Seeds of Wisdom RV and Economic Updates Monday Morning 10-14-24

Good Morning Dinar Recaps,

HOSKINSON DETAILS CARDANO’S BILL OF RIGHTS FOR BLOCKCHAIN GOVERNANCE

Charles Hoskinson, the founder of Cardano, unveiled a framework for blockchain governance in his latest broadcast, introducing what he refers to as a “Bill of Rights” for the Cardano ecosystem.

This initiative, centered around 11 foundational blockchain tenants, aims to establish a constitutional foundation that will guide the development and governance of Cardano and potentially influence broader blockchain technologies.

Broadcasting live from Colorado on October 13, 2024, Hoskinson emphasized the collaborative efforts underpinning this initiative. “More than 50 workshops have already been held,” he stated. The process has seen participation from 1,400 individuals and the election of 63 delegates.

At the heart of Hoskinson’s announcement is a blog post titled “The 11 Blockchain Tenants Towards a Blockchain Bill of Rights.” He clarified that these tenants are not exclusive to Cardano but are intended as a universal framework applicable to various blockchain systems. 

“These tenants are meant to capture the natural durability of these systems and the rights of their users,” Hoskinson explained, drawing parallels to human rights enshrined in constitutional law.

The 11 Cardano Blockchain Tenants
Hoskinson provided an in-depth exploration of each of the 11 tenants, elucidating their significance and practical implications for Cardano:

1.  Transaction Censorship Resistance: “Transactions cannot be slowed down or censored and will be expediently served for their intended purpose,” Hoskinson stated. He likened this principle to the freedom of speech, emphasizing the importance of maintaining user autonomy within the system.

“Transactions express the ways the users wish to engage with the system so users should be free and able to do so in a manner proportional to their intent; this excludes censorship but also mandates expediency and processing.”

2.  Predictable Transaction Costs: Hoskinson asserted that “the cost of a transaction should be predictable and cannot be unreasonable,” which is essential for user planning and system sustainability.

He acknowledged the challenges in balancing resource allocation with user intent, especially in high-demand scenarios. Mechanisms like tiered pricing and intent-based ledgers are being explored to address these issues.

3.  Fair Recognition And Compensation: Addressing the equitable treatment of contributors, Hoskinson noted, “Every user’s inputs and contributions to the system will be recognized, recorded, processed, and assessed fairly.” This tenant seeks to ensure that both maintenance and development efforts are adequately rewarded, preventing incentives failures within the ecosystem. He also highlighted the need to fairly compensate various roles, from stake pool operators to governance participants.

4.  Data And Value Portability: Reflecting principles similar to the European Union’s General Data Protection Regulation (GDPR), Hoskinson emphasized the importance of user consent in data handling. “The value and data users contribute or create will not be locked or processed without their consent,” he stated. He advocates for user control over personal assets and information.

5.  Resource Efficiency: “No resources will be unnecessarily spent,” Hoskinson explained, highlighting the necessity of minimizing resource utilization through efficient protocol design. This tenant aims to prevent systemic bloat and ensure the long-term viability of the blockchain. Examples include protocol optimizations that reduce transaction sizes without compromising security.

6.  Safe Preservation Of Value And Information: Hoskinson discussed the dual aspects of this tenant: preserving the integrity of information against threats like quantum attacks and ensuring value stability through mechanisms like stablecoins. “The system will safely preserve the value and information stored within it,” he stated, emphasizing both data integrity and asset stability as critical components.

7.  Minimization Of Unnecessary Resource Expenditure: This tenant focuses on resource optimization, ensuring that Cardano operates efficiently without wasting resources. Hoskinson highlighted the transition from Plutus V1 to V2 as an example, where transaction sizes were significantly reduced, enhancing overall system efficiency.

8.  Fair And Representative Governance: “The system will treat users fairly and will evolve accordingly to their collective will, aiming at its long-term sustainability and viability,” Hoskinson declared. 

This tenant emphasizes the importance of inclusive governance, where all stakeholders have a voice in the system’s evolution. The upcoming Constitutional Convention in Buenos Aires aims to formalize these governance principles.

9.  User Privacy Preservation: Emphasizing data privacy, Hoskinson stated, “Users’ privacy, both in terms of their actions and their data, should be preserved.” Drawing parallels to GDPR, he advocated for minimal disclosure and selective, contextual data sharing. This tenant addresses the balance between transparency and privacy, ensuring users retain control over their personal information.

10.  Compliance with Local Laws and Regulations: “The system will offer users ways to engage that do not require them to break local laws and regulations,” Hoskinson explained. This tenant acknowledges the global nature of Cardano and the necessity for users to remain compliant with their respective jurisdictions.

11.  Transparency, Predictability, and Verifiability: The final tenant mandates that “the system’s operation should be transparent, predictable, verifiable, interpretable, and without asymmetries.” Hoskinson emphasized the importance of open-source protocols and public verifiability to ensure trust and accountability within the ecosystem.

The Way Forward
Hoskinson detailed the ongoing efforts to formalize these tenants through decentralized governance. “You have to have decentralized governance before you go down that road because only through decentralized governance can you make a decision for everyone everywhere, that’s the point of Voltaire,” he remarked. 

The upcoming Constitutional Convention in Buenos Aires, Argentina, scheduled for December 2024, will bring together delegates from 50 countries to finalize and approve the constitutional text based on these tenants.

The founder underscored the significance of this initiative beyond Cardano, suggesting that other blockchain communities could adopt similar frameworks to balance technical innovation with ethical governance. 

“These tenants are being actively debated by the Cardano community […] they will act as beacons in the far horizon that will pull Cardano and other blockchain communities to where they intend to travel to,” Hoskinson stated.

Hoskinson concluded the video by highlighting the importance of preserving the system’s integrity over short-term gains. “We should never sacrifice the integrity of the system for the sake of short-term gain or short-term progress on some arbitrary metric like token price or adoption,” he asserted.

@ Newshounds News™

Source:  Bitcoinist

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GOLD FEVER HITS COSTCO: 77% OF STORES SELL OUT AMID SOARING DEMAND FOR BULLION

Costco’s gold bars are flying off the shelves as record-high gold prices spark a buying frenzy across the U.S. A recent survey found that 77% of Costco stores offering gold sold out in early October. The trend reflects growing demand for gold as a hedge against inflation and economic uncertainty.

Costco’s Gold Bars Are Selling Out Amid Record Gold Prices
Gold bars from American multinational wholesale corporation Costco have become a highly sought-after item, selling out from store shelves across the U.S. as gold prices reach record highs. 

A survey of Costco outlets in 46 U.S. states revealed that 77% of stores stocking gold bars sold out within the first week of October, Bloomberg reported. 

The retailer’s ability to offer gold at competitive prices, combined with membership rewards, has made it a popular destination for those seeking a hedge against inflation.

Costco provides bullion at prices below those of traditional precious metals dealers, and loyal members can receive up to 4% in rewards, further boosting the appeal of buying gold at the big-box retailer. 

Sourav Sethia, an analytics engineer from New Jersey, has taken advantage of Costco’s convenient gold offerings. Sethia, who regularly buys gold bars at the store, said he receives calls whenever new stock arrives, allowing him to purchase when prices dip. His experience is part of a larger trend of consumers flocking to Costco as gold prices soared nearly 30% this year.

The metal’s appeal as a safe haven amid inflation and economic uncertainty has driven many to seek out the stability that gold provides. According to Josh Young, a Houston-based money manager who bought a gold bar and coin from Costco:

It’s physical and gold does have a long history of being a store of value even though there’s no cash flow from it. It’s a good personal diversifier.

Costco’s foray into the bullion market has drawn significant attention since it began selling gold bars in 2023. The retailer’s chief financial officer Gary Millerchip highlighted the popularity of its gold products. He was quoted as saying:

We are glad to be able to offer gold and silver items for our members. It’s a great example of our merchants constantly finding new ways to deliver uniqueness and value.

Shoppers are drawn to Costco’s gold offerings not just for their investment value but for the convenience of purchasing a long-standing store of wealth at a familiar location. Many customers appreciate the ability to diversify their assets with minimal hassle.

Despite the high demand, Costco’s success in the gold market may not influence overall prices, as the volumes sold are relatively small. However, according to industry experts, the retailer’s strong sales reflect sustained support for gold. 

As spot prices for the metal continue to rise, Costco is helping make gold more accessible to average consumers. Nicky Shiels, head of metals strategy at MKS PAMP, noted that Costco is attracting “a whole new cohort of retail buyers,” adding that this could have positive long-term effects on the market.

@ Newshounds News™

Source:  Bitcoin News

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RIPPLE’S CEO CLAIMS SEC IGNORES COURT RULING ON XRP STATUS

▪️Ripple’s Chief Executive Officer, Brad Garlinghouse, argues the SEC overlooks a vital court ruling.

▪️The SEC is appealing a decision that states XRP is not a monetary instrument.

▪️Bitnomial is also taking action against the SEC over its claims on XRP options.

