Seeds of Wisdom RV and Economic Updates Tuesday Evening 12-03-24

Good Evening Dinar Recaps,

TRUMP TAPS PAUL ATKINS FOR NEXT SEC CHAIR, MAKING GOOD ON HIS CRYPTO PROMISES

Atkins has been vocal in his support of the industry and was the first libertarian to serve as an SEC commissioner under President George W. Bush.

President-elect Donald Trump has selected the pro-crypto Paul Atkins to chair the Securities and Exchange Commission (SEC), according to three sources familiar with the discussions. 

One source specified that Trump has reached out to Atkins but is waiting on him to accept. By selecting Atkins, Trump is delivering on a promise he made to the crypto community during his campaign.

Spokespeople for Atkins did not respond to immediate requests for comment.

“President-Elect Trump has made brilliant decisions on who will serve in his second Administration at lightning pace,” Trump-Vance Transition Spokeswoman Karoline Leavitt told Unchained. “Remaining decisions will continue to be announced by him when they are made.”

Current Chair Gary Gensler, who announced two weeks ago that he will resign on Jan. 20 when Trump is inaugurated, has made himself a pariah in the crypto industry for pursuing what’s been seen as a policy of regulation by enforcement. 

Atkins will now need to be confirmed by the Senate, unless Trump chooses to pursue a recess appointment while the Senate is out of session.

Atkins served as an SEC commissioner under President George W. Bush and is widely respected in conservative legal circles and amongst the establishment Republican party.

Since leaving the commission he’s become outspokenly supportive of the crypto industry, having co-chaired the Token Alliance at the industry group Digital Chamber of Commerce since 2017.

As founder and chief executive of the consultancy Potomak Global Partners, Atkins has advised digital finance companies on regulatory compliance topics since 2009.

“Senate Republicans really respect the tradition of Commissioner Paul Atkins,” explained George Mason University professor J.W. Verret, who previously served on the SEC Advisory Committee, in a call earlier this month. “He was the first time anyone had been a true libertarian and SEC commissioner, and that was a unique thing.”

The team vetting candidates for the chairperson position reached out to crypto industry leaders two weeks ago asking for their preferences, demonstrating how much Gensler’s unpopularity has figured in Trump’s latest nomination.

Gensler was criticized for not establishing clear rules and guidelines for the crypto industry. 

Under his leadership, the SEC instead pursued a plethora of enforcement actions against crypto companies and protocols, including exchanges, token issuers, and NFT creators, for failing to register with the agency or disclose their work with what the SEC claimed were unregistered securities offerings. 

For his part, Gensler only clarified that he saw Bitcoin as a commodity, insisting that existing securities laws could be applied to other crypto projects, even including ether until the SEC approved spot ether ETFs.

Gensler had also developed a reputation for being difficult to work with. Atkins, by contrast, is known to find a way to retain strong working relationships with people despite ideological disagreements. 

“There was never a commissioner at the history of the commission that was more respectful and thankful of the staff at the commission,” said John Reed Stark, who worked with Atkins at the SEC in 2008.

Seizing upon the industry’s hatred for Gensler, Trump began promising clearer rules for the industry this summer. Framing crypto innovation as a key point of competition between the United States and other countries, Trump promised to make the United States a “world capital” for crypto in part by replacing Gensler. 

He also said that he would appoint an “advisory council” focused on crypto to help him fine-tune policy, and potentially establish a national bitcoin strategic reserve, in part by not selling bitcoin that the government has seized in various financial crimes.

Because of his support for the industry, numerous crypto entrepreneurs donated both cash and crypto to Trump’s campaign. People interested in crypto who prioritized crypto policy in their voting decisions, from industry leaders to retail traders, had also tilted towards favoring Trump in the months leading up to the national election.

@ Newshounds News™

Source:  Unchained Crypto

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FED RATE CUT IN DECEMBER? HERE’S HOW BITCOIN PRICE WILL REACT

▪️The market is anticipating a 0.25% interest rate cut by the US Federal Reserve in December.

▪️A rate cut could boost investor confidence, leading to increased investment in riskier assets like Bitcoin.

▪️The overall economic outlook, especially under a potential Trump presidency, could influence the Fed's decision.

The crypto market is buzzing with anticipation as investors bet that the US Federal Reserve will cut interest rates by 0.25% in December. According to the CME FedWatch tool, the chances of this happening have jumped to 74.5%, up from 66% just a few days ago. What’s driving this growing confidence? If the Fed cuts rates, it would mark the third reduction this year, and it could have major implications for the economy—and for Bitcoin.

What Could a Fed Rate Cut Mean for Crypto?

A rate cut lowers the cost of borrowing for individuals and businesses. When interest rates are lower, loans become cheaper, which can encourage spending and investment. For the stock market and riskier assets like Bitcoin, rate cuts are generally seen as a positive development.

Investors tend to feel more comfortable taking on risks when borrowing costs decrease, making them more likely to invest in assets with higher potential returns, like cryptocurrencies.

Currently, the Federal Reserve’s interest rate is between 4.5% and 4.75%, following two previous cuts this year. Another reduction would signal a more supportive economic environment, which could encourage investors to put their money into riskier assets like Bitcoin.

Experts Weigh In

Marko Papic, Chief Strategist at BCA Research, predicts the US Federal Reserve will cut interest rates in December. He also believes the US dollar may peak by mid-2025, driven by possible economic disappointments under Donald Trump.

At the same time, Federal Reserve officials are hinting at a rate cut. Governor Christopher Waller stated on December 2 that he leans toward supporting a cut, but the decision will depend on upcoming economic data, like inflation and job reports. New York Fed President John Williams has also mentioned that interest rates might be reduced gradually, though he hasn’t specified when this might happen.

Ultimately, the Fed’s decision will depend on the economic performance over the next few weeks.

Could the Rate Cut Fuel Bitcoin?

Bitcoin has already seen impressive growth this year, more than doubling in value. Many analysts are optimistic that Bitcoin could break the $100,000 mark by the end of 2024. With a possible rate cut from the Fed, Bitcoin’s price could continue to rise, benefiting from the increased investor interest in riskier assets.

With Bitcoin on the rise, the stage is set for a thrilling end to 2024, with the Fed’s actions playing a central role.

@ Newshounds News™

Source: Coinpedia 

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CRYPTO EXPERT SHARES TOP BOND INVESTING STRATEGIES | Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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$36 Trillion Debt Crisis and New Trade Wars

$36 Trillion Debt Crisis and New Trade Wars

David Lin:  12-3-2024

In a world where economic indicators are often painted with a broad brush, the recent discussion between Matthew Piepenburg of Von Greyerz AG and David Lin has brought to light the perils that arise from massive national debts and the looming threat of trade wars.

With the U.S. debt surpassing a staggering $36 trillion, experts like Piepenburg are sounding alarms about potential economic collapse and the cascading effects of tariffs on inflation and growth.

The enormity of the U.S. national debt is hard to fathom. With fiscal policies driven by ongoing governmental spending, social programs, and responses to crises such as the Covid-19 pandemic, this figure continues to climb.

Piepenburg highlights that the sheer size of this debt is unsustainable, potentially leading to adverse consequences for the economy. As the government borrows more to cover its obligations, the risk of default—or inflation as a means to reduce the real value of that debt—grows.

An economy burdened by such debt also accumulates risks associated with higher interest rates, which could become necessary to attract investors to buy more government bonds. Higher interest rates would, in turn, increase borrowing costs for businesses and consumers, adversely affecting spending, investment, and overall economic growth.

In conjunction with soaring debt levels, escalating trade tensions further compound these economic challenges. The U.S. administration’s recent imposition of tariffs on various imports is a focal point of Piepenburg’s discussion, evoking fears of a new trade war reminiscent of the one initiated in 2018. Trade wars often result in increased costs for goods, driving up inflation as prices are passed down to consumers.

Economists argue that tariffs can lead to disruptions in supply chains, decrease the efficiency of markets, and stifle global trade, which has historically fueled economic growth. Piepenburg emphasizes that the interplay between rising tariffs and inflation could create a challenging environment, not just for U.S. consumers but for the global economy as well.

Amidst these conflicting headwinds, the outlook for the dollar itself appears uncertain. As the largest economy grapples with historic levels of debt and potential trade conflicts, the strength of the dollar, long seen as a global safe haven, could be tested. Piepenburg articulates concerns about a potential loss of confidence in the currency as inflation rises and purchasing power diminishes.

Should the dollar weaken significantly, it could trigger a series of negative effects—from increased costs of imports to struggles in maintaining financial stability—potentially leading to a scenario where the U.S. economy suffers further contraction.

Piepenburg’s warning of “crazier times” reflects a sentiment that is increasingly echoed among analysts and economists. As monetary policy grapples with inflation management and attempts to stabilize the economy amidst geopolitical uncertainties, markets may see volatility like never before.

