Billionaire Investor Ray Dalio Warns Debt Is Being Devalued

Billionaire Investor Ray Dalio Warns Debt Is Being Devalued

Kelly Cloonan  Thu, September 19, 2024  Business Insider

Billionaire Investor Ray Dalio Warns Debt Is Being Devalued as governments pile it up and central banks keep rates artificially low.  Billionaire investor Ray Dalio says he is worried by global debt levels and central bank policy.

Returning to "artificial low real rates" could cause a depreciation in debt value, Dalio said.

The Federal Reserve made its first rate cut in over four years on Wednesday.

Yesterday, the Federal Reserve made a jumbo rate cut, its first cut in over four years as the central bank shifts its focus from fighting inflation to holding the job market together.

Yet, billionaire investor Ray Dalio isn't convinced that the Fed and other central banks' moves to lower rates will address the big problem: surging debt levels.

Dalio said the amount of debt held by governments around the world is historically unprecedented, and could lead to a depreciation of debt as central banks push borrowing costs lower.

Dalio is increasingly worried by "the enormous amount of debt that is being created by governments and monetized by central banks," particularly in the US, he said in an interview with CNBC's "Squawk Box Asia."

Global debt held by governments, companies, and individuals is estimated to be around $315 trillion, according to data from the Institute of International Finance.

"Those magnitudes have never existed in my lifetime," he said.

TO READ MORE: https://finance.yahoo.com/news/billionaire-investor-ray-dalio-warns-001310719.html     

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 9-19-24

Note From Recaps Team: We are very sorry this post did not make the intended 6 PM Newsletter – there was a delay in the delivery to the Team Leader that does them – We sincerely apologize  for the delay – Thank you for your understanding and devoted readership 

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SEC BOSS ISSUES WARNING TO CRYPTO EXCHANGES

U.S. Securities and Exchange Commission Chairman Gary Gensler has warned so-called crypto exchanges that they must follow rules.

The SEC is currently engaged in legal battles with such major exchanges as Coinbase, Kraken, and Binance.  During a Wednesday interview with CNBC, Gensler stressed that the SEC would keep protecting the investing public.

"This is a field that is rife with fraudsters and scammers, and grifters," Gensler stressed.  

The SEC boss pointed to the fact that some of the biggest crypto figures from 2022 are now either in jail or awaiting extradition. Gensler, of course, was alluding to former FTX CEO Sam Bankman-Fried, former Binance CEO Changpeng Zhao, and Terra co-founder Do Kwon.  

The rules are clear  

Gensler has also stated that there was "nothing incompatible" about the field and basic protections in the securities laws.  

"If you store something on an accounting ledger…investors still need to have basic protections," he added.

While many industry leaders have been clamoring for regulatory clarity, Gensler is convinced that there is already enough regulatory clarity, arguing that the securities laws that have worked for 90 years.

The SEC's anti-crypto policies have been criticized by some lawmakers from both parties. However, the agency's approach also has some proponents on Capitol Hill. Case in point: Elizabeth Warren.

@ Newshounds News™

Source:  U Today

Visit, Like and Subscribe to Seeds of Wisdom Team Currency Facts

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US LAWMAKERS DEMAND ANSWERS FROM GARY GENSLER ON SEC’S POSITION THAT CRYPTO AIRDROPS ARE SECURITIES TRANSACTIONS

Two crypto-friendly US lawmakers want U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler to clarify the regulator’s position on airdrops.

In a public letter sent to Gensler this week, Representatives Patrick McHenry (R-North Carolina) and Tom Emmer (R-Minnesota) argue that the SEC’s regulatory approach inhibits decentralization in the crypto space.

“By creating a hostile regulatory environment, including making assertions about airdrops in various cases and increasing warnings for additional enforcement actions, the SEC is putting its thumb on the scale and precluding American citizens from shaping the next iteration of the internet.”

The lawmakers cited the SEC’s 2023 lawsuit against crypto mogul Justin Sun, the Tron Foundation, BitTorrent Foundation and Rainberry Inc (formerly known as BitTorrent). The regulator accused the defendants of offering and selling unregistered crypto securities, namely TRX and BitTorrent (BTT).

The SEC specifically claimed Sun, BitTorrent and Rainberry sold BTT in “unregistered monthly airdrops to investors,” which the regulator argued violated securities laws. The lawsuit is ongoing.

Emmer and McHenry want Gensler to clarify how airdrops fit in with the Howey Test, an assessment created by the Supreme Court more than 90 years ago to determine whether assets should be classified as securities.

“In recent court filings, the SEC has taken the position that digital assets, in and of themselves, are not securities. Does the SEC believe that giving away non-security digital assets for free implicates the Howey Test? If so, under what circumstances or arrangements?

Companies routinely offer rewards to customers through intangible representations of value, such as airline miles or credit card points, without implicating the Howey Test.

 These rewards are distributed freely to encourage engagement, just as airdrops aim to engage users and developers in the blockchain network’s growth and decentralization. How does the SEC distinguish between these rewards, given away for free, and digital assets airdropped to an individual?”

The Republican lawmakers asked for a response by September 30th.

@ Newshounds News™

Source:  DailyHodl

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LOUISIANA ACCEPTS FIRST CRYPTOCURRENCY PAYMENT FOR STATE SERVICES

Louisiana became the first U.S. state to accept cryptocurrency for government services on September 17, 2024, according to a press release from Louisiana State Treasurer John Fleming. Residents can now pay using bitcoin, BitcoinBitcoin +6.4% Lightning, and USD Coin from private crypto wallets.

The first cryptocurrency payment was processed on September 17, 2024 by the Louisiana Department of Wildlife and Fisheries. The state is partnering with Bead Pay, a cryptocurrency payment processor, to convert incoming crypto payments into U.S. dollars before depositing them into state accounts.

"By introducing cryptocurrency as a payment option, we're not just innovating; we're providing our citizens with flexibility and freedom in interacting with state services," Fleming said in a statement.

Key benefits of the new system, according to the state treasury, include:

▪️Reduced fraudulent transactions

▪️Protection from cryptocurrency price volatility

▪️Compatibility with any digital wallet supporting the accepted cryptocurrencies

▪️The state receives all payments in U.S. dollars

This development comes three months after Louisiana passed House Bill 488, which was signed into law on June 19, 2024. According to a Forbes article by Susie Violet Ward, HB 488 established legal protections for bitcoin users and miners, while banning the use of Central Bank Digital Currencies for state payments.

The bill included provisions for the right to self-custody digital assets, transactional freedom with bitcoin, support for bitcoin mining in industrial areas, and a ban on CBDCs. Representative Mark Wright, who sponsored the bill, told Ward, "It's important to me that we create a welcome economic environment for innovation and investment." 

The acceptance of cryptocurrency payments for state services appears to be a practical implementation of the pro-cryptocurrency stance Louisiana took with HB 488.

@ Newshounds News™

Read more:  Forbes

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LOUISIANA ISN'T THE ONLY US STATE TO ACCEPT BITCOIN PAYMENTS—HERE ARE THE OTHERS

The state has already received a fine paid to the Louisiana Department of Wildlife and Fisheries via the Bitcoin Lightning Network.

