US Debt Default Inevitable, Only One Way to Stop it

US Debt Default Inevitable, Only One Way to Stop it

David Lin:  11-3-2024

In the ever-evolving landscape of the U.S. economy, one topic looms over discussions like a dark cloud: the potential for a debt default. According to John Deaton, Managing Partner of Deaton Law Firm and Senate Candidate for Massachusetts, this scenario is not only possible—it’s becoming increasingly inevitable unless decisive action is taken.

In a recent conversation with financial journalist David Lin, Deaton outlined the gravity of the situation and proposed solutions to avoid what could be one of the most significant financial crises in American history.

To fully grasp the seriousness of the impending default, we must first understand what the debt ceiling is and why it poses such a threat. The debt ceiling refers to the maximum amount of money that the U.S. Treasury can borrow to cover expenses that Congress has already approved. When this limit is reached, the government must either raise the ceiling or face the consequences of not being able to fund its obligations.

In recent years, political gridlock has made raising the debt ceiling a contentious issue. As the national debt climbs over $31 trillion, each new debate about raising the ceiling seems to bring us closer to the brink of default. According to Deaton, the stakes have never been higher; the nation faces the painful prospect of a fallout that could affect not only the economy but the lives of millions of Americans.

A U.S. debt default would send shockwaves through the global economy, destabilizing financial markets and eroding trust in America’s creditworthiness. The domino effect could cause interest rates to spike, investments to plummet, and create uncertainty in households and businesses alike.

Deaton points out that a default would not only harm economic growth but also impact critical programs like Social Security and Medicare. With so many lives at stake, the question arises: how do we avoid such a catastrophic scenario?

According to Deaton, the route to averting a debt default lies in bipartisan cooperation and fiscal responsibility. Leaders from both sides of the aisle must recognize that putting politics aside in favor of a long-term solution is essential. The U.S. government must adopt a more disciplined approach to budgeting, focusing not just on cutting spending but also on finding new sources of revenue.

Additionally, Deaton emphasizes the importance of restructuring how we think about the national debt. Instead of viewing it solely as a burden, he advocates for strategies that leverage the debt to stimulate economic growth. This includes investment in infrastructure, technology, and education, which could ultimately yield higher returns for the country.

To truly address the looming crisis, Deaton believes we need a paradigm shift in how we approach fiscal policy. This requires transparency in government spending and a commitment to addressing the root causes of our national debt. Politicians must be held accountable for their decisions, and the public must become more engaged in the conversation around economic policy.

The potential for a U.S. debt default is a pressing issue that cannot be ignored. As John Deaton eloquently pointed out in his discussion with David Lin, the only way to stop this impending crisis is through bipartisan leadership and a commitment to fostering a robust economy.

By rethinking our approach to national debt and focusing on long-term growth, we can safeguard the future of the American economy and avoid the disastrous consequences of default.

The time for action is now. It’s up to our leaders and citizens alike to advocate for responsible fiscal policies to ensure that the U.S. remains a pillar of economic stability on the global stage.

The road ahead may be challenging, but with collective effort and sound decision-making, it is one we can travel together.

https://youtu.be/WOSd6Qwa4JM

Iraq Economic News and Points To Ponder Sunday AM 11-3-24

Banking Association: Reducing Inflation Helped Stabilize Commodity Prices

Political | 02/11/2024  Mawazine News – Baghdad  The Private Banks Association confirmed today, Saturday, that the government's success in reducing the inflation rate to 3.8% helped stabilize commodity prices.

The Executive Director of the Private Banks Association, Ali Tariq, told Mawazine News Agency: "The Private Banks Association and the Central Bank of Iraq held a symposium entitled (The Statistics Cycle in Formulating Monetary Policy)," indicating that "the use of statistical data and information is a methodology adopted by the Central Bank of Iraq, especially in the recent period in making decisions, whether at the level of monetary policy or decisions that affect the economy in general."

He added that "the aim of the symposium is to clarify economic, financial and banking data to the public by specialists; to view the data published on the website of the Central Bank of Iraq; to clarify progress and shortcomings related to the financial sector or monetary policy."

Tarek stressed that “one of the important indicators is related to the banking sector, the size of deposits, or the size of the monetary mass and the distribution of deposits between the government and private banking sectors, in addition to the impact of credit and loans on the gross domestic product,” explaining that “

on the other hand, as economic indicators, the most important of which were inflation rates, which decreased significantly in the recent period to reach 3.8 percent,” noting that “this is considered an excellent rate that maintains the stability of commodity prices, and thus the price increase is less for the citizen.”  https://www.mawazin.net/Details.aspx?jimare=256297

Within A Week.. More Than One Billion Dollars In Sales From The Central Bank Of Iraq

Saturday 02 November 2024 15:22 | Economic Number of readings: 188  Baghdad/ NINA / The Central Bank of Iraq's total sales of hard currency for the dollar during the days in which the auction was opened last week exceeded one billion dollars.

The Central Bank sold, during the past week and for the 5 days in which the auction was opened, one billion, 396 million, 679 thousand, and 657 dollars, at a daily average of 279 million, 335 thousand, and 931 dollars, higher than the previous week, which amounted to one billion, 338 million, 650 thousand, and 762 dollars.

The highest sales of the dollar were last Tuesday, when sales amounted to 299 million, 165 thousand, and 952 dollars, while the lowest sales were on Monday, when sales amounted to 266 million, 165 thousand, and 952 dollars.

Foreign remittance sales during the past week amounted to 1 billion, 349 million, 829 thousand, and 657 dollars, an increase of 97% compared to cash sales, which amounted to 46 million, 850 thousand dollars. / End 7   https://ninanews.com/Website/News/Details?key=1165782    

$282 Million Is The Volume Of Sales Of The Central Bank Of Iraq In The Currency Auction

Banks  Economy News – Baghdad  The Central Bank of Iraq announced today, Sunday, its sales of hard currency, which amounted to more than 282 million dollars in today's transactions, according to the official price of 1310.

The bank's data showed that the total internal cash withdrawals amounted to $2,650,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $279,414,798, while the total sales amounted to $282,064,798.   https://economy-news.net/content.php?id=49435

Iraq's Oil Exports To America Decline During The Week

Energy  Economy News – Baghdad  The US Energy Information Administration announced, today, Sunday, that Iraq's oil exports to the United States decreased during the past week.

The administration stated, in a table reviewed by "Al-Eqtisad News", that "the average US imports of crude oil during the past week from 10 major countries amounted to 5.299 million barrels per day, down by 348 thousand barrels per day from the previous week, which amounted to 5.647 million barrels per day."

She added that "Iraq's oil exports to America amounted to 216 thousand barrels per day last week, down by 21 thousand barrels per day from the previous week, which amounted to 237 thousand barrels per day."

The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 3.660 million barrels per day, followed by Mexico at an average of 621 thousand barrels per day, then Venezuela at an average of 250 thousand barrels per day, and Colombia at an average of 150 thousand barrels per day."

According to the table, "the amount of US imports of crude oil from Nigeria amounted to 145 thousand barrels per day, from Libya 89 thousand barrels per day, from Brazil 88 thousand barrels per day, from Ecuador 67 thousand barrels per day, and from Saudi Arabia at a rate of 13 thousand barrels per day. https://economy-news.net/content.php?id=49417

Parliamentary Investment And Development Committee Calls For Commitment To The “Investment Law”

Money and business  Economy News - Follow-up  The Parliamentary Investment and Development Committee called on the National Investment Commission and investment authorities in the governorates to oblige investors and developers to abide by the Investment Law, stressing the endeavor to amend its provisions to appear in the form of an integrated draft law that guarantees the investor's right and at the same time guarantees the state's right.

The committee stressed the importance of attracting real estate developers to contribute to the development of residential lands, in implementation of an item in the budget stipulating the necessity of distributing government lands after preparing them for housing. Committee member, Diaa Al-Hindi, explained in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "this item gives developers the opportunity to develop areas by paving roads and providing basic services, which makes them ready to receive residents, provided that the collection of revenues is allocated to them after the development process."