Investors are urged to consider hedging their wealth not just against inflation, but also against the destabilizing effects of potential trade wars. Gold and other commodities are often seen as safe-haven assets in uncertain economic climates, with many market participants exploring diversification strategies in anticipation of turbulent times ahead.

As the United States navigates a debt crisis and examines the implications of new trade wars, the questions of inflation, economic growth, and the future of the dollar loom larger than ever. Matthew Piepenburg’s insights into these matters serve as a clarion call for vigilance amid a complex and evolving economic landscape.

As consumers, investors, and policymakers grapple with these issues, the conversation about sustainability, resilience, and structural reform becomes more critical than ever. A cautious approach may be warranted as the global economy stands at a precipice, ready to either soar or stumble in response to the extraordinary challenges ahead.

https://youtu.be/pSe_vdILsXA

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 12-03-24

Good Afternoon Dinar Recaps,

COINBASE WILL DROP LAW FIRMS WHO HIRE ANTI-CRYPTO FORMER SEC STAFF — CEO

Coinbase CEO Brian Armstrong said the exchange stopped working with law firm Milbank after it hired former SEC official Gurbir Grewal.

Coinbase CEO Brian Armstrong said the cryptocurrency exchange will not work with law firms that hire individuals involved in what he described as anti-crypto actions during their tenure in government.

On Dec. 3, Armstrong said in an X post that Coinbase will avoid law firms that hire people who tried to “unlawfully kill” an industry without clarifying the rules. He urged the crypto community not to support individuals who had worked against the sector.

Armstrong claimed senior partners at law firms are often unaware of the crypto industry’s position on this issue. He encouraged community members to make their law firms aware that hiring anti-crypto officials could result in losing business.

Coinbase drops Milbank after law firm hires Gurbir Grewal
Armstrong said that Coinbase ended its relationship with Milbank after the law firm hired Gurbir Grewal, the former enforcement director at the United States Securities and Exchange Commission.

On Oct. 2, the SEC announced that Grewal would resign from his position at the agency. The securities regulator said that Grewal had recommended over 100 enforcement actions to address “widespread noncompliance” in the digital asset industry.

On Oct. 15, Milbank said it had onboarded the former SEC official to its litigation and arbitration group. Milbank chairman Scott Edelman praised Grewal’s “record of success” as a federal prosecutor and the SEC’s enforcement head.

Because of this, Armstrong said Coinbase decided to stop working with Milbank. He said:

“If you were senior there, you cannot say you were just following orders. They had the option to leave the SEC and many good people did. It was not a normal SEC tenure.”

Following Donald Trump’s victory in the 2024 US presidential election, members of the crypto community have expressed optimism about a more favorable regulatory environment in the US. This has contributed to bullish momentum in the market, with Bitcoin reaching an all-time high of $99,645 on Nov. 22.

@ Newshounds News™ Source: CoinTelegraph 

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BRICS NEWS:  BRICS COUNTRIES REACT TO TRUMP’S 100% TARIFF THREATS

President-elect Donald Trump threatened BRICS countries with 100% tariff rates if they decide to ditch the US dollar for trade.

 Trump made it clear that de-dollarization or launching a new currency and payment system to bypass the US dollar will be met with a 100% tariff on goods entering the US markets. If the tariff is imposed, BRICS countries will find it hard as their imports and export sectors will be hit.

On the heels of the recent 100% tariff threats by Trump, BRICS countries have reacted to the development. While some members doubt the tariff can be put in place, others remain cautious to not irk the President-elect. The balancing act of diplomacy now comes into the picture and how they navigate the next four years will decide the success of the de-dollarization agenda.

100% Tariffs on Goods Entering the US: BRICS

BRICS member Russia said that Trump’s threats will backfire as the alliance is committed to uprooting the US dollar’s dominance. “More and more countries are switching to the use of national currencies in their trade and foreign economic activities,” said Kremlin spokesman Dmitry Peskov to Reuters.

The spokesperson said that BRICS countries will band together stronger if Trump adds further economic pressure on the alliance. “If the US uses force, as they say, economic force, to compel countries to use the dollar it will further strengthen the trend of switching to national currencies,” said Peskov.

On the other hand, BRICS member India also remains skeptical of Trump’s 100% tariff threats. The think tank GTRI said that imposing tariffs will inadvertently make consumer goods more expensive for US customers. While the export and import sectors will take heat, eventually the sellers will place the tax on the consumer’s shoulders.

@ Newshounds News™ Source:  Watcher Guru

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WANT TO STAY AHEAD IN CRYPTO? WATCH THIS NOW  |  Youtube

The UK Introduces Regulations!

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Iraq Economic News and Points to Ponder Tuesday AM 12-3-24

Government Communication To {Al-Sabah}: Electronic Payment Contributes To Strengthening The  Economy
 
Economical 12/03/2024  Baghdad: Hussein Thaghab  According to confirmation by the government outreach team, and amid continued support from Prime Minister Muhammad Shiaa Al-Sudani.
 
Economic benefits
 
According to the head of the government communication team, Ammar Moneim, to “Al-Sabah,”   
“Government support for electronic payment comes from Prime Minister Muhammad Shiaa Al-Sudani’s belief in the economic benefits it brings to the national economy, reviving it and pushing it forward.”  Menem stated that "the local market must adopt advanced financial transactions that make the money paths clear, transparent and secure.

This approach has great benefits for the national economy and generates revenues."
 
Government decisions
 
As for the Executive Director of the Association of Private Banks, Ali Tariq, he told “Al-Sabah”:
 
“The development that Iraq witnessed in the field of electronic payment comes thanks to the government’s understanding of the reality of electronic payment in financial performance, as  
government decisions had a great and influential impact in expanding the circle of its adoption.”

 He pointed out that  "today there are about 800 government institutions that adopt electronic payment, as government instructions obligated it to be adopted with zero fees." He pointed out that
 
Financial movements
 
"electronic payment works to achieve results that serve the national economy, as it
 
     reduces the rates of financial corruption and
     avoids transactions in counterfeit currencies, in addition to
     documenting financial transactions and
     making them safer."
 
Confident steps
 
In turn, Ahmed Adel, director of the national awareness campaign to spread the culture of electronic payment, “Asfarlak,” said:
 
“The campaign is continuing with confident steps and on the ground to reach the largest segment within Iraqi society and inform them of the importance of electronic payment, as we work to organize direct events within human gatherings.”  He pointed out that
 
"there are challenges facing the campaign and its movement, but cooperation with the concerned authorities enabled the campaign management to overcome them and it became possible to be present in public places and reach all segments of society."
 

Financial transformation
 
As for the expert and economic consultant, Alaa Fahd, he said:  “The culture of electronic payment in Iraq is newly widespread as a result of the progress in global financial systems and the need for financial development of the engines of digital financial transformation.
 
This transformation requires changing the culture and belief of society, especially the simple popular classes who fear any measure.” “My money is far from cash.” He pointed out that "this requires awareness-raising media campaigns that promote this culture and market it to everyone, including the (Israfilak) campaign,
 
which was launched at the beginning of the digital transformation in Egypt, and recently was launched in Iraq within the first national campaign forum to spread culture," indicating that  the campaign explains "the importance of financial transformation." "electronic".  Fahd continued:
 
Financial security
 
“There is a gradual change in the culture of electronic payment with the government’s approach to this transformation, providing all facilities and confronting all challenges in order to spread the culture and believe in it from the point of view of benefit, as
 
it is (Isreflak) in terms of
 
     financial security,
     eliminating corruption,
     shortening time and efforts,
     ease of downloading, and
     getting rid of counterfeiting.” "And
 
this requires redoubling efforts to achieve full success."    https://alsabaah.iq/106629-.html   

The Central Bank Completes The Exam To Grant The Certified Branch Manager Certificate
 
December 02, 2024   The Center for Banking Studies, one of the formations of the Central Bank of Iraq, has completed an international examination, the first of its kind, to obtain the Certified Branch Manager (CBM) certificate from the Professional Development Institute (PDI), which is affiliated with the Institute of Accountants and Accounting Assistants (IAB).
 
64 branch managers from government and private banks participated as an initial stage to grant them this certificate after they completed a qualification course that would help them pass the exam.
 
This certificate is considered one of the professional certificates that supports the banking sector and enhances the efficiency of branch managers and develops their skills.

The Director General of the Studies Center said:
 
This qualifying course, followed by the exam, will
 
     help participants develop the basic concepts and principles of banking branch management and
 
prepare them to be equipped with the basic skills that branch managers must have through developing administrative, behavioral and professional skills,
 
     skills for dealing with customers, and
 
     understanding and developing sales skills.
 
     Banking and resolving problems with customers according to best practices, as well as
 
     building an effective complaints system.
 
It is worth noting that such international examinations give importance to the Iraqi banking sector and prepare it to keep pace with modernity and rely on the professional certificates of its staff.
 
