Iraq News Highlights and Points To Ponder Monday Evening 9-9-24

It Will Upset The Parallel Market.. Sources: Expected Decisions From The Central Bank Will Confuse The Markets And Raise Exchange Rates
 
Economy | Today, 15:00 |  Baghdad today – Baghdad   A banking source reported today, Monday (September 9, 2024), that there has been confusion within the foreign currency markets, while it is likely that their prices will rise. The source told "Baghdad Today",
 
"The Central Bank will issue new decisions regarding foreign currency prices and the way it is traded inside Iraq." He added, "These decisions are likely to cause an increase in the dollar exchange rates in the parallel market due to the scarcity of the currency."

The source stated that  "the aim of these decisions is to limit currency smuggling or its monopoly in the hands of weak souls."
 
This afternoon, the dollar exchange rates witnessed new increases on the two main stock exchanges and local markets.
 
The "Baghdad Today" correspondent said that the dollar exchange rates recorded 150,500 for every 100 dollars on the two main stock exchanges.
 
He added that the selling price at money exchangers also rose to 152,500 for every 100 dollars.  
 
https://baghdadtoday.news/257530-ستقلب-السوق-الموازي.-مصادر-قرارات-مرتقبة-من-البنك-المركزي-ستربك-الأسواق-وترفع-أسعار-الصرف.html   

The Collapse Has Begun... 8 Revelations About The Truth About Iraq's Economy

Economy  2024-09-09 | 6,363 views  Alsumaria News – Economy    An economic researcher identified 8 latent weaknesses in the Iraqi economy, in a comment on fears of economic collapse, describing the collapse as having occurred a long time ago, and the fluctuations in oil prices prolong or accelerate the final collapse.

Economic researcher Munar Al-Obaidi said in a clarification followed by Sumaria News, that with the decline in oil prices and the unprecedented rise in operating expenses to reach a growth rate in current expenses exceeding 30% and a decline in revenues by 16%, the most important question arises: Is the Iraqi economy facing a crisis or a collapse? He pointed out that “the factors of the sustainability of any economy depend primarily on the diversity of its sources and the control and planning of its expenditures.”

He explained that "we cannot expect the sustainability of an economy in which more than 500 thousand researchers enter the labor market annually and is unable to create productive job opportunities of more than 20 to 30 thousand opportunities at most, and an economy based on the sale of one commodity and its prices are not controlled through one outlet and for only two countries."

He continued in describing the Iraqi economy as "an economy based on a deteriorating business environment with no role for the private sector in turning the wheel of the economy, an economy that adopts the private sector and with patronage laws and legislation that give preference to the public sector, a consumer economy based on an unprecedented consumption pattern without production having a role, an economy that employs more than 6 million employees with almost zero productivity, an economy marred by corruption, lack of transparency and inequality of opportunity, an economy that does not have foreign investments and is unable to attract them."

He considered that "the collapse happened a long time ago and the fluctuations in oil prices are merely prolonging or accelerating the process of the collapse and the manifestations of the collapse will be faster than the decline in oil prices."   LINK

We Are Heading Towards Financial Fragility.. How Did The New Appointments Affect The Budget?

Money and business    Economy News – Baghdad   Finance and development expert, Aqil Jabr Al-Muhammadawi, stressed today, Monday, the necessity of reconsidering the engineering of public finances in light of the threats and risks of the decline in crude oil prices in global markets, while explaining the impact of new appointments on the budget.

Al-Muhammadawi said, in an interview with "Al-Eqtisad News", that "there is a priority to review the priorities of public finance and implement the federal budget for the remainder of 2024 in light of the negative repercussions of the decline in oil prices on the state's public finances and its effects on the federal budget and the implementation of the government program's targets."

He added: "We are moving towards a financial fragility of the federal budget structure, and not within a fragile budget mentality; because it is based on solid accounting and financial rules, principles, and foundations, clear, specific, and tangible economic goals, and the ability to be implemented in reality and in fact, in addition to the availability of financial capacity or abundance, in light of the threats and risks of the decline in oil prices, which constitute more than 85% of the revenues of the federal budget structure."

The financial affairs specialist pointed out that "there is a noticeable increase in the 2024 budget, especially in the number of employees, to reach approximately 4.08 million employees, an increase of 18.1 million employees over 2019, while it did not exceed 209 million employees in that year 2019, in addition to increasing health care to become approximately 25 trillion dinars in 2023, and the increase is expected more in 2024, with an increase of 5.3 trillion in 2023 over what was actually achieved in 2019."

Al-Muhammadi said, "This increase represents additional burdens on the state's public finances, which are not met by new sources of revenue or sovereign investment funds that produce new financial brides."

He stressed: "The importance of quickly reviewing, with steps and a well-studied methodology, the reorganization and analysis of the federal budget structure and the corresponding real and tangible spending priorities, and the possibility of re-engineering the structure of public expenditures and the quantitative management of some non-governing paragraphs."

83 views 09/09/2024 - https://economy-news.net/content.php?id=4737

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

Good Evening Dinar Recaps,

BRICS NEWS

El Salvador Proposes Crypto Trade With BRICS, Ditching US Dollar

El Salvador proposes crypto trade with BRICS, aiming to reduce dependence on the US dollar and enhance economic cooperation.

Russia's new crypto trade law enables El Salvador to simplify trade and evade Western sanctions, boosting bilateral trade.

El Salvador's crypto integration with BRICS signals a major shift in global trade dynamics, challenging US dollar dominance.

El Salvador recently proposed using cryptocurrency for trade with the BRICS alliance, aiming to reduce reliance on the US dollar. This move follows Russia's recent legislation allowing crypto for international trade. The legal shift, set to take effect in September, allows Moscow to circumvent Western sanctions.

Russian diplomat Alexander Ilyukhin stated this measure would simplify trade for El Salvador, where the dollar is the official currency. The proposal marks a step in El Salvador's ongoing efforts to integrate cryptocurrency into its economy. Furthermore, it aligns with the BRICS alliance's goal of de-dollarization and boosting the use of its own currency.

The BRICS alliance has focused on reducing reliance on the US dollar in recent years. The group seeks to shift international economic dynamics away from Western influence. Russia's legalization of crypto for trade represents a major stride in this direction. Hence, El Salvador's proposal could signal a new era of economic cooperation between the two nations.

Overcoming Trade Challenges and Western Pressure

Moreover, Ilyukhin highlighted the difficulties in trade settlements due to El Salvador's dollar dependency. He noted that El Salvador faces pressure from the West over this proposal. However, the diplomat emphasized the potential benefits of increased cooperation through crypto trade. This move could enhance trade volumes between El Salvador and BRICS nations.

Additionally, El Salvador's interest in joining the BRICS alliance could further solidify these economic ties. Although the country has not yet applied for membership, the potential for collaboration is evident. Consequently, El Salvador's connection to Bitcoin and other cryptocurrencies could facilitate smoother and more efficient trade with BRICS nations.

@ Newshounds News™

Read more:   Binance

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Gary Gensler Fired from SEC by Kamala Harris – Is Bitcoin Poised for a Breakout?

▪️The removal of Gary Gensler as the chairman by the Vice President Kamala Harris has created a lot of ambiguity in the cryptocurrency.

▪️The resignation may well indicate a potential change of tack to a more pro-crypto stance; all the same any significant shifts will likely take time to enact.

▪️Subsequent appointment of Gensler’s successor will have a major influence over the future of the U. S. cryptocurrency regulations and markets.

As part of the role reversal, Gensler, the head of the SEC, has been fired by Harris from his position. This has come as a huge shock in the financial industry especially the cryptocurrency business. SEC under Gensler has been very rigid in its approach towards the regulation of cryptocurrencies and this has not gone down well with proponents of the industry.

The announcement of Gensler stepping down has led to speculations on further shifts in the regulatory framework for cryptocurrencies. Some experts think that this may be a sign of more favorable approaches to the electronic currency. Bitcoin being the most popular cryptocurrency might experience a rise in demand from investors if the barriers created by the regulations are removed.

However, one must add that any major changes in the policy might take time to be effected. This news could elicit short-term movement in the cryptocurrency market, which is historically characterized by high levels of fluctuation. The long-term prospects are still unclear and will depend on the further actions of Gensler’s successor.

@ Newshounds News™

Source:  Crypto News Land

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Charles Hoskinson: Cardano Will Always Be Bitcoin’s Biggest Threat

▪️Charles Hoskinson believes Cardano is Bitcoin’s greatest competitor in the crypto space.  

▪️Cardano’s eco-friendly proof-of-stake system and smart contracts set it apart.  

▪️Hoskinson envisions Cardano evolving, challenging Bitcoin’s rigidity with regular upgrades.

Charles Hoskinson, the founder of Cardano, firmly believes that Bitcoin’s greatest rival has always been Cardano. He’s confident that Cardano is not just another cryptocurrency, but a game-changing platform.

According to Hoskinson, Cardano has the potential to challenge Bitcoin’s long-held position at the top. With its advanced technology and unique approach, many in the crypto world are starting to see his point.

What Sets Cardano Apart?
Hoskinson’s belief in Cardano comes from its strong foundation. While Bitcoin is known primarily as a store of value, Cardano aims to be much more.

Cardano offers a decentralized platform for smart contracts, decentralized finance (DeFi), and a variety of other applications. This broad focus makes it stand out in the competitive cryptocurrency landscape.

One of Cardano’s biggest advantages is its proof-of-stake (PoS) system. Unlike Bitcoin’s proof-of-work (PoW) model, which consumes large amounts of energy, PoS is much more efficient.

This difference makes Cardano more appealing to environmentally conscious investors and developers. As the demand for greener technology grows, Cardano’s eco-friendly approach could give it a significant edge.

Hoskinson’s Vision for Cardano’s Future
Hoskinson has big plans for Cardano’s future. He doesn’t just see it as a competitor to Bitcoin; he envisions it as a blockchain that can evolve and adapt.

This adaptability, he argues, is one of Cardano’s greatest strengths. Regular upgrades, such as the Alonzo update which introduced smart contracts, show the project’s long-term commitment to innovation.

In Hoskinson’s view, Bitcoin’s rigidity could be its downfall. While Bitcoin has widespread adoption and a strong reputation, it lacks the flexibility that Cardano (ADA) has.

Cardano’s strategic vision and technological innovation position it as a serious competitor. Whether it can truly dethrone Bitcoin remains uncertain, but Hoskinson is betting on it.

@ Newshounds News™

Source:  Crypto News Land

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

This Next Punch Will Take Down the Entire Market Warns Famed Fund Manager

Daniela Cambone:  9-9-2024

Michael Gayed, CFA, drops a bombshell in today's interview with Daniela Cambone:

A looming market crash. Citing a slew of economic red flags, Gayed warns investors to buckle up.

He dives into the reversal of the reverse carry trade, a market dynamic that could ignite volatility.

And to weather the storm, he recommends ditching risky bets and piling into defensive assets like gold, utilities, and long-duration treasuries.

CHAPTERS:

0:00 Bearish Perspective

 1:00 The Reverse Carry Trade

 3:30 September Weakness

6:00 Tech Giants and the S&P 500

8:00 Bond Market Signals

10:00 Economic Warning Signs

 13:00 Inflation Debate

16:00 From Markets to Fitness

https://www.youtube.com/watch?v=GZUviF3D7Ks

Yellen is the 'Salesperson' for the Economy: Will the Fed’s Rate Cuts Backfire? - Peter Boockvar

Kitco News:  9-9-2024

Jeremy Szafron, Anchor at Kitco News, interviews Peter Boockvar, Chief Investment Officer at Bleakley Financial Group, about the U.S. economy, interest rate cuts, inflation trends, and China's impact on the global gold market.

Boockvar dissects the widening gap between Wall Street and Main Street, explaining how consumer experiences differ dramatically depending on income levels.

He critiques Janet Yellen's recent remarks, calling her a "salesperson" for the economy and questions the Federal Reserve's next moves, including the potential rate cuts' irrelevance.

00:00 - Introduction: Yellen on the Economy

02:00 - Yellen's Optimism vs 2008 Warnings

04:30 - Treasury Secretary as Economic 'Salesperson

' 06:20 - Economic Divide: Wealthy vs. Low-Income Consumers

 08:50 - Global Impacts: China and Europe

11:00 - Rate Cut Debate: 25 or 50 Points?