He pointed out that "current housing projects focus on building complexes that aim to achieve quick profits without paying full attention to the quality of infrastructure or services," noting that "most countries in the world are currently moving towards resorting to real estate developers to ensure an appropriate housing level that meets the needs of citizens and achieves sustainable development."

Regarding the laws that the Parliamentary Investment Committee is working on, Al-Hindi revealed that the committee has completed the "Industrial Investment" law, which is now ready for voting in Parliament, and has also completed discussing the "Investment Law Amendment" to present it as an integrated project that supports investment efforts in the country and encourages attracting local and international investors.

In turn, committee member Susan Mansour said, "The investment law exists and is legislated, and although it is relatively solid, some of its provisions are elastic and need to be amended, as it is one of the most important laws, especially at this stage when Iraq needs to open up to the economic world," indicating that "the investment law is the tool that properly regulates the investment process in the country."

She added, "Most investors do not adhere to the current investment law, calling on the National Investment Commission to adhere to the standards of the law and implement its provisions on investors in a real manner, so that investment in Iraq can rise and become an attractive international environment for investment."   https://economy-news.net/content.php?id=49415

Iraqi Post Makes Progress In Digital Transformation

November 2, 2024  Baghdad - Ibtihal Al Arabi  The General Post and Savings Company, affiliated with the Ministry of Communications, is developing its work on the digital transformation of financial transactions, by converting postal books into electronic cards.

The ministry’s spokesman, Omar Abdul Razzaq, said in a statement yesterday that (the company seeks to enhance the postal service and facilitate the use of postal books electronically, which allows citizens to view their balance and know all movements in their account through the electronic application), according to his expression,

noting that (the digital transformation operations achieved their desired goals of reducing corruption and manipulation of citizens’ deposits), Abdul Razzaq added that (this activity contributed to enhancing citizens’ confidence in the procedures adopted by the Post and Savings Company, within the framework of commitment to the directives of the government program that emphasize the importance of activating digital transformation and electronic payment instead of cash circulation of currency).

The Minister of Communications, Hiyam Al-Yasiri, discussed a package of issues related to the cybersecurity file, as a basic pillar of digital transformation, and how to protect electronic systems and personal data from digital hacking.

 A statement received by Al-Zaman yesterday stated that (a meeting was held between Al-Yasiri and the Information Technology and Cyber ​​Security departments, to review the ideas and opinions presented by the specialized technical teams, to reach a clear vision in preparing applicable analytical studies, keeping pace with the technological development that the countries of the world have reached).

Overcoming obstacles

Al-Yasiri stressed the "necessity of accelerating the pace of work, overcoming obstacles by the competent authorities in the ministry and its formations, and working to prepare professional cadres, in coordination with international companies." In a related context, the Supreme Judicial Council began activating electronic services in all appellate court presidencies.

A statement received by (Al-Zaman) yesterday stated that "it was decided to activate electronic services in all appellate court presidencies, for the systems of oaths and legal arguments, in a manner that ensures the framework of digital transformation adopted by the Council,"

indicating that "this step comes to enhance efforts to digitize judicial procedures," and the statement added that "digital transformation serves to improve the speed of completing transactions, facilitate communication between citizens and judicial authorities, abandon paper records, enhance operational efficiency in time and effort, enable quick and secure access to data and information, and ensure transparency and credibility in litigation procedures and judicial transactions."

Modern techniques

For its part, the Ministry of Interior is moving towards enhancing communications security, relying on modern technologies. Thamer Al-Hussaini, commander of the ministry's Rapid Response Division, said in a statement yesterday that (the Military Industrialization Authority is working to equip the Rapid Response Division with modern technical equipment that contributes in a way to supporting communications security), according to his expression,

stressing that (mutual support is essential for the development witnessed by security institutions). Al-Hussaini explained that (cooperation between ministries and government agencies serves to improve security performance and raise the capabilities of combat units, which enhances their readiness), pointing to (the provision of modern technical equipment by the Manufacturing Authority to improve the Ministry's communications security). LINK

Iraqi National Security Adviser Discusses Strengthening Cooperation With NATO Mission In Iraq

Iraqi National Security Advisor Qasim Al-Araji received today, Saturday, the Commander of the NATO Mission in Iraq, Lieutenant General Lukas Schroers, where the meeting discussed enhancing cooperation between Iraq and the NATO Mission and the importance of exchanging expertise and information between the two sides, with a focus on supporting and training the Iraqi security forces.

Al-Araji reiterated Iraq's keenness to work with the NATO Mission, stressing the importance of the mission's role in supporting the Iraqi forces as an advisory and training mission, not a combat one.

For his part, the Commander of the NATO Mission stressed the continued need to exchange expertise and mutual benefit, pointing to Iraq's long and accumulated experience in the security field, which enhances the opportunities for successful cooperation between the two sides. https://www.radionawa.com/all-detail.aspx?jimare=40042

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

Seeds of Wisdom RV and Economic Updates Sunday Morning 11-3-24

Good  Morning  Dinar Recaps,

COINBASE EXPANDS CFTC-REGULATED FUTURES WITH SILVER AND STELLAR (XLM) CONTRACTS

▪️Coinbase recently announced the launch of futures contracts for silver (SLR) and stellar lumens (XLM) through its Coinbase derivatives exchange.

▪️Coinbase’s futures contracts for these assets align with its mission to offer secure, accessible and regulated financial products.

Coinbase Derivatives’ primary goal in launching new cryptocurrency futures contracts is to create markets that offer retail traders diversification, price discovery, risk management and margin.

It has taken a significant step toward its goals with the launch of new futures contracts for silver (SLR) and Stellar (XLM).

These join the list of products already regulated by the CFTC, which includes LTC, DOGE, SHIB, AVAX, DOT, LINK, Gold, BTC, ETH, BCH and Oil. In its official account X announced that the contracts will be launched on November 11, 2024.

Coinbase Derivatives is a Commodity Futures Trading Commission (CFTC) registered contract marketplace that allows users to trade and hedge the price of digital assets. 

Derivatives are contracts that derive their value from an underlying asset or commodity, allowing you to gain exposure to an underlying asset without buying it.

The impact of Coinbase’s silver futures and XLMs
Coinbase’s official statement suggests that by combining traditional commodities such as Silver with cryptocurrencies such as Stellar, they aim to create a more comprehensive trading platform.

This approach aims to diversify opportunities, allowing investors to manage risk across different asset classes. The futures contracts they offer support effective pricing, meaning they help establish fair market prices and allow traders to respond with confidence to market changes.

The Stellar and Silver contracts are designed to increase market accessibility and are structured for retail trading with smaller contract sizes. 

Specifically, each Silver contract represents 50 troy ounces, while each Stellar Lumens contract is 5,000 tokens. With the introduction of these retail-sized contracts, Coinbase aims to encourage broader participation among retail traders who may be looking for affordable ways to enter the futures markets.

With silver being a new tradable asset for Coinbase, it reflects a push into the commodity markets. Silver futures offer users a means of hedging against inflation or other economic changes, as silver remains a traditionally stable asset in times of market volatility.

On the other hand, XLM is a decentralized open source network that allows for low-cost cross-border transactions between any cryptocurrency pair.

In addition, Stellar has a decentralized exchange (DEX) that allows users to trade assets on the network. In addition to its low-cost trading capabilities, Stellar uses a unique system, the Stellar Consensus Protocol (SCP), to process transactions faster and more reliably than many traditional networks.

In other developments, CNF reported that Robinhood announced its support for Stellar on its official X account on October 23. This allows EU users to deposit and withdraw XLM on the Robinhood app.

This is an important move for Robinhood and XLM, as flexibility in handling the currency can benefit both ecosystems. Despite a 1.94% drop in XLM’s price to $0.0914 in the last 24 hours, trading volume increased 10.74% to $54.29 million, indicating continued investor interest in XLM’s various use cases.

@ Newshounds News™

Source:  Crypto News Flash

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METAMASK DEV CONSENSYS: SEC CLAIMS UNSUPPORTED IN LAW

Ethereum infrastructure developer Consensys has filed its response to the U.S. Securities and Exchange Commission’s claims of federal securities law violations, adding to its lawsuits against the agency.

