we’ve never experienced before.

This isn’t just another recession; it’s an oncoming catastrophe that will change everything.

In This Article:

• The Collapse of the Dollar: A Unique Catastrophe

• Historical Comparisons: The 2008 GFC vs. Now

• Key Factors Driving the Current Crisis

• Preparing for an Unprecedented Financial Collapse

What we are now coming into is not just another recession.

What’s coming is the potential collapse of the dollar, an event that dwarfs the 2008 Global Financial System Crisis (GFC). The ramifications of such a collapse are unprecedented, threatening to plunge the global economy into chaos.

We should all hope that an alternative, gold-backed currency system is in place before this happens.

The Collapse of the Dollar: A Unique Catastrophe

Unlike past financial crises, this one involves the potential collapse of the US dollar, the world’s reserve currency. Such an event has never been experienced before.

The dollar’s collapse would lead to widespread economic instability, making the crisis far more severe than anything seen in recent history.

Historical Comparisons: The 2008 Global Financial Crisis vs. Now

The 2008 GFC was triggered by the collapse of the housing market and the failure of financial institutions.

In response, the Federal Reserve injected liquidity into the banking system, which temporarily stabilized the economy.

However, the measures taken back then have led to long-term consequences, such as inflated asset prices and increased national debts to historic levels, setting the stage for a more catastrophic crisis now.

Key Factors Driving the Financial System Crisis We’re Entering Now

The current financial system is teetering on the edge due to several critical factors:

1. Excessive Liquidity and Debt: The continuous injection of liquidity and low-interest rates since 2008 have led to unsustainable levels of debt. This “hallucinated capital” has created a massive bubble that is now on the verge of bursting.

2. Loss of Faith in the Dollar: With increasing global instability, there is a growing loss of confidence in the dollar. As soon as an alternative, more stable gold-backed currency emerges, the dollar could collapse, triggering widespread financial chaos.

3. Unprecedented Economic Shocks: Events such as government responses to COVID-19 and geopolitical tensions have strained the global economy. The repo market spasm in 2019 highlighted the fragility of the financial system, which was only exacerbated by the 2020 eoncomic shutdown and unfunded public stimulus programs.

4. Systemic Failures: The unprecedented, interconnected nature of the global financial system means that failures in one area will quickly spread, leading to a domino effect of collapsing markets and institutions.

Preparing for an Unprecedented Financial Collapse

As the great, global fiat financial system experiment reaches its logical conclusion, it’s critical to understand the gravity of the situation and take steps to prepare.

Unlike the 2008 GFC, the tools and tricks used by the almighty FED to stabilize the economy are now exhausted.

The focus should be on securing tangible assets that retain value, such as gold and silver, and preparing for the potential shutdown of banks and financial institutions.

The collapse of the dollar will lead to an epic revaluation of assets, with many losing significant value. This time, the so-called authorities are out of tricks and out of fake money.

Emergency interest rate cuts and liquidity injections won’t change the fundamental issues at play.

The Bottom Line

The financial crisis unfolding now is fundamentally different and much worse than the 2008 Global Financial Crisis.

The collapse of the dollar, driven by unsustainable debt, loss of confidence, and systemic failures, will have unprecedented global repercussions. Preparing for this collapse involves understanding the gravity of the situation, securing tangible assets, and bracing for widespread economic turmoil.

The wait is over, and the reality of a collapsing financial system is here.

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© GCR Real-Time News

Visit the GCR Real-Time News website and search 100’s of articles here: Ai3D.blog

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Seeds of Wisdom RV and Economic Updates Wednesday Evening 8-7-24

Good Evening Dinar Recaps,

India has no plans to regulate crypto sales and purchases

Despite tightening measures against money laundering and terror financing, India has no immediate plans to regulate cryptocurrency transactions.

The Indian government revealed no immediate plans to regulate the sales and purchase of cryptocurrencies as it continues to tighten oversight on crypto-related money laundering and terror financing.

During a parliamentary meeting on Aug. 5, Pankaj Chaudhary, the Minister of State in India’s Ministry of Finance, responded to several questions detailing the nation’s current stance on crypto regulations.

Chaudhary said that India has not conducted any study or research to understand the adoption level of cryptocurrencies among its citizens. He responded by saying that:

“Crypto assets or Virtual Digital Assets (VDAs) are unregulated in India and the government does not collect data on these assets.”

India will tax crypto, not regulate it

Although India officially implemented a tax system for cryptocurrency transfers and profits on April 1, 2022, the government has no plans to regulate the sale and purchase of cryptocurrencies. Under India’s crypto law, citizens are required to pay a 30% tax on unrealized crypto gains and a 1% tax deducted at source (TDS).

Chaudhary highlighted India’s ongoing efforts toward Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) in crypto. Earlier in January, India banned several offshore crypto exchanges for noncompliance with local regulations, including Binance, KuCoin, Bitget, Huobi, OKX, Gate.io and MEXC.

However, the nation has no plans to regulate crypto purchases and sales. Chaudhary added:

“Currently, there is no proposal to bring legislation for regulating the sales and purchase of virtual digital assets in the country.”

Ongoing efforts to curb illicit crypto activities

He also reminded that India had pushed for a coordinated effort from all G20 nations to curb the illicit use of cryptocurrencies globally during its 2023 presidency.

Binance’s plan to reenter India after paying a $2 million fine for noncompliance was recently met with a roadblock.

On Aug. 6, the Directorate General of Goods and Service Tax Intelligence (DGGI) — an Indian law enforcement agency — demanded 722 crore Indian rupees ($86 million) in unpaid taxes from Binance.

Indian authorities had sent email notices to Binance offices in Seychelles, the Cayman Islands and Switzerland, which the crypto exchange ignored. However, Binance later appointed a local counsel to officially resolve its tax obligations.

@ Newshounds News™

Read:  Coin Telegraph

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HOW TO BUY XRP

"XRP is one of the largest cryptocurrencies by market capitalization, starting the year with a value of more than $30 billion.  XRP’s origins date back to 2012 when the company now known as Ripple was founded and the XRP Ledger launched."

"Unlike bitcoin (BTC) and ethereum (ETH), the Ripple network and its XRP native cryptocurrency were designed to facilitate financial transfers among banks and other global financial institutions.

 The goal of the project was to create a cheaper, faster and more secure alternative to the Society for Worldwide Interbank Financial Telecommunications, or SWIFT, which executes financial transfers."

WHAT IS XRP?
"While investors sometimes refer to the XRP cryptocurrency as Ripple, in fact Ripple is the technology company backing XRP and the XRP ledger blockchain.

The XRP blockchain itself is decentralized and public. The Ripple transaction protocol facilitates XRP network transactions, a set of rules governing RippleNet. RippleNet is a network of payment facilitators and banks worldwide that helps participants send and receive payments seamlessly, reducing transaction bottlenecks."

"Unlike bitcoin, dogecoin (DOGE) and other cryptocurrencies mined using a proof-of-work consensus mechanism, XRP is pre-mined and has a maximum total supply of 100 billion tokens. "

1. Decide if you want to buy XRP.
"XRP has advantages over bitcoin, ethereum and other leading cryptocurrencies, but it may only be right for some investors. "

2. Find a place to buy XRP.
"Once you have decided to buy XRP, you must find a cryptocurrency exchange or investing app that supports XRP trading. Exchanges are online platforms where users trade cryptocurrencies, and XRP is supported on a large number of markets and exchanges. "

Centralized exchanges
"A centralized crypto exchange is similar to a traditional financial institution in which a centralized company acts as an intermediary between transaction participants. Leading centralized crypto exchanges that support XRP trading include Binance, Coinbase, Kraken and Bybit."

