“Tidbits From TNT” Friday Morning 10-4-2024

TNT:

Tishwash:  The Governor of the Central Bank receives the Turkish Ambassador and representatives of Turkish bank branches in Iraq

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received the Ambassador of the Republic of Turkey to Iraq, His Excellency Mr. Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq.

The meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism in euros and implemented within Turkey through its banks. This mechanism, which is being implemented for the first time, will simplify trade coverage operations with high fluidity and speed.

The attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of remittances from merchants and the business sector.

The bank representatives expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company. They also highlighted their efforts in expanding their channels with approved correspondent banks.

His Excellency the Ambassador praised the efforts of the Central Bank in managing the process of transformation in external transfers, and the measures taken by the bank to organize and facilitate transformation operations, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank's management and authorized banks.

Central Bank of Iraq 
Media Office 
October 3, 2024  link

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Tishwash:  Iraq Rethinks Bank Merger Plans

Iraq's Cabinet has revised an earlier decision to merge its Agricultural, Industrial and Real Estate Banks.

At the start of 2024, the Cabinet approved a contract with UK-based professional services firm Ernst & Young (EY) to study the merger of Industrial Bank, Real Estate Bank, and Agricultural Bank [Agricultural Cooperative Bank?] into a single entity, with Ernst & Young providing expertise and recommendations, and determining the time period required for the merger and the mechanism for transferring balances to the new bank.

The decision this week means that only the Agricultural Bank and the Real Estate Bank will be merged, while the Ministry of Finance has been tasked with converting the Industrial Bank into a joint-stock company.

A statement from the Prime Minister's Office confirmed that Ernst & Young will assess the Industrial Bank's assets, and the existing contract with EY will be amended to include these changes.

Additionally, the Cabinet approved a 500 billion dinar [$382 million] capital increase for the Trade Bank of Iraq (TBI), sourced from its profits. link

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Tishwash:  World Bank: Iraq has made progress in improving the business environment, making it globally competitive

The World Bank confirmed, today, Thursday, that Iraq is witnessing a major transformation in improving the business environment and public services, which has made it competitive globally.

The Ministry of Finance said in a statement received by the Iraqi News Agency (INA): "The World Bank issued the Business Ready 2024 (B-READY) report, which showed that Iraq is witnessing a major transformation in improving the business environment, and clarified the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency."

She added, "The report showed some positive developments and achievements that Iraq has made in making the business environment more attractive and efficient for local and international companies, including:

1- Stability of the regulatory framework, as Iraq has made significant progress in creating a more stable and business-friendly regulatory framework, and has succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements. This improvement contributes to making Iraq more attractive to entrepreneurs, especially small and medium enterprises (SMEs), which play a key role in creating job opportunities and diversifying the economy. Positive impact: Aligning Iraqi commercial regulations with international standards has facilitated cross-border transactions and created a more stable and predictable environment for investors.

2- Improving access to public facilities and infrastructure, as Iraq has made tangible progress in the public utilities sector, which is essential for business operations. The government has reduced the time required to access basic services such as electricity and water, and infrastructure investments are currently underway to improve the reliability of service delivery in the future. Positive impact: These reforms have already contributed to reducing operational disruptions and increasing investor confidence in the market, despite the need Further improvements are underway.

3- Strengthening labor market regulations, as Iraq introduced new labor market regulations aimed at protecting workers and promoting market inclusiveness. Achievements include equal pay policies, anti-discrimination regulations, and support for collective bargaining rights. The government also expanded public employment services and training programs to meet the needs of the private sector. Positive impact: These reforms have helped create a more flexible and inclusive labor market, making Iraq more globally competitive.

She pointed out that, “Despite the positive points documented in the report, it was based on outdated data collected in 2023 by the Business Ready team from the private sector, and the data reflects the stage that preceded its collection before the current government’s reform initiatives and the stimulus general budget were fully implemented.”

She continued, “Because the government has given great attention to the private sector, the business environment has developed significantly over the past two years and will continue to develop at an accelerated pace in the coming months and years when the fruits of the reforms are fully reflected, including what has been achieved, such as: reforming a significant number of laws and regulations, tax and customs reforms, electronic payment, e-commerce, digital transformation, reforming state-owned companies, guarantees granted to the private sector, and others.

Therefore, the report did not fairly show Iraq’s journey towards reform and the progress made in many areas, including establishing a more stable regulatory framework.”

The ministry stressed that "the Iraqi government is committed to continuing economic reforms, and the impact of the general budget and reform initiatives will appear in future reports based on updated data, which is what the World Bank should have done originally in the report issued today."  link

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Mot: ..... Poor Little Guy!!! ~~~~~

Mot: .... good ole ""Earl"" is Always there fer ""Opal"" 

Seeds of Wisdom RV and Economic Updates Thursday Evening 10-3-24

Good Evening Dinar Recaps,

BRICS UNIFIED EXCHANGE TO LEVERAGE BLOCKCHAIN AND VIRTUAL CURRENCY FOR SETTLEMENTS

Deputy Chairman of the State Duma Alexander Babakov proposed creating a unified BRICS exchange using blockchain and virtual currency for inter-bloc settlements.

 Babakov stated that such an organization “will be the key to the economic sovereignty and independence of our countries,” while sidestepping the use of third-party payment networks.

Newly Proposed BRICS Unified Exchange May Use ‘Blockchain and Virtual Currency’
BRICS, the international organization, is eyeing digital solutions to reduce its dependence on third-party payment systems. 

Deputy Chairman of the State Duma Alexander Babakov proposed creating a single BRICS exchange, where countries of the block would conduct trade and settlements of their products, including raw materials and goods.

Babakov told Ria Novosti that such an organization would bring benefits to the member states, allowing them to stop relying on currencies of adversary countries like the U.S. dollar. 

Babakov stated that the exchange might allow member states to make payments in national currencies and “even develop their own settlement mechanism based on blockchain and a single virtual currency” and “strengthen the financial sovereignty of our countries.”

Talks of a single, BRICS-wide currency spurred last year. However, the organization pivoted to increase the use of national currencies instead. The move has already reported positive results, with national currency settlements exceeding U.S. dollar payments.

The BRICS bloc, integrated by Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE), accounts for a fourth of all the trade conducted, and more than one-third of the world’s gross domestic product (GDP). This means the hypothetical exchange would move a relevant part of the world’s trade, disrupting the use of the U.S. dollar.

President Vladimir Putin disclosed that BRICS was already designing and implementing an independent payment system to create “conditions for efficient and independent servicing of the entire foreign trade.” This system could be part of the proposed exchange.

@ Newshounds News™

Source:  Bitcoin News

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PAYPAL SETTLES INVOICE WITH EY IN PYUSD FIRST BUSINESS PAYMENT

PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency stated that stablecoins are well-suited for enterprises.

PayPal completed its first business payment on Sept. 23, using its stablecoin PYUSD to settle an invoice with Ernst & Young LLP, Bloomberg News reported on Oct. 3.

The transaction was facilitated using software company SAP’s digital currency hub, a platform that allows businesses to send and receive digital payments instantly. The amount was not disclosed.

Stablecoin payments suitable for business
Notably, stablecoins are usually tied to retail users, especially in regions with volatile fiat currencies.

According to the “2023 Geography of Cryptocurrency Report” by Chainalysis, countries such as Argentina, Venezuela, and Mexico display high usage of stablecoins as protection against inflation and a cheaper alternative to make cross-border transactions.

Jose Fernandez da Ponte, PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency, stated that the enterprise environment is also well-suited to the usage of stablecoins.

He added that business-to-business payments, especially cross-border, are often slow and costly due to third-party intermediaries. Thus, the adoption of stablecoins in these cases offers faster settlement and is increasingly favored by businesses.

PayPal introduced services on Sept. 25 that allow US merchants to buy, hold, and sell crypto via their business accounts.

An Ernst & Young survey published in July highlighted that PYUSD is the most used stablecoin for payments, with 47% of respondents using the PayPal dollar-pegged token in their payments. The survey included accredited and non-accredited investors.

Moreover, the payments infrastructure BVNK started swapping US dollars sent to its platform through Swift for stablecoins, including PYUSD, and then sending the funds to clients around the globe.