The SEC previously accused Consensys’ crypto wallet, MetaMask, of operating as an unregistered broker and securities issuer.

Consensys fully refuted the SEC’s allegations, criticizing the agency and its chair, Gary Gensler, for what it described as an unconstitutional attack on the decentralized finance ecosystem. Its court-submitted reply reaffirmed its stance and dissatisfaction with the SEC’s lawsuit.

This action is just the latest step in the SEC’s recent campaign to seize control over the future of blockchains and cryptocurrency, one of the fastest-growing and most innovative technologies in the world… The SEC’s attempt to impose its regulatory authority on this technology and insert itself into this crypto architecture is unsupported in the law — its claims must fail.

Consensys response to SEC suit

Before becoming the subject of an SEC probe, Lubin’s firm had sued the SEC over its Ethereum investigation. Agency prosecutors closed the inquiry and promptly filed a complaint against MetaMask’s creator. The SEC alleges that MetaMask facilitated illegal securities trading and that its staking service violated financial regulations.

Consensys countersued the regulator to determine whether the law grants the SEC regulatory oversight. Bill Hughes, a lawyer for Consensys, revealed that U.S. Judge O’Connor granted an expedited calendar for the case.

Meanwhile, CEO Joseph Lubin announced staff layoffs attributed to regulatory battles and macroeconomic factors, with Consensys reducing its workforce by 20%.

Several firms under pressure from SEC litigation may see the approaching U.S. general elections as a potential advantage. Digital asset companies have donated over $190 million to crypto-focused super PACs like Fairshake, outspending all other industries.

@ Newshounds News™

Source:  Crypto News

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🌱 WARREN BUFFETT PREFERS CASH AND WHY  | YOUTUBE

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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“Tidbits From TNT” Sunday Morning 11-3-2024

TNT:

Suspended laws await Al-Mashhadani’s “hammer”... Parliament Speakerfaces “complex” files and short time

The head of the Iraqi Center for Strategic Studies, Ghazi Faisal, believed that the suspended laws and draft laws that are still in the drawers of the House of Representatives will constitute a burden on the remainder of the current session under the leadership of the new Speaker of the House of Representatives, Mahmoud Al-Mashhadani.

Faisal said in an interview with Al-Mada, “Some laws will be postponed to the next session due to the selective approach followed by parties or blocs in the House of Representatives in legislating laws.”

He stressed that "there are about 50 laws referred to in the constitutional articles, and they are extremely important laws related to the implementation of the constitution. When they are not enacted, the constitutional articles related to them remain frozen and inactive."

Dozens of laws are still pending in the halls of the House of Representatives, awaiting approval for months, and some of them have been frozen for years due to disagreements between political blocs over them or proposals to amend them.

For his part, political analyst Omar Al-Nasser said in an interview with Al-Mada, “Mashhadani will face multiple challenges, most notably unifying the Sunni ranks and unifying his discourse, in addition to dealing with the file of ministerial amendments that Al- Sudani intends to propose, which is a complex path that requires consensus between the forces and parties.”

Al-Nasser explained to Al-Mada that “Al-Mashhadani will face a number of challenges, most notably the suspended laws, the relationship between Baghdad and Erbil, and regional tensions. If he is able to deal with these files in a positive way , he may contribute to restoring confidence between the citizen and the political class.” link

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Tishwash:  Parliamentary Finance to NINA: Approval of 2025 general budget schedules after legislative recess

The Parliamentary Finance Committee revealed the date for approving the schedules of the Federal General Budget Law for the new year 2025.

Committee member, MP Moeen Al-Kazemi, stated in a statement to the National Iraqi News Agency / NINA /, that "the Council of Representatives will enter the legislative recess on the ninth of this month, and there is a trend to extend the work of the sessions for only one month, after which the schedules of the General Budget Law 2025 will be approved."

He added, "After settling the issue of electing the Speaker of Parliament, the conditions are now ready and favorable for approving the four laws: the draft amendment to the General Amnesty Law, the proposed Personal Status Law, the draft law on military service and retirement for the Mujahideen of the Popular Mobilization Forces, and the draft law to return the properties covered by the decisions of the dissolved Revolutionary Command Council to their owners."

He continued, "There is an expected ministerial change, and this places the parliamentary committees before an important and great responsibility to activate their role in following up on the work of the government. It also requires more understanding and harmony in the State Administration Coalition to approve the change of some ministers.  link

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Tishwash:  Parliamentary Investment and Development Committee calls for commitment to the “Investment Law”

The Parliamentary Investment and Development Committee called on the National Investment Commission and investment authorities in the governorates to oblige investors and developers to abide by the Investment Law, stressing the endeavor to amend its provisions to appear in the form of an integrated draft law that guarantees the investor's right and at the same time guarantees the state's right.

The committee stressed the importance of attracting real estate developers to contribute to the development of residential lands, in implementation of an item in the budget stipulating the necessity of distributing government lands after preparing them for housing. Committee member, Diaa Al-Hindi, explained in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "this item gives developers the opportunity to develop areas by paving roads and providing basic services, which makes them ready to receive residents, provided that the collection of revenues is allocated to them after the development process."

He pointed out that "current housing projects focus on building complexes that aim to achieve quick profits without paying full attention to the quality of infrastructure or services," noting that "most countries in the world are currently moving towards resorting to real estate developers to ensure an appropriate housing level that meets the needs of citizens and achieves sustainable development."

Regarding the laws that the Parliamentary Investment Committee is working on, Al-Hindi revealed that the committee has completed the “Industrial Investment” law, which is now ready for a vote in Parliament, and has also completed discussing the “Investment Law Amendment” to present it as an integrated project that supports investment efforts in the country and encourages attracting local and international investors.

In turn, committee member Susan Mansour said, “The investment law exists and is legislated, and although it is relatively solid, some of its provisions are elastic and need to be amended, as it is one of the most important laws, especially at this stage when Iraq needs to open up to the economic world,” indicating that “the investment law is the tool that properly regulates the investment process in the country  link

She added, “Most investors do not adhere to the current investment law, calling on the National Investment Commission to adhere to the standards of the law and implement its provisions on investors in a real manner, so that investment in Iraq can rise and become an attractive international environment for investment.”

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Mot.. Extra Sleep there is -- unless ---

Mot: Gunna be Interesting I Thinks!!!!  Crazy week

Mot: ...... Getting Ready she is!!!  Daylight saving time doing nothing

BRICS is loading up on GOLD and SILVER - is this the new financial order?

BRICS is loading up on GOLD and SILVER - is this the new financial order?

Jay Martin Show:  11-2-2024

In this interview, Jay Martin and Andy Schectman discuss the outcomes of the 2024 BRICs summit, highlighting growing global financial alliances and alternatives to Western-led systems.

They explore the increasing influence of the BRICs nations in forming new frameworks for cross-border transactions and commodity exchanges outside the dollar-dominated SWIFT system.

Schectman emphasizes the broader implications of the summit’s outcomes, including initiatives like BRICs Pay and BRICs Clear, which aim to enable more regional economic independence.

They also touch on a lesser-known bank failure in Oklahoma as a potential sign of financial instability in the U.S., underscoring a potential shift in global financial power dynamics.

01:31 - Recap of the BRICs Summit: What Were the Key Takeaways?

05:31 - Diverging Mandates: Are BRICs Countries United or Divided in Their Goals?

08:07 - Hidden Tensions: Is BRICs Unity a Temporary Alliance?

21:13 - SWIFT vs. Ambridge: The New Currency System That Could Challenge the Dollar

22:58 - What Prompted the U.S. to Push Back on BRICs’ Currency Plans?

 33:06 - Shifting Strategies: From Paper Contracts to Hard Asset Accumulation

43:08 - Poland’s Gold Accumulation: A Signal of Financial Independence?

 50:39 - Oklahoma Bank Failure: Setting a Precedent for Bail-ins?

58:11 - FDIC Limits: Are Uninsured Deposits Truly at Risk?

https://www.youtube.com/watch?v=hZEd4-29pws

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 11-2-24

Good Afternoon Dinar Recaps,

COINBASE FINDS OVER '20 EXAMPLES' OF FDIC TELLING BANKS TO AVOID CRYPTO

Coinbase's chief legal officer declares that the “contents are a shameful example of a government agency trying to cut off financial access to law-abiding American companies.”

