Seeds of Wisdom RV and Economic Updates Tuesday Evening 9-17-24

Good Evening Dinar Recaps,

RIPPLE NEWS: XRP LEGAL FIGHT CONTINUES AS LAWYER TARGETS SEC FOR $15B LOSSES

▪️Pro-XRP attorney and Senate candidate John Deaton accused the SEC of causing over $15 billion in financial losses to small investors.

▪️He has been vocal about the negative impact of the SEC’s regulatory approach on retail investors and plans to challenge its practices while campaigning against Democratic Senator Elizabeth Warren.

John Deaton, a popular attorney known for his pro-XRP stance, has raised serious allegations against the U.S. Securities and Exchange Commission (SEC). He blamed its crypto regulatory approach and its actions caused substantial financial losses among small investors. Senate candidate Deaton also claims that the SEC’s enforcement actions have caused damages exceeding $15 billion to retail investors.

These allegations come at a time when the SEC has reportedly given up on the appeal while concluding it with a new crypto classification, reported CNF.

XRP Lawyer John Deaton Criticizes The SEC
In a recent post on X (formerly Twitter), he accused the regulatory body of “misconduct.” “The SEC’s misconduct and gross overreach caused small investors over $15 billion,” Deaton stated. He added, “On behalf of those 75,000 small investors I represented, we do not accept the SEC’s apology.”

The pro-XRP lawyer has been vocal about the detrimental effects of the SEC’s regulatory practices, particularly on smaller retail investors.

He has consistently criticized the commission’s abuse of power against crypto. Hence, the XRP lawyer plans to fight the SEC head-on. Moreover, his campaign for the U.S. Senate seat in Massachusetts highlights his concerns about the agency’s lack of accountability.

Thus, he plans to challenge the anti-crypto Democratic Senator Elizabeth Warren, accusing her of being unwilling to scrutinize the SEC’s actions. Deaton also referenced a Writ of Mandamus he filed in early 2021.

He accused the SEC of violating decades of legal precedent by declaring tokens themselves as securities in the 2021 filing. The pro-XRP attorney also maintained that this move went beyond the agency’s authority and created unnecessary confusion.

The lawyer also highlighted his frustration over the SEC’s failure to provide clear regulation. “All I asked was for the SEC to honor the law and make clear that the token itself (XRP) was NOT the security,” Deaton said. In addition, he went on to accuse the agency’s lawyers of targeting him personally during the legal proceedings.

Other Related Developments
In a related development, Paul Grewal, Coinbase’s Chief Legal Officer, shared a court filing suggesting a shift in the SEC’s stance on cryptocurrencies. According to the proposed amendment in the Binance lawsuit, the SEC admitted it no longer considers tokens to be securities, reported CNF.

This marks a major change from its previous position, particularly in relation to XRP, which had been classified as a security in 2020. “The SEC regrets any confusion it may have invited,” the agency stated in the filing.

However, the SEC’s regulatory actions continue with a recent settlement with the trading platform eToro, per the CNF report. The platform agreed to cease trading most cryptocurrencies in the U.S. and pay a $1.5 million fine. However, this move attracted significant backlash as the agency apologized for considering tokens as securities within 24 hours of the amended Binance lawsuit complaint.

Meanwhile, data from Social Capital Markets indicates the total monetary penalties imposed on cryptocurrency firms this year have reached $4.7 billion. It marks a humungous 3,000% rise from the previous year. This included one of its largest enforcement actions wherein the SEC settled a case with Terraform Labs for $4.47 billion.

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Source:  Crypto News Flash 

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Global News:

DBS bank to launch crypto options, structured products

In Q4 of this year DBS bank (Singapore) plans to offer over the counter (OTC) cryptocurrency option trading and structured notes. This will only be available to certain institutions and high net worth clients.

Based on the descriptions, it will support options settled in cash and others through delivery of the underlying cryptocurrency, with only Bitcoin and Ethereum supported.

Currently clients can already trade spot crypto using the DBS Digital Exchange (DDEx). The bank was one of the first in the world to offer spot cryptocurrency trading services when it launched DDEx in 2020. Now clients where DBS provides crypto custody will be able to hedge their exposures using options.

“Professional investors are increasingly allocating to digital assets in their portfolios,” said Jacky Tai, Group Head of Trading and Structuring, Global Financial Markets, DBS. 

“Now, our clients have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies to better manage their digital asset portfolios.”

@ Newshounds News™

Read More:  Ledger Insights

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GOLD News:

Zimbabwe aims to maximize gold revenue amid global demand surge

MINES ministry has launched the 2024 Second Gold Mobilisation exercise, aimed at ensuring compliance and maximizing revenue from the gold mining sector.

Reports indicate that gold output is projected at 39 tons in 2024 up from around 33 tons in 2023, largely on the back of ongoing expansion projects and favorable prices.

Gold revenues are expected to surpass US$3 billion in 2024.

Average capacity utilization for the gold sector is expected to reach 95% in 2024 up from 84% in 2023.

The second gold exercise will be conducted in all eight provinces, targeting both large-scale and small-scale miners in order to maximize gold revenue amid global demand surge.

Speaking at the send-off workshop in Harare, Mines minister Winston Chitando said, “It is imperative to note that gold has long been a source of wealth and prosperity for Zimbabwe, and it holds immense potential to fuel our economic growth, create jobs, and improve the lives Zimbabweans.

“The global demand for gold is on the increase as the world is turning to gold as a safe haven.”

He highlighted the global demand for gold, which has driven prices up from $1,900 in September 2023 to $2,500 currently.

“The key to realizing our 2024 gold deliverance target of 35 tonnes is plugging leakages to side markets,” he told the media.

The minister noted that illegal gold extraction and trade undermine Zimbabwe’s efforts to reap benefits from its gold resources.

To address this, he expressed the importance of ensuring that all mined gold is traded through legitimate channels.

He reiterated that Zimbabwe’s currency is anchored on gold, making it crucial that all gold trades occur through Fidelity Gold, the country’s sole authorized exporter.

“The gold neutralization exercise has yielded positive results, demonstrating its effectiveness. Given its significant contribution, the gold sector remains vital to Zimbabwe’s national economic development.

“Gold deliverance through Fidelity Gold Refinery stood at 30.1 tonnes in 2023, with 20.7 tonnes delivered from January to August 2024.

“To the teams, colleagues who are being deployed today, this intervention is of paramount importance, and I wish you all the success,” he said.

The gold mobilization exercise aims to increase revenue, create jobs, and combat illegal gold trading.

@ Newshounds News™

Source:   New Zimbabwe

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THIS IS BIG:

XRP AND INTERLEDGER PROTOCOL KEY TO SOLVING CURRENT ISSUE OF DISCONNECTED FINANCIAL NETWORKS.  |  Youtube

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Source: Seeds of Wisdom Team Currency Facts    

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Economist’s “News and Views” 9-17-2024

Prepare for the Biggest Global Debt Collapse in History – Gold’s Time Is Now! - Francis Hunt

ITM Trading:  9-17-2024

Francis Hunt, the Market Sniper, warns of an impending global debt collapse that could surpass any financial crisis in modern history. Drawing comparisons to past events like the Vietnam War overspend and Nixon’s 1971 gold standard shift, Francis explains why this collapse will be more severe and why gold is the key to protecting your wealth.

He also discusses how future interest rate cuts and currency devaluation will make gold even more valuable as a safe haven. If you're concerned about the economy, this video offers crucial insights on securing your assets.

https://www.youtube.com/watch?v=VnWOfcTf5Kg

LIVE! TOMORROW THE DESTROYER COMETH. IS GOLD ABOUT TO BREAKOUT TO $4,000? Maybe Higher?

Greg  Mannarino:  9-17-2024

https://www.youtube.com/watch?v=gfc2SZO09Kk

FED Rate Cut: Last-Ditch Effort Before Total System Failure

Taylor Kenny:  9-17-2024

The storm is here, and it's not just about rate cuts. From the dollar’s devaluation to hidden inflation costs, I break down the truth the Fed won’t tell you.