The vice president of crypto-related business at PayPal also addressed concerns in the industry following the collapse of FTX. He explained that the partnership with such traditional giants is to demonstrate the stability and utility of PYUSD for business transactions.

@ Newshounds News™

Source:  CryptoSlate

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PAUL GREWAL HIGHLIGHTS INCONSISTENCIES IN SEC LEGAL CLAIMS

▪️Paul Grewal highlights inconsistencies in the SEC's legal strategies.
▪️Coinbase and Ripple face significant challenges from the SEC.
▪️Regulatory clarity is crucial for the healthy development of the crypto economy.

Paul Grewal, the Chief Legal Officer of Coinbase, has identified inconsistencies in the U.S. Securities and Exchange Commission’s (SEC) legal claims. He expressed this view based on the SEC’s response filed in the Lejilex case.

Lejilex Case
In the Lejilex case, the SEC argues that whether digital asset transactions qualify as securities is determined not by the nature of the asset. However, Grewal pointed out that the SEC has stated the opposite to Judge Failla.

Grewal claims that the SEC shares different opinions with one judge compared to another. He stated that he does not expect such inconsistencies from U.S. authorities. Coinbase has been supporting Lejilex against the SEC for the past few months.

“We will do everything we can to provide regulatory clarity for cryptocurrency investors.” – Grewal

SEC and Ripple Battle
In the case between Coinbase and the SEC, the SEC sought to extend the discovery period from October 18 to February 18. During this postponement, Coinbase filed a motion requesting the Commodity Futures Trading Commission (CFTC) to communicate with the issuers of 12 tokens mentioned in the related case. This move will aid the lawsuit in the Southern District of New York.

Ripple Labs, a blockchain-based payment infrastructure firm, is also under pressure from the SEC. The SEC has been pursuing its case against Ripple for nearly four years and has recently appealed regarding the securities status of XRP.

Lawyers supporting Ripple believe the SEC will likely face a negative outcome this time as well. The SEC’s inconsistencies have become a central discussion point in many cryptocurrency cases. Similar to the Lejilex example, the regulatory body has defined these as personnel errors in numerous instances.

It remains uncertain how these inconsistencies will impact the authorities’ decisions in the appeals process. If the SEC can provide clearer evidence proving the business relationship between Ripple and XRP, we might see a reversal of the decision.

@ Newshounds News™

Source:   Coin Turk  

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BREAKING NEWS ON PORTS | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Economist’s “News and Views” 10-3-2024

Fears of Global Shortage of Crude Oil Send Prices up Amid Massive Port Strikes

Lena Petrova:  10-3-2024

In the ever-evolving landscape of global economics, few events can send shockwaves through markets quite like an oil supply shock. Recently, a combination of massive port strikes and geopolitical tensions has led to an unprecedented surge in crude oil prices, igniting fears of a potential global shortage.

 As countries scramble to secure their energy supplies, it’s essential to understand the underlying factors that are driving this crisis and what it means for consumers and industries alike.

https://youtu.be/TT3QYQau3zs

Port Strike Catastrophe, $5 Billion a Day and Rising Prices Everywhere

Taylor Kenny:  10-3-2024

In a development that could shake the foundations of the U.S. economy, a massive port strike is currently gripping the nation. The repercussions are already being felt, as millions of dollars in trade are disrupted, leading to rising prices and escalating inflation. Taylor Kenney from ITM Trading recently shared insights into this monumental strike—the largest the United States has seen in over fifty years—and the severe implications it could have for inflation, production, and the overall economic landscape.

The numbers speak volumes. With the strike estimated to cost the economy a staggering $5 billion a day, it’s crucial to understand how this situation escalated. The reasons for the labor unrest are multifaceted, primarily rooted in disputes over wages, working conditions, and job security, which have been festering for years. The immediate impact is felt at West Coast ports—critical arteries for international shipping—where cargo ships are left anchored, waiting to unload their containers filled with goods.

According to data released recently, the strike has caused significant backlogs in the supply chain, making it increasingly difficult for businesses to obtain necessary materials and products. This isn’t just a localized problem; it’s a crisis with national ramifications that reaches into every grocery store, warehouse, and manufacturing plant across the country.

As the strike persists, inflation rates are likely to see another jolt upward. The U.S. has been grappling with inflation for months, with prices rising at an alarming pace. Now, the disruption in port operations only adds fuel to the fire. When goods are delayed, they become scarcer, and scarcity, as we know, drives prices higher.

Consumers may begin to notice higher prices on essential goods, ranging from food items to electronics. This reality is even more pressing for households already dealing with tight budgets, as increased costs can lead to difficult choices about where to allocate their resources. Moreover, as retailers and manufacturers face higher shipping costs due to delays and increasing demands for faster service once operations resume, it’s reasonable to expect that those costs will be passed along to consumers.

Production processes across various industries are intricately linked to the flow of goods. Manufacturing relies heavily on timely deliveries of raw materials; disruptions at ports can halt these production lines. A recent report highlighted that sectors like automotive and consumer electronics are already reporting slowdowns in production due to a lack of components and materials stuck in shipping limbo.

This slowdown could lead to job losses in sectors reliant on timely production, further exacerbating the economic challenges faced by workers across the country. Business owners may also have to reassess their operational capacities, leading to potential layoffs or reduced hours, which would just further impact the economy and consumer confidence.

While temporary strikes can lead to a quick resolution motivated by negotiations, the long-term implications of this port strike could be drastic.

If no agreement is reached, companies may need to find alternative shipping routes or suppliers, adding complexity and cost to their operations. This shift could displace workers, upset long-standing relationships, and even lead to a reshaping of U.S. logistics.

As we look ahead, it’s essential for policymakers and industry leaders to recognize the urgency of this situation. A swift resolution will be critical in preventing further damage to the supply chain, stabilizing prices, and restoring confidence in the economy.

https://youtu.be/2OlnrMr-AU8

https://dinarchronicles.com/2024/10/03/itm-trading-port-strike-catastrophe-5-billion-a-day-and-rising-prices-everywhere/

More News, Rumors and Opinions Thursday PM 10-3-2024

TNT:

Total 140 days.. Financial costs of holidays in Iraq

Today, Thursday (October 3, 2024), economic expert Nabil Al-Marsoumi revealed the financial costs of holidays in Iraq, while confirming that their total is 140 days.

Al-Marsoumi said in a post on Facebook, which was followed by "Baghdad Today", that "the total annual salaries of employees and others amount to 90 trillion dinars," indicating that "the total number of Fridays and Saturdays is 104 days in the year."

He added, "The total number of official holidays in Iraq, excluding special holidays, is 16 days, while the total number of unofficial holidays is approximately 20 days, while the total number of official and unofficial holidays is 140 days."

The expert continued, "The number of actual working days per year is 225 days, while the daily cost of official and unofficial holidays, including Friday and Saturday, is 246 billion dinars," stressing that "the annual cost of official and unofficial holidays is 34 trillion dinars."

He pointed out that "the annual cost of official and unofficial holidays, except for Friday and Saturday, amounts to approximately 9 trillion dinars, while the annual cost of unofficial holidays amounts to approximately 5 trillion dinars."

He pointed out that "Iraq is the first country in the world in terms of official and unofficial holidays, and it is the highest in the world, while there are 8 official holidays in England and Wales."

He believed that "both types of holidays cause huge financial losses to Iraq, especially the unofficial holidays that are granted for various reasons, including rain, high temperatures, and visits. This loss in unofficial holidays is equivalent to the annual budget of Syria," recommending "limiting the authority to grant official and unofficial holidays to the Presidency of the Council of Ministers."

Every year, on October 3, Iraqis celebrate the Iraqi National Day, which marks the declaration of Iraq's independence from the British mandate and its accession to the League of Nations in 1932  link

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Tishwash:  Iraq launches financial transfers in euros

The Central Bank of Iraq launched its financial transfers to Turkey in the euro currency.

This was announced during the reception of the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq, according to a statement by the Central Bank of Iraq.

The statement indicated that the meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism carried out in the euro currency and implemented within Turkey through its banks. This mechanism, which is being applied for the first time, will simplify trade coverage operations with high fluidity and speed.

The attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of transfers from merchants and the business sector.

The statement pointed out that the bank representatives expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company, and they also demonstrated their efforts in the context of expanding their channels with approved correspondent banks.

