Economist’s “News and Views” Tuesday 9-10-2024

Japan Sell off more than $60 Billion Treasury Holding: What's Going On?

Fastepo:  9-10-2024

Foreign countries hold U.S. Treasury securities as a central component of their financial strategies, but the risks associated with these holdings can be substantial and have far-reaching consequences. One of the primary risks is interest rate fluctuations.

When U.S. interest rates rise, the value of existing Treasury securities declines. For countries that hold large amounts of Treasuries, this can lead to significant losses, especially in periods of unexpected rate hikes, such as those seen during inflationary pressures.

 Another critical risk is currency fluctuation. U.S. Treasuries are denominated in U.S. dollars, meaning that foreign holders are exposed to currency risk.

 If the U.S. dollar weakens relative to their own currency, the value of these investments diminishes when converted back.

 This can be particularly damaging for countries with currencies that are either volatile or strengthening. In recent years, this risk has become more prominent as global exchange rates have fluctuated due to shifting economic conditions.

 Inflation also poses a threat to the value of U.S. Treasuries. If inflation in the U.S. exceeds the yield on these securities, the real value of returns for foreign holders erodes. Given recent inflationary trends, especially in the wake of global economic disruptions, this risk has become a pressing concern.

 For countries relying on these investments to preserve the value of their foreign exchange reserves, inflation can drastically undercut the purchasing power of their returns. Political and geopolitical risks further complicate the picture. Domestic U.S. political debates, such as those surrounding the federal debt ceiling, can create uncertainty over the government’s ability to meet its debt obligations.

Even the threat of a technical default due to political brinkmanship can destabilize global confidence in U.S. Treasuries, leading to market turmoil.

Moreover, geopolitical tensions between the U.S. and other countries could result in sanctions or restricted access to U.S. financial markets, making Treasuries a less reliable asset for some foreign governments. Liquidity risk also plays a role, especially in times of global financial instability.

Although U.S. Treasuries are generally considered liquid, in periods of market stress, large holders may find it difficult to sell them quickly without impacting their price. This could be particularly problematic for countries that need to convert their holdings into cash during a crisis, as a sudden sell-off could depress the market value of their investments.

Additionally, countries with large holdings of U.S. Treasuries, like China and Japan, face concentration risk. Relying heavily on a single asset class exposes these countries to outsized losses if the U.S. financial system experiences significant stress or if the dollar weakens substantially.

The sheer size of their holdings makes it difficult for these countries to exit their positions without influencing the market negatively, further amplifying their risk.

As of September 2024, Japan remains the largest foreign holder of U.S. Treasury securities, though its holdings have seen significant fluctuations throughout the year. In March 2024, Japan's holdings stood at approximately $1.87 trillion.

However, by May 2024, Japan's holdings dropped to around $1.128 trillion after a series of sales amounting to $59.5 billion, including a $22 billion sell-off in May following a $37.5 billion reduction in April.

https://www.youtube.com/watch?v=93G5_sKBx8Y

What to Expect Next: The Longest Yield Curve Inversion Explained

Taylor Kenny:  9-10-2024

Did you know that a dis-inversion historically means that a recession is imminent? Taylor shares the yield curve dating all the way back 1975. Will we be able to escape a recession?

CHAPTERS:

00:00 - What is the Yield Curve?

01:44 - Bond Prices vs. Yields

 02:52 - Impact of FED Interest Rates on Banks

04:33 - Historical Recession Indicators

 05:56 - Current Economic Outlook

07:40 - Preparing for What’s Ahead

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

BRICS+ FUTURE: Gold Backed Currency, Summit in Russia, Expansion, ASEAN Ties| Yaroslav Lissovolik

Lena Petrova:  9-10-2024

The BRICS Summit will take place in late October in Kazan, Russia: Will the bloc announce an alternative financial payment platform? Will it admit new members, possibly extending an invitation to a NATO member, Turkey?

How will the BRICS+ nation states align their policies to form a united front, something they desperately need, to move forward in a cohesive manner towards a new multipolar world?

 Will ASEAN lean towards BRICS? I had the pleasure of discussing these and other very important questions with Dr. Yaroslav Lissovolik, the leading expert on the BRICS+ economic alliance and the founder of BRICS+ Analytics.

 During our conversation, Yaroslav and I discussed the challenges that the bloc is facing and the direction it needs to take in order to enjoy successful growth. We spoke about de-dollarization, South-South cooperation and a road to multipolarity.

https://www.youtube.com/watch?v=uTF53a-YhVM

Iraq Economic News and Points To Ponder Tuesday Afternoon 9-10-24

Economist Blames Central Bank For Dollar's Rise: Confused Decisions

Posted On 2024-09-10 By Sotaliraq   Economic expert Nabil Jabbar Al-Tamimi confirmed today, Monday (September 9, 2024), that the Central Bank's confused decisions are what confused the market and contributed to the rise in the dollar exchange rate.

Al-Tamimi said, “There are confused decisions, including the decision to stop selling dollars to travelers, and the decision to stop dealing with Western Union and MoneyGram.”

He added, "This led to the activity of the black market, as these companies have dealings with traders, Asian workers, and continuous external transfers, but the decision to stop led to the rise in the price of the dollar, reaching the 150,000 dinar barrier, and it is not expected that its price will decrease during the coming period."

Earlier today, Monday (September 9, 2024), a banking source reported confusion in foreign exchange markets, while expecting their prices to rise.

The source said, "The Central Bank will issue new decisions regarding foreign currency prices and the method of trading them within Iraq."

He added, "It is likely that these decisions will lead to an increase in the dollar exchange rate in the parallel market due to the currency shortage."

The source said, "The aim of these decisions is to limit currency smuggling or its monopoly by the weak-willed."

The dollar exchange rate witnessed a new rise this afternoon in the two main stock exchanges and local markets.

Baghdad Today correspondent said that the dollar exchange rate recorded 150,500 for every 100 dollars on the two main stock exchanges. He added that the selling price in exchange offices also rose to 152,500 per 100 dollars.  LINK

Central Bank Of Iraq Sales Rise

Economy | 10/09/2024  Mawazine News – Baghdad  The Central Bank of Iraq's dollar sales increased to more than $258 million in the currency auction, compared to Monday.

The bank sold $258 million, 203 thousand, and 662 dollars in its auction today, covering it at a basic exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1,310 dinars per dollar for foreign transfers, and at a rate of 1,305 dinars per dollar in cash.