The government of Louisiana has officially begun accepting cryptocurrency payments, making it the latest U.S. state to embrace digital currencies for state services.

Louisiana State Treasurer John Fleming announced earlier this week that residents can now use a number of digital assets as payment for various state services. Residents can now pay using Bitcoin (BTC), the Bitcoin Lightning Network, and the U.S. dollar-pegged stablecoin USDC.

The state said its first cryptocurrency payment has already been processed—a fine paid to the Louisiana Department of Wildlife and Fisheries via the Bitcoin Lightning Network.

According to Fleming, this development results from a collaboration between the state, Bead Pay, and local integration partners. He stated that the initiative aims to modernize payment systems and reduce fraudulent transactions.

"In today’s digital age, government systems must evolve and embrace new technologies," Fleming said. "By introducing cryptocurrency as a payment option, we’re not just innovating; we’re providing our citizens with flexibility and freedom in interacting with state services."

Other U.S. States Accepting Crypto Payments
Louisiana joins a growing list of states exploring the integration of cryptocurrency into government operations.

In 2018, Ohio started accepting cryptocurrency for tax payments through its now-defunct platform OhioCrypto.com. Businesses could pay 23 types of taxes using Bitcoin, which was converted to dollars via BitPay before reaching state coffers.

However, in 2019, the Ohio Attorney General declared that the state treasurer lacked the authority to operate the program without proper approval from the Board of Deposit and had not followed required bidding processes for payment processors. As a result, the initiative was shut down within a year, having been utilized by fewer than 10 companies.

Also 2018, the Seminole County Tax Office in Florida started accepting crypto payments through BitPay. The county tax collector was later found to have used public funds to finance his own blockchain company and was indicted by the Justice Department.

That was not the last initiative of this kind in the state. In March 2022, Florida Gov. Ron DeSantis promised that state agencies would allow businesses to make tax payments in cryptocurrency. This initiative aimed to promote Florida as a crypto-friendly state and encourage innovation in financial technology.

The same year, Colorado announced that it would begin accepting tax payments in cryptocurrency, requiring residents to “have the entire value of your invoice in a single cryptocurrency in your PayPal Cryptocurrencies Hub.”

Building on the 2022 momentum, in June 2024, Rep. Matt Gaetz (R-FL) introduced a bill that would permit Americans to settle their federal income tax obligations using Bitcoin.

Gaetz stated that modernizing the tax system to include cryptocurrency payments would promote innovation, increase efficiency, and help maintain the United States' leadership in technological advancement.

In 2022, Utah also passed a bill allowing state government agencies to accept cryptocurrency for tax payments starting in 2023. A 2022 Bloomberg report listed Arizona, California, Hawaii, Illinois, New York, Oklahoma, and Wyoming as legislatures that introduced similar proposals that never came into effect.

While not directly accepting cryptocurrency payments, California has also shown interest in blockchain technology. In early, 2023 the California Department of Motor Vehicles (DMV) began utilizing blockchain as an unfalsifiable database for its records. This move aimed to enhance the security and efficiency of record-keeping within the state's motor vehicle registry.

@ Newshounds News™

Source:  Decrypt

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There Are 7 Levels Of Wealth

 There Are 7 Levels Of Wealth

Chris Clark  Thu, September 19, 2024  Moneywise

‘Financial Freedom’ Author Grant Sabatier Says There Are 7 Levels Of Wealth — What Stage Are You At In 2024?

A shaky economy, job uncertainty and rising everyday costs have Americans craving the financial independence that makes money worries a distant memory.

That might be why so many people are turning to author and personal finance expert Grant Sabatier’s seven-level breakdown to financial freedom.

Sabatier’s list is gaining attention because it ladders the distinct levels of wealth people reach on their path to prosperity. Understanding where you stand on the ladder can inform your next steps toward the final rung: complete money freedom.

So, where are you on the ladder, and how can you keep climbing?

Level 1: Clarity

The journey starts by understanding your financial situation — your income, debts, and savings.

Today’s high grocery prices and everyday costs make basic living expenses a challenge. But it can be empowering to get an understanding of where you are financially speaking and how much you need to make ends meet. That’s how you build a plan.

How to climb: Begin by following every dollar’s comings and goings. Budgeting apps like Mint or YNAB can help you get organized and clarify your debt-to-income ratio so you understand what you owe.

Level 2: Self-Sufficiency

At this level, you no longer rely on anyone for financial support and can cover basic expenses. Reaching this stage means you’re paying the rent or mortgage, utilities and other essentials without accumulating debt.

Living paycheck to paycheck, however, is still considered part of this step. A recent study by MagnifyMoney found that half of Americans are dealing with that reality.

How to climb: It’s important to build an emergency fund with three to six months’ worth of living expenses — a safety net to protect against lost income or unexpected expenses. It’s also important to minimize lifestyle inflation and keep expenses low as your income grows.

Level 3: Breathing Room

At this level, you’ve escaped the paycheck-to-paycheck cycle. Extra money allows discretionary spending. You’re no longer stressed about covering your monthly bills. Knowing your financial house is in order, you have enough to occasionally indulge in eating out, vacations and other non-essentials.

How to climb: Focus on erasing high-interest debt and increasing your savings rate. Prioritizing where your money goes ensures you’ll continue to build wealth while enjoying the results.

TO READ MORE:  https://finance.yahoo.com/news/financial-freedom-author-grant-sabatier-111300131.html

Seeds of Wisdom RV and Economic Updates Thursday Evening 9-19-24

Good Evening Dinar Recaps,

LAWMAKER FLAGS CONCERNS OVER SEC'S CRYPTO APPROACH

Congressman French Hill has raised concerns over the U.S. Securities and Exchange Commission (SEC)’s handling of digital asset regulations, criticizing Chairman Gary Gensler’s leadership for creating legal uncertainty and a politicized approach.

The lawmaker highlighted his subcommittee’s legislative successes but expressed frustration with the SEC’s broad and unclear regulations, which he argued burden digital asset firms and stifle innovation.

Rep. Hill Criticizes SEC’s Approach to Digital Assets
Congressman French Hill (R-AR), chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, delivered remarks Wednesday at a hearing titled “Dazed and Confused: Breaking Down the U.S. Securities and Exchange Commission (SEC)’s Politicized Approach to Digital Assets.”

The hearing scrutinized the SEC’s regulatory actions on digital assets under Chairman Gary Gensler, focusing on its enforcement methods and legal uncertainty.

In his speech, Hill acknowledged the subcommittee’s legislative achievements, including the Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act (FIT21) regulatory framework. However, he expressed concern about the SEC’s actions under Gensler’s leadership, stating:

Despite this legislative progress on a bipartisan basis, we’ve been troubled by the fact that the SEC as chaired by Chairman Gensler has instead chosen to front-end the work of Congress and insert politics instead of being an independent regulator.

Hill argued that the SEC’s approach has created confusion and uncertainty, particularly through broad, unclear regulations that impose heavy burdens on digital asset firms. “How is this protecting the public?” he questioned, noting that this strategy leaves market participants in a “lose-lose-lose” situation.