Decentralized exchanges
"A decentralized crypto exchange allows users to make direct transactions through blockchain technology to complete trades without needing a centralized intermediary. Leading decentralized crypto exchanges that support XRP trading include PancakeSwap, SimpleSwap and onXRP."

3. Choose a form of payment.
Once you open an account on your preferred exchange, you must decide which payment methods are compatible with your exchange and convenient for you.

Fiat currency
"Many centralized exchanges allow the U.S. dollar or other fiat currencies for payment. Fiat currencies are government-supported currencies that are not backed by physical assets. Examples include the U.S. dollar, Japanese yen and euro."

Cryptocurrency
"Crypto exchanges often allow users to buy and sell one cryptocurrency using other cryptocurrencies. It’s common for crypto traders to buy and sell altcoins like XRP using bitcoin."

Stablecoins
"Stablecoins are cryptocurrencies designed to have stable prices, typically by pegging them to the price of a fiat currency or other commodity. Popular stablecoins include tether (USDT), USDC (USDC) and Dai (DAI), which are all pegged to the U.S. dollar."

4. Store your XRP.
"You will need a digital wallet compatible with XRP to store your crypto. Digital wallets are hardware or software that store a user’s private keys and are used to send and receive crypto.  Some cryptocurrency exchanges provide custodial wallets to their customers.

But others require noncustodial wallets that leave the user responsible for securing private keys. Centralized exchanges such as Kraken and Coinbase offer users custodian wallets.

XRP is also supported on noncustodial software wallets such as GateHub, Xumm and Trust Wallet, as well as noncustodial hardware wallets such as Ledger, Keystone and Trezor."

@ Newshounds News™

Read more:  USA Today

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De-Dollarization Faltering in Africa Because Citizens Lack Confidence in Their National Currencies

HOW LONG WILL IT TAKE TO DE-DOLLARIZE THE WORLD WHEN WE HAVE REAL-WORLD PROBLEMS SUCH AS THIS ARTICLE PRESENTS STILL EXIST

"Sometime in 2023, during the peak of anti-dollar hype, Kenyan President William Ruto questioned why his country and Djibouti still had to settle trade in U.S. dollars when they had their currencies."

" The U.S. dollar hegemony was never widely seen as a threat, even as a few small countries were highlighting Washington’s apparent use of the currency’s dominance to achieve political goals.

However, when the U.S. took the bold step of using the dollar’s dominance to punish Russia after its invasion of Ukraine, suddenly there seemed to be a consensus among countries that Washington was weaponizing its currency.

For countries fearing they might be the next target, advocating for an alternative to the dollar or de-dollarization became the logical course of action."

"Clearly, the process or task of establishing a currency that eats into the greenback’s dominance is a mammoth one. But why is it difficult to create or launch a currency that can challenge the U.S. dollar? Alternatively, what has enabled the dollar to remain the most preferred reserve currency, even among those bitterly opposed to the U.S.?"

U.S. Dollar as a Store of Value
"Well, a lot may have nothing to do with what the U.S. is doing right but rather with what its opponents are doing. A good example exists in Africa, where persistently high inflation rates have convinced citizens that holding onto a local currency is unwise."

"Injecting money that does not correspond with an economy’s production usually results in one thing: runaway inflation. Unfortunately, this is precisely what many central banks, including those in Africa, have been doing, leading to currency crises and eventual dollarization."

"So, to answer the Kenyan President and those asking a similar question, traders between two African countries demand payment in U.S. dollars because they lack confidence in their own or their counterpart’s national currency.

It does not matter how far away they are from the United States; the two traders prefer this because it has a stable value, at least when compared with their respective national currencies."

"While the Kenyan leader has gone as far as to plead with traders to use local currencies, several African countries have banned the use of foreign currency in domestic transactions. However, this approach has often not translated into the increased local currency use. Instead, it has driven traders underground, harming local economies."

@ Newshounds News™

Read more:  Bitcoin

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Judge Fines Ripple $125M, Bans Future Securities Law Violations in Long-Running SEC Case

"A federal judge ordered Ripple to pay $125 million in civil penalties and imposed an injunction against future securities law violations on Wednesday."

"District Judge Analisa Torres, of the Southern District of New York, imposed the fine after finding that 1,278 institutional sale transactions by Ripple violated securities law, leading to the fine. 

The $125.035 million fine is well below the $1 billion in disgorgement and prejudgment interest and $900 million in civil penalty the SEC sought."

"The SEC tried unsuccessfully to appeal that portion of the ruling while the case was ongoing."

"The injunction document requires Ripple to file a registration statement if it intends to sell any securities. The SEC is likely to appeal the July 2023 ruling now that the judge has imposed a sentence, after the same judge denied the SEC's motion for an interlocutory appeal last year."

"The SEC and Ripple settled charges tied to CEO Brad Garlinghouse and other executives after that interlocutory appeal was denied.

The price of XRP rose 3 cents, or around 2%, after the judgement was published."

@ Newshounds News™

Read more:  CoinDesk

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Fed Data Shows 9.1% of Credit Card Balances Hit Delinquency Status This Year | PYMNTS

@ Newshounds News™

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The Federal Reserve Is Missing What Seems To Be Obvious To Everyone Else

The Federal Reserve Is Missing What Seems To Be Obvious To Everyone Else

Notes From The Field By Peter Schiff  August 7, 2024 

On Wednesday, March 8, 2023, Fed Chairman Jerome Powell was sworn in for testimony in front of members of Congress to deliver remarks about the state of the US economy.

Inflation had been raging for well over a year at that point, and, in response, the Fed had rapidly increased interest rates to levels not seen since 2007.

But nothing happens in a vacuum. The Fed cannot expect to jack up rates without some major consequences. And concerned members of Congress asked the Chairman about these potential consequences.

But Chairman Powell played them off, practically dismissing any risk to their raising rates and ‘tightening’ monetary policy, saying “nothing about the data suggests we’ve tightened too much. . .”

Two days later, Silicon Valley Bank went bust-- in large part because of the Fed’s interest rate increases.

And it wasn’t just Silicon Valley Bank that was in trouble. In fact, the FDIC reported over $600 billion in unrealized losses across the entire US banking system, and most of that due to higher interest rates.

It’s not hard to understand. Banks typically invest their customer deposits in either loans or bonds. And rule #1 with bonds is that, when interest rates rise, bond prices fall.

Even a first-day intern at the Fed would have known that. The Fed chairman should have certainly known that.

It was also in their own data. Remember, the Fed is also one of the key supervisors of the US banking system, so they had access to all of Silicon Valley Bank’s financial records. They saw the losses piling up, they saw the risks.

This is what’s so bizarre. The Fed always claims to be looking at the data and says that their economic prognostications are based on data.

But again, the Fed had the data. It was glaring at them. But they failed to anticipate any consequences to their rate hikes-- even TWO DAYS before a major bank collapsed.

Sadly, the Fed chairman seems to have outdone even that bad call.

Last week he told a room full of reporters that economic weakness is “not what we’re seeing” and that the economic data are “not signaling a weak economy. . . ”

He went on to say that chances of a “hard landing are low” and that “the picture [of the US economy] is not one of slowing.”