The Center for Banking Studies also seeks to provide professional certificates in addition to this certificate to develop the banking and financial sector in Iraq within its training plans.
    
    Central Bank of Iraq      Media office      December 1, 2024   https://cbi.iq/news/view/2725   

It Does Not Remain “Just Attractive”... Iraq Wants To Invest Its Money “In Projects Abroad”
  2024-12-02 | 1,199 views  Alsumaria News-Economy  Today, Monday, a member of the Iraqi Parliament, Representative Ibtisam Al-Hilali, revealed  Iraqi plans to activate foreign investments, meaning that  Iraq will invest its surplus funds in projects abroad.

Al-Hilali said in an interview with Al-Sumaria News,  “Thanks to the good diplomatic relations established by the Sudanese government of Muhammad Shiaa with neighboring countries and the world,
economic relations have also improved,” noting that “there re large internal and external investments.”

She explained that  "internal investments serve the country by improving the environmental situation and infrastructure," indicating that "foreign investments have a financial and economic return for Iraq."

She confirmed that "we had a meeting with the French embassy to activate foreign investments," indicating that  "Iraq is a financially capable country that can invest its money in foreign investments to benefit the public benefit of Iraq and neighboring countries."
 
Questions have often been raised about the reason for Iraq investing its money in various sectors, including foreign sports sectors as well as technology, like other countries, which could lead to diverse financial returns with the lack of non-oil revenues in Iraq compared to oil revenues.   
 
https://www.alsumaria.tv/news/economy/508197/لا-يبقى-جاذبًا-فقط-العراق-يريد-استثمار-أمواله-بمشاريع-في-الخارج   

Central Bank Of Iraq Sells Over $285 Million In Currency Auction
02/12/2024  Mawazine News – Economy  The Central Bank of Iraq's dollar sales, on Monday, recorded more than $285 million during the currency auction.

The bank explained that the total sales amounted to $285 million, 603 thousand and 220, and were covered at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at the same rate for foreign transfers, while the cash exchange rate amounted to 1305 dinars per dollar.

Sales focused on strengthening balances abroad in the form of transfers and credits, which amounted to $280 million, 503 thousand and 220, which constitutes 98% of total sales, while cash sales amounted to only five million and 100 thousand dollars.

The bank indicated that one bank bought the dollar in cash, while 13 banks met requests to strengthen balances abroad, with the participation of 8 exchange companies in the auction.

https://www.mawazin.net/Details.aspx?jimare=257098

Iraq Stock Exchange Index To Lead Arab Stock Markets In October 2024

Economy  | 02/12/2024  Mawazine News – Baghdad  The Arab Monetary Fund announced in its monthly report for October 2024 the distinguished performance of Arab financial markets, as the Iraq Stock Exchange topped the list of best performing markets during the month, recording a growth of 12.39%, ahead of the rest of the markets in the region.

According to the report, a copy of which was received by Mawazine News, "The Damascus Stock Exchange came in second place with a growth of 6.99%, while the Dubai and Amman stock exchanges witnessed an improvement of 1.94% and 1.35%, respectively. The Muscat, Bahrain and Kuwait stock exchanges also recorded slight increases of less than 1%."

In this context, the Chairman of the Securities Commission, Faisal Al-Haimus, stated: "This distinguished performance of the Iraq Stock Exchange reflects the positive developments in the local economic environment and the regulatory reforms implemented by the Commission to enhance the attractiveness of investment in the Iraqi financial market.

We will continue to work to provide a stable and transparent investment environment that enhances investor confidence and contributes to supporting the national economy."

Al-Haimas stressed that this achievement is an additional incentive to continue efforts aimed at developing the Iraqi financial market and enhancing its role as an engine of economic growth in Iraq.

https://www.mawazin.net/Details.aspx?jimare=257114

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

Seeds of Wisdom RV and Economic Updates Tuesday Morning 12-03-24

Good Morning Dinar Recaps,

HOUSE LAWMAKERS PROPOSE STUDIES ON AI IN FINANCIAL SERVICES, HOUSING

Top lawmakers in the United States introduced a bill that would require federal regulators to conduct studies on how artificial intelligence (AI) impacts the financial services and housing industries.

Congresswoman Maxine Waters introduced a bill directing several federal financial regulators to study the present and potential benefits and risks of AI in the two industries. It was co-sponsored by House Financial Services Committee Chair Patrick McHenry.

The  pair have also supported each other in a resolution acknowledging the increasing use of AI in the finance and housing markets, according to a Dec. 2. statement from the House Financial Services Committee.

Under the Waters-sponsored AI Act of 2024, key regulators like the Federal Reserve and the Federal Deposit Insurance Corporation would have to report how banks implement AI to detect and deter money laundering, cybercrime and fraud.

AI is already impacting mortgage lending and credit scoring, among other things, Waters said, explaining the need for a more comprehensive AI reporting regulatory framework.

AI-powered research is also being used for market surveillance purposes and tenant screening, McHenry’s resolution said.

McHenry added: “These bills are a small, but critical, step forward to empower the financial system to realize the numerous benefits artificial intelligence can offer for consumers, firms, and regulators.”

His resolution suggested the House Financial Services Committee should consider whether to reform privacy laws as data use becomes more AI-driven.

McHenry said he wants the US to remain a leader in AI development and utilization.

Waters and McHenry’s measures build on the House Committee’s Bipartisan AI Working Group, which was established on Jan. 11.

Republican members include French Hill, Young Kim, Mike Flood, Zach Nunn and Erin Houchin, while the Democrat members include Stephen Lynch, Sylvia Garcia, Sean Casten, Ayanna Pressley and Brittany Pettersen.

The group’s formation followed US President Joe Biden’s executive order on Oct. 30 to establish a “Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence.”

@ Newshounds News™

Source:  CoinTelegraph

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TRUMP’S SEC CHAIR SELECTION: PREDICTION MARKETS SIGNAL MAJOR REGULATORY CHANGES

These prediction markets show trader speculation, not confirmed plans. Paul Atkins leads in trading as a possible Trump’s SEC chair pick, with markets showing a 70% probability. Any appointment would follow the 2024 election results, but traders expect significant changes in financial market oversight.

How Trump’s SEC Chair Appointment Could Impact Crypto Regulation and Market Oversight

The race for the next possible SEC chair shows clear patterns in prediction markets. Here’s what current trading reveals:

Paul Atkins Emerges as Leading SEC Chair Candidate
Traders strongly back Atkins for Trump’s SEC chair position. His SEC commissioner experience and pro-innovation views match his 70% rating in prediction markets. His selection could bring major changes to crypto regulation approaches.

New SEC Chair Appointment Could Reshape Markets

Paul Atkins Emerges as Leading SEC Chair Candidate
Traders strongly back Atkins for Trump’s SEC chair position. His SEC commissioner experience and pro-innovation views match his 70% rating in prediction markets. His selection could bring major changes to crypto regulation approaches.

New SEC Chair Appointment Could Reshape Markets

Prediction markets suggest big changes if Trump picks a new SEC chair. Current market odds favor:

▪️Paul Atkins: Former SEC commissioner (70% chance)
▪️Brian Brooks: Crypto industry expert (20% chance)
▪️Hester Peirce: Current SEC commissioner (2% chance)

Crypto Regulation 2024 Faces Potential Overhaul
Traders believe crypto regulation in 2024 could change significantly. Markets suggest Atkins as SEC chair might ease current restrictions. His past work shows he supports innovation with reasonable oversight.

Market Trading Shows Strong Confidence
Over $503,418 in trading volume reveals high interest in the SEC chair position. Atkins’ probability has jumped from 25% to 70% since November, though these remain speculative bets.

Regulatory Framework Faces Possible Changes
Markets suggest a new SEC chair might change:

▪️How crypto is overseen
▪️Market rules
▪️Support for new ideas
▪️How rules are enforced

Prediction markets offer insights but can’t guarantee outcomes. Any SEC chair needs proper nomination and approval. Current trading shows what markets expect while acknowledging many factors could affect the final choice.

Trading patterns point to possible regulatory shifts, but all predictions remain speculative. The high trading volume shows strong market interest in potential SEC leadership changes, even as the actual appointment process awaits future developments.

@ Newshounds News™

Source:  Watcher Guru

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What's Driving XLM Price to OVERTAKE XRP - The Economic Ninja  |  Youtube

The Ninja compares XLM and XRP.