The lawmaker criticized the SEC’s handling of digital asset custody services, stating, “Nowhere has the SEC’s prejudice against digital assets been more apparent than in the Staff Accounting Bulletin 121, which upends decades of legal precedent in the custody business and creates an impenetrable hurdle for those financial institutions seeking to provide digital asset custody services for their clients—particularly banks and bank trust departments.”

He also highlighted that the SEC’s actions have driven blockchain developers out of the U.S. and condemned the approval process for bitcoin exchange-traded products (ETFs).

“Even the SEC’s approval of exchange-traded products for bitcoin and ether earlier this year only happened because Chairman Gensler tried to overplay his hand but could no longer explain to the courts why the SEC approved bitcoin futures ETFs but not the proposed spot Bitcoin products,” Hill said, concluding:

We’re against SEC enforcement abuse and making it hard for legitimate actors who are trying to follow the rules to do a fine job and bring innovation and technology to our markets.

@ Newshounds News™

Source:  Bitcoin News

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Turkey Sets New Standards to Safeguard Cryptocurrency Transactions

▪️Turkey's new rules aim to increase security in cryptocurrency trading.

▪️SPK outlines strict regulations for exchanges to protect customers.

▪️All exchanges must comply with these newly established standards.

This year, Turkey has enacted legislation establishing specific standards for cryptocurrency exchanges, prompting institutions to take action.

The Capital Markets Board (SPK) has outlined comprehensive rules and prohibitions within its jurisdiction concerning cryptocurrency exchanges. Following these new regulations, exchanges servicing Turkish citizens must comply with these rules.

SPK’s Cryptocurrency Rules
The Capital Markets Board (SPK) is the equivalent of the SEC in the United States for Turkey. Many regulations regarding cryptocurrency exchanges are implemented by this public institution.

Today, we can say that a significant step has been taken. The new rules and prohibitions can be summarized as follows.

▪️Customer cryptocurrency and cash assets must be kept separate from platform assets. It is stipulated that customer cash held in banks should be monitored in a separate account designated for platform clients, apart from the platform’s own cash assets.

▪️Accounts opened on behalf of customers will be explicitly defined as belonging to the respective platform clients and cannot be used for unintended purposes.

▪️Payments to customers can only be made through banks and authorized intermediaries. Cash cannot be received or given directly to customers.

▪️All orders from customers must be received through the platform’s registered websites, mobile applications, or authorized personnel. Customer orders cannot be taken through social media platforms (WhatsApp, Telegram, etc.). Proper and secure record-keeping of orders is required.

▪️As of November 8, 2024, customers’ order logs, phone order recordings, and request recordings must be preserved.

▪️NFTs can be opened to users with a warning message indicating that assets traded in this market are not subject to the listing principles of the Capital Markets Law and are not under the supervision of the SPK.

▪️Transactions made in a P2P marketplace on behalf of someone else will be considered unauthorized cryptocurrency service activities. Exchanges must terminate these activities by November 8.

▪️Promotional campaigns that promise specific returns or encourage investments in one or more cryptocurrencies cannot be organized. Such campaigns must end within 15 days.

▪️Cryptocurrency exchanges must integrate with the Central Registry Agency (MKK) system.

▪️Platforms may only sell as much cryptocurrency as they have in their wallets for customer transactions. The responsibility of ensuring that sufficient assets exist for transactions between customers lies with the platform.

▪️Platforms cannot utilize customer assets or engage in leveraged transactions, nor can they lend these assets to customers.

@ Newshounds News™

Source:  CoinTurk

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CRYPTO.COM RECEIVES FULL APPROVAL FROM THE KINGDOM OF BAHRAIN

Crypto.com can now offer payment services in Bahrain after the Central Bank approved its local subsidiary

Key Notes
▪️Digital currency trading firm Crypto.com has landed major Bahraini license.

▪️The license was secured through FORIS GFS BH B.S.C CLOSED, the exchange's local outfit.

▪️Crypto.com has maintained a major global expansion trend over the years.

The Central Bank of Bahrain has given Singapore-based cryptocurrency exchange Crypto.com full approval to provide payment service provider (PSP) services. The approval was secured through its subsidiary registered in the Kingdom of Bahrain under the commercial name “FORIS GFS BH B.S.C. CLOSED”. This adds to the company’s significant regulatory milestones in the region.

This milestone comes barely one month after Crypto.com was named the official partner of the UEFA Champions League, one of the world’s most prestigious football tournaments.

Beyond Bahrain: Crypto.com Is Expanding Its Presence Globally
The full approval from Bahrain allows Crypto.com to expand its offerings of e-money and fiat-based payment services regionally. 

Some of these services include the launch of its world-renowned prepaid cards. H.E. Noor bint Ali Alkhulaif, the Minister of Sustainable Development and the Chief Executive of Bahrain Economic Development Board, acknowledged Crypto.com’s international presence and its earned reputation for regulatory compliance.

She noted that the decision to invest in the Kingdom of Bahrain will further bolster the nation’s ability to deliver on its vision of developing a digital-first, resilient economy that celebrates innovation and progress. The country already has an approach that fosters a streamlined investment environment that champions ease of doing business.

According to Alkhulaif, Bahrain is committed to building a world-class ecosystem to support the evolution of the fast-growing blockchain, crypto, and fintech industry.

The presence of robust regulations and a diverse pool of highly skilled and future-ready talent within the financial services and technology sectors puts Bahrain on the path to achieving its goal.

Crypto.com’s President and COO, Eric Anziani, highlighted the milestones that Bahrain has achieved over the years. He admitted to seeing Bahrain’s dedication to building an innovation-friendly crypto and fintech ecosystem. Over time, the nation has upheld a key factor: clear regulation that balances consumer protection with commercialization.

In the Gulf region, Crypto.com has successfully emerged as a leading hub for crypto services and fintech innovation. It prides itself on being one of the first Gulf Cooperation Council (GCC) nations to issue crypto-asset licenses.

Crypto.com is gradually expanding its presence to include regions like Singapore, France, the UK, and the US.

Crypto.com Bags More Exciting Deals
Apart from this approval from the Kingdom of Bahrain, Crypto.com has made headlines for different reasons in the past few weeks. Last month, it officially rolled out its Global Retail Services, a major step in expanding its offerings to users worldwide. This service was first launched in the UAE, with plans to expand to other regions in the future.

Similarly, the Singapore-based crypto exchange teamed up with the Telegram-based game Hamster Kombat to introduce a new metal card. The strategic partnership’s focus is to enhance payment flexibility for both in-game activities and real-life transactions. It will make crypto payment cards available for gamers and business owners worldwide.

@ Newshounds News™

Source:  CoinSpeaker

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RIPPLE AND SEC: THE FINAL STAGES OF A HISTORIC BATTLE

▪️The Ripple and SEC case is approaching its final stages after a significant fine.
▪️October 7 is a critical date that may affect XRP Coin's volatility.
▪️Ripple is preparing for potential outcomes to expand the use of XRP Coin.

Following a $125 million fine, the struggle between Ripple and the SEC is nearing its conclusion. This pivotal process has been ongoing since the end of 2020, impacting all altcoins significantly. However, can we definitively say the case is over? Not quite, as there is still an upcoming appeal process to monitor.

