Dinar Explainer 2: Consequences of Iraq's Two Exchange Rates

KTFA:

Clare:  Dinar Explainer 2: Consequences of Iraq's Two Exchange Rates

28th June 2024 

On a recent webinar organised by the Iraq Britain Business Council (IBBC), Professor Frank Gunter of Lehigh University outlined the key changes in the dinar exchange rate over the years, as well as the consequences of having two exchange rates. (For more on the reasons why Iraq has two exchange rates, click here).

Current Exchange Rates

There are two exchange rates in Iraq: the official exchange rate and the market rate.

The official exchange rate is approximately 1,310 Iraqi dinars per US dollar.

The market rate is higher, at around 1,460 Iraqi dinars per US dollar, which represents a 12% gap between the two rates.

Impact of Dual Exchange Rates

The existence of dual exchange rates has several negative effects on Iraq's economy:

It slows economic growth by disrupting existing contracts and discouraging trade and investment both domestically and internationally.

It encourages corruption, as individuals and entities can profit from the difference between the official and market rates by being paid in dollars and making payments in dinars.

It complicates fiscal policy, making it harder for the government to manage the economy effectively.

Historical Changes in Exchange Rates

December 2020: The dinar was devalued by 23%, primarily due to the fiscal crisis of 2020 and the drop in oil prices. This devaluation was intended to allow the Ministry of Finance to obtain more dinars for each dollar of oil revenue.

February 2023: There was a revaluation, increasing the value of the dinar from 1,450 to 1,310 per dollar. This revaluation was beneficial for importers, as it made imports cheaper, but it negatively impacted exporters of non-oil goods, making their products more expensive abroad.

Effect of Dollar Appreciation

Since the revaluation in February 2023, the US dollar has appreciated by about 3.3%. This further makes imports cheaper in Iraq but makes exports more expensive, affecting the balance of trade.

Challenges of Dual Exchange Rates

The dual exchange rates have contributed to economic disruption by making it difficult to conduct business with predictable costs and revenues. The gap between the rates incentivizes corrupt practices and complicates governmental fiscal management, ultimately leading to slower economic growth.

In summary, the official and market exchange rates in Iraq have undergone significant changes in recent years, driven by economic crises and fiscal policy decisions. The dual rates present ongoing challenges for economic stability, growth, and governance.

The consequences of having two exchange rates in Iraq can be summarised as:

Slowing Economic Growth

The dual exchange rate system disrupts existing contracts and discourages both domestic and international trade and investment. This disruption hinders economic stability and growth.

Encouraging Corruption

The gap between the official and market exchange rates creates opportunities for corrupt practices. Individuals and entities can profit from the difference by being paid in dollars and making payments in dinars, exploiting the discrepancy for financial gain.

Complicating Fiscal Policy

Managing the economy becomes more challenging with dual exchange rates. The existence of two rates complicates fiscal policy, making it difficult for the government to implement effective economic measures and maintain financial stability.

LINK

Dinar Explainer 1: Why Iraq has Two Exchange Rates

TNT:

CandyKisses:  Dinar Explainer 1: Why Iraq has Two Exchange Rates

By John Lee.

On a recent webinar organised by the Iraq Britain Business Council (IBBC), Professor Frank Gunter of Lehigh University explained the causes and effects of Iraq's dual exchange rate.

The three reasons why Iraq has two exchange rates are:

1. Excessive Demand for US Dollars Internationally:

There is a high demand for US dollars in countries like Iran and Syria, where local currencies have significantly devalued. Entities in these countries are desperate to obtain dollars, which are accepted everywhere and difficult to trace.

The excessive demand for US dollars internationally is driven by several factors:

1. Currency Devaluation in Neighboring Countries:

• The Iranian rial has lost 75% of its value due to sanctions from the US and other nations.

• The Syrian pound has lost 99% of its value primarily due to the ongoing civil war.

• These significant devaluations have led entities in Iran and Syria to seek more stable currencies like the US dollar.

2. Preference for Physical Dollars:

• There is a particular demand for physical US dollars (paper currency) rather than electronic funds transfers (EFTs). Physical dollars are preferred because they are accepted everywhere and are impossible to trace, making them more desirable for transactions that may need to avoid scrutiny.

3. Cheaper Source of Dollars in Iraq:

• Due to these devaluations and economic instability, Iran and Syria find it more feasible to obtain dollars from Iraq. The Iraqi market offers a cheaper source of dollars, requiring fewer real resources compared to other regions.

These factors collectively create a significant international demand for US dollars, which in turn impacts Iraq's exchange rate dynamics by increasing the pressure on its currency system and contributing to the existence of dual exchange rates.

1. Internal Demand for Dollars:

Within Iraq, the dollar has dominated the dinar both as a medium of exchange and as a store of value. Although recent regulatory changes have reduced this dominance, the demand for dollars remains strong.

The internal demand for dollars in Iraq is driven by several key factors highlighted in the text:

1. Dominance of the Dollar:

• Historically, the US dollar has dominated the Iraqi dinar both as a medium of exchange and as a store of value. This dominance means that people prefer to use and hold dollars over the local currency, contributing to the internal demand for dollars.

2. Regulatory Changes:

• Although there have been recent regulatory changes aimed at reducing the dominance of the dollar, the demand remains strong. These changes have not been sufficient to shift the preference from dollars to dinars significantly.

3. Economic Practices:

• Iraq's economy is still very much a cash economy. The Central Bank of Iraq estimated that there were 90 trillion dinars outside financial intermediaries, highlighting the extensive use of cash. This reliance on cash further underscores the preference for a stable currency like the dollar.

4. Banking System Challenges:

• The banking system in Iraq is underdeveloped. The state-owned banks are not private sector-oriented, with major banks like Rafidain and Rasheed facing difficulties. Additionally, Iraq is severely under-banked, with only four bank branches and five ATMs per 100,000 Iraqis, compared to the Middle East and Northern Africa average of 14 branches and 37 ATMs.

• The lack of a universal core banking system, which makes it difficult to withdraw funds from a different branch than where the deposit was made, contributes to the preference for holding dollars.