He added that most of the dollar sales went to enhance balances abroad in the form of transfers and credits, which amounted to $242 million, 703 thousand, and 662 dollars, an increase of 94% over cash sales of $15 million and 500 thousand.

He pointed out that the number of banks that bought cash dollars amounted to two banks, while the number of banks that met requests to enhance balances abroad amounted to 14 banks, and the total number of exchange companies participating in the auction was 11 companies. https://www.mawazin.net/Details.aspx?jimare=254719

UN Official: We Are Proud Of Our Partnership With The Iraqi Government And Have Made Great Progress In These Files
Tuesday 10 September 2024 17:24 | Politics Number of readings: 55  Baghdad / NINA / The United Nations stressed that sustainable development cannot be achieved without addressing corruption, and expressed its pride in the partnership between the United Nations and the Iraqi government in this battle.

The Deputy Special Representative of the Secretary-General and Humanitarian Coordinator for the United Nations in Iraq, Ghulam Issa Kazai, said during the opening of the activities of the Second Arab Forum for Promoting Transparency and Good Governance, today, Tuesday, in the capital, Baghdad, that "your presence here confirms our collective determination to combat corruption, support transparency, and enhance accountability in our region."

He added, "I appreciate the efforts of the Integrity Commission in Iraq, along with the United Nations Development Program and the European Union, to participate in organizing this important event, as this forum represents an important station in Iraq's journey towards stability and sustainable development," indicating that "Iraq has made combating corruption, along with economic diversification and service delivery, a top strategic priority for the leadership of the Prime Minister and his government."

“As the UN Secretary-General said, ‘Corruption is the ultimate betrayal of public trust.’ It is essential that we build this trust and ensure equal rights and services for all,” he explained.

The UN official stressed that "the theme of this year's forum, 'Integrity: An Essential Element in a Time of Complexity and Opportunity', comes at the right time, because our region faces unprecedented challenges - wars, conflicts and violence create a cycle of corruption that is difficult to break."

He added, "The regional analysis of the Corruption Perceptions Index 2023 issued by Transparency International highlights that corruption remains a major obstacle to achieving a just and prosperous future throughout the Arab region. The UNDP Trends Report 2023 also highlights that our region is vulnerable to conflicts. Disasters and the digital divide exacerbate inequalities and complicate the fight against corruption.”

“Through the initiatives of UNDP and UNODC, we have made significant progress in judicial reforms, anti-money laundering efforts, and empowering civil society and the media to expose corruption,” he continued.

“UNDP also supported the drafting of the Right to Information Law, which was approved by the Council of Ministers and is currently being considered by Parliament. Once approved, The law will enhance citizens’ right to access information. This will enhance public transparency and have an impact on Iraq’s global position in this regard.”

“This forum is not just a celebration of Iraq’s achievements, but also a key opportunity for regional dialogue. We need to come together to develop innovative solutions that promote peace, prosperity and democratic gains while improving public services and climate resilience.

We also need to The diverse experiences and views of governments, the private sector, civil society, women’s and youth groups, the media and academia to move forward effectively.”/End5 https://ninanews.com/Website/News/Details?key=1152996

Dollar Price Today

Economy | 10:45 - 10/09/2024   Mawazine News – Baghdad  Mawazine News publishes today, Tuesday, the exchange rates of the dollar against the Iraqi dinar in exchange shops in local markets. The prices are as follows:   Selling prices 151,000 dinars per 100 dollars.

Buy 149000 dinars for every 100 dollars.  https://www.mawazin.net/Details.aspx?jimare=254696

77 Trillion Dinars Is The Size Of Iraqi Revenues During This Period

Money and business  Economy News – Baghdad  The Ministry of Finance revealed on Tuesday that the size of Iraqi revenues in the federal budget during 7 months exceeded 77 trillion dinars, confirming that the oil contribution to the budget remains around 89%.

Al-Eqtisad News followed the data and tables issued by the Ministry of Finance last August for the accounts of January, February, March, April, May, June and July of the current fiscal year, which showed that oil still constitutes the main resource for Iraq’s general budget, reaching 89%, indicating that the rentier economy is the basis for the country’s general budget.

The financial tables indicated that the total revenues for seven months of the current year amounted to 77 trillion, 475 billion, 502 million, 239 thousand, and 546 dinars, indicating that the total advances amounted to 15 trillion, 664 billion, 477 million, 820 thousand, and 559 dinars.

According to the financial tables, oil revenues amounted to 69 trillion, 55 billion, 827 million, and 984 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 8 trillion, 317 billion, 883 million, and 512 thousand dinars.

For his part, economic expert Mohammed Al-Hasani said in an interview with Shafaq News Agency, "The economic problem in Iraq is due to the failure of the regimes that ruled Iraq to achieve the mission of moving towards a developmental economy by investing the oil wealth in diversifying the economy, creating productive employment opportunities, raising the level of human development, and ridding it of rentierism."

Al-Hasani stressed the necessity of "activating a set of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection, anti-monopoly laws, and others."

In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed in an interview with Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era and the political conflicts we are witnessing today, which led to the dispersion of economic resources.

The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.  71 views 2024/09/10 https://economy-news.net/content.php?id=47432

Stability Of Oil Prices In Global Markets

Tuesday 10 September 2024 09:10 | Economic Number of readings: 189  Baghdad / NINA / Oil prices stabilized in early trading on Tuesday, as investors assessed supply disruptions due to tropical storm Francine and the possibility of imposing further production cuts to confront continued weak Chinese demand.

By 0004 GMT, Brent crude futures rose 16 cents, or 0.22%, to $72 a barrel, while West Texas Intermediate crude futures rose 12 cents, or 0.17%, to $68.83 a barrel, according to Reuters data.

Both benchmarks rose about 1% at settlement on Monday.

The US Coast Guard ordered all operations in Brownsville and other small ports in Texas to close on Monday evening as the tropical storm approaches and is expected to intensify significantly over the next two days and turn into a hurricane, according to the National Hurricane Center.

In light of this, Exxon Mobil, Shell and Chevron also decided to shut down oil and gas production operations in their offshore platforms as a precaution and necessity. / End 11 https://ninanews.com/Website/News/Details?key=1152925

Rafidain Bank Identifies Three Advantages Of Electronic Payment Systems

Economy | 10/09/2024  Mawazine News – Baghdad  Rafidain Bank identified three advantages of electronic payment systems on Tuesday, while pointing out the nature of the services provided by these systems.