As a result, the SEC’s arbitrary labeling of assets as securities, including SOL Coin and many other cryptocurrencies, has become widely disregarded. For instance, Coinbase continues to list assets likely viewed as securities by the SEC.

The legal battle between Ripple and the SEC stands as the largest legal conflict that the SEC has pursued as an institution. Other similar cases, such as that involving Telegram, have been resolved much more swiftly. Previous assessments noted that the Judge confirmed that institutional sales constituted securities, which led to Ripple’s $125 million fine.

Appeal and XRP Coin
However, the SEC remains unsatisfied with the outcome. It is expected to assess the appeal process that will conclude in October 2024. Ripple has set aside the $125 million fine in escrow, preparing for the potential appeal.

In summary, the critical date ahead is October 7, and it would not be surprising to see increased volatility in XRP Coin’s price as this date approaches. If the SEC does not appeal, Ripple officials anticipate relief by October 7, marking the process as complete. Nevertheless, if an appeal occurs, it could lead to a short-term decline and prolong the proceedings significantly.

Regardless of the outcome, Ripple is now seeing light at the end of the tunnel. Moving forward, the expansion of XRP Coin’s use cases and additional measures will likely enhance the value of this altcoin. However, the continuously rising circulation supply makes reaching $3 prices somewhat implausible.

@ Newshounds News™

Source:  CoinTurk

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Recession Is Next & Rate Cuts Won’t Help, Here’s Why the Fed Has It All Wrong – Steve Hanke

Recession Is Next & Rate Cuts Won’t Help, Here’s Why the Fed Has It All Wrong – Steve Hanke

Kitco News:  9-19-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Steve Hanke, Professor of Applied Economics at Johns Hopkins University.

 Hanke weighs in on the Federal Reserve’s aggressive move to lower its benchmark rate by 50 basis points – the first cut since 2020.

Hanke criticizes the Fed, stating that the U.S. central bank is flying blind by ignoring the M2 money supply metric. He sees the Fed’s continued shrinking of the balance sheet as a contradiction to its oversized rate cut.

Hanke warns that the U.S. economy will enter a recession later this year or at the start of next year. He also projects the timing when the Fed will kick off its quantitative easing cycle and breaks down what it will mean for the U.S. equity market and commodities, including gold.

00:00 Coming Up

01:15 Introduction: The Fed

03:06 Analysis of the Fed's Rate Cut

06:09 Monetary Policy and Money Supply

 08:11 Economic Outlook

10:36 Impact of Money Supply on Inflation Explained

17:21 Central Bank Policies

31:58 Fed's Actions

33:26 Economic Slowdown

34:59 Housing Market Trends

37:52 Equity Markets

39:56 Commodities & China

41:18 Gold Market Dynamics

43:58 Geopolitical Tensions and Market Implications

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

More News, Rumors and Opinions Thursday PM 9-19-2024

KTFA:

Clare: The government forms a higher committee to adapt Iraqi banks to international financial requirements

9/19/2024

Prime Minister Mohammed Shia al-Sudani announced on Thursday the formation of a higher committee to address the work of Iraqi banks in accordance with international financial requirements, while directing private banks to build balanced relations with financial institutions, Arab banks and investors.

Al-Sudani's media office stated in a statement received by Shafaq News Agency that the latter received today the head of the Private Banks Association and a number of directors of private banks, and was informed of the problems facing the banking sector in Iraq.

Al-Sudani pointed to the measures taken by the government to support the private sector in general, and the banking sector in particular, as part of the priority of economic reform, in which the government has made advanced progress.

He explained that "there is no alternative but to have capable Iraqi banks that adopt all financial standards to participate in development and building the country," stressing the importance of the Banking Association dealing with government trends and investing in opportunities.

He pointed out the readiness of Arab and foreign banks whose representatives visited Iraq to cooperate with the government in implementing its vision and development plans.

Al-Sudani announced the formation of a higher committee to develop treatments for the work of banks, to be in line with the requirements of work in the international financial arena, confirming the Central Bank’s contract with Oliver Wyman Company with the aim of developing the banking and financial sector.

He directed the Banking Association to build balanced relations with financial institutions, Arab banks and investors to support banking work. He also directed the preparation of a draft resolution to be presented to the Council of Ministers, which includes obligating ministries to provide facilities that support the banking sector in Iraq.  LINK

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Clare: A Kurdish delegation will visit Baghdad early next week

9/19/2024 Baghdad

The head of the Kurdistan Regional Government's Presidency Council, Omed Sabah, announced on Thursday that a Kurdish delegation will visit Baghdad early next week, while pointing out the regional government's intention to pay two salaries simultaneously to its employees.

Sabah said in a press statement, followed by (Mawazine News), that "a delegation from the regional government will visit Baghdad next Sunday to follow up on the implementation of the decisions issued by the Iraqi Economic Council, which recently visited Erbil."

He added, "At the forefront of those decisions that the delegation will follow up on are the monthly salaries, and resolving those issues related to this aspect." He pointed out that "the Kurdistan Regional Government will distribute the salaries of the months of August and September together if they are funded by the federal government."  LINK

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

Mnt Goat  ...they are now telling us they can see light at the end of the proverbial tunnel. No, they do not directly tell us this but you can read into the articles and understand the tone...

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:
On November the 20th to the 21st we have a curfew for the very first census in the last 27 years.  FRANK: ...It looks like Sudani ordered for this new census to occur for your HCL benefits as Iraqi citizens.  It seems to me the only reason he's doing it now is because you have a new exchange rate that they can work with.  If not...there wouldn't be a new census...as they determine the fair amount everyone is supposed to get.  This new census IMO screens that there is a new exchange rate...

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History of the Iraqi Dinar Then and Now

Edu Matrix:  9-19-2024

History of the Iraqi Dinar, Then and Now - Exchange Rates Over the Years, What Happened and When with the Iraqi Dinar.

https://www.youtube.com/watch?v=61gVRYHHPnQ

The Fed JUST ADMITTED The US Dollar Doesn’t Stand A Chance

Atlantis Report:  9-18-2024

Get ready, because the economy is in trouble, and even the important people at the Federal Reserve are starting to worry-they just realized that the strong U.S. dollar may not be as powerful as they thought.

The signs are clear, and it's not good. The U.S. economy has been quite volatile recently, experiencing more ups and downs than a roller coaster.

Now, some of the most influential figures in the financial world are raising concerns. The Federal Reserve took the widely expected step today of announcing its first interest rate cut in years, a move that will have a major impact on the finances of Americans across the board, making borrowing cheaper, though the golden days of high-yield savings instruments may be over.

https://www.youtube.com/watch?v=ZSJ31AHbX_Q

Iraq News Highlights and Points To Ponder Thursday Afternoon 9-19-24

Iraq News Highlights and Points To Ponder Thursday Afternoon 9-19-24

Market Monopoly Is In Danger... And The Parliamentary Economic Committee Leads The Correction Battle

September 18, 2024  Baghdad/Al-Masala:   The issue of ending monopolies in Iraq has become one of the pivotal issues that parliamentary bodies seek to address urgently, due to its direct impact on the local economy and market stability.

One of the most prominent of these efforts is the move led by the Parliamentary Committee on Economy, Industry and Trade to amend the Competition and Anti-Monopoly Law.