13:40 - Inflation Concerns and Fed Strategy

16:10 - Gold Purchases and Central Banks

19:00 - U.S. Dollar's Impact

21:30 - Upcoming Inflation Data

https://www.youtube.com/watch?v=1Nuhy3DAG48

The Fed Hasn't Done This Since '08... and '01

Heresy Financial:  9-9-2024

TIMECODES

0:00 Intro

0:44 2-Year Treasury Yield

 4:16 What are Interest Rates

7:08 Fed Funds Rate is Controlled by Central Planers

 9:56 Controlled Rate vs Free Market Rate

 12:18 How this Distorts the Economy

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

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

Good Afternoon Dinar Recaps,

XRP NEWS: TOP CRYPTO FOUNDER CLAIMS XRP CAN BECOME “WORLD MONEY”

▪️Versan Aljarrah highlights XRP’s potential to become a global currency and disrupt traditional banking systems.

▪️Ripple’s technology offers faster, more affordable cross-border payments, partnering with banks to enhance their systems.

XRP, a prominent digital asset in the cryptocurrency market, is gaining attention for its potential to reshape the financial landscape. According to Versan Aljarrah of Black Swan Capitalist, XRP possesses the potential to become a worldwide currency. His recent comments have underlined the role of this asset in subverting conventional banking models and thus integrating itself more into the finance industry.

Ripple’s design enables quick and low-cost cross-border payments, which have long been a problem in the conventional banking system. Ripple, the company associated with XRP, has created technology that helps in the transfer of money across borders. This approach minimizes the cost and time of transactions by speeding up transfer times from days to seconds at a lower cost.

Ripple has been able to foster partnerships with several financial institutions across the globe, making XRP the go-to cryptocurrency in cross-border payments. These partnerships enable banks and payment providers to incorporate Ripple’s product onto their platforms to enhance the efficiency of international wire transfers.

According to Aljarrah, the steady increase in Ripple’s value proves that XRP can compete with the current financial system and should be considered as a mode of transfer for international payments.

Disrupting Traditional Banking Systems

According to Aljarrah, the problem is that many people lose sight of the bigger picture when analyzing XRP and get distracted by the technicalities or the legalities. He stresses the need to concentrate on the progress Ripple has made in transforming the financial sector instead of dwelling on the current challenges. As highlighted by Aljarrah, Ripple’s technology is not an evolution of the current systems but a revolution.

He says that Ripple, which is still under development, is gradually eroding the conventional banking systems. With the incorporation of Ripple’s products, financial institutions have been able to cut down on costs and time taken to accomplish transactions. This is in line with Aljarrah’s perspective, whereby there is increasing belief within some segments that XRP is set to become a major player in the world of finance.

The potential of cryptocurrency to eliminate the existing archaic banking systems is also valuable in the context of growing globalization.

With the increase in global trade and finance, there is a need for effective and cheap methods of making payments. XRP’s ability to meet this demand makes it an important part of the growth of the world financial system.

XRP’s Role in Addressing Global Debt Challenges

One of the key questions regarding the future of XRP is whether it can assist in solving current global debt issues. Aljarrah also focuses on the possibility of the emergence of traditional financial systems due to the overwhelming debt burden, especially in the United States. In such a situation, XRP and other digital assets can be a solution to the broken systems.

Aljarrah had earlier explained that the US Dollar is vulnerable and that XRP could become even more valuable as debt levels around the globe rise.  Ripple’s expanding presence in global finance further strengthens this argument. The company’s continuous development and efforts to integrate XRP into mainstream financial systems are key to its growing acceptance as a potential global currency.

@ Newshounds News™

Source:  Crypto News Flash

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STABLECOIN AUSDT BACKED BY GOLD AS PRECIOUS METAL MUCH LESS VOLATILE THAN BITCOIN, SAYS TETHER CEO PAOLO ARDOINO

The CEO of Tether says that the stablecoin issuer’s synthetic aUSDT product is backed by gold rather than Bitcoin (BTC) because the precious metal is more stable in price than the crypto king.

In a new interview with Bloomberg, Paolo Ardoino says the firm could have chosen Bitcoin to back aUSDT but BTC’s tendency to go through wild price swings made gold a more preferable option.

“Until 1971, the US dollar was backed by gold and we often hear interest from our customers to have optionality…

[So] we also see the opportunity to provide an [option] for others that want to see a more transparent backing of a synthetic dollar and gold is probably the best asset to make that happen because it’s much less volatile than Bitcoin. We could have done Bitcoin but gold is probably a better choice for the short term.”

Earlier this year, Tether announced that it would be launching aUSDT, which is described as a digital asset over-collateralized by Tether Gold (XAUT), a gold-pegged stablecoin. Each XAUT coin represents exposure to physical gold secured in vaults in Switzerland.

According to Tether, aUSDT is the first product in its new line of Alloy products, which the firm says are “designed to track the price of reference assets through stabilization strategies like over-collateralization with liquid assets and secondary market liquidity pools.”

Over-collateralization occurs when the assets used to back a financial product are worth more than the value of the product itself, protecting investors against potential losses.

@ Newshounds News™

Source:  DailyHodl

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INTRODUCING CREDIT COOP: FINANCING GROWTH WITH FUTURE CASH FLOWS

[PRESS RELEASE – Miami, Florida, September 9th, 2024]

Introducing Credit Coop, a new private credit platform making strides in supporting the growth of the Web3 ecosystem by providing innovative financing solutions that leverage future cash flows. This approach directly addresses the capital constraints that have long hindered the scalability of cryptonative businesses as they seek growth capital to scale.

As the Web3 ecosystem rapidly evolves, companies face significant hurdles as traditional financing models are ill-suited to the industry’s unique needs. Over-collateralization requirements and rigid repayment terms have become major roadblocks, stifling innovation and impeding growth in this dynamic sector.

Credit Coop’s solution offers a way forward. By converting future cash flows into collateral through smart contracts, the platform offers businesses a more flexible and capital-efficient path to funding. This approach has already facilitated the deployment of $15 million in credit across four borrowers, with zero defaults.

“Blockchain technology is redefining finance, yet many companies still struggle to access the capital they need to scale,” said Christopher Walker, Co-Founder of Credit Coop. “We’re here to change that. We’ve created foundational infrastructure for originating structured products natively onchain.

 Our mission is to make credit more accessible, allowing companies to access capital more efficiently and focus on growth.”

Credit Coop’s transformative impact is already felt through the ecosystem. Rain’s Secured Line of Credit exemplifies this power. Within just one year, Rain increased its borrowing capacity from 20,000 USDC to 2,000,000 USDC per month. This remarkable 100-fold increase in financial firepower showcases how Credit Coop’s novel approach is not just enhancing, but fundamentally reimagining the growth trajectory and operational agility of businesses in the crypto space.

“Credit Coop has been a great partner as we’ve explored turning our credit card receivables into a tokenized RWA. They’ve helped make the market for this groundbreaking product and been instrumental in sourcing liquidity,” says Farooq Malik, Co-Founder of Rain.

Credit Coop has received investments from several notable venture firms, including Signature Ventures, Veris Ventures, TRGC, and others, reflecting confidence in its ability to address the financing needs of the Web3 market.

“We’re excited about Credit Coop because they’re not just iterating on existing models – they’re creating an entirely new paradigm for lending,” commented Juliane Hahn, Managing Partner at Signature Ventures. “Their model is setting new standards for capital efficiency, allowing businesses to unlock growth potential that was previously inaccessible.”

Credit Coop’s leadership team has deep expertise in finance, technology, and entrepreneurship, with backgrounds at institutions such as JP Morgan, Barclays, and Amazon. Their experience in structured finance, DeFi, and FinTech positions them well to navigate the evolving digital finance landscape.

With partnerships already established with Plume, Credora, and Index Coop, Credit Coop is positioned to continue supporting growth within the Web3 ecosystem. For businesses seeking to scale operations or investors looking to participate in the future of finance, Credit Coop represents a compelling opportunity at the forefront of blockchain-enabled lending.

@ Newshounds News™

Source:  Crypto Potato

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US Reacts to Turkey's BRICS Move!  |  Youtube

@ Newshounds News™

Source:  Currency Facts 

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Western intelligence agencies prepare to sabotage geopolitical transition process

Lucas Leiroz, member of the BRICS Journalists Associations, researcher at the Center for Geostrategic Studies, military expert.

Western intelligence agencies are apparently preparing to face “serious global threats” due to current geopolitical changes. In a recent article for the Financial Times, the heads of the CIA and MI6 – the main American and British secret services – made it clear that their countries see the current process of geopolitical reconfiguration as a threat, having a big effort on the part of these security services to neutralize possible “enemies”.

@ Newshounds News™

Source:  BRICs

More on BRICs in the Late Newsletter

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“Tidbits From TNT” Monday 9-9-2024

TNT:

Tishwash:  Iraq finalizes strategic agreement with major global oil company

Baker Hughes, the global energy technology company, revealed on Sunday that it is discussing with the Iraqi Ministry of Oil the final touches to a strategic framework agreement, as well as signing a memorandum of understanding in the gas sector, stressing its commitment to the government and its desire to invest in Iraq.

A statement by the media office of Prime Minister Mohammed Shia al-Sudani, received by Shafaq News Agency, stated that the latter received today in Baghdad the Chairman of the Board of Directors of Baker Hughes, a company specializing in oil and gas, and its CEO Lorenzo Simonelli and his accompanying delegation.

Al-Sudani stressed that Baker Hughes is one of the four largest companies in the world specializing in energy and oil services, pointing out that “the government is keen on the company’s presence in Iraq, which was invited to expand investment in it, through cooperation with the government or with the private sector in the field of oil and gas.”

He noted that "the Iraqi market has become a promising market, and that the government is planning major projects, especially integrated projects in the oil, gas and petrochemical sectors."

Al-Sudani pointed to the development path that includes oil and gas transport projects, stressing the importance of completing the projects that the company is working on in Iraq, especially the Nasiriyah oil field in which the company is investing to extract associated gas, with a capacity of 200 million standard cubic feet, which is hoped to be completed in 2026.

For its part, the Baker Hughes delegation confirmed their commitment to the government and their desire to invest in Iraq in the oil or gas sectors, and that they came to put the final touches on signing a strategic framework agreement with the Ministry of Oil, as well as signing a memorandum of understanding in the field of gas, and investing in the gas platform that will be established in the Grand Faw Port, expressing their desire to finance some projects in Iraq.  link

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Tishwash:  Al-Sudani's advisor settles the controversy over the agreement with Washington to withdraw US forces - Urgent

Subhan Mulla Jiyad, political advisor to Prime Minister Mohammed Shia al-Sudani, said today, Monday (September 9, 2024), the controversy over the Baghdad-Washington agreement to expel American forces.

In an interview with Baghdad Today, Mulla Jiyad said, "Defense Minister Thabet Al-Abbasi's statement yesterday was clear and explicit about the results of what the joint military committees reached after a series of meetings that led to Washington's understanding of the Iraqi position and agreement on a timetable for the withdrawal of forces, which is supposed to end in 2026."

He added, "The agreement was made, but it did not turn into a joint statement to be signed in a final manner by the political leaderships, noting that the Supreme Military Committee concerned with this file submitted its decisions and the results of the meetings to the political parties of both countries, referring to Iraq and America, and is awaiting its signature."

Baghdad and Washington have reached an agreement on the withdrawal of international coalition forces from Iraq, according to a plan to be implemented in stages over the next two years.

Sources told Reuters that the plan includes the withdrawal of hundreds of US-led coalition forces by September 2025 and the rest by the end of 2026.

The plan has been largely agreed upon and is awaiting final approval from both countries and a date for its announcement. A senior US official said, "We have reached an agreement, and right now it's just a matter of when it will be announced."

The two countries are also seeking to establish a new advisory relationship that could allow some US forces to remain in Iraq after the withdrawal.

The sources said that the official announcement was initially scheduled to be issued weeks ago, but was postponed due to the regional escalation linked to the Israeli war on the Gaza Strip, and to settle some remaining details.