Yet once again, literally days later, a meltdown in financial markets took place worldwide… because investors finally realized that the Fed has no idea what they’re talking about.

And everyone from Pepsi to McDonald’s to Heineken to Cartier to Porsche has been reporting slower growth or declines in sales.

This morning Disney reported a slowdown in its parks division-- which is typically rock solid. Proctor & Gamble reported a decline in sales of Tide laundry detergent and Charmin toilet paper. The list goes on and on.

Monday’s sudden market swoon has calmed. But in large part that sense of calm is because investors are now pricing in a near 100% chance of a 50-basis point (0.5%) rate cut at the Fed’s September meeting. There are even some expectations of an emergency rate cut before the September meeting.

Again, they claimed just a week ago that the chances of a hard landing “are low”, and that a 50-basis point cut is “not something we’re thinking about”. Yet just days later, it became clear that the economy is slowing, and unemployment is moving higher.

(It’s also notable that most of the growth in labor market now is with government jobs, which actually hurt the economy.)

So, the Fed is almost certainly going to have to reverse itself and start making big rate cuts. Frankly, they have no other option, if for no other reason than the national debt.

The US government has trillions and trillions of dollars of bonds which are maturing this year and next. And the Treasury Department clearly doesn’t have the cash to pay them back. So instead, they’ll have to reissue more bonds to pay back the old bonds. Sounds a bit like a Ponzi scheme to me.

Their problem is that the new bonds will carry a much higher rate of interest than the old bonds… which the federal government absolutely cannot afford.

Think about it: $10 trillion worth of bonds paying a 1% coupon costs $100 billion per year in interest. That’s a lot, but it’s manageable. If they have to refinance $10 trillion at 5%, the annual interest bill increases to $500 billion… which is showstopper.

So, the Fed HAS to cut rates-- not only to jump start the economy and prevent a recession… but to bail out the US government and give the Treasury Department the opportunity to refinance its debt at a lower rate.

However, these rate cuts, combined with yet another round of quantitative easing (i.e. money printing), will just end up bringing a LOT more inflation to the US economy.

Naturally the Fed is not forecasting any of this. They don’t see the inflation problem ahead. They keep claiming that they’re looking at the data… yet they consistently misdiagnose what’s happening in the economy.

It’s like an ER doctor who examines a patient with a gunshot wound and prescribes a course of stool softeners. They’re missing what seems to be obvious to everyone else.

Look, these guys are human beings too. They’re not perfect, they’re going to make mistakes. But that’s the problem with this monetary system: a handful of bureaucrats with bad track records are awarded the most powerful authority in finance and expected to be infallible.

It’s a deeply, deeply flawed system, and it’s bizarre that anyone has any confidence in it.

The Fed is not all-powerful. Not only do they not see the coming danger, but they’re powerless to stop it. And Monday’s meltdown is a sign that the market is starting to figure that out.

Peter Schiff  Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/peter-schiff-the-fed-prescribes-stool-softeners-for-america-151217/

More News, Rumors and Opinions Wednesday PM 8-7-2024

KTFA:

Clare:  For 3 reasons.. Changing the relationship is “not enough” to improve the performance of the Central Bank

8/7/2024  Special

Economic consultant, Ziad Al-Hashemi, confirmed today, Wednesday, that changing the governor of the Central Bank, Ali Al-Alaq, will not be sufficient alone to bring about the required change and improvement in the performance of the Central Bank, but rather the issue requires a broad and large screening and development of its work style, updating its management structure, and giving it the independence it needs, like other central banks.

Al-Hashemi told Al-Jarida, “The Central Bank of Iraq suffers from several major and fundamental problems, the first of which is that there is a defect in the structure of the Central Bank of Iraq, and this defect is clear in the method and style of the bank’s work. There is also weakness in the performance of the administrative system within the Central Bank as a whole, and there is also weakness in the independence of the Central Bank.”

He explained that “these factors of administrative weakness, structural defects, and weakness in the independence of the Central Bank mean that any change at the level of the leadership as individuals will not make a significant difference in bringing about a qualitative shift or positive development in the performance of the Central Bank as a whole.”

He stressed that “the Central Bank needs a broad and extensive screening, developing its work model, updating its management structure, and giving it the independence it needs, just like other central banks, to work comfortably, make its decisions, manage, implement, and monitor monetary policies with complete independence, without political interference or interference from any other party.”

Al-Hashemi concluded by saying, “Changing the governor of the Central Bank will not be enough alone to bring about the required change and improvement in the performance of the Central Bank, but rather the issue requires other requirements.”   LINK

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

Mnt Goat   ...what is actually occurring between the CBI, the Feds and the US Treasury.  If you read the headlines today you might begin to panic...you might say things are looking really bad for Iraq. But I assure you that this is all actually VERY GOOD news for us investors... this recent move by the US Treasury was made for the benefit of the currency reform process so that they could move to the next step of the currency reform once these issues are fixed...

Militia Man  Article:  "Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?"  Do we really think at this stage of where the reforms are now and how far they have come to even suggest Al-Alaq is going to go to Al-Sudani and give his resignation? ...Al-Alaq in present terms has kept the country in a state of financial stability to date...This is a hit piece. One that is not surprising as the dollar auctions have dried up. That is very painful to those that lived off the cash cow... We shall see if it arrives and he steps aside as they put it...

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TNT:

Tishwash:  A government bank manager replaces Al-Alaq: Will the new option be controversial?

The representative of exchange companies, Diaa Al-Taie, revealed today, Wednesday, his expectations regarding the possible alternative to the Governor of the Central Bank, Ali Al-Alaq, highlighting a set of necessary qualities that should be available in the new governor.

Al-Taie explained in his statements that “the expected replacement for the governor of the Central Bank, Ali Al-Alaq, will be the director of a government bank,” adding that this director has negative indicators according to informed sources. These expectations come amidst reports that Al-Alaq has submitted a request to Prime Minister Mohammed Al-Sudani to relieve him of his position, based on a number of issues and problems in the Iraqi financial and banking sector, and the inability to control the dollar exchange rate on the black market.

Al-Taie pointed out that the new governor must have four basic qualities to ensure the effectiveness and success of the Central Bank’s work. He explained that “the new governor of the Central Bank must be non-controversial, professional, honest, and acceptable domestically and internationally.” These qualities are essential to ensure the stability of the financial sector and achieve the desired economic goals.

These developments come at a critical time when Iraq is facing significant economic challenges, including controlling exchange rates and strengthening confidence in the banking system. The selection of a new governor for the Central Bank is a crucial step in addressing these challenges and ensuring the stability of the national economy.  link

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STOCK MARKET CRASH? No... WE ARE IN A WORLDWIDE FINANCIAL CRISIS OF EPIC PROPORTIONS.

Greg Mannarino:  8-7-2024

https://www.youtube.com/watch?v=J4xGARjdkhw

URGENT: Is The Market Crash OVER? | Martin Armstrong

Capital Casm:  8-7-2024

https://www.youtube.com/watch?v=3kjuUrES4oI

Dollar Poised For Comeback, Recent Weakness Just A Hiccup

 Dollar Poised For Comeback, Recent Weakness Just A Hiccup

 Reuters poll   Sarupya Ganguly   Tue, August 6, 2024

BENGALURU (Reuters) - The U.S. dollar will claw back some of its recent losses over the coming three months on expectations financial markets have again gone too far in pricing in too many Federal Reserve interest rate cuts this year, a Reuters poll of foreign exchange strategists found.

