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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 10-6-24
Good Afternoon Dinar Recaps,
BANK OF ENGLAND WANTS TO ENSURE TOKENIZED WHOLESALE TRANSACTIONS USE CENTRAL BANK MONEY
During a speech on October 3rd, the Bank of England’s Sasha Mills outlined the need for tokenized wholesale transactions to be settled in central bank money. Ms Mills is the Executive Director of Financial Market Infrastructure.
“If central bank money is unable to interact with new technologies, there could be a risk of high value wholesale settlement activity moving away from central bank money to private settlement assets, weakening financial stability,” she said.
Ms Mills outlined some of the options to ensure transactions continue to be settled in central bank money. That’s especially relevant since applications opened for the Digital Securities Sandbox, a joint initiative between the Bank and the Financial Conduct Authority.
Good Afternoon Dinar Recaps,
BANK OF ENGLAND WANTS TO ENSURE TOKENIZED WHOLESALE TRANSACTIONS USE CENTRAL BANK MONEY
During a speech on October 3rd, the Bank of England’s Sasha Mills outlined the need for tokenized wholesale transactions to be settled in central bank money. Ms Mills is the Executive Director of Financial Market Infrastructure.
“If central bank money is unable to interact with new technologies, there could be a risk of high value wholesale settlement activity moving away from central bank money to private settlement assets, weakening financial stability,” she said.
Ms Mills outlined some of the options to ensure transactions continue to be settled in central bank money. That’s especially relevant since applications opened for the Digital Securities Sandbox, a joint initiative between the Bank and the Financial Conduct Authority.
The first option is to use the omnibus account facility. This allows banks to transfer money to a shared central bank account, where the cash is tokenized as a joint token. That’s the model of Fnality which went live (with limits) last year.
The Bank also has a long term plan to extend the hours of its renewed RTGS system and is planning a synchronisation interface. This will be an extension of work done as part of Project Meridian which completed last year. Plus, the bank is considering a wholesale CBDC.
In late July the Bank published a discussion paper on innovation in money and payments, inviting input on the synchronisation work and a potential wholesale CBDC. The deadline for feedback is at the end of October. The Bank is also taking part in Project Agorá, which explores the upgrade of correspondent banking using multiple wholesale CBDCs.
“There’s a huge amount of work taking place in industry around the adoption of digital assets; unless we’re alive to this work, the speed at which certain markets and activities become systemic may outpace the ability of policymakers to build infrastructures and frameworks to respond,” said Ms Mills.
The desire for central bank money
It’s worth circling back to why central banks are so keen on using central bank money. The settlement of tokenized assets can use delivery versus payment. Hence, there’s no risk that one party hands over the funds but doesn’t receive the asset. However, that only addresses counterparty risk.
There’s still credit risk. In other words, if the buyer has money at a bank to pay for the assets, it’s possible the commercial bank could go bust before the settlement.
@ Newshounds News™
Source: Ledger Insights
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RIPPLE VS SEC NEWS: IS GARY GENSLER ON THE VERGE OF GETTING FIRED?
The SEC recently filed an appeal in the ongoing SEC vs. Ripple case, challenging Judge Torres’ ruling. Many analysts have already discussed reasons why this appeal likely won’t succeed, given the low odds of overturning the original decision.
Ripple’s Chief Legal Officer, Stuart Alderoty, had previously pointed out that the success rate for appeals in similar cases is around 10%, making the SEC’s current appeal an uphill battle.
The ongoing appeal in the XRP lawsuit has had an impact on the market, with XRP’s price dropping significantly following the SEC’s announcement to appeal. Critics, including Ripple CEO Brad Garlinghouse, argue that the SEC’s regulatory approach is harming the industry rather than protecting investors.
Recent meetings within the SEC have revealed increasing dissatisfaction among former and current commissioners regarding the agency’s direction, with calls for a reevaluation of its regulatory strategy. Many are expressing concerns over the SEC’s overreach and the unintended consequences of its enforcement actions, particularly in the case of XRP.
Robert B. Stebbins, General Counsel of the Securities and Exchange Commission, said in a meeting, “I don’t think that the current structure is working very well. I don’t like the idea that, from a big picture, the SEC has someone in corporate finance determining whether something is an important social good—and you’re not, and you’re paying for it.
I think that’s a very ugly argument to make in the fifth circuit when you just look at the last 25 years. Right now, we’re going to have a whole new structure. So, I think the SEC has to be very careful about where they’re going.”
Recent turmoil within the SEC, including the resignation of two lawyers due to misconduct, has intensified scrutiny on Gensler’s leadership. With calls for greater awareness around his actions, some analysts suggest that raising public consciousness about the SEC’s overreach could lead to accountability.
@ Newshounds News™
Source: Coinpedia
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URUGUAY ENACTS BILL 20.345: URUGUAY’S LEGISLATIVE ADVANCES IN CRYPTOCURRENCY OVERSIGHT
▪️Uruguay passes Bill 20.345, positioning itself as a global and regional leader in cryptocurrency regulation.
▪️The new law categorizes cryptocurrencies, establishing a framework that recognizes digital assets distinct from fiat currency.
Uruguay has recently made significant strides in regulating the cryptocurrency sector with the enactment of Bill 20.345, focusing on Bitcoin (BTC) and other digital currencies.
This legislation positions Uruguay as a pioneer not only in Latin America but also globally, where few jurisdictions have established specific legal frameworks for cryptocurrencies.
As reported by Crypto News Flash, Uruguay now joins nations like El Salvador, Brazil, Argentina, and Venezuela, which possess some of the most developed cryptocurrency regulations in Latin America. This development has sparked both national and international discussions about the implications of such regulation.
The Uruguayan Fintech Chamber (CUF) was among the first to comment on the law, praising the government’s initiative as a significant first step in addressing cryptocurrency operations and recognizing them more formally within the national economy.
According to the CUF, the law establishes a basic framework that acknowledges cryptocurrencies, treating them as assets rather than fiat currency. This is seen as a crucial move towards legitimizing crypto currencies in Uruguay, providing clear guidelines for exchanges and other businesses in the sector to operate legally and transparently.
In the long term, this law has the potential to transform the financial landscape in Uruguay, attracting new investors and companies in the fintech sector.
In addition, it provides a solid foundation for the development of new technologies and financial services based on virtual assets, which could position Uruguay as a benchmark in the region. – Uruguayan Fintech Chamber.
Furthermore, the legislation categorizes digital currencies into four types as defined by the Central Bank of Uruguay: “value currencies,” “utility tokens,” “stablecoins,” and “others.” This classification aims to create a more transparent regulatory environment and is a key aspect of the law highlighted by Uruguayan lawyer Juan Echeverría.
He noted that this categorization is vital for clarifying the legal status of different types of digital currencies and enhancing measures against money laundering and terrorism financing.
However, the law also introduces challenges, particularly concerning its implementation. The Central Bank of Uruguay is expected to issue detailed regulations in the coming months, which will include the steps for registering cryptocurrency platforms and the operational and legal requirements these entities must fulfill.
For the Fintech Chamber, understanding how these regulations will be executed and the timelines involved is critical. The ability of businesses to quickly adapt to these new legal and operational demands will be essential for the sustainable growth of the sector.
@ Newshounds News™
Source: Crypto News Flash
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El Salvador doubles down on Bitcoin, defies IMF concerns | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
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Economist’s “News and Views” 10-6-2024
US Debt Clock.org Ultimate Guide | US National Debt - PT. 1
Taylor Kenny: 10-6-2024
Explore the rising U.S. national debt and its impact on your financial future.
Learn why debt per taxpayer is over $270,000 and what it means for the economy moving forward. Stay tuned for part two to find out what’s coming next.
US Debt Clock.org Ultimate Guide | US National Debt - PT. 1
Taylor Kenny: 10-6-2024
Explore the rising U.S. national debt and its impact on your financial future.
Learn why debt per taxpayer is over $270,000 and what it means for the economy moving forward. Stay tuned for part two to find out what’s coming next.
CHAPTERS:
00:00 - Introduction
00:31 - Debt Per Citizen vs Debt Per Taxpayer
01:45 - U.S. Spending and Deficit
02:54 - U.S. Debt-to-GDP Ratio
03:32 - Consequences of High Debt
04:36 - Preparing for What's Next
De-Dollarization: China Squeezes USD Debt By Guaranteeing RMB Bonds In The Global Markets
Sean Foo: 10-6-2024
The currency wars are heating up with China using their world bank to guarantee RMB bonds. This is a big move to internationalize the Chinese currency while chipping away at US dollar dominance in the debt market.
Here's how it works and why this could evolve into a big threat against the dollar system.
Timestamps & Chapters:
0:00 China Challenges USD Debt
3:14 Beijing Guarantees RMB Loans
4:41 Sponsor: Invideo AI
6:21 China To De-Dollarize Global Trade
10:10 China Economic Plan
12:48 China Debt War Escalates
Hungary SHOCKS the EU by Joining BRICS… What the Hell Is Happening?
10-6-2024
As Hungary faces growing tensions with the European Union over democratic standards and foreign policy, Prime Minister Viktor Orban's government is increasingly looking eastward.
With legal actions and frozen funds looming, Hungary is finding new opportunities in BRICS, the global bloc challenging Western dominance.
What are the implications of Hungary's shift toward BRICS for its future and the EU?
Find out in this deep dive into Hungary's evolving geopolitical strategy.
More News, Rumors and Opinions Sunday Afternoon 10-6-2024
KTFA:
Frank26: "TRIPARTITE BUDGET IS READY BECAUSE OF THE MONETARY REFORM SUCCESS.".....F26
Salaries are secured.. Finance Committee: Discussing 2025 budget schedules to begin next month
Baghdad
The Parliamentary Finance Committee announced that it will begin discussing the 2025 budget schedules early next November.
Member of the Finance Committee, Mohammed Nouri, said in a statement to the official newspaper, followed by (Mawazine News): "The committee reiterated that employees' salaries are fully secured until the end of the current year, and there is no delay."
KTFA:
Frank26: "TRIPARTITE BUDGET IS READY BECAUSE OF THE MONETARY REFORM SUCCESS.".....F26
Salaries are secured.. Finance Committee: Discussing 2025 budget schedules to begin next month
Baghdad
The Parliamentary Finance Committee announced that it will begin discussing the 2025 budget schedules early next November.
Member of the Finance Committee, Mohammed Nouri, said in a statement to the official newspaper, followed by (Mawazine News): "The committee reiterated that employees' salaries are fully secured until the end of the current year, and there is no delay."
He added that "the committee is working through its meetings with financial specialists in the Ministry of Finance and the Central Bank to address the delay in financing governorate allocations and ongoing projects, and to launch project packages in the coming few days.