Reuters was told by these sources that the announcement of the agreement could happen this month. Farhad Alaa al-Din, the Iraqi prime minister’s foreign relations adviser, said that technical talks with Washington on the withdrawal have ended.

"We are about to take the relationship between Iraq and the members of the international coalition to a new level that focuses on bilateral relations in the military, security, economic and cultural fields," he added.

A State Department spokesman and a defense official said that US President Joe Biden and Iraqi Prime Minister Mohammed Shia al-Sudani confirmed in a joint statement in April that they would review several factors to determine when and how the coalition mission in Iraq would end and transition to permanent bilateral security partnerships.

Al-Sudani said earlier that US forces - despite his appreciation for the assistance they provide - have become a magnet for instability, as they are frequently targeted and usually respond with attacks without coordination with the Iraqi government.

The agreement, when announced, is likely to represent a political victory for the Iraqi prime minister, who is seeking to balance Baghdad's position as an ally of both Washington and Tehran, which are on opposite sides of the Middle East.

The United States has about 2,500 troops in Iraq and 900 in neighboring Syria, as part of a coalition formed in 2014 to fight ISIS after it overran vast areas of both countries  link

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Tishwash:  2024 Budget: A Sloping Path to Rolling Hopes

The draft general budget law is “the legislative authority’s approval of the general budget, i.e. its approval of the government’s expectations for public expenditures and revenues for the coming year and its approval thereof in a manner that authorizes the government to disburse appropriations within the specified limits in terms of quantity, purpose, and time period, in accordance with the financial procedures and accounting principles established in this regard.”

In 2023, the Iraqi government approved a three-year federal general budget called the (2023, 2024 and 2025) budget. It received very large objections, and we had pointed out the problems that hindered its implementation. 

 At the time, but the insistence is great, citing one reason, which is not to delay the approval of the budget for the coming years, meaning the years 2024 and 2025.

Among the reasons that may lead to a delay in approving the general budget:

1- Iraq's total dependence on oil revenues because oil revenues are unstable and difficult to predict.

2 - Delay in the government’s procedures for preparing the draft general budget law and the large number of discussions, objections and proposals.

3- Political differences between the forces that form governments.

4 - Marathon negotiations between the federal government and the region to determine the quotas and volume of exported oil.

Did the three-year budget achieve its objectives?

Here, what is the appropriate action to take if the approval of the general budget is delayed and the delay continues for several months without it being approved? To answer this question, we say: The Iraqi legislator addressed this matter in accordance with Paragraph (3) of Article (13) of the Federal Financial Administration Law No. (4) of 2020, as amended, as it stated that in the event that the draft federal general budget law for a specific fiscal year is not approved, the final financial statements actually disbursed are considered the basis for the financial statements for the year in which the budget was not approved and are submitted to the Council of Representatives for the purpose of ratification. That is, the government spends on

The basis of the previous year’s budget and within the limits of the amounts and spending rates that occurred in the past, i.e. the old budget is used until the new budget is approved.

This means that spending on operational matters is continuing at the same level as last year, but the problem is realizing in new investment projects that were not previously included in the three-year budget (2023-2024-2025), as these projects require new approval from Parliament and because they are financed from the investment budget, the wheel of development has therefore been delayed for another year as well. 

Knowing that the impact of the delay in approving the budget is not very harmful to the implementation of the budget, especially since the operating budget has been approved and its basic paragraph related to salaries, wages, social protection and retirees, in addition to governing expenses such as the ration card, purchasing wheat and medicines, as well as interest and installments of the public debt, are all valid and payable, even if the schedules have not been approved, as happened in the years 2020 and 2022.”

The Iraqi parliament voted on the 2023 budget in June and it was published, but it did not enter into force due to a lawsuit against it in the Federal Court. As for the 2024 budget tables, they were also in June, i.e. after a full year had passed, but they were not published in the Iraqi Gazette due to differences in them. 

According to Prime Minister Mohammed Shia al-Sudani, the 2024 budget is 211 trillion dinars, and employee salaries for the year 2024 are 62 trillion dinars, while the 2023 budget was 199 trillion dinars and employee salaries were 59 trillion dinars.

The deficit in the two budgets is approximately 64 trillion for the two years. The revenues of the 2024 budget are estimated at 144 trillion and 336 billion dinars, while the expenditures amount to 210 trillion and 936 billion dinars, while the deficit is 63 trillion and 599 billion dinars.

The existence of a deficit of more than 60 trillion dinars is a cause for concern. This deficit will depend on the increase in oil prices to be compensated for in one way or another, or it will be compensated for by the state taking measures to contain it, or the state will default on its commitment.

Conclusion: The government failed to overcome the approval of the federal general budgets on time by approving the three-year general budget (2023, 2024 and 2025). Rather, the crises that accompanied this budget (2023) are almost worse than others, which is the existence of a difference in the tables between the one sent by the General Secretariat of the Council of Ministers and the one that came approved by the House of Representatives.

The solution is not to re-legislate the three-year budget because it did not achieve its goals, and to re-sign the tables that were sent by the Prime Minister’s Office.  link

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Mot:  . Trying to Be Nice I Is!!!  

Mot: . Just Love the Internet!! -- Never Stop Learning Stuff!!! 

Iraq Dinar-Central Bank-Iraqi dinar exchange rate, Baghdad-Kurdistan-History

Iraq Dinar-Central Bank-Iraqi dinar exchange rate, Baghdad-Kurdistan-History

Militiaman and Crew:  9-8-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

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Iraq Economic News and Points To Ponder Monday AM 9-9-24

Are Central Bank Decisions Sufficient To Stop Inflation And Strengthen The Currency In Iraq?
 
September 8, 2024 Last updated: September 8, 2024   Independent/- As part of the Iraqi government’s efforts to improve the economic situation and stabilize the local currency, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the role of the central bank’s decisions in reducing inflation rates and enhancing the value of the national currency.
 
While Saleh's statements reflect the government's commitment to achieving economic stability, many questions arise about the effectiveness of these policies in confronting real economic challenges.
 
The role of the central bank in stabilizing the currency: Saleh stressed that the monetary policies of the central bank, including decisions to raise or lower interest rates, play an important role in stabilizing the local currency.

He explained that these policies aim to achieve a balance between the internal and external value of the currency, which is supposed to contribute to reducing inflation rates.
 
While these measures are viewed as economic stabilizers, the question remains as to how well they will meet the challenges of rising inflation and other economic pressures.
 
Economic growth and enhancing the value of the currency: Saleh pointed out that sustainable economic growth enhances the value and stability of the currency.
 
He stressed that the real factors affecting currency strength include high productivity, good employment, real investment, and innovation.
 
In this context, many wonder about the ability of the Iraqi economy to achieve this sustainable growth, in light of the challenges it faces, such as low oil prices and political crises.
 
Technology and Innovation: Stimulating Productivity and Economic Growth: Saleh pointed out that technology and innovation can play a decisive role in improving productivity and economic growth, which enhances the value of the currency.
 
However, while innovation and technology are positive factors, achieving these goals requires a suitable environment for research and development, as well as effective investment support.
 
In this regard, questions remain about the extent of Iraq's ability to achieve these requirements amid the current challenges.
 
The importance of political and administrative stability: Saleh also explained that political stability and the strength of the administrative system are important factors in enhancing confidence in the national currency.
 
In this context, many wonder about the stability of the political and administrative situation in Iraq, especially in light of the ongoing political crises and administrative challenges.
 
Achieving political stability may be essential to achieving the desired economic goals.   
 
https://mustaqila.com/هل-قرارات-البنك-المركزي-كافية-لوقف-الت/   

Economist: The Ban On Iraqi Banks May Be Lifted Within Six Months
 
 September 8 19:06  Information/private..  Economist Ahmed Abd Rabbo revealed today, Sunday, that 
Oliver Wyman has conducted a comprehensive review of the conditions of Iraqi banks, and its report may be issued after six months.
 
Abd Rabbo said in a special statement to the Maalouma Agency,
 
“The decisions of that company regarding the sanctioned banks will be binding on the Central Bank of Iraq and the US Federal Reserve,” noting that
 
“reforming the banking system facilitates the process of economic reforms.”  He continued,
 
"The company's final report may lift the ban on Iraqi banks, while it was positive," pointing out that
 
"lifting the ban on Iraqi banks will help support the Iraqi economy."
 
It is noteworthy that America imposes several sanctions on Iraqi banks in an attempt to pressure the Iraqi government to pass various policies. Ended 25/C    
 
https://almaalomah.me/news/75810/economy/اقتصادي:-الحظر-على-المصارف-العراقية-قد-يرفع-خلال-ستة-اشهر   

18 Trillion Dinars, The Volume Of Digital Trading In Iraq
 
September 8, 2024  Baghdad/Iraq Observer  The electronic payment campaign announced today, Sunday, that the volume of digital trading has risen to 18 trillion dinars, while highlighting the economic gains.
 
Campaign spokesman Mustafa Akram Hantoush said in an interview followed by Iraq Observer,
 
“Electronic payment has achieved very great achievements, and
 
it is a very successful experience in the financial and banking aspect and beneficial to all parties.”  He added,
 
 “Cash dealing involves risks, as
 
     money can be stolen or burned when transported or stored, or
     exposed to loss, while
 
electronic dealing and digital trading
 
     facilitate the process of transferring and trading money and are
 
beneficial to the state so that there is a
 
     reading of liquidity, collecting money, and a
     reading of the payments and the winning and losing sectors, which can be
 
“Through which plans are made.” 

He continued,  “Electronic payment is a successful topic by all standards, and the
 
countries that implement it are witnessing development in the financial and banking system.”
 
Regarding the numbers achieved, Hantoush explained,
 
“The total electronic payment by the year 2020 did not exceed 300 billion dinars, compared to electronic payment for the current year, which reached more than 18 trillion dinars. This is a big leap that is not easy to achieve within 3-4 years.” 

He stated that   “there are about 20 million electronic payment cards so far, after we had nearly 10 million cards in 2020,” explaining that
 
“the indicators of the issue are positive and it is successful in all aspects.”  He stated that
 
 “the government, with its recent decisions and the specialized committees on electronic payment, has reached the levels of detailed statements, liquidity statements, risk assessment, and even the issue of regulations and directing electronic signatures,” explaining that
 
“the issue of electronic payment has become in line with society.”  He stressed that
 
 “the government recently issued a set of decisions related to regulatory cases, including activating a law special for electronic signature, and creating a financial regulation for electronic payment between the Integrity Commission and the Supervision Bureau,” explaining that
 
“the issue has moved from the stage of applied procedures to the stage of general organization.” 
 
https://observeriraq.net/18-ترليون-دينار-حجم-التداول-الرقمي-في-ال/    

Government Advisor: We Are Working To Develop A Tax System That Is Attractive To Investors
 
Economy    Baghdad – IA  Sunday, the Chairman of the Supreme Committee for Tax Reform and Advisor to the Prime Minister for Economic Affairs, Abdul Hussein Al-Anbaki, announced a three-pronged plan for tax reform.
 
While he indicated taking facilitating measures related to tax administration, he confirmed the exemption of previous fines for many segments to restore the confidence of those charged with paying the tax.

Al-Anbaki told the Iraqi News Agency (INA):
 
“Some media outlets interpreted the tax reform as meaning that its purpose is to increase non-oil revenues, and this interpretation is not scientifically sound,” indicating that
 
“the primary goal of the tax reform is to create an easy, transparent tax system that is friendly to the business environment.”
 
It is attractive to investors, because the tax rate is not the basis, but rather the tax rate when multiplied by the tax base, the result is tax revenue.” He continued:
 
 “In tax reform, we seek to make the tax base large,” explaining that
 
“when the tax base is large, tax revenues will inevitably rise, even if the tax rates are the same and at lower rates.” He added,
 
"Tax revenues are an incidental result of the state of tax reform and not the basis for which the field of tax reform is launched," noting that
 
"the Supreme Committee for Tax Reform wants to
 
     achieve tax justice and
     make tax accounting easy and transparent, and
     does not want there to be cases of "Extortion, obstruction and delay in tax procedures." He pointed out that
 
"many facilitations have been made that, as a result, lead to restoring the confidence of those charged with paying taxes in the tax administration," noting that
 
"many brackets have been exempted, the cases of allowances have been expanded, and
 
they have been exempted from previous fines and accumulated interest for the purpose of restoring the confidence of those charged with the tax administration." He stated,
 
"When those responsible for accounting come, this will lead to an increase in tax revenues," stressing that
 
"the purpose of these measures is to create a tax system that is attractive to investors and not to search for an increase in tax revenues only because increasing tax revenues is considered an achievement."   
 
https://www.ina.iq/216450--.html   

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/ 

Seeds of Wisdom RV and Economic Updates Monday Morning 9-9-24

Good Morning Dinar Recaps,

Ripple Targets FCA Approval, Eyes London IPO by 2025

▪️Ripple’s FCA approval may come by December 2024, setting the stage for a potential London IPO in 2025.