After rising about 5% for the year, the greenback lost more than half its gains against a basket of major currencies in recent weeks amid sluggish U.S. economic data fuelling expectations of multiple Fed rate cuts, starting in September.

Much of those losses came following weaker-than-expected jobs data on Friday, which encouraged financial markets to project around 120 basis points worth of rate cuts in total from the three remaining Fed meetings this year, compared with 50 basis points just a few weeks ago.

Several major banks, including primary dealers who deal directly with the Fed, followed suit in predicting more rate reductions than expected earlier.

Yet with policymakers pushing back against speculation that recent weakness in economic data would translate into recession, markets may yet again be forced to temper their rate cut expectations.

FX strategists in the monthly Reuters poll, conducted from Aug. 1-6 through recent market turmoil, predicted the euro, currently about $1.10, would fall about 1.4% to $1.08 by end-October, before rising to current levels in six months and then to $1.11 in a year.

"Our strong dollar argument has certainly taken a big hit in terms of confidence, but is its strength truly over? That's not our call," said Paul Mackel, global head of FX at HSBC. "Our recession indicators are not flashing red. And even if the U.S. economy loses momentum, that usually spells bad news for other economies. The dollar does better in that environment."

"Are markets getting carried away? Naturally, I'd say yes, but it's difficult to stand in front of that speeding train in the very short term because this type of overreaction can persist," Mackel added. "You need to be very careful when volatility is this high and you're not used to it coming back so quickly."

MAJOR CUTBACK

The Japanese yen, which started its latest upward march against the U.S. dollar after the Bank of Japan raised its overnight call rate to 0.25% on July 31 and announced a major cutback in its asset purchases going forward, hit a seven-month high of 141.7/$ on Aug. 5. It will hold on to its recent gains to trade at 144/$ in a year, the survey showed.

To Read More: 

https://news.yahoo.com/news/finance/news/dollar-poised-comeback-recent-weakness-125712849.html

Economist’s “Market Crash News and Views” 8-7-2024

Economic Freight Train Is Coming | Gregory Mannarino

Liberty and Finance:  8-7-2024

Gregory Mannarino warns of a looming economic trainwreck driven by massive currency devaluation and unsustainable debt levels.

He believes that the central banks' policies, such as suppressing interest rates and weakening the dollar, are setting the stage for a severe financial crisis.

 Mannarino argues that these actions disproportionately benefit corporations and the wealthy, leaving average citizens vulnerable.

He emphasizes the need for awareness and proactive measures to mitigate the impact of the impending economic downturn on individuals and communities.

INTERVIEW TIMELINE:

 0:00 Intro

2:10 Volatile markets

12:18 The “solution”

18:19 Dividing the population

 27:46 Preparedness

https://www.youtube.com/watch?v=D1scwsMyYdc

Why the Yen Carry Trade Unwind is Breaking the Market

Heresy financial:  8-7-2024

TIMECODES

0:00 Intro

0:23 What a Carry Trade is

2:42 The Yen Carry Trade

7:57 the Change in Direction of Currencies Compared to Each Other

10:49 This is not a Black Swan

 12:36 Massive Spike In the VIX

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

Commodities To Go 'Through the Roof' After Brutal 80% Market Crash: David Hunter

Commodities Culture:  8-7-2024

David Hunter forecasts that the broad market is set for an 80% crash in the next year, in a bust he believes could be one of the biggest financial downturns in history.

The good news for commodities investors is that he sees an unprecedented supercycle for hard assets on the other side, where gold, silver, energy, uranium, copper, and other vital commodities will explode in value beyond what anyone can anticipate.

00:00 Introduction

 00:44 The Fed's Next Move

 01:42 State of the Broad Market

05:58 Implications of Rate Cuts

11:07 History Repeating

 13:52 Canada Has No Gold

17:44 BRICS Versus the West

23:22 Oil and Geopolitics

 26:43 Thoughts on Uranium

 28:24 Forecast For Copper

30:07 Agricultural Commodities

33:54 Inflation Leading to Civil Unrest

36:18 Get Your House in Order

42:40 Gold and Silver's Role

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

Has it Begun? Three Phases Now Lead to the Final Fiat Currency System Apocalypse

Has it Begun? Three Phases Now Lead to the Final Fiat Currency System Apocalypse

On August 5, 2024   By Awake-In-3D

Is the financial system crash upon us? Here’s what you need to know about the potential collapse of the fiat currency system apocalypse.

The global financial system today is showing signs of severe distress. But is it the beginning of global currency system apocalypse?

This Time, It Could Be Far Worse

Unlike the 2008 crisis, this time, the underlying issues are far deeper, and the usual remedies may not work.

Today’s alarming events may just be the beginning and the Federal Reserve’s usual tactics of cutting interest rates and pumping money into the financial economy might not be enough to save the Great Global Fiat Currency Debt System Experiment.

In This Article

• Market Downturn and Margin Calls

• Bear Market and Flight to Safety

• Federal Reserve Intervention and Quantitative Easing

• The Bottom Line

The current global financial situation is precarious. While today’s events were not disastrous, they signal potential future dangers.

The fundamental weaknesses from the 2008 financial crisis were never properly fixed, only temporarily covered up.

So let’s take a look at the three phases that could certainly lead to a final global currency system apocalypse.

1) Market Downturn and Margin Calls

A sudden and significant drop in global markets can trigger Margin Calls.

A Margin Call is a demand from a broker for an investor to deposit more money or securities to cover potential losses.

When this happens, large investment firms and hedge funds often sell assets like gold to cover their losses, which drives down the price of gold during market crashes.

For example, if the stock market plummets, investors who borrowed money to buy stocks (using leverage) must quickly provide additional funds or sell their assets to meet the broker’s requirements.

This forced selling can create a downward spiral, where falling asset prices lead to more Margin Calls and further selling, exacerbating the market downturn.

2) Bear Market and Flight to Safety

Continued sell-offs can lead to a Bear Market, which is a prolonged period where investment prices fall significantly, typically 20% or more from recent highs.

During a Bear Market, investors look for safer places to put their money. This rush to safety causes the prices of gold, the US dollar, long-term US Treasury bonds, and even Bitcoin to rise, as these are seen as safe investments.

A Bear Market reflects widespread pessimism and negative investor sentiment, where people expect prices to keep falling.

In such times, they often shift their investments to assets that are considered more stable and less risky. Gold is traditionally viewed as a safe haven because it maintains value better than most assets during economic downturns.

Similarly, the US dollar and US Treasury bonds are seen as secure because they are backed by the US government. Recently, Bitcoin has also been perceived as a hedge against traditional financial instability.

3) Federal Reserve Intervention (Bringers of the Currency System Apocalypse)

If the markets keep falling, the Federal Reserve (the central bank of the United States) may step in.

They will cut interest rates and use Quantitative Easing (QE), which means buying long-term securities to inject money into the economy and encourage lending and investment.

However, this can lead to the debasement of fiat currencies (making money less valuable) and eventually freeze credit markets, where businesses borrow money.

During the 2008 financial crisis, the Federal Reserve used massive QE to stabilize the economy. By purchasing large amounts of government bonds and mortgage-backed securities, the Fed increased the money supply, making it cheaper to borrow money.