The company’s founder has accused the U.S. Securities and Exchange Commission  of overlooking a court conclusion on the token’s classification.

This verdict determined that XRP is not a security and raised questions about the commission’s authority. Consequently, industry stakeholders are closely monitoring these developments as legal disputes escalate.

Legal Differences Escalate  
Recently, the SEC’s Notice of Appeal has sparked discussion. This Notice aims to challenge the summary judgment and final ruling in the SEC vs. Ripple case. This high-profile legal battle has persisted for over four years and attracted considerable attention.

 In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP do not meet the third prong of the Howey Test. This test determines whether an asset qualifies as a security.

In response to the SEC’s complaint, Ripple plans to file a cross-appeal. The SEC contests a decision that includes a $125 million fine against Ripple for its institutional the coin’s  purchase.

The organisation’s Chief Legal Officer, Stuart Alderoty,  stated that the SEC’s inquiry does not affect the  rules of clarity. Furthermore, this response has led to a positive shift in sentiment among the currency holders.

Bitnomial’s Legal Action  
Additionally, Bitnomial Inc. has filed a lawsuit against the SEC. This lawsuit highlights ongoing regulatory challenges. It stems from the SEC’s efforts to assert jurisdiction over digital asset derivatives. 

Bitnomial intends to launch physically delivered XRP Futures after receiving self-certification from the Commodity Futures Trading Commission  on August 9, 2024. However, the SEC later contacted Bitnomial and claimed jurisdiction over the XRP US Dollar Futures contract.

Bitnomial argues that the SEC’s claims are unwarranted. The exchange insists that these offerings should be classified as commodity derivatives rather than securities.

Support for this position comes from the recent decision by the Southern District of New York. This ruling confirmed that XRP is not inherently a security and was not classified as such in secondary market trades.

Implications for Cryptocurrency Regulation  
As these legal battles unfold, the cryptocurrency community watches closely. The SEC’s pursuit of regulatory authority raises important questions about future cryptocurrency regulations in the United States. The outcomes could set serious precedents for Ripple Bitnomial and the broader digital asset ecosystem. Industry participants await clarity as these legal disputes continue to evolve.

@ Newshounds News™

Source:  Crypto News Land

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🌍 THE CONSTITUTION AND THE NEW FINANCIAL SYSTEM  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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3 Things the Wealthy Worry About Most

3 Things the Wealthy Worry About Most

Christy Bieber   Updated Mon, October 14, 2024  Moneywise

2 out 3 millionaires in the US don’t consider themselves rich — here are the 3 things the wealthy worry about most

Most people in America don't believe they're rich.  In fact, only 12% of the population thinks they're wealthy, according to recent research from Edelman Financial Engines.

Surprisingly, it's not just low- and middle-income households who don't feel flush with cash. A separate Northwestern Mutual study revealed only 33% of millionaires count themselves among the rich.

With so many millionaires reporting they don't feel great about their finances, it's worth looking at exactly what has this demographic group so concerned.

Here are three top fears of wealthy Americans so you can see how their fears compare to what average Americans worry about.

How Taxes Impact Retirement

For wealthy Americans, their No. 1 retirement concern isn't whether they'll have enough money to retire comfortably or have enough cash to last for life. Instead, Northwestern Mutual reveals their top fear is how taxes are likely to impact their retirement.

Concerns about taxation have prompted 61% of millionaires to create a plan to reduce the share of their retirement savings going to the IRS. These plans include strategic withdrawals, using a mix of traditional and Roth accounts, and claiming tax breaks for charitable deductions.

For Americans who are living on less, obviously running short of money is a more pressing concern than future tax bills. Still, even lower and middle-income individuals should consider how their retirement income will be affected by taxation.

The Senior Citizens League reports around half of all households now face taxes on Social Security benefits. Many older Americans whose income comes primarily from 401(k)s, IRAs or other accounts with taxable withdrawals could easily find themselves among this group. Taxes on withdrawals from these accounts will also cut into the amount of money they have to spend.

Making a strategic tax plan by borrowing the techniques of the rich and choosing a good mix of tax-advantaged accounts is a smart move no matter how big your bank account.

The Political Environment

TO READ MORE:  https://www.yahoo.com/finance/news/2-3-millionaires-us-don-105500922.html

News, Rumors and Opinions Monday AM 10-14-2024

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 Mon. 14 Oct. 2024

Compiled Mon. 14 Oct. 2024 12:01 am EST by Judy Byington

Possible Timing: (Rumors/Opinions)

Fri. 4 Oct. 2024 saw the (Alleged) launch of a new Quantum Financial System (QFS) satellite, linking the system to Starlink. The QFS now has global transparency, independent of Earth-based infrastructure.

On Wed. 9 Oct. 2024 BRICS 12 Countries Ditched US Dollar and will now pay trade in local currencies: https://watcher.guru/news/brics-12-countries-ditch-us-dollar-pay-85-trade-in-local-currencies

Sat. 12 Oct. 2024 Wolverine: “From all sources, this is the (Alleged) week we have been waiting for. Things are defiantly moving.”

On Mon. 14 Oct. 2024 at the BRICS Summit they are (allegedly) going to announce the Seven Kingdoms, along with the Global Currency Reset.

Mon. 14 Oct. 2024 the old banking system—Bank of America, Deutsche Bank and JP Morgan— was expected to collapse, with the QFS taking over as stock markets crash.

Wed. 16 Oct. is a designated celebration day for Iraq and the day they will (allegedly) pay their contractors in the new Dinar Rate.

Brace yourselves—the storm is upon us.

The Earth Alliance, Star Link, and military are ready to execute the final phase. The old world is crumbling, and a new era of freedom is beginning. For years, the Earth Alliance has been preparing, quietly building a secure network of satellites that will make this possible.

The EBS broadcast could last up to 10 days, depending on ground conditions. During this time, there will be no internet, no social media, no TV, no mainstream news. Stock up on food, water, and supplies—you won’t be able to access stores or services during this period.

The Deepstate’s financial institutions will collapse. The Quantum Financial System (QFS) will replace the corruptt system, marking the greatest wealth transfer in history. Banks, stock markets, and fiat currencies will be obliterated, replaced by a fair system that serves the people.

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Sun. 13 Oct. 2024 Russia’s Gold Standard, QFS Satellites, and Starlink Annihilate the Fiat System—Globalist Financial Control SHATTERED as Deepstate Scrambles to Hide Their Collapse! …John F. Kennedy Jr. on Telegram

As of October 11, 2024, the pieces of the globalist control puzzle are falling apart. What’s happening now will make everything else look like child’s play. The Russian gold-backed ruble is fully operational, but it’s just the beginning. New intelligence reveals that China, India, and Brazil are quietly aligning with Russia in a multi-nation gold-backed currency alliance to take down SWIFT—the Deepstate’s financial chokehold on the world.

SWIFT, the dirty money machine of the DS, is crumbling. This is an attack on the petrodollar, and as the world turns away from fiat currency, the DS’s empire is collapsing. The new gold-backed ruble is tied to Russia’s energy markets, and now Europe is on the verge of financial ruin. Countries like Germany, France, and Italy are in secret negotiations to move away from the dollar and adopt the gold-backed ruble.

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Global Financial Crisis:

Operation Sandman is a collaboration of 100+ nations in agreement to simultaneously sell off their US Treasury holdings, sending them back to the US to collapse the US Dollar. https://x.com/danscavino/status/1845139034601030143?s=46

Sun. 13 Oct. 2024: The BRICS nations have an agreement to stop trading on the US Dollar: https://x.com/_crypto_barbie/status/1845382250407313848?s=46

Sun. 13 Oct. 2024: OPERATION SANDMAN Now Activated: 100 Nations Launch Devastating Strike to Obliterate the US Dollar and Cripple America’s Economy! – amg-news.com – American Media Group

Sun. 13 Oct. 2024: Canada Banks Prepare For Bank Run Risk: https://financialpost.com/fp-finance/banking/canada-bank-run-risk-rising#:~:text=Canada%20may%20not%20have%20had,country’s%20top%20banking%20regulating%20agency

Read full post here:  https://dinarchronicles.com/2024/10/14/restored-republic-via-a-gcr-update-as-of-october-14-2024/

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

Militia Man  Iraq is filthy with assets.  All non-oil income...natural resources...are taken into consideration when they figure a Real Effective Exchange rate which we haven't seen.  The original $3.22 was based off oil.  It was not based off non-oil...taxes at the borders, income derived from phone bills, electronics, sales tax, things of that nature.

Frank26  Question: "Are we waiting for after our elections or IYO does it have anything to do with it?"  No, our elections have nothing to do with the monetary reform of Iraq.  No, those are completely two different tracks, two different directions...destinations.  Although one is depending on the other.  Why do you think the US Treasury told Sudani, get your butt back there and get this done?

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MARKETS A LOOK AHEAD: SOON ALL BETS ARE OFF! AND THIS IS WHAT YOU NEED TO KNOW.