" Nouri indicated that "the committee will begin discussing the 2025 budget schedules early next November, in order to ensure employees' salaries, project allocations, and other financial obligations."LINK
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Frank26: "DATA FOR THE HCL DISTRIBUTION"...........F26
2024 Census.. Planning receives 125 thousand tablets and stresses the confidentiality of citizens’ data
10/2/2024
The Ministry of Planning announced that it has received 125,000 tablets that will be used by researchers and enumerators to conduct the general population census, which is expected to be implemented on the 20th of next month.
The ministry's media spokesman, Abdul Zahra Al-Hindawi, said in a press statement, "The past few days witnessed the arrival of 125,000 tablets to the ministry, which will be distributed among researchers and enumerators in the governorates to conduct the general population census that will be implemented on the 20th and 21st of next November, noting that a curfew will be imposed on these days to facilitate the procedures of the census employees."
He added that his ministry had prepared early to conduct the general population and housing census after efforts and preparations to implement the census had reached their peak, having made several strides through training and qualification operations for enumerators and researchers.
Al-Hindawi explained that the aim of the census is to draw a picture and map of the demographic reality to diagnose development gaps and gaps and create an image represented by numbers, statistics, details, data and development reality through sectors related to the characteristics of life.
He stated that the information that researchers will obtain from citizens will be of the highest degree of confidentiality and will be used exclusively for census purposes, noting that this procedure seeks to achieve development goals and diagnose the defect in order to develop solutions through a long-term plan that depends on the accuracy of the data to reach and identify the drawing of the new map that includes all the needs and services that should be provided. LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
We seeing in TV a special report show saying what if 1000 dinars became 1 dinar. They talking about deleting the zeros again. They've been showing this all day. They just repeat it over and over again. And they're saying it's all tied to the reforms. They talk about all the good and some of the bad...We never seen them talk like this before. FRANK: These are the commercials we talked to you about that were going to be educating you on the purchasing power...They are telling you they lifted 3 zeros from the exchange rate in order for that 1,000 note to become a 1 note...They are not lifting the 3 zeros from your physical cash.
SkyWalker Flashback Article: "23 June 2011 the Central Bank of Iraq announced it is planning to delete zeros from the Iraqi dinar, and add Kurdish to the Arabic text on the notes. Said the adviser of Iraqi Central Bank governor Mothahhar Mohammed Saleh, 'The project of deleting zeroes is complete. It will be submitted to the central bank’s administration in the next session. Then, it will be passed to the ministerial council before presenting it to the Parliament for vote. The mechanisms of changing the currency will be gradual. It will be preceded by awareness campaigns for citizens. The new currency will be printed after deleting the zeros and will include the Kurdish language in addition to the Arabic language. It will bear as well photos of Iraq’s civilizations and patrimony in addition to symbols of Iraqi intellectuals and figures.” There have been similar reports of revaluing the dinar since 2007, but to date none have come to fruition.
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US ECONOMIC DECLINE: Money Supply Contraction, Recession, Tariffs on Americans| Dr. Steve Hanke
Lena Petrova: 10-6-2024
Despite official economic data showing a strong labor market and a decline in inflation, US consumers suspect that there may be much more to the story.
As the Federal Reserve cuts rates and the latest jobs report beats all expectations , US economic growth is expected to fall behind that of China and India.
So - what IS really going on? Today I’m very excited to have an opportunity to connect with Dr. Steve Hanke, a well known American economist.
He is a Professor of Applied Economics and Founder and Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore.
Seeds of Wisdom RV and Economic Updates Sunday Morning 10-6-24
Good Morning Dinar Recaps,
IMF COMPARES CBDC, FASTER PAYMENTS, E-MONEY
The International Monetary Fund (IMF) recently published a paper exploring potential choices between central bank digital currency (CBDC), faster payment systems (FPS) and e-money. Given the IMF’s focus on emerging markets, it highlights the threat to monetary sovereignty of dollar stablecoins and foreign CBDCs.
As always, local circumstances and priorities will influence choices. However, in many economies the three types of payment systems are expected to coexist in the future. The combination of different systems removes any single point of failure, helping to ensure resiliency.
Good Morning Dinar Recaps,
IMF COMPARES CBDC, FASTER PAYMENTS, E-MONEY
The International Monetary Fund (IMF) recently published a paper exploring potential choices between central bank digital currency (CBDC), faster payment systems (FPS) and e-money. Given the IMF’s focus on emerging markets, it highlights the threat to monetary sovereignty of dollar stablecoins and foreign CBDCs.
As always, local circumstances and priorities will influence choices. However, in many economies the three types of payment systems are expected to coexist in the future. The combination of different systems removes any single point of failure, helping to ensure resiliency.
All three types provide efficient instant payments. And they can all enhance financial inclusion, although technology can be a barrier for some users.
Unique advantages of CBDCs
However, the IMF views CBDC as having two unique benefits. By far the largest is ensuring retail access to central bank money continues as cash usage declines. It highlights the downward spiral with cash. As people use it less, fewer merchants remain willing to accept it.
Access to a CBDC addresses the two key monetary sovereignty threats of stablecoins and foreign CBDCs.
“Although stablecoins have not gained much use outside of crypto-asset ecosystems in advanced economies, preliminary data suggest that in emerging and developing market economies, they are being used in a limited capacity for cross-border transactions and remittances (FSB 2024).
The same analysis also suggested that there was a perceived preference for US dollar-denominated stablecoins as a store of value in countries with high inflation, currency devaluation, or the presence of capital flow measures,” the authors wrote. They warn that if there’s significant adoption, a stablecoin could start being used as an alternative unit of account.
The other area where it believes a CBDC can help is competition. A private FPS could inhibit competition, and most e-money systems are closed loop and could become monopolistic.
By contrast, the IMF believes that a CBDC can lower the barriers to entry for nonbank payment service providers, enhancing competition.
@ Newshounds News™
Source: Ledger Insights
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RIPPLE NEWS: XRP HOLDERS RALLY AGAINST SEC APPEAL, THREATEN LAWSUIT!
▪️XRP holders are petitioning against the SEC's appeal in the Ripple case and considering legal action.
▪️Attorney Rispoli believes a lawsuit against the SEC is possible but challenging, citing the Madoff case as a precedent.
▪️Rispoli emphasizes the need for reforms within the SEC to address corruption and improve transparency.
As tensions rise in the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), XRP holders are speaking out on social media platforms like X.
They have launched a petition titled “Stop the SEC’s Unnecessary and Frivolous Appeal in the Ripple v. SEC Case,” which has attracted nearly 5,000 signatures.
Can a Petition Against the SEC Succeed?
In a recent podcast episode with Thinking Crypto, attorney Fred Rispoli discussed the potential outcomes of the petition and whether individual investors could sue the SEC. When asked if a petition against the SEC could succeed, Rispoli responded positively but cautioned that winning such a case would be difficult.
He highlighted that John Deaton, who has gained support from 75,000 people, might consider filing a case against the SEC. However, Rispoli pointed out the challenge of proving that the SEC acted outside its legal authority.
“And there are certainly some arguments to make that happen, especially as the revolving door has become a little more grotesque and easily, more easily able to be discovered through civil discovery, for example. But that happened in the Madoff case, where everybody that got screwed by Madoff sued the SEC and they lost on the grounds that the SEC was immune and the opinion was scathing.
The second circuit said the SEC was incompetent, imbecilic, and derelict in their duties, but they were just bad at their jobs. They didn’t go outside of the range where they could be liable, civilly liable for that.”
It’s Not Going to Be Easy!
While there is a chance for a lawsuit, Rispoli acknowledged the challenges involved. He expressed his strong support for Deaton, saying he would not want anybody else leading that charge other than Mister Deaton himself.
He also emphasized the need for broader reform within the SEC, calling for increased transparency and efforts to root out corruption beyond the current case.
@ Newshounds News™
Source: Coinpedia
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HEDERA HBAR HOLDERS AN ETF MAY BE CLOSE - HUGE MOVES ARE HAPPENING | Youtube
@ Newshounds News™
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Unchartered Territory the Constitution Call | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
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News, Rumors and Opinions Sunday AM 10-6-2024
Note From Dinar Recaps:
To our newest readers,
If you are new to the Dinar and Currency investment and wish to educate yourself further please go to Dinarrecaps .com . At the top of our blog page click on the categories button and go to The Dinar Recaps Archives or Post RV Categories for all our past posts on history of past RV’s, Exchange tips, Security and other valuable information.
We hope all of our dreams come true very soon.
Your Dinar Recaps Team
Note From Dinar Recaps:
To our newest readers,
If you are new to the Dinar and Currency investment and wish to educate yourself further please go to Dinarrecaps .com . At the top of our blog page click on the categories button and go to The Dinar Recaps Archives or Post RV Categories for all our past posts on history of past RV’s, Exchange tips, Security and other valuable information.
We hope all of our dreams come true very soon.
Your Dinar Recaps Team
****************
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Sun. 6 Oct. 2024
Compiled Sun. 6 Oct. 2024 12:01 am EST by Judy Byington
Judy Note:
Sat 5 Oct. 2024 Major Alert: Bank of America has gone offline Worldwide. Zero balances in accounts. Withdraw all funds from your bank account now!
On 14 March 1900 123 years ago: The Gold Standard Act was an Act of the United States Congress, signed by President William McKinley and effective on March 14, 1900, defining the United States dollar by gold weight and requiring the United States Treasury to redeem, on demand and in gold coin only, paper currency the Act specified.
Global Currency Reset: (Opinions/Rumors)
Sat. 5 Oct. 2024 Wolverine: With the news that the Pentecostal group has finally released payments to their leaders it’s the start of the domino effect that soon others will start soon as well. The Precatorias should start by this week and hopefully the rest will follow. Please remain patient and believe this is happening. With the release of the Pentecostal group it’s a sign that this has started. Glory to God. God bless everyone of you. Your friend Wolverine
Sat. 5 Oct. 2024: IRAQI DINAR NEWS: WOW US Banks Now Accepting 25,000 IQD Note| DINAR NEWS 2024 | IRAQI DINAR NEW UPDATE – amg-news.com – American Media Group
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Global Financial Crisis CHECKMATE!!! The Black Swan Event: A Financial Apocalypse with Stock Market and Bitcoin Collapse, Power Grid Blackout, and EBS-Triggered Quantum Energy Revolution
The looming Black Swan Event will trigger a financial apocalypse, devastating not only the stock market but also Bitcoin and other cryptocurrencies. This catastrophic collapse will reach far beyond the financial sector, pulling even the power grid into disarray. As the world teeters on the edge of this unprecedented disaster, the Emergency Broadcast System (EBS) will signal the turning point, ushering in the downfall of the controlling cabal and the start of a new era powered by quantum energy. Are you ready for the reset as the old world crumbles?
Financial Collapse: A Black Swan Event on the Horizon: A Black Swan event is often unforeseen and has far-reaching consequences, especially in finance. This time, however, the collapse won’t be limited to stock markets. It will engulf Bitcoin, cryptocurrencies, and potentially disrupt global infrastructures. The fallout could be devastating, triggering a sequence of events that leads to a worldwide blackout, a signal of the need for a total reset of the financial and energy systems as we know them.