While this helped to avert a deeper recession, it also set a precedent for relying on QE during crises. In today’s context, the effectiveness of QE is uncertain.

Further QE could lead to fast-rising inflation and erode the value of currencies. If banks, businesses and consumers lose additional confidence in the financial system, they might hoard cash instead of spending or lending, potentially leading to a freeze in the credit markets. It won’t take much.

The Bottom Line

Today’s financial troubles might be early warnings of a much larger crisis. The three phases—Market Downturn and Margin Calls, Bear Market and Flight to Safety, and Federal Reserve Intervention and Quantitative Easing—could lead to the collapse of the fiat financial system. It’s vital to stay aware and ready as these uncertain times unfold.

=======================================

© GCR Real-Time News

Visit the GCR Real-Time News website and search 100’s of articles here: Ai3D.blog

Join my Telegram Channel to comment and ask questions here: GCR_RealTimeNews

Follow me on Twitter: @Real_AwakeIn3D

News, Rumors and Opinions Wednesday AM 8-7-2024

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. 7 Aug. 2024

Compiled Wed. 7Aug. 2024 12:01 am EST by Judy Byington

“There is a Black Swan Stock Market Crash on the horizon that will have a huge impact across the world and lead to a Global Currency Transition in 209 countries. To ensure that this actually happens, a DEFCON ONE ALERT has already been issued.”   …Mr. Pool on Telegram Tues. 6 Aug. 2024

Thurs, Fri. 8, 9 Aug. 2024: “I just saw something that really made me stop and say huh. Kevin O’Leary was being interviewed for his opinion on the economy and how bad it is being handled, he said just wait until August 8 and ninth. There is going to be a major Nexus August 8 and ninth, a major transformation of the world economy.

He didn’t say revaluation he said transformation coming from somebody like Kevin O’Leary. If you don’t know who Kevin O’Leary is, he’s one of the richest men in the World and he helps people make money. He understands the stock market understand national economy it doesn’t matter it is if it is the USA, Canada, Great Britain, China, any country he understands how the economy is structured.

He also understand how it should be running he has said in the past that it is broken, but he just got through saying just waiting until after August 8 and ninth, there’s change coming interesting to me.” …Super Mario on Telegram Mon. 5 Aug. 2024

~~~~~~~~~~

Global Currency Reset:

Tues. 6 Aug. 2024 Bruce: Last Sat. 3 Aug. 2024 at 8am EST the RV began with payout of CMKX Adjudicated Settlements and Farm Claims. Prosperity packages were getting ready to be delivered. By Tues. 6 Aug. there were 19 currencies whose  hard rates were on the bank screen.

Tues. 6 Aug. 2024 Wolverine: News about notifications are coming out with the release of codes for payments and account access. Information confirms that Paymasters are ready to disburse funds on receipt. Get ready everyone this is the week we’ve been waiting for. I just got another confirmation from a huge Whale that it is happening. Your friend, Wolverine

Remember I told you that the “delay” we have been through for the past 2+ years, is because it literally took this TIME to collapse the US Dollar, and introduce a new Gold/Silver backed currency, and implement GESARA.

Remember the Cabal controlled us because of the Central Banking system, including the Federal Reserve.

NOW…the TIME has FINALLY arrived on what we have been waiting for and working so hard for. There will still be bumps in the road, but remember easy was never the promise. VICTORY was.

Hold on patriots and buckle up, the movie is about to get REALLY GOOD!

~~~~~~~~~~~

The Shanghai Exchange Corporation and Russia are working on a BRICS payment system. Watch the water. …Goldilocks https://tass.com/economy/1824025#amp_tf=From%20%251%24s&aoh=17228107385705&referrer=https%3A%2F%2Fwww.google.com&ampshare=https%3A%2F%2Ftass.com%2Feconomy%2F1824025   https://unitingtocombatntds.org/en/get-involved/events/brics-summit-2024/

This new International Digital Payment System is expected to be discussed at the BRICS summit on October 22nd through the 24th of 2024.

After discussions during the summit, Russia in cooperation with a Shanghai Exchange Corporation will begin the implementation process of moving the trading world into a new payment system. Remember, this is over 80% of trade that takes place around the world on the water, and it has the power to influence exchange rates.

Many countries are already beginning to join the BRICS Nations as trading partners utilizing a gold standard in trade to level the playing field. Other countries will be added as we go along.

This is expected to change the Global Financial system in a profound way especially in the area of currency valuations being traded locally instead of through the dollar as the World Reserve Asset.

From that point on, we can expect changes to begin processing themselves AS the BRICS Nations begin to mobilize their new payment system.