5. Insecurity of Deposits:

• The perception that deposits have become more insecure has increased the demand for dollars. For instance, the suspension of dollar withdrawals starting January 1, 2024, has likely exacerbated concerns about the security and accessibility of funds, driving people to prefer holding dollars.

These factors collectively create a strong internal demand for dollars in Iraq, complicating efforts to manage the exchange rate and stabilize the economy.

1. De-Dollarization Efforts by the New York Fed:

The New York Federal Reserve has restricted dollar transfers to reduce dollar flows to Iran and Syria. They have also excluded over two dozen Iraqi banks from transactions, which has increased the complexity and demand for dollars in Iraq.

The de-dollarization efforts by the New York Federal Reserve (New York Fed) are part of a broader strategy to control the flow of US dollars, particularly to countries under sanctions such as Iran and Syria. Here are the key points from the text:

1. Restriction on Dollar Transfers:

• The New York Fed has restricted the transfer of physical dollars to Iraq. Previously, both electronic dollars (via electronic funds transfer, or EFT) and paper dollars could be sent to Iraq. Now, the New York Fed primarily allows only electronic transfers while restricting the shipment of actual paper dollars.

2. Exclusion of Iraqi Banks:

• Over two dozen Iraqi banks have been excluded from doing transactions with the New York Fed. The New York Fed will not transfer funds to these banks or respect their transactions. This exclusion is part of the effort to control the flow of dollars and reduce the likelihood that they will end up in countries like Iran and Syria.

3. Objective of De-Dollarization:

• The primary goal of these restrictions is to reduce dollar flows to Iran and Syria. By limiting access to physical dollars and restricting certain banks, the New York Fed aims to make it more difficult for these countries to obtain US dollars, which are in high demand due to the devaluation of their own currencies and economic sanctions.

4. Impact on Iraq:

• The de-dollarization efforts have significant implications for Iraq. The restriction on physical dollar transfers and the exclusion of certain banks have added to the complexity and demand for dollars within Iraq. These measures are part of the broader challenge facing the Iraqi government as it tries to manage its dual exchange rates and stabilize its economy.

These efforts by the New York Fed are part of a strategic initiative to use financial controls as a means of exerting economic pressure on countries like Iran and Syria, while also attempting to mitigate the impact on the Iraqi economy.

You can read more on the history and consequences of the dinar exchange rate here.

https://www.iraq-businessnews.com/?p=221422

Economist’s “News and Views” Friday 6-28-2024

BRICS to Leave UN: What Next?

Fastepo:  6-27-2024

BRICS countries, along with other Global South nations, have voiced their discontent with the United Nations for several reasons. Chief among their concerns is the significant influence Western nations wield in key international organizations and decision-making processes.

 These countries believe that the current UN framework does not adequately represent their interests and viewpoints. Consequently, the BRICS nations are pushing for a more democratic and inclusive structure within the UN.

For instance, during the recent BRICS summit, there were calls for comprehensive reform of the UN to ensure greater involvement of emerging nations, including a re-evaluation of the Security Council's composition and the veto power held by the permanent members. Consequently, there have been numerous calls for significant reforms or even a total overhaul of the UN, with the goal of establishing a more equitable and representative system of global governance.

This video will delve into these proposed changes and the motivations driving them.

https://www.youtube.com/watch?v=IwccA2r2mHI

Japan Panic: Currency In Tatters, US Warns Against Yen Rescue, Economy Contracts Further

Sean foo:  6-28-2024

Japan's economy is in trouble. As the Yen continues a historic slide to a 38-year low, this spells danger for their manufacturing, economic growth and even their stock market. However, their dollar interventions are useless and the US just placed Tokyo on its currency watchlist!

Timestamps & Chapters:

0:00 Yen Collapses To Historic Low

2:40 China Eating Japan's Market Share

 5:29 US Warns Against Currency Rescue

 8:28 Investors Fleeing Japanese Stocks

11:23 The US Is At Risk

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

It's Too Stupid Not To Be Planned | Bill Holter

Liberty and finance:  6-27-2024

“It’s too stupid to not be the plan,” says Bill Holter . He argues that recent U.S. policy decisions are clearly aimed at destroying the U.S. and surrendering our sovereignty to international bodies.

Whether it's a plan or not, we're seeing a slow motion collapse of the purchasing power of the U.S. dollar. Holter discusses practical ways people can prepared today for what's coming.

INTERVIEW TIMELINE:

 0:00 Intro

 1:38 Gold & silver update

7:20 Coinage vs bills

10:18 Banking system

 12:00 Latest scams

13:00 Which banks will survive?

19:39 Types of gold

22:20 Gold/silver ratio

23:56 Legal tender laws

 25:20 Gold/silver stocks

26:10 Mexico and mining

27:55 Gold revaluation

 31:39 The plan to destroy America

 33:23 Metals confiscation

https://www.youtube.com/watch?v=STV9NEa8P68

News, Rumors and Opinions Friday AM 6-28-2024

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 Fri. 28 June 2024

Compiled Fri. 28 June 2024 12:01 am EST by Judy Byington

(Rumors/Opinions)

Judy Note: From the information herein it’s assumed that matters regarding the Global Currency Reset and changeover to Restored Republics of the World is imminent.

The Military was waiting on the World Court for legalities according to Common Law, to be finalized between nations.

Everything has been completed for NESARA/GESARA payouts including GESARA being announced through certain media, making it legal.

All debts of various nations including the US, have been settled using GESARA funds collected from the Cabal. GESARA has begun paying out in several countries, with the US payouts to citizens scheduled.

Payouts for the Global Currency Reset has been authorized, scheduled and reported.

Word was that right now some Tier 3 Zim Holders were in Reno meeting with their Wealth Managers and proceeding with the redemption process. The Pentecostal Group has already started to pay out their Group One.

On Thurs. 27 June the new Iraqi Dinar rate was available to citizens of Iraq through their debit cards and ATMs.

Iraq has scheduled an announcement of their new Dinar Rate by publication in their Gazette on Sat. 29 June, with the celebration scheduled for Sun. 30 June.

Very soon Tier4b was expected to begin exchanges in China, the process going across Asia and into Europe and then to the US.

The Pentecostal group will begin to pay out their Group Two on Thurs. 4 July – the same day the US will be celebrating Independence Day with major announcements expected.