▪️Ripple is expanding XRP Ledger with features like NFTs, smart contracts, DEX, and AMM to strengthen its ecosystem
.
Ripple’s protracted battle with regulatory hurdles took another crucial turn when Judge Torres granted Ripple’s motion for a stay on the monetary penalty. This judgment is regarded as a critical development, potentially benefiting Ripple’s efforts to obtain permission from the UK Financial Conduct Authority (FCA).

Ripple Overcomes Regulatory Hurdles, UK License and London IPO in Sight

Previously, there was suspicion that the uncertainty surrounding the penalty Ripple could face from the SEC was delaying the licensing process for its UK crypto license. Now that the stay is in place and financial expectations are apparent, Ripple is on track to get permission by December 2024.

This certification is especially significant for Ripple’s overall plan, as it may pave the way for an initial public offering (IPO) in London as early as 2025. Ripple’s decision to pursue an IPO outside of the United States is consistent with its prolonged avoidance of the American market, owing principally to regulatory uncertainty.

Due to the SEC’s hostile attitude toward the company and the larger cryptocurrency industry, Ripple has been wary of launching an IPO in the United States, as CNF previously reported.

This friction has been a primary driver of Ripple’s expansion into other countries, particularly the United Kingdom, where regulatory regimes appear more receptive.

Ripple’s CEO, Brad Garlinghouse, reiterated these comments during Korea Blockchain Week, where he emphasized the problems of the US regulatory framework. He stated that one of the most important pieces of advice he gives to cryptocurrency entrepreneurs is to avoid establishing their operations in the United States.

Garlinghouse’s statements underline a growing industry worry about the absence of clear and supporting legislation in the United States, which has served as a bottleneck for many organizations looking to develop blockchain.

Meanwhile, Ripple is not solely concerned with handling regulatory difficulties. According to our prior report, the firm is also working to improve the technological capabilities of the XRP Ledger.

Non-fungible tokens (NFTs), decentralized exchanges (DEX), smart contracts, and automated market makers (AMMs) are some of the most recent additions. These changes aim to improve the XRPL’s functionality and increase its use cases, hence strengthening Ripple’s position in the cryptocurrency sector.

Ripple is preparing for a good year ahead, with FCA approval appearing on the horizon and promising technological breakthroughs. If all goes as planned, 2025 might be a watershed moment for Ripple, especially with the potential of a London IPO on the way.

Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

CFTC LOSES ROUND ONE: KALSHI CLEARED TO OFFER US ELECTION BETS

A federal judge this week sided with the prediction market Kalshi’s motion for summary judgment in its legal battle with the U.S. Commodity Futures Trading Commission (CFTC). This decision opens the door for U.S. citizens to place bets on the upcoming November election.

However, the ruling isn’t the final word just yet, as the CFTC can still appeal. Following the judge’s order, the commodities regulator immediately filed an emergency request for a two-week stay.

Kalshi’s Legal Victory Could Change U.S. Election Betting Landscape, CFTC Files Emergency Motion

In a legal twist last year, Kalshi, a financial exchange and prediction market, took the Commodity Futures Trading Commission (CFTC) to court. Kalshi, established in 2018 by Tarek Mansour and Luana Lopes Lara, allows users to trade on real-world event outcomes.

The lawsuit, filed in November 2023, challenged the CFTC’s decision to block the company from offering specific event contracts, particularly those related to betting on the U.S. election, on its federally regulated platform.

On Sept. 6, 2024, Judge Jia Cobb delivered a decision in favor of Kalshi, rejecting the CFTC’s cross-motion for summary judgment. Bloomberg Law reported that Kalshi’s CEO, Tarek Mansour, called the ruling a milestone.

“Election markets are now legal in the United States for the first time in 100 years,” Mansour remarked. On the firm’s website, it states:

Election markets are coming to Kalshi. We did it! Stay tuned for more info, and God bless America!

Paradigm’s vice president of government affairs, Alexander Grieve, shared on X that he was delighted his firm supported the amicus. “Proud Paradigm contributed an amicus in this case, as (if it wasn’t clear already) the outcome of November’s election will have profound impact on the direction of crypto in this country,” Grieve said. “American companies need the ability to hedge political risk,” the Paradigm executive added.

Attorney Jake Chervinsky praised the ruling. “Huge win for Kalshi against the CFTC,” Chervinsky wrote. “I want to see the opinion before I start dancing on the grave of the administrative state, but this is even more evidence that the best way to deal with regulatory overreach is to file more lawsuits.” Although Kalshi secured a victory, the commodities regulator still has the option to appeal and take the fight back to court.

Right after the verdict, the CFTC swiftly filed an emergency motion requesting a two-week stay. They argued that “without the benefit of the court’s reasoning, the CFTC is unable to make an informed decision whether to appeal, nor is it able to fully brief a motion for stay pending any forthcoming appeal.” The regulator further added:

Time is of the essence in the issuance of a stay. The CFTC expects that Plaintiff Kalshi will immediately list the relevant election contracts and that trading will begin as soon as the contracts list. Plaintiff has already announced on its homepage that ‘Election Markets are Coming to Kalshi!’

The news arrives at a moment when Polymarket, a blockchain-powered prediction platform, has seen a significant increase in volume and open interest, thanks to the upcoming 2024 election.

Meanwhile, U.S. lawmakers, including Democratic Senator Elizabeth Warren from Massachusetts, have been pressing the CFTC to crack down on election prediction markets. “The last thing that voters heading to the polls need are bets waged on the outcome of that election,” the policymaker’s letter argued.

What do you think about Kalshi’s win this week and the chance the CFTC may appeal the decision? Share your thoughts and opinions about this subject in the comments section below.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

IOTA NEWS: INTRODUCING TWO NEW BONDS WITH IOLEND AND RUSTYROBOT – EXCITING OPPORTUNITIES AHEAD

▪️ApeBond has announced a significant partnership with IOLEND and the Rusty Robot Country Club (RRCC) to introduce two new IOTA bonds.

▪️This collaboration aims to enhance the DeFi ecosystem by leveraging IOTA’s infrastructure to provide sustainable growth and financial stability.

Multi-chain bonding protocol ApeBond recently announced big news for the IOTA community with the goal of introducing two new IOTA bonds in partnership with IOLEND as well as the Rusty Robot Country Club.

As said, the ApeBond project focuses on fostering a sustainable future for decentralized finance (DeFi) projects and communities. By leveraging cross-chain capabilities, ApeBond aims to provide long-term stability and growth opportunities within the DeFi ecosystem.

IOLEND has emerged as a key player in the decentralized finance (DeFi) market that offers innovative lending solutions on the IOTA network’s Ethereum Virtual Machine (EVM). what makes IOLEND special is that it uses top cryptocurrencies like ETH, USDT, and IOTA as collateral while standing out from other DeFi platforms.

IOLEND has been built on the RDNT Capital fork with the trusted framework of Aave. Thus, it ensures that users feel secure and confident in the platform’s reliability. Furthermore, this DeFi protocol allows users to deposit and withdraw assets, with interest rates determined by market forces, per the Crypto News Flash report.

One of IOLEND’s key strengths is its highly competitive APRs, which are among the lowest in the market. Users can earn up to 250% APR on ETH loops and 275% APR on USDT loops. These impressive yields are further enhanced by rewards in $IOL, IOLEND’s native governance token.

🔥 Big news for the @iota community! Today we’re thrilled to introduce not one, but TWO new #IOTA Bonds in partnership with @iolendfi and @RustyRobotCC 👇

💵 @iolendfi is a DeFi platform that aggregates top yield opportunities with smart leverage tools & yield-bearing… pic.twitter.com/9vtgcPwmf2

— ApeBond (@ApeBond) September 5, 2024

IOTA and Rusty Robot Country Club
The Rusty Robot Country Club is one of the longest-standing NFT communities currently on the IOTA blockchain that brings together a global team with the common vision of becoming the world’s largest creative brand.

RRCC excels in global creative collaboration across various mediums like music, comics, and books. Their platform, Coda, empowers artists to tokenize intellectual property (IP) through real-world asset (RWA) tokenization.

Moreover, the RCCC NFTs offer access to an ecosystem that includes comics, collectibles, Rusty Apparel, Rusty Robot Records, and $RUST-powered DeFi tools. Furthermore, the RUST token is central to the RRCC ecosystem as all the post-NFT sale activities require holding this token. Impressively, RRCC launched without an ICO, private sale, or investor backing.

The partnership between ApeBond and IOTA EVM marks a major advancement in diversifying treasuries and driving substantial growth. By utilizing IOTA EVM’s robust infrastructure, ApeBond enhances projects’ ability to manage their resources efficiently, promoting financial stability and supporting innovation and expansion. This collaboration will cultivate a vibrant DeFi ecosystem where projects can flourish and achieve growth, reported Crypto News Flash.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

CARDANO FOUNDER REVEALS GAME-CHANGING PLAN FOR UNMATCHED SCALABILITY

Cardano founder Charles Hoskinson has recently unveiled a blueprint to significantly enhance the scalability of the Cardano blockchain.

In a tweet, Cardano developer Input Output Global (IOG) shared a game-changing statement made by Cardano founder Charles Hoskinson at a recent event that touched on making Cardano the best in class in scalability.

"Leios is going to provide a dramatic increase in layer 1 performance. Complemented by rollups – coming to PlutusV3 – and Hydra, these things together will make for best in class for scalability," the IOG tweet citing the Cardano founder reads.

According to the Cardano founder, Ouroboros Leios together with rollups that are coming to Plutus V3 and scaling solution Hydra will result in best-in-class scalability performance.

Ouroboros Leios, a new Ouroboros family variant, is designed to significantly enhance throughput while maintaining at least the same level of security as earlier Ouroboros variants.

Existing variants of the Ouroboros blockchain algorithm have limited throughput capabilities, both in terms of data throughput and CPU processing.

They are restricted not by the resources available to each node (network capacity or CPU performance) but by the distributed algorithm's data and communication needs. Improving this requires a new algorithm design, which is what Ouroboros Leios aims to be.

Cardano milestones and developments On Sunday, Sept. 1, 2024, the Cardano blockchain took the first major, irrevocable step from being one of the most decentralized blockchains to becoming an ecosystem governed solely by its community of ADA holders with the launch of the Chang 1 upgrade.

In the past week, Cardano node v.9.1.1 was released to address an issue where 9.1.0 nodes would replay from the genesis block upon restart during the Conway era. The Lace team has opened up governance to Conway-era hardware wallet users, enhancing access and functionality in Lace v.1.15. Looking ahead, the team is now preparing for the release of Lace v.1.16.