I am not calling an RV date at that time, but I will say that price pressures on new currencies being utilized on the market will begin to show signs of new movement.

~~~~~~~~~~~~

Global Financial Crisis:

Tues. 6 Aug. 2024 Staged Stock Market Comeback: Wall Street stages ‘Turnaround Tuesday’ after biggest sell-off in two years – but JPMorgan warns stock market rout is only ‘half complete: https://www.dailymail.co.uk/yourmoney/consumer/article-13714195/global-stock-market-crash-america-wall-street-recession.html?ns_mchannel=rss&ns_campaign=1490&ito=1490

Tues. 6 Aug. 2024: Bank Closures. https://www.lancashiretelegraph.co.uk/news/national/uk-today/24492762.hailfax-natwest-lloyds-bank-branches-close-august/

Read full post here: https://dinarchronicles.com/2024/08/07/restored-republic-via-a-gcr-update-as-of-august-7-2024/

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

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

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:
Iran has been using some of Iraq's banks to get around the sanctions and to profit off of the dollar.   Now the US Treasury is here and stopping it.  FRANK:  Yeah, they are extremely angry because they lost their sugar daddy.  They lost the CBI auctions...They will figure out other ways to steal... The power of the corrupt political people in your country is being suffocated.  That power is dying.  It is going from those corrupt people back to you Iraqi citizens through a monetary reform that will give you purchasing power...

Clare  Article: "The Iraqi Stock Exchange achieves “positive results” in light of the major and accelerating collapse of global stock exchanges!"  Quote:  "the Iraqi Stock Exchange, unlike the world, achieved positive results for this day, unlike the data of Arab and international stock exchanges, indicating that the stock exchange in Iraq operates in a business environment that is almost separate from international markets."

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

Crash Not Over: Markets To ‘Wash Out’ 94% In ‘Most Important Event In History’ | Harry Dent

David Lin:  8-6-2024

Harry Dent, Founder of HS Dent, discusses the causes of recent market volatility and what's next for financial assets and real estate in what he describes as the "most important economic event in history."

0:00 - Intro

1:30 - Most important event of the century

7:00 - Bubble bursting

10:07 - Stock market targets

12:30 - Interest rates and inflation

14:50- Recent volatility

18:40 - Recession and labor market

 21:20 - Emergency rate cut?

23:30 - More Fed stimulus

25:45 - Recession by 2025

26:44 - The Coming Great Conflict

30:40 - Global fertility decline

 33:45 – Bonds

 35:36 - Real estate

37:30 - Safe haven?

https://www.youtube.com/watch?v=9igq79DoCJc&t=116s

“Tidbits From TNT” Wednesday Morning 8-7-2024

TNT:

Tishwash:  Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?

The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.

An informed source revealed to Al-Mustaqilla today, Tuesday, that Al-Alaq decided to submit his resignation after facing multiple problems in the financial sector, in addition to his inability to fulfill his promises to control the exchange rate. This request comes at a sensitive time for the Iraqi economy, which suffers from severe fluctuations in exchange rates and direct impacts on the local economy.

The main reasons that prompted Al-Alaq to submit his resignation are related to the ongoing difficulties in managing the financial and banking sector, in addition to the major challenges in controlling the dollar exchange rate on the black market. Since taking office, Al-Alaq has made many promises to achieve financial stability, but he has faced great difficulties in implementing them, which has led to increasing pressure on him.

A document obtained by Al-Mustaqilla today, Tuesday, revealed that the Speaker of Parliament has agreed to host the Governor of the Central Bank, Ali Mohsen Al-Alaq, by the Parliamentary Integrity Committee. This hosting aims to discuss the challenges facing the Central Bank and investigate the reasons that led to the request for his resignation.

Al-Alaq’s resignation could raise questions about the future of financial policy in Iraq. The central bank is central to economic stability, and any change in its leadership could have a significant impact on financial markets and confidence in the banking system.

Iraq faces major economic challenges that require strong and qualified financial leadership. The most prominent of these challenges are: 

Controlling the exchange rate: Iraq needs effective policies to control the dollar exchange rate and prevent speculation that leads to sharp fluctuations.

Banking system reform: Improving the efficiency and transparency of the banking system to keep pace with international standards.

Combating corruption: Promoting integrity and transparency in financial institutions to prevent corruption and restore investor confidence.   link

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

Tishwash:  Finance seeks to improve financial performance and enhance spending efficiency

Finance Minister Taif Sami chaired a meeting of the Ministry's Opinion Board on Tuesday, where it discussed the measures taken to improve the ministry's financial performance and enhance the efficiency of public spending.
The ministry said in a statement received by the Iraqi News Agency (INA): "The Minister of Finance chaired the meeting of the Ministry's Opinion Board, attended by all its members, to discuss a number of important financial and economic topics."

The statement added, "The attendees discussed the current financial policies and procedures and ways to develop them to achieve the ministry's strategic goals and follow up on the implementation of the financial plan for the current year and the challenges it faces."
It continued, "The future directions of financial policies were also discussed in light of local economic variables and the measures taken to improve the ministry's financial performance and enhance the efficiency of public spending."

The meeting stressed - according to the statement - the importance of "continuous coordination between various relevant parties to ensure the achievement of the desired goals."  link

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

Tishwash:  Rafidain announces the implementation of the comprehensive banking system in 37 branches

Rafidain Bank announced today, Wednesday, the implementation of the comprehensive banking system in 37 branches.

The media office of Rafidain Bank stated in a statement received by the Iraqi News Agency (INA), that "in implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, the comprehensive banking system was applied in the Al-Amir neighborhood branch in Najaf and the Kut branch, thus joining the branches in which the comprehensive system was activated in Baghdad and the governorates in addition to the branches of the border crossings (Zurbatiya - Safwan - Arar - Trebil) so that the number of branches in effect and completed for the system becomes (37) branches."

He added, "This important step came to strengthen the banking system, meet its requirements, and move away from paper work and towards completely electronic systems."

 He added that "the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timetables to include all bank branches in implementing 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

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

Tishwash:  Agenda of the House of Representatives session tomorrow, Wednesday

The Iraqi News Agency (INA) publishes the agenda of tomorrow's session of the House of Representatives, Wednesday, according to what was published by the media department.

Iraqi News Agency IRAQI NEWS AGENCY

News   Al-Nawar sat

First: voting on the draft law on public scientific university education (7 articles). private. Heaven Alt

Second: The first reading of the draft law on the first amendment to the Industrial Cities Law No. (2) Economy, Industry and Trade (7 articles).

Third: Report and discuss (the second reading of the draft law on the first amendment to the law establishing the year 2016. (Committee of Martyrs, Victims and Political Prisoners).

Fourth: The first reading of the draft law on the first amendment to the Notary Book Law No. (Legal Committee), (10) articles).

Fifth: The first reading of the proposed law on the first amendment to the Pharmacists Syndicate Law of 1966. (Health and Environment Committee), (31) articles).

Sixth: The first reading of the proposed law on the first amendment to the law of the House of Representatives and its formations, Legal Committee No. (14 articles).

The session begins at one o'clock in the afternoon  link

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

Mot: ... Sooooooooooooo Ready to Ask!!!!! 

Mot: .. Just Love When I Find Such Positive Vibs on da net!!!!

Seeds of Wisdom RV and Economic Updates Tuesday Evening 8-6-24

Good Evening Dinar Recaps,

Google Pay, Walmart-backed PhonePe to join India’s CBDC pilot

In April, Reserve Bank of India Governor Shri Shaktikanta Das announced plans to expand its retail central bank digital currency (CBDC) pilot beyond banks. Last month the central bank said payment providers would join the digital rupee pilot this quarter.

Now Reuters reported that five payment providers have applied, citing sources. They are Google Pay, Walmart-backed PhonePe, Cred, Amazon Pay and Mobikwik.

PhonePe is India’s leading payments app, followed by GooglePay. Together they make up 85% of transactions and value for UPI, India’s successful instant payment solution, which processes almost 14 billion transactions monthly.

Not mentioned among the digital rupee applicants is third ranked player PayTM, which has a 6% UPI market share. Cred is fourth, AmazonPay is sixth and Mobikwik is sixteenth, but the UPI figures drop off significantly beyond the big three.

If the CBDC follows UPI, then banks might end up playing second fiddle to the payment apps. Three banks rank in the top ten for UPI apps – Axis, ICICI and Kotak Mahindra – with the largest in the fifth spot. However, the three banks combined have a market share of less than one percent.

The percentages reference the user interface used to initiate payments. UPI is for interbank payments, so the money comes from bank accounts.

A Reuters source also stated that the erupee pilots are likely to stay in the pilot stage for a couple of years, which makes sense.

Advanced CBDC functionality takes time
From the early days, the central bank managed expectations, noting that the CBDC was unlikely to compete with the well-established UPI payment infrastructure. 

Without more advanced functionality, there’s no incentive for consumers to switch. And if providers offer cash incentives, the switch could be temporary, as has happened in China with its digital yuan red envelope incentives.

Some of the distinguishing functionalities of India’s CBDC include offline payments and programmable payments, which are still in the early stages. Unlike rolling out the app, both may take a little time to come to fruition.

Plus, both the Ministry of Finance and central bank believe that the CBDC killer app will be cross border payments, especially for remittances. Even more so than the other two features, cross border payments take time to develop through collaboration with other jurisdictions.

@ Newshounds News™

Read more:  Ledger Insights

~~~~~~~~~

Euro stablecoin market surges under MiCA

French and Irish fintech companies have partnered to introduce a euro-backed stablecoin. The coin will launch on the Stellar blockchain a month after MiCA stablecoin laws came into force.

The European Union’s Markets in Crypto-Assets Regulation (MiCA) framework is gradually coming into effect in line with its planned implementation timeline. The initial set of regulations, which took effect on July 1, focused on stablecoins and their issuers.

These clear guidelines have both cleaned out the market of players not able to meet regulatory requirements and created a favorable environment for stablecoins pegged to local currency.

One example is a new partnership between the France-based fintech company Next Generation and Ireland-based electronic money institution (EMI) Decta, which announced a plan to reintroduce a euro-pegged stablecoin, EURT, on the Stellar blockchain.