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Global Currency Reset and NESARA/GESARA:

Thurs. 27 June 2024 Bruce:

• All of my information tonight is coming from Iraq.

• Today one of our sources was at the Iraqi Airport in Baghdad and was able to use his Iraqi debit card to access funds. For him to do that he had to have the new Iraqi Dinar Rate.

• Today a source in Iraq said we would have the Iraqi Budget in the Gazette over this weekend.

• My sources say Tier 4b notification could come the last three days of this month – Fri, Sat or Sun. 28, 29, 30 June.

• Iraq was planning on celebrating their new Iraqi Dinar Rate on Sun. 30 June

• The contract rate on the Dinar went up another dollar today. They will give that rate to you if you are a US citizen.

• We don’t know when this is going to go. My Iraqi contact said our time was coming in a matter of days.

Thurs. 27 June 2024 MarkZ: The new Iraqi Dinar Rate was not in the Wed. Gazette, but they did fully expect their new rate in the month of June. The country cannot function too long with the ATMs loaded with the new gold-backed Dinar Note. Banking contacts say it will happen sometime between July 4-8, while outsiders were saying July 12-13.

Thurs. 27 June 2024 Wolverine:

• My contact in Brazil just called and said “We won. We won. They have stated paying out.”

• No one really knows when the RV is going to hit. It will come as a thief in the night.

• The people that I have spoken to are people that have high level contacts and they are not gurus or messengers.

• I received an audio from a friend which was a conversation of the paymaster and him and telling when his money is going to be deposited and how many dollars (which is a lot of zeros). That was real not a made up stories.

• Looks like things have started and/or ready to go.

• I received great news regarding Asia and the Philippines which will be going soon. All good news from Asia.

• I also have great news from my source in Brazil: “Good information – and the people in Brazil have indicated to you officially, by part of the table, they were notified that everything is as scheduled and everything reported has already been authorized.” Also, some people in Brazil are going around with Bibles and thanking God for everything. People are getting very emotional, and people are being told to remain grounded. So, emotions are high quite down there!

• I should receive Intel coming from Reno and hopefully get the news I have waited for. My associate has spoken to my Whale and said we are now closer than ever! He is waiting to get notified and waiting to go to Reno or whatever table he belongs to.

• We will get notified, hopefully, any day right now. We have been told that before the end of the month we will be able to hopefully celebrate.

• We heard from TNT saying that by Sunday we will celebrate, and all is lining up with Iraq.

• All this has been very hard and draining on me Thank you for all your support. One of the toughest roles I have ever done. I have been involved in many things prior to the internet, but when the internet came through the attacks started. I was confronted with unrelenting things I had never encountered before, and to think I was not even a leader. When I embarked on this spiritual journey, I never thought these things would occur as we are here to help humanity, not here just for ourselves, but to help our fellow man. Things from all fronts saying it is happening.

• My friend called, and it was an incredible emotional call, and he is getting really excited.

• I am sure this news I have given you will lift your spirits, and hopefully in a few hours, I will get some news from Reno, and if it is the news I am waiting for, then we will have an emergency live call and we will get Carpathia to talk with us.

• The Pentecostal group came out and it looks they have actually started to pay out Group One.

• The owner came out with a post saying they are going to start paying the Second Group by the 4th of July.

• Maybe Bruce got it right this time, as the notifications may come today, so keep an eye on your emails as they may pop up! Have a beautiful day, Wolverine

Global Financial Crisis:

• Thurs. 27 June 2024: BOOOM!!! US Debt Clock: The Dawn of the US Treasury Dollar: A Bankless Revolution in Finance (Must See Video) – American Media Group (amg-news.com)

• Thurs. 27 June 2024: BOOOM!!! Everything Is Related: GESARA, QFS, GCR/RV, ISO 20022, BASEL III, Protocol QFS 20, and DINAR are Components of the New Financial System! – American Media Group (amg-news.com)

Read full post here:  https://dinarchronicles.com/2024/06/28/restored-republic-via-a-gcr-update-as-of-june-28-2024/

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

Frank26   What sense would it make for Iraq to join, at a program rate, the WTO?  It makes no sense.  The Vietnamese dong it's in the WTO but...they are totally different.  They deal with China and they have undervalued currency.   Vietnam is a totally different scenario.  Going into the WTO at a program rate is ridiculous...Everything is waiting for the new exchange rate so everything will make sense...

Militia Man  Iraq's working party on the accession of Iraq [to WTO] is July 18th 10:00am. I think we're waiting for a precursor to that.  But...obviously they're going to have accession.  When that exactly happens, on what day, is to be determined.  They have things that have to happen prior to that.

Why A "CREDIT FREEZE/COMPLETE LOCK-UP" Of The System MAY NOT BE TOO FAR OFF.

Greg Mannarino:  6-27-2024

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

There Are Multiple Banking Crises Happening RIGHT NOW…

Lynette Zang:  6-27-2024

Today's video we are discussing the multiple banking crises that are happening right now, right under our noses and the effect it has on your money...

https://www.youtube.com/watch?v=A9ifrOOZDdg

“Tidbits From TNT” Friday Morning 6-28-2024

TNT:

Tishwash:  Iraq secures its borders with more than 950 thermal cameras

Today, Thursday, the Ministry of Interior announced the deployment of more than 950 thermal cameras on the Iraqi border.

The spokesman for the Ministry and the Security Media Cell, Brigadier General Muqdad Miri, said in a statement received by the “Eshan” platform: “We have reached more than (950) thermal cameras on the Iraqi borders with neighboring countries during the past two years.”

He added, “This number of cameras came after only 200 were installed over the past years.” link

Tishwash:  Iraq signs a contract with Saudi Arabia to build a submarine cable to increase internet capacity

The Iraqi Ministry of Communications signed a contract for the submarine cable construction project with the Saudi Telecom Company with the aim of increasing internet capacity in Iraq.

Iraqi Minister of Communications Hiyam Al-Yasiri stated that this contract is the third of its kind signed by the current Iraqi government.

She said in a press conference following the signing, "After signing this contract, the landing procedures will begin, which include surveying the site for water and moving the necessary ships for that, and then landing the cable at the Al-Faw station to be used in marketing internet capacities and increasing the internet capacities entering Iraq."