@ Newshounds News™

Source:  U Today

~~~~~~~~~

HEDERA NEWS: 7 REASONS HBAR IS POISED TO LEAD THE NEXT WAVE OF BLOCKCHAIN INNOVATION

▪️A popular member of the Hedera community outlines seven reasons HBAR could dominate the Web3 industry in terms of innovation.

▪️According to him, building Layer 1 is incredibly complex, however, Hedera has done the most important things right.

Renowned developer Manu Kabrera has lauded the incredible evolution of the Hedera blockchain (HBAR), tipping it to lead the next wave of blockchain innovation.

In a post dated September 5, Kabrera explained that his position is based on seven key undeniable factors ranging from enviable community support to building an industry standard foundation.

Passionate Community

According to Kabrera, the Hedera community is one of the most educated, loyal, and passionate in Web3.

Admittedly, the developer stated that the various forums could certainly have a pocket of gamblers, flippers, and scammers. However, its community is filled with people who are passionately and genuinely seeking to use technology to address real-world problems.

The likes of HashPack Wallet, Kabila App, SaucerSwap Labs, etc were cited as part of the talented projects and companies within the Hedera ecosystem innovating and leading the way in blockchain use cases.

Speed of the Hedera Network

As captured in his post, Kabrera believes that the speed of this project “is in a league of its own”. Hedera’s transaction achieves finality in around three seconds, positioning it for mass adoption.

Nobody waits today. 3 seconds vs 30 seconds can be the difference between a viable Social DApp or a complete failure. Great user experience requires speed.

Super Low, Fixed Fees

Thirdly, the efficiency of the Hashgraph algorithm, according to the developer, has enabled super low fees at $0.0001 and $0.02 for minting a Non-Fungible Token (NFT). Most importantly, these fees are fixed, which enables businesses to offer predictable pricing.

Best-in-class technology

According to Kabrera, the Hashgraph consensus algorithm is a gift. His reason stems from the fact that the algorithm provides future scalability, decentralization, and high-grade security. Explaining the importance of this, he disclosed that most networks collapse in the long run due to the fact that their gas fees skyrocket unreasonably once they become successful and start handling a lot of transactions.

To him, Hedera provides a solution to this.

Developer Experience

The fifth point has to do with how Hedera’s native services have made it extremely easy for developers through the availability of traditional languages like Java, JavaScript, or Go. This is contrary to the new programming language like Solidity required by other networks to build on a blockchain.

Hedera’s provisions, according to Manu Kabrera, reduce entry-level barriers, costs, and development time.

Governance Model

In terms of governance, the developer believes that the community should have channels to submit proposals and feedback. Also, the reports that the entire economy could be tokenized on a blockchain demand that this responsibility falls on a group of experienced developers. According to Kabrera, Hedera has a governance system of 39 large, trustworthy entities with different backgrounds ranging from technology to logistics. These include Google, IBM, Ubisoft, etc.

All members of the Governing Council have a single vote and a maximum term of 3+3 years on the Council, preventing the concentration of power. This Council meets monthly, and all topics discussed and decisions made are transparently published on the Hedera website.

Foundation of the Hedera Network

In his final point, Kabrera stated that the originality of the Hedera Foundation could propel it to dominate the Web3 ecosystem. However, it would have to work on its clear processes, support for key ecosystem builders, transparency, and accountability.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

IRAQ TAKES CONTROL—CHAPTER VII ENDS  |  Youtube

@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

IRAQ'S CENTRAL BANK ENDS ELECTRONIC TRANSFER  |  Youtube

@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-8-24

Good Afternoon Dinar Recaps,

WHY RIPPLE IS HOLDING BACK FROM A U.S. PUBLIC OFFERING

▪️Ripple avoids a U.S. IPO due to regulatory uncertainty, particularly the SEC’s hostility.

▪️Ripple’s diverse political affiliations include XRP donations to Donald Trump’s 2024 campaign.

Ripple CEO, Brad Garlinghouse, has stated that the company has no plans to go public in the US. The challenging regulatory environment, particularly the SEC’s harsh treatment of cryptocurrency startups like Ripple, is a major driving force behind this decision.

Ripple CEO Urges Caution in U.S. Crypto Operations Amid SEC Conflicts

Garlinghouse highlighted the SEC’s conflicting actions in authorizing Coinbase’s public listing and then bringing a lawsuit against the business. Ripple is wary of doing an Initial Public Offering (IPO) in the United States due to regulatory uncertainty.

During Korea Blockchain Week, Garlinghouse expressed his broader concerns about the US regulatory landscape, stating that one of his top pieces of advice to crypto startups is to avoid incorporating in the United States.

He warned that doing so would certainly result in increased legal costs, a reality Ripple has seen directly in its current struggle with the SEC. Despite these hurdles, Garlinghouse voiced optimism about the crypto industry’s future, saying he is more confident than ever in the next five years.

Ripple is currently focused on extending its global footprint and resolving regulatory difficulties rather than pursuing a U.S. IPO.
 
In addition to these corporate decisions,Ripple’s political associations have sparked interest. According to CNF, the company’s executives have expressed support for both sides of the political spectrum, endorsing candidates in the 2024 US presidential election.

Stuart Alderoty, Ripple’s General Counsel, donated $300,000 worth of XRP to Donald Trump’s campaign, while other Ripple executives backed Kamala Harris. This exposes the company’s multiple political opinions and demonstrates a purposeful strategy for maintaining partnerships with many political forces.

Garlinghouse also emphasized the SEC’s broader impact on the cryptocurrency business. He underlined that, while the SEC wields great power, challenging the regulator requires significant resources and resolve.

Ripple has scored legal successes in its struggle with the SEC, including a court order that dramatically decreased the SEC’s initial sanctions.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

SEPTEMBER’S KEY EVENTS WHICH WILL REVIEW STRUGGLING CRYPTO MARKET

▪️Trump-Harris debate may influence crypto market with candidates' stances on digital assets.

▪️US CPI report could impact Federal Reserve decisions, affecting crypto

▪️On 12 sept PPI report along with Jobless claims will be released.

With cryptocurrencies experiencing a significant drop of nearly 30% from their peak in March, the upcoming week is packed with key events that could greatly impact both the crypto and traditional trading markets. Here’s what to watch for in the coming week.

Key Events Of The Next Week

Sep 10: U.S – Trump-Harris Debate
The debate between presidential candidates Kamala Harris and Donald Trump on September 10 is creating buzz in the crypto market. Both candidates have recently shown increased interest in cryptocurrencies.

Trump’s positive stance on crypto and Harris’s connections with industry leaders could affect market trends. This debate might bring new insights or uncertainties about the future of digital assets.

Sep 11: U.S – CPI

On September 11, the U.S. will release its Consumer Price Index (CPI) report for August. This report is important because it shows how prices are changing and can influence economic decisions. The July CPI report showed a 0.2% increase from the previous month and a 2.9% rise compared to last year.

Experts predict that August’s CPI will show a slightly higher increase, with core inflation expected to be around 0.26%. This data could impact the Federal Reserve’s decisions on interest rates, affecting both traditional and cryptocurrency markets.

Sep 12: U.S – PPI & Jobless Claims

On September 12, the U.S. will also release its Producer Price Index (PPI) report. The PPI measures how prices are changing for goods before they reach consumers.

 The July report showed a 2.2% increase compared to last year, which was a slight drop from June’s 2.7%. Analysts expect August’s PPI to show a further easing of inflation pressures.

Additionally, the Initial Jobless Claims report will be released on the same day. This report tracks the number of people filing for unemployment benefits. The latest data showed a drop to 227,000 claims, the lowest since early July, compared to economists’ forecast of 230,000.

This information helps us understand the overall job market and economic health, which can also impact the cryptocurrency market.

As these events unfold, they could create opportunities or challenges for the cryptocurrency market.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

RIPPLE CTO BREAKS SILENCE ON RLUSD STABLECOIN RUMORS

Ripple CTO David Schwartz recently addressed speculation surrounding the RLUSD stablecoin. In a tweet, Schwartz indicated that RLUSD might likely be accessible only to institutions, at least initially

In his tweet, Schwartz stated, "It will probably only ever be available directly to institutions. Can you get USDC from Circle or USDT from Tether? Because I can't."

Schwartz was responding to an X user who asked if RLUSD could be only available, at least initially, to institutions and not crypto retail.

The X user proposed that restricting RLUSD to institutional access could protect it from risks linked to other stablecoins, like USDT, which has been criticized for alleged connections to money laundering and concerns over its stability.

Schwartz further addressed concerns about potential manipulation of the RLUSD stablecoin, stating, "I don't think that's likely to happen except maybe in very early test phases before anyone is really using it to move or store value."

Ripple USD (RLUSD) is currently being tested in private beta on XRP Ledger and Ethereum mainnet. As reported, the Ripple CEO Brad Garlinghouse at a recent XRPL event indicated that the Ripple stablecoin was gearing much closer to its release, suggesting a timeline of "weeks."

As RLUSD moves closer to its anticipated launch, Schwartz’s statements offer insight into Ripple’s cautious approach to rolling out RLUSD. Ripple USD stablecoin In April, Ripple announced plans to introduce a stablecoin tied 1:1 to the USD on XRP Ledger and Ethereum.

This initiative is intended to broaden Ripple's reach into institutional and DeFi markets, diversify use cases and improve its payments infrastructure, bringing traditional and decentralized finance closer together.

Stablecoins are an important entry point into DeFi, and adding an enterprise-grade stablecoin to XRP Ledger is expected to increase use cases, liquidity and opportunity for developers and consumers alike.

Ripple's stablecoin will be fully backed by U.S. dollar deposits, U.S. government bonds and cash equivalents, and Ripple promises transparency through monthly third-party attestations to ensure confidence and reliability.

Aside from the RLUSD stablecoin, Ripple and the broader XRP community intend to introduce more programmability, including smart contracts, to the XRPL developer ecosystem in 2025, both through the XRPL EVM sidechain and by exploring native capabilities on the XRPL mainnet.

 @ Newshounds News™

Source:  U Today

~~~~~~~~~

MASTERCARD LAUNCHES CRYPTO CARD ENABLING USERS TO SPEND IN 100 MILLION EUROPEAN MERCHANTS

Mastercard partners with Mercuryo to launch a euro-denominated crypto debit card

Mastercard, the payments giant, has announced a partnership with Mercuryo to launch a euro-denominated crypto debit card, allowing users to spend crypto from self-custodial wallets.

Mastercard is a global leader in the payments industry. They operate international payment card services since 1966 and provides various financial services in more than 210 countries and territories.

As payments are considered one of the key use cases for crypto, Mastercard’s entrance into the crypto market was somewhat natural. The payment giant officially announced support for crypto on its network in February 2021.

Senior Vice President of Crypto at Mastercard, Christian Rau told Cointelegraph “At Mastercard, we are working closely with partners to innovate and enhance the self-custody wallet experience.”

@ Newshounds News™

Source:  The Street

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FAITH AS SMALL AS A MUSTARD SEED | Youtube

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Source:  Currency Facts

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Economist’s “News and Views” Sunday 9-8-2024

Peter Schiff: Financial Markets are Back on the Brink of Collapse

9-7-2024

The financial markets have always possessed an underlying tension, poised delicately between exuberance and disaster. After a decade marked by pronounced recovery and growth following the 2008 financial crisis, there is an unsettling sentiment circulating among investors and economists alike: financial markets are once again teetering on the brink of collapse. But what factors are contributing to this precarious situation, and what can we expect moving forward?

While the financial markets are currently faced with numerous challenges, history has shown us that downturns can also present opportunities for astute investors.

By keeping an eye on the indicators and being mindful of personal financial strategies, you can navigate the unpredictability of the markets. The sentiment of impending collapse need not be paralyzing; rather, it can serve as a reminder to remain vigilant, informed, and proactive in the quest for financial stability.

As the old saying goes, “In every crisis, there is opportunity.” It’s essential to be prepared, both intellectually and emotionally, for the unpredictable journey that lies ahead.

Watch the video below from Peter Schiff for his insights on this topic.

https://youtu.be/t1-BiELuDhc

MARKETS A LOOK AHEAD: A "WORLDWIDE SUPER DEPRESSION" IS NOT FAR OFF. (Important Updates).

Greg Mannarino:  9-8-2024

https://www.youtube.com/watch?v=1aCyvN4kT9g

Americans are BROKE (Collapse Starts NOW) - President Reagan's Economics Advisor, Prof. Steve Hanke

Sachs Realty:  9-7-2024

U.S. recession is unavoidable says Steve Hanke, Professor of Applied Economics at Johns Hopkins University and Founder and Co-Director of the Institute for Applied Economics.

https://www.youtube.com/watch?v=Ig8Y4qWI0RE

Iraq Economic News and Points To Ponder Sunday AM 9-8-24

An Economist Warns Of Financial Hardship And The Ax Of Rentierism: They Will Fall At The Head Of The Iraqi Economy
 
September 7, 2024  Baghdad / Iraq Observer   Economic affairs researcher, Ziad Al-Hashemi, warned today, Saturday, of financial hardship and the ax of rentierism, while indicating that they will soon fall at the head of the Iraqi economy.
 