Cryptocurrency exchange Coinbase has discovered “over 20 examples” of the United States regulator advising US banks to steer clear of crypto-related banking services, according to its chief legal officer.

The discovery follows Coinbase filing two Freedom of Information Act (FOIA) requests against the Federal Deposit Insurance Corporation (FDIC) — the US agency insuring bank deposits — demanding they disclose information about the ongoing crypto crackdown among US banks.

Public ‘deserves transparency,’ says Coinbase CLO
“So far, we’ve uncovered more than 20 examples of the FDIC telling banks to “pause” or “refrain from providing” or “not proceed” with offering crypto-banking services,” Coinbase chief legal officer Paul Grewal claimed in a Nov. 1 X post.

Most of the cases provided were similar. In one case, outlined in “Document 5,” the FDIC reportedly called a meeting with a bank to scrutinize its crypto services.

Despite the bank providing further documentation after the meeting, the FDIC allegedly raised additional “questions” and advised the bank, “Until such review is completed, the bank should not expand the service to additional customers.”

Meanwhile, on Oct. 30, Cointelegraph reported that Coinbase is “prepared to work with either administration” in the US, whether Democratic candidate and Vice President Kamala Harris or Republican Donald Trump wins the presidency, ahead of the election on Nov. 5.

@ Newshounds News™

Source:  CoinTelegraph 

~~~~~~~~~

RIPPLE LAUNCHES GUIDE TO SUPPORT BANKS IN $20 TRILLION DIGITAL CUSTODY SECTOR

▪️Ripple has unveiled a guide to support banks and financial institutions interested in the emerging field of digital asset custody as it enters the $20 trillion custody market.

▪️Ripple Custody is relied upon by top global financial institutions and supports custodian banks, exchanges, and corporations in more than 15 countries worldwide.

Ripple, traditionally known for its cross-border payment solutions using blockchain, is broadening its business model. By advancing its asset custody capabilities, it’s taking on a role in the financial sector that extends beyond payments. 

The custody market is huge, worth $20 trillion, and Ripple’s entry into this space represents a significant shift in its business focus.

According to a previous publication by CNF, Ripple’s custody service has seen substantial growth, boasting a 250% rise in new customers compared to the previous year.

The platform currently supports prominent financial institutions and cryptocurrency companies across major markets such as the U.S., U.K., and Singapore.

Ripple highlighted in its Digital custody Guide for Banks that 10% of all assets will have been tokenized and represented on both private and public blockchains by 2030.

Ripple’s Quick Guide for Banks
Ripple’s digital asset custody and tokenization infrastructure offers banks advanced tools to securely manage and expand their digital asset services, opening up a range of innovative business opportunities. 

Banks can build sub-custody networks, which help facilitate comprehensive global service coverage, enabling them to efficiently manage assets across multiple regions.

With the capability to tokenize and manage both regulated and non-regulated assets, banks can diversify their offerings to include equities, bonds, certificates, debt instruments, real estate, fund structures, as well as unique assets like art, collectibles, gaming items, and intellectual property.

Ripple’s platform also provides secure integration with DeFi and Web3 applications, allowing banks to connect clients with staking, lending, borrowing, and financing services, as well as NFT platforms and marketplaces. This robust and flexible infrastructure equips banks to meet evolving market demands expanding their digital asset services in a compliant manner.

Past Initiatives in the Digital Custody Market by Ripple
The digital infrastructure provider unveiled new features for Ripple Custody Technology in early October.

In an effort to strengthen its regulatory compliance, the company added transaction screening that helps financial institutions monitor transactions for compliance by partnering with Elliptic.

Doubling down its effort, it also expanded its use of hardware security modules (HSMs), which are specialized devices that protect cryptographic keys.

On top of that, we reported Ripple custody’s integration into the XRP Ledger (XRPL), featuring a dedicated tool for monitoring anti-money laundering risks, allowing firms to access its native decentralised exchange (DEX). This integration aims to enhance security while opening new opportunities for businesses in the digital asset space.

Through these updates, Ripple extends the capabilities of its custody technology to a broader audience. As of now, at the time of writing, Ripple (XRP) is trading at $0.5137, a slight dip of 0.06% in the past day and down 0.19% increase in the past week.

@ Newshounds News™

Source:  Crypto News Flash

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LATEST RIPPLE VS. SEC UPDATE: BILL MORGAN SLAMS SEC’S XRP CLAIMS IN APPEALS BATTLE

▪️XRP trading volume surges 40% amidst ongoing Ripple-SEC lawsuit appeals.

▪️Legal experts debate XRP's classification as a security, focusing on the "embodiment theory" and transaction context.

▪️The outcome of the appeals process could significantly impact XRP and other cryptocurrencies.

XRP, the seventh-largest cryptocurrency by market capitalization, is making waves in the crypto market. In a dramatic 24-hour surge, trading volumes have skyrocketed by over 40%. This unexpected spike comes on the heels of new developments in the high-stakes legal battle between Ripple and the SEC.

Is this (finally) the beginning of a new chapter for XRP?

SEC Update: A Turning Point?
Just last week, the SEC announced that it would submit its principal brief in the ongoing appeals process by January 15, 2025. While this is happening ongoing discussions are happening on X by the legal community on XRP status here’s what the lawyers have to say on the whole speculations.
XRP’s Classification Horror Continues
XRP is currently facing the last stages of a legal battle regarding whether it should be classified as a security. Lawyer Bill Morgan, along with social media commentators Joe Sho and James Farrell, has weighed in on this issue. Morgan, known for his critical stance on the SEC’s arguments, disputes Sho’s claim that the Appeals Court may label XRP as a security.

Sho argues that a “de novo” review by the Appeals Court could overlook previous findings and interpret XRP as an investment contract. This view aligns with other crypto cases, including Judge Rakoff’s recent ruling in the Terra case.

The Embodiment Theory Explained
Morgan’s analysis provides a more nuanced perspective than the random theories often found in the crypto space. He highlights the “embodiment theory,” which suggests that XRP should be viewed as an asset rather than a security.

Morgan points out that Judge Torres’s ruling—determining that XRP itself is not inherently an investment contract—was appropriate because it distinguished between the asset and the context of the transaction.

He believes this approach is more logical, even if it diverges from current crypto case law or the SEC’s position. According to Morgan, the SEC continues to argue that XRP’s perceived lack of inherent value means any transaction involving it counts as an investment contract, especially concerning Ripple and possibly broader secondary markets.

The Implications of a De Novo Review
Adding another layer of complexity, James Farrell notes that a “de novo” review allows the Appeals Court to adopt the “embodiment theory” or completely reinterpret XRP’s classification. 

This means the court could follow Judge Rakoff’s lead from the Terra case, where assets like UST and LUNA were seen as securities based on their use in investment contexts, possibly challenging the initial district ruling on XRP.

While Morgan acknowledges the Appeals Court’s freedom to reassess the situation, he warns that any move to consider XRP itself as a security would misinterpret the judge’s focus on the difference between asset and transaction.

The outcome of this debate could set a major precedent for XRP and other cryptocurrencies, as it questions whether digital assets are inherently securities or only become such within specific transaction contexts.

The future of XRP and the broader crypto industry hangs in the balance. At this point, are we just moving in circles?

@ Newshounds News™

Source: CoinPedia  

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🌱 FRANKLIN TEMPLETON A GAME CHANGER | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

🌱 AUDIO INTEL AND MORE WITH BOB LOCK, JIM SILVER 57, R JAX AND LOWTIDE. GREAT INFO.  |  YOUTUBE

If you missed the Constitution Call last night, here is the replay.  We started off with any NEW news from Mason and Jim, INTEL.  We were Joined by Bob Lock.  Lots of great info including Election News near the end.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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The Fed Knows the US Dollar is in Serious Trouble

The Fed Knows the US Dollar is in Serious Trouble

The Atlantis Report:  11-2-2024

The Federal Reserve’s role as the steward of the U.S. monetary policy and financial stability has never been more scrutinized.

 Recently, the Fed has made an admission that has caught financial markets off-guard: the U.S. dollar, historically regarded as the world’s reserve currency, faces significant challenges that may threaten its dominance on a global scale.

This revelation has ignited a whirlwind of debate among economists and policymakers, prompting deeper inquiry into the factors behind the dollar’s vulnerability and the potential implications for the American economy and international finance.

To appreciate the gravity of this admission, it’s essential to understand what it means to be a reserve currency. A currency is deemed a reserve currency when it is widely held by governments and institutions as part of their foreign exchange reserves.

The U.S. dollar has enjoyed this status since the end of World War II, primarily due to the size, strength, and stability of the U.S. economy. The dollar being the preferred medium for international trade and investment has historically afforded the U.S. significant economic advantages, including lower borrowing costs and increased influence over global economic policies.

The Federal Reserve’s admission regarding the vulnerabilities of the U.S. dollar as the world’s reserve currency should serve as a clarion call for both policymakers and citizens.

As the global landscape evolves, the U.S. must navigate these complexities with prudence and foresight. Understanding the underlying factors that challenge the dollar’s dominance will be crucial for ensuring long-term economic stability and maintaining U.S. influence in international finance.

 As we move forward, it will be vital to monitor how these developments unfold and to adapt strategies that can safeguard the financial health of both the U.S. and the broader global economy.

https://www.youtube.com/watch?v=u0oKXLkWIao

“Tidbits From TNT” Saturday 11-2-2024

TNT

Tishwash:  Vietnam seeks closer ties with Gulf states beyond energy sector

Vietnam is expanding its ties with the Gulf Cooperation Council beyond the energy sector, with several agreements signed during a visit to the region by a senior Hanoi government official this week.

Vietnam’s Prime Minister Pham Minh Chinh ends his tour of the Gulf on Friday with a visit to Qatar after starting in the UAE and later attending the Future Investment Initiative in Saudi Arabia.

Vietnam’s efforts seem to be in line with Gulf desires to strengthen their presence in Asia, particularly in the energy sector to exploit growing demand there, as evidenced by the signing of a memorandum of cooperation with oil giant Aramco. In addition, the UAE plans to establish a hub for storing oil and petrochemicals in Vietnam to meet market needs in the region.  link

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Tishwash:  Governmental move to establish an administrative capital in Baghdad

The Parliamentary Investment and Development Committee confirmed today, Friday, that there is a government move to announce the establishment of the administrative capital in Baghdad, noting that Prime Minister Mohammed Shia al-Sudani will soon announce this capital, which includes all ministries and departments.

The head of the committee, MP Hassan Qasim Al-Khafaji, said, "There is a government trend in the coming short period to announce the administrative capital," noting that "the administrative capital will be south of Baghdad towards Alwat Al-Rashid within a large area."

He pointed out that "this capital will include all ministries and departments according to financial allocations," stressing that "Prime Minister Mohammed Shia al-Sudani will announce this capital and lay the foundation stone for it, and it will be implemented and completed in the coming years."  link

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

Al-Sudani discusses 7 files with Erdogan.. Shafaq News reveals details of Istanbul meeting