The Director General of Rafidain Bank, Ali Karim, said: "Digital payment systems are characterized by many points and advantages. In addition to keeping pace with the rapid development taking place in the world, they also provide many services that were not previously available in regular systems."

He added that "the three most prominent advantages of electronic payment systems are (flexibility and speed), which provide users with greater opportunities to achieve their desires represented in paying or collecting bills and dues, selling, buying and shopping."

He continued: "Digital payment systems are also characterized by (remote management), as they give the opportunity to government institutions, companies and owners of digital commercial projects to work in several sectors, and from different places, and at the same time, all these operations and tasks are organized through different means of connection, and thus the work is completed in one go."

He pointed out that "the third advantage of electronic payment systems is (rapid spread), through the high efficiency of connection and networking, which allows tasks to be completed in one go, and the completion of buying and selling operations at high speed, and thus companies and projects that rely on the electronic payment system in Iraq can reach."  https://www.mawazin.net/Details.aspx?jimare=254700

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

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 9-10-24

Good Afternoon Dinar Recaps,

IOTA NEWS: LEADING BLOCKCHAIN INNOVATION IN EUROPE WITH WEB3 SOLUTIONS AND REGULATORY COMPLIANCE

▪️IOTA has highlighted some key developments and achievements that position it as a reliable partner in the European setting.

▪️Recently, IOTA was shortlisted as one of the three finalists of the European Blockchain Services pre-commercial procurement (PCP).

IOTA (IOTA), in a recent blog post, detailed how its consistent demonstration of values makes it a reliable partner for both regulatory solutions and technical advancement in the DLT ecosystem. Outlining some of its key updates, the post mentioned the selection of its Web3 identification solution for this year’s Sandbox.

For context, the European Blockchain Sandbox initiative is backed by the European Commission and is meant to supervise the creation of a pan-European framework for regulatory discussion, as CNF recently explained. The selected IOTA solution was designed as an advanced user authentication system to solve the issue of reliable identity verification in the Web3 ecosystem.

It offers a flexible, feeless, and scalable solution that complies with EU regulations, while its open-source software enables organizations to develop and operate public services. The technology is also environmentally friendly as it does not require proof of work and therefore consumes less energy – an important factor to consider when scaling these solutions across Europe.

Another achievement highlighted in the post is its emergence as one of the three finalists known to have completed the two-year European Commission-funded project – European Blockchain Services pre-commercial procurement (PCP).

According to our previous report, IOTA passed the various phases of the project with excellent marks from an initial 30 projects. The first phase of the PCP witnessed the development of prototypes such as digital products and passports. This was meant for recycling and cross-border management of intellectual property rights.

IOTA in the Face of European Regulators
According to the team, IOTA is undertaking serious initiatives to meet the new standard set for the European crypto market. Some of the efforts to comply with the Markets in Crypto-Assets (MiCA) regulations include policy revision, whitepaper updates, and energy transparency.

Over the years, it has attained membership in multiple renowned organizations and alliances, including the International Association for Trusted Blockchain Applications, the European Blockchain Association, etc. For now, it is effectively demonstrating the implementation of the EU regulations through legally compliant products.

For example, the Eviden Digital Passports Solution powered by IOTA not only complies with the EU Battery Regulation but also adheres to the overarching Eco-design for Sustainable Products Regulation (ESPR) ESG reporting rules and supply chain regulations. Additionally, IOTA’s involvement in TLIP to improve cross-border trade further showcases the adaptability and regulatory alignment of its technology.

According to the post, the mission of the IOTA Foundation is to be a pioneer in integrating blockchain and Web3 technologies across various industries. With respect to this, the team is working with the European regulators and commercial partners to bring the financial sector on-chain through tokenization, develop stablecoins that are fully compatible with Web3 technologies, explore the intersection of Artificial Intelligence and crypto, etc.

IOTA is uniquely positioned to help Europe achieve this lead position, offering scalable, energy-efficient, and regulation-compliant solutions that align with the EU’s vision for a digital and sustainable future.

@ Newshounds News™

Source: Crypto News Flash

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ANNOUNCING THE RELEASE OF CARDANO GOVTOOL

We are thrilled to announce the launch of a groundbreaking tool for the Cardano community: Cardano GovTool, which is now live on the Cardano mainnet. This core governance tool is a significant step in advancing Cardano's decentralized governance structure, designed to align with the governance framework laid out in CIP-1694.

What Is the Cardano GovTool?
The Cardano GovTool is a community-driven platform designed to streamline and enhance the governance process within the Cardano ecosystem. It enables ada holders to participate in key governance actions, from delegating their voting power to proposing and voting on governance actions.

This tool is central to the ongoing decentralization of Cardano, putting the governance process firmly in the hands of the community.

What Can You Do with Cardano GovTool?
GovTool provides an accessible interface that empowers ada holders to shape Cardano's future. Specifically, it allows you to:

▪️Find and delegate voting power to DReps: delegated Representatives (DReps) play a crucial role in governance, and the GovTool makes it easy to discover and delegate your voting power to them.

▪️Register as a DRep: if you want to take a more active role in Cardano's governance, you can register to become a DRep and represent the community's interests.

▪️Propose and submit governance actions: you can propose initiatives and changes that community members can review and vote on.

▪️Vote on governance actions: like all ada holders, you can represent yourself and vote on governance actions or allow DReps to vote on your behalf, ensuring your voice is heard in decision-making.

Important Note: Bootstrapping Phase
During the initial bootstrapping phase, the Cardano GovTool supports only the submission and voting on info-type governance actions. These actions serve as information-sharing mechanisms to test the system and establish a foundation for more complex governance actions in the future.

Who's Behind Cardano GovTool?
The Cardano GovTool is an open-source project. Four main contributors collaborated to develop and maintain GovTool: Byron Network, DQuadrant, Bloxico, and WeDeliver. These maintainers ensure the tool's ongoing functionality and welcome open-source contributions from the wider Cardano community. This collaborative approach highlights Cardano's decentralized ethos, where anyone can contribute to the growth and development of the ecosystem.

A Landmark Moment for Cardano Governance
This release marks a monumental achievement for the Cardano ecosystem. Governance has now been officially handed over to the ada holders, who can now steer the future of Cardano through direct participation. Intersect, the organization facilitating this release, is proud to have guided the development of the GovTool, supporting the community in taking full ownership of governance.