Greg Mannarino:  10-13-2024

https://www.youtube.com/watch?v=Fx28i7bcX90

$1 TRILLION DEAL: Big US Banks Enjoy Billions in Profit as Depositors Are Taken Advantage Of

Lena Petrova:  10-12-2024

https://www.youtube.com/watch?v=exyk98RI0RE

“Tidbits From TNT” Monday Morning 10-14-2024

TNT

Tishwash:  Iraq Accelerates Fiber-Optic Roll-Out

Iraq has increased the rate at which it is installing fiber-optic internet connections.

The Ministry of Communications reports that more than 3.5 million FTTH (fiber-to-the-home) connections have been complete so far in 2024.

This compares to 2.9 million last year, 1.5 million in 2022, and 276,000 in 2021.

(Source: Ministry of Communications)   link

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Tishwash:  Governor of the Central Bank of Iraq receives the Ambassador of the Federal Republic of Germany to Iraq

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received Her Excellency the Ambassador of the Federal Republic of Germany to Iraq, Ms. Christiane Homann.

During the meeting, they discussed banking relations, enhancing the financial inclusion plan in Iraq, and the importance of digital transformation, in addition to providing full support to Al-Riyada Bank for financing small projects, which will launch its services soon.
His Excellency the Governor stressed that there is a great desire among citizens to use electronic cards, which enhances electronic payment in Iraq, as the Central Bank of Iraq has taken many steps in this direction in coordination with the relevant authorities.

His Excellency explained that Al-Riyada Bank will provide its services to an important segment of customers, as it aims to provide support to emerging small and medium enterprises, as it will be a bank different from other banks through its unconventional products that will contribute to creating job opportunities for various social groups in society, and open new horizons in a stable investment environment, noting that there will be representative offices in most Iraqi banks to facilitate customers' access to it and benefit from its services.

The plan to reform the government and private banking sector was reviewed with direct support from the Prime Minister to achieve a stable, secure and efficient sector.

For her part, the German Ambassador expressed her country's readiness to provide advice and technical support for such important projects that support the common goal of diversifying the Iraqi economy.

Central Bank of Iraq
Media Office
October 14, 2024  link

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Tishwash:  Pursuing Reform: Q&A With Iraq’s Central Bank Governor Ali Muhsen Al-Allaq

October 10, 2024

The governor of the Central Bank of Iraq, Ali Muhsen al-Allaq, speaks to Global Finance about the main challenges and top priorities for the bank.

Global Finance: Iraq went through decades of wars and crises. How did that impact the Iraqi banking sector?

 Ali Muhsen al-Allaq: The banking sector faced severe headwinds starting with the Iraq-Iran war of 1980-1988, which damaged the country’s financial stability and the banks’ ability to service internal debt. With the 1990’s crisis and the Kuwait war, the dinar’s value then collapsed on the parallel market. That created a major challenge for banks in settling deposits and loans, ultimately undermining public confidence in the banking system.

More recently, the fall of the former regime coupled with terrorism, the war against the Islamic State, and ongoing security and political unrest directly impact banks’ ability to attract savings. In times of uncertainty, particularly during displacement in war-torn areas, individuals tend to hold onto cash.

On the other hand, Iraq’s isolation from the rest of the world, starting in the 1990s, resulted in a large technological gap. This is particularly true of state-owned banks, which inherited problems from previous decades. They find themselves unable to keep up with the recent challenge of building a solid private sector to help diversify the economy.

GF: What is the top priority for the Central Bank of Iraq currently?

Al-Allaq: Our primary objective is to maintain price stability while also promoting sustainable development. The CBI is continuously trying to balance its economic responsibilities in light of the inflationary waves currently impacting the global economy, which have a severe impact on the cost of living for low- and middle-income households. Given Iraq’s reliance on imports, the CBI works hard to stabilize prices by controlling liquidity levels. The central bank also supports economic growth by financing projects that stimulate local production and reduce imports. Finally, the CBI also drives banking sector reform and promotes financial inclusion through electronic payments to deepen the overall level of banking services in Iraq.

GF: What are the main challenges facing the central bank?

Al-Allaq: Iraq’s delay in keeping pace with technology, due to prolonged security and political crises, has made banking sector reform a top priority for us. Because reform takes time, we have set the stability of exchange rates as a first, and very challenging, intermediate goal. The ongoing crises have eroded public confidence in the banking sector, reducing the impact of action on interest rates on the real economy—a crucial tool for all central banks, especially during inflationary periods.

Additionally, the low level of financial depth, the prevalence of an unregulated small and midsize enterprise [SME] network and the heavy reliance on the oil sector exacerbate structural imbalances. That makes our country vulnerable to external shocks, leading to increased budget deficits and rising internal public debt, all of which further weaken the impact of monetary policies on the real economy

GF: The Iraqi banking sector is under international scrutiny, with concerns that some countries sanctioned by the United States access US dollars through Iraq. How do you combat fraud and money laundering?

Al-Allaq: The central bank is striving to strengthen Iraqi lenders through various measures including intensified controls, procedures and inspections targeting banking and non-banking financial institutions, and the establishment of an AML/CFT and a compliance office in Baghdad. To ensure a high level of compliance with global regulatory standards, we also contract with specialized international companies to pre-audit foreign transfers, restrict the delivery of US dollars to travelers at Iraqi airports and conduct enhanced internal processes regarding all transactions in foreign currencies.

GF: How can the Central Bank of Iraq help diversify Iraq’s economy?

Al-Allaq: One of our primary goals is to promote sustainable development by supporting bank liquidity and directing it toward private sector projects. In 2015, the CBI launched two key initiatives: the One Trillion Initiative to finance small and midsize enterprises through commercial banks, and the Five Trillion Initiative to fund large projects via specialized banks. These efforts have expanded to include a one trillion dinar [$770 million] initiative for renewable energy, aimed at addressing our country’s electricity challenges and climate concerns.

These initiatives are designed to develop the non-oil sector and drive economic diversification. As a result, non-oil GDP grew by 4.4%, reaching 87.7 trillion dinars in 2023, driven by growth in manufacturing, construction, trade and services. Additionally, the central bank’s National Strategy for Bank Lending has further supported economic diversification by organizing funding for private sector projects  link  

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Prime Minister's Advisor: Implementation of the 2024 budget is proceeding smoothly

The Parliamentary Finance Committee is expected to discuss the 2025 budget next November, amid a general trend to pass it easily and not amend it significantly, while the Prime Minister's Advisor for Financial Affairs, Dr. Mazhar Muhammad Salih, stated that the 2024 budget that entered into force had a "precautionary deficit" of about 64 trillion dinars.

Salih said, in an interview with "Al-Sabah": The average Iraqi oil sales for 2024 were estimated at no less than $75 per barrel, noting that the general financial need for "bridge loans" (which are short-term loans) to address the possibility of a deficit may not exceed 10 trillion dinars in all cases, which are borrowing amounts permitted under Law No. 13.

The financial advisor added that the country's "financial life" in 2024 is proceeding smoothly, wondering, otherwise how did the Ministry of Finance issue 2024, in cooperation with the Central Bank of Iraq, "achievement bonds" for public subscription.

Saleh explained that these bonds are denominated in Iraqi dinars and come in multiple categories, including a category of 500,000 Iraqi dinars for two years with an annual return of 6.5%, indicating that these bonds are a safe investment, as the government is committed to paying the annual interest on them, and they are an integral part of bridging the deficit in the general budget for the year 2024, which means that they will come into effect.

In turn, economic researcher Ziad Al-Hashemi warned in an interview with “Al-Sabah” that the 2024 budget is facing pressures in terms of limited liquidity, noting that this has caused the government to be unable to spend the capital or investment budget, and to direct liquidity exclusively towards the operating budget.

Al-Hashemi continued that this mechanism has disrupted the implementation of the government’s development and service programs and has significantly disrupted them, expecting the deficit in the 2025 budget to increase with the decline in oil prices, below $70 as a result of the decline in global demand for oil.

He expected that it would cause financial hardship and a weakening of the ability to spend if the decline in oil revenues continued for periods exceeding two quarters, indicating that the hardship might force the government to return to borrowing internally and externally, in the hope that oil prices would rise again in the near future. link

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Mot: .. Can You Feel it!!!??? --- Hmmmmmmm 

Mot: ... Ya all Ready fer Monday!!!??? 

“Bits and Pieces” Posted by Mot at TNT

TNT:

.Mot:......... I said “Mum I’m too old for a teddy bear.”

"My hero is Mom. When I got my own police station she knitted me a teddy bear. I was hoping for a coffee mug.

I said “Mum I’m too old for a teddy bear.”

She said 'Firstly, you’re not. No one is. Secondly, it’s not for you. It’s a trauma bear, for any kid you think needs it.'

Three months later I’m asking a little boy to do a big job. There was a scared bear in my police truck that needed looking after. And, while his world dissolved in sirens and lights that boy kept that bear safe and took him home.