CHAPTERS:

00:00 - The Brewing Economic Storm

00:38 - The Illusion of Rate Cuts

01:15 - Affordability Crisis: Then vs. Now

 02:28 - The Dollar’s Shrinking Power

03:47 - The Hidden Costs of Inflation

04:59 - Credit Card Debt & Government Spending

 07:05 - The Federal Reserve's Contradictions

08:12 - Gold: The Key to Real Wealth

https://www.youtube.com/watch?v=_znD8Xwi4l0

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 9-17-24

Good Afternoon Dinar Recaps,

BRICS NEWS

RUSSIA SET TO TRIAL CRYPTO FOR TRADING GOODS WITH MILITARY APPLICATIONS: REPORT

The Russian government has formed a focus group to trial crypto payments for foreign trade, focusing on importers of goods with potential military applications.

Russia has established a focus group under an experimental legal regime to explore the use of crypto for foreign trade payments, Russia’s Vedomosti newspaper reported on Sept. 17. The initiative reportedly aims to address challenges faced by importers dealing with dual-use goods, which have both civilian and military applications, and are subject to strict international payment restrictions.

The move follows China’s announcement in early August that it will ban the export of all unregulated civilian drones, which have become increasingly used in military warfare in recent years, starting Sept. 1.

According to the report, the focus group includes members from the Russian Chamber of Commerce and Industry and the Association of Developers and Producers of Electronics, alongside several banks, though the report did not specify whether the group included Russian banks only or involved foreign financial lenders as well.

The initiative is designed to assist importers struggling with transactions to banks in China and other countries due to the sensitive nature of their goods. This move follows recent reports that Russia’s two largest unsanctioned metal producers have begun using Tether’s stablecoin for cross-border transactions with Chinese clients and suppliers, in response to U.S. Treasury Department warnings about secondary sanctions.

Now, people familiar with the matter reportedly say that participants in the focus group were selected based on their business turnover, with larger companies prioritized. The Russian government plans to expand the initiative in the future, though the timing for a broader rollout remains unclear.

In early July, Alexei Guznov, deputy governor of Russia’s central bank, indicated in a media interview that the Bank of Russia is exploring the legalization of stablecoins for cross-border transactions.

Guznov noted that the initiative could potentially transition from a temporary experiment to a permanent regulatory framework, although specifics regarding the timeline for approval were not disclosed.
@ Newshounds News™ Watch the Global QFS Unfold

Source:  Crypto News Flash  

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BRICS News

BRICS MAKES MAJOR ANNOUNCEMENT ON NEW PAYMENT SYSTEM

BRICS is working towards the creation of a new payment system without the integration of the US dollar in its mechanism, confirmed Russian Foreign Minister Sergey Lavrov. The minister added that the new payment system will not only be used to settle cross-border transactions, it will act as a complete financial set-up.

The development, when launched, could attract emerging economies towards it making a shift away from the US dollar. The new BRICS payment system could lead to a paradigm shift in the global financial sector.

New BRICS Payment System To Include Trading, Investing & Settlements

The Russian minister revealed that the new BRICS payment system will be equipped with trading, investing, and along with trade settlements. He explained that the mechanism will allow countries to partake in financial operations without being dependent on the US dollar. The move will make the alliance’s quest of de-dollarizing their economies much stronger.

Lavrov also hit out at the US and Europe for pressing sanctions on countries they don’t like. He stressed that the sanctions are what led to BRICS decision on launching a new payment system. Even US Treasury Secretary Janet Yellen acknowledged that the White House sanctioning developing nations led to de-dollarization.

“Many are attracted by the fact that payment systems are being developed within BRICS. Which allows trading, investing, carrying out other economic operations without being dependent on those that decided to weaponize the dollar and the euro,” the foreign minister said.

The minister added that developing nations will flock to the BRICS payment system in fear of US sanctions. “Everyone understands that anyone may face US or other Western sanctions,” he said during a meeting with Egyptian counterpart Badr Abdelatty.

@ Newshounds News™  Watch the Global QFS Unfold

Source:  Watcher Guru

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DE-DOLLARIZATION: HOW THE US IS HELPING CHINESE YUAN TO SUCCEED

De-dollarization is the most buzzing word in the global financial sectors across Asia, Africa, and South America. Emerging economies are focusing on lifting their local currencies on the global stage by ending reliance on the US dollar. The US sanctions are what pushed the de-dollarization agenda ahead and China made use of the opportunity to include the Chinese yuan for trade settlements.

The development puts the USD in the spotlight as developing countries no longer want to give importance to the currency. Amid the US and Western sanctions on emerging economies, the Chinese yuan is becoming the most used currency in their countries. From Russia to Pakistan and the UAE, the Chinese yuan is being widely accepted as the de-dollarization initiatives advance rapidly.

The Chinese Yuan Benefits From De-Dollarization

The US Treasury Secretary Janet Yellen confirmed that the US sanctions opened the floodgates of de-dollarization across the world. The move made China fill in the void and the Xi Jinping administration convinced developing countries to use the Chinese yuan. The de-dollarization initiative is partially a success as the Chinese yuan is the most used currency in Russia.

“Trading in Chinese yuan is convenient for both Russia and China,” said Maia Nikoladze, Associate Director at the Atlantic Council. “Russia does not have too many other currency alternatives.

While China benefits from exerting more economic influence over Moscow, and also makes progress towards internationalizing the yuan,” said the analyst. The move indicates that the US opened the gates of de-dollarization by itself through sanctions.

Even Brazil, Argentina, South Africa, and Saudi Arabia are looking to follow Russia on the de-dollarization path. These countries are accepting the Chinese yuan as payment for cross-border transactions, which was not the case a few years ago. De-dollarization is a serious risk to the US economy while the Chinese yuan is looking to dominate the financial world.

@ Newshounds News™   Watch the Global QFS Unfold

Source:   Watcher Guru

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XRP on Path to Global Reserve Key Insights    Youtube

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People aren’t seeing the real de-dollarization

People aren’t seeing the real de-dollarization

Mike Maharrey   09/16/2024 16:42:29 GMT

It’s not a “black swan” event. In fact, it’s playing out right before our eyes and was entirely predictable. The world is slowly but surely spurning the dollar.

But most people haven’t noticed.

De-dollarization might seem like a wild conspiracy theory, but it is happening. Countries worldwide are trying to limit their exposure to the greenback, and the dollar’s clout is slowly ebbing.

No, the dollar isn’t on the verge of collapse due to a major trauma. It’s more like death by a million papercuts.

Nassim Taleb, best known for his book The Black Swan, said in a post on X that “people are not seeing the real de-dollarization in progress.” He pointed out that global transactions are still generally labeled in dollars “as an anchor currency.” 

“But central banks (particularly BRICS) have been storing, that is putting their reserves, in Gold.”

In other words, the dollar still serves as the primary medium of exchange, but more and more countries are turning to gold as a store of value. As author Richard Turrin put it, “The US will tout the USD’s high percentage use in trade all the way to the bottom.”

Turrin pointed out that the “dollar’s high percentage in trade settlements is increasingly meaningless” for two reasons.

Gold holdings show reserve storage.

Migration of trade to alternate currencies isn’t captured on SWIFT statistics.

This trend toward storing wealth in gold instead of dollars makes sense given the U.S. government’s persistent evaluation of its currency that seems to be accelerating.

Luke Gorman, founder and president of Forest for the Trees confirmed Taleb’s point with a graph, noting that this de-dollarization trend has been in play for more than a decade and “got much louder post-2022 sanctioning of Russian FX reserves.”

In fact, dollar reserves globally have dropped by 14 percent since 2002. And as the graph shows, de-dollarization accelerated after the U.S. and her Western allies aggressively sanctioned Russia and froze the country’s assets after it invaded U*****e.

Geopolitical and financial analyst Angelo Giuliano posted the same graph asserting, “De-dollarization is happening.”

“The US dollar Ponzi scheme is collapsing…the US exorbitant privilege to print endless amount of paper toilet currency is over.”