The Parliamentary Committee on Economy, Industry and Trade, headed by MP Ahmed Salim Al-Kanani, hosted the (Competition and Anti-Monopoly) Council to discuss amending the Competition and Anti-Monopoly Law in Iraq, in the presence of a number of economists, experts and legal professionals.

The head of the parliamentary economy, industry and trade committee, MP Ahmed Salim Al-Kanani, said in a statement that the main objective of the meeting was to highlight the need to update the competition and anti-monopoly law, in line with current economic challenges, as well as to address legal loopholes affecting the local market. The discussions addressed several key points that need to be amended.

Amending this law is an important step to ensure economic justice and improve the investment environment, as the monopoly of some parties on the market leads to narrowing competition and unjustified price increases, which negatively affects consumers and the economy in general.

The parliamentary committee seeks to address the legal loopholes that affect the local market, as some of these loopholes allow monopolists to escape punishment or manipulate the laws in a way that harms fair competition.

Analysts believe that tightening penalties on entities proven to be practicing monopoly and price manipulation is an urgent necessity to ensure effective implementation of the law and achieve the necessary deterrence.

A key aspect of these efforts is price control to maintain market stability, as monopoly is one of the main causes of price fluctuations that affect citizens’ daily lives.

In the absence of real competition, it becomes easy for monopolistic companies to raise prices exaggeratedly, which increases the suffering of consumers and causes some to refrain from buying.

Iraq needs to activate laws that protect consumers from these unfair practices and ensure that products and services are available at reasonable and stable prices.

In addition to parliamentary efforts, economists and legal experts play an important role in amending the law to suit the Iraqi reality. The challenges facing the local market require innovative legal and economic solutions that ensure sustainable economic growth and fair distribution of economic opportunities.

The head of the committee, MP Ahmed Salim Al-Kanani, noted that the penalties on monopolists were discussed, as the parliamentary committee stressed the need to tighten penalties on parties proven to practice monopoly and price manipulation, stressing that the current penalties are not sufficient to deter violators, which makes it necessary to review these articles to impose strict penalties that contribute to achieving balance in the market.

Al-Kanani pointed out that the discussions included the importance of controlling prices to maintain market stability and protect consumers from price fluctuations resulting from monopoly.

They also included establishing stricter monitoring mechanisms to ensure that traders and importers adhere to the specified prices and avoid exploiting crises to raise prices unjustifiably.

 The committee chairman stressed the importance of establishing strict quality and control standards to ensure that consumers obtain goods with specifications that meet international standards.

The statement of the Parliamentary Committee on Economy, Industry and Trade stated that it was agreed to continue the dialogue between the committee and the Competition Council to reach a final formula for the amendments to the law, while stressing the importance of expediting the approval of the amendments to activate the role of the Council in improving the business environment and ensuring the rights of consumers.    https://almasalah.com/archives/101113

Oil Disappoints Hopes, Basra Crude Completes Two Weeks Of Decline: Interest Rate Cuts Backfired

2024-09-19 | 1,287 views  Alsumaria News – Economy    Global oil prices fell in today's trading , Thursday, frustrating the anticipated hopes for the results of the US Federal Reserve's 50-point reduction in interest rates, as the larger-than-expected reduction had the opposite effect and raised concerns about the US economy.

Brent crude futures for November delivery lostOctoberThe second contract fell 34 cents, or 0.46 percent, to $73.31 a barrel, while West Texas Intermediate crude futures for October delivery fellOctoberThe first to $70.49 a barrel, down 42 cents, or 0.59 percent.

The US Federal Reserve cut interest rates by half a percentage point on Wednesday, indicating that the central bank sees a slowdown inmarketWork, it seems.OpinionThe boost that a rate cut typically brings to economic activity outweighs the boost that a rate cut typically brings, according to Reuters.

“While a 50bp rate cut signals stiff economic headwinds ahead, bearish investors were left feeling unsatisfied after the Fed raised rates,” analysts at ANZ Bank said in a note.Federal Reserve Bank"His medium-term price forecasts."

In contrast, crude oil prices concludedBasraIts second week at its lowest level recorded in about 10 months, which lasted at that time about 50 days.   LINK

Gulf Central Banks Move Interest Rates After Fed Decision

Arabic and internationalEconomy News - Follow-up Central banks in the Gulf region have decided to raise interest rates, following the US Federal Reserve's decision to cut interest rates by half a percentage point on Wednesday.

The Central Bank of the UAE decided to reduce the base rate on the overnight deposit facility by 50 basis points, to reach 4.90 percent, from 5.40 percent, effective Thursday, September 19, 2024.

The Saudi Central Bank said in a statement that it decided to reduce the repurchase agreement (repo) rate by 50 basis points to 5.50 percent, and reduce the reverse repurchase agreement (reverse repo) rate by 50 basis points to five percent.

The Board of Directors of the Central Bank of Kuwait decided to reduce the discount rate by 25 basis points to 4.00 percent, instead of 4.25 percent, effective from September 19, 2024.

The Governor and Chairman of the Board of Directors of the Central Bank of Kuwait, Basel Ahmed Al-Haroun, said that the decision is based on developments in the local and global economic, monetary and banking conditions, noting the decline in inflationary pressures in the Kuwaiti economy, as the annual inflation rate slowed from about 4.71 percent in April 2022 to about 3 percent in July 2024.

The Central Bank of Bahrain said in a statement that it cut the overnight deposit rate by 50 basis points from 6 percent to 5.50 percent.

He added in the statement: "This decision comes within the measures taken by the bank to achieve monetary and financial stability in the Kingdom of Bahrain in light of the developments witnessed by international financial markets."

Qatar Central Bank also cut key interest rates by 55 basis points.

The Qatar Central Bank said in a statement posted on social media that the lending rate was reduced to 5.70 percent, deposit rates to 5.20 percent, and the repurchase rate to 5.45 percent.

The US Federal Reserve's Monetary Policy Committee decided to cut interest rates by 50 basis points, to a range of 4.75 to 5 percent.139 views  09/18/2024 - https://economy-news.net/content.php?id=4777

Al-Fatlawi: There Are Some Parties Trying To Overthrow Al-Sudani's Government

Policy   Information/Baghdad...  Al-Fatah Alliance member Ali Al-Fatlawi accused some parties, which he did not name, of working to try to overthrow the government of Prime Minister Mohammed Shia Al-Sudani.

Follow "Al-Maalouma" channel on Facebook.. News that does not need verification..

Al-Fatlawi told Al-Maalouma, "Al-Sudani tried to build a correct structure for a new phase, and tried to keep the weak-willed away from him, but they were present around him and they are the remnants of Mustafa Al-Kadhimi's government."

He added, "The spy network is the remnants of Mustafa Al-Kadhimi's government and Raed Juhi."

Promise, "The current time is right to remove all the class that is trying to obstruct the political process." End 25N   LINK

Urgent Measures To Address The Airlines File

Iraq  09/19/2024  The Ministry of Transport has taken urgent measures to resolve the problems that have recently plagued the work of the General Company for Airlines.