Omar Al-Amiri, Director General of the Department of Relations and Media at the Iraqi Ministry of Communications, said, “Many international companies will pass their capacities through submarine and land optical cables, and this will help facilitate the movement of international communications and will link the countries of Africa and Asia to Europe via Iraq.”

He stressed that such projects will have a "positive economic impact on Iraq by activating and investing in its geographical location."

For his part, Ali Yassin, Director General of the Iraqi General Company for Communications and Information Technology, explained that “the To Africa submarine cable is one of the most important strategic submarine cables that passes through more than 33 countries.”

He added that Iraq's joining this path will help increase Internet capacities.

The Iraqi Ministry of Communications stated that the new submarine cable project strengthens Iraq's geographical position and consolidates its success in international communications (transit) called (the Road of Civilizations), noting that the rate of international communications passing through Iraq has increased to more than (one terabyte) during the past two months.  link

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Tishwash:  “National Bank violations” place the governor of the Central Bank before parliamentary accountability

MP Alia Nassif directed a parliamentary question to the Governor of the Central Bank of Iraq regarding the preparation of non-Iraqi employees and managers and their salaries working in the National Bank.

She called in a tweet she published on her account on the X platform, which the “Iraq Observer” agency viewed, which stated: Based on Article 61/Seventh of the Constitution and Article 29 of the Law of the Council of Representatives and its formations and Articles “50, 51, 53” of the internal regulations of the Council of Representatives, to inform Parliament of the legal basis for the National Bank’s violation of Iraqi laws, the Central Bank, the Banking Law and the instructions of the Central Bank.

She pointed out the reasons for not declaring the actual salaries of the National Bank employees to the Social Security Department, especially non-Iraqis, due to the receipt of information about tax evasion and informing Parliament of the procedures.

Earlier, Representative for the State of Law, Alia Nassif, revealed that the National Bank of Iraq controls 33% of dollar sales in Iraq, confirming that this bank is 77% owned by non-Iraqis.

Nassif said in a tweet on the #Iraq."

Nassif added: “In 2023, this bank bought $10.8 billion from the currency sales window. The volume of dollars sold from the currency sales window for the year 2023 amounted to $33.4 billion, according to data from the Central Bank of Iraq. The National Bank’s dollar purchase rate is 33% of the total sales of the foreign currency window.”

Nassif asked: “Who is responsible for this financial disaster?”

The book addressed to the governor   link

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Tishwash:  Construction of a modern bank in Sidekan at a cost of 1.4 billion dinars

As part of the Kurdistan Regional Government's efforts to improve and develop the banking system, the establishment of an advanced bank in the Sidekan area within the boundaries of the Soran Independent Administration is scheduled to be completed in the near future, to facilitate the completion of citizens' transactions.

The mayor of Sidekan district, Ihsan Chalabi, said in a statement to the Information Department in the regional government that "the process of establishing the modern Sidekan Bank is underway at a cost of 1.4 billion dinars, knowing that the completion rate has reached 95%," noting that "the establishment of this bank will contribute to strengthening the banking system in the region."

"The completion of the bank will provide a great service to the citizens of the judiciary and will save them a lot of time and expenses," he added.

A number of residents of the district confirmed that the bank "will be very useful because it will save them a lot of effort and time during their reviews of government departments and institutions in the cities of Soran and Erbil."

It should be noted that the Kurdistan Regional Government has taken important steps in the field of salary distribution and digitization of the banking system as by 2025, one million people will have their own bank accounts.  link

Mot: ... What Day is Today 

Mot:  . Amazing just how Insightful ole ""Earl"" can beeeee 

Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Evening 6-27-24

Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Evening 6-27-24

Good Evening Dinar Recaps,

"UAE: New guidelines for public-private partnerships, Sandbox Conditions regulation

The PPP Manual and the Sandbox Conditions regulation are crucial steps in the UAE’s strategy to build the country’s business ecosystem

The UAE’s Ministry of Finance announced the approval of the Public-Private Partnership (PPP) manual by the UAE Cabinet.

This manual is designed to foster a robust framework for federal government entities to efficiently execute developmental and strategic projects, leveraging the financial, administrative, and technological prowess of the private sector, reported state news agency WAM.

The PPP Manual aims to motivate private sector participation in national projects, enhancing societal and economic benefits.

It outlines procedures for designing, planning, and implementing projects, ensuring transparency and accountability between federal entities and private sector partners."

© Newshounds News™

Read more:  Gulf Business

~~~~~~~~~

"HSBC chooses UAE to debut its global trading platform

HSBC said its WorldTrader platform connects to 77 exchanges across 25 markets

HSBC has selected the UAE as the inaugural market for its new digital trading platform, WorldTrader.

This platform provides HSBC Wealth and Personal Banking (WPB) customers with access to a vast range of investment options, covering up to 80 per cent of global stock market capitalisation.

Through WorldTrader, users can trade equities, exchange-traded funds (ETFs), and bonds, as well as invest in mutual funds and fixed-income products, said the release announcement.

HSBC WorldTrader

WorldTrader connects to 77 exchanges across 25 markets, catering to the growing demand for international investments."

© Newshounds News™

Read more:  Gulf Business 

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"Money and Payments: The U.S. Dollar in the Age of Digital Transformation

This paper examines the pros and cons of a potential U.S. central bank digital currency, or CBDC, and is the first step in a discussion of whether and how a CBDC could improve the safe and efficient domestic payments system. Money and Payments: The U.S. Dollar in the Age of Digital Transformation (PDF) invites comment from the public. Importantly, the paper does not favor any policy outcome.

The paper summarizes the current state of the domestic payments system and discusses the different types of digital payment methods and assets that have emerged in recent years, including stablecoins and other cryptocurrencies. It concludes by examining the potential benefits and risks of a CBDC, and identifies specific policy considerations."

© Newshounds News™

Read more:  Federal Reserve

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"Bitwise CIO Says Spot Ethereum ETFs To Attract $15,000,000,000 in First 18 Months – Here’s Why

“Everyone wants to know how much spot ether exchange-traded products (ETPs) will attract in net flows. My answer: $15 billion in their first 18 months.”

Hougan says his estimate is based on ETH’s market capitalization relative to Bitcoin’s, how similar products have performed in other markets such as the UK and Canada and the impact of the carry trade strategy."

© Newshounds News™

Read more:  DailyHodl  

~~~~~~~~~

"Gary Gensler Provides Ethereum ETF Update While Slamming ‘Highly Centralized’ Crypto Industry

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler says that the approval process for spot market Ethereum (ETH) exchange-traded funds (ETFs) is “going smoothly.”