He noted that gold hit yet another all-time high on Sept. 12, saying, “This is only the beginning.”

Dollar weaponization undermining the Dollar

All of these experts confirm that the United States’s weaponization of the dollar is undermining its strength and role as a reserve currency.

A recent Atlantic Council report on the falling percentage of dollar reserves pointed out dollar weaponization was a factor behind this trend.

“In recent years, and especially since Russia’s invasion of U*****e and the Group of Seven (G7)’s subsequent escalation in the use of financial sanctions, some countries have been signaling their intention to diversify away from dollars.”

The U.S. and its allies not only froze Russian assets, but they also locked the country out of the SWIFT financial system.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) system serves as the global economy’s superhighway. In effect, it operates as a global financial messaging service, facilitating cross-border payments. Since the dollar serves as the world reserve currency, SWIFT effectively facilitates an international dollar system.

This gives the U.S. a great deal of leverage, as the Russians discovered.

This wasn’t the first time the U.S. used SWIFT and the dollar as a stick to advance its foreign policy goals. In 2014, the O***a administration locked several Russian financial institutions out of SWIFT as relations between the two countries deteriorated over U*****e and Crimea.

Whether you think the sanctions were justified or not, it’s important to remember that other countries are watching. They realize that dependence on dollars makes them vulnerable to

U.S. manipulation and this is one of the reasons many countries are trying to diversify away from the USD.

Think about it — if you are concerned that the U.S. could pull the “dollar rug” out from under you, why not pull out from the dollar system first?

This appears to be what is slowly happening. Again, it is d***h by 1 million paper cuts.

According to a 2023 Invesco survey, a “substantial percentage” of central banks expressed concern about how the U.S. and its allies froze nearly half of Russia’s $650 billion gold and forex reserves.

Central banks turning to Gold

We see this shift toward gold in persistent central bank gold buying.

According to the most recent World Gold Council survey released in June, 29 percent of central banks plan to add more gold to their reserves in the next 12 months. The WGC said it was the highest level since the survey began in 2018.

Only 3 percent said they had plans to decrease gold reserves.

Earlier this year, the World Gold Council said the continuation of gold buying supports its expectation that “2024 will be another solid year of central bank gold demand.”

“Last year central banks placed great emphasis on gold’s value in crisis response, diversification attributes, and store-of-value credentials. A few months into 2024 the world seems no less uncertain meaning those reasons for owning gold are as relevant as ever.”

Last year, central bank gold buying fell just 45 tons short of 2022’s multi-decade record.

According to the World Gold Council, central banks net gold purchases totaled 1,037 tons in 2023. It was the second straight year central banks added more than 1,000 tons to their total reserves.

Central bank gold buying in 2023 built on the prior record year. Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

The skyrocketing price of gold confirms the wisdom of these central bankers. And it is a tangible sign that the dollar is losing value – and status.

Source: FXStreet

https://dinarchronicles.com/2024/09/17/people-arent-seeing-the-real-de-dollarization-that-is-happening/

News, Rumors and Opinions Tuesday 9-17-2024

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 Tues. 17 Sept. 2024

Compiled Tues. 17 Sept. 2024 12:01 am EST by Judy Byington

Mon. 16 2024 Quantum Financial System Goes Live: Over 130 Countries Confirmed in the Military-Secured, Gold-Backed QFS as the Global Currency Reset (GCR) Unfolds! …Ben Fulford on Telegram

The QFS isn’t just secure; it’s untouchable. With military-controlled satellites and quantum encryption, this system is light years ahead of anything the elites have in their arsenal. It’s operating far above Earth, out of reach from any possible threat, ensuring total invulnerability.

Every transaction, every asset is tracked, verified, and secured by quantum encryption. No hacker, no agent, no elite can break through. The QFS operates on its own terms, and those terms are non-negotiable.

Over 130 countries are now aligned with the QFS. Their currencies, gold-backed, are replacing worthless fiat paper, and the elites are powerless to stop it. Quantum satellites are in place, military units are deployed, and the asset-ledger is operational. The QFS is invincible, and every day, more assets are seized from the deepstate and locked into the QFS.

As of September 15th 2024, the QFS is fully operational, and its reach expands daily. The old guard is finished, and they know it. The reset is here, and it’s happening right now.

This is a total financial takeover. The Quantum Financial System is not just a system—it’s the new reality. The days of covertt banking, hidden wealth, and fiat fraud are over. The QFS is rewriting the rules. Those who don’t see what’s coming are about to be left in the dust.

This isn’t just the dawn of a new financial system—it’s the dawn of a new world.

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Global Currency Reset:

On Mon. 16 Sept. at 8pm EST President Trump announced the launch of World Liberty Finance. It was believed this was the precursor to the announcement of the Global Currency Reset, where The People would have their own individual and secure bank account of which no banker, or anyone else, had control. Mon. 16 Sept. 2024: Trump Announces World Liberty Financial Crypto Exchange: https://www.cbsnews.com/news/trump-world-liberty-financial-crypto-exchange-what-to-know/ 

Mon. 16 Sept. 2024 TNT Tony: New rates seen on Bank Screens – Not the higher Redemption Center Rates: Dinar $3.41, Dong $.47, Rupiah $1.08, Zim $30 million per $100 trillion note, Bolivar $.30 per billion.

Mon. 16 Sept. 2024 Wolverine: “I was told this morning that the new rates presently put on the Bank Screen are not actual new bank rates. They are used for investments. The Bond Holders that I speak to are very happy that everything is completed. Some Bond Holders have been notified and gone to Reno, Columbia, Miami. I’ve been told we would get some good news either today or tomorrow Tues. 16 Sept. If you are only using a Humanitarian Project to use a Med Bed then it’s not going to work for you. You have to be truly committed to a Humanitarian Project in order to get the funds.”

Mon. 16 Sept. 2024: Quantum Financial System Goes Live: Over 130 Countries Confirmed in the Military-Secured, Gold-Backed QFS as the Global Currency Reset (GCR) Unfolds! – Gazetteller

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Global Financial Crisis:

Mon. 16 Sept. 2024: BOOOM! US Debt Clock: Hidden Wealth! Transitioning from a Debt-Based System to a Credit-Based System (video) – amg-news.com – American Media Group

Read Full Post here:  https://dinarchronicles.com/2024/09/17/restored-republic-via-a-gcr-update-as-of-september-17-2024/

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

Militia Man  The development Road Project is opening up Iraq to the region and into the international world.  The private sector is going to be the main driving force...They're going to have to expose an exchange rate at some point in time, sooner than later.  I'm going to go with sooner.

Fnu Lnu   When you drag out the "Education" as long as the GOI and CBI has been doing, nothing sticks. If it is not in practice, then it is just words from the mouths of bureaucrats. Iraq has had more than enough of that and they do not pay attention. They will become educated when it means something to them, like the cost of goods and services, and buying power, and velocity of money. This is all obfuscation and I don't believe a word of it. Logic tells me they are stalling the people. The $64,000.00 dollar question is why? What's the real plan?

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Urgent News Iraq Russia ePayment System Indian Rupee

Edu Matrix:  9-17-2024

Urgent News Iraq Russia ePayment System Indian Rupee

https://www.youtube.com/watch?v=2dtANq0pWSE

Gold Rockets, Dollar Dying -- Emergency Rate Cut To 0%? | Rafi Farber

Liberty and Finance:  9-16-2024

Rafi Farber shares his insights on the recent surge in gold prices, attributing it to the declining value of the U.S. dollar.

 Farber discusses the potential for dramatic fluctuations in stock and commodity prices, particularly in gold and silver, if the Fed were to cut rates to zero unexpectedly.

 He also addresses the concept of a gold short squeeze, noting the record levels of short contracts and the implications for future market movements.

Farber further examines the current state of silver, highlighting the possibility of significant price increases if certain market conditions are met.

 Finally, he provides an update on the reverse repo market, emphasizing its role in the broader financial system and its impact on bank reserves.