The Director of the Ministry’s Media Office, Maitham Al-Safi, told Al-Sabah: “The Minister of Transport, Razzaq Muhaibis Al-Saadawi, has begun managing the General Company for Airlines centrally, and has issued several directives to resolve all issues related to the company’s performance, especially the cancellation of pilgrims’ flights and their re-transportation from the Kingdom’s airports to local airports according to a regular schedule,

 in addition to launching a new smartphone application that allows travelers to book tickets and manage reservations easily, as well as the ability to switch to the lost baggage service in cooperation with the electronic platform (Aur), in addition to helping travelers stay up to date with the latest developments regarding the national carrier’s flights.”

He pointed out that the airlines have not cancelled any of the chartered flights for tourism companies, and are working hard to ensure the continuity of operating flights, improve the levels of service provided to passengers, and adhere to the instructions of the Civil Aviation Authority regarding flight hours, to ensure that the company is not exposed to any audit violations and disrupts the periodic inspections by the International Civil Aviation Organization.

Al-Safi explained that the ministry compensates passengers whose bags are damaged or delayed, and that flight prices are measured within the economic feasibility of the flights, which is the most suitable among other airlines.

 He pointed out that work is ongoing to improve electronic services and focus on developing electronic reservation and payment systems to facilitate passenger procedures and reduce the time spent at airports, as well as providing the required crews to implement scheduled flights and reduce delays, in addition to launching comprehensive training programs to develop the skills of workers and raise the efficiency of technical and administrative crews.    https://alsabaah.iq/102913-.html

Preparing for a Recession? Avoid These 6 Money Mistakes

Preparing for a Recession? Avoid These 6 Money Mistakes

Nicole Spector  Sun, September 15,  GOBankingRates

There’s been a lot of chatter in recent months that a recession could be about to hit the U.S. economy. Experts are divided on whether or not that will happen, but keep in mind, nobody — not even top global economists — can predict a recession with 100% accuracy.

“Believing that one can predict when a recession is going to occur and how that recession will affect one’s finances is fool’s gold,” said Robert R. Johnson, Ph.D., CFA, CAIA, professor of finance at Heider College of Business, Creighton University. 

Not being able to predict a recession is even more reason you should always be prepared for one, as one can strike seemingly out of nowhere — just look at what happened during the onset of the COVID-19 pandemic. If you’re getting your finances ready to survive and thrive during a recession, avoid these six money mistakes.

Not Being Mentally Ready and Thinking Short-Term With Investments

One of the most significant challenges to having financial success in investing exists in your mind. We tend to take financial losses pretty personally and think more about what we’ve lost than what we can or could gain.

“The biggest hurdle to long term success in investing is mental,” Johnson said. “Research has shown that we suffer losses at a much higher rate than we savor gains. Baseball philosopher Yogi Berra once said, ‘Baseball is 90% mental. The other half is physical.'”

It’s worthwhile to also think of investing as being 90% mental.

“When stock markets decline, often during recessions, people have a knee jerk reaction to ‘sell out of stocks’ and take on a risk-off strategy,” Johnson said. “The problem with that philosophy is that one has to make a series of good decisions — when to get out in advance of the recession and when to get back in when the recession is over. And, they end up ‘selling low and buying high.'”

But when you “derisk” your portfolio, you’re also robbing yourself of opportunities that will inevitably open up when the stock market rebounds, as it always does.

“Prepare yourself mentally for the ups and downs of the stock market,” Johnson said.

Not Having an Emergency Fund

It’s always bad to not have an emergency fund, but it’s downright disastrous to not have one when bracing for an economic downturn that could disrupt your financial well being.

TO READ MORE: https://www.yahoo.com/finance/news/preparing-recession-avoid-6-money-130011855.html

Iraq Dinar Update-#iraqi dinar-#xrp-Non-Oil Revenues-Central Bank Gov- Art. 140-Digital-Iraqs Reality

Iraq Dinar Update-#iraqi dinar-#xrp-Non-Oil Revenues-Central Bank Gov- Art. 140-Digital-Iraqs Reality

MilitiaMan and Crew:  9-19-2024

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=-Pk0SB4YLp4

Economist’s “News and Views” 9-19-2024

FED Powerless to Prevent Debt Trap with Alasdair Macleod

WTFinance:  8-19-2024

On this episode of the WTFinance podcast I had the pleasure of welcoming back Alasdair Macleod. Alasdair is the Head of Research for Goldmoney.

We spoke about the risk of a debt trap, commodities, whether the FED can cut out of a recession, japanificarion, gold and more.

0:00 - Introduction

1:43 - What is happening in the economy?

3:43 - Commodity crash linked to recession?

7:42 - Impact of low interest rates?

9:40 - Politicians to cut deficit?

14:45 - Private debt market to blow up?

 18:55 - Can US/UK go way of Japan?

 22:06 - Why is gold unloved?

23:26 - Flooding into precious metals?

31:56 - What does a building of a gold standard take?

39:20 - Only possible with commodity producing company?

42:11 - One message to takeaway from our conversation?

https://www.youtube.com/watch?v=G35n_umPimE

Fed’s 50-Point Panic CONFIRMS We’re in BIG Trouble

Taylor Kenny:  9-19-2024

The Fed’s emergency 50-point rate cut is a clear sign that inflation is here to stay, and your dollar is losing value. Learn why this could be just the beginning of more economic trouble.

https://www.youtube.com/watch?v=ASbZmt9PmTU

Massive Fed Rate Cut; Imminent Market Crash | Michael Oliver

Liberty and Finance:  8-19-2024

Michael Oliver discusses the Federal Reserve announcement of a 50 basis point rate cut. He discusses the promising upward momentum of gold and silver, even as the stock market appears to be nearing a dangerous peak.

 Drawing on historical trends, Michael highlights the challenges of stabilizing markets post-bubble and the role of precious metals as a safe haven.

INTERVIEW TIMELINE:

0:00 Intro

1:10 Fed massive rate cut

3:37 Silver & gold momentum levels

7:23 Stock market vs gold

12:30 Market crash

14:00 Gold’s new highs

https://www.youtube.com/watch?v=_HG0h_vEAHM

“Coffee With MarkZ” Thursday Morning Chat 9-19-2024

Thank you MarkZ for all your time, and encouragement daily….. PDK

MarkZ  Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

​​Member: Good morning Patriot visionaries and currency faithful. This is our time!!!! This is our week!!!! Let the blessings commence!!!! Amen!!!!!

Member:  It’s Thursday guys. Always thought it would happen on a Thursday.

Member: GM mark …..tell us something good

Member: Does anybody think the RV could happen before the election?

MZ: I still think it could. The world needs this badly. What do you all think?

Member: I do not think it will……This election season is too volatile….I am digging in to wait.

Member: I think RV before, Nesara after!

Member: The 27th is a targeted day for something BIG. I believe it will all be before the end of this month

Member: I think we will see it in the next 10 days

MZ: 90% of my sources agree with you.

Member: I’m watching Oct 1st, for the new fiscal year

Member: I personally think it's done. All in the timing. Before the end of the year for sure.

Member: I have a feeling it could be anyday

MZ: I have that same feeling.

Member: Doesn’t the new currency and a new gold backed system have to happen first????