For his part; The Turkish Ambassador praised the efforts of the Central Bank in managing the process of transformation in foreign transfers, and the measures taken by the bank to organize and facilitate the transformation processes, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank’s management and authorized banks, according to the statement. link

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

Mnt Goat  Prime Minister Mohammed Shia al-Sudani expressed, on Thursday, Iraq’s readiness to enter into a partnership with American companies in the oil industry sector, revealing at the same time his government’s intention to establish a new Iraqi bank. This came during his participation in New York...can the news get any better? Finally the US is engaging Iraq and seriously taking on partnerships, especially in the energy sector. So we know if the US is invested in Iraq something is up….

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:
On the news Alaq came in and talked again about the deletion of the three zeros and he said we have a process to enhance the dinar.  He was explaining how they are going delete the three zeros and add value...Then this idiot comes on TV and he says to us dropping the zeros will not lead to a value increase.  He's just a fool that hates this is happening.  That's all Alaq talked about, again saying it's under constant review.  FRANK:  As far as the guy that comes out and says this is not good, that's it's negative...this is not being sent to you by Sudani...Don't pay attention to them.  Only pay attention to your true leader Sudani.

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THE LARGEST TRANSFER OF WEALTH IN HISTORY. AND THERE IS NO WAY TO STOP IT.

Greg Mannarino

https://www.youtube.com/watch?v=T0hSPaS3lds

"It's SOON, Time To Get Prepared For Something Huge" | Mike Maloney (30 Seconds to Midnight)

10-3-2024

n this eye-opening video, Mike Maloney dives deep into the economic warning signs that signal an impending financial crisis. The parallels between today and the 2008 crash are undeniable.

Charts from market experts reveal shocking similarities between the 2024 and 2007 rate cuts, while key indicators like the Sahm Rule and bond yield inversions show we're either in or nearing a recession.

 Discover why national debt, credit card defaults, and real estate delinquencies are skyrocketing - and how this could trigger the greatest financial meltdown in history.

Time is running out, and the global implications are immense. Get informed and get prepared.

https://www.youtube.com/watch?v=y1HGa7kxRnw

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 10-3-24

Good Afternoon Dinar Recaps,

VISA LAUNCHES PLATFORM TO HELP BANKS ISSUE STABLECOINS GLOBALLY

▪️Platform is expected to go live in 2025, payments firm says
▪️A pilot test will be run on Ethereum at some point next year

Visa Inc. is launching a platform for banks to issue fiat-backed tokens such as stablecoins and tokenized deposits, as more financial institutions and businesses express interest in how cryptocurrencies and blockchain technology can improve their operations.

The product, which will be known as the Visa Tokenized Asset Platform or VTAP, will allow banks to “mint, burn and transfer” tokens. While still in the testing stage, the plan is to go live next year, according to a Thursday statement.

Stablecoins are cryptocurrencies whose value is usually pegged to assets such as the dollar. They’re used to conduct transactions and as a refuge from the often volatile price swings in tokens like Bitcoin and Ether.

Spanish bank BBVA has been testing the platform through the year and expects a pilot for select customers on the Ethereum blockchain at some point next year.

“Visa has been at the forefront of digital payments for nearly sixty years, and with the introduction of VTAP, we are once again setting the pace for the industry,” Vanessa Colella, global head of innovation and digital partnerships at Visa, said in the statement.

Stablecoins and other fiat-backed tokens have gained in popularity, with PayPal Holdings Inc.’s PYUSD and other offerings in the market. Stripe Inc. also allows merchants using its payments processing capabilities to accept stablecoins for online transactions.

“We’re excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations,” Colella said.

@ Newshounds News™

Source:  Bloomberg

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RIPPLE TEAMS WITH BRAZILIAN EXCHANGE TO LAUNCH INTERNATIONAL PAYMENT SOLUTION

▪️Ripple and Mercado Bitcoin partner to streamline international payments in Brazil, enhancing cross-border treasury operations.

▪️Ripple expands its Latin American presence through Mercado Bitcoin, aiming to simplify cross-border payments for businesses.

By means of a strategic alliance with one of Brazil’s biggest cryptocurrency exchanges, Mercado Bitcoin, Ripple has strengthened its footprint in Latin America.

Using Ripple’s payment system, Mercado Bitcoin will be the first Brazilian company, especially with an eye toward improving internal treasury processes between Brazil and Portugal.

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Ripple Strategic Expansion in Brazil’s Growing Crypto Market
The cooperation coincides with a period of fast expansion in the crypto market of Brazil. Known for offering real-time settlement and liquidity solutions, Ripple’s digital infrastructure fits quite well in the framework of Brazil’s dynamic crypto policy scene.

The cooperation between Mercado Bitcoin and Ripple is expected to speed up and make more reasonably priced international payments. This lets companies quickly onboard and fast access over 80 worldwide marketplaces by integrating Ripple’s technology with minimum friction.

For Ripple, this alliance marks yet another phase of its continuous expansion over Latin America. Since 2019, when it first established local offices, the corporation has been progressively becoming more visible in Brazil.

Working with Travellex Bank, Ripple unveiled its On-Demand Liquidity (ODL) service in Brazil in 2022, enabling Brazilian companies to make flawless, international payments with cryptocurrency.

By means of this new partnership, Mercado Bitcoin will also be able to use the global scale and liquidity of Ripple, providing improved payment options for its clients.

Head of banking at Mercado Bitcoin Jordan Abud showed enthusiasm about this alliance and underlined how it would help the global aspirations of the exchange. By means of Ripple’s sophisticated payment system, Mercado Bitcoin seeks to lower running expenses and provide a more all-inclusive platform for its customers.

On the other hand, as we previously highlighted, SCB, another Ripple partner, just collaborated with Thunes to increase its instant remittance capabilities.

By means of its SCB Easy platform, this cooperation enables SCB to provide money transfers across 26 countries with support for 17 currencies. Using RippleNet for cross-border payments guarantees that SCB makes transparent and safe transactions rather than merely quick ones.

https://www.crypto-news-flash.com/ripple-teams-with-brazilian-exchange-to-launch-international-payment-solution/

@ Newshounds News™

Source:  Crypto News Flash

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🌍Silver the People's Metal  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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40 Countries Want to Ditch the US Dollar

40 Countries Want to Ditch the US Dollar

We Love Africa:  10-2-2024

In a world increasingly defined by economic interdependence, the dominance of a single currency has profound implications for global trade and financial stability. For decades, the US dollar has reigned supreme, shaping international transactions and financial systems.

However, a new alliance is emerging, giving developing countries a viable alternative. The BRICS alliance—comprising Brazil, Russia, India, China, and South Africa—stands at the forefront of this transformation, captivating the attention of nearly 40 additional nations eager to break free from the dollar’s grip.

Emerging economies in Asia, Africa, and South America share a collective aspiration to reduce reliance on the US dollar, and they are actively exploring alternatives. The financial landscape is shifting, as countries recognize the vulnerabilities associated with dollar dependence—be it through economic sanctions, inflationary pressure, or currency fluctuations. In response to these challenges, a diversified financial architecture supported by local currencies is becoming increasingly attractive.

The BRICS nations are leading the de-dollarization effort by creating pathways that facilitate trade and investment without the USD as the main currency. By fostering collaboration among member countries, they are working to establish a more equitable economic environment that promotes domestic currencies, reduces transaction costs, and ultimately strengthens their economies.

As interest in the BRICS alliance grows, nearly 40 nations have expressed a desire to join in 2024. This wave of interest highlights a fundamental shift in the global economic order. Countries from diverse backgrounds see BRICS as a platform to amplify their voices and interests in a world dominated by the West. By joining forces, these nations aim to reshape international trade and finance, creating a more multipolar world.

The motivations behind this expansion range from the quest for economic stability to a desire for enhanced political influence on the global stage. The BRICS nations are not merely coming together out of necessity; they share a vision of sovereignty and economic resilience that resonates deeply with many developing countries.

Among the BRICS members, China emerges as a pivotal player in this tectonic shift. Analysts predict that the yuan could become a preferred alternative for countries looking to navigate away from the dollar. China’s established trade relationships across the globe position its currency as an attractive choice for international transactions and investments. The Belt and Road Initiative exemplifies China’s strategy to expand its economic influence, promoting the yuan’s use in various regions.