The Stock Market’s Imminent Crash: The financial system, with its unsustainable levels of debt, excessive Federal Reserve intervention, and unchecked greed of Wall Street, is standing on the brink of collapse. This isn’t just another correction or market downturn-it’s a complete unraveling. Cryptocurrencies, once seen as safe havens, will be hit just as hard, if not harder. Their collapse will reverberate across markets, making previous financial crises look insignificant by comparison.
With the EBS heralding a new age, we may witness a shift from traditional energy sources like nuclear power to quantum energy, transforming how the world functions. The reset will not only mark the end of the financial order but also the start of a new system that promises to revolutionize the global power structure. Prepare for the end of one world and the beginning of another.
Read full post here: https://dinarchronicles.com/2024/10/06/restored-republic-via-a-gcr-update-as-of-october-6-2024/
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man Everybody should be going, 'come on Iraq! Come on World Bank! Come on Bank of International Settlements, IMF, US Treasury, US Federal Reserve!' All those players have been involved and they still are...They are not going to have a 1310 exchange rate. They're going to move to a Real Effective Exchange Rate based on fundamentals based off their non-oil products, non-oil revenues that will exceed in may cases oil output.
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
Mr. Sammy told me a real rate international for us in his opinion is just north of $4.00. FRANK: Didn't we say that it would be somewhere between $3.86 up to $4.25? ...Of course it's only an opinion by Mr. Sammy and me but we both know Mr. Sammy's information has always been spot on...You are so close.
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Can the Iraqi Dinar Help Resolve US Economics?
Edu Matrix: 10-6-2024
Can the Iraqi Dinar Help Resolve US Economics? Probably not. However, here's what it can do!
“Tidbits From TNT” Sunday Morning 10-6-2024
TNT:
Tishwash: Al-Sudani discusses with the British Ambassador setting a new date for his visit to the United Kingdom
Prime Minister Mohammed Shia Al-Sudani discussed, today, Sunday, with the British Ambassador to Iraq, Stephen Hitchcock, setting a new date for the former's visit to the United Kingdom.
During the meeting, the Prime Minister stressed the need for the international community and the UN Security Council to play their essential role in maintaining security and stability, especially with what is happening in the region, from the continuation of the Zionist aggression on Gaza and Lebanon, and the persistence and exaggeration in targeting civilians in a war of genocide that requires condemnation and denunciation from the entire world, and requires respect for international laws and not violating them by any party.
TNT:
Tishwash: Al-Sudani discusses with the British Ambassador setting a new date for his visit to the United Kingdom
Prime Minister Mohammed Shia Al-Sudani discussed, today, Sunday, with the British Ambassador to Iraq, Stephen Hitchcock, setting a new date for the former's visit to the United Kingdom.
During the meeting, the Prime Minister stressed the need for the international community and the UN Security Council to play their essential role in maintaining security and stability, especially with what is happening in the region, from the continuation of the Zionist aggression on Gaza and Lebanon, and the persistence and exaggeration in targeting civilians in a war of genocide that requires condemnation and denunciation from the entire world, and requires respect for international laws and not violating them by any party.
During the meeting, they discussed the progress of relations between the two countries and ways to enhance them, as well as setting a new date for the Prime Minister's visit to the United Kingdom, which had previously been postponed due to developments in the region. link
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Tishwash: Planning: The annual inflation rate in Iraq is slight and does not exceed 3%
The Ministry of Planning confirmed, today, Saturday, that the annual inflation rate in Iraq does not exceed 3%, noting that the procedures for providing the food basket and its materials in the markets have maintained prices and prevented inflation rates from rising.
Ministry spokesman Abdul Zahra Al-Hindawi told the Iraqi News Agency (INA): "One of the reasons for the rise in the inflation rate at times is the presence of a large cash mass in circulation in market and commercial transactions," noting that "the annual inflation rate in Iraq is slight, not exceeding 3%."
He added that "if we want to compare this rate with what exists in some countries, it is incomparable, as there are wild increases in them," noting that "a rate of 3% is normal and logical in light of the Iraqi reality."
He continued, "The measures taken by the government regarding supporting the food basket have clearly maintained prices in local markets and prevented their inflation," noting that "the increase in any country increases inflation rates, but in Iraq the situation is under control thanks to government measures." link
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Tishwash: Al-Sudani asked the ruling coalition to “move quickly before war”
Government official: Tehran stalls when asked to curb factions
A senior government official confirmed that Iraqi Prime Minister Mohammed Shia al-Sudani informed the leaders of the “Coordination Framework” with comprehensive details about the “expected risks to Iraq” resulting from the escalation between Israel and Iran, while stressing that Tehran is practicing “deception” when asked to keep factions away from the ongoing war.
Concern increased among political and governmental circles that Iraq would be exposed to a strike after two Israeli soldiers were killed in a drone attack on the Golan base, early Friday morning.
The official spoke to Asharq Al-Awsat, on condition of anonymity, about a set of measures that Al-Sudani is taking to avoid war, including “increasing the momentum of political mediation” to convince the factions not to involve Iraq in the war, and that he “informed the leaders of the Coordination Framework of everything about the risks, and called on them to move quickly.”
The official acknowledges the possibility of “the strike occurring,” even though “the information available to the Iraqi authorities indicates that the attack by the Iraqi factions was carried out from outside Iraqi territory with weapons that arrived from Iraq,” he said.
Sudanese mediations
The source revealed that the mediators chosen by Al-Sudani to pressure the factions have approval from Iran to talk about the war file and the conditions for calm with its agents in Iraq.
The source said, "The three figures had previously been asked to mediate in certain events over the past few years."
Last week, Asharq Al-Awsat revealed that Prime Minister Mohammed Shia Al-Sudani had asked three Shiite figures to mediate to rein in the factions and prevent them from getting involved in the war between the Lebanese Hezbollah and Israel, after information was circulated within the ruling coalition that Israel had identified 35 Iraqi targets.
Sources said at the time that Ammar al-Hakim was among these figures, along with two influential figures in the Shiite space who have not yet been revealed.
In contrast, there are reports that two Iraqi factions, likely the Al-Nujaba Movement led by Akram al-Kaabi, and the Hezbollah Brigades led by Abu Hussein al-Hamidawi, are refusing to respond to mediators and insisting on continuing to launch missile attacks on Israel.
The Iraqi official acknowledged the existence of “intransigence among some factions,” but the Prime Minister realizes that his country is in the “eye of the storm,” and has informed most of the leaders of the “Coordination Framework” of this.
The official reported that "Al-Sudani literally said: Iraq is unable to avoid a military strike if it occurs, and we must remove the danger from the country by not getting involved in the war."
Iranian Supreme Leader Ali Khamenei said during his Friday sermon that “the Islamic Republic’s allies in the region will not back down,” reinforcing fears that Iraqi factions linked to Iran will not back down from their decision to attack Israel.
Iraqi sources reported that the "Coordination Framework" coalition discussed what was said to be a "security report on dozens of targets to be struck and assassinated by Israel in Iraq."
Government efforts to prevent escalation
The official stated that "Al-Sudani, unlike some previous prime ministers, did not allow the exit of Iraqi funds to feed the conflict axes, through his high coordination with the American side and the American Treasury to monitor the exit of Iraqi funds in a strict manner, and he often demands that the Iranians enter through the official gates to obtain their financial dues owed by Iraq."
The official added, "Today, international auditing companies are working alongside the Central Bank to monitor the exit and smuggling of money, and what is happening today is that all the money gates that were open are now completely closed."
The official revealed that "the United States of America informed Iraq since the outbreak of the war in Gaza on October 7, 2023 that it had put pressure on Israel to prevent it from launching strikes on Iraq, in exchange for Iraq's commitment not to engage in the war."
The official added, "Washington does not oppose the positions of the Iraqi government, which is within the green line of issuing statements against Israel and supporting the Lebanese and Palestinian peoples, as well as sending aid," but "it will not accept Iraq providing any material or military support to factional groups or others."
Regarding the possibility of the Iraqi authorities asking the Iranian side to rein in the factions affiliated with it, the official confirmed that “Tehran is practicing a kind of trickery in this direction, as its response often hints that the factions have their own decision and the understanding with them is like the government.” link
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Mot: . Once the RV Hits.. and ur Single -- Remember !!!!!
Mot: I Did it !!! ~~~~
Iraq news Highlights and Points To Ponder Sunday AM 10-6-24
The Dinar Collapses Against The Dollar.. Is The Specter Of 1600 Looming On The Horizon?
October 3, 2024 Baghdad/Al-Masala: The dollar price witnessed a noticeable increase against the Iraqi dinar during the past few days, as the exchange rate reached 1,550 dinars per US dollar.
This increase has raised great concern among economic and popular circles due to its direct impact on the local market and on the standard of living of citizens.
Economic analyst Munar Al-Abidi explained that there are a number of reasons behind this rise in the US currency against the dinar.
The Dinar Collapses Against The Dollar.. Is The Specter Of 1600 Looming On The Horizon?
October 3, 2024 Baghdad/Al-Masala: The dollar price witnessed a noticeable increase against the Iraqi dinar during the past few days, as the exchange rate reached 1,550 dinars per US dollar.
This increase has raised great concern among economic and popular circles due to its direct impact on the local market and on the standard of living of citizens.
Economic analyst Munar Al-Abidi explained that there are a number of reasons behind this rise in the US currency against the dinar.
One of the most prominent reasons is the decline in transfers of other foreign currencies, such as the UAE dirham and the Chinese yuan, as a result of the significant restrictions imposed by correspondent banks that are in the process of strengthening the balances of these currencies.
These restrictions directly affected the fluidity of transfers and weakened the possibility of obtaining other foreign currencies on which the Iraqi economy depends.
In addition, the Citi-Pilot project faces clear challenges, as the banks participating in it are reluctant to open new accounts for operating companies, as their dealings are limited only to companies with which they have previously dealt.
This limited approach reduces the ability to use these banks as channels for external remittances, increasing pressure on the US dollar and limiting the availability of alternatives.
The current currency exchange mechanisms were unable to cover the increasing demand for foreign currency, especially for the purpose of importing some of the most valuable goods, such as mobile phones and gold, which prompted importers to resort to the parallel market, and contributed significantly to increasing pressure on the dollar and raising its price in the local market.
Expectations indicate that the decline of the dinar against the dollar may continue during the coming period.
If practical measures are not taken to address these issues, the exchange rate could reach 1,600 dinars per dollar in the coming months. In order to address this challenge, there are several solutions that can help calm the situation. One of these solutions is to increase the network of correspondent banks around the world, especially in the UAE and China, which could help facilitate remittances and increase the flow of foreign currency into the country.
The solutions also include controlling financial policy by limiting the import of some goods that contribute to increasing demand for the dollar, in order to reduce pressure on foreign currency.