According to the involved parties, the initiative, which launched on Aug. 5, is fully MiCA compliant.

MiCA rebirth
Next Generation has strong ties to the renowned fintech player Tempo France. This company initially launched EURT in 2017 in collaboration with the Stellar Foundation, pioneering one of the first euro-pegged stablecoins.

However, the absence of a regulatory framework then led to the project’s suspension. However, under MiCA, stablecoins are classified as electronic money tokens (EMTs), aligning them with traditional e-money and necessitating that issuers possess an EMI license or be a credit institution.

This regulatory clarity has transformed the euro-backed stablecoin market, making it more predictable and attractive to investors.

Circle became the first global stablecoin issuer to comply with MiCA and chose France as its European headquarters, citing the country’s “forward-looking” stance on digital asset regulation.

The activation of MiCA is expected to drive substantial growth in the euro-backed stablecoin sector. Market predictions forecast a minimum market capitalization of 15 euros by 2025, reaching 70 billion euros by 2026 and potentially surpassing 2 trillion euros by 2028.

@ Newshounds News™

Read more:  CoinTelegraph

~~~~~~~~~

UBS says ‘going into Japan now is like catching a falling knife,’ warns stock sell-off will continue

“The only reason why the Japanese market is up so strongly in the last two years is because the Japanese yen has been very, very weak.

Once it reverses, you got to get out right and I think they’re all getting out right now as a result of that,” Tay said.

"The yen, which weakened to a 38-year low of 161.99 against the U.S. dollar in June, reversed course during the run-up to the Bank of Japan’s policy meeting."

"It strengthened sharply after the BOJ raised its benchmark interest rate last week to around 0.25% and decided to trim its purchases of Japanese government bonds."

"Currently, the yen was last trading at 144.82, its lowest level against the greenback since January. 

A stronger yen pressurizes Japanese stock markets, which are heavily dominated by trading houses and export-oriented firms by eroding their competitiveness."

"Tay said the yen can indicate whether the Japanese market will do well. As the yen has strengthened, stocks have declined, “there is still a lot more pressure on the Japanese stock market, unfortunately,” he said.

"While Tay acknowledged that some gains made by the market were due to corporate restructuring efforts by the Tokyo Stock Exchange, “the main driver was the Japanese yen.”

"Now, with the U.S. Federal Reserve signaling rate cuts are on the table and the Bank of Japan raising rates, the interest differential between the two central banks will narrow, making a “carry trade” less attractive, potentially setting the stage for the yen to strengthen further."

EVERYONE IS WONDERING WHY DID THE MARKETS CRASH ON 8/5 AND THEN REBOUND.

JAPAN SET THE STAGE WITH A WEAKING NIKKEI. THIS ARTICLE SHEDS LIGHT ON THE CURRENCY SIDE OF THIS EVENT AND HOW THE YEN NEEDS TO STRENGTHEN AGAINST THE DOLLAR

@ Newshounds News™

Read more:  CNBC

~~~~~~~~~

Morgan Stanley, one of the most important financial institutions in the world, has stated that CRYPTOCURRENCIES WILL DISRUPT THE GLOBAL FINANCIAL SYSTEM IN 2024.

In a Banking And Financial Law Journal, it is documented that Morgan Stanley has also stated that Ripple is a LEADING PAYMENT ALTERNATIVE TO SWIFT.

And their own research reports, Morgan Stanley notes that XRP is more efficient than BTC and is closer to what traditional banks do today.

@ Newshounds News™

https://x.com/SMQKEDQG/status/1820783189197017134

@ Newshounds News™

Read more:  

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Q & A Classroom Link  

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Thank you Dinar Recaps

More News, Rumors and Opinions Tuesday PM

TNT:

Tishwash:  Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?

The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.

An informed source revealed to Al-Mustaqilla today, Tuesday, that Al-Alaq decided to submit his resignation after facing multiple problems in the financial sector, in addition to his inability to fulfill his promises to control the exchange rate. This request comes at a sensitive time for the Iraqi economy, which suffers from severe fluctuations in exchange rates and direct impacts on the local economy.

The main reasons that prompted Al-Alaq to submit his resignation are related to the ongoing difficulties in managing the financial and banking sector, in addition to the major challenges in controlling the dollar exchange rate on the black market. Since taking office, Al-Alaq has made many promises to achieve financial stability, but he has faced great difficulties in implementing them, which has led to increasing pressure on him.

A document obtained by Al-Mustaqilla today, Tuesday, revealed that the Speaker of Parliament has agreed to host the Governor of the Central Bank, Ali Mohsen Al-Alaq, by the Parliamentary Integrity Committee. This hosting aims to discuss the challenges facing the Central Bank and investigate the reasons that led to the request for his resignation.

Al-Alaq’s resignation could raise questions about the future of financial policy in Iraq. The central bank is central to economic stability, and any change in its leadership could have a significant impact on financial markets and confidence in the banking system.

Iraq faces major economic challenges that require strong and qualified financial leadership. The most prominent of these challenges are:

Controlling the exchange rate: Iraq needs effective policies to control the dollar exchange rate and prevent speculation that leads to sharp fluctuations.

Banking system reform: Improving the efficiency and transparency of the banking system to keep pace with international standards.

Combating corruption: Promoting integrity and transparency in financial institutions to prevent corruption and restore investor confidence.

text:
To / Governor of the Central Bank / Office of the Governor

M/ Oral parliamentary question

good greeting.

Based on Article (61/Seventh (1) of the Constitution, and Articles (27) Second) and (29) of the House of Representatives and its Formations Law No. (13) of 2018, and based on Articles (50) and (51) of the internal regulations.

House of Representatives. We refer to you the parliamentary question addressed by Mr. Representative Dr. (Hadi Hassan Al-Salami) to answer it orally in the presence of the Governor of the Central Bank at the House of Representatives session, and the date will be determined later according to the period specified in the legal articles. Media

with respect   link

***********

Tishwash: Low oil prices threaten Iraq's economy: Does the government have a plan or will it wait and watch?

Economist Omar al-Halbousi confirmed that the drop in oil prices to $75 per barrel is putting Iraq under great pressure, especially since the 2024 budget was approved on the assumption that the price of a barrel of oil will be $80.

Al-Halbousi warned that the continued decline in oil prices will lead to a major collapse and the government’s inability to pay salaries and run the state’s work.  link

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

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

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:
They're saying the US Treasury has taken over the Central Bank of Iraq...They have an entire floor at the CBI headquarters.  It is reference to the CBI not getting the banks that were supposed to be sanctioned to cease and comply...The US Treasury is here to oversee and stop any money laundering that was preventing us from having our monetary reform... FRANK:  Not the whole building just the second floor...This is ancient history...

Militia Man   [ via PDK]   The multi-currency practices are going to go away and ultimately they will apply a REER or Real Effective Exchange Rate to Iraq’s currency - Everything we are seeing is powerful evidence that the monetary reforms are on the table and they are knocking them out….

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

The IMF's Latest Report on Iraq's Economy

Edu Matrix:  8-6-2024

https://www.youtube.com/watch?v=sSL99mxSsH0

BRICS ALLIES: Malaysia and Russia Focus on Economic Ties as PM Anwar Ibrahim Plans to Visit Russia

Lena Petrova:  8-6-2024

https://www.youtube.com/watch?v=HFq6zYwpxxo

What To Do When The Stock Market Sinks Like A Stone

'Don't Panic': What To Do When The Stock Market Sinks Like A Stone

Daniel de Visé, USA TODAY  Updated Mon, August 5, 2024

If you are one of those amateur investors who checks your 401(k) balance at every meal, today might be a good day to fast.