As countries explore using local currencies for trade and investment, we may witness a growing trend of bilateral trade agreements that eschew the dollar altogether. This could lead to a gradual but significant decline in dollar transactions, reshaping the global financial landscape.

The potential for BRICS to influence the global financial system is staggering. While it remains to be seen how quickly and effectively the alliance can implement its de-dollarization strategies, the very essence of BRICS signifies a challenge to existing norms. By prioritizing cooperation and shared economic growth, BRICS could lead to a more balanced distribution of power in global finance.

However, challenges are inevitable. The complexity of integrating diverse economies with differing fiscal policies, trade practices, and financial systems poses serious questions about the feasibility and effectiveness of a BRICS-based currency exchange. Moreover, internal political dynamics and external geopolitical pressures could either bolster or hinder the alliance’s ambitions.

The BRICS alliance represents an important milestone in the global economy, offering a new pathway for developing countries to forge their own financial destinies. As interest in BRICS swells and countries rally around the ideals of de-dollarization, the implications for the US dollar and the global economic order could be profound.

Will BRICS succeed in gaining traction, and will more countries follow this path towards economic independence? Only time will tell. As we navigate this evolving landscape, one thing is clear: The emergence of BRICS is a wake-up call for the existing global financial system, signaling the dawn of a potentially new era in international trade and finance. Stay tuned as we continue to explore the potential impact of BRICS on the global economy.

https://youtu.be/7kIONBQmgQM

https://dinarchronicles.com/2024/10/03/we-love-africa-40-countries-want-to-ditch-the-us-dollar/

“Tidbits From TNT” Thursday 10-3-2024

TNT:

Tishwash:  $3m allocated to Upgrade Iraqi Stock Exchange

As part of its financial reform efforts, Iraq's Cabinet has approved the allocation of 4 billion dinars [$3 million] to the Iraqi Securities Commission for the modernization and maintenance of electronic systems used for stock and bond trading.

The project, exempted from standard government contract procedures, will be executed in partnership with the U.S. company Nasdaq OMX.   link

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Tishwash: Iraq informs the United States of the imminent start of negotiations with Kuwait

Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein announced on Thursday that negotiations between Iraq and Kuwait will soon begin to resolve outstanding issues between the two countries.

This came during his meeting in Washington with the US Assistant Secretary of State for Near Eastern Affairs, Ms. Barbara Leaf, according to a statement issued by the Iraqi Foreign Ministry, which was received by Shafaq News Agency.

During the meeting, Hussein stressed that the recent meetings between the Iraqi and Kuwaiti delegations in New York pave the way for the start of a new round of negotiations. 

He explained that dialogue is the best way to resolve pending issues, and that Iraq intends to begin these negotiations soon to reach final understandings.

Hussein also informed the United States of Iraq's efforts to address these outstanding issues, noting the Iraqi government's commitment to achieving tangible progress in these files in a way that contributes to enhancing regional stability.

For her part, Ms. Barbara Leaf expressed the United States' support for Iraq in its efforts to resolve regional crises, stressing the importance of dialogue in avoiding escalation and ensuring stability in the Middle East region.

According to the statement, the two sides agreed during the meeting on the need to continue diplomatic efforts to ease regional tensions and work to enhance joint cooperation between Iraq and the United States in various fields.  link

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Tishwash:  Baghdad and Washington discuss enhancing joint cooperation in the fields of energy, oil and economy

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, enhancing joint cooperation in the fields of energy, oil and economy.

A statement by the Ministry of Foreign Affairs stated that Hussein met with John Bass and Jeffrey Bate on the sidelines of the ministerial meeting of the international coalition against ISIS held in Washington. During the meeting, they discussed enhancing joint cooperation in the fields of energy, oil and economy, and continuing diplomatic efforts to maintain the stability and security of Iraq. The two sides also discussed the need to protect sea lanes to ensure the export of Iraqi and Gulf oil by securing these lanes.

According to the statement, the focus was on continuing the dialogue between Baghdad, Erbil and the oil companies operating in the Kurdistan Region of Iraq to ensure the resolution of disputes related to oil exports. The security situation in the region and the repercussions of the ongoing escalation and its impact on energy and oil sources were also discussed.

The two sides stressed the importance of continuing cooperation between the United States and Iraq to ensure that the country does not get dragged into any regional escalation, and to work to confront the economic challenges resulting from regional unrest.

For his part, Ambassador Bass welcomed Iraq's participation in the tenth ministerial meeting of the international coalition against ISIS, and the strengthening of efforts to combat terrorism. link

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Tishwash:  Baghdad and Washington discuss the need to protect sea lanes to ensure the export of Iraqi oil

Foreign Minister Fuad Hussein discussed with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, today, Thursday, the necessity of protecting sea lanes to ensure the export of Iraqi and Gulf oil.

A statement by the Ministry of Foreign Affairs received by "Al-Eqtisad News" stated that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein met with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, on the sidelines of the ministerial meeting of the international coalition against ISIS held in Washington."

He explained that "during the meeting, they discussed enhancing joint cooperation in the fields of energy, oil and economy, and continuing diplomatic efforts to maintain Iraq's stability and security."

The two sides discussed the "necessity of protecting sea lanes to ensure the export of Iraqi and Gulf oil by securing these lanes."

The statement added, "The focus was on the continuation of dialogue between Baghdad, Erbil and the oil companies operating in the Kurdistan Region of Iraq to ensure the resolution of disputes related to oil exports, in addition to discussing the security situation in the region and the repercussions of the ongoing escalation and its impact on energy and oil sources."

The two sides stressed "the importance of continued cooperation between the United States and Iraq to ensure that the country is not drawn into any regional escalation, and to work to confront the economic challenges resulting from regional unrest."

For his part, Ambassador Bass welcomed Iraq's participation in the tenth ministerial meeting of the international coalition against ISIS, and the strengthening of efforts to combat terrorism.  link

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Mot: Those Practise Sessions Ain't Working out so good!!! 

Mot: .. Just aSaying !!! 

Seeds of Wisdom RV and Economic Updates Thursday Morning 10-3-24

Good Morning Dinar Recaps,

SWIFT SET TO BEGIN LIVE BANK TRIALS OF DIGITAL ASSET TRANSACTIONS IN 2025  

▪️Swift said banks will begin live trials of digital asset and currency transactions over its network next year.

▪️It marks the first time Swift will move beyond experimenting with blockchain transactions in testing environments to real-world settlement.

Starting next year, Swift said banks in North America, Europe and Asia will begin live trials of digital asset and currency transactions over its global messaging network, which services more than 11,500 financial institutions.

Swift has previously experimented with blockchain transactions in testing environments. However, next year’s trials will pilot an advanced version of its infrastructure capable of orchestrating real-world digital asset and currency transactions across networks for the first time, according to a statement by the firm on Thursday.

The live trials will leverage Swift’s existing global network and interlink various digital and traditional currency platforms, providing a single system for banks to transact across borders with digital and fiat currencies, the firm explained.

The trials are designed to demonstrate how financial institutions can transact interchangeably across both existing and emerging asset and currency types using their current Swift connection. 

“Global financial institutions will have the ability to use Swift’s global platform to conduct pilot transactions for the settlement of digital assets and currencies,” the firm said.

Moving from experimentation to reality
The announcement follows a series of recent experiments by Swift, working with web3 services firm Chainlink as an enterprise abstraction layer to connect its network to the Ethereum Sepolia test network. 

The experiments demonstrated that Swift could provide one single point of access to multiple public and private blockchain networks, which could also support institutions creating tokenized assets and the development of central bank digital currencies — currently being explored by 134 countries.

"For digital assets and currencies to succeed on a global scale, it’s critical that they can seamlessly coexist with traditional forms of money,” Swift Chief Innovation Officer Tom Zschach said. 

“With our vast global reach, we are uniquely positioned to bridge both emerging and established forms of value, and we’re now focused on demonstrating this in real-world, mainstream applications.”

A key aim of the trials is to address the rise of disconnected digital platforms that could hinder the widespread adoption of new forms of value, according to the firm. “While the scale is impressive, without interconnectivity between platforms, global adoption is set to remain fragmented,” Swift said.

“As new forms of value emerge, our intention is to continue offering our community the ability to seamlessly make and track transactions of all kinds of assets — using the same secure and resilient infrastructure that is integral to their operations today," Zschach added.