Pressuring banks under the Citi-Pilot project to be more open could help accept a wider range of customers, which would help ease pressure on the dollar and diversify the channels available for remittances.
In addition, it may be necessary to temporarily ban the import of some goods to reduce the demand for foreign currency until more organized and smooth solutions for the foreign transfer process are found.
The rise in the dollar exchange rate against the dinar is the result of a combination of economic and financial factors, including weak banking infrastructure, difficulty in accessing remittances, and increased demand for foreign currency for import purposes.
The current situation reflects major challenges that require rapid and effective action from the Iraqi government and the Central Bank to restore stability to the financial market. https://almasalah.com/archives/102326
Hidden Costs”: How do 140 days of holidays affect the economy and daily life?
Posted On 2024-10-05 By Sotaliraq Reports indicate that the financial costs associated with development projects increase significantly as a result of official and unofficial holidays that affect the workflow.
According to recent data, the number of annual holidays reaches 140 days, causing delays in project schedules and increasing operational costs.
This large number of holidays requires a re-evaluation of the work schedule to ensure that economic goals are achieved within the specified dates and budgets.
[size=45]Today, Thursday, economic expert Nabil Al-Marsoumi revealed the financial costs of holidays in Iraq, while confirming that their total is 140 days.
Al-Marsoumi said in a post on Facebook, “The total annual salaries of employees and others amount to 90 trillion dinars,” indicating that “the total number of Fridays and Saturdays is 104 days per year.”
He added, "The total number of official holidays in Iraq, excluding special holidays, is 16 days, while the total number of unofficial holidays is approximately 20 days, while the total number of official and unofficial holidays is 140 days."
The expert continued, "The number of actual working days per year is 225 days, while the daily cost of official and unofficial holidays, including Fridays and Saturdays, is 246 billion dinars," stressing that "the annual cost of official and unofficial holidays is 34 trillion dinars."
He pointed out that "the annual cost of official and unofficial holidays, except for Friday and Saturday, amounts to approximately 9 trillion dinars, while the annual cost of unofficial holidays amounts to approximately 5 trillion dinars."
He pointed out that "Iraq is the first country in the world in terms of official and unofficial holidays, and it is the highest in the world in this, while there are 8 official holidays in England and Wales."
He believed that “both types of holidays cause huge financial losses to Iraq, especially unofficial holidays that are granted for various reasons, including rain, high temperatures, and visits. This loss in unofficial holidays is equivalent to the annual budget of Syria,” recommending “restricting the authority to grant official and unofficial holidays to the Presidency of the Council of Ministers.”
Every year, on October 3, Iraqis celebrate the Iraqi National Day, which marks the declaration of Iraq's independence from the British mandate and its accession to the League of Nations in 1932. LINK
Economist: Oil Prices Could Rise To $200 If War Expands
Economy | 04/10/2024 Mawazine News - Economy Economist Nabil Al-Marsoumi predicted on Friday that oil prices will reach nearly $200 per barrel if the war in the region expands to include the Gulf states, especially if Iran closes the Strait of Hormuz, which will lead to the interruption of the flow of about 20 million barrels of oil per day to global markets.
In an analysis published by Al-Marsoumi, he spoke about two possible scenarios for the upcoming oil war:
1. The first possibility: Israel targets Iranian oil export outlets, especially Kharg Island, through which 90% of Iranian oil exports pass, which means removing 1.5 million barrels of Iranian oil per day from the market, which will raise prices by about $5 per barrel to reach $82. But this scenario will cut off the most important sources of funding for Iran.
- In this case, **OPEC Plus** is likely to intervene and cancel voluntary and mandatory production restrictions to compensate for the loss of Iranian oil, which may lead to a decrease in prices and their return to the $70 per barrel range.
2. The second possibility: The war expands to include oil pumping and export stations in the Gulf, which will affect Gulf oil exports, especially Saudi Arabia. In this scenario, oil prices may rise to levels exceeding $100 per barrel.
Al-Marsoumi also pointed out that Iran had previously confirmed that it would prevent oil exports from the Strait of Hormuz if it was prevented from exporting its oil, indicating that closing the strait would mean the interruption of about 20 million barrels per day of global supplies, which could push oil prices to levels of up to $200 per barrel, and the export of Gulf gas shipments passing through the strait would also be affected.
Al-Marsoumi concluded his analysis by pointing out that any Israeli strike might focus on targeting Iranian oil facilities, especially refineries, which could lead to the withdrawal of between 300 and 400 thousand barrels per day of Iranian exports.
However, he stressed that this loss may not have a significant impact on global oil prices, especially after Libyan oil production levels return to normal. https://www.mawazin.net/Details.aspx?jimare=255616
Customs: Our Revenues During 7 Months Of The Current Year Exceeded One Trillion Dinars
Money and business Economy News – Baghdad The General Authority of Customs announced, on Thursday, that customs revenues exceeded one trillion dinars during 7 months of the current year 2024, indicating that it is about to implement real reform measures that will positively affect the level of revenues.
The head of the authority, Hassan Al-Akeili, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "customs revenues during the year 2022 were 807 billion dinars, and in the year 2023, revenues rose to one trillion and 33 billion, an increase of 28%, while the current year 2024 and until last July, revenues reached one trillion and 145 billion dinars."
He pointed out that "the Authority hopes that revenues will reach 2 trillion dinars by the end of this year, although the current rate is still below the level of ambition," stressing that "the Authority is about to implement real customs reform measures that will positively affect the level of revenues."
Al-Akeili added, "The estimated amount of the authority's revenues in the budget is 2 trillion dinars, and we are on track to reach it by the end of the year."- https://economy-news.net/content.php?id=48308
Parliamentary Finance Clarifies To "Alsumaria News" The Legality Of Imposing Taxes On Citizens And Sends A Message
Economy 2024-10-04 | 06:18 Sumerian News – Economy A member of the Finance Committee revealed Mustafa Al-Karawi, on Friday, discussed the legality of the taxes imposed by the government on citizens and employees, while pointing out that the government should start with goods taxes on merchants and companies.
Al-Karawi said in an interview with Sumaria News, "The tax section is considered one of the sections supporting non-oil revenues."Mission“The government must work on it,” he said, indicating that “the government must start with goods taxes on merchants and companies, not with the poor citizen and employee who is demanding an adjustment to the salary scale and an increase in his specializations in light of the rising price of the dollar.”
He considered "taxes a good step", pointing out "the need for direct support and interest in taxes, but the categories covered by taxation must be specified to avoid public discontent and greater burden on the citizen".
He added: "We hope that there will be a clear plan from the government and a program to increase taxes through sectors that are considered to have high capital to avoid affecting the common citizen".
Regarding the legality of taxes, Al-Karaawi explained that "the tax law exists, but many of its provisions are not implemented, and there are texts in the budget that indicate the possibility of collecting taxes from employees, citizens or companies", stressing: "There must be priorities in collecting these taxes, and the most important thing is that there be real support for the tax sector, so that the citizen is not harmed by them". LINK
“It’s OK to say NO” From Recaps Archives
(Note: This Article can apply to Lotto-Winners, A Big Inheritance and Dinarians!)
This story appears in ESPN The Magazine's Dec. 8 Big Money Issue.
HERE'S A CHALLENGE: Imagine what it feels like to be 21 years old, extremely successful, famously wealthy, wildly stressed and unbearably miserable. How, you might wonder, can all those conditions exist simultaneously?
Start here, with Cowboys All-Pro offensive tackle Tyron Smith, talking to his mother on the phone one day in 2012, his second year in the NFL, during a time of growing tension between him
"We've found a house," Frankie Pinkney told her son.
(Note: This Article can apply to Lotto-Winners, A Big Inheritance and Dinarians!)
This story appears in ESPN The Magazine's Dec. 8 Big Money Issue.
HERE'S A CHALLENGE: Imagine what it feels like to be 21 years old, extremely successful, famously wealthy, wildly stressed and unbearably miserable. How, you might wonder, can all those conditions exist simultaneously?
Start here, with Cowboys All-Pro offensive tackle Tyron Smith, talking to his mother on the phone one day in 2012, his second year in the NFL, during a time of growing tension between him
"We've found a house," Frankie Pinkney told her son.
By this stage, wariness had become as intrinsic to Smith's identity as his brown eyes and bookcase shoulders. Silently, he awaited details. He had agreed to purchase a home in Southern California for his mother and stepfather. They would live in it; he would own it as an investment.
The agreed-upon budget was roughly $300,000, but over the course of the conversation, Frankie dropped the bomb. List price: more like $800,000.
Smith, now 23, is sitting at a polished wood table in the conference room of his lawyer's Dallas office. Surrounded by his girlfriend, accountant and lawyer, he fixes his eyes on a spot somewhere high on the floor-to-ceiling window. "Yeah, my parents wanted a house," Smith says. "But it was way bigger than mine and cost way more than mine."
It's not an easy topic for Smith to discuss -- recounting the conversation appears to be nearly as hard as being on the phone in the first place. He long ago gave up trying to pinpoint when it all went wrong, when the combination of family and money turned corrosive, when one ceased to exist without the other. He recites facts, stripped of emotion, as if determined to turn a painful time in his life into an after-action report.
"That call," he says. "That was the point where I said, 'That's enough.'"
At that precise moment, as he hung up the phone without giving his mother assent or encouragement, something hardened inside him. Reclaiming his finances, that was the easy part. Demystifying his new life -- being something other than a conduit for the wishes of those around him -- that was more complicated.
It works like this: We lack the linguistic dexterity to explain the myriad paths of young men who emerge from poverty -- or a simple lack of privilege -- and achieve riches by playing a game. When words fail us, a creation myth must fill the void, and so the modern professional athlete becomes our Sedna, a massive woman of Inuit legend who lives at the bottom of the ocean, controlling the underworld by providing fish to keep her people from going hungry.
Our version of Sedna frees himself from the streets -- the temptations, the poverty, the turbulent flow of every Bad Part of Town -- through a ceaseless, unquenchable devotion to his sport. Visions of The Escape accompany every rep on the bench press, every free throw in an empty gym. In short, his life is a series of made-in-Akron, Beats by Dre moments.
Yes, he will rise up to leave it all behind, but here's where the mythological sleight of hand appears: He'll bring it all with him too. He can't forget where he came from. The myth mandates loyalty and strikes down the ingrate.
And all those people who toiled alongside, those who believed in him and sheltered him and sacrificed for him? They'll also come along, for he's the sin-eater, absorbing all debts -- moral and financial -- so others can be absolved. And his people will never go hungry again.
Jeff Wilson His family's demands for money isn't an easy topic for Smith to discuss.
IT LONG AGO became easier for an athlete to subscribe to this myth than to defy it with his personal story. Easier to nod and smile and tacitly agree to be a benign receptacle for our society's need to bundle its fairy tales into color-coded boxes.