 In a closed meeting that lasted about two hours today, Friday, the Iraqi Prime Minister and Turkish President Recep Tayyip Erdogan discussed many files in Istanbul, most notably developing relations between the two countries and the path of development.

An Iraqi government official told Shafaq News Agency that the Turkish president said during his meeting with the Sudanese, "Türkiye and Iraq are two neighboring countries linked by deep-rooted historical and cultural ties."

He added, "Developing relations and evaluating cooperation opportunities, especially the Development Road project, will provide many benefits to both countries. We will continue to take the necessary steps with determination to achieve this."

The Iraqi official pointed out that Erdogan reiterated his great interest in the development road project proposed by Al-Sudani after he became prime minister.

He pointed out that the Turkish President stressed the need to establish a mechanism to implement the development road project, which will constitute a major economic axis in the region, and he also indicated the desire of a number of countries to benefit from it and connect the road with them. 

The Iraqi official noted that the two presidents discussed in detail the mechanisms and methods that would ensure the stability and security of the region.

The two presidents also stressed the need for diplomatic action to stop the brutal Israeli aggression on Gaza and Lebanon and to prevent the conflict from expanding in the region.

According to the Iraqi government official, Erdogan confirmed to Al-Sudani his keenness and readiness to support the security and stability of Iraq.

He added that the meeting of the two presidents also discussed the results of the technical teams currently working on implementing the agreements signed in Baghdad in April 2024, especially the framework of the water cooperation agreement and their readiness to implement water infrastructure projects and agricultural land reclamation.

Prime Minister Mohammed Shia al-Sudani arrived in Istanbul today, Friday, to meet with Turkish President Recep Tayyip Erdogan, according to what the Iraqi government announced in a statement without going into further details about the previously unannounced visit.

Meanwhile, a government source told Shafaq News Agency that Al-Sudani's visit to Türkiye will last a few hours, during which he will meet with Erdogan to discuss several files, some of which are related to the situation in the region.

This is Al-Sudani's second visit to Türkiye since assuming his position as Prime Minister of Iraq. He made his first visit last March, during which he met with Turkish President Recep Tayyip Erdogan. link

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Tishwash:  Al-Sudani returns to Baghdad after spending hours in Istanbul

 Iraqi Prime Minister Mohammed Shia al-Sudani returned to the capital, Baghdad, after spending hours in the Turkish city of Istanbul, during which he met with Turkish President Recep Tayyip Erdogan, according to a statement from al-Sudani's office received by Shafaq News Agency.

In a closed meeting that lasted about two hours today, Friday, the Iraqi Prime Minister and Turkish President Recep Tayyip Erdogan discussed many files in Istanbul, most notably developing relations between the two countries and the path of development.

Prime Minister Mohammed Shia al-Sudani arrived in Istanbul on Friday to meet with Turkish President Recep Tayyip Erdogan, the Iraqi government announced in a statement without going into further details about the previously unannounced visit.

Meanwhile, a government source told Shafaq News Agency that Al-Sudani's visit to Türkiye will last a few hours, during which he will meet with Erdogan to discuss several files, some of which are related to the situation in the region.

This is Al-Sudani's second visit to Türkiye since assuming his position as Prime Minister of Iraq. He made his first visit last March, during which he met with Turkish President Recep Tayyip Erdogan.  link

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Mot: .. aaaaaaaaaaaahhhhhhhhhhhhhhhhh!!!!!!! ((( Nov 3rd )))

Mot:  .. addeth or subtracteth????

Seeds of Wisdom RV and Economic Updates Saturday Morning 11-2-24

Seeds of Wisdom RV and Economic Updates Saturday Morning 11-2-24

Good  Morning  Dinar Recaps,

PAXOS ISSUES ‘GLOBAL DOLLAR’ STABLECOIN USDG OUT OF SINGAPORE. PARTNERS DBS

Last July Paxos Global confirmed it received the regulatory go ahead from the Monetary Authority of Singapore (MAS) to issue a stablecoin, with DBS Bank as custody partner. Today it confirmed the launch of the USDG stablecoin, which it refers to as the ‘global dollar’. 

Given Paxos has a background of partnering with institutions such as PayPal and Stripe, it says the Ethereum stablecoin is “designed to support the needs of regulated institutions that maintain higher standards of operation.”

“Enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises,” said Ronak Daya, Head of Product at Paxos.

“USDG offers a trusted solution with a top-tier banking partner in DBS that will be the catalyst to drive stablecoin innovation and enterprise adoption at a global scale.”

Singapore’s largest bank, DBS, will provide custody for the securities and dollar cash deposits will also be managed via DBS.

Other stablecoins from Paxos
Paxos Trust in New York is the issuer of the PayPal stablecoin and also supports Stripe in its stablecoin acceptance. The company has its own US-based stablecoin USDP and its UAE-based affiliate, Paxos International, issued the yield-bearing stablecoin Lift Dollar (USDL). Paxos Trust was previously the issuer of the Binance USD stablecoin.

The company has always been amongst the most conservative in managing stablecoin reserves to ensure they maintain their 1:1 peg. Hence. it will hold US dollar deposits, short dated Treasuries and ‘other cash equivalents’. 

The whitepaper states other reserves include reverse repurchase (repo) agreements and institutional government money market funds. Reverse repo agreements involve temporarily lending cash (usually to banks) in exchange for collateral, in this case US government securities.

Stateside, Paxos structured as a New York regulated Trust to provide maximum protection to holders in the event of a bankruptcy. Likewise, Paxos Digital Singapore holds the assets in trust on behalf of stablecoin holders via segregated safeguarding accounts.

Anyone that has opened an account with Paxos (ie. has been through KYC) can redeem the stablecoin directly. It will usually take around a day but up to a maximum of five days in compliance with Singapore regulations. The minimum redemption amount is equivalent to the cost of the wire fee.

@ Newshounds News™

Source:  Ledger Insights

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CRYPTO VOTERS GUIDE TO CONGRESSIONAL LEGISLATION FOR THE 2024 ELECTION

The 2024 United States elections will be held on Nov. 5, as digital asset policy becomes a growing concern among pro-crypto voters.

As the 2024 US elections draw closer, digital assets have become a political issue for the first time, as industry executives and advocates apply pressure on candidates to pass pro-industry policies and embrace the future of money.

Clear and comprehensive digital asset policy in the United States remains elusive, as regulators like the Securities and Exchange Commission (SEC) regulate through enforcement action, rather than rulemaking. This lack of a coherent framework is a growing concern for elected lawmakers, industry service providers, and single-issue crypto voters.

While understanding a particular candidate’s stance on crypto policy is key, voters must also understand the underlying legislation currently being considered in the House and the Senate. Listed below are the key pieces of legislation currently up for consideration.

Financial Innovation and Technology for the 21st Century Act
The Financial Innovation and Technology for the 21st Century Act (FIT21) — introduced by Pennsylvania Congressman Glenn Thompson in 2023 — aims to establish a comprehensive digital asset regulatory framework by bringing sufficiently decentralized assets under the purview of the Commodity Futures Trading Commission (CFTC). The bill features these defining criteria for sufficient decentralization:

“If, among other requirements, no person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or the voting power of the digital asset.”

However, the bill also gives the SEC authority to regulate digital assets deemed as securities. In May 2024, the bill passed in the House and must pass in the Senate before it is handed to the President for consideration.

CBDC Anti-Surveillance State Act
Minnesota Rep. Tom Emmer first introduced the CBDC Anti-Surveillance State Act in 2023.

The bill’s goal is to prohibit the Federal Reserve Bank from ever creating a consumer-facing central bank digital currency (CBDC), or otherwise maintaining accounts on behalf of individuals.

Moreover, the bill seeks to restrict the Federal Reserve from “Using a central bank digital currency to implement monetary policy or from issuing a central bank digital currency,” entirely.

CBDCs face widespread criticism from the crypto community, liberty-minded individuals, privacy advocates, and commercial banks. In May 2024, the bill passed in the US House and awaits a vote in the Senate.

Clarity for Payment Stablecoins Act of 2024
The Clarity for Payment Stablecoins Act is a re-introduction of a 2023 bill of the same name from Rep. Patrick McHenry and seeks to establish a comprehensive regulatory framework for US-dollar stablecoins.

A key difference between the newer draft and the earlier bill is a provision allowing stablecoin issuers with a market capitalization under $10 billion to be regulated at the state level, rather than the federal level.

The previous version of the bill advanced to the House floor but has not yet passed in either chamber. Senators Lummis and Gillibrand also proposed a similar bill to the Senate in April 2024, to establish a stablecoin regulatory framework.

Digital Asset Anti-Money Laundering Act
First introduced by Massachusetts Senator Elizabeth Warren in July 2023, the Digital Asset Anti-Money Laundering Act proposes that digital asset providers should be subject to the same reporting requirements as traditional financial institutions under the Bank Secrecy Act.

Warren is one of the crypto industry’s most vocal critics, and the 2023 bill has faced significant backlash as one of the most anti-crypto pieces of legislation currently up for consideration.

The bill has not yet passed in either chamber of Congress and even lost support from its cosponsor, Republican Senator Roger Marshall, in July 2024.

Financial Technology Protection Act of 2023
The Financial Technology Protection Act of 2023, proposed by Iowa Rep. Zachary Nunn, aims to create the Financial Technology Working Group to combat illicit finance in terrorism and organized crime in emerging financial technologies.

Earlier in 2024, the bill passed in the United States House of Representatives and has been submitted to the Senate for deliberation.

Equal Opportunity for All Investors Act
Introduced by Nebraska Congressman Mike Flood in April 2023, the Equal Opportunity for All Investors Act would expand the definition of an “accredited investor” — lowering the barrier to entry for participation in private securities sales and offerings.

More specifically, the bill would allow individuals to qualify as accredited investors by passing a knowledge test administered by the SEC.

In 2020, the SEC amended its long-standing criteria for an accredited investor to emphasize financial knowledge rather than net worth, income, or wealth. The Equal Opportunity for All Investors Act was passed in the US House of Representatives but has not yet passed in the Senate.

The Blockchain Regulatory Certainty Act
Rep. Tom Emmer — one of crypto’s most vocal proponents — submitted the Blockchain Regulatory Certainty Act to the US House of Representatives in March 2023. The bill’s central goal is to exempt blockchain developers and service providers from traditional financial reporting requirements, as long as they do not handle customer funds.

The bipartisan bill was approved by the House Financial Services Committee in July 2023, and allowed to advance to the US House of Representatives but has yet to pass in either chamber of Congress.

Keep Your Coins Act
Ohio Congressman Warren Davidson introduced the Keep Your Coins Act in July 2023 as a consumer-facing protection meant to restrict regulatory agencies from preventing US citizens from using self-custodial wallets to transact.

At this time, it is unclear whether the bill will be passed into law or garner widespread support.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

🌱 AUDIO INTEL AND MORE WITH BOB LOCK, JIM SILVER 57, R JAX AND LOWTIDE. GREAT INFO.  |  YOUTUBE

If you missed the Constitution Call last night, here is the replay.  We started off with any NEW news from Mason and Jim, INTEL.  We were Joined by Bob Lock.  Lots of great info including Election News near the end.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts   