Mum has made hundreds of things since. Trauma bears for victims of crime, quilts to warm rehabilitating drug addicts during the chill of withdrawal, booties and mittens for premature babies. There’s something in the stitching, a kind of grandma magic I suppose.

The photo is me dropping off some more bears and quilts. Mum’s my hero and, since she’s not on Facebook, if you message me I’ll pass it on."

Credit - original owner

Mot: The Origin of America’s Favorite Nursery Rhyme: ((( Bet Ya Didn't Know This un!!!! ))) Rock a bye baby

The Origin of America’s Favorite Nursery Rhyme:

Davy Crockett's older sister, Effie Crockett was invited to help some mothers in the Muskogee Tribe. Once she arrived in camp, Effie laughed at what she saw. The Muskogee Tribe had a custom of cradling their pappooses among the swaying branches of birch trees. This protected their babies from ground insects, the sun, and wild animals.

After first finding it funny, she soon learned all the great reasons for this practice and marveled at the beauty of it.

Effie watched the swaying and soothing motion of the topmost branches of the trees. She loved how each baby enjoyed nature, how they listened to the songbirds, observed every ladybug, and smiled at the colors of a butterfly, every little breeze was felt and enjoyed by these young ones; each babe seemed perfectly content.

One of the Tribal mothers began to sing a song to the children in her native tongue. As the Muskogee mother sang, Miss Effie observed a small tear running down the mother’s cheek.

Lulu se pepe i le pito i luga o le laau,

A agi le matagi e luluina le moega pepe,

A gau le lala e paʻu ai le moega pepe,

Ma o le a sau i lalo pepe, moega pepe ma mea uma.

Effie translated the words and kept the tune. She shared it with everyone and it soon became a wildly popular nursery rhyme among the Colonies.

The English translation:

Rock-a-bye baby on the tree top,

When the wind blows the cradle will rock,

When the bough breaks the cradle will fall,

And down will come baby, cradle and all.

Why did the Muskogee mother cry?

A “bough” is simply a tree branch, and its breaking was used by the Muskogee mothers as an analogy of their little baby growing up.

Their little baby would soon outgrow his cradle. With each gently rocking wind, time was passing. One day, little baby would no longer need the protection of his mother. One day, the “branch” would break because her little baby had become too heavy. The “cradle” would fall to the earth – the child, no longer a baby, would dust himself off and grow into a man.

The now famous lullaby was first printed in Mother Goose’s Melody.

The rest is history.

pic

Here Are 7 Things You Should Leave Out Of Your Will In The US

Here Are 7 Things You Should Leave Out Of Your Will In The US if you really care about your loved ones

Maurie Backman  Sun, October 13, 2024  Moneywise

Estate planning is one of the most important things you might do in your lifetime. But it can also be a bit complicated and, let's face it, uncomfortable. That perhaps explains why only 32% of Americans have a will, according to a survey from Caring.com, while 1-in-4 of those without a will don’t plan on getting one.

1. Specific Dollar Amounts

It's natural to want to leave your loved ones as much money as possible. But rather than commit to specific dollar amounts, you may want to work with percentages instead.

The reason? It's hard to predict how much your estate will amount to upon your death. You might leave your eldest child $500,000 thinking there will still be plenty of money left over for your remaining heirs. But if your estate only ends up being worth $550,000, you're limiting the amount of money your remaining beneficiaries get.

A better approach would be to distribute your assets in portions. You may, for example, decide to leave your eldest child a larger percentage of your estate because they're the person who's cared for you in a hands-on manner through the years. But that way, you're also not leaving your remaining heirs in the lurch if the value of your estate ends up being smaller than expected.

2. Account Passwords

You may be inclined to use your will as a means of giving your heirs access to your various accounts, and so you might think it's smart to include your bank and brokerage account passwords in that document. But that's a mistake.

Once you pass away, your will may go through probate, which is the process of proving its validity, before it’s executed. And at that point, it becomes a matter of public record. You don't want that information getting into the wrong people's hands, so a better bet is to share a list of passwords with your loved ones in a separate, private document.

3. Funeral Instructions

You'd think your will would be the perfect place to describe your ideal funeral. But there's a problem with this approach.

Your loved ones may not receive a copy of your will until after your funeral. So a better bet is to map out your wishes separately, whether in a document or verbally.

TO READ MORE:  https://www.yahoo.com/finance/news/7-things-leave-us-really-102500277.html

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 10-13-24

Good Afternoon Dinar Recaps,

RIPPLE NEWS: CAN THE SEC STOP XRP ETFS?

Ripple’s Chief Legal Officer, Stuart Alderoty, announced on X that the company has filed a cross-appeal in its legal case against the U.S. Securities and Exchange Commission (SEC).

This action follows the SEC’s appeal last week to the U.S. Court of Appeals, which seeks to overturn parts of District Judge Analisa Torres’ ruling related to XRP.

Legal expert James Murphy aka MetaLawMan recently opened up about the status of the XRP Trust and its implications for the broader cryptocurrency market, especially concerning regulatory challenges posed by the SEC.

In an interview with Thinking Crypto, when asked if the SEC’s appeal might hinder these approvals, James expressed concern that the SEC could use the existing uncertainty as a reason to deny the XRP ETP (Exchange-Traded Product). He said that for an ETF to be approved, the asset must qualify as a commodity, which complicates the situation for XRP.

Uncertainty Surrounding Approvals
James believes that the SEC might feel pressured to deny these products, citing that there is still uncertainty in the market. He suggested that the SEC could drag out the process, possibly prompting further legal challenges similar to past scenarios with Bitcoin.

James pointed out that a change in SEC leadership could lead to a more favorable environment for crypto-related products. He referenced a recent hearing where the commissioners appeared open to Congress updating legislation, contrasting this with SEC Chair Gary Gensler’s evasive responses.

Public Sentiment Towards Gensler
James criticized Gensler’s performance during the hearing, expressing eagerness for a change in leadership. He said that candidates from the Trump camp could potentially replace Gensler, opening the door for more innovation in the crypto space.

Fair Notice and Regulatory Clarity
During the hearing, the concept of “fair notice” was stressed, explaining the need for clear rules in regulatory practices. James stressed that a transparent legal framework is essential for compliance, asserting that the current ambiguity undermines the rule of law.

@ Newshounds News™

Source:  CoinPedia

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US GOVERNMENT PAYS $950,000,000,000 IN INTEREST ON NATIONAL DEBT IN JUST ONE YEAR, SAYS CONGRESSIONAL BUDGET OFFICE

The US government just spent nearly $1 trillion to service the interest on its rapidly growing national debt.

Data from the Congressional Budget Office (CBO) says the government ran an approximately $1.8 trillion budget deficit for the 2024 fiscal year, which ended on September 30th.

The government collected $4.918 trillion in revenue last fiscal year but spent a total of $6.752 trillion.

All in all, outlays for interest on public debt were the second-largest US government expense last fiscal year, just behind the estimated $1.448 trillion allocated to Social Security benefits.

News of the US government’s large budget deficit for the last fiscal year comes as the country’s national debt balloons to $35.693 trillion.

Adam Kobeissi, founder and editor-in-chief of The Kobeissi Letter says the nation’s public debt is significantly outpacing economic growth.

“US public debt has jumped $345 billion over [a three-day period], hitting another record of $35.7 trillion.

Since June 2023, federal debt has surged by a MASSIVE $4 trillion, or 14%. Over the same time period, US GDP is up just $1.5 trillion, or ~6%.

In other words, the national debt has outpaced the economic growth by 2.7 TIMES over the last 16 months. Outside of the pandemic crisis, US federal debt has never grown so rapidly.”

@ Newshounds News™

Source:  DailyHodl 

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NATIONAL BANK OF BAHRAIN LAUNCHES BITCOIN-LINKED STRUCTURED PRODUCT

The National Bank of Bahrain (NBB) unveiled the Gulf’s first Bitcoin-linked structured product developed in partnership with crypto firm ARP Digital. The investment is only available to accredited investors. Structured products invariably include derivatives and are often customized for investors.

The Bitcoin-linked structured product will allow some returns from a crypto price rise, but the amount its capped. However, the product claims to offer 100% downside protection.

“We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection,” said Hisham AlKurdi, Group Chief Executive – Markets & Client Solutions at NBB. “This product underscores our focus on offering our wealth management clients innovative and secure avenues to diversify their portfolios.”

100% Bitcoin downside protection?
If the 100% downside protection sounds too good to be true, it’s probably not. A collar is a classic options strategy. That would involve holding the underlying Bitcoin, and buying a put option at the current price (quite expensive), which lets you sell if Bitcoin’s price falls.

Additionally, it involves selling a call option at the capped return price. The money earned from selling the call option can be used to offset part or all of the cost of the put option. However, we don’t know the precise structure of this particular product.