INTERVIEW TIMELINE:

0:00 Intro

1:30 Gold rally

 5:10 Gold short squeeze

13:18 Banking system

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

Seeds of Wisdom RV and Economic Updates Tuesday Morning 9-17-24

Good Morning Dinar Recaps,

XRP on Path to Global Reserve Status, Expert Reveals Key Insights

▪️Experts highlight XRP’s emerging importance in global finance, positioning it as a potential cornerstone for tokenized cross-border financial systems.

▪️Key institutions like the IMF and World Bank are exploring XRP for asset tokenization, signaling its expanding role in the future of global transactions.

Since March, we have learned about the foundation for XRP’s transition to a global reserve currency. As reported by CNF, experts predict XRP’s crucial role in shaping the future of the global financial system.

According to Versan Aljarrah, co-founder of Black Swan Capitalist, he reiterated on his X account that he strongly believes in XRP’s importance in this transformation.

In a recent tweet, Aljarrah shared a video from Gregory Mannarino, a financial commentator often referred to as the “Robin Hood of Wall Street,” whose views align with Aljarrah’s optimism for XRP’s future.

In the video, Mannarino discusses efforts by major financial institutions, including the International Monetary Fund (IMF), World Bank, and the Bank of International Settlements (BIS), to develop a fully tokenized, cross-border financial system.

 He explains that these organizations are working toward a system that tokenizes all financial assets, positioning XRP as the central medium for trading and settlement.

XRP’s Expanding Role in Asset Tokenization
Mannarino highlights the significant shift in asset management and global transactions as more financial assets are tokenized, enabling seamless tracking and trading. XRP, already a key player in cross-border transactions, could see its role grow if major institutions adopt it for tokenization.

Ripple CTO David Schwartz predicts that the XRP Ledger will host tokenized assets by 2025. Recent announcements, such as the introduction of Tokenized Treasury Bills (T-Bills) on the XRPL, support this forecast.

Growing Interest and Institutional Support for XRP
With global institutions exploring tokenization and blockchain technology, XRP’s utility could expand beyond its current applications. As Mannarino notes, this could position XRP as a key player in the trade and settlement of assets on a global scale, potentially transforming the future of finance.

At the time of writing, Ripple (XRP) is trading at $0.5826, having surged by 2.03% in the past day and 7.89% in the past week.

@ Newshounds News™

Source:   Crypto News Flash 

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THE GLOBAL CURRENCY RESET: REVOLUTIONIZING THE FINANCIAL WORLD |  Youtube

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“Tidbits From TNT” Tuesday Morning 9-17-2024

TNT:

Tishwash:  Al-Sudani announces the imminent end of the international coalition mission in Iraq: We will deal with any American president

 Prime Minister Mohammed Shia al-Sudani announced on Tuesday that the international coalition's mission in Iraq is about to end, while indicating that Iraq will deal with any new American administration.

Al-Sudani said in an interview with the American Bloomberg Channel and Agency: "Iraq is an important country in OPEC and OPEC Plus and is committed to reducing its oil production, and we are committed to OPEC's decisions in a way that maintains oil prices and the equation between the interests of producers and consumers."

He added: "We have two options regarding exporting oil through the port of Ceyhan, either amending the contracts, which was rejected by the companies contracting with the region, or amending the budget law, and this matter requires political consensus."

He continued that "the justifications for the presence of the international coalition in Iraq have ended, and Iraq 2024 is not Iraq 2014," noting that Iraq has shifted from a stage of wars to a stage of stability, and ISIS does not pose a threat to the Iraqi state. Al-Sudani continued:

"We have started a frank dialogue with the international coalition and formed a bilateral committee to arrange the withdrawal of coalition forces, and to announce the end of the coalition forces' mission in Iraq soon," indicating that "the end of the international coalition's mission does not mean the end of the relationship between Iraq and the United States, but rather the opposite, we are engaged in Talks to build sustainable security relations and economic, cultural, social and scientific ties. He added: "We will participate in the international conference of the coalition against the terrorist ISIS."

He added: "We respect the choices of the American people in choosing their president and we will deal with any administration," stressing that "Iran supports the political process and Iraq's efforts in combating terrorism." Al-Sudani concluded that "Iraq is the only country in the region that has distinguished relations with Iran and the United States."  link

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Tishwash:  Iraq signs agreement to revitalize agricultural sector with Austrian Erste Group Bank

Today, Tuesday, Minister of Finance Taif Sami signed a loan financing agreement from the Austrian Erste Group  Bank to support the center pivot irrigation systems project for the Ministry of Agriculture, stressing that this comes within the strategy of bilateral cooperation between the two countries.

The ministry said in a statement received by "Mil", "Finance Minister Taif Sami signed today with the Austrian ambassador to Baghdad a loan financing agreement from the Austrian Erste Group  Bank to support the pivot irrigation systems project for the Ministry of Agriculture, with a value of (262,155,298) euros, and implemented by the Austrian Power Company." 

She explained that "signing the agreement falls within the framework of the government's efforts to enhance infrastructure and improve public services, and this funding is expected to contribute to revitalizing the agricultural sector, alleviating water scarcity, stimulating economic growth and creating more job opportunities." 

She added, "The agreement comes within the strategy of joint bilateral cooperation between the Republic of Iraq and the Republic of Austria, and in implementation of the ministerial program and General Budget Law No. (13) for the years 2023, 2024 and 2025 and Cabinet Resolution No. 24630 of 2024, which focuses on adopting a governing vision for external borrowing for the benefit of investment projects with economic feasibility." 

The Minister of Finance stressed, according to the statement, "the importance of this step in enhancing economic cooperation between Iraq and Austria, and looking forward to more joint projects in the future." 

She pointed out that "the Austrian company Power will provide technical and advisory support to the Ministry of Agriculture during all stages of the project, including design, implementation, operation and maintenance." 

She explained that "the project represents an important step towards modernizing the agricultural sector in Iraq, especially in light of the challenges facing the sector due to water scarcity and climate change, in addition to the fact that this investment will achieve significant economic returns in the long term, by increasing agricultural production and reducing dependence on imports  link

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Cutebwoy:  PM Al-Sudani meets a delegation from Apple Inc.

INA - BAGHDAD

PM Muhammed S. Al-Sudani met on Monday a delegation from Apple Inc., accompanied by the Head of the Communications and Media Commission, Ali Al-Muayyad.

During the meeting, discussions were held around shared topics of interest as the PM highlighted the ongoing digital transformation in Iraq and the work of the Higher Committee for Digital Transformation, which he heads, alongside other committees working in this field, according to a statement by the PM Media Office - received by the Iraqi News Agency - INA. 

He also mentioned Iraq’s evolving status as a 'successful investment environment', with many major companies operating in the country, which requires a rapid digital shift.

The Prime Minister emphasized the importance of enhancing the digital and technological capacities of Iraq's youth, which would expand employment opportunities and support the government’s objectives of completing all transactions through a fully integrated digital environment.

The Apple Inc. delegation proposed initiatives to help develop the skills of young people, focusing on technology developers in collaboration with universities. 

They also suggested working on registering devices that enter Iraq to "ensure competitive pricing," acknowledging the significance of Apple’s products in supporting digital transformations in the economy and financial sectors

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Tishwash:  Talabani calls on Japan to encourage its companies to invest in Kurdistan

Pavel Jalal Talabani, President of the Patriotic Union of Kurdistan, called on Japan to encourage its companies to invest in the Kurdistan Region, stressing the provision of incentives and guarantees to ensure investors.

His media office said in a statement received by Al-Masry that “Talabani received in Sulaymaniyah today the Japanese Ambassador to Baghdad, Matsuo Moto, and the two sides discussed developing relations and expanding the circle of economic and trade coordination in a way that preserves the highest interests.”

Talabani pointed out during the meeting, according to the statement, to “the opportunities available in the Kurdistan Region, including Sulaymaniyah, for capitalists and investors,” indicating that “we provide all facilities to strengthen the economic structures in the Kurdistan Region,” expressing his hope that Japan would play “an influential role in encouraging its companies and businessmen to pump investments into the Kurdistan Region.”