Why else would newly minted professional athletes -- and let's cut the pretense: It's nearly always young black athletes -- invariably be asked whether they've bought their mother a new house? Or a new car? Or both? Does anyone know whether Aaron Rodgers moved his stay-at-home mother and chiropractor father out of their Chico, California, home and into a beach mansion? Has anyone ever thought to ask?
But could it be possible, ever so slightly possible, that athletes who come from similar backgrounds can have wildly dissimilar stories?
Smith's story is best told chronologically. And it begins, as so many do, in a van filled with cleaning supplies rattling down a desolate highway somewhere in the Mojave Desert.
Smith spent much of his elementary school years working for the family business. Pinkney's Cleaning Service specialized in cleaning new buildings after construction was complete but before tenants moved in. Family members would often climb into that van, drive from their home in Moreno Valley, California, to Phoenix or Sacramento or anywhere in between, clean a building and then pile back into the van for a return drive that could last seven hours.
They'd pull into the driveway at 4 or 5 a.m., and Tyron and his five siblings -- a mixture of half brothers, half sisters, stepbrothers and stepsisters -- would be at school by 8.
Introspective and shy, bigger than his peers, Tyron felt detached, like an asset rather than a son, someone valued primarily for his ability to clean tall windows. The detachment might have been rooted in a moment he was too young to remember: the death of his father, Jerry Lee Smith, when Tyron was a year old. Tyron was told that Jerry Lee was murdered and that someone is in prison for the crime, assertions he's been unable to substantiate.
"Growing up, it's hard to feel separated," he says. "You don't know which direction to go. ... It got really complicated. I was the one who always asked, 'Can I get my own job? Can I do my own thing?' I didn't want to work in the janitorial business my whole life."
Smith doesn't remember watching football as a kid; he had neither the time nor the inclination. He was too big for Pop Warner, and besides, there were van rides to take and windows to reach. But he began to play in high school, and his size and natural ability immediately meshed with his work ethic. He didn't so much find football as it found him. He was huge and nimble, eventually reaching 6-foot-5 and 310 pounds, and by his junior year everyone had a pretty good idea where this was headed.
He was excused from janitorial work if he had a weekend camp to attend, and he remembers thinking, "It was a little weird they let me do my own thing." When he's asked if that created friction between him and his siblings, he says, "It probably did, but I never knew about it." It sounds like the first time this possibility has occurred to him.
Was this the beginning of Tyron's embrace of the myth? When he climbed into the van after Friday night games, heading for another empty building, did he close his eyes and dream of The Escape, when he could direct schools of fish to the surface and rid everyone of this burden?
"When I was out there, I was just enjoying playing," Smith says. "For me, playing a sport was my own space, away from reality. You don't have to worry about anything because you're out there, and you can just play freely."
He did it well enough to earn a scholarship to USC, and in his junior season, something shifted in the family dynamic. NFL decision makers began seeing Smith, with his 85-inch wingspan and sub-5.0 speed in the 40, as a potential first-round pick in the 2011 draft.
The conversation at home took on a sharper edge. Family members wondered how much he might get and what percentage of that they might get. There was talk of cars and houses and jewelry. "All of a sudden, people's perception of me started to change," Smith says.
As Leigh Costa, Smith's girlfriend, puts it, "He's always told me he felt like nobody ever really cared about him until coaches started saying, 'You could be really good.'"
HE PLAYED ALONG with the myth. Everyone else was, so what choice did he have? When he was chosen No. 9 in the draft, he was 20, the youngest player in the NFL. He signed a four-year, $12.5 million contract, bought his mom a Range Rover and vowed to pay off his parents' mortgage and retire the family's debts.
"I didn't think I owed them anything," Smith says. "I just really wanted to help out. I know how hard the struggle is, and growing up we always had to worry about debt. That was my thing: Use this money to pay off your house, pay your debt and be free of all that stuff."
Later, Smith discovered the money he provided wasn't used for those purposes. Asked how it was spent, Smith shrugs, betraying no emotion. "We don't know," he says.
A direct line could be drawn connecting that moment to the moment he hung up the phone because it marked the beginning of a gradual erosion of trust and control. His humanity vanished beneath a barrage of requests. He was no longer son or brother or friend. He began to feel like a human Santa list, robbed of his capacity to be generous.
"The things that were asked for as gifts shocked me," he says. "All I could think to say was, 'Hey, that sounds really expensive.'"
He paid for airline tickets so strangers and near strangers could accompany his parents to games in Dallas. He paid for game tickets (players get only two comps), parking and food. He paid for hotel rooms or let the guests stay in his home.
"Tyron deferred to the mom, who deferred to the stepdad, who had his own mindset on what he deserved and what he should get," says a family associate with knowledge of the situation. "Tyron's a great kid. He was young and overwhelmed."
And so he relented. The myth, after all, demanded he remember where he came from, and a sort of achiever's guilt took over. His family was still back in Moreno Valley, still doing the job he had worked so hard to avoid. He started to think: Maybe I don't deserve all this money. When his financial adviser would call for authorization to transfer funds to his family, he'd say, "Yeah, just transfer it over." They wore him down. Inside, it tore him up.
Studies indicate that 78 percent of NFL players are bankrupt within two years of retirement. How many of those bankruptcies can be attributed to the gradual erosion of control, the constant drip of family and friends asking for money and the unwillingness to confront it? John Schorsch, Smith's lawyer, estimates that the family received roughly $1 million from Tyron's accounts over one year.
"I'm not trying to be hurtful, but I'm not making this money so other people can live off it," Smith says. "You have to understand: This game doesn't last long at all."
AFTER HIS ROOKIE year, Smith was moved from right tackle to left, a huge promotion in an offensive lineman's world. When he texted his parents to tell them, the response he received did not convey joy or congratulations. Instead, it referenced his next contract and how it would be bigger now that he was playing a more valuable position. "It was hard to have a straight-up conversation," Smith says. "I love my family -- I do -- but I didn't love what they became."
A financial adviser who works with numerous professional athletes says, "As players get more, their families want to be paid more. People lose their humanity. We call some family members 'backup point guards' because that's how they believe they should be paid."
Smith's issues went beyond money. Costa, four years Smith's senior and a former account executive for a Dallas sports radio station, was caught in a story as old as time: She, the newcomer, brunette and pretty, was blamed for separating him from his family and controlling his life and finances. Members of his family allegedly made death threats against her. "I brought her into the middle of all this stuff," Smith says. "They bashed her any way possible, and she didn't do anything wrong."
After his mother's request for the $800,000 home, Smith made a last-ditch effort. He placed a call to Moreno Valley, saying, "I love you all, and you mean the world to me, but all this money stuff is stressing me out. Can we just have a great relationship?"
But the lines had been drawn. "We kept getting voice mails and emails threatening all kinds of things," Costa says. Smith and Costa enlisted Schorsch to handle the legal affairs.
They cut ties with Smith's financial adviser and made the myth-defying move of hiring Bill Saplicki, a Dallas accountant who was recommended to Costa and who works primarily with doctors and dentists and precisely one professional athlete.
In the summer of 2012, Schorsch filed to have a protective order placed against Smith's parents and siblings, prohibiting them from having contact with him. The event that precipitated the protective order occurred on June 16 when Smith's mother and stepfather confronted him publicly while he was working at a youth football camp at his alma mater, Rancho Verde High School in Moreno Valley.
"We did as little as possible to accomplish as much as possible," Schorsch says. And yet on the night of Saturday, Oct. 27, 2012, with Smith at the team hotel on the eve of a home game against the Giants, two of his sisters arrived unannounced at the home Smith shared with Costa in North Dallas.
The doorbell rang, and Costa looked through the glass in the door and froze.
"You need to let us in this house," one of them said.
"Why?" Costa answered. "You've made threats against my life. I don't know what you have on you right now, and your brother's not here."
Costa said she called the police after the women repeatedly said, "We're not leaving until you let us in." Three days later, on Tuesday afternoon, two of Smith's sisters were among three people who returned to the house. This time, Smith called 911 and police cited the women for disorderly conduct. A Dallas police report noted that Smith's sisters were there to "harass and torment ... in the pursuit of collecting financial gain."
Frankie Pinkney turned down an interview request. She directed questions to her manager, Mark Wayne, who runs an entertainment company with offices in Seattle and New York. Pinkney, according to Wayne's website, is part of a group attempting to sell a reality show called Football Moms.
"She's been painted as an extortionist to her own son, which is not true," Wayne says. "There's so much friction between her and her son. She loves her son with all her heart and wants to reunite. I don't think she's had a fair shake."
Wayne refused to elaborate, except to say, "The truth will come out. It's not for me to share; it's for Frankie. She took the heat for a lot of stuff. Her reputation has been damaged."
What is she waiting for? "She needs to heal," Wayne says. "A lot of healing needs to take place."
night loss to the Redskins on Oct. 27, Smith exhibits the second-day inertia of an NFL offensive lineman. It's quite a contrast. On game day, he's powerful and punishing, remarkably light on his feet -- like a dancing oak. Two days later, he lowers himself into his chair slowly, as if every vertebra moves independently. "My back -- ooh," he says, wincing. "Really stiff today."
Schorsch has a standard answer when questioned about Smith's financial responsibility to his family. "I am certain none of them ever took a hit for him," the attorney says. "None of them had to get a shot so they could get up and go to work. And they're not entitled to share in this. No matter what they did, they're not taking the risk."
That risk, short- and long-term, is significant. In his fourth year as a pro, Smith has already had a career longer than the NFL average according to the NFL Players Association. He has avoided serious injury but has had periodic ankle issues. Sedna might live forever, but an offensive tackle is not as lucky.
Smith is mellow, with the voice of a late-night DJ on a smooth-jazz station. He is almost allergic to attention; rather than speak to reporters, he sometimes stays in the training room after practice or games while a team employee delivers his clothes.
He plays with a composed, almost detached air, like a man at peace with the violence of his profession. (During a game in late October, however, he did trade punches with Giants defensive end Jason Pierre-Paul.) His ability is unquestioned:
He is widely considered one of the top three offensive tackles in the game, and for his play against the Seahawks in Week 6, he became the first offensive lineman in 10 years to be named offensive player of the week.
He treats money the way most people treat a gym membership: It's there, and he'll use it if he needs it. In July, he signed an eight-year extension, making his contract now worth a potential $109 million, with $22.1 million of that guaranteed.
Many in the business felt the deal was too team-friendly -- Pro Football Talk called it "nuts" -- because it leaves one of the league's brightest young stars with no bargaining power for an entire decade.
But the criticism fails to account for Smith's loyalty to Jerry Jones and the Cowboys, whose security team has assisted Smith and Costa and was once called on to remove one of Smith's brothers from the team's training camp in Oxnard, California.
Smith, who drives a Jeep he gets as part of an endorsement deal, values stability
and craves normalcy. When he goes out to a four-star restaurant for a weekly dinner with Cowboys offensive linemen, they tease him for wearing clothes Leigh has chosen.