Simple and Accessible Interface
One of the main goals of the Cardano GovTool is to make governance accessible to all. With a user-friendly interface, it is easier than ever for ada holders to engage with governance, regardless of their technical expertise. The interface simplifies the process, making it intuitive to find DReps, submit governance actions, and vote, ensuring that everyone can participate in shaping the future of Cardano.

@ Newshounds News™

Source:  Intersect

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RIPPLE’S GARLINGHOUSE HINTS AT FUTURE YEN STABLECOIN, PRIORITIZES U.S. ROLLOUT

▪️In a recent interview, Ripple CEO Brad Garlinghouse hinted at the potential for a yen-backed stablecoin.

▪️While he acknowledged strong demand for a yen-pegged stablecoin, Ripple’s current resources and focus are on successfully rolling out RLUSD.

Ripple CEO Brad Garlinghouse recently hinted at the possibility of launching another stablecoin in the future. In an interview with a leading media house, Garlinghouse emphasized that even though Ripples’s current focus is on the US-pegged stablecoin, RLUSD, “People will want to hold yen stablecoins, and I think that is only a matter of time.”

While Garlinghouse acknowledged Japan’s conservative nature, the Ripple boss found the market to be “really healthy” in other respects. Notably, this is the same nation where 80% of its banks have partnered with Ripple.

In the interview, Brad Garlinghouse went ahead highlighting that Japan “leaned in early” on offering a “clear rule of the road” on digital assets and stablecoins. “That has really allowed entrepreneurship and investment to really thrive here in Japan,”

Comparatively, Brad reiterated that the U.S. has “certainly been behind” other countries, including Japan, the United Kingdom, and Switzerland. Despite the potential for a yen-backed stablecoin, Garlinghouse made it clear that “ Ripple, in particular, is focused on let’s get live with the U.S based stablecoin” which is the RLUSD. Therefore, The launch of a yen-backed stablecoin would likely come after RLUSD has established itself in the U.S. market.

While he acknowledged strong demand for a yen-pegged stablecoin, Ripple’s current resources and focus are on successfully rolling out RLUSD. Earlier, Ripple’s CTO David Schwartz indicated via tweet on the X platform that RLUSD might likely be accessible only to institutions, at least initially.

A key issue that we will continue to make sure we are partnered with US regulators before we go live with the stablecoin[…] We will first issue it in the US, but we think there is an opportunity for stablecoins globally, and certainly in Japan, he explained.

The SEC’s scrutiny has highly affected Ripple’s approach to the US market, prompting it to focus on specific offerings. As we earlier reported, The Ripple boss candidly refuted plans for a U.S. IPO instead the company is keeping a close eye on a London IPO. Ripple CEO Brad Garlinghouse has been mostly vocal about the challenges posed by the U.S. SEC, especially when a company tries to go public.

Ripple is nearing the launch of RLUSD, and according to Garlinghouse, it will be “in weeks, not months,”  though the exact timing depends on regulatory approval. Notably, Ripple has been working closely with U.S. regulators, particularly the New York Department of Financial Services (DFS), to ensure compliance.

Meanwhile, at the time of writing, XRP is swapping hands with $0.53, marking a 1.20% surge in the last 24 hours.  

@ Newshounds News™

Source:  EthNews

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SILVER INVESTING IS ABOUT TO GO TO THE NEXT LEVEL  - Economic Ninja  |  Youtube

@ Newshounds News™

Source:  Currency Facts

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A HUGE THANK YOU TO DINAR RECAPS

@ Newshounds News™

Source:  SOWT 

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IS CRYPTO IMPORTANT? HOW? THE QFS BROKEN DOWN!  Youtube

@ Newshounds News™

Source:  Currency Facts 

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“Tidbits From TNT” Tuesday 9-10-2024

TNT:

Tishwash:  Investment Authority: Iraq’s entry into the New York and Singapore agreements achieves its transition by attracting funds to the Iraqi market

The head of the National Investment Commission, Haider Mohammed Makiya, confirmed on Monday that the presence of a high-ranking Egyptian economic delegation in Baghdad represents a genuine common desire to increase economic and commodity exchange between the two countries, pointing out that Iraq’s entry into the New York and Singapore agreements has achieved a noticeable transition in attracting funds to the Iraqi market.

A statement by the Commission, seen by "Al-Eqtisad News", stated that the Chairman of the National Investment Commission, Haider Mohammed Makiya, received at the Commission's headquarters a delegation from the Arab Republic of Egypt headed by Deputy Prime Minister and Minister of Transport and Industry Kamel Al-Wazir and his accompanying delegation, in the presence of the Vice Chairman of the Commission, Salar Mohammed Amin, the Directors General of the Commission, the Egyptian Ambassador to Baghdad, Ahmed Samir, the Second Secretary, Mohammed Shahat, and the Foreign Affairs Advisor, Labib Al-Khudari. 

Makiya stressed - according to the statement - that "the presence of a high-ranking Egyptian economic delegation in Baghdad represents a real common desire to raise economic and commodity exchange between the two countries, and an actual translation of the recent visit of Prime Minister Mohammed Shia Al-Sudani to the Arab Republic of Egypt, which expressed a common desire to establish effective partnerships between the two countries," indicating that "the Commission is concerned with drawing up the investment policy for Iraq, in accordance with Investment Law No. (13) of 2006 and its latest amendment in 2015."

He explained that "the Commission seeks to localize many industries in various economic sectors, including projects supporting solar energy, food security, and renewable energies (blue and green ammonia), in addition to projects in various sectors." Pointing out that "Iraq's entry into the New York Convention, which is the recognition of foreign judgments, in addition to the pre-arbitration mediation agreement (the Singapore Convention), will achieve a noticeable shift in attracting funds to the Iraqi market."

The statement explained that "Makiya welcomed the heads and representatives of the Egyptian companies present in various specializations," calling for "creating a state of effective economic and qualitative integration between the two countries," and at the same time directing "an invitation to Egyptian companies and investors to attend the Iraq Investment Forum, which is expected to be held in early October of this year." For his

part, the head of the Egyptian delegation explained that "the type of partnership we are looking forward to is a joint Iraqi-Egyptian investment that does not serve the interests of a specific party, but rather represents an integrative and effective model," stressing that "the recovery and stability of the Iraqi economy represents an addition and support for the Egyptian economy and the economies of the region."

