Economist’s “News and Views” Wednesday 7-3-2024

Gold Revaluation To Stomp Out Mounting Debt? | Andy Schectman

Liberty and Finance:  7-2-2024

Globally, central banks are preparing for a gold revaluation by amassing and repatriating physical gold at a record pace while their paper debts skyrocket, says Andy Schectman, CEO & president of Miles Franklin.

Schectman believes these nations are accumulating gold in order to revalue it and offset their debt.

Silver will likely not be left behind, he notes, and points to India’s latest massive silver imports.

In a recent interview with Liberty and Finance, Andy Schectman, CEO and president of Miles Franklin, made some striking observations about the current trends in global gold markets.

According to Schectman, central banks around the world are accumulating and repatriating physical gold at a record pace, even as their paper debts continue to skyrocket. This behavior suggests that these nations may be preparing for a gold revaluation, with the aim of offsetting their debt.

Schectman is not alone in his assessment.Many experts have noted the surge in central bank gold purchases and repatriation in recent years. According to the World Gold Council, central bank gold purchases in 2020 reached their highest level since 1967, with banks adding a net total of 272.9 tonnes to their reserves. This trend has continued into 2021, with countries like Turkey and Hungary adding significantly to their gold reserves.

At the same time, there has been a marked increase in gold repatriation, with countries seeking to bring their gold holdings back home. Germany, Austria, and the Netherlands are just a few examples of countries that have repatriated substantial portions of their gold reserves in recent years.

This movement suggests a lack of faith in the international financial system and a desire for greater control over national gold reserves.

But why are central banks so keen on accumulating and repatriating gold? Schectman believes that these nations are preparing for a gold revaluation, in which the price of gold would be significantly increased.

This move could help offset the massive debts that many countries have accumulated, particularly in the wake of the COVID-19 pandemic.

And it’s not just gold that’s seeing increased attention. Silver, too, is likely to be part of this trend. India, for instance, has recently reported massive silver imports, suggesting that the country may be looking to increase its silver holdings as well.

So what does this mean for investors? While it’s always difficult to predict market movements, the trend towards gold and silver accumulation and repatriation suggests that these precious metals could be poised for a significant revaluation. Investors who are looking to hedge against inflation or diversify their portfolios may want to consider adding physical gold and silver to their holdings.

It’s also worth noting that the trend towards gold and silver accumulation is not limited to central banks. Individual investors, too, have been increasingly turning to precious metals as a safe haven against economic uncertainty. In times of economic turmoil, gold and silver have long been seen as reliable stores of value, and this trend seems likely to continue.

In conclusion, the trend towards gold and silver accumulation and repatriation among central banks is a significant one, and suggests that these precious metals could be on the verge of a major revaluation.

While it’s impossible to predict market movements with certainty, investors who are looking to protect their portfolios against inflation and economic uncertainty may want to consider adding physical gold and silver to their holdings. As always, it’s important to do your own research and consult with a financial advisor before making any investment decisions.

https://youtu.be/7G31GW9NqKQ

16,000 Sanctions FAILED: World Bank UPGRADES Russia's Economy, Indicates Income Growth

Lena Petrova:  7-3-2024

https://www.youtube.com/watch?v=9-Jw5D9SR2k

Major Shift in Global Economy: Saudi Arabia Dumps US Dollar & BRICS Introduces New Currency

Cashegories:  7-3-2024

https://www.youtube.com/watch?v=h-ilsEeUY-s

“Tidbits From TNT” Wednesday Morning 7-3-2024

TNT:

Tishwash:  Including Iraq. US State Department warns citizens against traveling to 19 countries

The US State Department renewed its travel warning to 19 countries, including six Arab countries, led by Iraq.

The US State Department published on its account on the "X" platform and viewed it a reminder of the list of countries that warn American citizens against traveling to them, and classifies them as level four.

The list includes 19 countries, including 6 Arab countries: Iraq, Sudan, Syria, Yemen, Libya and Somalia.

The United States issues travel warnings on 4 levels, the fourth being the most dangerous due to life-threatening risks.

Afghanistan, Belarus, Burkina Faso, Burma (Myanmar), Central African Republic, Haiti, Iran, Mali, North Korea, Russia, South Sudan, Ukraine and Venezuela are also on the list.

The US State Department's publication of the reminder coincides with the summer holiday season, when foreign travel is increasingly popular.  link

Tishwash:  Al-Sudani and Saleh discuss the country's situation and economic and financial reforms

Prime Minister Mohammed Shia al-Sudani discussed, on Tuesday, with former President Barham Salih, the general conditions throughout the country.