"I have no style whatsoever," he says, holding his hands out to show off his workout shirt, sweats and shower shoes. "The guys know I don't dress myself. I wish it was like the early '90s, when you could wear jumpsuits."
When Costa asks him if he likes something -- whether it's a couch or a shirt or a toaster -- he answers her question with a question. To demonstrate, Smith holds a coffee cup over the table and says, "It could be something as cheap as this mug, and my first question is, 'How much does it cost?'"
"You're very conservative," Saplicki says.
No," Smith corrects. "Cheap."
"I know the amount of money I make in the NFL could be over any day," Smith says. "It has to be put aside for me later down the line or for when I have a family."
Listen to Smith long enough and you'll pick up a pattern: He repeatedly uses the word "work" to describe what he does. He says it so often, it begins to feel intentional, or maybe it's a reflexive response to the weight of his success.
The distance between the word "work" and the word "play" is immense: He plays football for a living, while the nonsports world -- the janitorial world, for one -- goes to work. "I saw the daily struggle," he says. "It taught you to live within your means and know what it means to actually earn a dollar."
The demystified truth is this: He suits up for the Cowboys not because he loves football necessarily; he's playing because he's darn good at it. For the love of the gameis largely an external phenomenon anyway, promoted by those who link generational bonding and the passage of time to a particular uniform.
No matter how much it gets sexed up -- and in Dallas, in Jerry's world, they do their best -- there is nothing romantic about slamming your massive body into another massive body as a way of making a living. It's exactly what Smith says it is -- work -- and he speculates that half the players in any NFL locker room would walk away from the game if they were offered the same pay to do something else.
Is that heretical? Or is that how myths die and reality survives?
Understand this: Smith wasn't eager to talk. Things are quiet, the way he likes them. The stress is gone. He can go home and hang out with his rescue dogs -- he and Costa have five, including a 110-pound French mastiff named Beast -- and not worry about the next phone call or knock on the door.
But he knows his story is important. When he finishes playing, he's got an idea to travel the country telling it to top college players. He wants them to know that he said no and they can too. He wants them to know it's OK to stand up to the pressures from family and friends. He wants them to take control of their money and understand how long it has to last.
"It's so personal, and nobody really talks about it," Smith says. "'Hey, this sibling or family member is screwing me over.' You won't hear that, but it's a real issue. I'm not trying to bash my family at all, but it's hard to talk about this without doing that. And a lot of people aren't willing to tell their story."
It's getting late. The traffic in the throbbing Metroplex, 13 floors below, is starting to ease. Smith begins the process of standing, his back working like an elevator in a fleabag motel, refusing to be rushed. The men in suits stand at his sides like reverse bodyguards, and Smith says, "It's OK to say no," as if to remind himself one more time.
More News, Rumors and Opinions Saturday PM 10-5-2024
KTFA:
Clare: Switzerland wants investment opportunities for its companies in Iraq
Baghdad -
Today, Saturday, the Prime Minister received the Swiss Ambassador to Iraq, Daniel Hohn, after the reopening of the Swiss Embassy in Baghdad. The latter confirmed the desire of his country's companies to work and benefit from investment opportunities in Iraq.
Al-Sudani's office said in a statement received by 964 Network:
Prime Minister Mohammed Shia Al-Sudani received today, Saturday, the Swiss Ambassador to Iraq, Mr. Daniel Hon, who is the first ambassador of his country after the reopening of the Swiss Embassy in Baghdad.
KTFA:
Clare: Switzerland wants investment opportunities for its companies in Iraq
Baghdad -
Today, Saturday, the Prime Minister received the Swiss Ambassador to Iraq, Daniel Hohn, after the reopening of the Swiss Embassy in Baghdad. The latter confirmed the desire of his country's companies to work and benefit from investment opportunities in Iraq.
Al-Sudani's office said in a statement received by 964 Network:
Prime Minister Mohammed Shia Al-Sudani received today, Saturday, the Swiss Ambassador to Iraq, Mr. Daniel Hon, who is the first ambassador of his country after the reopening of the Swiss Embassy in Baghdad.
The Prime Minister welcomed the reopening of the Swiss Embassy after about 33 years of closure, and considered it an important step and a new stage in relations between the two countries, stressing the importance of activating the joint working committees, which would contribute to more fruitful bilateral cooperation.
The meeting witnessed an emphasis on the mutual desire to strengthen Iraqi-European relations, especially in light of the stable security situation in Iraq, the development renaissance that included all vital economic sectors, the government’s support for the work and investment environment, and the creation of constructive economic partnerships.
For his part, Ambassador Hon stressed that reopening his country's embassy in Baghdad would contribute to strengthening mutual relations, and help Swiss companies to operate in Iraq and benefit from available investment opportunities.
The meeting touched on the ongoing Zionist aggression on Gaza and Lebanon, its targeting of defenceless civilians, the role of the European Union in stopping this massacre, and the position of the international community required to limit the expansion of the conflict in the region, and the dangers and threats it poses to regional and international security. LINK
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Clare: Digital Banks: The Next Phase of Digital Transformation in the Egyptian Sector
10/5/2024
With steady steps, the Central Bank continues to implement the banking reform strategy, one of the main objectives of which is to achieve digital transformation in the banking sector, which the Central Bank began in 2017 with clear stages included in its first, second and third strategies.
During the past two years, cooperation between the government, with the personal support and follow-up of the Prime Minister, and the Central Bank was a fundamental step to activate and accelerate the transformation to digital government and the transition from a cash economy to a digital economy, focusing on developing payments within Iraq and using technology to improve financial inclusion, developing information technology, establishing digital banks, using artificial intelligence in banking services, and using modern technologies in loans, compliance, risk management, combating money laundering and terrorist financing, and combating banking fraud.
The results during 2023 and 2024 recorded a qualitative leap in the volume of transactions in electronic payment operations and the use of modern banking technologies.
The rate of digital transformation and electronic payment increased to 48.5% compared to 20% in the past years. This is an indicator that confirms the success of the plans and procedures adopted to achieve a major transformation with a distinguished national effort for digital transformation and electronic payment.
This joint effort by the cadres of the Central Bank, the government, banks and electronic payment companies has clearly contributed to having an advanced infrastructure to implement and accommodate electronic payment tools and various financial services.
The banking reform has now entered the phase of transformation to digital banks, and the Central Bank is currently examining and auditing about 70 requests to license new digital banks according to the precise controls and conditions adopted by the Central Bank.
This constitutes a real and promising start for technical banking development in Iraq, bridging the technical gap with the countries of the world in this field. This facilitates the provision of smart banking services, reduces the chances of fraud and corruption, and provides important data on the nature of transactions, their control, and compliance.
Therefore, digital banks are a new stage of digital transformation and banking reform. We hope that the Central Bank will soon take the first step by licensing digital banks that show, through examination, audit and study, that they are committed to the applicable controls and conditions. LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man The market economy is coming together, the World Bank is addressing Iraq is moving toward a market economy. That means...at some point, could be any day, any time, they're going to have to go into the international world...
Mnt Goat ...the dinar is not going to change in value IN THE COUNTRY OF IRAQ as a result of the project to delete the zeros...No one in Iraq is going to get rich off this swap out...So when we exchange, OUTSIDE of Iraq, we exchange our dinar we will get the rate of exchange for our OWN COUNTRY according to the exchange rate...The banks are going to be VERY strict on this.
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Jon Dowling & Bill Holter The End Of The Fed Reserve October 2024 Updates
Chris Real World: 10-4-2024
Central Banks in PANIC Mode! Why Silver Prices Are Set to SHOCK the World | Henry Weingarten
Wall Street Silver: 10-5-2024
Henry Weingarten joins us to discuss the catastrophic collapse coming to central banks and the global economy! Henry also discusses the potential of silver prices going up!
Seeds of Wisdom RV and Economic Updates Saturday Afternoon 10-5-24
Good Afternoon Dinar Recaps,
RIPPLE VS SEC NEWS: WHAT EXACTLY IS GARY GENSLER APPEALING?
The SEC has filed an appeal against a previous ruling that deemed programmatic sales of XRP as not constituting investment contracts, a decision that significantly reduced the penalties Ripple faced.
However, there has been a lot of confusion regarding this appeal and XRP enthusiasts took to social media to express their frustration.
Additionally, discussions centered around the complexities surrounding secondary sales of XRP, clarifying that the court did not specifically rule on transactions involving retail investors trading on exchanges.
Good Afternoon Dinar Recaps,
RIPPLE VS SEC NEWS: WHAT EXACTLY IS GARY GENSLER APPEALING?
The SEC has filed an appeal against a previous ruling that deemed programmatic sales of XRP as not constituting investment contracts, a decision that significantly reduced the penalties Ripple faced.
However, there has been a lot of confusion regarding this appeal and XRP enthusiasts took to social media to express their frustration.
Additionally, discussions centered around the complexities surrounding secondary sales of XRP, clarifying that the court did not specifically rule on transactions involving retail investors trading on exchanges.
A user asked whether the SEC’s recent appeal letter only referenced the penalties judgment, not the broader ruling from last year, and if this limits the SEC to appealing just the penalties aspect. Marc explained that the appeal references the final judgment, which triggers both parties’ rights to appeal.
This judgment also finalizes the previous year’s summary ruling, which is the main focus of the SEC’s appeal, though penalties and disgorgement will likely be included as well.
In response to another question about whether the SEC will appeal everything or just the fine and Ripple’s sales of XRP, Marc indicated that the SEC is likely to challenge the court’s decision that Ripple’s programmatic and non-cash XRP sales were not securities transactions.
This had already been hinted at a year ago, with the inclusion of disgorgement and penalties, though the latter isn’t the central objective of the appeal.
Another user said that the SEC originally requested much larger penalties than what was ultimately ruled by Judge Torres, suggesting the SEC was primarily focused on monetary penalties. Marc clarified that the SEC’s main objective is not the money itself, as it doesn’t go to them, though they will likely raise arguments regarding the penalty and the absence of disgorgement while pursuing the appeal.
@ Newshounds News™
Source: Coinpedia
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EL SALVADOR’S BUKELE TEACHES BITCOIN TO ARGENTINA’S VICE-PRESIDENT, SPARKING INTEREST IN BTC AND ADA-LEGAL CURRENCIES
El Salvador’s President Nayib Bukele met with Argentina’s Vice President Victoria Villaruel to discuss bitcoin-focused policies during an official visit.
Argentine President Javier Milei is set to meet Cardano founder Charles Hoskinson to discuss blockchain and crypto-currencies in the region.
During a recent official visit to Argentina, El Salvador’s president, Nayib Bukele, discussed the country’s bitcoin-centric policy with Argentina’s vice-president, Victoria Villaruel. Villaruel mentioned the meeting on her X account, which focused on the implementation and regulation of Bitcoin in El Salvador.