While NBB is listed on the local stock exchange, two government linked organizations own 55% – the sovereign wealth fund Bahrain Mumtalakat Holding and the Social Insurance Organization that manages Bahrain government pension funds. ARP Digital was founded by a Goldman Sachs veteran.

@ Newshounds News™

Source:  Ledger Insights  

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🌍 SHOULD I LEARN CRYPTO IF OVER 60?  WHY?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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More News, Rumors and Opinions Sunday Afternoon 10-13-2024

MikeCristo8: Profound Changes Coming on October 22nd

10-12-2024

What macro investors don’t understand about the fiat currency collapse.

Is there will be no price discovery between the fiat dollar and a financial asset (stocks-bonds).

What I mean by the collapse of the dollar is you will go to the bank to make a “dollar” transaction and the bank will tell you we will no longer take your dollars.

Then what?

It is likely that BIG American banks will hold the BRICS unit as part of their foreign currency reserves.

You got the U.S. Treasury shadow bank that will see $100 trillion in foreign dollar reserves that is unwinding now.

These are dollar for oil reserves unwinding.

https://twitter.com/Barchart/status/1844901392512844113

No one understands the profound changes coming on Oct 22nd with the new BRICS global monetary order.

For the sake of humanity itself, The world is ready and must leave the United States and the dollar.

With Turkey and Iran for sure getting admitted into BRICS.

About 70% of the worlds population will be in BRICS.

All the nay sayers have a stake in the dollar not collapsing.

Too bad for them.

Source(s):
https://x.com/MikeCristo8/status/1844910377961964002
https://x.com/MikeCristo8/status/1844914287854354661
https://x.com/MikeCristo8/status/1845152736310067388
https://x.com/MikeCristo8/status/1845208747012129087

https://dinarchronicles.com/2024/10/12/mikecristo8-profound-changes-coming-on-october-22nd/

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

Militia Man    Article:  "The Minister of Finance stresses the need to adhere to the timetables to achieve economic reforms" This cooperation...goes far beyond Iraqs borders...The World Bank, the IMF, the Bank of International Settlements, the WTO,  United States Treasury, etc....all have reached agreements with respect to Iraqs reforms and sustainability towards economic growth...It shows the aforementioned entities...know what Iraq's reforms will mean to the world and the impacts it will likely bring to many nations of the world! ...They are now openly making sure they are on record in saying so..

Frank26   Question:  "The exchange rate change should be the next step before the lower notes and everything else right?"  The next step is to introduce the lower notes and the new exchange rate yes.  But in that process it's a chain of events - Picture a room with 100 mouse traps...if you throw one ping pong ball in that room...one mouse trap will cause a chain reaction...to fire off.  That is what's going to happen when you have the new exchange rate introduced to the world...

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TNT:

Tishwash:  Parliamentary Finance: Non-oil budget revenues will reach 30 trillion dinars next year

The Parliamentary Finance Committee expected, on Sunday, that non-oil revenues in the 2025 budget would reach 30 trillion dinars, represented by electricity collection, taxes, and revenues from the Baghdad Municipality and all municipal departments. 

Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, told Shafaq News Agency, "The Parliamentary Finance Committee held a meeting today, in which it hosted the Minister of Finance, Taif Sami, the heads of the tax and customs authorities, and the general managers of the Ministry of Finance, to discuss the general budget law and oil and non-oil financial revenues."

He added, "Oil revenues are settled, but as for non-oil revenues, it has been emphasized that government departments should be activated, including electricity in the field of collection, the Baghdad Municipality, and other municipal departments, in addition to the services provided to tax committees, border crossing revenues, customs, and others that would increase non-oil revenues."

He explained that "the activation of non-oil revenues was mentioned in the government program but was not implemented. What is expected in 2025 is that oil revenues will be 120 trillion dinars, while non-oil revenues will be 30 trillion dinars, which includes customs revenues, taxes, electricity collection, and services provided by the government." link

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Iraq: Let's Talk Iraqi Stock Market & Your IQD Investment

Edu Matrix:  10-13-2024

Iraq: Let's Talk Iraqi Stock Market & Your IQD Investment—This is one way we may get a return on our investment with or without an RV.

Iraq is putting $3 billion into the Iraqi Stock Exchange, which will be tied to NASDAQ. We hope that we will be able to invest in Iraqi stock using a financial advisor.

https://www.youtube.com/watch?v=MS6b5-EIEvw

Some Iraq Financial News Posted by Clare at KTFA 10-13-2024

KTFA:

Clare: Ministry of Finance announces release of more than 400 billion dinars from governorate allocations

10/13/2024

 The Ministry of Finance announced that it is about to release more than 400 billion dinars from the governorates’ allocations today, Sunday.

 Finance Minister Taif Sami said in a press statement: "The ministry will release today more than 400 billion dinars from governorate allocations."

She pointed out that "financial allocations have been secured for the ration card and the food basket, sufficient for the next six months."

Regarding the revenues generated from exporting the region’s oil, Sami said, “The regional government has not handed over its oil revenues to the state treasury since the Federal Court issued a decision to pay the salaries of Kurdistan employees, noting that the salaries of the region’s employees are estimated at 13 trillion dinars.”LINK

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Clare:  Iraqi Parliament Discusses Budget Law with Finance Minister, Customs and Tax Officials

10/13/2024

The Parliamentary Finance Committee hosted, on Sunday, the Minister of Finance Taif Sami, the Chairman of the General Authority of Customs Hassan Al-Akeili, the Chairman of the General Authority of Taxes Waad Al-Alawi, and the Director of the Budget Department at the Ministry of Finance Wasan Saad.

Shafaq News Agency correspondent said that the hosting was to discuss the Iraqi state's general budget law, financing projects in the governorates, and enhancing non-oil financial revenues through customs and taxes.  LINK

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Clare:  Parliamentary Finance: The three-year budget aims to facilitate contracting and financing

10/13/2024  Baghdad

The Parliamentary Finance Committee confirmed, on Sunday, that the three-year budget aims to facilitate contracting and financing.

The head of the committee, Atwan Al-Atwani, said in a statement received by "Al-Eqtisad News", that "the committee hosted the Minister of Finance, Taif Sami, the heads of the Customs and Tax Authority, and the Director General of the Budget to discuss non-oil revenues, financing the governorates, and food security."

He added, "The three-year budget aims to facilitate contracting and financing," noting that "total reliance on oil gives us an unstable economy and disrupts development plans."

He continued: "Our meeting today is very important to delve into the file of the state's non-oil revenues, and we are working to establish scientific foundations to maximize them."   LINK

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Clare:  Parliamentary Finance: The Ministry of Finance is about to complete the procedures for appointing 150,000 contractors

10/13/2024

The head of the Parliamentary Finance Committee, Atwan Al Atwani, revealed today, Sunday, that the Ministry of Finance is close to completing the procedures for appointing 150,000 contractors.

 Al-Atwani said in a press statement that "the committee hosted Finance Minister Taif Sami to discuss the financial situation in light of the circumstances the world is experiencing and the security tension in the region."

He added that "discussions were held regarding securing food, medicine, and basic necessities for life, as well as securing financial allocations for the governorates under the 2023 budget provisions, as well as the current year's budget."

Al-Atwani continued, "The meeting resulted in a set of matters that were confirmed to have been achieved, including securing the ration card for a period of six months, as well as discussions regarding securing and releasing financial allocations and financing spending funds for all governorates and launching projects that were contracted for in 2023.

" He called on citizens "to rest assured that all requirements for the ration card and food supplies have been secured by the government, and that the financial allocations are available and there is no need to worry."
Al-Atwani pointed out that, "Regarding the implementation of the budget items and the paragraph on appointing contracts in the governorates, as well as the status of the ministries, the Ministry of Finance informed us that work is underway to contract and is awaiting the completion of the governorates' requirements to submit the names and implement the contracts for all those included in the paragraph, which is to appoint one hundred and fifty thousand contracts in all governorates."   LINK

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Clare:  Rafidain Bank: Implementing the comprehensive banking system in 44 branches

10/13/2024   Baghdad

In implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens.

Rafidain Bank announced in a statement received by Mawazine News a copy of it the implementation of the comprehensive banking system in the Nasr Square and Oil Products branches in Baghdad, the Anbar branch and the Al-Ghari branch in Najaf

Al-Ashraf to join the branches that have activated the comprehensive system in Baghdad and the governorates in addition to the border crossing branches (Zurbatiyah - Safwan - Arar - Trebil) so that the number of branches that have implemented and completed the system becomes (44) branches.... The bank confirms that the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings to include all the bank's branches in the application of the system.

Media Office of Rafidain Bank  LINK

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Clare:  Digital Transformation in Iraq: A Strategic Plan and New Procedures

10/13/2024

Iraqi Prime Minister Mohammed Shia al-Sudani chaired, on Sunday, the periodic meeting of the Supreme Committee for Digital Transformation in Iraq.