~~~~~~~~~

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MilitiaMan & Crew News Report-Iraq 3 Presidents-National-Constitutional Entitlements-Open Market Operations-OMO

MilitiaMan & Crew News Report-Iraq 3 Presidents-National-Constitutional Entitlements-Open Market Operations-OMO

11-1-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI, Brtan’s Place  and Militia Man

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

https://www.youtube.com/watch?v=E2vTvO0HHbI

Iraq Economic News and Points To Ponder Late Friday Evening 11-1-24

In Cooperation With A Foreign Advisor.. A Parliamentary Committee Announces Its Efforts To Amend The Oil Ministry Law

Economy  | 01/11/2024  Mawazine News – Baghdad  The Parliamentary Oil and Gas Committee announced today, Friday, a move to amend the Ministry of Oil Law 101 of 1976, while indicating that the draft will be presented to the Council of Ministers soon.

MP Basem Naghmish, a member of the Oil and Gas Committee, said: “A subcommittee was formed within the Oil and Gas Committee to review the legislation related to the oil sector, and it was called the “Oil Legislation Committee”.

He explained that “the committee is working to review several laws, with the aim of amending them to suit the current requirements of the oil sector”, indicating that “among these laws is the Oil Ministry Organization Law No. (101) of 1976, which is considered an old law that was amended about three times, the last of which was in 1982”.

He added that “the ministry witnessed many technological and administrative developments during the period after 2003, as the work of the Oil Ministry expanded and formations multiplied, in addition to the creation of some formations”.

He pointed out that “the draft to amend the law is still in the preparation phase, and cooperation is being done with a foreign consultant contracted with the ministry to provide his comments, and then the draft will be submitted to the Council of Ministers and to the advisors, and then to the State Council, in order to study the extent of its consistency with the legal system in the country”.