@ Newshounds News™

~~~~~~~~~

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Tuesday Morning “Tidbits From TNT” 12-3-2024

TNT:

Tishwash:  CBL to print 30 billion dinars in order to withdraw old banknotes

The Central Bank of Libya (CBL) has announced signing contracts to print 30 billion dinars to replace the old currency, saying the old banknotes will be withdrawn "smoothly" at a later-set date. 

This came during a meeting held by the Governor of the Central Bank, Naji Issa, to review the plan of the Central Bank of Libya to solve the problem of cash shortages.

During the meeting, it was agreed to raise the ceilings for immediate payment at the level of individuals and merchants to 20,000 dinars for a single transfer for individuals, and 100,000 for a single purchase transaction.

The Central Bank also revealed in the statement the launching of a new service for transfers between companies with a ceiling of one million dinars for a single transfer.

According to the statement, Issa ordered the directors of the departments concerned with the Central Bank of Libya, the liquidity team, and banks suffering from a liquidity shortage, to manage according to the plan approved by the Board of Directors to solve this problem gradually and radically starting from January 2025.

The Governor also stressed the need to improve and develop the infrastructure of banks in order to achieve the expansion of electronic payment services according to the prepared plan. link

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Tishwash:  Securities Commission: Iraq Stock Exchange Leads Arab Stock Markets

The Securities Commission announced, today, Monday, the rise in the Iraq Stock Exchange index, while indicating that it topped the Arab financial markets in October 2024.

The Authority said in a statement received by the Iraqi News Agency (INA): "The Arab Monetary Fund mentioned in its monthly report for October 2024 the distinguished performance of Arab financial markets, as the Iraq Stock Exchange topped the list of best performing markets during the month, recording a growth of 12.39%, ahead of the rest of the markets in the region."

According to the report, the Damascus Stock Exchange came in second place with a growth of 6.99%, while the Dubai and Amman stock exchanges witnessed an improvement of 1.94% and 1.35%, respectively, while the Muscat, Bahrain and Kuwait stock exchanges recorded slight increases of less than 1%.

According to the statement, the Chairman of the Authority, Faisal Al-Haimus, confirmed that "this distinguished performance of the Iraq Stock Exchange reflects the positive developments in the local economic environment and the regulatory reforms implemented by the Authority to enhance the attractiveness of investment in the Iraqi financial market," noting that "we will continue to work to provide a stable and transparent investment environment that enhances confidence among investors and contributes to supporting the national economy." 
Al-Haimas stressed that "this achievement is an additional incentive to continue efforts aimed at developing the Iraqi financial market and enhancing its role as an engine of economic growth in Iraq."ink

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Tishwsh:  Ways you never thought of.. Judges reveal methods of smuggling hard currency

Several judges and legal experts spoke about the latest methods of smuggling dollars out of the country, pointing out that currency smugglers have developed their means and methods of smuggling money.

They explained in statements covered by (Al-Masry - Monday) that one of the latest methods that have been presented, in practical reality, is smuggling currency through prepaid electronic payment cards, where the accused agrees with ordinary citizens to issue payment cards in their names in exchange for small amounts that he gives them, then he fills the cards, carries them and takes them out of the country through airports and then withdraws the amounts in cash through ATMs in the countries to which he travels.

They continued, currency smugglers collect a large number of Key Cards and Visa Cards after filling them with national currencies and traveling with them outside Iraq.  link

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Tishwash:  Visa Launches Tap to Phone Technology in Iraq

In cooperation with the Moroccan Electronic Monetary Association

 Visa, a global leader in digital payments, has launched  “Tap   to Phone” technology in partnership with the Maghreb Electronic Money Association (S2M) to empower small and medium-sized businesses in Iraq with solutions to accept digital payments at a low cost.

The Maghreb Electronic Money Association’s Mobile Tap solution, which uses Visa’s Tap to Phone technology, enables merchants using Near Field Communication (NFC)-enabled Android devices to accept contactless payments simply by downloading a dedicated app. The collaboration aims to revolutionize the payments landscape by enabling merchants to seamlessly accept payments using their smartphones without the need for additional hardware investment.

“We are delighted to partner with the Maghreb Electronic Money Association to launch Tap to Phone in Iraq. This strategic collaboration is in line with our commitment to enhance financial inclusion for small businesses by providing digital payments capabilities at a lower cost,” said Leila Serhan , Vice Chairman and Regional Head of Corporate Business Leadership for North Africa, Levant and Pakistan at Visa.

This innovative solution enables retail outlets to develop and improve the payment experience for consumers. Service staff at store fronts can support consumers to make payments easily without having to stand in queues at the cashier, which means a better customer experience.”

Mobile Tap provides SMEs with the option to accept digital payments at a lower cost, paving the way for greater participation in the digital economy. This innovative approach eliminates the need for traditional POS terminals and can help facilitate a better consumer experience in payments. The solution provides merchants and customers with greater convenience and flexibility during transactions.

The Mobile Tap service empowerment reflects S2M ’s unwavering commitment to empowering merchants through innovative software and technology, significantly enhancing the commerce experience for all. “This strategic alliance presents a great opportunity to elevate the level of digital payment solutions available and promote financial inclusion across Iraq, ensuring that all consumers and merchants can participate and thrive. Over the past decade, we have witnessed the incredible potential for innovation and growth within the Iraqi market, and we are committed to supporting its dynamic payments ecosystem,” said Mohamed Amarti Rifi, S2M Executive Vice President.

As a network that works for everyone, everywhere, Visa’s mission is to advance digital commerce for the benefit of consumers, businesses and economies across Iraq. This strategic collaboration aligns with Visa’s goal of enabling more payment acceptance points using cutting-edge technologies such as Tap to Phone to support small businesses with digital payments capabilities at a lower cost. link

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Mot:  .. Not Something You See Every Day!!!! 

"Dad gassing up in Eureka Roadhouse, Alaska. Only in Alaska." -- Briana Brumley

Mot:  Losing car in parking lot 

MilitiaMan & Crew-Iraq Dinar News-CBI Gov Monetary Position Excellent-Stop Gov Loans-Private Sector Stage is Set

MilitiaMan & Crew-Iraq Dinar News-CBI Gov Monetary Position Excellent-Stop Gov Loans-Private Sector Stage is Set

12-2-2024

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=vxpMQR4bSzc

A Few More Tidbits From TNT Monday Night 12-2-2024

TNT:

Tishwash:  TikTok under scrutiny.. Central Bank suspends financial transactions with its agents in Iraq

 The Central Bank announced, today, Sunday (December 1, 2024), the suspension of financial transactions with TikTok agents in Iraq.

The Central Bank stated in a document received by "Baghdad Today" that "it was decided to stop incoming and outgoing financial transactions for TikTok agents inside Iraq.  link

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Tishwash:  Parliamentary Finance Committee sets a “national path” to end oil disputes between Baghdad and Erbil

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, announced on Sunday the determination of a "national path" to resolve the oil disputes between Baghdad and Erbil, noting that the committee is preparing a report on amending one of the articles in the General Budget Law.

A statement by the committee received by Shafaq News Agency stated that Al-Atwani chaired an expanded meeting with the senior staff of the Ministry of Oil, in the presence of the committee members and a number of members of the Oil, Gas and Natural Resources Committee. The meeting discussed the files of managing the country's oil wealth and the future of oil prices, as the country's budget is formed by 90% of these revenues.

According to the statement, the meeting discussed developments in resolving outstanding issues with the Kurdistan Region regarding resolving disputes over calculating production costs and adapting foreign companies’ contracts to the Iraqi constitution, with the aim of resuming exports via the Turkish Ceyhan pipeline.

Al-Atwani pointed out that his committee is in the process of preparing its report on amending Article 12 of the General Budget Law, and submitting it to the House of Representatives for the second reading.

He stressed that the Finance Committee held a series of continuous meetings with officials in the federal government and the regional government, and "defined a national path to find a radical solution to this problem on a constitutional and legal basis and in a way that achieves justice in the distribution of wealth among Iraqis."

Al-Atwani stressed the need to set a timetable for implementing the provisions of the oil agreement between the center and the region, in accordance with what was stipulated in the draft law amending the Federal General Budget Law, which the Council of Ministers voted on and sent to Parliament.

In turn, the Undersecretary of the Ministry of Oil for Extraction Affairs, Basem Muhammad Khadir, reviewed the mechanisms for calculating the cost of oil production and transportation, and the most prominent understandings reached with the region in this regard.

The Undersecretary of the Ministry of Oil stressed the necessity for the Federal Ministry of Oil to be responsible for the reservoir management of the region’s oil fields, noting that his ministry has fixed standards for calculating the cost of producing a barrel of oil, whether at the level of fields managed by national effort or those managed by foreign companies. link

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Tishwash:  Association of Banks: 75% of the money supply is outside the banking system