Al-Hashemi said in a post followed by Iraq Observer,  “Global markets are surrounded by many recessionary indicators that lead to real pessimism, and oil prices are declining, and Iraq is one of the biggest potential victims of the decline in the price of a barrel of oil,” noting that “now is not the time to talk about diversifying sources of income, as it has been wasted.”

Successive Iraqi governments and the political system provided many opportunities and squandered hundreds of billions without taking a real step forward to get rid of the state of high dependence on oil.”  He added,
 
“Urgent solutions are now required to save what can be saved, by developing a national emergency plan to deal with a financial situation characterized by (hardship and deficit).”
 
He pointed out that “this plan includes the following:
 
1- An urgent executive program to identify the fake employees (almost a million fake ones), cancel their salaries, and get rid of the situation of multiple salaries for each individual! The continued depletion of state finances with massive fraudulent salaries will soon bring down the government with a knockout blow as oil prices continue to deteriorate.
 
2- Compressing expenditures with all possible tools and means, and raising the level of control and auditing of expenditures with the aim of achieving a higher level of financial discipline.
 
3- Maximizing the government’s revenues from taxes and customs (fully activating the customs system) and reducing the level of laxity in the collection system.
 
4- Monitoring commercial markets and prices, encouraging merchants to reduce profit margins, and holding accountable those who practice commercial greed and monopoly.
 
5 - A massive campaign to monitor corruption funds, recover them, and annex them to public funds.
 
6- Re-evaluating projects and referrals to tenders and opening the door to negotiation to postpone or cancel non-essential projects or achieve price differences for the benefit of state finances or other spending sections!
 
7 - Establishing borrowing and debt instruments (as a last resort) that the government resorts to, to avoid increasing the amount of public debt, which is already high.”  He stressed,
 
"These are some of the proposed quick solutions and treatments that certainly do not replace long-term solutions that focus on economic diversification.
 
Without implementing these and other solutions, let this government and its supporters expect all the bad possibilities very soon, and then regret will be of no use to them."    https://observeriraq.net/اقتصادي-يحذر-من-العسرة-المالية-وفأس-ال/   

Adviser To The Prime Minister: Central Bank Decisions Contribute To Reducing Inflation Rates In The Country

 Economical 09/08/2024   Baghdad: the mainstay of the emirate   The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained that the  decisions of the Central Bank contribute to reducing inflation rates in the country, and  pointed out that economic growth contributes to strengthening the value of the local currency.

 Saleh said in a statement to “Al-Sabah”:

 “The policies of the Central Bank play a major role in stabilizing the currency, which is something that achieves harmony between the internal value of the currency and its external value,” explaining that

 “decisions to raise or reduce interest as part of monetary policy work will undoubtedly be reflected in... Reducing inflation rates and maintaining the stability of the currency value.” 

He added that the   prosperous and sustainable economic growth in gross domestic product contributes to enhancing the value of the currency and its stability, indicating that the

 real factors affecting the strength of the national currency include high productivity and high employment of the labor force, in addition to real investment and innovation, especially technological development .  Saleh pointed out that

 technology and innovation can lead to improved productivity and economic growth, which enhances the value of the currency, and  these are all factors generated by the real sector in the economy or the national development policy.

 He pointed out the importance of political stability and the strength of the administrative system and its governance, which are important behavioral factors in enhancing confidence in the national currency.    https://alsabaah.iq/102304-.html    

Sudanese Issues 16 Directives To Develop Electronic Payment Systems And Services

 September 7, 2024  Baghdad / Iraq Observer  Today, Saturday, Prime Minister Muhammad Shiaa Al-Sudani directed a package of measures and directives to be taken to develop electronic payment systems and services and to follow up on their implementation by specialized committees.

 A government source told Iraq Observer,

 “Within the framework of Prime Minister Muhammad Shiaa Al-Sudani’s continuous follow-up on the development of electronic payment systems and services, and in light of his review of the supervisory field reports related to the implementation of these services in various Iraqi ministries and institutions, he directed that a package of relevant measures be taken with follow-up.” Implemented by specialized committees.”

He added, “The directives were as follows:

 1. Directing the Ministry of Planning, in cooperation with the Central Bank of Iraq and the World Bank, to create a national budget allocated to support and develop digital payment systems nationwide.

2. Directing all ministries, including the Central Bank of Iraq, to ​​prepare electronic cash flow statements periodically to ensure financial transparency, determine liquidity and manage risks, which contributes to improving financial planning.

 3. Directing ministries and government institutions to establish strategic partnerships with banking and non-banking financial institutions as well as technological institutions and adopt effective action steps for cooperation and exchange of proposals and experiences.

 4. Obligating financial and banking institutions to develop their technical and digital systems in accordance with the latest international standards, including strengthening anti-money laundering and anti-fraud systems; This is to ensure operating efficiency, improve the quality of banking services, and achieve full compliance with regulatory controls.

 5. Obligating financial and banking institutions to develop cyber protection systems and adopt the cyber resilience document, while strictly adhering to the controls issued by the Central Bank regarding electronic governance, to ensure comprehensive protection of banking systems against cyber threats and to ensure business continuity in light of crises.

 6. Directing ministries and government institutions to develop capable government work teams to follow up on electronic payment operations on a daily basis through training and qualification, and through specialized system portals provided by payment service companies.

 7. Directing the Ministry of Communications to cooperate with ministries and government institutions to expedite the adoption of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 to comply with the requirements of electronic payment and collection settlements in the Ministry of Finance in cooperation with the Central Bank of Iraq.

 8. Instructing the Ministry of Finance to submit a study on the mechanisms for creating intermediary accounts, approved by government institutions as a mechanism for dealing with restricted government accounts to solve the problem of deductions to citizens in the event of failure of financial operations.

 9. The Central Bank issues directives to private and government banks to deal transparently and not to discriminate between electronic payment companies.

10. The Central Bank of Iraq prepares what is necessary to cancel prepaid ceilings for cards used locally to ensure wider and more flexible use.

11. Directing ministries and government institutions to establish specialized units within state departments to facilitate financial reconciliation and settlements and resolve disputes resulting from electronic payments, in coordination with banks.

 12. Directing the Integrity Commission to intensify oversight of collection points in government departments to ensure transparency and integrity.

 13. Directing the Financial Supervision Bureau to develop and legislate administrative and financial updates that are compatible with electronic payment systems and to follow them on an ongoing basis.

14. Emphasis on government institutions and electronic payment service provider companies to implement the paragraphs contained in the electronic collection and collection agreements, and in accordance with the responsibilities of each party contained in those agreements.

 15. Directing government banks to complete the activation of the comprehensive banking system to improve financial and administrative performance.

 16. Obligating all ministries and government institutions to adopt advanced electronic administrative and accounting systems to enhance efficiency and transparency.    https://observeriraq.net/السوداني-يصدر-16-توجيهاً-لتطوير-أنظمة-وخ/     

For This Reason... Economic Calls To Review Tax Laws And Develop The Collection System

 Money and business  Economy News – Baghdad   With the increase in the size of state expenditures in the general budget, there has been talk for years about the issue of

      maximizing non-oil revenues,

     reforming the tax system in Iraq, and

     raising the value of taxes on the wealthy,

 which is something that actually needs to address the current laws regarding tax, controlling import operations, and preventing the smuggling of goods through border crossings.

 In this regard, economic and financial expert Safwan Qusay revealed the formation of a committee by the Prime Minister to review tax laws, especially the income tax law issued in 1982, indicating that

 the law needs to be reviewed to amend some allowances in proportion to current income rates and develop the tax collection system. To reduce tax evasion.  He pointed out that

  “the proposed increase in tax aims to stop manipulation of invoices related to import operations and reduce tax evasion.”  

Qusay also confirmed that   “the committee is considering introducing amendments to property and real estate taxes, especially with regard to the transfer of property between individuals.”  https://economy-news.net/content.php?id=47221    

An Advisor To The Prime Minister Warns Of The “Risks Of Low Oil” On Fiscal Policy And Spending
 
Time: 09/04/2024 17:39:37 Read: 2,977 times   {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, warned today, Wednesday, of the “risks of a decline in oil revenues” with the decline in crude prices in global markets.  Saleh told Al-Furat News Agency,
 
“First, there must be a systematic investigation into the fundamental factors causing the decline in crude oil prices in global markets and their rapid decline in the past few weeks, as
 
China is one of the world’s largest economies that import crude oil among nations, as its imports increase.” Of crude oil, about 10 million barrels of oil per day, and Iraq alone contributes about 10% to China’s need for oil, or approximately 30% of Iraq’s oil exports are directed towards the Chinese market.  He stated,
 
"China's demand for oil is linked to the annual growth rates of its economy, and it is a truly direct relationship.
 
The greater the growth in annual gross domestic product, the greater the demand for crude oil."  Saleh pointed out,
 
“There is a parallel between increasing GDP and increasing oil consumption by a rate ranging from 0.5% to every 1% increase in GDP, although this parallel may change based on energy efficiency and market developments.”.  He pointed out that
 
“with this slowdown in Chinese economic growth (which is the second largest economy in the world), it has begun to increase during the second half of this year, as the annual growth rate is expected to decline to about 4.5%, after it was 5. 4% at the beginning of the year, and
 
thus the decline in growth in the Chinese economy has become an urgent issue that greatly affects the global economy and the stability of demand in the energy market.”  He noted,
 
"Chinese economic data are noticeable indicators of weakness, especially in the industrial and service sectors, as the Purchasing Managers' Index in China in August 2024, which is a main measure of economic activity, recorded a decline to its lowest level since six previous years."  He continued,
 
"Such a decline reflects a decline in both domestic and external demand for goods and services, as new export orders in China fell in July for the first time in eight months, indicating a decline in global demand for Chinese products."  The government advisor explained,
 
"The prices of new homes in China also rose, but at a very weak pace, which adds more pressure to the Chinese economy itself."  He pointed out that
 
"international expectations indicate that growth in the gross domestic product in these countries will continue to decline to about 3.5% until the year 2028, which reflects the structural challenges facing the Chinese economy in the long term."  Saleh said,
 
“Based on the above, oil prices witnessed a noticeable decline today, September 4, 2034, as Brent crude fell below $74 per barrel.
 
This sharp decline is attributed, as we mentioned earlier, to ongoing concerns about the slowdown in economic growth in China, which... "It negatively affected the demand for oil, which increased global markets' concern about the continued weakness of global demand for crude oil."  He concluded by saying,
 
“The matter is related to Iraq, where the federal general budget issued by Law No. 13 of 2023 (the tripartite budget) is still hedging an annual hypothetical deficit of approximately 64 trillion dinars, and the price of a barrel of oil for the purposes of evaluating oil revenues in the budget during the past year is about $70 per barrel (as an annual average).
 
Therefore, fiscal policy may face the risks of a decline in oil revenues, by activating the necessary precautionary financial measures to sustain expenditures and in accordance with the priorities and principles set forth by the Federal Budget Law itself, whether in financing the deficit or in arranging public spending priorities.   
 
https://alforatnews.iq/news/مستشار-لرئيس-الوزراء-يحذر-من-مخاطر-انخفاض-النفط-على-السياسة-المالية-والانفاق   

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/ 

Seeds of Wisdom RV and Economic Updates Sunday Morning 9-8-24 Part 2

Good morning Dinar Recaps,

PETER BRANDT AND PETER SCHIFF DEBATE GOLD AND BITCOIN

▪️Peter Brandt and Peter Schiff debated Gold and Bitcoin's performance.

▪️Schiff criticized Bitcoin ETFs, while Brandt suggested a long-term view.

▪️Gold is seen as safe, Bitcoin as risky, with differing future outlooks.

Famous investor Peter Brandt and long-time cryptocurrency critic Peter Schiff engaged in a debate over Gold and Bitcoin $54,220.27.

The discussion began when Schiff highlighted the poor performance of Bitcoin ETFs. Schiff pointed out that since the launch of Bitcoin ETFs, their gains have been below 10%, while gold has shown a 24% increase.

Brandt responded by arguing that this situation should be viewed from a long-term perspective. The chart he shared showed that gold has weakened compared to Bitcoin and indicated a “Head and Shoulders” formation in favor of Bitcoin.