According to the statement, "the two sides discussed developing cultural relations between the Kurdistan Region, including Sulaymaniyah, the capital of culture, with Japan."  link

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Mot:  .. I Say, I Say!!!

Mot:  . Because of Mary! -- YOU can see better in da Rain!!!

Seeds of Wisdom RV and Economic Updates Monday Evening 9-16-24

Good Evening Dinar Recaps,

SEN. WARREN ADVISES 75BPS FED CUT ON RECESSION FEARS

Despite rhetoric about a strong U.S. economy, three Democratic Senators urged the Federal Reserve to implement an aggressive monetary policy shift.

Crypto-skeptic U.S. Senator Elizabeth Warren of Massachusetts called on the Federal Reserve and its chair, Jerome Powell, to slash interest rates by 75 basis points to curtail recession risks. Warren’s letter, co-signed by fellow Senators Sheldon Whitehouse and John Hickenlooper, warned of potential economic declines that smaller funding cuts may usher in.

If the Fed is too cautious in cutting rates, it would needlessly risk our economy heading towards a recession. A number of economists have warned of this risk since July… The Committee must consider implementing rate cuts more aggressively upfront to mitigate potential risks to the labor market.

Sen. Elizabeth Warren to Fed on rate cuts

The document, dated Sept. 16, was issued less than 48 hours before the next Federal Open Market Committee meeting on Wednesday, Sept. 18.

Markets expect Fed chair Jerome Powell to announce a dovish pivot at the FOMC meeting, but the exact rate cut preferred by the central bank was unclear at press time.

What are the odds?
The CME FedWatch tool showed a 61% probability of a 50 bps cut and a 39% probability of a 25 basis-point reduction. Last week, the same tool gave a 14% likelihood of a 50 bps interest rate slash.

The 50 bps option also held sway on crypto prediction venues. Polymarket data noted odds of 53% for a 50 basis points announcement, followed by 45% for 25 bps. Previously, users predicted a 78% chance of a 25 bps pivot. Bettors had wagered over $40.5 million via the Polygon-based platform on this month’s FOMC decision.

Fed cut impact on crypto market
If the Fed matched expectations and announced a fund rate cut, experts believe liquidity would flow into risk assets like cryptocurrencies. Market participants still debated how an aggressive or modest pivot might indicate the Fed’s outlook, with the former suggesting recession concerns and the latter pointing to a firmer grip on inflation.

Horizen Labs CEO and co-founder, Rob Viglione, told crypto.news that a Fed rate cut seemed likely to propel a bullish Q4 for digital assets like Bitcoin and Ethereum. The fourth quarter has historically recorded higher crypto prices than in mid-late Q3.

In the short term, we could see a price surge, especially in Ethereum and Bitcoin, though it may also bring heightened market volatility. Over the long run, a prolonged low-rate environment could encourage greater innovation and investment in blockchain technology and crypto-related startups.

@ Newshounds News™

Source:  Crypto News

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Bitstamp and Ripple to Launch Derivatives Exchange on XRP Ledger

Bitstamp’s Head of Strategic Partnerships Eva Gartner reveals the company’s plans to launch a derivatives exchange in collaboration with Ripple.

Gartner revealed the initiative in the tenth episode of the “Built on XRPL”  series. Speaking at the series, Gartner said Bitstamp will launch the derivatives exchange in the next few months, adding that “we [Bitstamp] really hope to cooperate closely with Ripple there as well.”

XRPL to Power Bitstamp’s Derivatives Exchange
Notably, Bitstamp is expected to launch the derivatives exchange on the XRP Ledger (XRPL) blockchain, as confirmed by multiple sources, including Abdullah Nassif, host of the Good Morning Crypto podcast.

According to Nassif, Bitstamp, in collaboration with Ripple, will build the derivatives exchange on the XRPL. Notably, Bitstamp has leveraged the XRP Ledger to launch several crypto-related products, including stablecoins.

At present, Bitstamp has issued multiple stablecoins tied to the USD, GBP, EUR, AUD, JPY, and CHF on XRPL.

Bitstamp and Ripple Relationship
Furthermore, Bitstamp also has a close relationship with Ripple, which began about seven years ago. Last year, Ripple bolstered this relationship by acquiring a minority stake in the company after acquiring shares previously owned by Pantera Capital.

@ Newshounds News™

Source:  The Crypto Basic

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41 institutions join BIS tokenized cross border payment Project Agorá

Today the Institute of International Finance (IIF) released the names of 41 firms selected to participate in the public – private tests of Project Agorá. It’s an ambitious project initiated by the BIS to modernize correspondent banking using a unified ledger, tokenized deposits and wholesale CBDC from seven central banks.

One of the key impediments to smooth cross border payments is compliance. With Project Agorá, the aim is to perform screening at the start of the payment process and to share it across the banks, helping to reduce one of the major delays in cross border payments – every bank doing the same checks independently, sometimes with different results.

A key benefit of tokenization is there is no separation of the message and money movement, so the money either moves or it does not. This should avoid one of the great frustrations of end users – money in limbo.

In late May the BIS wrote a brief paper outlining its vision for modernizing correspondent banking. It highlighted how compliance expenses have resulted in bank withdrawals from some of the cross border payment corridors where they are most needed. Today the BIS added an FAQ about Project Agorá.

On the one hand, the FAQ says Project Agorá is more than a proof of concept and it hopes to deliver a prototype where the lessons learned could create the foundations for a future financial market infrastructure. On the other hand, today’s announcement emphasized that BIS Innovation Hub projects are experimental in nature.

Project Agorá participants
Thirty five of the selected institutions are banks representing the seven jurisdictions. The others are Visa, Mastercard and financial market infrastructures Swift, Eurex Clearing, Euroclear and the SIX Digital Exchange (SDX). The full list is at the bottom.

The IFF is the coordinator for the private sector, with EY providing project management office help, and White & Case responsible for contracts.

With the participants selected, the design phase will now commence. The initiative is expected to run through to the end of 2025 when a report will be released.

The seven central banks are from France (for Europe), Mexico, New York (NYIC), Switzerland, England, Japan, South Korea.

The participants are:

Amina Bank, Banco Santander, Banorte, Banque Cantonale Vaudoise, Basler Kantonalbank, BBVA, BNP Paribas, BNY, CaixaBank, Citi, Crédit Agricole CIB, Deutsche Bank AG, Eurex Clearing AG, Euroclear S.A./N.V., FNBO, Groupe BPCE, Hana Bank, HSBC, IBK, Intercam Banco, JPMorgan Chase Bank N.A., KB Kookmin Bank, Lloyds Banking Group, Mastercard, Mizuho Bank, Monex, MUFG Bank Ltd., NatWest Group, NongHyup Bank, PostFinance, SBI Shinsei Bank, Shinhan Bank, SIX Digital Exchange (SDX), Standard Chartered, Sumitomo Mitsui Banking Corporation, Swift, Sygnum Bank, TD Bank N.A., UBS, Visa, Woori Bank.

@ Newshounds News™

Source:   Ledger Insights

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BARCLAYS EXPLORES DIGITAL POUND DESIGN OPTIONS

Last year Barclays published a report on the “functional equivalence” of central bank digital currency (CBDC). In other words, the need for a CBDC and commercial bank money to have similar functionality. While that may seem obvious, there’s a fair bit of work to be done for a CBDC to deliver that, including issues such as using ATMs to top up CBDC wallets.

Programmability was an important topic in that paper. Now Barclays has published a much more detailed paper stepping through typical uses cases such as a parent topping up a digital pound wallet for a child. It concludes that ideally a financial market infrastructure should be responsible for the features.

For each function, there are multiple potential ways to implement it. For example, it starts with payee confirmation, to verify the target of the payment is really your child’s CBDC wallet. With faster payments in the UK, there have been a lot of cases where people sent money to the wrong person. Hence, nowadays when people initiate a faster payment, the bank checks to ensure the recipient account is the person you intend to send to. This sort of functionality will also apply to a digital pound wallet.