He continued: “After that, the draft will return to the Council of Ministers and then to House of Representatives to complete legislative procedures  https://www.mawazin.net/Details.aspx?jimare=256263

Oil Prices Continue To Gain.. Brent Exceeds $ 74

Energy  Economy News - Follow-up  Oil prices extended gains in early Friday trading, jumping more than a dollar a barrel, trimming their weekly losses after reports that Iran was preparing to launch a retaliatory strike on Israel from Iraqi territory in the coming days.

Brent crude futures, which began trading for January, rose $1.31, or 1.80 percent, to $74.12 a barrel by 0128 GMT.

U.S. West Texas Intermediate (WTI) crude futures rose $1.35, or 1.95 percent, to $70.61 a barrel after settling 0.95 percent higher in the previous session, Reuters data showed.

Israeli intelligence indicates that Iran is preparing to attack Israel from Iraqi territory in the coming days, perhaps before the upcoming US presidential elections on November 5, according to what the Axios website reported yesterday, Thursday, citing two unnamed Israeli sources. https://economy-news.net/content.php?id=49365

Iraq Reduces Oil Exports To 3.3 Million Barrels Per Day

Friday 01, November 2024 | Economic Number of readings: 174  Baghdad / NINA / The Ministry of Oil announced today, Friday, that Iraq has reduced its production and reduced its oil exports to 3.3 million barrels per day.

The ministry stated in a statement, "In line with the commitment of the Republic of Iraq to the decisions of OPEC and the allied countries within the Joint Cooperation Agreement (DoC) regarding the voluntary reduction of oil production, we confirm that Iraq has reduced its production and reduced its oil exports to 3.3 million barrels per day, in addition to reducing domestic consumption."

The statement added, "This reduction will continue during the coming months to ensure that production remains within the agreed limits, and to compensate for the surplus produced in the past months," stressing that "this measure aims to enhance balance and stability in global oil markets." / End8 https://ninanews.com/Website/News/Details?key=1165668

Al-Mandlawi And Al-Hakim Agree To Proceed With The Legislation Of Important Laws And Activate The Supervisory Aspect

Friday 01 November 2024 | Politics Number of readings: 217   Baghdad / NINA / The First Deputy Speaker of the Council of Representatives, Mohsen Al-Mandalawi, received at his residence today, Friday, the head of the National Wisdom Movement, Ammar Al-Hakim.

Al-Hakim congratulated the success of the process of electing a new Speaker of the Council of Representatives, which contributes to completing the political entitlements and continuing the steps to strengthen the oversight and legislative role, praising the great role of Al-Mandalawi, who worked to manage the legislative authority with all professionalism and transparency and contributed to the completion of a group of the most important laws that were suspended for long periods.

Al-Mandalawi said that all national political forces work on the principle of keenness, responsibility and integrated work to activate the oversight and legislative aspect and increase interest in meeting the aspirations of the people and supporting service orientations, and preserving security and stability. /End8   https://ninanews.com/Website/News/Details?Key=1165676

Presidencies Congratulate And Powers Bless The Resolution Of The Knot Of Choosing The Speaker Of Parliament

November 1, 2024  Baghdad - Nada Shawkat  Baghdad streets turned into lakes after a wave of heavy rains, the day after MP Mahmoud al-Mashhadani was elected as Speaker of Parliament following disputes over the position that lasted for about a year after the dismissal of former Speaker Mohammed al-Halbousi by a decision of the Federal Supreme Court, indicating that his election reflects a new beginning full of goodness and opportunities.

Al-Mashhadani said after announcing that he had gained the confidence of the representatives that (this responsibility is an important and great assignment and I will do my utmost to live up to your expectations and I hope to be at its level, and from here I pledge to you that we will work as a cohesive team to legislate laws that serve the people of our country, and I put my hand in yours to monitor the performance of the government and its program that it presented to the House of Representatives when it was approved and during the remaining period of its life to reach the best desired results). Prime Minister Mohammed Shia al-Sudani congratulated al-Mashhadani on his election as Speaker of Parliament.

Al-Sudani confirmed in a statement received by (Al-Zaman) yesterday (the government's determination to continue implementing its service and development program, in full cooperation with the constitutional authorities, foremost of which is the legislative and oversight authority, represented by the House of Representatives).

For his part, President of the Republic Abdul Latif Jamal Rashid considered the election of the parliament as its speaker an important step in completing the constitutional and national entitlements.

 Rashid said in a post on the X platform (Sincere congratulations to Al-Mashhadani on the occasion of his election as Speaker of the Council of Representatives), adding that (the election of the Council of Representatives as its Speaker is an important step in completing the constitutional and national entitlements).

Meanwhile, the President of the Kurdistan Region, Nechirvan Barzani, expressed in a statement received by (Al-Zaman) yesterday his hope that (the election of Al-Mashhadani will contribute to strengthening national solidarity, and will push everyone to make every possible effort to serve the homeland with all its components).

For his part, the Prime Minister of the region, Masrour Barzani, congratulated Al-Mashhadani in a statement yesterday on the occasion of his election as Speaker of the Federal Council of Representatives, wishing him success in performing his duties).

The First Deputy Speaker of the Council of Representatives, Mohsen Al-Mandalawi, congratulated Al-Mashhadani on the occasion of his election as Speaker of the Iraqi Council of Representatives in its fifth session.

In a statement received by (Al-Zaman) yesterday, he said that (the presidency and members of the House of Representatives are keen, during the current parliamentary session, to complete the maturation and legislation of laws that meet the aspirations of the people and touch their living and service reality). Meanwhile, the Minister of Industry and Minerals, Khaled Batal Al-Najm, congratulated Al-Mashhadani on his election as Speaker of the Iraqi House of Representatives.

 In a statement received by (Al-Zaman) yesterday, Al-Najm wished (Al-Mashhadani success in his duties to serve Iraq, achieve the aspirations of the people, and enhance the legislative and oversight role of the Iraqi Parliament).

 In addition, the head of the Progress Party, Mohammed Al-Halbousi, received Al-Mashhadani after his election as Speaker of the House of Representatives. Yesterday's statement said that (the meeting witnessed discussion of a number of files and laws to be legislated in Parliament).

Al-Halbousi had previously accused Al-Sudani of communicating with the representatives to support another candidate for the presidency of Parliament. He said in a televised statement yesterday that (many forces have abandoned their position for political motives).

The former head of the Sovereignty Alliance, Khamis Al-Khanjar, also met with Al-Mashhadani and a number of the alliance’s representatives.

Yesterday’s statement indicated that (Al-Khanjar congratulated Al-Mashhadani on gaining the confidence of the representatives, and reminded him of the amnesty law and the dissolution of the Accountability and Justice Commission).

The head of the Azm Alliance, Muthanna Al-Samarra’i, received the new Speaker of the House of Representatives.

Yesterday’s statement said that (Al-Samarra’i received Al-Mashhadani, and praised the support provided by the national forces to back the alliance’s demand to hold the session and elect him with the aim of achieving this important entitlement).Al-Mashhadani received 181 votes, compared to 43 votes for Salem Al-Issawi.

The House of Representatives went to a second round to elect its new speaker, during a session held the day before yesterday, after no candidate received enough votes to win.

The results of the first round showed that the candidate of the Progress Party, the Sunni majority, and a number of blocs of the Coordination Framework, Al-Mashhadani, came ahead after receiving 153 votes, while Al-Issawi, the candidate of the Azm and Sovereignty Alliances, received 95 votes, while independent MP Amer Abdul Jabbar received 9 votes, while there were 15 invalid votes.  LINK

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

GoldSilver: What are the BRICS Nations Preparing for?

GoldSilver: What are the BRICS Nations Preparing for?

Mike Malony:  Nov. 1, 2024

BRICS is making waves on the global stage, and in this eye-opening video, we explore the recent BRICS Summit's key revelations, highlighting the alliance's economic resilience, military strategies, and ambitious plans to reshape international trade systems.

Despite facing heavy Western sanctions, Russia and its BRICS partners seem far from isolated. In fact, they’re laying the groundwork for a new world order. Discover:

The impressive economic gains of BRICS nations, including India's role as a major trade intermediary.

How Russia’s oil revenues continue to thrive despite sanctions.