In a new interview at the Bloomberg Invest Summit in New York, Gensler indicates that the SEC will give final approval to the ETH ETF applications, but stops short of giving a timeline.

He says that the agency’s staff is working through the particulars of required registration and disclosure statements for the ETH ETFs.

“I don’t know the timing, but it’s going smoothly. You can almost follow it publicly. You see these filings…""

© Newshounds News™

Read more:  DailyHodl 

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"How Vulnerable Are Our Digital Systems?

The problem is that the technological revolution as we fashioned it 30 years ago gradually evolved in an ever more centralized way, wholly dependent on a weak and old-fashioned electrical grid of networks without much duplication or backstopping. The software too has become centralized for each industrial purpose. If one thing goes wrong in any system with a single point of failure, the whole comes to a grinding halt.

It’s amazing to consider that the old analogue world that lasted from the ancient world until the 21st century did not have this problem. It was more durable, physically anchored, fixable by human hands, comprehensible, and manageable. The move to digital everything introduced a fragility to the whole that we are only now discovering.

This is not only a problem for whole industries. It affects individuals too. "

© Newshounds News™

Read more:   ZeroHedge

~~~~~~~~~

"China’s Missing Gold Reserves: Unveiling the Mystery

A recent report from a Singapore-based newspaper stirs fresh speculation regarding China’s gold stockpile, suggesting it may be significantly larger than officially reported. This revelation comes from economist Chen Long, who identified a substantial discrepancy when he compared China's total gold holdings—encompassing retail buyers, regional banks, and the People’s Bank of China—with the country’s gold import and production figures.

The Four-Figure Discrepancy
Chen Long’s analysis uncovered a striking four-figure gap in China's gold reserves. The reported holdings, when combined from various sources, do not align with the impressive numbers seen in import and production data. This raises an important question: where is the missing gold?"

© Newshounds News™

Read more:  ZeroHedge  

~~~~~~~~~

Newshound's Daily Breakdown Podcast for June 27, 2024

MP3 Here

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Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

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Thank you Dinar Recaps

More News, Rumors and Opinions Thursday PM 6-27-2024

Thoughts From Holly: 6-27-2024

Hi everyone, I haven’t done a post about the RV in so long because it’s been wash, rinse, repeat forever..

I hear all the chatter that everybody hears but until I know that the codes have been entered all the chatter is the same that it’s always been and it’s no use reporting on that.

A friend of mine said you’ve been quiet for so long people have  forgotten about you ha ha.  What can I tell you because I know many are losing hope as this drags on. 

1.  based on Iraq’s progress things are definitely on track to being done. 

2.  based on the global situation, it’s heightened to a level that we are seeing the destruction of the old guard. 

3.  there is so much mis-direction. Mis-‘information at a very fast pace that it’s very confusing. 

Holly Cont…….

4. they will never ever tell us what they are going to do, when they’re going to do it, or how they’re going to do it. 

5. All we can do is sit back and wait for this to happen and live your life until it does. 

6. This is the most important, don’t stop living your life till this happens. Continue living your life. 

7. I see a culmination of this sometime this summer and it could go now or it could be later, no one and I mean no one will know when.

8. We are definitely in the end time of all of this.

-Holly

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

Frank26   Question   "What does the 'coming period' mean in Iraq time?"  It means in the near proximal future.  It means within arms reach.  It means it's already happened...or they never would have telegraphed it the way they're doing now.  That's just the way the Middle East is.

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:
How can Sudani say again today the dinar is worth more than the dollar, yet it's still 1320?  My bank guys says, simple.  All these contracts and agreements with other countries is with dinar at a new rate which they are operating it without nobody else's knowledge...it has to be that, no other explanation. 

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TNT:

Tishwash:  The President of the Republic approves the 2024 budget schedules

Today, Thursday, President Abdul Latif Rashid ratified several laws, including the 2024 budget schedules.

The Presidency of the Republic stated in a statement received by {Al-Furat News}, that “The President of the Republic, Abdul Latif Rashid, ratified a number of draft laws, which are the schedules of the Federal Budget Law for the year 2024, the first amendment to the law against prostitution and homosexuality, and the law extending the work of the Independent High Electoral Commission.”

And the first amendment law to the law regulating the rent of agricultural lands and ownership of the right to dispose of them for agricultural and veterinary graduates.”

She added, "The laws were sent after their approval by the President of the Republic for publication in the Iraqi newspaper Al-Waqa'i to enter into force."

The Presidency of the Republic confirmed that it is “moving forward in supporting legislation and laws that are in the interest of the country and citizens, by approving the laws approved by the House of Representatives, as well as by submitting draft laws by the Presidency of the Republic to the House of Representatives for the purpose of discussing and approving them.”

 link

A different version

 Today, Thursday, President Abdel Latif Gamal Rasheed approved a number of laws, including the 2024 budget schedules.

The Presidency’s Media Department said in a statement received by Al Sa’a, “The President of the Republic ratified a number of draft laws, which are the schedules of the Federal Budget Law for the year 2024, the first amendment to the law against prostitution and homosexuality, the law extending the work of the Independent High Electoral Commission, and the amendment law.” The first is a law regulating the rental of agricultural lands and granting the right to dispose of them for agricultural and veterinary graduates.”

She added, "The laws were sent after their approval by the President of the Republic for publication in the Iraqi newspaper Al-Waqae' to enter into force."

On the 14th of this month, the House of Representatives sent the decision to approve the 2024 budget schedules to the Presidency of the Republic for approval.

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The Stock Market WILL CRASH 80% OR MORE. Extreme Distortions. IMPORTANT UPDATES.