The Private Banks Association said on Sunday, December 1, 2024, that three-quarters of the monetary mass in Iraq is outside the banking system.

The Executive Director of the Private Banks Association, Ali Tariq, said in a statement followed by "Ultra Iraq", "About 75 percent of the monetary mass is outside the banking system and requires a great effort to encourage citizens, companies and institutions to use the banking system more, which is currently happening, but this type of work needs to be accelerated to control financial operations in Iraq."

Despite what the director said in this regard, the World Bank claimed last February that the infrastructure for electronic payment systems in Iraq is “among the best in the region,” according to a statement issued by  the Central Bank of Iraq . 

“During the last two years, deposits in the banking sector have increased, but there is still a large amount of cash outside the banking system. This requires increasing confidence in the banking sector, whether governmental or private, and strengthening this confidence through the Central Bank of Iraq and the Iraqi government, in addition to offering investment programs for deposits that reflect on citizens’ deposits, which could generate returns for depositors in these banks, and thus there is an incentive and motivation to increase these deposits,” Tariq added.

The Iraqi authorities have taken steps towards activating the  electronic payment system , starting with localizing employees’ salaries, and then installing  electronic payment devices  in different places, including gas stations. However, many experts and specialists still believe that the culture of electronic payment is not at the required level, for many reasons, including those related to economic and electronic culture, in addition to the fact that  the widespread corruption  in the country hinders its full implementation. 

According to experts  , the Iraqi government, through attempts to implement electronic payment, aims to withdraw the cash mass in circulation in Iraq, which amounts to 84 trillion dinars. link

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Mot: Here is photographic evidence that Rudolph was not allowed to play in any reindeer games.

Mot: . ole "'Earl"" is mighty Handy He is!! 

Seeds of Wisdom RV and Economic Updates Monday Afternoon 12-02-24

Good Afternoon Dinar Recaps,

BRAZIL PROPOSES TO BAN STABLECOIN WITHDRAWALS TO SELF-CUSTODIAL WALLETS

A public consultation notice from the Central Bank of Brazil intends to prohibit stablecoin withdrawals to self-custody wallets.

The Central Bank of Brazil (BCB) has unveiled a regulatory proposal prohibiting centralized exchanges from allowing users to withdraw stablecoins to self-custodial wallets.

According to the public consultation notice, the transfer of stablecoins — called “tokens denominated in foreign currencies” — between residents would be restricted in cases where Brazilian law already allows payments in foreign currencies.

The BCB shared in a statement:

“The initiative reflects our commitment to adapting the financial system to the realities of digital assets while safeguarding the integrity of international capital flows.”

The move is part of the crypto regulation bill approved in Brazil in December 2022, which determined that the BCB is responsible for creating the rules for the crypto industry in the country.

The public consultation will be open until Feb. 28, 2025, and market participants can share their opinions with the regulator. However, the BCB can override the inputs and do as described in the document.

Balancing regulations
According to the Brazilian central bank, the proposed rules aim to enhance legal certainty for businesses and individuals while fostering competition and efficiency in the foreign exchange market.  

The proposed regulation outlines three core activities for virtual asset services providers operating in the foreign exchange market: facilitating international payments and transfers via crypto, providing exchange or custody services for tokens denominated in Brazilian reais for non-residents, and managing transactions involving tokens pegged to foreign currencies.  

In addition, crypto investments, whether inbound or outbound, would be subject to the same regulatory standards as traditional investments. External credit, direct foreign investment, and Brazilian capital abroad involving crypto would require compliance with existing international capital regulations.

Under the public consultation, centralized exchanges must also get a foreign exchange license to offer stablecoin-related services.

A significant market
According to data from Brazil’s Internal Revenue Service (RFB) published on Nov. 13, nearly 4.4 million Brazilians transferred $4.2 billion in crypto in September.

Stablecoins represented 71.4% of all the value transferred during the month, with roughly $3 billion transacted. Tether USD (USDT) dominated with $2.77 billion moved by Brazilian crypto investors.

@ Newshounds News™

Source:  CoinTelegraph

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COINBASE ANNOUNCES APPLE PAY FOR FIAT-TO-CRYPTO PURCHASES

“Coinbase Onramp takes the hassle out of fiat-to-crypto conversions with lightweight KYC for eligible purchases, free USDC on and offramping, and access to the most popular payment methods,” Coinbase said in a statement. 

Apple Pay will allow users to get onchain in seconds granting quick access to some of the world’s leading cryptocurrencies. Users can access Moonshot, an app using Onramp to get Onchain quickly.

For eligible purchases, Coinbase provides lightweight KYC to make the process of getting Onchain even simpler while still protected. The addition of Apple Pay also allows users to access free USDC on and offramping on Coinbase.

According to Coinbase, if you’re an existing app using Coinbase Onramp, there’s nothing you need to do. Users will automatically see Apple Pay appear as an option when making an eligible purchase. Eligible users can sign up for Onramp quickstart to get started and access Apple Pay as an option on Coinbase. Users can also use one-click-buy for an even faster experience.

Coinbase investors gained confidence in the company following the announcement, with COIN stock climbing 3% Monday.

@ Newshounds News™

Source:  Watcher Guru

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XRP BECOMES THE TOP TRADED TOKEN ON BINANCE AND COINBASE, HITS ALMOST 7-YEAR HIGH

XRP, which saw its fourth ETF filing Monday, also now has the third-largest market cap among all cryptocurrencies, after it shot past Tether’s USDT and Solana’s SOL.

XRP has been the most popular token by trading volume in the last 24 hours on several centralized exchanges, such as Binance and Coinbase

XRP’s virality on centralized exchanges comes as the token climbed on Monday to a nearly seven-year high of $2.77, a 40% jump in the last 24 hours and a 433% increase over the past 30 days. 

The token native to the Ripple ledger currently has a market cap of about $158 billion, surpassing both Tether’s USDT and Solana’s SOL, making XRP the third largest cryptocurrency by market cap.

On Binance, the dominant non-U.S. centralized exchange, XRP’s 24-hour volume of $7 billion makes up 13.3% of total trading activity. For the U.S.’s biggest exchange, Coinbase, XRP has a 24-hour volume of $3 billion, comprising almost 30% of the total volume.

XRP tops trading volume on OKX, Kraken, and KuCoin as well, market data from CoinGecko shows. XRP trading on Upbit, a prominent centralized exchange in South Korea, makes up 38.6% of the entire venue’s 24-hour trading volume of $19.8 billion.

Wall Street titans are also preparing to launch spot XRP exchange-traded funds as ETF provider WisdomTree submitted a Monday filing for a spot XRP ETF with the U.S. Securities and Exchange Commission, joining Bitwise, Canary Capital, and 21shares.

Small Retail FOMO
“The 6-year (nearly 7-year) high comes as wallets with 1M-10M XRP have accumulated 679.1M tokens (currently worth $1.66B) in just 3 weeks,” the team behind market intelligence platform Santiment wrote on X early Monday. At current prices, one million XRP tokens are worth almost $2.8 million.

 Maksim Tkachuk, who works on product at Santiment, further told Unchained over Telegram that the team is observing high levels of FOMO, short for “fear of missing out,” from small retail holders, defined as addresses with 100 to 10,000 XRP tokens.

“Overall when those retail darlings take the spotlight, the whole market becomes dangerous as the main drivers of the price at this point are greed and FOMO,” Tkachuk wrote. 

“Per [Santiment’s] internal agreement – the top is near… at least a very sizeable correction is what we agree on like 20-25 percent in majors.”

Stablecoin, RWA and DeFi Plans
Meanwhile, Ripple is gearing up to roll out a new USD stablecoin on its blockchain, as the New York Department of Financial Services is expected to approve the product, according to Fox Business last week.

Sally Zhu, who is part of the venture capital arm of crypto market-making firm Amber Group, messaged Unchained on Telegram saying, “I think XRP’s recent price surge is about the buzz around tokenizing [real-world assets]…” They’re teaming up with players like Archax to bring things like equities and global debts onto the XRP Ledger.”

Archax, a digital asset exchange, broker, and custodian, announced on Nov. 25 that it has provided access to a money market fund in a tokenized form on the XRP Ledger. “With such a huge opportunity to reshape how financial instruments are traded and managed, XRP is riding the wave of optimism now.”

Decentralized finance (DeFi), a subsector of the crypto space that enables users to conduct financial activities without intermediaries, has strong roots in Bitcoin, Ethereum, and Solana. Some crypto users are now exploring DeFi on the XRP Ledger.

For example, Robert Leshner, the CEO of asset management firm Superstate, said he was in the “trenches,” testing the infrastructure of automated market markets and inspecting the memecoins on the network, per an X post on Sunday.

Despite the recent upward price movement of XRP, people in the crypto space have long criticized the XRP Ledger for its lack of decentralization. Justin Bon, founder and chief investment officer of Cyber Capital, specifically pointed to the consensus mechanism for the XRP Ledger. “XRP’s consensus is based on UNLs (Unique Node Lists), literal centralized lists of trusted nodes released by single parties, including the foundation,” Bons wrote on X.

@ Newshounds News™

Source:  Unchained Crypto   

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XRP WORLD RESERVE CURRENCY  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Thank you Dinar Recaps

Central Bank Collapse Incoming, Silver Prices will Explode

Central Bank Collapse Incoming, Silver Prices will Explode

Wall Street Silver:  12-2-2024

In recent months, the financial landscape has taken on a precarious demeanor, with rising concerns about massive national debt, banking instability, and inflation.