The Egyptian minister referred to "the experiences of the Egyptian economy in the field of industrial and investment zones, in addition to electricity, cables, wires, factory rehabilitation, sewage, ports, and others."

The statement concluded by saying, "The Egyptian Minister expressed his country's desire to participate and attend the International Development Road project, in which Iraq and Turkey are original parties, along with the states of Qatar and the Emirates, and for Egypt to be the fifth partner contributing to the establishment of this vital corridor that draws the future of the region's economies for the next stage link

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Tishwash:  Rafidain Bank identifies three advantages of electronic payment systems   

Today, Tuesday, Rafidain Bank identified three advantages of electronic payment systems, while indicating the nature of the services provided by these systems .

The Director General of Rafidain Bank, Ali Karim, told the Iraqi News Agency (INA): "Digital payment systems have many points and advantages. In addition to keeping pace with the rapid development taking place in the world, they also provide many services that were not previously available in regular systems . "

He added, "The three most prominent advantages of electronic payment systems are (flexibility and speed), which provide users with greater opportunities to achieve their desires, such as paying or collecting bills and dues, selling, buying, and shopping . "

He continued: “Digital payment systems also feature ‘remote management’, as they give government institutions, companies and owners of digital commercial projects the opportunity to work in several sectors, from different places, and at the same time, all these operations and tasks are organised through different means of connection, and thus the work is completed in one go . ”

He pointed out that "the third advantage of electronic payment systems is (rapid spread), through the high efficiency of connection and networking, which allows tasks to be completed in one go, and the completion of buying and selling operations at high speed, and thus companies and projects that rely on the electronic payment system in Iraq can reach  link

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

Tishwash:  Government directive to include these categories in electronic payment

The Government Media Team stressed, on Tuesday, the importance of activating the electronic payment process in all official institutions, while identifying the most important results achieved from activating electronic payment systems and services.

The spokesman for the team, Haider Majeed, said, "The Council of Ministers issued more than one decision to support electronic payment, and the General Secretariat of the Council of Ministers issued a circular to the ministries and entities not affiliated with a ministry and the governorate, on the necessity of adhering to and committing to what is issued by the government regarding activating the electronic payment process for all official institutions," noting that "there is direct coordination between official institutions with the Ministry of Finance and the Central Bank, to provide electronic payment devices in coordination with specialized companies."

He added, "The Council of Ministers stressed the importance of activating this service, which has a positive impact on commercial and financial transactions for all citizens, to facilitate buying and selling operations and protect currencies from damage," indicating that "government and private fuel stations were the first entity to start this process, followed by official state institutions, and it is expanding with the passage of time to include institutions that work with this system."

He added that "the Cabinet's directives also included stores, shops, pharmacies, clinics and all civil activities," stressing that "the use of electronic payment devices began to increase with the passage of time after the success of the experiment, and that the relevant official institutions are continuing to work on implementing the experiment to include government institutions and civil activities successively."

Regarding the achieved results, Majeed pointed out that “bank accounts have grown and are growing with the passage of time using the experiment, as well as the significant increase in the number of bank cards, in addition to the fact that electronic devices and points of sale have begun to grow,” noting that “one of the most important features of electronic payment is that citizens obtain the official exchange rate while using the electronic payment process.”  link

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Tishwash:  Prime Minister: Iraq's doors are open to all activities in order to achieve Arab economic integration

Prime Minister Mohammed Shia al-Sudani stressed, on Monday, that Iraq's doors are open to all activities in order to achieve Arab economic integration.

The Prime Minister's Media Office stated in a statement, seen by "Economy News", that "Prime Minister Mohammed Shia Al-Sudani received the Deputy Prime Minister and Minister of Transport and Industry of Egypt Kamel Al-Wazir, in the presence of the heads of a group of major Egyptian companies in the field of roads, construction and bridges."

Al-Sudani stressed that "this visit is a testament to the fraternal Iraqi-Egyptian relationship that represents the cornerstone in serving our brotherly peoples, and it also reflects the keenness of the leadership of the two countries on serious cooperation," noting that "Iraq's doors are open to all activities in order to achieve Arab economic integration."

The Prime Minister explained that "Iraq is witnessing an unprecedented movement in development and reconstruction," stressing "the importance of forming a follow-up cell to plan projects that Egyptian companies can implement in Iraq." 

For his part, the Egyptian Minister of Transport and Prime Minister conveyed the greetings of Egyptian President Abdel Fattah El-Sisi and Egyptian Prime Minister Mostafa Madbouly, stressing that "this visit is a continuation of what was witnessed during Al-Sudani's recent visit to Cairo, in addition to Egypt's serious desire to expand cooperation with Iraq and President El-Sisi's recommendations in this direction."

The Egyptian Minister of Transport confirmed "working to complete the memorandum of understanding with the Iraqi Ministry of Transport in the field of land and rail transport," expressing "his country's readiness to contribute effectively to the completion of the development road project."

The statement concluded that "the delegation that accompanied the minister included 14 major companies, out of a total of 100 Egyptian companies that requested to participate in projects in Iraq," where representatives of these companies expressed "their readiness to transfer their expertise and partner with Iraq  link

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

Mot: ... Do you think this miracle is too much to ask for from Santa 

Mot: . Seeeeeee - Splains Everything!!! 

Iraq Economic News and Points To Ponder Tuesday AM 9-10-24

An Economist Warns Of The Collapse Of The Iraqi Economy And Provides Solutions
 
Economy |  09/09/2024  Mawazine News – Baghdad  An economic researcher considered the existence of 8 hidden weaknesses in the Iraqi economy, in a comment on fears of the collapse of the economy,  
describing that the collapse essentially occurred a long time ago, and fluctuations in oil prices prolong or accelerate the final collapse.
 
Economic researcher Manar Al-Obaidi said in a statement that  with the decline in oil prices and the unprecedented rise in operating expenses to reach a growth rate in current expenditures exceeding 30% and a decline in revenues by 16%, the most important question arises:

Is the Iraqi economy facing a crisis or collapse?

The sustainability of any economy depends primarily on the  diversity of its sources and the  control and planning of its expenditures.”

He continued,  “We cannot expect the sustainability of an economy in which more than 500,000 researchers enter the labor market annually and is unable to create productive job opportunities with more than 20 to 30 thousand opportunities as a maximum, and an economy based on sales of one commodity and whose prices are not controlled through One port and only two countries.”
 