Comparison of Gold and Bitcoin

The formation in the chart shared by Peter Brandt is a technical analysis indicator frequently used in the investment world. The Head and Shoulders formation usually indicates that the value of an asset will decrease. In this case, according to Brandt, this formation is developing in favor of Bitcoin, suggesting it could gain value against gold.

However, Peter Schiff looks at the same chart from a different angle and argues that gold will prevail. Schiff believes that gold has always been a safe haven against economic fluctuations and that Bitcoin cannot fulfill this function.   (referenced chart was not part of the article)

Different Investor Groups for Bitcoin and Gold

Gold is traditionally seen as a safe investment vehicle and gains value, especially during inflation periods. Bitcoin, on the other hand, is considered a riskier asset. Institutional investors still view Bitcoin as a highly volatile investment. However, some investors believe that Bitcoin could be called “digital gold” in the future and could replace precious metals.

Recent Inflation Data and the Drop in Gold Prices

The US inflation data announced in mid-August was below expectations. This caused a sudden drop in gold prices. Investors misinterpreted the low inflation data and turned to selling gold. Peter Schiff argued that this development was a wrong decision, stating that investors misread the inflation data and that gold did not lose its real value.

Peter Schiff: “Investors misinterpreted the inflation data. This led to the unnecessary selling of precious metal.”

Bitcoin, on the other hand, gained value during this period and attracted investors’ attention. However, Peter Schiff emphasized that Bitcoin acts as an “anti-gold” and contains higher risk compared to gold. According to Schiff, Bitcoin investors were mistaken in using the inflation data against gold.

The debate between Peter Brandt and Peter Schiff brought the long-standing competition between cryptocurrencies and precious metals back to the forefront. Cryptocurrency investors argue that Bitcoin will surpass gold in the long run, while traditional investors believe that gold holds an unchanging value.

A key point in the debate is how investors will choose between these two assets. While gold is accepted as a long-standing trust element, Bitcoin is rising as a new investment alternative in the digitalizing world. However, neither side can definitively conclude how their assets will perform in the long run.

@ Newshounds News™

Source:  CoinTurk News

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EL SALVADOR CELEBRATES 3 YEARS OF BITCOIN ADOPTION, EYES BROADER ACCESS

▪️El Salvador is celebrating the third anniversary of adopting Bitcoin as a legal tender.

▪️The Central American country has $31 million in unrealized gains from its BTC holdings.

▪️President Nayib Bukele's government is promoting Bitcoin awareness through education.

Three years ago today, El Salvador made history as the first nation to adopt Bitcoin as legal tender.

This move has sparked a phase of growth and development for the country, as it has become a model for crypto adoption and has drawn attention from global stakeholders.

Bitcoin’s Role in El Salvador Grows With $31 Million in Unrealized Gains

In honor of this milestone, Max Keiser, senior Bitcoin adviser to President Nayib Bukele, shared the administration’s vision for expanding Bitcoin access.

“Our plan is to provide every Salvadoran with a Bitcoin cold storage solution. So that even $0.50 of regular savings into Bitcoin creates education, retirement, and inheritance funds,” he explained.

Keiser’s statement highlights the Bitcoin-friendly approach chosen by President Bukele’s government. Though international bodies like the IMF initially criticized the move, they have since acknowledged that Bitcoin’s adoption has not harmed the country’s economy.

Instead, Bitcoin has benefited El Salvador. Its national Bitcoin wallet holds 5,865 BTC, generating over $31 million in unrealized gains. While the profit may seem small, the real impact has been increased global recognition and investment in the country.

For context, a port in El Salvador’s proposed Bitcoin City was one of the two that Turkish company Yilport Holdings would upgrade with a record $1.6 billion investment. Further, Bukele’s administration’s strong stance on freedom of speech and individual liberty has also gained attention.

President Bukele stressed this in a recent post, describing El Salvador as a new safe haven for freedom of speech and expression.

“As the world spirals into chaos and government crackdowns intensify, we will stand as the new beacon of hope for the future,” Bukele stated.

Despite the progress, Bukele acknowledged that Bitcoin adoption has not reached the expected levels. He attributes this to its voluntary use in the country but remains optimistic about the long-term financial benefits for early adopters.

Meanwhile, political opponents have called the Bitcoin initiative a failure, claiming “nobody” uses it. In response, the government is ramping up efforts to promote Bitcoin awareness, focusing on education. Recently, a Bitcoin training program was launched for 80,000 public servants.

@ Newshounds News™

Source:  BeinCrypto

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TOP 9 CRYPTO FRIENDLY COUNTRIES FOR DIGITAL ASSETS INVESTORS

Which are the most crypto friendly countries with the highest tax exemptions for individuals? As crypto regulations have taken the mainstage of the financial systems of most countries, crypto investors are keen to move their assets to crypto tax-free countries.

We go over the best countries that support technological innovation and exempt individuals from paying capital gains taxes. This list covers the top 9 crypto friendly countries for investors.

1. El Salvador

After becoming the first country in the world to qualify bitcoin as legal tender, El Salvador, aims to attract foreign investors and has a tax exemption in place for them. The nation exempts bitcoin profits from any capital gains or income tax.

The world is still waiting for El Salvador’s legal framework to enforce these official statements, but the crypto world is praising it as one of the best crypto tax-free countries.

2. Switzerland

Switzerland is the crypto-valley of Europe and is seen as an innovation hub. Regarding taxation, the Swiss Federal Tax Administration sees crypto transactions to be the same as traditional fiat transactions and exempts it from tax reporting.

Cryptocurrency investors choose Switzerland for the lack of taxation for profits stemming from crypto trading. Big crypto foundations have also chosen the Swiss as their home, including Ethereum, Tezos, and the Diem Association.

However, the profits of crypto business and professional trading are liable to income taxation, which differs from region to region, and an annual wealth tax.

3. Germany

Germany is one of the top crypto friendly countries, as it’s one of the few crypto tax-free countries in the world.

As opposed to the EU, Germany has a unique take on crypto taxation, and it encourages individual investors. If held for more than a year, the laws exempt bitcoin and other cryptocurrencies from capital gains tax.

If the funds are exchanged for fiat or for other cryptos within one year, you are still exempt from paying tax if your profit is under €600 (~ $700). Beyond that gains limit, investors have to report their income for tax.

However, businesses must report and pay corporate income taxes for crypto gains, and it works the same way as any other asset.

4. Singapore

Known as one of the most developed economies in the world, Singapore, is also one of the best places for business. The nation is quite pro crypto and has issued a series of laws to back them. That’s why Singapore continues to attract crypto organizations and investors.

Singapore is a fintech hub in the Southeast Asia region.

Singapore doesn’t have a capital gains tax. Cryptocurrency funds of individuals and companies are not liable to taxation. But Singapore-based companies are liable to income tax, if they operate as a crypto trading company or if they accept crypto payments.

Bitcoin comes under intangible property, not legal tender. The laws view crypto payments as barter trades. It taxes goods and services, but not payment tokens.

The country’s central bank, the Monetary Authority of Singapore (MAS), aims to develop a balanced environment for crypto. The MAS doesn’t look to heavily regulate crypto, but rather to monitor it as a preventive measure to spot money laundering and illegal activities. Bitcoin falls under goods and, as such, experiences goods and services tax.

5. Malta

Home to many crypto and blockchain companies, the famous blockchain island of Europe has many laws favoring crypto investors and entrepreneurs.

Overseas companies operating in Malta and foreign residents receive several privileges. They do not have to pay income and capital gains tax in Malta for long-term investments in digital currencies.

However, crypto trades do receive 35% in income tax as they are the same as stock trading by legal definition. But this too can be lowered to 0–5%, if you benefit from the structuring options offered by the country’s financial system. Malta sees bitcoin and other financial tokens as different assets. Financial tokens can be dividends, interest or premiums, and regular income tax applies to it.

Non-domicile corporations are subject to a 5% income tax. Malta is one of the top crypto friendly countries and a tax haven for foreign entities, companies, and residents.

6. Portugal

Portugal is one of the most attractive crypto friendly countries in the world. As of 2016, the Portuguese Tax Authority (PTA) exempts crypto transactions from capital gains and income tax. Businesses that accept digital currencies for their goods and services are liable to income tax.

7. Slovenia

Slovenia is another small European country with an attractive taxing system for digital assets. The country’s lawmakers are still working on a legal framework to make the tax law clear for all individuals and businesses interested in conducting business there.

Slovenia exempts individuals from capital gains tax when selling bitcoin, as these gains are not seen as income. Companies that receive crypto payments are eligible to pay corporate income tax. ICOs are also subject to taxation. Slovenia doesn’t allow companies to conduct only cryptocurrency transactions, such as accepting bitcoin as the only means of payment.

Other commercial activity that involves cryptocurrency, such as crypto mining, is subject to a 25% income tax.

8. Bermuda

Bermuda is a popular destination for cryptocurrency holders, as it has comparatively favorable standards as far as financial regimes worldwide go. In 2018, Bermuda released the Digital Asset Business Act, which stands as the country’s regulations for digital assets. Famous for its lack of income and capital gains taxes, crypto transactions are also tax-free in Bermuda.

Famous for becoming the first country in the world to accept taxes and fees in cryptocurrency, Bermuda, is a popular destination for crypto investors. As of October 2019, Bermuda accepts payments for governmental services in USD Coin (USDC).

9. Belarus

The president of Belarus, Alexander Lukashenko, wants to turn the country into a crypto-based digital economy. That’s why, in 2017, he signed a new law that legalizes cryptocurrencies. The same decree also exempts businesses and individuals from crypto taxes until 2023, when the law will undergo a review.

Mining and crypto investments are exempted from income tax and capital gains. Belarus wants to boost technological innovation, and it’s one of the top crypto friendly countries in the world for its legal approach and crypto trading.

@ Newshounds News™

Read more:   BeinCrypto  

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Janet Yellen No Red Lights for Financial System  |  Youtube

 @ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Sunday Morning 9-8-24 Part 1

Good morning Dinar Recaps,

THE UN’S SUMMIT OF THE FUTURE IS ONLY WEEKS AWAY YET THE PUBLIC REMAINS IGNORANT

A resetting of the global financial system is a crucial component of their plans.

With the UN’s Summit of the Future less than 20 days away the vast majority of the public has no idea governments of the world are set to sign the so-called Pact for the Future.

On September 22 and 23, the United Nations member states will gather in New York City at the UN headquarters for the historic Summit of the Future with the intention to sign the Pact for the Future. This document is expected to radically accelerate the push towards the completion of the UN Sustainable Development Goals (SDGs) and the Agenda 2030.

The Summit of the Future is taking place during the 79th session of the annual UN General Assembly. The summit has been in the making since at least 2022 after repeated calls by UN Secretary-General Antonio Guterres to shift financial resources to rapidly complete the Agenda 2030 goals set by the UN in 2015.

Although this historic gathering is sure to impact the majority of the world’s population, it has received very little coverage from the corporate media, and almost no coverage from the independent media.

One issue which has received mainstream coverage relates to 77 Nobel Laureates and world leaders signing a letter complaining about references to fossil fuels being removed from the Pact for the Future. The references were later reinserted after the letter was made public.

The discussion about fossil fuels fits the UN’s narrative about impending doom relating to climate change. It is this panic around climate change which has led to the convening of the Summit of the Future and calls for strengthening the UN infrastructure.

The Summit’s theme — “Ultilateral Solutions for A Better Tomorrow” — illustrates the goal of this gathering. Namely, a push for strengthening, and even remaking, the UN to better tackle crises which are ostensibly looming in the coming years.

The UN is focused on several potential planetary emergencies, including climate change, war, biodiversity loss, and environmental degradation. The UN claims these potential crises are too great for any one nation-state to tackle alone, and thus, will require greater cooperation and organization between UN member states.

“We recognize that the multilateral system and its institutions, with the United Nations and its Charter at the centre, must be strengthened to keep pace with a changing world. They must be fit for the present and the future – effective and capable, prepared for the future, just, democratic, equitable and representative of today’s world, inclusive, interconnected, and financially stable,” the latest draft of the Pact for the Future states.

As The Last American Vagabond (TLAV) has previously reported, the Summit of the Future is also expected to include calls for remaking the UN into what has been called “UN 2.0”.