Stocks had bad days Thursday and Friday. Monday looks to be worse. Global markets plunged overnight, with Japan’s Nikkei 225 index posting the worst one-day return in its history. The losses spread from Asia to Europe, and then to the United States, where the S&P 500 and Nasdaq opened sharply lower.

Market reporters trotted out such terms as “rout,” “correction” and even “panic,” descriptors that invoke memories of the market’s darkest days, such as the brief COVID-19 crash of 2020 and the deeper, longer dive of the Great Recession of 2008.

Though it's hard to stay calm as the stock market reels, amateur investors should at least try.

“My best advice is, don’t panic. Really, because you can’t,” said Catherine Valega, a certified financial planner in Boston.

'Stocks are on sale today'

If anything, financial advisers say, this summer stock swoon would be a great time to buy.

“Stocks are on sale today, right?” Valega said. “If you have some cash, let’s go put some money in the market.”

But that can seem counterintuitive.

To an armchair investor, the dilemma is familiar and frustrating: We are instructed to buy low and sell high. When the stock market tumbles, your first impulse is to sell. But then you are selling low.

The stock market “correction,” in dispassionate Wall Street parlance, unfolded swiftly and with seemingly little warning.

Just last Wednesday, Federal Reserve chief Jerome Powell waved off an interest rate cut and assured the nation that the economy was doing pretty well.

“It's just a question of seeing more good data,” he said.

The rest of the week yielded mostly bad data.

A surprisingly weak jobs report stoked fresh recession fears from forecasters. Toss in gloomy earnings reports from Amazon and Intel, and together, those tidings pushed stocks sharply lower on Friday.

That news ricocheted around the globe, seeding Monday’s losses in Asia and Europe. Those losses, in turn, triggered more losses in the U.S.

Market watchers urged consumers to keep a sense of perspective. As of late morning, the S&P 500 was higher than it was at moments in April and May, although that could quickly change.

“Short-term market movement can be unpredictable, but over the long term, the trend is up,” said Erika Safran, a certified financial planner in New York. “The irony is that we rush to buy items on sale, but when it comes to investing, when prices drop, the instinct is to sell.”

And we’re still talking about one bad jobs report. Right?

A 'recipe for sudden volatility'

Well, maybe not. The job market was weakening before Friday’s alarming report. Powell cited cooling job data in his news conference Wednesday, listing it as one rationale for the Fed to begin cutting interest rates soon, perhaps in September.

To Read More:  https://www.yahoo.com/finance/news/dont-panic-stock-market-sinks-154619022.html

Economist’s “Financial Crash News and Views” 8-6-2024

Decoding Economics: New Black Monday, Stock Markets Crash

Tuesday, 6 August 2024, 6:35 AM

On a day that will undoubtedly be etched in the annals of financial history, Japan’s Nikkei Index faced an unprecedented fall, plummeting 12.40% to 31,458.42 points. This remarkable downturn has been labeled the new “Black Monday,” a term that conjures images of financial chaos and market panic, reminiscent of previous stock market crashes. But what triggered this massive sell-off, and what does it imply for Japan and the global economy?

The catalyst behind this startling decline was an amalgamation of concerns centered on a potential global recession. Weak economic data emanating from the United States has heightened fears about the broader economic landscape. It isn’t merely the numbers that are alarming; it’s the narratives they weave, signifying a possible slowdown that could ripple through nations and continents.

Prior to this downturn, the Nikkei 225 had been riding high, with a peak of approximately 42,400 points reached in mid-July. Investors were optimistic, buoyed by a robust recovery from the pandemic and strong export performance. However, as global sentiments shifted and indices began to display signs of volatility, the stage was set for a dramatic correction.

One of the critical factors contributing to the Nikkei’s downfall was the sudden and sharp appreciation of the yen, which, although typically a sign of strength, began to pose challenges for Japan’s export-driven economy. A stronger yen makes Japanese goods more expensive for foreign buyers, effectively hurting sales in international markets. Consequently, companies that thrive on export revenues found themselves caught in a tightening vise, resulting in a steep decline in stock prices across the board.

This situation not only affected domestic sectors but had a domino effect on markets in the region. Asian financial markets responded swiftly, with notable declines in Hong Kong, Shanghai, Mumbai, Bangkok, Manila, and Jakarta. Investors’ apprehension was palpable, creating a sense of uncertainty that cast a long shadow over market activities.

The fallout from the Nikkei’s plummet was global. European markets in Frankfurt, Paris, and London experienced significant declines, though they were less severe than their Asian counterparts. Such trends underline a growing interconnectedness within the global financial system, where turmoil in one major economy can lead to widespread unease elsewhere.

Social media platforms lit up with analysis and commentary, as traders, analysts, and economic pundits sought to make sense of the situation. Many expressed a deep concern for the prolonged health of the global economy and the interconnected nature of financial markets. The reactions varied from panic to caution, signaling that investors are weighing their options in a climate of heightened uncertainty.

As we move forward, the question remains: what does this mean for the future? Economists warn that before recovery can commence, stabilizing factors must be addressed. Central banks might need to reassess policy schemes to shield economies from volatility, while businesses might have to adapt their strategies to weather economic headwinds.

Investors will undoubtedly remain vigilant, watching for indicators of recovery in the U.S. and elsewhere. The road ahead could be tumultuous, but it is crucial for market players to recalibrate expectations and remain cautious of potential market overreactions.

In conclusion, Japan’s “Black Monday” serves as a stark reminder of the fragility of markets in the face of economic uncertainty. As we navigate through these turbulent times, vigilance, informed decision-making, and a keen understanding of underlying economic indicators will be essential for investors and businesses alike.

The path to recovery may be long, but one thing is clear: the world is watching, and the ramifications of this day will echo across markets for time to come.

Watch the video below from Decoding Economics for more information.

https://youtu.be/PvZLQREipaA

Is This The "Everything Bust" Of The "Everything Bubble"? | John Rubino

Liberty and Finance:  8-5-2024

The S&P 500 has declined by nearly 10% from its peak. John Rubino (https://rubino.substack.com) highlights the vulnerability of the stock and real estate markets.

He notes that almost all asset classes are experiencing bubble-like conditions. Recent market movements and financial crisis in Japan could signal the onset of a widespread downturn.

We may be witnessing the "everything bust" of the "everything bubble." This situation suggests significant challenges ahead for investors.

INTERVIEW TIMELINE:

0:00 Intro

 1:55 Real estate

13:15 "Emergency" rate cuts

15:50 Fiat collapse

 20:20 The "everything bust"

22:25 Preparedness

https://www.youtube.com/watch?v=Pix9_CyDGT8

Global Market MELTDOWN (this is just the beginning)

Taylor Kenny:  8-5-2024

BREAKING NEWS: Dubbed Black Monday 2.0, the world is witnessing a dramatic global stock MELTDOWN.

With concerns escalating as the Federal Reserve faces calls for an emergency rate cut to prevent an even deeper recession.

Taylor Kenney is here to bring you the latest developments as they continue to unfold.

https://www.youtube.com/watch?v=yVP33pUgC8M