He described 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 pastoral laws and legislation and gives 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 non-existent productivity, an  
 
     economy marred by corruption, lack of transparency and inequality of opportunities, an
 
     economy that does not have foreign investments and is unable to attract them.”  He concluded:
 
“The collapse occurred a long time ago, and the
 
fluctuations that are occurring in oil prices are merely prolonging or accelerating the collapse process, and the
 
manifestations of the collapse will be faster than the decline in oil prices.” https://www.mawazin.net/Details.aspx?jimare=254671   

The Story Of The Suspicious Dollar Transfer.” An American Newspaper Interviews Ali Ghulam At His Palace In London, “Near The American Embassy.”

 Policy   2024-09-09 | 7,321 views  Alsumaria News-Politics  A Wall Street Journal report revealed the extent of Ali Ghulam’s influence on the dollar crisis in Iraq, as he was the reason for the American side imposing strict control on dollar transfers from Iraq, while

 Ghulam was described as “the undisputed king of the dollar in Iraq for a decade.”

The Iranian Revolutionary Guard was financed with dollars using suspicious import receipts, which is denied by Gholam, who lives in his mansion in London near the residence of the American ambassador to Britain.

 The newspaper pointed out that the American side was aware of these problems since 2012, but did not want to plunge Iraq into an economic crisis.

 The newspaper said in an article translated by Al Sumerian, that Ali Ghulam was the undisputed king of the dollar in Iraq for nearly a decade, and

 his three banks in Baghdad transferred tens of billions of dollars at that time outside the country, ostensibly to buy car parts, furniture and other imports, indicating

 He was one of the most senior workers in the ad hoc banking system that was established nearly two decades ago under the American occupation and that gave the Federal Reserve Bank of New York a key role in processing Iraq's international transactions. She noted that

years later, when the Federal Reserve finally began to look more closely at where the money was going, it closed it almost overnight, as

 American officials suspected that its banks were among more than two dozen Iraqi banks involved in transferring dollars to Iran and its allies., using front companies and false invoices to circumvent sanctions that prevent Iran from accessing the global financial system.

 The newspaper reported that audits of Gholam's banks, which were completed in May, revealed unusual details of dollar transactions abroad, which auditors said raised concerns about money laundering. Gholam denied these allegations in interviews.

 The newspaper explains that among Iraqi banks in general, it was not possible to trace up to 80% of the bank transfers worth more than $250 million that flow through them on some days, and part of this amount went secretly to the Iranian Islamic Revolutionary Guard Corps.

 The crackdown on Iraqi banks began in late 2022 after more than a decade of US inaction, even after the Pentagon's inspector general warned as far back as 2012 of the potential for fraud worth $800 million a week.

 Current and former US officials said the US had imposed... Over the years, it has imposed temporary restrictions on cash flows to Iraq, but fears that strict or permanent controls will plunge Iraq into economic chaos and setback its battle against ISIS.

Ghulam, 42, now based in London, ran an empire that handled the lion's share of dollars transferred outside Iraq, on some days as much as 20 percent of wire transfers, he and Iraqi banking officials said.

 Its banks - Iraqi Middle East Investment Bank, Al Ansari Islamic Bank, and Islamic Holding Bank - were the first to be banned from dollar transactions by the Federal Reserve and the Treasury Department in late 2022.

 US officials did not explain the decision publicly, and said privately that the banks had stopped.

He was suspended from work due to the large volume of suspicious transactions, and no action was taken against Ghulam personally.

Gholam denied that his banks knowingly sent money to the Quds Force or the Iranian government. He said:

"The Americans have nothing against me.

I have nothing to do with money laundering or Iran."

He said that his life in London, where he and his family live after moving from Baghdad in 2018, has been turned upside down since the loss of the US dollar.

His $40 million home, which was recently renovated with shiny marble floors, a swimming pool in the basement and a parrot cage, is located Just a few blocks from the US ambassador's residence, after a walk, he often heads to his favorite London restaurants in his Rolls-Royce SUV.

 “The system is bad, but every bank in Iraq was operating under the same system,” Ghulam said. The Americans came up with this system?

 Since the ban on Gholam's banks, the Treasury Department and the Federal Reserve have been pressing for more sweeping changes in Iraq.

 The United States has banned more than two dozen other Iraqi banks from conducting transactions in dollars.

 Strict new rules imposed by the Central Bank of Iraq since late 2022 under American pressure require banks to disclose the final recipients of bank transfers.

 The New York Federal Reserve Bank at that time began carefully monitoring wire transfers from Iraq's official accounts, rejecting any transfers that did not comply with standard procedures for transferring international funds, officials said.  

  https://www.alsumaria.tv/news/politics/499461/قصة-التحويل-المشبوه-للدولار-صحيفة-أمريكية-تحاور-علي-غلام-بقصره-في-لندن   

Parliamentary Finance: Electronic Payment Achieved 7 Gains And Prevented The Smuggling Of Funds Out Of Iraq
 
Economy   Baghdad - IA - Nassar Al-Hajj  Monday, the Parliamentary Finance Committee confirmed the achievement of 7 major gains after electronic payment came into effect, and
 
while it indicated its adoption to prevent the smuggling and laundering of money outside Iraq, it recommended its generalization in all financial transactions.
 
Committee member Mustafa Al-Karaawi told the Iraqi News Agency (INA):
 
“There are many gains achieved from introducing the electronic payment experience into effect, including
 
     reducing circulation in paper currency and thus
     reducing the costs resulting from printing banknotes and replacing damaged ones, as well as
     supporting balances in private bank accounts.” And government investments, as well as
     investment in supporting the private and commercial sectors and loans, as well as
     controlling funds more broadly and
     preventing their smuggling and laundering outside Iraq.”  He added,
 
"This also led to controlling the cash supply and not having it in people's homes, but rather in banks, in order to invest and circulate it in the economic process,"
 
proposing, "generalizing electronic payment in all financial transactions in Iraq."
 
Al-Karawi suggested encouraging more citizens to use electronic payment by offering incentives and discounts to everyone who uses electronic payment so that there is a real shift and a desire among citizens to go to it and thus achieve the public interest.   https://www.ina.iq/216566--7-.html   

 Including The Growth Of Banking Liquidity.. A Government Advisor Reveals 3 Goals For Electronic Payment
 
Economy   Baghdad - INA - Amna Al-Salami  Today, Monday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, revealed three goals for the transition from cash payments to electronic ones, while noting that it will achieve growth in banking liquidity.
 