The latest voice in this conversation is Adrian Day, a seasoned investment strategist and advocate for precious metals, who has joined forces with Wall Street Silver to discuss the potential economic turmoil ahead and its implications for silver prices.

Adrian Day’s analysis paints a stark picture of the current financial environment. With national debts skyrocketing across the globe, particularly in the United States, Day argues that an impending “debt storm” threatens to unleash chaos on both domestic and international markets.

The pandemic-induced spending and subsequent monetary policy interventions have exacerbated the situation, pushing debt levels into uncharted territory. This reckless financial strategy, he warns, sets the stage for a possible banking collapse.

The signs are evident — increased borrowing, rising interest rates, and the likelihood of recession create a perfect storm for the financial system. As lenders tighten credit and consumers grapple with job instability and inflation, financial strains mount on institutions that may not withstand the strain.

 The interconnectedness of global finance implies that distress in one area can spiral outwards, potentially triggering wider banking crises.

With this precarious backdrop, Day emphasizes the urgent necessity for investors to reassess their portfolios. Traditional assets like stocks and bonds may not provide the safety and security that investors seek during turbulent times.

This is where silver enters the discussion. Historically seen as a hedge against inflation and currency devaluation, silver’s value is poised to rise as economic uncertainties amplify.

Day speculates that as confidence in the banking system wavers, more investors may flock to precious metals, driving up the demand for silver. The supply constraints due to production limitations and ongoing industrial demand for silver in sectors like technology and renewable energy further strengthen the case for a bullish outlook on silver prices.

The question on many investors’ minds is whether we are teetering on the edge of a banking collapse. Day argues that while the situation is concerning, it is not entirely grim. Governments and central banks have tools at their disposal to mitigate such crises, but their effectiveness depends on timely interventions and sound policies.

However, Day cautions that complacency could prove disastrous. The confluence of high debt levels, inflation, and banking vulnerabilities requires close monitoring and proactive measures. Investors who recognize the signs and take action could position themselves favorably in the forthcoming landscape.

As Adrian Day joins Wall Street Silver to share his insights on the evolving financial landscape, it becomes clear that vigilance and preparation are paramount. The looming debt storm, the potential for a banking collapse, and the rising value of silver as a hedge create an intricate puzzle for investors.

With Day’s expertise in precious metals, astute investors may find a path forward, leveraging the rising silver prices as both a safeguard and an opportunity amid economic uncertainty.

As the world navigates these choppy financial waters, the lessons from history remind us of the intrinsic value of tangible assets like silver. Whether the banking system can weather the impending storm remains to be seen, but one thing is certain: the conversation around silver and its role in safeguarding wealth will only grow louder in the coming months.

https://youtu.be/7d3txY5SM-I

Iraq Economic News and Points to Ponder Monday AM 12-2-24

Guide To Iraqi Banknotes In Circulation
 
Central Bank of Iraq is pleased to present the Iraqi banknotes in circulation.
 
This technical leaflet highlights the security features and aims to be a guide to the public as well as to companies and commercial banks handling cash on a daily basis. In addition to the enhanced security features, the banknotes include raised printings to facilitate tactile recognition of the denominations by visually impaired users.

We encourage you to take your time to famil-iarize yourself with our banknotes and share the information with those around you. The current series of banknotes will be in circula-tion alongside the old banknotes, and there isno intention to withdraw the older banknotes from circulation.
 
The primary objectives of the Central Bank of lraq (CBI) are to ensure domestic price stability and foster a stable competitive market based financial system. The CBI shall also promote sustainable growth, employment and prosperity in Iraq.
 
The headquarter of the Central Bank of Iraq is in Baghdad and has three branches: Basra, Mosul, and Erbil.
 
lraqi banknotes are characterized by the most sophisticated security features and the high-est quality of security paper. Any attempt to produce, hold or pass counterfeit banknotes is a criminal offence and there will be severe legal punishments for such acts. Counterfeit banknotes must be surrendered to the police or the Central Bank of Iraq.

December 01, 2024  :diamonds: Guide to Iraqi banknotes in circulation .. For more, click here
       https://cbi.iq/static/uploads/up/file-173304177261220.pdf
 
https://cbi.iq/news/view/2724   
 
(partial text - see bilingual file, https://cbi.iq/static/uploads/up/file-173304177261220.pdf ,
for images and security descriptions)     

The Governor Of The Central Bank Told {Al-Sabah}: The Launch Of The “Riyada” Bank Is Near.
 
Second and third 12/02/2024  Cairo: Esraa Khalifa  The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, revealed the imminent launch of the “Riyada” Bank to support small and micro projects, while

he expressed his optimism about the country’s monetary position despite the circumstances of the region, stressing that  it is “very excellent,” and that the  Central Bank is on its way to

     completing the digital transformation in parallel with its success in
     Implementing the external remittance plan in accordance with international standards.
 
Al-Alaq said in an exclusive interview with “Al-Sabah” on the sidelines of his participation in the activities of the Arab Week for Sustainable Development (fifth edition), which was held in Cairo recently, that
 
“Riyada Bank will be contributed by Iraqi banks and with the support of the Central Bank itself in order to diversify the production base and reduce unemployment levels.” Providing basic foundations for sustainable development with the support of specialized international organizations.”

Green Bank  

He added, “The Central Bank is adopting a financing initiative to purchase solar systems and license the (Green Bank) to be the first bank in the region to specialize in green financing and renewable energy projects as part of confronting the challenges of climate change.” He explained that
 
he announced this in a session on “The Role of Central Banks in Climate Change.”) which was held in Cairo.  He pointed out that “the
 
Central Bank adopts an unconventional monetary policy, which is not based solely on achieving monetary stability using its traditional tools - although
 
this role has priority as it is a fundamental pillar in
 
     achieving economic stability and
     providing a stable and attractive environment for the business sector and foreign domestic investment - as the changes
 
The challenges facing the world and their effects on the national economy require a broader role and new tools to avoid risks and create appropriate and stable conditions, and
 
one of those challenges is climate change.” He stated that
 
“the Central Bank of Iraq agrees with the opinion that climate changes have direct effects.” In the economy, due to the decline in rates of economic growth, displacement, unemployment, and poverty caused by natural disasters, drought, and poverty, which calls for central banks to take a role in confronting the risks resulting from this, in order to maintain acceptable levels of sustainable development.”
 
Stability indicators 
 
The Governor of the Central Bank of Iraq added that he presented during the Cairo session;

He gave a detailed explanation of the development process in Iraq during the wars and unjust policies regarding Iraq’s resources and infrastructure, which led to serious declines in development indicators. He pointed out that  “with the decline of the last waves of terrorism in Iraq and the achievement of security stability, indicators of economic stability began to grow, and local and foreign investment began.”

It is on an upward path, and the Central Bank of Iraq has achieved several basic factors in general stability by
 
     combating and controlling inflation,
     maintaining high foreign reserves, as well as through its initiatives to
     stimulate economic sectors and
     provide a safe environment and freedom of movement. Investments. Al-Alaq stated that
 
“the experiences of countries have proven the pivotal role of small and medium enterprises, and  
therefore the Central Bank pays great attention to this issue,” pointing to
 
“the roles required and expected of central banks regarding the challenges of climate change, including ensuring financial stability by assessing the risks associated with climate change.”
 
Which requires 
     monitoring,
     developing tools to measure them,
     conducting climate stress tests that simulate the impact of climate events on the economy and the financial sector, and
     encouraging green financing by
     including environmental, social, and governance standards in lending and investment policies,” he explained.
 
“The Central Bank of Iraq is applying these standards in the banking sector with the support of the UNDP, as well as encouraging banks to finance environmentally friendly projects,” and noted that
 
“monetary policies can be modified to take into account the long-term impact of the climate, such as including grant-related securities within market operations.” "open".
 
Regarding his participation in the “Sustainable Development Conference” in Cairo, Al-Alaq said:
 
“It is an annual event held by the League of Arab States in cooperation with international and local partners.
 
The title of the held edition was (Sustainable Solutions for a Better Future), and 
one of its activities was the launch of the High-Level Regional Forum on Investment.” And sustainability, which is the first of its kind.
 
The forum aims to address the challenges and opportunities related to investment and sustainability in light of global economic trends, climate change and regional fragility.

It also aims to create a dialogue platform between governments, investors, banks and development agencies to enhance investment. Sustainable, and we participated with a working paper in the conference.”
 
Digital transformation
 
Regarding the digital transformation that the Central Bank of Iraq intends to implement, Al-Alaq said:
 
“There is a broad program, which takes on a great national dimension for us, and 
it is the digital transformation, which is one of the government’s priorities in cooperation with the Central Bank, and
 