It’s not just about the options of how each feature might work, but who will be responsible for the functionality, and where it sits. For example, it could be implemented by a technical service provider, the wallet operators (payment interface providers or PIPs), a financial market infrastructure, or some other organization. It could potentially be part of the CBDC system or elsewhere.

Key findings
The Bank of England’s digital pound consultation says that access to digital pound holdings may be restricted for financial firms. Several of the functional options explored would need wallet providers, commercial banks and FMIs to hold digital pounds, in some cases temporarily on behalf of clients.

This is particularly for interoperability between commercial bank money and the CBDC. Because of this restriction, none of the interoperability options were deemed entirely suitable.

In terms of who should be responsible for various features, the paper concludes that a financial market infrastructure is the answer. The Barclays team came to a similar conclusion regarding programmability in the previous paper.

Lee Braine from the chief technology office at Barclays, said that they “evaluated various design options and concluded a financial market infrastructure could help simplify the experience of ecosystem participants and facilitate the creation of innovative services.” Dr Braine is also a member of the Bank of England’s CBDC Technology Forum.

@ Newshounds News™

Source:  Ledger Insights

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🌍THE GLOBAL CURRENCY RESET: REVOLUTIONIZING THE FINANCIAL WORLD |  Youtube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts 

~~~~~~~~~

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Economist’s “News and Views” Monday 9-16-2024

Saudi Wants China’s RMB For Oil As BRICS Threatens USD With Payment System Backed By Gold

Sean Foo:  9-16-2024

In two big updates, Saudi Arabia has gone public, saying they would gladly accept the Chinese Yuan for oil.

This is a big snub to the dollar as it continues to get weaponized .

Meanwhile, BRICS is preparing a new financial system where gold could become an integral component.

Timestamps & Chapters:

 0:00 Saudi Accepts Yuan For Oil

2:59 Saudi China Big Economic Agenda

5:49 BRICS To Challenge USD Hegemony

 7:36 Sponsor: Indigo Precious Metals

9:01 Trump Fears The End Of USD

10:08 BRICS Payment System & Gold

12:48 America's Biggest Crisis

https://www.youtube.com/watch?v=2ol-v_PuecY

LIVE! The DOLLAR IS BURNING! AND PEOPLE HAVE NO IDEA OF HOW BAD THIS IS GOING TO GET.

Greg Mannarino:  9-16-2024

https://www.youtube.com/watch?v=vYbzyrKQD7k

6 Banks Are At Risk of Collapse Now

Atlantis Report:  9-16-2024

The banking sector is on the brink of a crisis as the global economy teeters on the edge of recession. With six major banks under intense scrutiny, growing fears of instability are casting a shadow over the entire financial landscape.

As economic conditions deteriorate, lending standards tighten, creating a precarious environment for these institutions. The looming threat of insolvency is sending shockwaves through investors, depositors, and the public, fueling widespread anxiety about what lies ahead.

6 Banks Are Now At Risk of Collapse.

https://www.youtube.com/watch?v=AmDu9IFsQ1M

More News, Rumors and Opinions Monday PM 9-16-2024

KTFA:

Clare:  Iraqi government moves to impose taxes on social media sites

9/16/2024

Financial expert Nabil Al-Marsoumi revealed on Monday that the Iraqi government is planning to impose taxes on social media sites in Iraq, among the people covered by these taxes.

Al-Marsoumi told Shafaq News Agency, "The Iraqi government is studying a proposal to impose taxes on content creators on social media sites in the country, not users of those sites. This process came in order to enhance non-oil revenues, especially in light of the decline in oil prices and the deterioration in oil revenues.

These taxes will provide good financial revenues, and for this reason the percentage will be 15% of the profits of content creators, especially since some of their profits are estimated in the millions on a daily basis."

He added, "This decision does not require a vote by the House of Representatives, as this is a decision within the authority of the Council of Ministers to expand the tax base, and does not require a law, but it is still under study, and may come into effect at the beginning of next year, as it requires months of work and study."   LINK

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Clare:  Private Banks Association: The number of electronic payment points in Iraq increased from 7 thousand to 30 thousand

9/15/2024  Baghdad

The Executive Director of the Iraqi Private Banks Association, Ali Tariq, confirmed on Sunday that "the number of electronic payment points in government institutions and shops has increased from 7,000 to 30,000." 

Tariq said, in a statement reported by the "Rudaw" media network, and reviewed by "Al-Eqtisad News", that "the financial and banking sector, electronic payment companies and other financial institutions in Iraq need to have a greater impact on the lives of citizens in terms of financing or using electronic payment tools and developing them."
 
He added that "the Central Bank of Iraq is currently working on a major plan to reform the banking sector in general, whether governmental or private."
 
He noted that "the focus in the next phase will be on developing and improving these services to strengthen the Iraqi banking sector, protect depositors' money and develop the electronic payment system, which contributes significantly to reducing the risks of using cash, whether from damage or forgery, as well as protecting the financial system from money laundering and financing terrorism."
 
As for deposits, he confirmed that they are "continuously increasing, whether in government or private banks, and that lending and loans are also continuously increasing."
 
Regarding the use of electronic payment tools, he said that "in the last two years the percentage has been very high, in the last year alone about two million electronic payment cards were issued in Iraq, increasing the number to 20 issued cards."

Regarding the payment devices that we see in shops and government institutions, he pointed out that "they have increased from 7,000 payment points to more than 30,000, and the total transfer of funds via electronic payment last month between financial institutions reached nearly 2 trillion Iraqi dinars."
 
The Executive Director of the Iraqi Private Banks Association confirmed that reliance on the banking sector, especially in light of the transfer system to finance foreign trade, "was organized differently than before, and at the end of this year there will also be a shift in the external transfer process to rely more on correspondent banks than the platform in its current state." 

Regarding the collection of government services, he said that "recently there has been a very large acceleration and doubling in the level of government collection."

He added that "before June 2023, there were about 50 government institutions with their departments that had at least one electronic payment window, but today the number has exceeded 600 payment windows, which makes it easier for citizens to pay faster." 

In the context, he stressed that "many banks rely on digital services and applications throughout Iraq and the Kurdistan Region, which has witnessed significant development in terms of the use of digital services." 

Regarding transferring money abroad, he explained that if "the issue is related to personal transfers, there are specific outlets or ceilings for these transfers." 

In this regard, he said that "the transfer process will be more organized and monitored by correspondent banks in which Iraqi banks have accounts to ensure real transfers and monitoring that facilitates the process of transferring money for merchants outside Iraq."  LINK

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

Frank26  [Iraq boots-on-the-ground report]  FIREFLY:
Television is telling us they are completing digitization at all of our ports.  We know it means that the real value of the dinar will soon be given to us for our food...transportation...housing...the whole world.  FRANK:  You see every day there's more and more exciting news being given to the Iraqi citizens and they all piece it together...When you see prices of your food...market... housing...cars, start to change, it's because they will introduce a new exchange rate very soon to you...

Militia Man  They're talking about Iraq as going global and to the international financial system.  With that has responsibility and that responsibility will be defended by the central bank.  That responsibility is to have a stable exchange rate and to provide commerce throughout the country in and out and across borders, with efficiency and transparency.   That's what they're going to have and that's what they're doing.  There's looking to be no stopping it.  It's brilliant.

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Market Crash or Massive Rally this Week? What a Fed Pivot will do to Tech Stocks

David Lin:  9-15-2024

In the world of finance, few events stir as much speculation and debate as the Federal Reserve’s monetary policy decisions. This week, as Wall Street braces itself for the possibility of a Fed pivot—an abrupt shift in monetary policy—investors and analysts are torn between two starkly different outcomes: a market crash or a massive rally. To delve deeper into this conundrum, we turn to insights from Bradley Tusk, Founder and CEO of venture capital powerhouse Tusk Ventures, known for backing successful tech companies like Ripple, Coinbase, and Lemonade.