Saleh told the Iraqi News Agency (INA):
 
“The shift from cash payments to electronic payments will undoubtedly achieve three basic goals in modernizing digital life in Iraq at the same time,
 
the first of which is maximizing the level of cash flows to the banking system,
 
     which only accounts for 15%.” “of the total currency issued in circulation,
     which leads to reducing the phenomenon of bank liquidity risks and uncertainty and celebrating idle hedge liquidity.”

He added,  "The second goal will result in growth in banking liquidity that leads to the growth of monetary credit and achieving a higher level of financial depth, and what is linked to the rise in credit indicators to the GDP does not exceed 11% of the GDP, which is considered very low according to the international standard." One of the indicators of financial depth is providing long-term financing, managing risks, and offering diverse investment options.” Saleh continued,
 
 “The third goal is to increase and regular government cash revenues, or what is called cash flows to the public treasury, in an accelerated manner, within the framework of developing the treasury single account, which is one of the most important goals of financial reform in Iraq.
 
In light of the above, the country will witness a technical conference.” For electronic payments, all stakeholders concerned with electronic payment will come together to conduct a comprehensive assessment of the stage of transformation towards digital payments, chart future paths, evaluate the successes achieved, and come up with an integrated vision for moving to the next digital stage in payments in our country.” He pointed out,
 
 “The digital payments policies launched by the government a year ago are considered one of the most important issues that the government program came up with in the scope of applying the principles of electronic governance, as its most important arms are modernizing the efficiency of payment systems in our country, in the transition from cash payments to digital payments.”
 
The applications of this accelerated transformation have been supported by many positive factors, including the growing number of electronic payment companies throughout the country to approximately 17 payment companies, and most of them are active in the economic work arena.” Saleh added,
 
 “One of the positive factors that supported this conversion is the trend towards electronic banking by approving a number of active digital banks in this regard, in addition to the development of the digital infrastructure related to electronic payment that the Central Bank of Iraq maintains and is developing rapidly, including the application Standard supervisory and regulatory standards for digital payments, accompanied by the expansion of the use of electronic payment devices, and finally the Council of Ministers’ adoption of facilitating legal instructions and controls to regulate the payments sector and digital transformation, as well as the shift of collection operations for government institutions towards electronic collection.”

He continued,  "Digital payments have risen at government gas stations and others, for example, to more than 60% of their payment operations currently, and they are in an increasing movement for the stations to complete all digital collection requirements until the end of this year.
 
Government electronic collection has also been completed in the joints of government activity."
 
All and according to the same timeline in the shift towards electronic collection, the  results expected from the spread of digital payments are represented by an increase in the number of bank accounts to approximately 16 million bank accounts, which cover about 50% of the number of adults in our country, and that the goal is for every adult citizen to have a bank account.". 

Saleh stated,  “This boom in the number of adult bank accounts was reinforced by the use of electronic payment cards, which touched approximately 20 million citizens holding electronic payment cards, meaning that adult electronic payment card holders touch approximately 60% of the total number of those adults, despite the dominance of electronic payment cards.”
 
Prepayment, which is linked to the accounts of the issuing bank companies, as it requires that electronic payment cards be linked directly to a personal bank account, which reflects the necessity of the rapid growth of the goals of digital financial inclusion, and
 
the aspiration for banking services that touch the poorest and most vulnerable groups in society by expanding the scope of use. Digital or electronic payment cards.    
 
https://www.ina.iq/216536--3-.html   

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

Seeds of Wisdom RV and Economic Updates Tuesday Morning 9-10-24

Good Morning Dinar Recaps,

SEC crypto enforcement hits $4.7B this year, rising 3,000% from 2023

The SEC is having a record crypto enforcement year, bolstered by a $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon.

The United States Securities and Exchange Commission has imposed nearly $4.7 billion worth of enforcement actions against crypto firms and executives in 2024, an over 3,000% jump from 2023.

The SEC’s record-setting year was mostly boosted by its massive $4.47 billion settlement with Terraform Labs and its former CEO Do Kwon in June — its “largest enforcement action to date,” according to a Sept. 9 report from Social Capital Markets.

The regulator’s 11 enforcement actions in 2024 netted a 3,018% increase from its $150.3 million worth of fines in 2023 despite taking 19 fewer actions against crypto firms.

The total fine amounts included forfeiture, disgorgement, civil penalties, settlement and prejudgment interest, which were counted from when the SEC initiated the enforcement action.

This year’s hike in fines suggests the SEC has made a strategic shift toward targeting more influential cases.

“This trend indicates a strategic shift by the SEC toward fewer but larger fines, with a focus on making high-impact enforcement actions that set precedents for the entire industry,” the report stated.

The SEC hit the social messaging network Telegram with a $1.24 billion action in 2019, comprised of $18.5 million in civil penalties and $1.2 billion in disgorgement paid back to investors.

Social Capital Market said the case significantly contributed to the average fine rising nearly 2,000% year-on-year to over $70 million in 2019.

The next four years saw the average fine hover between $5 million and $35.2 million before the Terraform Labs case brought 2024’s average fine above $420 million.

GTV Media Group, Ripple Labs, and fraudsters John and Tina Barksdale are among those the SEC has fined with an enforcement amount exceeding $100 million.

That said, 46% of the fines imposed since 2020 have been below $1 million, while 30% fell between the $1 million and $10 million range.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

SEC ‘dug in’ on bank crypto custody rule as agency’s stance ‘unchanged’

SEC chief accountant Paul Munter said agency staff views on a divisive rule curtailing banks from offering crypto custody services “remain unchanged.”

The United States Securities and Exchange Commission has seemingly “dug in” on its stance on a rule that would curtail crypto custody services for regulated financial firms.

In a Sept. 9 address to a banking conference, SEC chief accountant Paul Munter discussed the agency’s regulatory stance on accounting for crypto assets, focusing on SEC Staff Accounting Bulletin No. 121 (SAB 121) and its applications.

“The [SEC] staff’s views in SAB 121 remain unchanged,” he said.

“Absent particular mitigating facts and circumstances, the staff believes an entity should record a liability on its balance sheet to reflect its obligation to safeguard crypto-assets held for others,” Munter added.

ETF Store President Nate Geraci said in a Sept. 10 X post that the SEC “appears dug in” on SAB 121.

“They simply don’t want to provide regulated financial institutions with the ability to custody crypto,” he added.