@ Newshounds News™

Source:  The Block

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RIPPLE’S CEO DROPS TRUTH BOMB ON SEC: WHY THIS LAWSUIT IS A TOTAL JOKE!

Ripple CEO Brad Garlinghouse did not mince words in a recent post about the SEC’s continued pursuit of its lawsuit against Ripple. Garlinghouse expressed deep frustration with the SEC, particularly its Chair Gary Gensler, stating that if the agency were rational, they would have dropped the case long ago. Instead of protecting investors, the SEC has damaged its credibility and reputation.

According to Garlinghouse, Ripple and the broader crypto industry have already secured victory on key issues, including XRP’s status as a non-security.

XRP’s Status is Clear, Despite SEC’s Appeal
Garlinghouse emphasized that XRP’s legal status as a non-security is now well established. Despite the SEC’s decision to appeal, Garlinghouse remains confident, calling the appeal misguided and infuriating.

He pointed out that when the SEC previously attempted an interlocutory appeal, it did not challenge XRP’s non-security status—an important legal milestone that Ripple intends to defend.

Stuart Alderoty Backs Garlinghouse’s Position
Ripple’s Chief Legal Officer Stuart Alderoty echoed Garlinghouse’s views, labeling the SEC’s decision to appeal as both disappointing and unsurprising. Alderoty described the lawsuit as an “embarrassment” for the SEC, emphasizing that the court had already rejected claims that Ripple acted recklessly.

There were no allegations of fraud, nor were there any victims or financial losses in the case, which Alderoty believes further undermines the SEC’s rationale for continuing.

SEC’s Misguided Litigation Strategy
Alderoty also criticized the SEC for what he called “litigation warfare” against the crypto industry, accusing the agency of using the courts to stall progress rather than faithfully applying the law.

Ripple is currently evaluating whether to file a cross-appeal to further challenge the SEC’s position.

Alderoty vowed that Ripple is ready to fight once again in the appellate court, asserting that Ripple is leading the charge for the entire crypto industry.

In a striking coincidence, the SEC’s Enforcement Director, Gurbir Grewal, announced his resignation just an hour before the SEC’s decision to appeal. While Garlinghouse and Alderoty did not explicitly link the two events, the timing suggests potential internal shake-ups within the SEC, further fueling speculation about the agency’s long-term strategy.

Ripple remains committed to defending XRP’s non-security status and pushing back against what they see as a misguided, and ultimately futile, attempt by the SEC to extend the lawsuit. Both Garlinghouse and Alderoty remain resolute that Ripple and the broader crypto industry will continue to prevail.

@ Newshounds News™

Source:  Coinpedia

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🌍AUDIO - Jim ask - So what are you? Animal vegetable or Mineral or Human? or people?  |  Youtube 

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

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Subscribe to Newsletter

Thank you Dinar Recaps

News, Rumors and Opinions Thursday AM 10-3-2024

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 fro the Restored Republic via a GCR: Update as of Thurs. 3 Oct. 2024

Compiled Thurs. 3 Oct. 2024 12:01 am EST by Judy Byington

Global Currency Reset:

Wed. 2 Oct. 2024 Wolverine: “Guys, Iraq still has not floated the dinar yet on Forex. Bond payments are definitely started, or about to start. Hearing all good news regarding Bond Holders, but nothing concrete about the RV.

There are Whales who have flown to Zurich to go to their appointments and receive their blessings. The RV is very complicated as they are dealing with all the currencies of the world and have them all gold backed. The Pentecostal group is about to release the funds to their members that are going to the event this weekend.

They will be given the codes and the PIN number to access their funds. They will be paid first before going to the gala night. I think about 300 people or more are going to the event from various countries around the world. Contracts are starting to get paid.”

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Wed. 2 Oct. 2024 MarkZ: “The Historic Bond contact I was hoping could give me an update said they are now under an NDA. I am confident they got paid something at the table or they would not have signed it. A couple other bond folks told me they did get their final paperwork but the plan is not to pay the until early next week.

So paperwork is final…process is started but they will not get full release of their funds until next week. I wonder if it’s more of an international clearing process to get their spendable funds. In other words, two of my contacts were in a group so funds were given to the paymaster. Then the paymaster has to clear those billions in funds internationally then distribute those funds to all the people in the group. If these billions were moved from Europe to the US- there would be safety checks and balances.

This takes awhile. I very much think and am very confident money has been moving on bonds, just not as quickly as we want it to be moving.”

Wed. 2 Oct. 2024 the US “Gold Standard” has been initiated in foreign trade! https://x.com/maerox/status/1841326606691831910?s=46&t=KbeHKcWo9iYbqqIySY5EJA

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Global Financial Crisis:

Wed. 2 Oct. 2024: BREAKING NEWS: Thousands of Bank of America Customers Locked Out of Accounts Amid Widespread Outages – amg-news.com – American Media Group Bank of America is down: Customers report widespread outage, zero balances shown in accounts.

Wed. 2 Oct. 2024: Global Financial System Implemented: …Ariel on Telegram

Banks on a Leash: No more reckless speculation or shady under-the-table deals. For the first time in modern history, the banking system is being held accountable. Gone are the days when Wall Street fat cats could manipulate your savings for their own gains. The gold-backed system will guarantee your hard-earned wealth is protected by real value, not inflated promises.

Wall Street’s Days of Manipulation Are Over: The financial elites are finally being put in check. No longer will Wall Street have the power to rig markets or siphon wealth from the middle class. The rise of decentralized, asset-backed systems like tokenized gold ensures that real value is driving the market, not fabricated bubbles. You’ll have the power to invest in real assets, knowing the market can no longer be rigged against you.

Ports Flowing With Integrity: The East Coast port strike has opened the door to transparent and equitable supply chains. The days of backroom deals that created shortages and price hikes are over. Goods will now flow through the ports with fair labor practices, ensuring both workers and consumers benefit from a system built on trust and cooperation. You will finally see the true cost of goods reflect the value of fair and honest trade.

A Future For Your Children: The changes happening today will reverberate for centuries. These shifts aren’t just for us—they’re for future generations. Your children and grandchildren will inherit a world where truth, integrity, and fairness form the foundation of society. They’ll grow up in a country where opportunity and justice are the norm, not the exception.

Read full post here:  https://dinarchronicles.com/2024/10/03/restored-republic-via-a-gcr-update-as-of-october-3-2024/

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

Militia Man  They're talking about international.  I can't stress that enough...They're going to need an Article VIII complaint, Article XIV compliant currency with the IMF.  They're going to have to agree to those obligation and that would mean a change of exchange rate to a Real Effective Exchange Rate.  

Frank26  [Iraq boots-on-the-ground report]  FIREFLY:
Special report on deleting the zeros.  They tried to tell us there are good reasons for it and there are bad reasons for it.  They are telling us 54 countries have done this in the past.  They are using that as an example for our monetary reform... FRANK:  Remove the cons and only pay attention to the pros...

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Indonesia Accept China's Offer: BRICS is next?

Fastepo:  10-2-2024

Indonesia’s stature as a burgeoning economic and military heavyweight in Southeast Asia is increasingly capturing international attention.

The nation boasts the largest economy in the region, with a gross domestic product of $1.19 trillion in 2023, ranking 16th globally by nominal GDP. Forecasted to grow at 5% in 2024, Indonesia’s economic vigor is propelled by robust domestic consumption and extensive infrastructure investments.

In the same year, Foreign Direct Investment inflows totaled $47.5 billion, enhancing key industries such as metal goods and telecommunications.

In 2023, the Indonesian military comprised approximately 1.05 million personnel, including 400,000 active-duty members, 400,000 reserves, and 250,000 paramilitaries.

This comprehensive force structure allows Indonesia to maintain a robust defense posture across its extensive archipelago.

https://www.youtube.com/watch?v=PVU2BjVS2dw

Seeds of Wisdom RV and Economic Updates Wednesday Evening 10-2-24

Good Evening Dinar Recaps,

MELD GOLD LAUNCHES GOLD AND SILVER-BACKED STABLECOINS ON XRP LEDGER, LEVERAGING NATIVE FEATURES

▪️The first transaction of tokenized gold and silver was made on the XRP Ledger on September 29 after Ripple and Meld Gold disclosed their collaboration months ago.