Ms. Villaruel showed interest in El Salvador’s bitcoin bond project, which received a great deal of international attention after Mr. Bukele’s administration adopted bitcoin as legal tender. She said, “I’d like to take this brief opportunity to ask you some questions about bitcoin.”
Ms Villaruel then asked about the digital asset and sought Mr Bukele’s views on its effect on the country’s economy. In response, Mr. Bukele stated that he was ready to share the measures taken by his administration regarding the integration of bitcoin into the country’s economic system.
El Salvador became the first country in the world to recognize bitcoin as legal tender in 2021. The administration has since launched several projects, such as bitcoin bonds. Bukele’s administration aims to use bitcoin bonds to raise funds for infrastructure and technology projects. Villaruel expressed her interest in learning more about bitcoin bonds and their implications for the economy.
In addition to the bond, the two leaders also discussed the creation of the National Digital Assets Commission, a regulatory authority set up for El Salvador’s digital assets market. This body has played a role in drawing up the guidelines governing the use of bitcoin.
Crypto-currency discussions extend beyond El Salvador’s borders
The meeting between Bukele and Villaruel is part of a wider dialogue on crypto-currencies in Latin America. Argentina has witnessed a growing interest in digital assets, making the conversation between the two leaders particularly relevant.
The dialogue is set to continue as Argentine President Javier Milei is due to meet Cardano founder Charles Hoskinson later this month. Hoskinson has expressed interest in supporting the development of blockchain in South America, with a focus on advancing general crypto-currency needs.
As recently highlighted by Crypto News Flash, Hoskinson is expected to discuss with Milei the future of Cardano and its opportunity to advance Argentina’s digital economy.
IMF reiterates cautious stance on bitcoin adoption
IMF spokeswoman Julie Kozack reiterated the organization’s position at Thursday’s press conference. She stressed the need to minimize public sector exposure to bitcoin.
“What we have recommended is to reduce the scope of bitcoin law, strengthen the regulatory framework and oversight of the bitcoin ecosystem,” said Ms. Kozack, stressing the need for prudent management of the crypto-currency.
Since its adoption, the IMF has criticized El Salvador’s bitcoin law and expressed the need for the government to reduce the risks associated with integrating Bitcoin into the country’s financial system. In response to the concerns of the IMF and other international organizations, President Bukele revealed that El Salvador had acquired nearly $400 million worth of Bitcoins.
@ Newshounds News™
Source: Crypto News Flash
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98% OF RIPPLE XRP HOLDERS WON'T GET RICH BECAUSE OF THIS MISTAKE
This video is about XRP. This video is about XRP and Ripple and the SEC APPEAL. XRP update.
@ Newshounds News™
Source: YOUTUBE
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Real Assets are Historically Cheap Right Now. Here’s One Example.
Real Assets are Historically Cheap Right Now. Here’s One Example.
Notes From the Field By James Hickman / Simon Black / Sovereign Man October 2, 2024
The “green energy” revolution is one of the biggest fantasies of today.
For example, they tell us that fossil fuels are going away, that the gasoline powered internal combustion engine is a thing of the past, and that everyone wants to drive an electric vehicle (EV).
Clearly, that’s why over 90% of consumers still choose gas powered vehicles...
So the government instead has to step in to mandate electric vehicle use, attempting to force manufactures to sell 50% electric vehicles by 2030.
Real Assets are Historically Cheap Right Now. Here’s One Example.
Notes From the Field By James Hickman / Simon Black / Sovereign Man October 2, 2024
The “green energy” revolution is one of the biggest fantasies of today.
For example, they tell us that fossil fuels are going away, that the gasoline powered internal combustion engine is a thing of the past, and that everyone wants to drive an electric vehicle (EV).
Clearly, that’s why over 90% of consumers still choose gas powered vehicles...
So the government instead has to step in to mandate electric vehicle use, attempting to force manufactures to sell 50% electric vehicles by 2030.
They conveniently ignore the fact that the American electric grid cannot handle that kind of power demand.
And if the $1 billion per EV charging station Secretary of Transportation Pete Buttigieg is spending from the trillion-dollar infrastructure bill is any indication, we’re not going to get there in six years.
The “green energy” revolution is one of the biggest fantasies of today.
Meanwhile, auto manufacturers are actually scaling back EV production as demand slows and infrastructure gaps remain vast.
Governments and activists may wish it were otherwise, but fossil fuels are not going away for decades. Yet, the belief that they are has led to massive misallocations of capital into renewables.
We’ve talked about this in regards to oil, natural gas, and the uranium required for nuclear power. All of these energy assets have been ignored by investors, or demonized by activists and governments, despite remaining absolutely critical.
And the same thing is true of the metals necessary to build traditional internal combustion engines.
Mining companies are obsessed with finding more metals like nickel and cobalt for the “green energy” revolution. Meanwhile, the specific niche metals required for gas vehicles have been neglected.
I’m talking about platinum group metals (PGMs). These include six metals—platinum, palladium, rhodium, iridium, ruthenium, and osmium—renowned for their high melting points and corrosion resistance.
Over 80% of palladium and 90% of rhodium is used in gas vehicle emissions control systems to convert toxic gases into less harmful substances.
And it seems investors have believed the lies of the climate fanatics, assuming that demand for these metals will drop precipitously as everyone flocks to electric vehicles.
This ignores, first, the actual reality that people still prefer gas vehicles.
Second, the fact that hybrid-electric vehicles are actually the most popular alternative to gas-only vehicles.
And while the EPA-regulation wants everyone to drive electric vehicles, hybrids also satisfy its 50% mandate.
Already, hybrid vehicles account for about 25% of vehicle sales in the US. And they actually use more PGMs per vehicle than traditional combustion engine cars.
But the supply of PGMs is shrinking.
South Africa, the dominant producer of platinum and rhodium, has struggled with power shortages, labor strikes, and declining investment in its mining sector. Russia, another major player, faces sanctions and geopolitical uncertainty that disrupt its palladium production.
With these two countries controlling the vast majority of global supply, the market is heading for significant deficits in the coming years. The numbers are already telling: in 2023 and 2024, the platinum, palladium, and rhodium markets all ran deficits, as in, more was consumed than produced.
Despite this looming shortage, prices for PGMs have plummeted.
Palladium is down 66% from its 2022 highs, and rhodium has crashed by 80% since 2021. This collapse in prices has put major PGM producers on the back foot, forcing them to cut jobs, and even shut down some operations.
Investors, spooked by the drop, are shorting palladium at record levels, convinced that the future belongs to EVs. But they’re missing the bigger picture.
False narratives like these are one reason why many real assets are historically cheap right now.
Real assets are physical, tangible goods like certain commodities and natural resources which have intrinsic value tied to real world uses. This includes energy assets like oil and uranium, productive technology, and fertile farmland.
It also includes critical minerals and metals, like the ones we have been discussing.
Unlike financial assets and paper money, they cannot be conjured out of thin air by central banks and government. Which is why they protect wealth against inflation.
And the type of conditions present in the PGM market is a classic example of finding a historically undervalued real asset.
A crucial, critical resource with limited supply? Check.
A burgeoning shortage, with no movement in the markets to remedy it? Check.
A historically low price for the critical resource? Check.
That’s why this summer we wrote to subscribers of our investment research service, The 4th Pillar, about a company which mines PGMs.
But rather than traditional mining, it extracts these metals from tailings— the waste left over from other mining operations.
And that means it actually gets its source material delivered to it for free...
This company has a deal with a chrome miner for the exclusive right to process the chrome mine tailings. It gives back the recovered chrome, and keeps all the extracted PGMs for itself.
It’s a symbiotic relationship with no money exchanged, no profit share, and no royalty owed.
This low-cost, efficient business model has allowed the company to stay profitable even as PGM prices have cratered.
With a rock-solid balance sheet and minimal debt, it is perfectly positioned to weather the current downturn and capitalize when the market inevitably turns.
But again, this isn’t just the story of PGMs and vehicle markets.
Everywhere you look, real assets are historically cheap.
Often these same conditions exist— the market for a critical resource has been ignored by investors, or demonized by activists, cutting into supply, while demand stays steady, or even grows.
While frustrating, these lies create enormous opportunity. The best way to capitalize is by investing in critical real asset companies at historic lows. As inflation rises and markets correct, those who invest now stand to benefit immensely.
To your freedom, James Hickman Co-Founder, Schiff Sovereign LLC
PS-
The 4th Pillar is our highest tier investment research service that focuses entirely on undervalued real asset businesses. Based on our track record, an annual membership is well worth the $1,995 cost.
If you’re interested in subscribing you can do so here.
Navigating the Global Debt Bubble, are we on the Brink of Crisis?
Navigating the Global Debt Bubble, are we on the Brink of Crisis?
Daniela Cambone: 10-4-2024
In an era where economic fluctuations and political uncertainty dominate the headlines, the discussion around global debt has never been more pressing. Recently, Edward Dowd joined Daniela Cambone on ITM Trading to shed light on an alarming reality: the global debt bubble is perilously close to unwinding.
This insightful conversation revealed how we have arrived at this juncture—a scenario deeply entrenched in a system designed for self-preservation through relentless debt creation and fear-mongering.
As Dowd articulates, the proliferation of debt is not merely a byproduct of economic policy gone awry; it is an orchestrated strategy to keep the financial system afloat.
Navigating the Global Debt Bubble, are we on the Brink of Crisis?
Daniela Cambone: 10-4-2024
In an era where economic fluctuations and political uncertainty dominate the headlines, the discussion around global debt has never been more pressing. Recently, Edward Dowd joined Daniela Cambone on ITM Trading to shed light on an alarming reality: the global debt bubble is perilously close to unwinding.
This insightful conversation revealed how we have arrived at this juncture—a scenario deeply entrenched in a system designed for self-preservation through relentless debt creation and fear-mongering.
As Dowd articulates, the proliferation of debt is not merely a byproduct of economic policy gone awry; it is an orchestrated strategy to keep the financial system afloat.
Central banks across the globe have resorted to keeping interest rates at historically low levels, which has encouraged borrowing and inflated asset prices. Corporations and governments alike have taken on unprecedented levels of debt, stirred by the promise of growth and stability.
However, this growth is illusory. The disparity between asset values and underlying economic fundamentals is widening. The debt bubble is propped up by a precarious mix of consumer confidence, government intervention, and speculative investment. But as any economist will tell you, such bubbles tend to burst, and when they do, the repercussions can be catastrophic.
What is particularly concerning is Dowd’s assertion that this is not a new phenomenon; rather, division and manipulation have been used as tools of control for centuries. The elite class has historically leveraged societal fears—be it economic uncertainty, social unrest, or geopolitical tensions—to maintain power and influence over the masses.
Today, fear has evolved, taking on new forms—be it through media narratives that amplify economic crises or political rhetoric that stokes division among communities. In every instance, the goal remains the same: to distract the populace from the underlying realities, ensuring compliance and, ultimately, a continuation of the status quo.