Greg Mannarino:  6-27-2024

https://www.youtube.com/watch?v=hbOllNxi4xg

FIVE STAGES of Denial During Economic Collapse

Taylor Kenney:  6-27-2024

Taylor Kenney uncovers The 5 Stages Of Denial that people face during an economic collapse, inspired by Brandon Smith's insightful article. Learn why mainstream experts often overlook critical warning signs and how you can stay ahead of the curve.

 This engaging discussion not only breaks down the psychological barriers to accepting financial reality but also empowers you with the knowledge to safeguard your future.

Thank you, Brandon Smith from Alt-Market.us, for allowing us to use this article to create this video. You can find the original article here: https://alt-market.us/the-five-stages...

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

Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Afternoon 6-27-24

Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Afternoon 6-27-24

Good Afternoon Dinar Recaps,

WEF regards Việt Nam as a model of robust developing economy

"They view Vietnam as a model of a robust developing economy that effectively leverages the opportunities of the Fourth Industrial Revolution."

"Both sides were pleased with the significant developments in the cooperation between Vietnam and the WEF in recent times, especially the signing of the Memorandum of Understanding (MOU) for the 2023-26 period last year at the WEF's summer meeting in Tianjin, China."

They were also extended a formal invitation to attend the WEF annual meeting in Davos 2025.

Read more:  Vietnam News

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"UAE: Gold prices in Dubai recover in early trade after plunging Dh2.5 per gram

Globally, gold was steady at $2,299 per ounce at 9.10 am UAE time, trading at nearly a two-week low, due to a stronger US dollar and higher bond yields."

© Newshounds News™

Read more:   Khaleej Times

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"Strengthen Central Bank Independence to Protect the World Economy  

Independence is critical to winning the fight against inflation and achieving stable long-term economic growth, but policymakers risk facing pressure amid a wave of elections this year.

To strengthen this work, we introduced a new way to measure independence based on which aspects of it matter most, according to our recent survey of central banks.

And to increase accountability, we have developed a transparency code that helps central banks assess and improve their practices."

© Newshounds News™

Read more:  IMF

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"IRAQ AND CHINA STRENGTHEN TIES WITH MAJOR DEVELOPMENT INITIATIVE"

"Iraq's 17 billion Strategic Development Road (SDR) will create a transport corridor from Basra to Europe, linking China's Belt and Road Initiative (BRI)."

We're seeing more countries choosing to invest in Iraq as they develop into a recognized market economy.

© Newshounds News™

Read more:  Oil Price

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"Digital euro would maintain freedom to choose how Europeans pay - ECB

With Europe inching towards the issuance of a digital euro, the ECB has embarked on a charm offensive, taking to media outlets across the continent to reassure citizens that the new payments option will compliment, not replace, cash and provide them with greater freedom of choice.

While a final decision on issuing a digital euro has yet to be made, the ECB last year moved onto a two year preparation phase ahead of any launch, which would come in 2026 at the earliest.

In an article published in a host of publications, executive board member Piero Cipollone makes the case for a digital euro, noting that "we do not yet have a cash equivalent for making digital payments, which limits our freedom in an increasingly digital age"."

© Newshounds News™

Read more:  FinExtra 

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"Central banks must raise game in face of AI - BIS

Central banks should embrace artificial intelligence to sharpen their analytical tools in pursuit of financial and price stability, according to the Bank for International Settlements.

AI will have a transformative effect on the financial system, labour markets, productivity and economic growth, says the BIS in a new report which warns that widespread adoption could have repercussions for inflation dynamics.

"The rapid and widespread adoption of AI implies that there is an urgent need for central banks to raise their game," says the BIS. "Central banks need to upgrade their capabilities both as informed observers of the effects of technological advancements as well as users of the technology itself."

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As a user of the technology, central banks can boost nowcasting by using real-time data to better predict inflation and other economic variables and to sift through data for financial system vulnerabilities, allowing authorities to better manage risks."

© Newshounds News™

Read more: FinExtra 

~~~~~~~~~

"Chase is the first bank in all lower 48 US states, what next?

Andrea Principe, managing director – Northeast division director – consumer banking, Chase, took to the stage at Future Branches in Boston to explore how while the banking industry faces challenges in sustaining core deposits, deepening customer trust, and building relationships, it is important to learn from failures, reengage with customers, and provide exceptional in-person experiences.

Across the US and worldwide, there is a need to balance technology and human connection in branch banking, and adapt branch networks to cater to various customer segments. Additionally, banks’ community development initiatives should be bolstered to build trust and offer financial support to underserved communities.

Chase's branch strategy, focusing on client relationships and digital investments."

© Newshounds News™

Read more: FinExtra  

~~~~~~~~~

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Thank you Dinar Recaps

Japanese Yen Meltdown Sparks Financial Panic: Awake-In-3D

Today’s Japanese Yen Meltdown Sparks Financial Panic

On June 26, 2024  By Awake-In-3D

Global Markets in Turmoil as Yen Crashes to Historic Level Against the US Dollar

In This Article:

1. Japan Government Prepares for Massive Yen Intervention

2. Impact on Gold, Oil, and Bond Markets

3. Concerns Over Global Financial Contagion

4. Expert Opinions on the Yen’s Future

The Japanese yen has tumbled to its weakest value since 1986 following comments from Japan’s Vice Finance Minister Masato Kanda. This historic decline comes despite government recent efforts to stabilize the currency, raising concerns about a global financial contagion.

Japan Government Prepares Massive Intervention

Vice Finance Minister Masato Kanda expressed serious concern over the yen’s rapid depreciation, labeling the moves as “one-sided.”

He reassured the public that the government is closely monitoring the market with a high sense of urgency.

Kanda emphasized that all necessary actions would be taken against any excessive movements, though he refrained from commenting on whether the current situation qualified as excessive.

Earlier statements by Kanda indicated that Japanese authorities were ready to intervene in the currency markets at any time. Finance Minister Shunichi Suzuki echoed this sentiment, stating that all possible measures would be taken to manage market developments.

Despite these reassurances, the yen’s value continued to slide, prompting further market volatility.

Pic 2

Yen Plummets to Historic Level Today: Rising Above 160 Yen to the US Dollar

Impact on Gold, Oil, and Bond Markets

The yen’s depreciation against the dollar creating a cascading effect on various markets today.