Alarming military developments, from North Korean troops in Ukraine to Iran’s call for a global military coalition.

A deeper look into Russia’s narrative on the Ukraine conflict and the contradictions in claims of its isolation.

Strategic moves towards decoupling from Western financial influence, including Putin’s plans for food security and local currency settlements.

As tensions rise globally, are we on the brink of a major shift? Prepare to rethink everything.

In a world increasingly divided along geopolitical lines, the BRICS alliance (Brazil, Russia, India, China, and South Africa) is making significant waves on the global stage. Recently, an eye-opening video by GoldSilver featuring Alan Hibbard peeled back the layers on the latest BRICS Summit, shedding light on the alliance’s growing economic resilience, military strategies, and ambitious plans to reshape international trade systems.

Despite heavy Western sanctions, particularly against Russia, BRICS nations appear to be crafting a robust counter-narrative to the established order, signaling the potential for a new world dynamic.

One of the most striking aspects of the recent BRICS Summit is the impressive economic gains shown by its member nations. Hibbard points out how India, in particular, is emerging as a significant trade intermediary, bridging gaps between East and West while facilitating trade routes that bypass traditional Western-dominated systems.

This pivot towards local currencies and bilateral trade agreements showcases BRICS nations’ commitment to establishing an economic framework less reliant on the U.S. dollar.

Russia, often viewed through a lens of isolation due to stringent sanctions, continues to see its oil revenues soar, bolstered by rising demand in Asia and selective trade partnerships. The adaptability of these nations in the face of Western pressures not only undermines the efficacy of sanctions but also affirms BRICS’ resolve to carve out an independent economic space.

One of the most pivotal discussions at the recent BRICS Summit revolved around the strategic moves to decouple from Western financial dominance. Hibbard highlights President Putin’s plans for achieving food security through enhanced local currency settlements, underscoring a shift that could disrupt the prevailing dollar-centric global trading system.

 As BRICS nations maneuver to establish alternative financial mechanisms, the implications are profound: we may be witnessing the early foundations of a multi-currency system that challenges the longstanding supremacy of the U.S. dollar.

As tensions escalate globally, the world finds itself on the precipice of a significant shift. The BRICS alliance, through its economic, military, and strategic initiatives, asserts itself as a formidable player on the international stage. Hibbard’s insights compel us to reconsider previously held notions about isolation, cooperation, and the ever-evolving dynamics of global power structures.

In conclusion, the BRICS nations are not merely reacting to external pressures; they are actively defining their future through collaboration, resilience, and innovation. As we navigate these changes, it is crucial for observers and participants in the global arena to reassess their strategies and alliances, preparing for a reality that may look vastly different in the not-so-distant future.

The question looms large: are we on the brink of a major shift in the global order? Only time will tell, but with BRICS making such substantive moves, it seems more plausible than ever.

https://www.youtube.com/watch?v=vnPAJYZgrx4

Iraq Economic News and Points To Ponder Friday AM 11-1-24

The Central Bank Publishes Controls For Declaring Funds And Their Entry Or Exit From Iraq
 
October 29, 2024
Baghdad/Iraq Observer
 
Today, Tuesday, the Central Bank of Iraq republished the controls for declaring funds, while indicating that it allows the entry or exit of amounts less than 10 thousand dollars.
 
The bank said in a statement received by “Iraq Observer,” that
 
“in order to reduce the risks of entering and exiting funds across the Iraqi border and exploiting this in money laundering or terrorist financing operations, and based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2025, and the provisions of Controls No. 1 of 2029.” (Amended to Regulations No. 1 of 2017), the following must be adhered to:

 
1. It is permitted to enter or take out amounts less than $10,000 (ten thousand US dollars) or its equivalent in other currencies without declaring them.
 
2. It is permitted to enter or withdraw amounts exceeding $10,000 (ten thousand US dollars) to $20,000 (twenty thousand US dollars)

provided that they are declared, with the necessity of showing what supports the purpose of entering or withdrawing these amounts, and
 
in the event that they are not available Identification documents: The traveler must submit an undertaking to bring these documents after (30) days from the date of the declaration.
 
3. It is prohibited to enter or withdraw amounts exceeding $20,000 (twenty thousand US dollars) or its equivalent in other currencies.
 
The process of entering or withdrawing these amounts shall be exclusively through financial institutions.
 
4. It is prohibited to bring in or take out amounts exceeding (1,000,000) dinars (one million Iraqi dinars), even if they have been declared.  The amount will be seized and legal measures will be taken against it.
 
5. Declaration of precious stones and precious metals if their value exceeds (10,000) ten thousand US dollars.
 
6.Declaration of financial instruments that are negotiable to bearer or transferred inside or outside Iraq through a person, postal service, shipping service, or any other means, and whose value exceeds (10,000) Ten thousand US dollars.   
 
https://observeriraq.net/البنك-المركزي-ينشر-ضوابط-التصريح-عن-ال/   

A Call To Establish A Digital Gold Market In Iraq 
 
Economical 10/31/2024
Baghdad: Hussein Thaghab
 
Student economic and financial expert Dr. Saif Al-Halafi established the digital gold market in Iraq, which requires cooperation between the Central Bank of Iraq, the Securities Commission, and the Iraqi Stock Exchange, as
 
it gives Iraqi investors the opportunity to participate in the global gold market, which
 
     attracts additional investments to Iraq, and also
     enhances cooperation between the regime. Iraqi banking and international financial institutions.
 
Al-Halafi said that the Central Bank can issue digital gold bullion in different weights - 1 gram, 10 grams, 100 grams - approved by the government, and
 
these digital bullions can be traded in the Iraq Stock Exchange, in the same way that stocks or bonds are traded.
 
Through the market's financial intermediaries system, investors can buy bullion, using local currencies or converting them into foreign currencies. He added that the
 
market can be linked to global gold prices and currency exchange rates, which enhances transparency and interaction with the global market.
 
A platform similar to the Forex markets can also be used to trade digital gold inside Iraq on the Iraq Stock Exchange, pointing out that
 
gold prices will be determined according to prices. Global exchange of gold and foreign currencies.
 
This will give investors the opportunity to speculate on fluctuations in gold prices and link them to changes in global currency prices, which increases the chances of profit and creates many job opportunities.

Regarding the economic benefits, Al-Halfi said:
 
Through this market, liquidity is withdrawn outside the banking system, and that the
 
digital gold market can act as a tool for withdrawing cash liquidity, and
 
instead of keeping money in banks, investors may prefer to buy digital gold, which is a safe asset that maintains its value.
 
It
     protects the investor's money from high inflation rates,
     reduces the money supply, and this is the goal and
     limits inflation.  He pointed out that the
 
digital gold market contributes to diversifying the Iraqi economy, away from traditional dependence on oil.
 
The market can be a platform for encouraging financial innovation and developing new investment tools, especially exploiting the opportunities for Al-Faw Port to enter work next year, and the large base it provides for investors. Especially individuals and companies, as well as the goal we seek through development.  He warned that
 
creating a digital gold market requires a
 
     strong technical infrastructure, including
     secure electronic platforms and
     clear regulatory laws to protect the rights of investors, and
 
this will increase job opportunities, the ability to diversify and innovate, and the emergence of a startup culture.  Al-Halafi explained that the
 
digital gold markets aim to enhance transparency and ease in trading gold, and provide investors with a real opportunity to work, trade, and speculate on gold prices without the need to own actual gold, and
 
when the investor wants to convert gold into bullion or jewelry, these foundations allow him to convert digital gold into bullion.
 
With the payment of mining and goldsmithing amounts, all of these products create real and comprehensive investment job opportunities, which creates and enhances a flexible and innovative investment environment in Iraq.
 
Gold is one of the financial assets that has always been a safe haven for investors, especially in periods of economic, political and regional turmoil.
 
Here, with the global digital and financial development, new markets have emerged for digital gold trade,
 
where gold can be easily bought and sold through electronic platforms, in light of these developments,
 
It is possible to create a market for digital gold trade in Iraq, especially with the government’s tendency to establish digital banks and strengthen electronic payment systems, especially the use of electronic payment cards.       https://alsabaah.iq/105123-.html   

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