The Federal Reserve has a dual mandate: to maximize employment and stabilize prices. In times of economic uncertainty, these objectives often come into conflict. With persistent inflation and slower-than-expected economic growth feeding concerns across markets, many are speculating that the Fed may pivot towards a more dovish stance, potentially cutting interest rates or slowing the pace of rate hikes.

So, what would such a pivot mean for tech stocks? Tusk paints a mixed picture. On one hand, lower interest rates generally create a favorable environment for growth stocks, especially in the tech sector, where future earnings are often heavily discounted in present valuations. On the other hand, there’s the reality of inflated expectations.

With the market at a crossroads, one thing is certain: the decisions made this week will likely echo in the investment community for years to come.

https://youtu.be/5g820_KlWww

Thoughts From DJ: “Money Supply”

DJ:  DID YOU KNOW?

Sept 15th Post 2024 (Money Supply)

When we absorb all the Intel in relation to the GCR-RV we have to consider some basic questions. At the top of the list is, where is the money coming from? There will either have to be a redistribution of wealth or an increase in the global Money Supply. ( Money supply refers to the total amount of monetary assets available in an economy at a specific time.

It includes various forms of currency, such as physical cash (coins and banknotes) and demand deposits (money in bank accounts that can be easily accessed). Money supply is categorized into different measures:, M0: Physical currency in circulation, M1: M0 plus demand deposits and other liquid assets and M2: M1 plus less liquid assets like savings accounts and time deposits )

As of 2024, the estimated global money supply is around $120 trillion. This figure includes various forms of currency such as cash, demand deposits, savings accounts, and other easily accessible assets. The M2 money supply being a broader measure, also takes into account less liquid assets like time deposits. Beyond traditional money, global financial markets—including investments, real estate, and other assets—total in the hundreds of trillions, with some estimates of total global wealth exceeding $1,540 trillion

The amount of money supply needed to run the global economy is not a fixed figure, but it needs to balance facilitating trade, investment, and economic growth without causing inflation. In practical terms, this depends on factors like productivity, the velocity of money (how quickly money circulates), and the state of the economy. Central banks regulate money supply to stabilize economic growth and control inflation, adjusting it as economies expand or contract. The current global money supply of around $120 trillion reflects these adjustments to keep the economy functioning smoothly.

If all currencies were hedged against hard assets (such as gold or other commodities), it would reduce the flexibility of central banks to adjust the money supply based on economic conditions. In such a system, the money supply would be limited by the availability of the asset, which could constrain economic growth, especially during times of increased demand. This would also lead to more stability in currency value but could make the global economy less responsive to economic crises or fluctuations in trade.

Historically, the gold standard imposed such limitations, which is one reason why modern economies moved to fiat currency systems. So even if we see a move to asset backed currencies there will have to be some form of a fiat component.

So back to the original question, where is the money coming from? You cannot just add currency to the money supply. And judging by the astronomical amounts being suggested, common sense says you would create global inflation overnight. Redistributing current global wealth would mean somebody is going to have to give up something.

People out there saying the GCR has started, answer that question before passing on information that cannot be substantiated. Instead of looking for funds to show up in your account pay more attention to the mechanisms required to move the money first. When those are in place then start believing.

We should quit watching how the plane takes off and worry more on how it’s going to land.

DJ

https://dinarchronicles.com/2024/09/16/the-office-of-poofness-weekly-report-update-from-poof-and-dj-9-15-24/

And, Right On Cue, Gold Hits Another All Time High...

And, Right On Cue, Gold Hits Another All Time High...

Notes From The Fuield By James Hickman (Simon Black)  September 16, 2024

This is an anomaly we haven’t seen before.

Gold just hit yet another all-time high. But what’s strange is that, if you look at gold’s supply and demand fundamentals, the price should almost be falling. Not rising.

I’ll explain—

On the supply side, gold production is actually increasing slightly. The largest miner in the world, Newmont Mining, produced nearly 30% more gold in the first half of 2024 compared to 2023. And across the entire industry (according to the World Gold Council), global gold mining output is up slightly over 2023.

So much for shrinking supply.

But what about demand? Well, this is usually broken down into four main segments.

The first and (by far) largest segment of demand is jewelry. But global jewelry demand is down.

Signet Jewelers (which owns major jewelry brands like Kay, Zales, Jared, Blue Nile, and many others) has reported an 8.5% drop in revenue so far in 2024 versus 2023. Meanwhile China’s Gold Association reported a 27% decline in gold jewelry purchases in the first half of 2024.

Even on the high-end side, LVHM’s jewelry division (which includes the luxury brand Tiffany’s) also reported a 5.1% sales decline due to “an uncertain economic and geopolitical environment. . .”

So overall jewelry worldwide (which is THE biggest component of gold demand) is down. Worldwide.

The next segment which drives gold demand is investment demand, i.e. individual investors who buy bars and coins... but most often invest via Exchange-Traded Funds.

Well, the largest ETFs in North America (GLD and IAU, which comprise 80% of the market) are DOWN for the year, meaning they have been net SELLERS of gold, rather than buyers. Even in the month of August, these two combined for a big fat whopping 1.7 metric tons of net purchases, roughly $200 million.

That’s nowhere near enough to move the gold price.

Meanwhile, across the Pacific, all of Asia’s gold ETFs COMBINED only purchased a net 0.3 metric tons (i.e. $30 million) last month. Again, this is simply not enough demand to move the gold price.

And so far for the year, worldwide, gold ETF holdings are DOWN by about 44 metric tons.

The third category of gold demand is industrial use. You might already know, for example, that there’s about 50mg of gold in your mobile phone thanks to gold’s unique chemical properties as an electrical conductor.

So mobile phone producers (along with certain medical device manufacturers and a handful of other industries) also buy gold. It’s pretty small demand, though— industrial and technology use only makes up about 10% of global gold demand.

That said, it’s worth pointing out that iPhone sales (which is a good proxy for global mobile phone production) are down substantially, from a peak of $48 billion in Q1/2021 to just $39 billion in its most recent quarter.

So, to summarize, jewelry demand is flat or down. Investment demand for gold is flat or down. Industrial demand is too small to matter, but even that is down. Meanwhile, supply is rising.

Rising supply and falling demand? It seems like gold prices should be falling right now. And yet gold just reached yet another record high. What gives?

Well, as we’ve said before, the answer is central banks.

Poland is a great example; despite being a relatively small country, it bought 19 metric tons of gold last quarter alone. And it plans to buy at least another 125 tons in the future. That’s a lot of gold.

This is a trend taking place worldwide; central banks including China, Turkey, Qatar, India, Czech Republic, etc. have loaded up on gold this year. And in the second quarter of 2024, central banks purchased 183 metric tons of gold... which is far more than usual.

Central banks typically buy small amounts of gold, i.e. a few metric tons here and there. But over the past two years, they’ve been buying gold like crazy.

It’s pretty obvious why. They’re concerned about the world, and they’re concerned about the fate of the US dollar and US government finances.

Think about it— central banks around the world own TRILLIONS of dollars worth of US government bonds, i.e. US dollar foreign reserves. And they’re obviously worried.

Congress and the White House run outrageous budget deficits every year. The federal government’s dysfunction is a constant national embarrassment. The US national debt is set to soar by AT LEAST $22 trillion over the next decade. And inflation is far from being solved.

Foreign central banks know this. And they realize that, in a few years time, their trillions of US dollar reserves will be worth a lot less.

So they’re trying to do something about it now. And that means trading at least SOME of their dollars for gold... hence the feverish central bank gold purchases, and the all-time record high in the gold price.

We’ve already suggested that gold could easily go much higher... especially if Kamala wins. I think that’s easily a $10,000 gold price, which would suggest only a small percentage of US dollar foreign reserves invested in gold.

That doesn’t mean the gold price can’t fall in the meantime. Gold prices have been rising for so long, and, realistically, nothing goes up or down in a straight, uninterrupted line.