The stronger dollar has triggered significant selling in gold, oil, and treasury bonds. Investors are reacting to the uncertainty and potential for further market disruptions, resulting in increased volatility across global financial markets.

Gold, traditionally seen as a safe-haven asset, saw its value drop as the dollar strengthened.

Similarly, oil prices were impacted, with fears of a broader economic slowdown weighing on demand.

The bond market also experienced turbulence, with Japanese interventions reportedly funded through the sale of US treasuries.

Concerns Over Global Financial Contagion

The continued weakening of the yen has sparked fears of a broader global financial contagion.

Japan’s extensive, but unsuccessful interventions in the currency market have raised eyebrows internationally, particularly in the US.

The US Treasury Department recently added Japan to its “monitoring list” for foreign-exchange practices, reflecting growing concern over the potential impacts of Japan’s actions on global markets.

Experts worry that a collapse of the yen could trigger a domino effect, destabilizing other currencies and markets worldwide.

The inter-connected nature of global finance means that significant movements in one major currency can have far-reaching consequences, including leading to a global financial crisis.

Expert Opinions on the Yen’s Future

Market analysts are divided on the yen’s future trajectory. Some suggest that Japanese authorities might intervene if the yen’s value exceeds 160 against the dollar. While others suggest that authorities might wait for even more volatility before stepping in again.

Despite these differing views, the consensus remains that the yen’s path forward is fraught with uncertainty.

The government’s current measures appear woefully insufficient to stem the tide, and further much more drastic interventions will be necessary to prevent a complete collapse of the Yen.

The Bottom Line

The yen’s decline to its weakest level since 1986 has set off alarm bells in global markets. Despite reassurances from Japanese officials, the currency’s rapid depreciation has highlighted the limitations of government interventions.

As fears of a global financial contagion grow, the yen’s future remains uncertain, with increasing ramifications for markets and economies worldwide.

Contributing article: https://www.zerohedge.com/markets/yen-tumbles-1986-lows-after-japanese-currency-chief-comments-gold-oil-bonds-dump

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© GCR Real-Time News

Visit the GCR Real-Time News website and search 100’s of articles here: Ai3D.blog

Join my Telegram Channel to comment and ask questions here: GCR_RealTimeNews

Follow me on Twitter: @Real_AwakeIn3D

Pope Calls for New Financial System and Debt Jubilee: Supports BRICS Gold-Backed Currencies

Pope Calls for New Financial System and Debt Jubilee: Supports BRICS Gold-Backed Currencies

On June 26, 2024  By Awake-In-3D

Pope Francis Aligns with BRICS+ in Bold Financial Reform Proposal

In This Article

• Pope Francis’ urgent appeal to global finance ministers and economists

• The need for a new international financial architecture

• The 2025 Jubilee Year as a catalyst for debt relief

• Insights on the pope’s economic perspective

As the global fiat currency debt system faces undeniable collapse, Pope Francis has made a powerful appeal supporting international mechanisms for debt relief ahead of the Vatican’s 2025 Jubilee Year.

He lamented that poorly managed globalization has deprived millions of a dignified future.

In order to try to break the debt-financing cycle, it is necessary to create a multinational mechanism, based on the solidarity and harmony of peoples, that takes into account the global nature of the problem and its economic, financial and social implications.
Pope Francis, June 5th 2024

“We find ourselves facing a debt crisis that mainly affects the countries of the south of the world, generating misery and anguish, and depriving millions of people of the possibility of a dignified future,” said Francis on June 5. “Consequently, no government can morally demand that its people suffer deprivations incompatible with human dignity.”

The pope called for a new international financial architecture to break the financial-debt cycle that has contributed to a current global debt now estimated at $313 trillion.

He is likely referring to and putting his support behind the ongoing BRICS+ development of a new gold-backed currency and financial system when he speaks of the “Global South.”

Pope Francis’ Call to Action

Francis’ remarks were delivered during a meeting with participants in the “Addressing the Debt Crisis in the Global South” conference.

Organized by the Pontifical Academy of Social Sciences, the conference included some 50 finance ministers, economists, and international development agency heads.

The meeting comes as major legislation is being considered in New York and the United Kingdom on sovereign debt restructuring.

It occurs at a time when both church leaders and development groups are pushing for greater foreign debt relief, coinciding with the upcoming 2025 Jubilee Year, a once-every-quarter-century event that includes the Biblical tradition of forgiving debts.

“For this reason, dear friends, the Holy Year of 2025, to which we are heading, calls us to open our minds and hearts to be able to untie the knots of the ties that strangle the present, without forgetting that we are only custodians and stewards, not masters,” Francis told conference participants.

The Need for a New Financial System

Eric LeCompte, the leader of Jubilee USA, a network of religious and development groups advocating for international debt relief, described the pope’s remarks as “powerful and forceful.”

LeCompte, who attended the Vatican conference, noted that “secular institutions are aware that 2025 is a Jubilee Year” and are interested in using it to push new policies for a better global financial model.

 “Debt can no longer be disconnected from the broader economic stability of nations,” said LeCompte. He believes that the pope has always understood this connection, as evidenced by his proactive stance on economic reform.

“The north really owes a debt to the south because we took all of their resources and fueled industrialization,” he said. “We took from them and now we owe them a debt to be able to ensure their economic stability.”

The Impending Collapse of the Fiat Currency System

In his June 5 remarks to economists and financial leaders, Francis emphasized the need for a multinational mechanism for dealing with debt to counteract an “every man for himself” attitude, where “the weakest always lose.”

According to LeCompte, what the pope is really demanding is a “global transformation of our financial system” to address the collapse of the current fiat currency debt system.

While Francis is building on the teachings of Popes John Paul II and Benedict, LeCompte pointed out that Francis speaks from direct experience, having faced long-standing economic crises during his time as Archbishop of Buenos Aires.

“He stared down the barrel of a gun from these vulture funds in Argentina … and led his country through the greatest economic crisis the country had ever faced,” said LeCompte. “He has a direct understanding of these issues, saw what they did and saw what inequities in the financial system do to developing countries.”

The Bottom Line

Pope Francis’ call for a new financial system and a global debt jubilee ahead of the 2025 Jubilee Year is a clarion call for economic justice.