Member: The system is broken. Once a vase is cracked it never holds water. We need a restart; an overhaul and an ethical cleaning

Member: Sadly it will go when whoever is in charge is ready. What happens to the ones on the front lines ( us people) are over looked. Sadly so many are struggling and suffering.

Member: Any money moving yet Mark?

MZ: Yes. But I can’t make heads or tails out of what it means for us timing wise. But some money has absolutely been moving. We have been able to track it. It’s just not playing out the way that we thought it would…But we are definitely seeing real money in real people’s hands.

Member: Wait bonds have been paid??? Cash in hand???

MZ: We do have a facilitator get some money. But the big bond news we were expecting since last evening has not happened yet. Many bond holders have finished final paperwork and expect their funds on Saturday now.

MZ: I know there are a lot of others who say its happening today or tonight….But, I cannot find anyone on my banking crew who agrees with that. But they do believe its close.

Member: Mark, do you know of any truth to the rumor of Iraqis being in the streets protesting that they are tired of waiting for a rate change?

Member: Frank26 had a report people talking to streets on 25th for the reset. They want their money.

Member: Let’s hope Frank is right

Member: I know that we have to stay quiet but it sure would feel good to say I Told You So to some of the doubters

Member: let's pray this rv comes in today

Member: I hope everyone has a marvelous day

THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY

FOLLOW MARKZ : TWITTER . https://twitter.com/originalmarkz?s=21. TRUTH SOCIAL . https://truthsocial.com/@theoriginalm...

Mod:  MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM

MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.

 ZESTER'S LINK TREE: https://linktr.ee/CrazyCryptonaut

THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!

Twitch:   https://www.twitch.tv/theoriginalmarkz

Youtube:     https://www.youtube.com/watch?v=VsMNk0tOFlk

Iraq Economic News and Points To Ponder Thursday AM 9-19-24

Iraqi Banks...A Classic Mentality That Prevents Keeping Pace With Global Development By Preferring The "Government" Over The "National"
 
Reports and analyses     Central Bank     US sanctions    Iraqi banks     Private banks
2024-09-17 01:44  --  Shafaq News/ Iraq is moving towards restructuring government banks, after
 
this body has become unable to provide modern banking services and has become burdened with a deep legacy of accumulated burdens, credit defaults and other problems.
 
The restructuring demands came after years of pressure and demands from the International Monetary Fund to restructure the Iraqi government banks, which hold most of the country's deposits,
 
     to develop its banking system and be able
     to enter the global banking market and
     make it more compatible with the economy.

Acquisition of government banks
 
The Prime Minister’s Advisor for Economic Affairs, Mazhar Muhammad Saleh, said in an interview with Shafaq News Agency,
 
“The structuring of the banks came in accordance with the government curriculum that outlined the features of comprehensive banking reform, as government banks dominate 88% of the banking system’s investments, and only 12% remains for the private banking system.” Of these investments,
 
therefore, the competitive foundations of the banking market are considered incomplete unless government banks are placed on the rules of market operation in terms of efficiency, administrative governance, and developing levels of compliance similar to international banking,” noting that
 
“the reform will include private banks with the same standards.”  He added,
 
"The basics of reform in private banks are viewed from the perspective of what is called financial depth, and
 
one of the most important indicators of that depth is (the ratio of cash credit granted to the total deposits in private banks),
 
but in contrast, we find that the market share is no more than 63 private banks."
 
These credit and creative operations still only account for 15%, despite the government banking system’s acquisition of 85% of the credit activity, deposits, and investment banking operations, which indicates the dominance of its assets or assets over the total assets of the banking system.”  He pointed out that
 
"the time has come to reform the banking sector, both governmental and private, in a way that achieves harmony, unity and high competitiveness in the banking market, as well as its governance and digital integration with the banking market in the world.
 
This is what the banking reform policy that the government is currently adopting is working on, in coordination with the stakeholders included." “With the reform steps and its current program in the government and private banking sectors.”

The process of studying the structure of Iraqi banks began after Prime Minister Muhammad Shiaa Al-Sudani met with a delegation from the international company Ernst & Young, where he directed, on 1/27/2023, the implementation of a plan to develop the performance of Rafidain Bank extending for eight months, through the international company.
 
Difficulty in the structuring process
 
The former director of the Central Bank of Iraq, Mahmoud Dagher, said in an interview with Shafaq News Agency,
 
“Government banks and the process of restructuring and developing them and making them consistent with modern banking work is very difficult for several reasons, including that
 
these banks have become more like a treasury for distributing salaries to state employees than they are banks for carrying out a process.” Banking".
 
He continued that other reasons are that the technical level in these banks is almost non-existent.
 
Indeed, these banks, especially Al-Rafidain and Al-Rashid Banks, had it not been for the electronic payment companies that support them, they would not have been able to complete any work.
 
Therefore, they would not have worked without these companies, in addition to the huge number of their branches and the large number of employees present.
 
This makes it difficult to change the reality of these banks.”  He pointed out,
 
 “The presence of international sanctions and the presence of decisions of courts abroad, proving the creditors of some government banks, which are not resolved, and this is the reason for imposing international isolation on them, and therefore they cannot deal internationally,” stressing that
 
“it is absurd to spend huge sums of money that do not lead to decisive results, as All the costs spent on these banks will not lead to restructuring in order to coordinate the work of government banks, especially Al-Rafidain, Al-Rashid, and some specialized public banks, in a way that parallels the work of modernization and technological development that took place in banks such as the Iraqi Trade Bank.”
 
The Rafidain and Al-Rashid government banks were subjected to international sanctions during the nineties of the last century following the invasion of Kuwait by Saddam Hussein’s regime, and
 
they are still imposed on it in international dealings with them, especially with regard to the issue of financial transfers.

Old banking system
 
Economist Bassem Jamil Antoine said in an interview with Shafaq News Agency,
 
“Government banks have for a long time been operating within an old banking system without modernization, and
 
these banks must keep pace with international banks,” adding at the same time that
 
“these banks are the safety valve.”  He added,
 
"These banks remain in need of development, eliminating administrative routine, and having employees undergo training courses to keep pace with developments that have occurred in international banks," noting that
 
"banks are not stores of cash, but rather they must provide advanced credit banking services."  He stressed that
 
"the idea of ​​restructuring banks has been proposed for twenty years, and ideas and studies were presented, but they were not adopted," stressing that
 
"the bank needs security and administrative stability and independence in work."
 
The Ministry of Finance owns six government banks: Al-Rafidain Bank, Al-Rasheed Bank, Al-Nahrain Islamic Bank, Agricultural Bank, Industrial Bank, and Iraqi Trade Bank.
 
Al-Rafidain Bank is an Iraqi government bank, founded in Baghdad in 1941, as the first Iraqi commercial bank.
 
It has 146 branches inside Iraq, and some other branches are spread outside it in Jordan, Egypt, the United Arab Emirates, Lebanon, Bahrain, and Yemen.
 