▪️According to the original plan, two stablecoins fully backed by gold and silver were supposed to be fully rolled out in the third quarter of the year (Q3 2024).

In June, CNF reported a groundbreaking collaboration between Meld Gold and Ripple that was meant to deliver fungible gold and silver assets on the XRP Ledger (XRPL). On September 29, the first transaction on the mainnet finally went through, with the subsequent rollouts expected this month, October.

🚨 JUST IN: MELD GOLD CONFIRMS TOKENIZED GOLD ON $XRP LEDGER—First transaction went through yesterday and a further rollout will happen through October.” — @meldgold 🙌Meld Gold will release two new stablecoins on XRP Ledger, backed by Gold & Silver.

 Each token will… https://t.co/HmYs3tsVnM pic.twitter.com/wAUgCaXnMM— Good Morning Crypto (@AbsGMCrypto) October 1, 2024

Drawing insight from our previous publication, the collaboration between Meld Gold and Ripple primarily sought to enable greater access, efficiency, and utility to Real-World Assets (RWAs).

The plan was to offer institutional-grade functionality and built-in features to ensure more secure, efficient, and scalable financial services and use cases.

According to our press release review, the original plan was to release two new stablecoins on the XRPL backed by gold and silver. Specifically, each token was reported to represent 1kg of these metals that leading custody providers would hold – MKS Pamp and Imperial Vaults.

 In that report, Meld Gold CEO Michael Cotton disclosed that his team is very well-versed in every component of the supply chain and would contribute massively to the expected RWA revolution.

Our team of industry experts has deep experience in every component of the supply chain, from origination, certification, and logistics, to storage and insurance.

Our passion for disrupting and advancing digital ownership is ideal for the coming RWA revolution. This is the industry, delivering the systems only they could design, to bring the physical world on-chain.

What Meld Gold Seeks to Achieve with XRPL Integration
According to Meld Gold, its offer of the world’s most accepted assets on-chain would certainly redefine the XRPL’s Decentralized Finance (DeFi) ecosystem.

With this, both new and old users would leverage the XRPL’s native features, which include Decentralized Exchange (DEX) and Automated Market Maker (AMM).

Over the years, Meld Gold has closely worked with precious metals in its quest to provide infrastructure for a successful transition of assets on-chain. According to a blog post, with the first transaction reportedly successful, the subsequent months are expected to witness additional upgrades.

This would include the “implementation of patent-pending work on minimized trust systems for connecting physical items to the blockchain.”

Utilizing blockchain technology offers significant advantages, such as immediate global accessibility, simple and secure ownership accountability, and standardized data rails for interoperability and velocity. 

A key component, often overlooked, is how the assets are connected to the blockchain and precisely how they are accounted for. Precious metals, being physical assets, always require trust, but minimizing this to only the required level is crucial.

Recently, Ripple announced that its yet-to-be-launched RLUSD stablecoin on the XRPL has reached an advanced phase, with 99% of its total supply minted. As we reported, 800,000 new tokens have been created after 100,000 tokens were generated several months ago.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

RIPPLE UNVEILS SIMPLIFIED VAULT AND LENDING UPDATES ON XRP LEDGER

▪️Ripple simplifies asset management on the XRP Ledger with updates to the Vault and Lending Protocols.

▪️Meld Gold partners with Ripple to introduce tokenized gold and silver assets on the XRP Ledger.

In a tweet, Ripple has announced significant improvements to its Vault and Lending Protocols, paving the way for more efficient and user-friendly operations on the platform. These modifications are part of a larger goal to improve asset management and lending operations in the XRP Ledger (XRPL) ecosystem, which benefits both developers and users.

Streamlined Asset Management and Lending on the XRP Ledger
According to the statement, the XLS-65d Single Asset Vault (SAV) has been significantly redesigned, reducing its structure to increase overall efficiency. The revised design removes two previously required transactions, allowing the Vault to store assets directly.

This update is designed to make asset management faster and more cost-effective for users by eliminating unnecessary processes that previously hindered the process.

Meanwhile, the XLS-66d Lending Protocol has been revised to reflect these Vault modifications. Previously, users had to go through many processes to deposit and redeem assets, but the revised protocol eliminates these extra steps completely.

This streamlined approach greatly minimizes friction for users, resulting in a more seamless lending experience inside the XRPL ecosystem.

One of the primary points mentioned by Ripple is its compliance-first strategy. Both the Vault and Lending Protocol improvements are intended to simplify and integrate Clawback and Freezing requirements.

These modifications ensure that the protocol complies with industry rules while also making it easier for users to traverse the platform. By tackling these regulatory concerns square on, Ripple hopes to boost trust in its ecosystem, particularly among institutional users looking for a compliant blockchain solution.

In addition to Ripple’s recent improvements, the XRP Ledger is evolving through collaboration and innovation. According to a prior CNF report, Meld Gold has teamed with Ripple to launch tokenized assets representing gold and silver on the XRPL.

The initial objective is to introduce two stablecoins backed by these precious metals, which will increase the XRP Ledger’s use cases. This move is a huge step forward in integrating real-world assets to the blockchain, giving consumers a concrete connection to gold and silver while remaining inside the XRPL’s decentralized infrastructure.

On the other hand, as we previously noted, Xaman Wallet version 3.0 has added a revenue-sharing model to help XRPL developers and improve the whole ecosystem.

The most recent upgrade includes several important features, including a threshold-based paradigm, universal transaction signing, and increased developer and user accessibility. These upgrades aim to make the XRPL ecosystem more accessible and developer-friendly, fostering innovation and growth.

Meanwhile, as of writing, XRP is trading at $0.6014, down 3.18% over the last 24 hours. This fall has taken XRP’s market cap back under $35 billion.

@ Newshounds News™

Source:  Crypto News Flash

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EXPLAINED TOKENOMICS - WHAT IS TOKENOMICS AND WHY DOES IT MATTER? | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts   

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

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Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Economist’s “News and Views” Wednesday 10-2-2024

BE CAREFUL! This Is Serious - The Crash Will Be WORSE Than 2008 - Chris Vermeulen

Finance Flow:  10-1-2024

America's slowing job market is weighing heavily on consumer sentiment. The latest survey from the Conference Board reveals that Americans have become significantly more pessimistic about the current state of the U.S. economy and the future of the job market.

Adding to these concerns are exceedingly high debt levels across major global economies, increasing the likelihood of not just one but potentially multiple debt crises ahead. In the U.S., the Congressional Budget Office projects that the debt-to-GDP ratio will surpass 150% by 2034, up from the current 98%, pushing the nation's debt to its highest level in history.

Chris Vermeulen of The Technical Traders, speaking with Liberty and Finance, shares his insights on the current market, suggesting that a significant decline may be on the horizon as the stock market shows signs of topping out.

He points to several warning signals, including worsening economic data, rising unemployment, maxed-out business sales, skyrocketing credit card debt, and increasing mortgage delinquencies in both commercial and residential sectors. Vermeulen believes these are typical indicators of a Stage 3 market environment, where underlying issues begin to worsen before becoming more visible.

 More stocks are joining the S&P 500's recent surge to record highs, easing earlier concerns that the 2024 rally was primarily driven by a few giant tech companies.

The index is on pace to gain 5% in the third quarter, which ends on Monday. This time, however, optimism surrounding the Federal Reserve’s rate cuts is encouraging investors to move into regional banks, industrial companies, and other sectors poised to benefit from a stronger economy and lower interest rates, in addition to the tech stocks that have already seen significant gains this year.

Despite this positive momentum, Chris Vermeulen warns of several concerning signs that suggest the stock market is beginning to break down, even though the indexes continue to perform well. He foresees a potential correction of 30%, 40%, or even 50%, noting that the 2022 pullback of around 25% was just a precursor to what might be coming.

The Federal Reserve began its first rate-cutting cycle in four years earlier this month with a 50-basis point reduction, a move that Chairman Jerome Powell described as a measure to protect a resilient economy. According to LSEG data, traders are giving equal odds for another large rate cut when the Fed meets again in November, and they are forecasting over 190 basis points of cuts by the end of 2025.

 Several sectors of the stock market are benefiting from the expectation of lower rates and stable growth. The S&P 500’s industrial and financial sectors, considered among the most sensitive to economic shifts, have gained 10.6% and nearly 10%, respectively, in the third quarter.