During their conversation, Dowd underscored how division plays a crucial role in perpetuating this cycle of debt and fear. As society becomes more polarized, critical thinking often takes a back seat to emotional responses. This division keeps individuals preoccupied with social conflicts rather than focusing on systemic issues like the growing wealth inequality or the looming debt crisis.
The manipulation of information—whether through traditional media channels or social media platforms—serves to create a narrative that vilifies dissenters while glorifying the leaders crafting economic policies. This shield of division not only distracts from the inherent flaws in the financial system but also dissuades any unified approach to reform.
As Dowd warns, the unwinding of this global debt bubble is not a matter of “if,” but “when.” Once it begins, the consequences will ripple through economies, impacting everything from job markets to retirement funds. The end game may very well expose the deceptive foundations upon which our current system rests.
In such a scenario, a failure to recognize and address the manipulation of fear and division can leave societies vulnerable to further exploitation. Collective action will be essential, but it can only occur if citizens rise above the fray and unite to demand accountability from their leaders.
The dialogue between Edward Dowd and Daniela Cambone serves as a sobering reminder of the volatile state of our global economy. The system may be rigged, but awareness is the first step toward change. By understanding the mechanics of the debt bubble and recognizing the historical context of manipulation and division, we can begin to mobilize for a more equitable future.
In this fight against an entrenched financial system, knowledge is our greatest weapon. As consumers and citizens, it is crucial to stay informed, engage in meaningful dialogue, and challenge the narratives that seek to divide us. Only then can we hope to dismantle the structures that keep the global debt bubble inflated—and prevent it from devastating lives when it finally bursts.
“Tidbits From TNT” Saturday 10-5-2024
TNT:
Tishwash: Iraqi Prime Minister receives first Swiss ambassador after 33 years
Iraqi Prime Minister Mohammed Shia al-Sudani received today, Saturday, the Swiss Ambassador to Iraq, Daniel Hon, who is the first ambassador of his country after the reopening of the Swiss embassy in Baghdad.
The Prime Minister welcomed the reopening of the Swiss embassy after about 33 years of closure, and considered it an important step and a new stage in relations between the two countries. He stressed the importance of activating joint working committees, which would contribute to more fruitful bilateral cooperation, according to a statement issued by his office and received by Shafaq News Agency.
TNT:
Tishwash: Iraqi Prime Minister receives first Swiss ambassador after 33 years
Iraqi Prime Minister Mohammed Shia al-Sudani received today, Saturday, the Swiss Ambassador to Iraq, Daniel Hon, who is the first ambassador of his country after the reopening of the Swiss embassy in Baghdad.
The Prime Minister welcomed the reopening of the Swiss embassy after about 33 years of closure, and considered it an important step and a new stage in relations between the two countries. He stressed the importance of activating joint working committees, which would contribute to more fruitful bilateral cooperation, according to a statement issued by his office and received by Shafaq News Agency.
The meeting witnessed an emphasis on the mutual desire to strengthen Iraqi-European relations, especially in light of the stable security situation in Iraq, the development renaissance that included all vital economic sectors, the government’s support for the work and investment environment, and the creation of constructive economic partnerships.
For his part, Ambassador Hon stressed that reopening his country's embassy in Baghdad would contribute to strengthening mutual relations, and help Swiss companies to operate in Iraq and benefit from available investment opportunities.
The meeting touched on the ongoing Zionist aggression on Gaza and Lebanon, its targeting of defenceless civilians, the role of the European Union in stopping this massacre, and the position of the international community required to limit the expansion of the conflict in the region, and the dangers and threats it poses to regional and international security. link
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Tishwash: Government Advisor: Development Fund Provides Great Support to Private Sector
Advisor to the Prime Minister, Hussein Flamers, confirmed today, Saturday, that the Development Fund provided the private sector with unprecedented great support, while setting two conditions for developing the private sector.
Flamers said in a statement to the Iraqi News Agency (INA): "Prime Minister Mohammed Shia Al-Sudani blessed the first national forum for the private sector, which is held by the Private Sector Development Department at the Ministry of Trade, in cooperation with Bayt Al-Hikma for Training and Consulting," indicating that "such meetings put us in the forefront and we are on the right path in developing the private sector."
Flamers explained that "we must benefit from the versions that preceded us in other countries and developed the private sector and work to have a single window that enables those working in the private sector to be a source of glory for it and for the process to run smoothly," noting that "the government program presented by Prime Minister Mohammed Shia Al-Sudani supports the private sector."
He explained that "the Iraqi Development Fund provided the private sector with unprecedented support, but we need legislation, and intensifying laws and legislation is a very important step in developing the private sector," noting that "financial and banking services, facilitating and simplifying procedures, and providing services are all part of supporting the private sector, which depends on achieving two conditions: the first is simplifying procedures, and the second is reducing the efforts expended." link
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Tishwash: Iraqi forces decide to keep out of Israel’s battles with Hezbollah and Iran
Officials and paramilitary commanders say Israeli attacks could be ruinous for Iraq and even topple its government
The Iraqi political and armed forces affiliated to Tehran have decided to distance themselves from Israel’s battles with Hezbollah and Iran, fearing that expanding the growing Middle Eastern wars could ruin Iraq and their own positions.
Iraqi officials and leaders of Iranian-backed armed factions told Middle East Eye that the focus instead will be on providing humanitarian aid and financial support to civilians affected by Israel’s war on Lebanon.
No US interests or military bases in Iraq or Syria will be targeted by Iraqi armed factions until further notice, commanders said.
Over the past year, Israel’s onslaught on Gaza has drawn reprisals from Hezbollah in Lebanon, Yemen’s Ansar Allah (commonly known as the Houthi movement), and Iraqi paramilitary groups.
Meanwhile, Israel has begun waging war on Lebanon. It has also killed Hezbollah’s leader, Hassan Nasrallah, and assassinated Ismail Haniyeh, Hamas’ political leader, in Tehran.
In response, Iran rained ballistic missiles on Israel on Tuesday, causing significant damage to Israeli military bases.
The escalation has raised the prospect of further Iraqi participation, whether through Iraq’s regular military or its multitude of paramilitary groups.
However, Iraqi officials say there is a belief that this would lead to the collapse of Iraq’s political, economic and military system and the fall of its government.
Sudani seeks calm
Over recent days, Iraqi Prime Minister Mohammed Shia al-Sudani has held dozens of meetings with political leaders, commanders of armed factions allied with Iran and the top brass of Iraq’s security services.
According to one of Sudani’s advisers, the prime minister sought to “explain the reality of the situation facing Iraq and the consequences of any Iraqi party getting involved in the ongoing conflict”.
He also met with various Arab and western diplomats, and spoke to several neighbouring leaders, including the Egyptian president, Qatar’s emir and the king of Jordan.
Sudani pressed them to help “stop the ongoing Zionist aggression on Lebanon and Gaza, which threatens to expand the conflict throughout the region", his adviser said.
Iraqi officials and commanders of armed factions told MEE they believe Iraq will be one of four countries that Israel will strike soon, in response to the Iranian missile attack.
'Sudani has been striving to deprive the Israelis of any pretext that could be used to strike Iraq'
- Adviser to the prime minister
A succession of dramatic and ruthless Israeli attacks on Lebanon and Hezbollah over the past two weeks have been met joyously by Israel’s leadership and public.
Yet, Sudani’s adviser noted, “the Iranian missiles have dispelled their euphoria”.
“This means that it will definitely respond to this attack. Israel will inevitably attack Iraq, as it will attack Syria and Yemen, in addition to some oil facilities in Iran,” he said.
"Sudani has been striving to deprive the Israelis of any pretext that could be used to strike Iraq,” the adviser added.
"Iraq's political, security and economic situation is fragile and will not endure any party's adventure. Any ill-considered action in the coming days will have a high price and could burn everything."
Potential targets
Sources in the armed factions and security services predict Israel could hit several targets, including the headquarters of the Popular Mobilisation Forces (PMF), a governmental umbrella organisation that oversees various paramilitaries, including those close to Iran.
Last week, rumours were rife in political and media circles that Israel had drawn up a list of 35 targets in Iraq, including the locations and names of political leaders and the heads of armed factions.
Yet paramilitary commanders and security officials insisted to MEE there is no indication that such a list exists.
“Its targets in Iraq are known and clear. It will attack the camps of some armed factions, as well as the camps and headquarters of the Popular Mobilisation Forces, and may target some commanders of the armed factions,” a senior PMF official told MEE.
“The only two figures who are actually targeted are Akram al-Kaabi, the commander of Harakat Hezbollah al-Nujaba, and Abu Hussein al-Muhammadawi, the commander of Kataeb Hezbollah,” the official said.
The official noted that the leaders of other Iranian-linked armed factions have traded their military roles for more political and economic ones, and no longer have any real influence on the armed resistance to Israel.
“The Israelis and Americans know this and are well aware of it, and have no interest in targeting them,” he said.
On Tuesday evening, immediately after the Iranian missile attack ended, the anti-Israel Iraqi paramilitaries that make up the “Islamic Resistance” issued a joint statement. They said they would not target US interests and military bases in Iraq unless Washington helps Israel attack Iran, or if Iraq’s airspace is used for Israeli bombing raids.
“Then all American bases and interests in Iraq and the region will be our target,” the statement said.
“All parties agreed to stop any military operations at this stage, but if Israel strikes any of them, everyone will respond at once,” a Harakat Hezbollah al-Nujaba commander told MEE.
"American and Israeli interests in Iraq and the region will all be targeted."
Precautionary measures
Sudani has put all Iraqi military forces on high alert since Tuesday evening. Most armed faction commanders have not appeared in public since then.
Meanwhile, a meeting was convened by the Popular Mobilisation Forces' leadership on Monday to discuss the latest developments and ways to secure its offices and forces, commanders told MEE.
According to one person present at the meeting, they all agreed to avoid engaging in the escalating regional conflict, including attacking US forces in Iraq, which they had done repeatedly before the beginning of this war.
They also decided to reduce the number of paramilitary troops at their headquarters and inform commanders to avoid being there, too.
The PMF leadership agreed to send all commanders strict instructions that all the fighters registered with the organisation should not be involved in the regional conflict in any way.
“If they decide to engage in the battle, they should not use their fighters registered on the Popular Mobilisation’s payroll, or its vehicles or equipment,” said the source at the meeting.
One senior commander, who was also at the meeting, described the situation as “very critical” and said “any mistake, we will all pay the price for”.
“We are targeted. Our troops’ locations, headquarters and weapons warehouses are exposed and known, so there is no room for any uncounted action,” he said.
“It is easy. We are regular troops, so our choice is the government’s choice. It is that simple.” link
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Mot: . Ahah!!! -- it's a Trick!! -- but I Fooled um!!
Mot: .. Fall is Here -- or is it -----