During the meeting, according to a statement issued by his office and received by Shafak News Agency, the implementation of previous decisions and directives was reviewed, and practical procedures related to digital transformation in public sector institutions and infrastructure development were followed up, in a way that helps accelerate this important digital transition that will contribute to improving the quality of service provided to citizens.

The Prime Minister stressed the government's interest in the comprehensive digital transformation process, which has become a necessity in Iraq. The five-year development plan has adopted this process, pointing out the possibility of benefiting from the youth reality of Iraqi society to move towards the rapid implementation of this transformation. His Excellency also stressed the importance of thoughtful planning in this field, due to its importance in achieving development.

The Supreme Committee for Digital Transformation considered a number of the presented files, and approved the technical report on the strategic directions to provide the requirements for digital transformation, which includes the methodology and general principles for launching this process, and benefiting from the successful experiences of countries similar to the situation of Iraq, as well as the vision required to be adopted to achieve this transformation, provided that the services provided to the citizen are the first idea for launching the digital transformation process in terms of service and cybersecurity. 

The committee also approved the steps for digital transformation in the Retirement and Social Security Department at the Ministry of Labor and Social Affairs, and also discussed the steps necessary to implement digital transformation in the Companies Registration Department at the Ministry of Commerce.  

The Committee agreed to continue cooperation with the United Nations Development Program, with the aim of improving indicators related to the communications and information technology sector, and approved the Communications and Media Commission and the Central Bank of Iraq to negotiate with international digital companies.  LINK

Iraq News Highlights and Points To Ponder Sunday AM 10-13-24

"Autumn" Economic Recession In Iraq.. And A Government Advisor Explains The Reasons

Time: 2024/10/11 Read: 2,574 times   {Economic: Al Furat News} A government advisor revealed that Iraq is going through a “seasonal economic recession.”

The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, told {Al-Furat News}: "The fluctuation of the dollar exchange rate in the parallel market has nothing to do with the phenomenon of seasonal recession that the markets are currently witnessing." https://alforatnews.iq/upload/media/processed/thumb-1000-1000/i/e/r/iergioeyrger.jpg

He explained that "the recession in demand comes after the high peak of sales that preceded the current school season and the end of most major religious and social occasions, in addition to the entry of the fall season, which is the end of the summer season, that abundant season in agricultural production and marketing."

Saleh explained, "In all cases, there is a recession in demand or a recession in seasonal economic activity, which is a phenomenon that occurs when economic activity declines during a certain period of the year as a result of seasonal factors."

He continued, "This recession can occur in different sectors such as tourism, agriculture, or retail sales, and is often affected by natural factors such as weather, religious occasions and holidays, or changes in demand patterns from one season to another."

Saleh believed that this recession "will take such a seasonal change, a few weeks until the entry of winter for economic activity to begin interacting in this short-term economic cycle."Raghad  LINK

Members Welcome Iraq’s Return To WTO Accession Talks After 16 Year

ACCESSIONS

Iraq

Iraq's Working Party was established on 13 December 2004. The Working Party met for a third time in July 2024. The Working Party is chaired by Ambassador Saqer Abdullah ALMOQBEL (Saudi Arabia, Kingdom of). For more information on the current status of this accession, please click here.

Profiles

Trade profile

pdf

technical notes

  Aid for Trade profile (2019)

  pdf

  explanatory notes

Jargon buster

 User guide to WTO Accession Jargon

 Iraq ACCESSION Members welcome Iraq’s return to WTO accession talks after 16 years Acc_18jul24_md

Members welcome Iraq’s return to WTO accession talks after 16 years

18 July 2024

At the third meeting of the Working Party on the Accession of Iraq on 18 July, WTO members welcomed

 Iraq ACCESSION Members welcome Iraq’s return to WTO accession talks after 16 years Irakacc220124_md

Working Party Chair visits Baghdad to hold high-level consultations on Iraq’s accession

16 January 2024

The Chair of Iraq’s Accession Working Party, Ambassador Saqer AlMoqbel of the Kingdom of Saudi…

More news on Iraq See latest article on Iraq in August 2024 newsletter 

Current status in the accession process

Click here to see the image below full size

All documents on the accession of Iraq in Documents Online by date of circulation    

Note:

The de-restriction of documents is a key component of the transparency obligations of the Multilateral Trading System.  Paragraphs 1 and 2(e) of the Ministerial Council Decision WT/L/452 of 14 May 2002 provide that “documents relating to working parties on accession shall be restricted and shall be automatically de-restricted upon the adoption of the report of the working party” by the Ministerial Conference/General Council.

 The time of completion of the de-restriction process depends on the amount and complexities of the documents involved.  Prior to 2002, the de-restriction of accession-related documents was governed by a different set of rules (i.e. General Council Decision WT/L/160/Rev.1 of 26 July 1996), which only affect documents circulated prior to 2002. https://www.wto.org/english/thewto_e/acc_e/a1_iraq_e.htm#status

An Absent Minister, “Suspicious” Agents, And “Absent” Oversight... Oil Is At Its Worst And Smugglers Are Living A “Honeymoon”

Alsumaria Special  2024-10-13 | Sumerian News-Politics  For about a month, the Minister of Oil was absent Deputy president council Minister of Energy Affairs Hayan Abdul Ghani was removed from his ministry due to a health condition he suffered from, but during this month he got a lot There are suspicious movements and decisions inside the ministry, taking advantage of the minister’s absence from the head of his ministry.

In mid-September, Abdul Ghani suffered a stroke while in the United States.United On an official visit, the minister was absent from the ministry throughout the month. He is supposed to return to his duties today or tomorrow, according to what sources revealed. However, during this period of absence, and the preoccupation of the Prime Minister, council Ministers in the political and security situations, two of the undersecretaries of the Ministry of Oil took advantage of this period to intensify their activities and meetings with foreign companies at times and to make wrong decisions at other times, according to what sources revealed to Sumaria News.

Sources say that one of the ministry's undersecretaries preferred to stop the operations. export Oil products out Iraq In return for granting these products to some fictitious parties and factories, and we are talking here about the fuel oil product, and fictitious factories are factories that exist only on paper, and do not carry out any activity or production, from the oxidized asphalt factories, which only take shares of fuel oil at a price subsidized by the state not exceeding 250 to 300 dollars, while its price outside Iraq About $500 per ton, i.e. a profit margin of 100%.

The agents’ activities came in contradiction to the policy and directions of the government and its prime minister to maximize the country’s foreign currency resources by selling this product through the Oil Marketing Company to accredited and reliable companies and exporting it abroad instead of consuming it or smuggling it by some owners of fictitious factories inside Iraq, according to what was revealed by informed sources and official correspondence.

As for the other agent of the Ministry of Oil, he was immersed in a long series of meetings with foreign companies to conclude contracts and side deals.

All this is happening, at a time when the Internal Control Department is completely absent from the scene in the Ministry of Oil, which is supposed to monitor these activities and events, but the truth is that the Director General of the Internal Control Department in the Ministry of Oil, who was hosted in an open session in council Iraqi MPs last September,

it turned out that there is a lot From the negligence and laxity of this department regarding the files of corruption, negligence and misuse of authority, with the existence of an official letter from the Parliamentary Integrity Committee regarding his ineligibility for the position because he suffers from health problems, according to what was stated in the letter.

The Parliamentary Oil Committee also indicated at the time that the Director General of Control is arbitrary in his decisions and has emptied his department of about 35 competent employees who are needed by internal control, which in itself is suspicious and suspicious behavior.

Between a minister who was absent, agents who “move secretly” and an internal control director who is absent from the scene, informed sources say that the Ministry of Oil is going through its worst phase as a result of the chaos occurring in the ministry, calling on the head of...councilMinisters to conduct a real review of all the ministry's joints.

Estimates indicate that about a third of the factories that receive black oil inIraqThey are “fake factories” that benefit from subsidized fuel oil and smuggle it and sell it outside Iraq, which provides profits of one billion dollars annually, or about 100 million dollars monthly.  LINK

With The Opening Of Trading On The Stock Exchange.. 1531 Dinars Per Dollar

Money and business  Economy News – Baghdad  With the opening of trading in the Harithiya and Al-Kifah stock exchanges in the capital, Baghdad, the exchange rate of the US dollar reached 153,150 dinars for every 100 dollars.

As for the selling prices in exchange shops in the local markets in Baghdad, they reached 154,250 dinars for sale, while the purchase price reached 152,500 dinars for every 100 dollars.

Views 66   10/13/2024 - https://economy-news.net/content.php?id=48643

More Than A Billion Dollars In Sales From The Central Bank Of Iraq During The Week

economy | 03:17 - 12/10/2024  Mawazine News - Economy   The total sales of the Central Bank of Iraq of hard currency for the US dollar during the days in which the auction was opened last week exceeded one billion dollars.

The sources reported that the Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 309 million, 74 thousand, and 838 dollars, at a daily average of 261 million, 814 thousand, and 876 dollars, higher than the previous week, which amounted to one billion, 36 million, 172 thousand, and 839 dollars.