Chris Vermeulen explains that even if the Federal Reserve continues to cut rates, as it did during the 2008 financial crisis, it won't necessarily save the stock market. He notes that during times of panic, investors often rush to sell their portfolios, particularly those trading on margin, which forces brokers to execute sales regardless of rate cuts.

This selling pressure, driven by fear and forced liquidations, can overwhelm any potential positive impact from the Fed's rate cuts.

https://www.youtube.com/watch?v=SWWW8UIaIA0

'I'll Cripple You': Port Workers Strike, Will Inflation Spike? | Brian Belski

David Lin:  10-2-2024

Brian Belski, Chief Investment Strategist of BMO Capital Markets, discusses the port worker strikes, escalating tensions in the Middle East, and where the S&P 500 going to close by year-end.

0:00 - Intro

1:10 - ILA dock strikes

6:24 - Inflation outlook

8:40 - Crude oil

10:49 - Middle East tensions

 13:30 - S&P 500 outlook

18:35 - Stock market valuations

 20:30 - Sector preferences

24:34 - Canadian stock market

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

Chinese Yuan Overtake US Dollar: What's Going On?

Fastepo:  10-1-2024

China has escalated its economic rivalry with the United States, this time taking direct aim at the U.S. dollar. In recent months, Chinese financial institutions have significantly increased their short positions against the American currency, betting on its decline.

Estimates suggest that Chinese banks have allocated over $100 billion toward these positions, positioning themselves to profit from any devaluation of the dollar. The strategy revolves around sophisticated financial instruments, particularly foreign exchange swaps, which allow Chinese banks to effectively "short" the dollar.

This maneuver enables these banks to benefit from shifts in currency values. In practice, Chinese institutions swap yuan for dollars at a predetermined rate. Should the dollar depreciate by the contract’s end, the American counterpart owes more yuan, generating gains for the Chinese bank.

These activities have grown substantially, with state-run Chinese banks reportedly building up more than $100 billion in short positions by 2024.

The tactic has been deployed as part of broader efforts to stabilize the yuan without exhausting China's foreign reserves. This currency strategy is driven by the mounting pressure on the yuan, which has been weakened by both the Federal Reserve's hawkish policies and a cooling Chinese economy.

By engaging in these swaps, Chinese banks have been able to secure returns during periods of market volatility, sometimes reaping returns of up to 6% for traders involved in these deals.

https://www.youtube.com/watch?v=A8Na0_SnYac

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 10-02-24

Good Afternoon Dinar Recaps,

RIPPLE ISSUES AN IMPORTANT WARNING FOR ITS UPCOMING STABLECOIN: DETAILS

▪️Ripple cautioned users to beware of fake claims that its stablecoin is live.

▪️The SEC labeled the product as an unregistered asset, adding to its ongoing legal disputes with the company.

XRP Army Beware
Earlier this year, Ripple announced it will launch a stablecoin pegged 1:1 to the American dollar. It will be called RLUSD and will be available on the XRP Ledger (XRPL) and Ethereum. According to CEO Brad Garlinghouse, the product could serve as a bridge between the cryptocurrency industry and traditional finance, while numerous analysts believe its eventual launch could positively impact XRP’s price.

Last week, Ripple’s team minted over 800,000 RLUSD on XRPL and Ethereum, representing 99% of the total supply. This caused speculation that the stablecoin is already live.

The company, though, assured it is still in the private beta testing phase. It also cautioned users to beware of dubious individuals who claim the opposite.

Numerous X users thanked Ripple for the heads up. The popular community figure Vet was among those reacting below the post, saying:

“Unfortunately, a necessary PSA. Even accounts with a gold checkmark are impersonating and scamming people. Definitely stay vigilant, and the best thing is to do nothing, don’t click any links, and wait for official sources.”

Controversy With the SEC… Again
Ripple’s plans to introduce a stablecoin caused huge excitement in the cryptocurrency space. However, it was not welcomed by everyone, with the US Securities and Exchange Commission (SEC) describing it as a “new unregistered crypto asset.”

This is not the first quarrel between the entities. To the uninitiated ones, the SEC sued Ripple in December 2020, accusing it of conducting an unregistered securities offering by selling XRP tokens. The case passed through numerous developments over the years, reaching an important milestone in August 2024.

Back then, Judge Torres determined that the sales of XRP on secondary markets to retail investors did not constitute securities transactions. Nonetheless, she ordered Ripple to pay $125 million for violating certain securities laws.

The figure represents a massive discount on the $2 billion initially sought by the regulator, causing many to declare the ruling a major Ripple victory. Both parties have until October 7 to appeal, and the SEC seems more likely to do so.

Over the past few weeks, there have been increased rumors about such a potential scenario. American lawyer Fred Rispoli, for example, thinks the chance for an appeal is 60%.

@ Newshounds News™

Source:  CryptoPotato

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WILL ADA PRICE REACH $0.5 AS CARDANO MIDNIGHT TESTNET GOES LIVE?

The long awaited testnet for Cardano privacy protocol Midnight Network is finally out, potentially setting ADA price for new rally

▪️Cardano Midnight testnet has gone live after months of development

▪️The testnet is only available to developers for now

▪️ADA price, down in downtrend may benefit in the long term

Cardano has entered the spotlight again with the Midnight Protocol testnet, a trend that may bode well for ADA price. Per the latest update, the Midnight protocol announced that its long-awaited testnet is now live for developers.

The Cardano Midnight Testnet – Key Note To Developers
Cardano first introduced the Midnight Protocol as its privacy solution in 2023. Since then, the team has invested time in developing it in readiness for full rollout. As announced, the testnet will test out important features that can guarantee a stable Sandbox environment for the protocol.

With Midnight, developers will have the opportunity to build functional applications. While many alternative protocols exists that can offer this capability, with Midnight, user’s sensitive data are protected. The goals of the testnet are limited and it aims to create a simulation of a full mainnet launch.

To achieve this testnet function, the Cardano protocol said it “has expanded its capabilities and hardened the network’s codebase to reduce the need for regularly scheduled chain resets when upgrading.”

For developers who plans to participate in the testnet can help build applications in the sandbox environment. Beside this, they can help discover data protection capabilities, and influence the network. Ultimately, the overall enhancement will bolster Cardano as a protocol and ADA price in the long run.

@ Newshounds News™

Read more:  CoinGape

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UK OPENS APPLICATIONS FOR DIGITAL SECURITIES SANDBOX

In January new legislation came into force in the UK supporting a five year Digital Securities Sandbox (DSS) which temporarily relaxes some legal requirements to explore new technologies including DLT experimentation. Today the Bank of England and Financial Conduct Authority (FCA) opened applications for the sandbox.

In traditional markets, trading is conducted on an exchange and settlement via a central securities depository (CSD). DLTs are designed to combine the two functions and the sandbox supports that.

The bank emphasized that the rules in the DSS are flexible, allowing the regulators to make adjustments as they learn more. Financial instruments considered in scope include equities, corporate and government bonds, money market instruments such as commercial paper and certificate of deposits, fund units and emissions allowances. Derivatives and cryptocurrencies are excluded.

The regulators published guidance, a policy statement and an application form.

“The DSS lays the foundation for market participants to realise these benefits (of digital securities) in a safe, regulated environment and importantly, puts the UK in a strong leadership position when it comes to tokenisation,” said Quant CEO Gilbert Verdian.

“With the EU having already launched its DLT pilot regime, it is vital that the UK does not fall behind in this new era of digital finance.”

That said, the DLT Pilot Regime hasn’t exactly gotten off to a flying start. More than 18 months have passed since the legislation came into force and regulators have not yet approved any applications. However, that’s expected to change soon.

Digital Securities Sandbox rule changes
The Bank of England and FCA ran a consultation for the Digital Securities Sandbox, which closed in late May.

The regulators specified activity limits for the sandbox, the topic that attracted the most feedback from the consultation.

The global asset class figures remain unchanged (for the most part). However, the limits for individual firms have become more flexible.

Regarding fund management, in contrast to other asset classes, the regulators will not impose an aggregate limit on fund tokenization activity in the DSS.

Foreign currency assets now in scope
One of the most notable changes is the expansion of scope to include other currencies, such as euros and dollars. The regulators will specify global limits for these currencies, which will be in addition to the sterling limits. However, limits on individual firms will account for all currencies.