The SEC introduced SAB 121 in March 2022, outlining its accounting guidelines for institutions looking to custody crypto assets.

The rule was divisive in political circles as it virtually prevented banks and regulated financial institutions from custodying crypto assets on behalf of clients.

The SEC believes that entities with such safeguarding arrangements should record a liability on their balance sheets for digital assets.

Munter said the SEC had reviewed various accounting scenarios involving blockchain and crypto assets and acknowledged that not all arrangements fit the proposed guidelines set out in SAB 121.

Bank holding companies that safeguard crypto with bankruptcy protection may not need to record a liability on their balance sheets, he said.

Additionally, “broker-dealers” that facilitate crypto transactions but do control the cryptographic keys may also not be required to record liabilities.

Meanwhile, SEC Commissioner Hester Peirce, who has been vocally against the rule, said on X she continued “to be concerned about the SAB 121 substance and process.”

The US House of Representatives voted to overturn controversial SEC guidance in May. However, President Biden vetoed the repeal the following month.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

North Carolina Senate overrides governor veto, passes bill banning CBDC

A North Carolina Senate veto-busting vote saw 12 Democratic Party senators who initially voted for the bill to ban a CBDC switch to backing Governor Roy Cooper’s veto.

The North Carolina General Assembly has passed a bill banning the state from implementing a United States Federal Reserve-issued central bank digital currency (CBDC), with the Senate overriding Governor Roy Cooper’s veto.

The Republican Party-led Senate approved House Bill 690 by a 27–17 vote on Sept. 9, narrowly surpassing the 60% majority needed to override a veto by Cooper — a Democrat — and pass it into law.

It comes after the North Carolina House of Representatives voted to overturn Cooper’s veto in early August in a 73–41 vote.

The bill forbids the state of North Carolina from accepting CBDCs as a form of payment and prohibits it from participating in future CBDC tests conducted “by any Federal Reserve branch.”

Cooper’s July 5 veto followed a lopsided 109–4 vote in the House and a 39–5 vote in the Senate a month earlier.

The latest veto-busting Senate vote was much closer, with 12 Democrats who initially supported the bill flipping to support Cooper’s veto.

Not a single Senate Democrat voted to pass the bill this time.

Blockware Solutions head analyst Mitchell Askew told Cointelegraph it is “amazing” to see CBDCs officially banned in his native state, but he wasn’t pleased with how the Senate vote went:

“12 Democrats flipping their position to support the veto confirms my initial hypothesis that the veto was due to Cooper playing partisan politics.”

In a Sept. 9 X post, Blockchain Association’s head of industry affairs, Dan Spuller, said Cooper’s veto effectively “blew an opportunity” to send a message to the Federal Reserve that North Carolina stands “united” against CBDCs.

Cooper’s office did not immediately respond to a request for comment on the bill’s passing.

While CBDCs have been researched by the Federal Reserve, its Chair Jerome Powell stated on July 31 that “there’s really nothing new going on at all” with a US-issued CBDC.

At a March federal Senate Banking Committee hearing, he said the US was “nowhere near recommending or let alone adopting a central bank digital currency in any form.”

Despite the Fed’s assurances, the US House passed the CBDC Anti-Surveillance State Act in May. A companion bill has been introduced to the Senate by Senator Ted Cruz.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

XRP Positioned to Lead the New Financial System, Says Industry Expert

▪️One industry expert says that the XRP community must remain focused on building solutions and not get pulled into the sideshows.

▪️XRP has failed to impress despite most of its peers recording increases to start the week, with the market cap of the XRP Ledger hitting its lowest since January 2022.

XRP has started the week with a worryingly characteristic lack of momentum, gaining a measly 0.2% in the past day to bring its weekly drop to 4.4%, the third-highest drop in the top ten after Ethereum and BTC, respectively.

The dip in the ecosystem market cap can be assessed as a strength as it allows projects to regroup away from the speculation and gives investors a better picture of the project with staying power.

However, it has negative implications as well—for instance, it could signal that projects are leaving XRPL for other chains. It could also discourage new builders from joining and dishearten users from engaging with their favorite XRPL projects. Ultimately, it could erode user and investor confidence, and this can be difficult to recover.

Kirjakulov opines: “Downturns can fuel long-term growth if the ecosystem pivots toward utility and embraces fresh ideas. It’s a moment for XRPL to recalibrate and seize new opportunities, not just a signal of decline.”

Despite the lax performance, some analysts believe that the breakout is near. One analyst points to the consolidation cycle that XRP has been caught up in previously, where a breakout brought about a massive surge to a new all-time high. This same pattern seems to be repeating, as we’ve reported, and a breakout could push the token to new heights.

Focus on Building: Expert Tells XRP Ecosystem

One expert has called on the XRP community to keep building and ignore the price and some of the political issues around the network. Versan Aljarrah, the founder of crypto consultancy Black Swan Capital, noted that the noise around Chris Larsen endorsing Democrat Kamala Harris must not deter progress.

“Focus on the bigger picture. XRP is still building the foundation of the new financial system while Bitcoin’s ties to intelligence agencies remain undeniable,” he stated.

As we reported, Larsen was among nearly 100 other major business leaders who voiced their support for Harris in a statement last week. The move by the Ripple founder contrasts with the company’s incessant criticism of the Biden-Harris administration, under which it was almost brought down by the SEC.

In fact, Ripple has been seen to lean Republican and warm up to Donald Trump, the self-proclaimed crypto saviour. The company’s CLO Stuart Alderoty even donated $300,000 to Trump’s campaign and has attended his events.

With Larsen leaning the opposite way, Ripple seems to be betting on both sides, plausibly to protect its interest regardless of who emerges victorious in the November polls.

@ Newshounds News™

Source:   Crypto News Flash

~~~~~~~~~

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IQD Update-Iraq Dinar-#iraqi dinar-#xrp-Iraq Reconciling-Unifying with Kurdistan - Al-Sudani does it

IQD Update-Iraq Dinar-#iraqi dinar-#xrp-Iraq Reconciling-Unifying with Kurdistan - Al-Sudani does it

Militiaman and Crew:  9-9-2024

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

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

https://www.youtube.com/watch?v=xko0KfKg7ec

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

~~~~~~~~~

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 

  ~~~~~~~~~

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

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

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Newshound's News Telegram Room Link

Q & A Classroom Link  

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Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

“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……..

https://www.youtube.com/watch?v=0VMlMM1XENw