The highest sales of the dollar were on Tuesday, when sales amounted to 265 million, 549 thousand, and 741 dollars, while the lowest sales were on Sunday, when sales amounted to 257 million, 883 thousand, and 86 dollars.

Our correspondent indicated that foreign remittance sales during the past week amounted to 1 billion, 254 million, 458 thousand, and 363 dollars, an increase of 96% compared to cash sales, which amounted to 54 million, 616 thousand, and 20 dollars.

https://www.mawazin.net/Details.aspx?jimare=255894

Seeds of Wisdom RV and Economic Updates Sunday Morning 10-13-24

Good Morning Dinar Recaps,

US SHARE OF WORLD ECONOMY PROJECTED TO REACH HISTORIC LOW

The U.S. share of the global economy has fallen below 15% during President Joe Biden’s term, according to Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. Once peaking at over 21% in 1999, the U.S. has seen a steady decline, with China now commanding a larger share at 18.76%. This downward trend has persisted through recent administrations, underscoring shifts in global economic power.

US Global Economic Share Drops Below 15% Under Biden
The U.S. share of the global economy has fallen below 15% during Joe Biden’s presidency, according to news outlet Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. By the end of Biden’s term, projections suggest it could reach a historic low of 14.76%.

Back in 1990, the U.S. held a 20.16% share of the global economy based on purchasing power parity (PPP), which peaked at 21.01% in 1999 when its output was $9.6 trillion out of a global $45.85 trillion. Since then, the U.S. portion has seen a gradual decline, with a notable drop from 2006 to 2008, when the share decreased by 0.6% annually.

Although the U.S. saw a brief recovery during Barack Obama’s second term, with the share reaching 16.26% in 2014 and 2015, the momentum was not maintained. By the end of Obama’s presidency, the share had dipped to 16.04%, and it continued to shrink by another 0.7% during Donald Trump’s administration.

By the end of 2023, the U.S. share dropped to 14.82%, down from 15% during Biden’s second year. IMF estimates project a further decline of 0.06% by the end of 2024, bringing the total decrease under Biden to 0.58%, with the share at 14.76%, the news outlet detailed. 

In contrast, China’s share of the global economy has grown to 18.76%, while Japan’s share has decreased by 4.33% since 1990.

@ Newshounds News™

Source:  Bitcoin News

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RIPPLE SCORES BEST CROSS-BORDER PAYMENT PLATFORM AWARD AS XRP STRUGGLES

▪️Ripple was awarded the “platinum winner” status for the Best Cross-Border Payments Platform at the Fintech & Payments Awards 2024.

▪️The award could increase the demand for XRP despite the price decline in the recent past.

San Francisco-based blockchain company Ripple has clinched the ‘Best Cross-Border Payments Platform—platinum winner’ in the Fintech & Payments Awards 2024.

This recognition comes from Juniper Research, a reputable industry analysis firm that specializes in fintech and new technologies. Despite the recent volatility in the price of its associated cryptocurrency, XRP, Ripple remains a leader in cross-border payments.

This recent accolade is not the first time that Juniper Research has recognized Ripple. In 2023, the firm was rewarded for its efforts in Central Bank Digital Currency (CBDC).

This recent recognition comes in the wake of other recognitions that have placed Ripple strategically positioned to compete with other companies offering cross-border payment solutions.

Award Potentially Boosts XRP Despite Recent Price Dip
 In response to the announcement on X,  Ripple said that it was honored to be recognized for its work in the fintech and payment industries. It is important to note that Ripple uses blockchain to solve issues typical for cross-border payments, including time and money.

The award can also positively impact Ripple’s native token XRP as the token is a key part of the company’s payment solution. The general adoption of Ripple technology may create a high demand for XRP, which will, in turn, affect its price.

However, there have been some price fluctuations lately. For instance, XRP went below $0.54 due to legal problems with the SEC, but the company’s technological developments might help the token’s value in the future.

Other winners of the Fintech & Payments Awards include SAP Fioneer for banking as a service and Signicat for digital identity services. These companies, together with Ripple, are part of the new generation of companies that are revolutionizing the way of managing payments, identification, and banking services.

Additionally, in the field of fraud prevention, Visa and Fraud.net were identified as leaders for their work to strengthen security in digital payments.

Ripple Expands its Global Presence
In addition to the Juniper Research award, Ripple has been growing in the Latin American market. Ripple has further cemented its position within the Brazilian market through a new partnership with Mercado Bitcoin, the largest cryptocurrency exchange in Latin America. The partnership seeks to improve cross-border payment services in Brazil with the help of its blockchain technology.

It also enhances the speed and reduction of costs in international transactions for companies that use Brazilian Reais. Mercado Bitcoin is the first Brazilian company to join Ripple Payments.

Besides the shift to Brazil, the company was recently approved by the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC).

This is a boost for Ripple as it seeks to expand its business within the UAE. The introduction of Ripple Payments Direct (RPD) is designed to offer faster, safer, and legally compliant cross-border transactions to companies in the UAE.

@ Newshounds News™

Source:  Crypto News Flash

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ARKHAM INTELLIGENCE PLANS TO LAUNCH A DERIVATIVES EXCHANGE NEXT MONTH: REPORT

Arkham’s new derivatives exchange will attempt to compete with giants such as Binance for retail investors.

However, it will not be available for customers in the United States.

Arkham Intelligence, the firm behind the blockchain data tracking platform Arkham Intel, intends to launch a crypto derivatives exchange in November, Bloomberg reports citing a person familiar with the matter.

The new derivatives exchange will attempt to compete with giants such as Binance for retail investors, but it will not be available for customers in the United States, Bloomberg adds.

Arkham will also relocate its business and new derivatives exchange to the Dominican Republic from London and New York, and the company is in the process of obtaining the necessary free-trade zone license.

In July, Arkham CEO Miguel Morel said the firm would explore ways to monetize the platform sometime in 2024 but would keep core functions free.

Arkham remains one of the most popular crypto data and research platforms, having amassed nearly 84,000 new X followers between Sept. 30 and Oct. 7, according to The Block's Data Dashboard.

@ Newshounds News™

Source:  The Block

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SOUTH AFRICA'S TAX AGENCY ADDS CRYPTO TO COMPLIANCE PROGRAMS

The South African Revenue Service (SARS) has announced plans to include crypto assets in its tax compliance programs. SARS is seeking information on crypto users and is increasing its efforts to identify and audit non-compliant taxpayers. 

The revenue collector urged taxpayers concerned about compliance to participate in the Voluntary Disclosure Program, but those already under audit will be ineligible. SARS has emphasized the consequences of willful tax evasion and stated its commitment to pursuing all non-compliant taxpayers.

SARS Aims to Streamline Crypto Tax Compliance
The South African Revenue Service (SARS) announced plans to include crypto assets in its compliance programs. The revenue collector is seeking information on crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers.

SARS stated on October 9 that it felt compelled to take this step after noticing that taxpayers were not declaring crypto assets and trades in tax returns. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrency. 

This understanding is thought to have prompted the revenue collector to initially request voluntary declarations from entities dealing with crypto.

However, in its latest remarks on the issue, SARS stated it is working to simplify compliance for taxpayers and traders. At the same time, the revenue collector emphasized the consequences of willful tax evasion. To achieve this, SARS said it has bolstered its audit teams and resorted to using the latest technologies.

“SARS has resorted to greater use of artificial intelligence, machine learning and algorithms to process our work. In implementing our mandate, SARS has recently issued query letters to taxpayers with crypto assets.

These letters aim to gain insight into taxpayers’ investment in crypto assets and the trades undertaken to enable SARS to assess taxpayers’ compliance in this regard,” said South African revenue collector said.

South Africa Issues Warning to Non-Compliant Crypto Traders
Meanwhile, the revenue collector has encouraged South African taxpayers concerned about compliance to participate in the Voluntary Disclosure Program (VDP). However, SARS warned that taxpayers identified for audit will be ineligible for the VDP.

SARS Commissioner Edward Kieswetter stated that technology has significantly improved the revenue collector’s ability to identify non-compliant taxpayers. He added, “SARS will pursue all without fear, favor, or prejudice.”

@ Newshounds News™

Source:  Bitcoin News

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Thank you Dinar Recaps

News, Rumors and Opinions Sunday AM 10-13-2024

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. 13 Oct. 2024

Compiled Sun. 13 Oct. 2024 12:01 am EST by Judy Byington

Judy Note: (RUMORS) On October 24 and 25, every cell phone on the planet will be hit with a loud, unmistakable alert signal. The signal will be transmitted directly from Starlink satellites, bypassing traditional media channels that are controlled by the elites.

The Earth Alliance, Starlink, and the military are all in place, ready to execute the final phase of this plan. The old world is crumbling, and a new era of freedom is about to begin. The Earth Alliance has been preparing for this for years, quietly building a network of satellites and secure communication lines that will make this operation possible. Starlink

The EBS alert will be initiated globally but will be activated in phases. Depending on where you are, you may receive the alert slightly earlier or later than others, but make no mistake—it is coming.