Regarding settlement, there isn’t a lot of movement. Stablecoins are still ruled out, with central bank money settlement considered the default. The Bank of England highlighted the availability of the omnibus bank account facility (as used by Fnality) and that it’s working with industry on an RTGS synchronization settlement facility.

 It said there was a possibility of wholesale CBDC experiments, but it didn’t make any promises. Settlement in commercial bank money is allowed, although it must be justified.

With long delays for approval under the EU’s DLT Pilot Regime, the regulators outlined expected timeframes. Banks that apply now can potentially be live by February 2025. go-live will probably be November 2025 or later. Other FMIs are somewhere in between.

@ Newshounds News™

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More News, Rumors and Opinions Wednesday Afternoon

Mr. Pool, [10/1/2024

𝙔𝙤𝙪 𝙨𝙝𝙤𝙪𝙡𝙙 𝙗𝙚 𝙚𝙭𝙘𝙞𝙩𝙚𝙙 𝙖𝙨 𝙩𝙝𝙚 𝙧𝙚𝙨𝙩 𝙤𝙛 𝙮𝙤𝙪𝙧 𝙡𝙞𝙛𝙚 𝙞𝙨 𝙨𝙩𝙖𝙧𝙩𝙞𝙣𝙜 𝙩𝙤𝙙𝙖𝙮.

• Banks are in check.

• Government is in check.

• Wall Street is in check.

• Ports are in check.

• The entertainment industry is in check.

• The Legal system is in check.

All of this is happening today and will have ripple effects for decades to come. And you will for the 1st time in history witness it all in real-time and see accountability unfold.

There will be no more getting over on the American people. Your country will shift towards programs that serve you above all else or else. And that's the way it is going to be for the next few centuries or more.

We deserve it. You deserve it. Your children and their future deserve it. But the only way to solidify this is to hear from witnesses what Law & Order can do for a country under siege. This will be the stamp of approval.

This is what will give us confidence in our new system. This is what will allow us to make sound decisions that reflect reality as it is supposed to be. No more hanky-panky under the table at our expense. And you should feel very satisfied about that for many reasons.

𝘽𝙖𝙣𝙠𝙨 𝙤𝙣 𝙖 𝙇𝙚𝙖𝙨𝙝: No more reckless speculation or shady under-the-table deals. For the first time in modern history, the banking system is being held accountable. Gone are the days when Wall Street fat cats could manipulate your savings for their own gains. The gold-backed system will guarantee your hard-earned wealth is protected by real value, not inflated promises.

𝘼 𝙂𝙤𝙫𝙚𝙧𝙣𝙢𝙚𝙣𝙩 𝙏𝙝𝙖𝙩 𝙒𝙤𝙧𝙠𝙨 𝙛𝙤𝙧 𝙔𝙤𝙪: The era of government inefficiency, waste, and corruption is coming to a close. No more secret deals or hidden agendas that favor a select few. Instead, programs and policies will focus on serving YOU, the citizen, above all else. Every law, and every initiative, will be crafted with your well-being in mind, ensuring you and your family prosper in a system designed for the people, by the people.

𝙒𝙖𝙡𝙡 𝙎𝙩𝙧𝙚𝙚𝙩’𝙨 𝘿𝙖𝙮𝙨 𝙤𝙛 𝙈𝙖𝙣𝙞𝙥𝙪𝙡𝙖𝙩𝙞𝙤𝙣 𝘼𝙧𝙚 𝙊𝙫𝙚𝙧: The financial elites are finally being put in check. No longer will Wall Street have the power to rig markets or siphon wealth from the middle class. The rise of decentralized, asset-backed systems like tokenized gold ensures that real value is driving the market, not fabricated bubbles. You’ll have the power to invest in real assets, knowing the market can no longer be rigged against you.

𝙋𝙤𝙧𝙩𝙨 𝙁𝙡𝙤𝙬𝙞𝙣𝙜 𝙬𝙞𝙩𝙝 𝙄��𝙩𝙚𝙜𝙧𝙞𝙩𝙮: The East Coast port strike has opened the door to transparent and equitable supply chains. The days of backroom deals that created shortages and price hikes are over. Goods will now flow through the ports with fair labor practices, ensuring both workers and consumers benefit from a system built on trust and cooperation. You will finally see the true cost of goods reflect the value of fair and honest trade.

𝙀𝙣𝙩𝙚𝙧𝙩𝙖𝙞𝙣𝙢𝙚𝙣𝙩 𝙄𝙣𝙙𝙪𝙨𝙩𝙧𝙮 𝙍𝙚𝙫𝙤𝙡𝙪𝙩𝙞𝙤𝙣𝙞𝙯𝙚𝙙: Hollywood’s darkest secrets are being dragged into the light. The fall of major entertainment figures signals a new chapter where art, media, and culture will reflect truth and integrity. No more glorification of toxic behaviors or exploitation hidden behind the glamor of fame.

𝙍𝙚𝙖𝙡-𝙏𝙞𝙢𝙚 𝘼𝙘𝙘𝙤𝙪𝙣𝙩𝙖𝙗𝙞𝙡𝙞𝙩𝙮: For the first time in your life, you will witness justice unfold in real-time. From government officials to banking moguls and entertainment elites, those who have acted in secrecy or malice are now being held accountable. You will see laws applied equally and fairly, no more playing favorites.

𝘼 𝙁𝙪𝙩𝙪𝙧𝙚 𝙛𝙤𝙧 𝙔𝙤𝙪𝙧 𝘾𝙝𝙞𝙡𝙙𝙧𝙚𝙣: The changes happening today will reverberate for centuries. These shifts aren’t just for us—they’re for future generations. Your children and grandchildren will inherit a world where truth, integrity, and fairness form the foundation of society. They’ll grow up in a country where opportunity and justice are the norm, not the exception.

𝙏𝙝𝙚 𝙍𝙚𝙩𝙪𝙧𝙣 𝙤𝙛 𝙇𝙖𝙬 & 𝙊𝙧𝙙𝙚𝙧: The era of chaos is ending, and in its place is a society governed by fair and just laws. This is the foundation of the New Republic, where no one is above the law, and every citizen is protected by the same set of rules. This will give you the confidence to make decisions knowing they are rooted in reality, and that the system will uphold what is fair and right.

Historic things are happening today. And it's not even 11:00 yet. Julian Assange just exposed Mike Pompeo. Naming those names you all want to hear. But I doubt that will be all of course. Because at some point that celebrity that is on that P. Diddy tape will come out and the world will be quite surprised. This is when I think the panic will really set in for the rest of Hollywood.

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Ariel (@Prolotario1): Hold onto your Iraqi Dinars

10-2-2024

Hold your Iraqi Dinars people.

If they decide to release the rate on their independence day I will not be upset.

If they decide to release the rate on Halloween I will not be upset.

If they decide to release the rate on Thanksgiving I will not be upset.

If they decide to release the rate on Christmas day I will not be upset.

If they decide to release the rate on News Years day I will not be upset.

Why?

Because they told you officially that they only have 5% remaining in their monetary reforms. And they told you they are aiming to finish this before the end of the year.

Relax.

Source(s):
https://x.com/Prolotario1/status/1841165415172461052

https://dinarchronicles.com/2024/10/01/ariel-prolotario1-hold-onto-your-iraqi-dinars

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

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

Frank26   Protesters...are Iranian...they infiltrate Iraq because of what's going on.  They want money.  They don't want to lose Iraq so they try to protest and they try to create chaos, they try to slow things down.  They want to retard the process.  It's not working.  I don't think it's going to work...

Mnt Goat   I am telling you that I know with 1000% certainty we will NOT see the RV until after the Nov 5th voting...In a conversation with my CBI contact on Saturday I was told that if all goes well in the US elections, we can expect to see the preparation gearing to the reinstatement by the start of the project to delete the zeros and the swap out of the larger notes for the smaller denominations. I was told this is now planned to begin shortly after the voting is over and the winners are announced.  I was told we might have to wait for the inauguration ceremony to conclude to see the reinstatement occur.

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The US DOLLAR And The US ECONOMY Is In An IRRECOVERABLE TAILSPIN. No Way To Stop It.

Greg Mannarino:  10-2-2024

https://www.youtube.com/watch?v=qiwPBYP41Cc