Some central banks will continue buying gold irrespective of its price. Others will be more conservative and try to play the market. Singapore’s central bank, for example, actually sold a bit of gold recently and are probably hoping for a pullback in prices to buy more.

But over the longer term, gold is still an extremely sensible hedge with a lot of upside.

Having said that, the real value we see right now is in gold miners.

Look at Newmont mining— and, this is not a recommendation, but just an example. Newmont is the world’s largest gold miner, i.e. more than 80% of its revenue is essentially gold.

Gold is at an all-time high, yet Newmont’s stock price is about 40% below its record high from a few years ago.

Sure, it’s a much more complicated story; you have to consider gross margins and mining costs and country risk, etc. But the larger point is that gold stocks (especially relative to gold) are very cheap right now... especially when you consider where gold could be a few years from now.

To your freedom,  James Hickman   Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/and-right-on-cue-gold-hits-another-all-time-high-151422/

Seeds of Wisdom RV and Economic Updates Monday Afternoon 9-16-24

Good Afternoon Dinar Recaps,

LAWMAKER CALLS ON CFTC TO REGULATE ELECTION MARKETS AS POLYMARKET ACTIVITY FALTERS AMID UNCERTAINTY

Lawmaker warns that banning election betting could fuel illegal platforms, threatens election integrity.

Congressman Ritchie Torres has called on the Commodity Futures Trading Commission (CFTC) to regulate election-related prediction markets rather than blocking them.

In a letter addressed to CFTC Chair Rostin Behnam, Torres urged the regulator to focus on promoting responsible innovation and working with platforms like Kalshi and Polymarket to ensure such markets are regulated rather than pushing traders towards illegal, unregulated platforms.

Torres’ letter followed a Sept. 6 court ruling that partially overturned the CFTC’s efforts to prevent Kalshi, a US-based prediction platform, from offering election-related contracts. He emphasized that further legal challenges could harm both election integrity and consumer protection, allowing illegal platforms to flourish.

Torres wrote:

“The CFTC has a mandate to promote responsible innovation.”

He urged the agency to collaborate with regulated market participants, ensuring election-related contracts are conducted transparently and securely within regulated markets.

Polymarket declines amid uncertainty
Polymarket has seen a significant decline in activity over the last few days as regulatory pressure and uncertainty over election betting continue to mount.

According to Dune Analytics, Polymarket’s daily active traders dropped by nearly 40%, from 12,595 on Sept.11 to 7,627 by Sept. 15. The platform’s daily trading volume also fell dramatically, down 85.6%, from $37.2 million to $5.35 million over the same period.

The drop in activity follows the CFTC’s proposal to limit certain event contracts, particularly those related to political outcomes. The regulator has expressed concerns about the potential for manipulation in such markets, citing instances where fabricated information, like a fake poll involving musician Kid Rock, distorted market prices.

Despite the regulatory challenges, Polymarket has gained some mainstream recognition, with Bloomberg recently integrating the platform into its financial terminals. The move suggests that interest in decentralized prediction markets is growing, even as regulators scrutinize the sector more closely.

Intensifying debate
The debate over election prediction markets intensified on Sept. 6 when a federal court ruled in favor of Kalshi, allowing the platform to offer election-related contracts. The platform hailed the decision as a historic moment, stating that for the first time in 100 years, Americans could legally trade on election outcomes.

However, the CFTC quickly filed an emergency motion to stay Kalshi’s election markets, citing concerns about potential manipulation. The agency has argued that election markets could undermine public trust in the democratic process.

The CFTC’s actions have faced criticism from lawmakers like Torres, who urged the watchdog to accept the court’s ruling and focus on regulating these markets to ensure transparency and consumer protection.

Torres wrote in his letter:

“The CFTC should be focusing on regulating exchanges, protecting consumers, and safeguarding the integrity of elections.”

He warned that continued legal battles could push traders toward unregulated platforms, further jeopardizing election integrity.

@ Newshounds News™

Source:  CryptoSlate

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RIPPLE JOINS HANDS WITH HEDERA AND APTOS LABS TO LAUNCH MICA CRYPTO ALLIANCE

▪️Ripple, Hedera and Aptos Labs, founding members of DLT Science Foundation, made a key announcement on Monday.

▪️The three firms launched the MiCA Crypto Alliance to enhance compliance with EU markets in crypto assets regulation.

▪️XRP hovers around $0.5600 on Monday.

Ripple (XRP) made a key announcement alongside other founding members of a crypto alliance. The DLT Science Foundation is behind the effort, Ripple partnered with Hedera and Aptos Labs.

XRP erased recent losses and held steady above $0.5600 on Monday.

Daily digest market movers: Ripple leads effort for crypto alliance launch

▪️Ripple partnered with crypto firm Aptos Labs and distributed ledger technology-based Hedera for the DLT Science Foundation. The DLT Science Foundation (DSF) is a non-profit organization that promotes blockchain technology adoption among firms.

▪️The foundation’s mission is to create an open ecosystem and work with industry, academia and developer communities.

▪️DSF announced the launch of the MiCA Crypto Alliance for better coordination among industry members and for navigating the regulatory landscape in the European Union (EU).

▪️The alliance aims to foster cooperation between firms navigating the EU’s regulation pertaining to innovation in blockchain technology.

▪️MiCA sets strict disclosures for Crypto-Asset Service Providers (CASPs) and expects centralized exchanges and crypto firms to disclose climate impact of operations, among other details, through white papers and online descriptions accessible to the public.

Technical analysis: XRP eyes double-digit gains
XRP has been in a multi-month downward trend since its July 2024 top of $0.9380. The native token of the XRP Ledger erased recent losses and trades at $0.5731, above support at $0.5600.

Newshounds News™

Source:  FX Street

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Ripple Stablecoin is for All, Including Retail Investors: XRP Ledger Validator

Vet, an XRPL dUNL validator, has debunked speculations that the highly anticipated Ripple stablecoin RLUSD is only for institutional investors.

In an X post, the dUNL validator stated that RLUSD is for everyone, both institutions and retail users. According to him, a compelling ecosystem would need an all-rounded adoption to thrive. As a result, Ripple will need both retail and institutions to boost the stablecoin’s utility

RLUSD is for Everyone
Vet further asserted that institutions would play an important role in RLUSD distribution, creating a path to widespread adoption of the stablecoin. He stated that institutions would receive RLUSD from the XRP Ledger and distribute it to users.

It bears mentioning that retail traders and some institutional investors cannot assess stablecoins directly. USD-pegged assets are usually minted in treasuries and distributed to certain institutions. These organizations, in turn, move them to other institutions and exchanges.

As a result, Vet noted that retail traders and other institutions would access RLUSD through exchanges and automated market makers. This would allow the stablecoin to be widely used for cross-border payments and consequently provide liquidity on the XRP Ledger.

Vet’s analogy supports community pundit WrathofKahneman’s stance on the boiling issue. The XRP community enthusiast stated that the misconception that institutions alone would use RLUSD was false.

WrathofKahneman pointed out that Ripple’s On-Demand Liquidity (ODL) requires retail traders. Hence, creating a stablecoin for seamless cross-border transactions without the inclusion of retail is not rational. Notably, the actual date for the launch of RLUSD remains a mystery, with Ripple’s CEO Brad Garlinghouse noting it will debut in weeks.

The RLUSD Institution Theory
The notion that RLUSD was only for institutional investors came up from a comment by Ripple’s chief technology officer, David Schwartz. In an X post, Schwartz stated that the Ripple stablecoin would only be accessed directly by institutions.

He likened the scenario to Tether’s USDT and Circle’s USDC, noting that retailers cannot directly access the stablecoins. Schwartz reiterated the same notion in another post, asserting that retail only acquired these stablecoins from exchanges and not directly from their treasuries.

It bears mentioning that RLUSD has been speculated to replace XRP as a bridge asset for ODL transactions. However, Schwartz stated that the stablecoin, which is in beta testing on the XRPL mainnet and the Ethereum network, would complement XRP, providing broader options for users.

@ Newshounds News™

Source:   The Crypto Basic

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Join President Trump LIVE at 8PM (ET) on X Spaces for his announcement on World Liberty Financial!

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Watch Here:  https://x.com/realDonaldTrump/status/1835754983259558260

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BIG! XRP and Interledger Protocol key to solving current issue of disconnected financial networks.  |  Youtube

@ Newshounds News™

Source:  Source: Seeds of Wisdom Team Currency Facts 

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