The EBS broadcast will last up to 10 days depending on the situation on the ground. During this time, there will be no internet access, no social media, no TV, and no mainstream news.

Stock up on food, water, and essential supplies. Have backup power sources ready. You won’t be able to go to the store or access online services during this time.

The DeepState’s financial institutions will crumble, and the Quantum Financial System (QFS) will officially take over, marking the beginning of the greatest wealth transfer in human history. The elite-controlled banks, stock markets, and fiat currencies will be obliterated, replaced by a fair and transparent financial system that serves the people, not the elites.

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Global Currency Reset:

On 14 Oct. 2020 the UNITED STATES CORPORATION COMPANY (allegedly) filed a Chapter 11 (involuntary) bankruptcy in the Northern District of Florida Bankruptcy Court Case #20-40375.

On Wed. 9 Oct. 2024 BRICS 12 Countries Ditched US Dollar and will now pay trade in local currencies: https://watcher.guru/news/brics-12-countries-ditch-us-dollar-pay-85-trade-in-local-currencies

Sat. 12 Oct. 2024 Wolverine: “From all sources, this is the week we have been waiting for. Things are defiantly moving.”

On Mon. 14 Oct. 2024 at the BRICS Summit they are (allegedly) going to announce the Seven Kingdoms, along with the Global Currency Reset.

Mon. 14 Oct. 2024 the old banking system—Bank of America, Deutsche Bank and JP Morgan— was expected to collapse, with the QFS taking over as stock markets crash.

Wed. 16 Oct. is a designated celebration day for Iraq and the day they will (allegedly) pay their contractors in the new Dinar Rate.

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Global Financial Crisis:

Sat. 12 Oct. 2024: BRICS: These 40 Countries Want To Ditch the US Dollar! VIDEO – amg-news.com – American Media Group

Sat. 12 Oct. 2024: Operation Sandman is a collaboration of 100+ nations in agreement to simultaneously sell off their US Treasury holdings, sending them back to the US to collapse the US Dollar. https://x.com/danscavino/status/1845139034601030143?s=46

Sat. 12 Oct. 2024: 7 Eleven is closing hundreds of store locations across North America due to underperformance.

Read full post here:  https://dinarchronicles.com/2024/10/13/restored-republic-via-a-gcr-update-as-of-october-13-2024/

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

Militia Man   Article Quote:   "There's been a completion of the first steps of the banking reform process."     In my view the next phase should introduce new currency denominations.  If they're going to have 3 zeros removed as Alaq said, you're going to need new denominations.  They never have had a three zeros exchange rate to be supporting the global financial system.  They haven't done that in 21 years so why now?  They never will as far as I'm concerned...they're never going to be the savior of anything at 1310.

Bruce   [via WiserNow]  ...we heard...let's see the 16th, which would be Wednesday, is the day that Iraq is paying all of their contractors and paying any back pay that they need to pay...And it's also the day, Wednesday the 16th, the day of celebration in Iraq for this RV and their new rate on the dinar, etc.  So it looks like our start date would be Wednesday the 16th, but it could be actually, that we would start on Tuesday. I know we're supposed to get notified on Tuesday whether we start exchanges or not. We'll have to see, but the whole thing is lining up beautifully...I'm excited about the timing...

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X22 Report Streamed on: Oct 12, 10:30 am EDT

Today’s Guest: Bix Weir

Website: Road To Roota   http://roadtoroota.com

Bix begins the conversation talking about the economy. The [CB] are destroying their old system and the good guys are preparing and ready to bring in the new system. The system will be moving back to sound money and the constitution, the control of the creation of currency will taken away from the [CB]. It will be bumpy so buckle up and get prepared.

https://rumble.com/v5if0hh-bix-weir-the-good-guys-are-about-to-change-the-economic-system-buckle-up-it.html?e9s=src_v1_ucp

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Consumer Debt Crisis - ANOTHER GREAT DEPRESSION? (John Rubino)

Sachs Realty:  10-12-2024

Americans are enslaved to debt! With the cost of living at unsustainable levels and loan delinquencies on the rise, will we see another Great Depression in the United States?

https://www.youtube.com/watch?v=kCV_Yoie5OI

“Tidbits From TNT” Sunday Morning 10-13-2024

TNT:

Tishwash:   Parliament discusses budget law with Finance Minister, Customs and Tax officials

Today, Sunday, the Parliamentary Finance Committee hosted: Minister of Finance Taif Sami, Chairman of the General Authority of Customs Hassan Al-Akeili, Chairman of the General Authority of Taxes Waad Al-Alawi, and Director of the Budget Department at the Ministry of Finance Wasan Saad.

The hosting witnessed a discussion of the Iraqi state’s general budget law, financing projects in the governorates, and enhancing non-oil financial revenues through customs and taxes   link

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Tishwash:  "Autumn" economic recession in Iraq.. and a government advisor explains the reasons

A government advisor revealed that Iraq is going through a “seasonal economic recession.”

 The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, told {Al-Furat News}: "The fluctuation of the dollar exchange rate in the parallel market has nothing to do with the phenomenon of seasonal recession that the markets are currently witnessing."

He explained that "the recession in demand comes after the high peak of sales that preceded the current school season and the end of most major religious and social occasions, in addition to the entry of the fall season, which is the end of the summer season, that abundant season in agricultural production and marketing." 

Saleh explained, "In all cases, there is a recession in demand or a recession in seasonal economic activity, which is a phenomenon that occurs when economic activity declines during a certain period of the year as a result of seasonal factors."
He continued, "This recession can occur in different sectors such as tourism, agriculture, or retail sales, and is often affected by natural factors such as weather, religious occasions and holidays, or changes in demand patterns from one season to another."

Saleh believed that this recession "will take such a seasonal change, a few weeks until the entry of winter for economic activity to begin interacting in this short-term economic cycle."  link

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Tishwash: Postponement of the "Iraq Investment Forum" for this reason

The committee in charge of preparing and supervising the (Iraq Investment Forum) announced the postponement of the date of the forum, which was scheduled for November 2-3, to another date that will be determined later, due to the tense and unstable political and security conditions witnessed by the region at the regional and international levels, which negatively affects the holding of all local, Arab, regional and international economic activities and events.  link

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Tishwash:  Minister of Industry inaugurates Baghdad Industry and Mining Forum

Minister of Industry and Minerals Khaled Battal Al-Najm inaugurated the Baghdad International Forum for Industry and Mining, which is organized by the ministry under the patronage of the Prime Minister over two days under the slogan (Mining is Sustainable Development ... and Safe Investment).

The minister stressed in a speech in which he opened the forum that the Ministry of Industry and Minerals is proceeding with confident steps and a firm determination to achieve the goals of the government program and its drawn vision, the most important axes of which are achieving a real partnership between the public and private sectors and opening the way for local and foreign partners to invest in strategic industries and other industries, noting that this forum will witness the presentation and announcement of (135) investment opportunities and projects for partnership with the ministry's companies in the field of mining and various industrial fields.

He added: "We have started with tangible practical steps to activate the mining sector by conducting geological surveys of the country by specialized international companies and using the latest technologies.

He continued that achieving a real industrial renaissance in the country requires a set of success factors, the most important and first of which are energy, specifically gas and electricity.

He pointed out that the Ministry of Industry cannot achieve its set goals without everyone's cooperation and understanding of the requirements for achieving those goals.

He explained that the Ministry of Industry and Minerals, according to its law and duties, takes into account the private industrial sector by facilitating the work of this sector and overcoming the obstacles facing industrialists in medium, small and even micro-enterprises. He explained

that a day or more has been allocated per month to work in the Iraqi Federation of Industries with the technical staff in the ministry to listen directly to the problems of industrialists and support the private industrial sector in a way that reflects on the economic and developmental reality of the country. He indicated that the current reality requires us to invest in developing our local industry in a way that keeps pace with technological transformations. And the global economy.

He stressed that Iraq has all the ingredients that qualify it to be a major player in the industrial sector, starting with human competencies and labor force and ending with the provision of natural resources.

He pointed out that our strategy and work plan are based on strengthening the industrial infrastructure in cooperation with other sectoral ministries, improving the investment environment and encouraging industries.

He pointed out to working to build strategic partnerships with solid international companies to transfer technology and localize knowledge in a way that enhances our ability to compete in local and regional markets.

The forum was attended by Minister of Labor and Social Affairs Ahmed Al-Asadi, a number of representatives, government officials, ambassadors, and a large gathering of businessmen, investors and representatives of local, Arab and foreign private sector companies.

The forum aims to establish real industrial partnerships between public companies and the private sector, as it will include various axes and activities, including holding dialogue sessions on industrial partnerships, privileges and legislation in creating an attractive environment and opportunities for investment, in addition to presentations of available investment opportunities and projects and introducing them from a technical point of view, as well as other paragraphs and activities. link

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Mot: . can you tell 

Mot:  . Crafty she is!!!