Global Shocks Require Global Government

The 3rd draft of the Pact for the Future was released on August 27 and is currently being reviewed by UN member states. This draft continues the discussion around “global shocks” and how these shocks will require a global response.

For example, one section titled “We will strengthen the international response to complex global shocks”, states that there is a need for a “coordinated and multidimensional international response to complex global shocks and the central role of the United Nations in this regard.”

The UN defines “complex global shocks” as events that “have severely disruptive and adverse consequences for a significant proportion of countries and the global population”. These shocks would require a “multidimensional multistakeholder, and whole of government, whole of society response.”

The document says “armed conflict” does not constitute a complex global shock”, but could lead to “impacts across multiple sectors”.

These potential shocks would necessitate the activation of “emergency platforms” which could grant the UN more power to respond to these apparent emergencies. The document says the UN will present member states with “protocols for convening and operationalizing emergency platforms based on flexible approaches to respond to a range of different complex global shocks”.

While the UN claims these emergency platforms will only be “convened for a finite period”, and will not be a standing institution or entity with respect to national sovereignty, critics of the UN fear that these emergency platforms will be seized upon and used to grant the UN new legal powers.

TLAV has previously reported that calls for an Emergency Platform are similar to calls for the UN to declare a planetary emergency. UN-affiliated organizations like the Climate Governance Commission (CGC) have been calling for such a declaration over the last year.

In late November 2023, just before the opening of the UN Climate Change Conference COP28, the Climate Governance Commission released a report titled Governing Our Planetary Emergency. In this report, the CGC continues their advocacy for updating our ideas on governance.

We can trace the call for a Planetary Emergency back to the infamous but obscure group, the Club of Rome. The CGC’s November 2023 report even notes that the belief in a “polycrisis” is “recognized in the work of the Club of Rome Planetary Emergency Project“.

This reference to the Club of Rome reveals yet another reason the public ought to be concerned with the push for a planetary emergency and claims of crossing planetary boundaries

The Club of Rome has been calling for declaring a Planetary Emergency since at least 2019 with the publication of their “Planetary Emergency Plan”. The report would be updated in August 2020, after the beginning of COVID1984. 

The Club of Rome’s Emergency Plan is described as a “roadmap for governments and other stakeholders to shift our societies and economies to bring back balance between people, planet and prosperity”.

Ultimately, the push for an emergency platform as part of the Pact for the Future is intended to reinforce the idea that humanity is facing a Planetary Emergency which requires the UN’s influence and authority to be increased. 

The document shies away from the term world or global government — instead preferring multilateralism or global governance — but the outcome is the same: a United Nations with more authority to act and compel nation states to comply with its edicts.

For example, under a section titled “Transforming Global Governance”, the UN document outlines “Action 41”:

“We will transform global governance and reinvigorate the multilateral system to tackle the challenges, and seize the opportunities, of today and tomorrow.”

The section goes on to describe numerous ways in which the Pact for the Future intends to transform and empower the UN to tackle the emergencies facing the planet.

Resetting the Financial System

The latest draft of the Pact for the Future also outlines specific ways in which the “international financial architecture” should be reformed so that it “supports countries equitably during systemic shocks and makes the financial system more stable.”

Specifically, section 82 states that the “growing frequency and intensity of global economic shocks” has slowed down progress on the completion of the UN SDGs. The solution, according to the Pact, is to “recognize the role of Special Drawing Rights (SDRs) in strengthening the global financial safety net in a world prone to systemic shocks”.

SDRs are not considered a currency but instead are considered “foreign exchange reserve assets” which allow IMF member nations to exchange SDRs for a currency held by IMF members. Interestingly, independent researcher James Corbett warned about the potential for the SDRs to become a “world reserve currency” as far back as 2013.

The Pact for the Future makes it clear that SDRs will indeed play a major role in the transformation of the international financial system.

“We welcome the pledges to rechannel over $100 billion worth of SDRs to developing countries while stressing the urgency of delivering on these pledges to developing countries as rapidly as possible,” the draft states.

The draft also notes that the UN will call on nations to “continue to explore options to voluntarily rechannel at least half of SDRs from the 2021 allocation, including through multilateral development banks, while respecting relevant legal frameworks and preserving the reserve asset character of Special Drawing Rights.”

Further recommendations of the draft include encouraging the International Monetary Fund to “explore all options to continue to strengthen the global financial safety net” to help developing nations respond to “macroeconomic shocks”.

Under “Action 55” it states, “We will accelerate the reform of the international financial architecture so that it can meet the challenge of climate change.”

The Pact mentions Multilateral Development Banks again, calling on these institutions to “increase the availability, accessibility and impact of climate finance to developing countries” and supporting these countries as they develop strategies to fight climate change.

There are multiple sections in the draft with references to these banks and their need to “mobilize additional financing” to support “adaptation and deploy and develop renewable and energy efficiency technologies”.

The document repeatedly mentions these “Multilateral Development Banks” and they are clearly going to be an important piece of the UN 2.0 system. TLAV will be investigating these institutions in future reports.

The stated goal of reforming the international financial system to fund the SDGs and Agenda 2030 mimic recent statements made by UN Secretary General Antonio Guterres where he called for a “new Bretton Woods moment”, referencing the infamous 1944 international agreement that established the IMF.

The Breton Woods meeting also adopted rules for governing monetary relations among independent states, including requiring each nation to guarantee convertibility of their currencies into U.S. dollars.

Guterres noted that in 2022 the IMF allocated $650 billion in SDRs, with the European Union nations receiving 160 billion dollars in SDRs and African countries receiving only 34 billion dollars.

Additionally, a UN document on the Summit of the Future titled, What Would it Deliver?, calls for “A Global Financial System That Works For All”.

“A transformed international financial architecture is fit for purpose, more inclusive, just, representative, effective, and resilient, responsive to the world today rather than as it looked following the Second World War. This architecture invests up-front in SDGs, climate action, and future generations.”

These calls mirror similar ones made during the “Summit for a New Global Financing Pact” held in Paris, France in June 2023.

The Summit, led by French President Emmanuel Macron, welcomed 50 heads of state, representatives of NGOs and civil society organizations to discuss the effort to reset the international financial system as part of the continued push towards the 2030 Agenda and Net Zero goals.

The French government stated that the objective of the gathering was to “build a new contract between [the global] North and South” which will better equip the nations to fight poverty and climate change. 

The summit was attended by US President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Rishi Sunak, and Brazilian President Luiz Inacio Lula da Silva. 

In addition to heads of state, the summit was organized with support from the Open Society Foundations, the Bill and Melinda Gates Foundation, and the Rockefeller Foundation, among others.

Based on these previous statements from the UN and the draft of the Pact for the Future, it is clear that a resetting of the financial system is a crucial component of their plans.

If there is any chance to prevent the signing of the Pact for the Future, the creation of emergency platforms, and the potential declaration of a planetary emergency, we must spread the word quickly.

Additionally, we ought to put our energy into the creation of alternative, parallel systems which can compete with the Technocratic State directly. This is why I am helping produce The People’s Reset: UK, “Our Summit for Our Future”, taking place in Bath, UK the weekend after the UN’s Summit.

 For 3 days we will host 24 presenters from around the world with a focus on solutions for creating these much-needed parallel systems in the areas of health, finance, education, digital technology, and community building. Together we can create the more beautiful world we know is possible.

TLAV will be on the ground in New York City reporting from the Summit of the Future. Stay tuned for updates as we document this historic gathering of globalists.

Copyright 2024 The Last American Vagabond

@ Newshounds News™

Source:   Vigilant News 

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BRICS: 3 MAJOR ANNOUNCEMENTS TO EXPECT AT THE 2024 SUMMIT

The BRICS economic alliance is headed toward what may be the most important event in its history. The bloc’s annual summit has become a vital meeting for the group. Moreover, this year’s iteration looks to be filled with the potential for groundbreaking developments to arise. Specifically, the BRICS collective is expected to share 3 major announcements throughout its 2024 annual summit.

In 2023, the group enacted its first expansion since 2001. A landmark moment for the bloc, the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran joining the bloc. With its members now reaching nine, there are some thoughts that this year’s announcements could be even more groundbreaking.

1.  BRICS Pay to Make Its Long-Awaited Arrival

Perhaps the most important focus for the alliance as it approaches its 2024 summit is the arrival of BRICS Pay. For the past two years, de-dollarization has been a focal point for its infrastructure. With talks of a native currency fizzling out, its own payment system is set to be a game-changer.

Blockchain-based, it should be one of the biggest geopolitical and economic developments of recent years. Moreover, it will operate as the global south’s answer to the Western-dominated SWIFT payment system. Specifically, in its allowance of nations to conduct increased bilateral trade in local currencies.

Since 2022, and the weaponization of the US dollar, BRICS has fast-tracked these efforts. Earlier this year, Russia loosened its legal restrictions on cryptocurrencies. Therefore, leading many to believe that this new payment system is critical to its ongoing trade dealings.

It couldn’t have come at a better time either. In the last six months, Russian trade with the bloc has increased 14.7%. That figure is present even with China reportedly returning 80% of all transactions in the Ruble.

The BRICS Pay project is set to be the cornerstone of the event. Its presence should serve as a key turning point for the economic grouping for years to come. Not only is it the natural next step in lessening reliance on the greenback, but it opens a world of possibilities for trade dealings within the bloc.

Earlier this year, Russian President Vladimir Putin traveled to North Korea, Iran, and India to facilitate new trade dealings. These agreements should factor in heavily. Specifically, non-BRICS members should be able to increase trade with the group. Thus, contributing to its local currency goals.

2.  Another Expansion to Grow Bloc Beyond 10 Members

Following last year, the BRICS 2024 summit will see the world anticipate an announcement regarding continued expansion. In 2023, it issued more than six invitations to join the alliance. Subsequently, there has undeniably been increased interest in nations seeking to follow the four countries that accepted.

Earlier this year, more than 30 nations confirmed interest in joining BRICS. Interestingly, that figure may have only gotten bigger as the year has gone on. In a surprising development, NATO member Turkey announced its interest in becoming a member.

They join countries like Venezuela, Nigeria, Malaysia, and Thailand, all seeking entry. Every nation listed has reason to want to become a member. Moreover, they all bring some sort of value to what the collective is building. However, the question of expansion is one only the current members can answer.

The year has been full of uncertainty regarding continued expansion. It is easy to forget that the four nations included in 2023 were the first to join since South Africa more than two decades prior.

There is value to continued growth, but dissension toward the merit of that value. Currently, the bloc appears split on whether or not a 2024 Summit expansion announcement would be beneficial to the overall goals of the bloc.

The Saudi Arabia issue still looms large. Although they accepted the invitation, the nation has yet to join the bloc. That has created concern regarding continued invitations. Earlier in the year, the idea of partner nations—as opposed to full members—was discussed. That is likely to be the announcement, with several of the prospective countries included.

3.  New Development Bank Gets Highlighted as 10-Year Anniversary Approaches

Finally, the BRICS 2024 Summit should place a focus on its New Development Bank. More aptly known as the BRICS Bank, it is approaching its 10-year anniversary in 2025. Therefore, it is expected that a roadmap or strategic announcement of some sort should be in the works.

In August, BRICS Bank president Diane Rousseff noted that local currency promotion remains a main focus. Moreover, the development bank welcomed its first additional member country since 2021. Indeed, Algeria joined the bank in a notable addition.

Therefore, many experts predict the BRICS banks to be involved in some way. It has been a staple of the economic alliance since it launched in 2015. Moreover, it has been key to providing developing nations with access to local currencies. In that sense, it provides an invaluable quality to the purpose of the bloc itself.

Already issuing more than $5 billion in loans, there is more expected. Moreover, native currency loans are expected to become its primary funding method. It is also likely that the BRICS Pay system could become a critical aspect of its operations after it launches in October.

All of these are focal points as the day draws near. Overall, it should be one of the most important geopolitical developments of 2024. Additionally, it could rival the landmark announcements that took place just a year prior.

@ Newshounds News™

Source:  Watcher Guru

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Janet Yellen No Red Lights for Financial System  |  Youtube

@ Newshounds News™

Source:  Currency Facts

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