His emphasis on the interconnectedness of global financial stability highlights the moral imperative for global financial leaders to act.

The ongoing collapse of the global fiat currency debt system underscores the urgency of his appeal, as the world can no longer deny or wish away these critical issues.

The BRICS+ development of a new gold-backed currency and financial system offers a tangible solution, aligning with the pope’s vision for the future.

Contributing article: https://www.ncronline.org/vatican/vatican-news/ahead-2025-jubilee-pope-francis-rallies-global-finance-heads-back-debt-relief

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© GCR Real-Time News

Visit the GCR Real-Time News website and search 100’s of articles here: Ai3D.blog

Join my Telegram Channel to comment and ask questions here: GCR_RealTimeNews

Follow me on Twitter: @Real_AwakeIn3D

News, Rumors and Opinions Thursday AM 6-27-2024

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 Thurs. 27 June 2024

Compiled Thurs. 27 June 2024 12:01 am EST by Judy Byington

ALERT!!!
Unrealized Losses at US Banks Exceed Bank Reserves
The FDIC Doesn’t Have Enough Money To Cover Bank Deposits
US Bank Runs Imminent

Prepare for 10 Dark Days of Military Controlled Lockdown

It’s only wise to have at least a month’s supply of food, water, cash, medicine and essential items on hand for your family and to share with others in case of emergency.

Judy Note The Global Currency Reset of 207 nations to gold/asset-backed currencies was said to have the effect of automatically shutting down the Cabal’s international operations. That was because the Illuminati’s “Dirty Monies” wouldn’t be accepted on the new Global Financial System that was already functioning independent of banks on over 500 Star Link Satellites floating above us in the air.

Wed. 26 June 2024 US Banks unrealized losses have reached $525 billion. This is almost seven times bigger than the great financial crisis of 2008. The unrealized losses have exceeded the total reserves of America’s largest banks. In addition, the FDIC doesn’t have enough money to cover bank deposits.

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Global Currency Reset:  (Rumors/Opinions)

Wed. 26 June 2024 Wolverine: It’s ready to go, in fact it has already started. Some are getting paid and they are all under NDA. Another source says it is going to be this week, but things are happening right now and they are processing the first group. The second group should go around the 4th of July, while some say right after Thurs. 4 July.

Wed. 26 June 2024 TNT Tony: “Every single source says it’s done and we await the go signal. So we wait. There is agreement amongst them re: when it will be announced and what they are waiting on. Sunday 30 June 2024 is a celebration day in Iraq. They are waiting for the trigger, there is a trigger. He won’t tell us what that is. The Dinar Live New Rate Window is Thurs. 27 June 5pm EST 2024 to Sunday morning 30 June 2024.

Tues. 25 June 2024 MarkZ: “I am getting inundated with bank contacts telling me to expect that things have already started, but coming to fruition in banks after July 4, with a rollout in the days immediately following – around the 6th and 7th. That is the rumor. Remember that we don’t know the timing. I am sure getting a heck of a lot from the banking side that things are now moving quickly and that is what they are preparing them for.”

Wed. 26 June 2024 Frank 26: Iraqi Prime Minister Al Sudani and his team went to the US Treasury and delivered the monetary reforms that Sudani would implement for RV and RI of the IQD. That was the reason they were reforming the banking sector, which would increase the value of the Iraqi Dinar.

Wed. 26 June 2024: NESARA GESARA – The Cry for Restitution and Justice: The Shocking Truth About Our Stolen Wealth and the Cry for Restitution – American Media Group (amg-news.com)

Global Financial Crisis:

Wed. 26 June 2024 US Banks unrealized losses have reached $525 billion. This is almost seven times bigger than the great financial crisis of 2008. The unrealized losses have exceeded the total reserves of America’s largest banks. In addition, the FDIC doesn’t have enough money to cover bank deposits. …US Debt Clock on Telegram Wed. 26 June 2024

Wed. 26 June 2024 The United States Federal Reserve has been allegedly hacked by a Ransomware group called LockBit. The declaration was made through a post on the Dark Web. The group claims to have extracted 33 terabytes of sensitive banking information. The data reportedly includes confidential details of American banking activities. This could be one of the most substantial breaches of financial data in history if proven to be true. They are already linking this group to Russia. There has been no confirmation of the breach by the Federal Reserve so far. The number 33 should tell you everything you need to know. The Federal Reserve has less than 24 hours according to the group.

Read full post here:  https://dinarchronicles.com/2024/06/27/restored-republic-via-a-gcr-update-as-of-june-27-2024/

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

Mnt Goat   Article:  "DOZENS OF IRAQI COMPANIES PARTICIPATE IN AN INVESTMENT SUMMIT IN AMERICA"  ...in the past years I said – What is the US waiting for? Why have they not yet invested the US companies in Iraq? There is billions to make over there. – Well the spigot had to be opened first and now its opened. The spigot analogy means that the sanctions are over, war reparations paid and now they can do business easily with the rest of the world. But as you know with Iraq nothing happens overnight and so it took a year and a half to open the spigot but now it’s opened up wide.

Militia Man  Oil is in the budget for 2023 was at $70 but oil has been over $80 for quite some time.  They're gaining a lot of money.  Then they've increased non-oil revenues at the borders, a lot of money.  Liquid natural gas etc, a lot of money...This is happening...They've talked about sovereign funds...If all the stuff is what they're saying it is...these guys are going to be popping with money.

EXCELLENT Progress in Iraq; Stock Market; Development Road Project Latest Update

Edu Matrix:  6-27-2024

https://www.youtube.com/watch?v=z4d89OfQukY

Andy Schectman: JP Morgan Raises Silver Target To $34

Arcadia Economics:  6-27-2024

Gold and silver have sold off over the past week. But while that's happened, JP Morgan has just published a new report recommending to buy the metals on the dip.

 JP Morgan has targets of $2,600 for gold and $34 for silver by 2025. And of course they are just one of the many banks that has recently been increasing their gold and silver price forecasts.

 So Andy Schectman joins me on the show to talk about the bank coverage that's going out to the institutional funds, new inflation comments by Zoltan Pozsar, and a change in the physical gold and silver premium levels.

To find out the latest in the precious emtals markets, click to watch the video now!

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