Al-Rasheed Bank is an Iraqi government bank, founded in Baghdad in 1988, as an Iraqi commercial bank, with 162 branches spread inside Iraq.    https://shafaq.com/ar/تقارير-وتحليلات/المصارف-العراقية-عقلية-كلاسيكية-تصد-مواكبة-التطور-العالمي-بتفضيل-الحكومي-على-ال-هلي 

Warnings Against Relying On The “Rentier Economy”: Use Effective Systems And Digital Infrastructure - Urgent

 Economy | Yesterday, 14:59 | Baghdad today – Baghdad  Today, Wednesday (September 18, 2024), the specialist in economic and financial affairs, Nawar Al-Saadi,

 warned of the danger of Iraq’s continuation of the rentier economy, while giving solutions to overcome the danger of this matter.  Al-Saadi told “Baghdad Today” that

 “the Iraqi economy is considered a rentier economy par excellence, as

the state depends up to 90% on oil revenues to finance its general budget,” noting that

 “this type of economy is very natural and is exposed to severe danger when oil prices decline.” In global markets,

 which prompts the government to search for additional sources of income to avoid future financial crises, and imposing taxes is considered a step within the government’s attempts to create new sources of income from non-oil sectors, and

 this is in line with the reforms proposed by the government in the recent period with the aim of diversifying the Iraqi economy.”.  He added,

 "The government's success in implementing these policies remains dependent on the ability to confront the main challenges that hinder economic reforms,

 the most important of which is the widespread corruption in many government sectors, and the bureaucracy that burdens the reform process," stressing that

 "the government needs to develop effective systems for collecting taxes from sectors." New, in addition to providing the digital infrastructure necessary to support this transformation.” Al-Saadi stated,

  “In the long term, if the government succeeds in

      overcoming these challenges and

     develops effective and sustainable strategies to collect taxes from various sectors,

 it may be able to create sustainable sources of income that help reduce excessive dependence on oil,

 which contributes to the stability of the Iraqi economy, but the matter is

“It requires strong political commitment and comprehensive institutional reforms to achieve this.”

Economist Nabil Al-Marsoumi confirmed on Wednesday (September 11, 2024) that the

fair price of oil is the one that achieves the interests of producers and consumers together.

 Al-Marsoumi said on his Facebook platform, followed by “Baghdad Today”, that

 “the fair price for oil is the one that achieves the interests of producers and consumers together, that is, the price that achieves good financial revenues for producers that enable them to return part of it to renew and increase oil production capacities.” He added:

  “It also enables consumers to obtain oil at reasonable costs that facilitate economic growth,” explaining:

 “The price can be set in the seventies as the fair price for both parties,

 but when the price falls below $70, it fulfills the interests of consumers because it enables them to obtain energy at a cost.” Cheap, thus reducing the prices of production inputs and increasing the competitiveness of their produced goods.” He continued:

  “But on the other hand, it is harmful to producing countries because it reduces their oil revenues and frustrates investment in developing oil production, and vice versa, when the price is $80 and rising, this price is harmful to economic growth in consuming countries.

 It also reduces demand for oil in the long term, even though it achieves large revenues.” For oil producing countries.

Oil prices are witnessing a noticeable decline, especially in futures contracts, which specialists believe may affect Iraq's rentier economy and thus the state and the citizen.  

 https://baghdadtoday.news/258110-تحذيرات-من-الاعتماد-على-الاقتصاد-الريعي-استخدموا-أنظمة-فعالة-وبُنى-تحتية-رقمية-عاجل.html   

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

Seeds of Wisdom RV and Economic Updates Thursday Morning 9-19-24

Good Morning Dinar Recaps,

Lawmaker Flags Concerns Over SEC's Crypto Approach

Congressman French Hill has raised concerns over the U.S. Securities and Exchange Commission (SEC)’s handling of digital asset regulations, criticizing Chairman Gary Gensler’s leadership for creating legal uncertainty and a politicized approach.

The lawmaker highlighted his subcommittee’s legislative successes but expressed frustration with the SEC’s broad and unclear regulations, which he argued burden digital asset firms and stifle innovation.

Rep. Hill Criticizes SEC’s Approach to Digital Assets
Congressman French Hill (R-AR), chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, delivered remarks Wednesday at a hearing titled “Dazed and Confused: Breaking Down the U.S. Securities and Exchange Commission (SEC)’s Politicized Approach to Digital Assets.”

The hearing scrutinized the SEC’s regulatory actions on digital assets under Chairman Gary Gensler, focusing on its enforcement methods and legal uncertainty.

In his speech, Hill acknowledged the subcommittee’s legislative achievements, including the Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act (FIT21) regulatory framework. However, he expressed concern about the SEC’s actions under Gensler’s leadership, stating:

Despite this legislative progress on a bipartisan basis, we’ve been troubled by the fact that the SEC as chaired by Chairman Gensler has instead chosen to front-end the work of Congress and insert politics instead of being an independent regulator.

Hill argued that the SEC’s approach has created confusion and uncertainty, particularly through broad, unclear regulations that impose heavy burdens on digital asset firms. 

“How is this protecting the public?” he questioned, noting that this strategy leaves market participants in a “lose-lose-lose” situation.

The lawmaker criticized the SEC’s handling of digital asset custody services, stating, “Nowhere has the SEC’s prejudice against digital assets been more apparent than in the Staff Accounting Bulletin 121, which upends decades of legal precedent in the custody business and creates an impenetrable hurdle for those financial institutions seeking to provide digital asset custody services for their clients—particularly banks and bank trust departments.”

He also highlighted that the SEC’s actions have driven blockchain developers out of the U.S. and condemned the approval process for bitcoin exchange-traded products (ETFs).

“Even the SEC’s approval of exchange-traded products for bitcoin and ether earlier this year only happened because Chairman Gensler tried to overplay his hand but could no longer explain to the courts why the SEC approved bitcoin futures ETFs but not the proposed spot Bitcoin products,” Hill said, concluding:

We’re against SEC enforcement abuse and making it hard for legitimate actors who are trying to follow the rules to do a fine job and bring innovation and technology to our markets.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

SEC Charges Defi Platform Rari Capital and Founders

The U.S. Securities and Exchange Commission (SEC) has announced charges against decentralized finance (defi) platform Rari Capital and its co-founders for misleading investors and operating as unregistered brokers. The settlement involves penalties, injunctions, and bars against the individuals involved, with violations stemming from unregistered securities offerings and deceptive practices.

SEC Charges Defi Platform Rari Capital Over Securities Law Violations

According to the announcement, the SEC’s investigation revealed that Rari Capital, through its Earn and Fuse pools, allowed investors to deposit crypto assets into lending pools while reportedly misleading them about the functionality and profitability of the investment products.

As stated by the SEC, the platform falsely claimed that its Earn pools autonomously rebalanced crypto assets, when in fact, manual intervention was often required.

This, along with hidden fees, resulted in substantial losses for a significant portion of investors. In addition to the deceptive practices, the securities regulator insists that Rari Capital and its co-founders, Jai Bhavnani, Jack Lipstone, and David Lucid, allegedly engaged in unregistered broker activity.

The SEC stated that the founders violated securities laws by selling interests in these pools and the Rari Governance Token (RGT) without proper registration. The complaint further alleges that the firm misrepresented the potential returns and failed to account for significant fees and risks, ultimately causing investor harm.

@ Newshounds News™

Source:  News Bitcoin   

~~~~~~~~~

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