we work together and with direct support from Prime Minister Muhammad Shiaa Al-Sudani. “To provide the requirements for this transformation, which constitutes an essential pillar of the digital economy in general.”  The Governor of the Central Bank affirmed that “the
 
government is moving to diversify production to advance the banking sector and financial policy, and
 
it is developing programs to reach the goal and 
taking into account the international, regional and local conditions - which are the keys to dealing with and presenting programs and plans that are compatible with all these conditions - and
 
there is diversification and strengthening of the national economy.”
 
In order for the banking sector to be active when there is a diversified production base,” Al-Alaq acknowledged,
 
“We as a country suffer from the fact that the main economic activity is the oil sector, and
 
what is linked to the transformation of oil resources into a sector trade primarily instead of employing it locally to serve development goals and diversify the production base, and
 
this calls for the necessity of activating the banking sector by providing the necessary financing to establish real projects in the basic economic sectors, especially in the industrial and agricultural sectors and other sectors,” indicating that
 
“this approach will lead to 
     Alleviating dependence on oil resources, as well as providing means of 
     real employment and growth.”

Monetary stability 
 
Regarding the impact of tensions in the region on monetary stability, Al-Alaq said:
 
“The monetary position in Iraq is (very excellent) at the present time in terms of 
     controlling inflation and the  high adequacy of foreign reserves,
 
which enables the central bank to 
     be steadfast, to
     defend the exchange rate, and to
     achieve stability.” cash,
 
despite the circumstances surrounding the country and the region,” indicating that 
“the reserve covers our needs, and  this is what distinguishes the Central Bank of Iraq compared to other central banks in "The area." At the end of his speech to Al-Sabah, Al-Alaq confirmed the
 
success of the Central Bank in implementing the transition plan for “foreign remittances, in accordance with international practices and standards, and that it is currently taking place smoothly and transparently - especially covering imports at the official exchange rate - which leads to general stability in prices.”

As for personal transfers and the use of cards outside Iraq, its system is being developed to ensure its smoothness, and agreement has been reached with all concerned companies regarding new mechanisms to enhance the relevant accounts.   https://alsabaah.iq/106575-.html   

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

Seeds of Wisdom RV and Economic Updates Monday Morning 12-02-24

Good Morning Dinar Recaps,

KEY US ECONOMIC EVENTS TO WATCH THIS WEEK WHICH WILL IMPACT THE CRYPTO MARKET

The crypto market has reached a new high, surpassing $3.4 trillion, as many altcoins outperform Bitcoin. This marks a significant moment for the market. With major economic reports on US jobs, employment claims, and manufacturing due this week, all eyes are on how these events could affect the crypto space. These reports could influence market sentiment and potentially drive the value of both Bitcoin and altcoins.

Key US Economic Event For This Week
Crypto markets gained last week after Donald Trump chose hedge fund expert Scott Bessent as Treasury Secretary. Now, crypto markets are closely watching key US economic data set to be released this week.

Dec 2: ISM Manufacturing PMI Report  
The ISM Manufacturing PMI report for November, set to be released on Monday, Dec 2, will shed light on the U.S. manufacturing sector and overall economic trends. This comes after weak data from the Eurozone, where the Euro dropped to a 23-month low of $1.0336.

As the U.S. ISM index is forecasted to rise slightly from 46.5 to 47.5, a weaker USD could drive investors toward Bitcoin and other cryptocurrencies.

Dec 3: JOLTS Job Openings
On December 3, the U.S. Bureau of Labor Statistics will release October’s JOLTS report, showing job openings, layoffs, and quits. Job openings have steadily fallen since March 2022 but rose to 8.4 million in August before dropping to 7.44 million in September.

Meanwhile, October’s forecast is a slight uptick to 7.49 million, as labor market trends remain crucial for Fed policy decisions.

Dec 4: National Employment Report
On December 4, the ADP National Employment Report will reveal November’s job growth in the private and public sectors. October’s report surprised markets with just 12,000 jobs added, far below expectations. While hiring has been slowing, September showed improvement, with 233,000 jobs added.

Earlier weak data has fueled expectations of a Fed rate cut, keeping market attention on this week’s report.

Dec 5: Jobless Claims Report
The upcoming jobless claims report on December 5 will provide fresh insights into the U.S. labor market. Last week recorded 213,000 claims, with a slight increase to 215,000 expected.

Despite fewer initial claims, rising continuing claims suggest employers are holding onto workers, but those laid off are struggling to secure new jobs.

Dec 6: US Employment Report
On Friday, December 6, all eyes will be on the November employment report, expected to show over 250,000 new jobs. The numbers will reflect the return of Boeing workers and recovery from Hurricane Milton.

This comes after weaker PCE data, hinting at a possible Fed rate cut ahead of its December 18 meeting.

In addition to this, Friday will also see the preliminary Michigan Consumer Sentiment Index and Inflation Expectations for December, providing a snapshot of consumer confidence and long-term inflation views.

@ Newshounds News™

Source: CoinPedia 

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CURRENCY: WHAT’S HAPPENING WITH INDIAN RUPEE AND THE US DOLLAR?

The rupee has once again dropped, hitting a record low against the US dollar, slumping to hit 84.71 against the USD. The US dollar is currently sitting at 106, up 0.42% in the early, around 12:26 IST time.

Currency Update: Indian Rupee Records New Lows, What Happened?

The Indian rupee recorded a new blow to its valuation on Monday. The early hours of trading reported a staggering outlook of the rupee, displaying a noteworthy drop in its valuation. The INR is currently sitting at 84.61, hitting a new low against the USD.

The drop in INR has been primarily spurred by the slow economic growth data that has recently been released. The fresh statistics have revealed that the Indian economy has slowed much more than the anticipated markers, likely pushing the Reserve Bank of India to intervene and cut rates. The INR is already battered due to equity outflows that are triggered by the recent election win prompting Donald Trump to take the presidential lead.

This development represents a striking contrast, adding to how the Indian economic domain is experiencing slow growth, disrupting its earlier trajectory of becoming one of the world’s fastest-growing economies.

The ANZ bank, in a note released recently, shared how the RBI may cut rates as early as December 2024 to stabilize the current economic pillars of the nation.

Trump Fires BRICS on Twitter, Warns of New Tariffs

In the meantime, the president-elect, Donald Trump’s new statements concerning BRICS are also weighing on the Indian economy. Trump, in a new tweet, shared how he may impose 100% tariffs on BRICS nations in particular if they went ahead with their plans to launch a new currency against the US dollar.

“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency. Nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs. And should expect to say goodbye to selling into the wonderful U.S. Economy.

They can go find another “sucker. There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America.”

@ Newshounds News™

Source:  Watcher Guru

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XRP'S SIX-YEAR HIGH OF $2.50 — WHAT MADE IT HAPPEN?

XRP has seen a remarkable surge, reaching highs of $2.50 in today's trading session, a level not seen since Jan. 8, 2018. This nearly seven-year high has captured the attention of the cryptocurrency community and the market alike.

According to on-chain analytics platform Santiment, whale accumulation might have contributed to this price surge. Whales and small retail holders accumulating together have contributed to XRP making history, reaching highs not seen since January 2018.

Santiment noted that the six-year or nearly seven-year high for XRP comes as wallets with 1 million to 10 million XRP have accumulated 679.1 million tokens in just three weeks. This accumulation is currently valued at approximately $1.66 billion.

According to Ki Young Ju, CryptoQuant CEO, Coinbase whales might be driving the XRP price rally. Over the past 30 days, during the surge, Coinbase's minute-level price premium has ranged from 3% to 13%. Meanwhile, Upbit — a Korean exchange with more XRP investors than Binance — has shown no significant premium so far.

XRP is also experiencing increased wallet activity. For the first time in the coin's eight-year lifetime, the total number of non-empty XRP wallets has exceeded 5.5 million.

Since Nov. 9, there have been 119,820 non-empty XRP wallets. Traders are increasingly rotating money out of Bitcoin and into other cryptocurrencies. Since Nov. 21, BTC's dominance rate, or share of the cryptocurrency market, has fallen from 61.5% to 56.5%.

At the time of writing, XRP was up 20.36% in the last 24 hours to $2.32 and up 54% in the previous seven days. XRP becomes third largest cryptocurrency in $100 billion rally XRP has vaulted rivals Solana and USDT, Tether’s stablecoin, to become the third-largest cryptocurrency following a $100 billion rally.

On Monday, the token climbed up to 20% to $2.50. In the process, its market value increased to $139 billion, up from less than $30 billion on Nov. 5.

XRP has been rising since Nov. 28, when it fell to lows of $1.28; taken from this date, XRP will mark the sixth day of gains if today closes in green. Broadly speaking, XRP has steadily climbed from Nov. 5 lows of $0.50 and has skyrocketed 353% in 30 days.

The cryptocurrency's remarkable surge has propelled it above the leading dollar-pegged stablecoin, Tether's USDT, to become the world's third-largest digital asset. XRP trading volumes have increased globally. Upbit, South Korea's largest cryptocurrency exchange, had a record $4.25 billion volume in the XRP-won pair in the last 24 hours. CoinMarketCap data shows that this accounts for almost 28.8% of the exchange's overall trading volume.

@ Newshounds News™

Source:  U Today   

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CREEPY BROADCAST ALERTS THAT WARNED YOU  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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“Tidbits From TNT” Monday Morning 12-2-2024

TNT:

Tishwash:   It does not remain "just attractive".. Iraq wants to invest its money "in projects abroad"

Revealed a member Parliament Iraqi MP Ibtisam Al-Hilali announced today, Monday, Iraqi plans to activate foreign investments, meaning that Iraq By investing his surplus money in projects abroad.

Al-Hilali said in an interview with Sumaria News, "Thanks to the good diplomatic relations that the government of Mohammed Shia al-Sudani has established with neighboring countries and the world, economic relations have also improved," noting that "there are large internal and external investments."

She explained that "domestic investments serve the country by improving the environmental situation and infrastructure," indicating that "foreign investments have a financial and economic return for Iraq."

She stressed that "we had a meeting with the French embassy to activate foreign investments," indicating that "Iraq is a capable country."physicallyHe can invest his money in foreign investments to benefit the public.Iraqand neighboring countries.”

Questions have often been raised about why the investmentIraqHis money is invested in various sectors, including external sports sectors as well as technology, similar to other countries, which could lead to a diverse financial return with the lack of non-oil revenues inIraqCompared to oil revenues.link

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Tishwash:  Iraqi government: Internal and external debts within safe limits

The Prime Minister's advisor for financial affairs, Mazhar Mohammed Salih, confirmed on Monday that Iraqi debts constitute only 35% of the gross domestic product.

Saleh told Shafaq News Agency, "All of the outstanding internal and external debts still do not exceed 35% of our country's GDP, which means that they are within the safe limits of global economic stability standards."

He added, "We should not be too concerned about the issue of the internal public debt and its increase to more than 70 trillion dinars, which is within the standard limits for stability according to the European Union standards that allow the sovereign debt to reach 60% of the gross domestic product."

Saleh pointed out that "more than 90% of the domestic debt is held by the government banking system and is borrowing from within government funds and for the benefit of the federal general budget."

He added, "This indicates that the market is not concerned at all with domestic sovereign debts, as domestic debt represents operations within the government's balance sheet, so to speak, and does not pose any sovereign financial risks at all. The efforts of the financial and monetary authorities are combined to adopt a precise policy to achieve the common financial goals in the issue of financial consolidation, the basis of which is not to expand the annual financial deficit in the budget and to gradually reduce the size of the sovereign debt balance to the gross domestic product."

The Central Bank of Iraq revealed that domestic debts rose in 2024 to more than 73.3 trillion dinars link

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Al-Alaq: The monetary situation in Iraq is very excellent and the launch of Riyada Bank is imminent

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, revealed the imminent launch of the “Riyada” Bank to support small and micro enterprises, while expressing his optimism about the country’s monetary position despite the region’s circumstances.

Al-Alaq said in an interview with the official newspaper, followed by "Al-Eqtisad News" on the sidelines of his participation in the activities of the Arab Sustainable Development Week (fifth edition) held in Cairo recently, that "Riyada Bank will be contributed by Iraqi banks and supported by the Central Bank itself in order to diversify the production base, reduce unemployment levels, and provide basic pillars for sustainable development with the support of specialized international organizations."
The Green Bank

He added that "the Central Bank is adopting an initiative to finance the purchase of solar systems and license the (Green Bank) to be the first bank in the region to specialize in green financing and renewable energy projects as part of confronting the challenges of climate change," explaining that he announced this in a session on (the role of central banks in climate change) which was held in Cairo.

He pointed out that "the Central Bank adopts an unconventional monetary policy that is not based solely on achieving monetary stability using its traditional tools - although this role has priority as a fundamental pillar in achieving economic stability and providing a stable and attractive environment for the business sector and local and foreign investment - as the changes and challenges facing the world and their effects on the national economy require a broader role and new tools to avoid risks and create appropriate and stable conditions, and among those challenges are climate change."

He explained that "the Central Bank of Iraq agrees with the view that climate change has direct effects on the economy, as natural disasters, drought and famine cause a decline in economic growth rates, displacement, unemployment and poverty, which calls for central banks to play a role in confronting the resulting risks, in order to maintain acceptable levels of sustainable development."
Stability indicators.

The Governor of the Central Bank of Iraq added that during the Cairo session, he provided a detailed explanation of the development process in Iraq during the wars and unjust policies towards Iraq's resources and infrastructure, which led to serious declines in development indicators.

He pointed out that "with the decline of the last waves of terrorism in Iraq and the achievement of security stability, indicators of economic stability began to grow, and local and foreign investment began to take an upward path. The Central Bank of Iraq achieved several basic factors in general stability by combating and controlling inflation, maintaining high foreign reserves, as well as through its initiatives to stimulate economic sectors and provide a safe environment and freedom of movement for investments."

Al-Alaq explained that "the experiences of countries have proven the pivotal role of small and medium enterprises, and therefore the Central Bank pays great attention to this issue," pointing to "the roles required and expected from central banks in the face of climate change challenges; including ensuring financial stability by assessing the risks associated with climate change that require monitoring and developing tools to measure them and conducting climate tolerance tests that simulate the impact of climate events on the economy and the financial sector, and encouraging green financing by including environmental, social and governance standards in lending and investment policies,"

Explaining that "the Central Bank of Iraq is implementing these standards in the banking sector with the support of the UNDP, as well as encouraging banks to finance environmentally friendly projects," noting that "monetary policies can be amended to take into account the long-term impact of climate, such as including climate-linked securities in open market operations."

Regarding his participation in the "Sustainable Development Conference" in Cairo, Al-Alaq said: "It is an annual event held by the League of Arab States in cooperation with international and local partners. The title of the current edition was (Sustainable Solutions for a Better Future).

Among its activities was the launch of the first-of-its-kind High-Level Regional Forum on Investment and Sustainability. The forum aims to address the challenges and opportunities related to investment and sustainability in light of global economic trends, climate change and regional fragility. It also aims to create a dialogue platform between governments, investors, banks and development agencies to promote sustainable investment.

 We participated with a working paper at the conference."

Digital Transformation

Regarding the digital transformation that the Central Bank of Iraq intends to implement, Al-Alaq said: “There is a broad program, which has a major national dimension for us, which is the digital transformation, which is one of the government’s priorities in cooperation with the Central Bank, and we are working together and with direct support from Prime Minister Mohammed Shia Al-Sudani, to provide the requirements for this transformation, which constitutes a fundamental pillar of the digital economy in general.”

The Governor of the Central Bank stressed that "the government is moving towards diversifying production to advance the banking sector and financial policy, and it is setting programs to achieve the goal and to be aware of international, regional and local circumstances - which are keys to dealing with and proposing programs and plans that are compatible and in harmony with all these circumstances - and there is diversification and strengthening of the national economy, so that the banking sector is active when there is a diverse production base

." Al-Alaq acknowledged that "as a country, we suffer from the fact that the main economic activity is the oil sector, and in connection with the transformation of oil resources into the trade sector primarily instead of employing them locally to serve development goals and diversify the production base, and this calls for the necessity of activating the banking sector by providing the necessary financing to establish real projects in the basic economic sectors, especially in the industrial and agricultural sectors and other sectors," indicating that "this trend will lead to reducing dependence on oil resources, as well as providing means for real employment and growth."

Monetary Stability

Regarding the impact of regional tensions on monetary stability, Al-Alaq said: “The monetary situation in Iraq is (very excellent) at the present time in terms of controlling inflation and the high adequacy of foreign reserves, which enables the Central Bank to remain stable, defend the exchange rate, and achieve monetary stability, despite the circumstances surrounding the country and the region,” indicating that “the reserve covers our needs, and this is what distinguishes the Central Bank of Iraq compared to other central banks in the region.”

At the end of his interview with “Al-Sabah,” Al-Alaq confirmed the Central Bank’s success in implementing the transition plan for “foreign transfers, in line with international practices and standards, and that they are currently being carried out smoothly and transparently - especially covering imports at the official exchange rate - which leads to general stability in prices.

As for personal transfers and the use of cards outside Iraq, their system is being developed to ensure their fluidity, and an agreement has been reached with all relevant companies regarding new mechanisms to enhance the relevant accounts.” link

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Mot: ....... Whoosh! -- and Just Like That!!!! 

Mot.. Hey Ya'll