The Prime Minister's media office said in a statement received by / Al-Maalouma /, "Prime Minister Mohammed Shia Al-Sudani received former President of the Republic Barham Salih.

The statement added, "The meeting discussed the general conditions in the country as a whole and the government's measures to implement the priorities of its executive program, which aims to provide services to citizens and implement economic and financial reforms, the results of which are reflected in general development projects."

He pointed out that "the meeting touched on supporting the holding of legislative elections in the Kurdistan Region of Iraq, scheduled to be held on the twentieth of next October."   link

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Tishwash:  Amni: America will not leave Iraq unless its economic goals are achieved

Security expert Safaa Al-Aasam said on Tuesday that America will not leave Iraq before fulfilling all its economic interests, while stressing that the political blocs are accused of remaining in Iraq. 

Al-Aasam said in a statement to Al-Maalouma Agency, “The American occupation does not intend to leave Iraq until it achieves its economic gains through selling military equipment to the Iraqi security forces,” noting that “there are political blocs that do not "want the Americans to leave Iraq due to the convergence of interests." 

He added, “There are regional and internal pressures to prevent the Iraqi government from implementing the decision to expel the Americans,” noting that America is remaining in Iraq to protect its interests inside the country and is supported by more than ten countries in the world. . 

The arms contracts concluded for Iraq since 2003 amounted to more than 150 billion dollars, most of them with the United States of America, and according to diplomatic statements, not all of them reached Iraq and a quarter of them arrived despite Iraq fulfilling its obligations regarding those deals  link

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Chairman of the Securities Commission: The value of traded shares during the first half of 2024 amounted to 321 billion dollars

The Chairman of the Securities Commission, Faisal Al-Haimas, announced today, Tuesday, the stock trading indicators on the Iraq Stock Exchange during the first half of 2024, as the value of traded shares amounted to 321,951,474,384 Iraqi dinars.

Al-Haimas said in a statement followed by "Al-Eqtisad News": "The number of shares traded during the first half of the current year amounted to 281,150,586,973 shares," noting that "the number of listed companies and companies registered in the market amounted to 109 joint-stock companies, distributed between regular and secondary trading platforms and unlisted companies."

Al-Haimas added: “The government bonds that were traded are construction bonds with two issues, and reconstruction bonds with three issues,” stressing that “the number of companies registered on the ISX-OTC platform for unlisted companies increased to 6 companies after accepting three new companies at the end of June 2024.”

The Chairman of the Securities Commission explained that “the number of companies whose shares were traded during the first half of this year amounted to 87 companies.” 

The number of traded shares reached 281,150,586,973 shares, and the value of traded shares reached 321,951,474,384 dinars.

Al-Haimas pointed out that “the ISX60 index closed in the last session of June at 882.03, recording a decrease of 1.25% from the closing of 2023, while the ISX15 index closed at 1005.49 points, achieving an increase of 0.5% from its starting value in the base session.”

Al-Haimas concluded his statement by saying: “The number of contracts executed during the first half of the year reached 86,268 contracts, which reflects continuous activity and dynamic movement in the Iraq Stock Exchange.”  link

Mot: .. what is this Morning Thingy - anyways!!!???

Mot:  . Great Job ""Earl"" .......

News, Rumors and Opinions Wednesday AM 7-3-2024

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 3 July 2024

Compiled July 2024 12:01 am EST by Judy Byington

JP Morgan Predicts Huge US Stock Market Crash
Bank Runs Imminent
Emergency Broadcast System To Activate Worldwide

What We Think We Know as of Tues. 2 July 2024:

All indications were that a devastating Stock Market Crash was about to take place.

Global Currency Reset: (Rumors/Opinions)

Tues. 2 July 2024 Bruce, The Big Call The Big Call Universe (ibize.com)  667-770-1866, pin123456#

Iraq was supposed to put the budget with the new Dinar Rate in the Gazette on Wed. 3 July. The virtual edition was published with the new rate in it last Sat. 28 June.

The word from a Redemption Center Head was that Tier4b (us, the Internet Group) were going to get notified on Fri. 5 July and receive appointments over the weekend.

In the US the R& Restitution monies would come out in the month of July. You will receive your R&R at your appointment.

They should offer you the higher Dinar Contract Rate at your exchange.

NESARA should be announced the 8th or the 9th of July.

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Tues. 2 July 2024 Bank Story: IRAQI DINAR BANK STORY: My Jaw-dropping Experience #dinar #iraqicurrency #bankstory #iraqidinar (youtube.com)

Mon. 1 July 2024 Wolverine: “There will be no announcement of the RV. The notifications for Tier4b to exchange will just come out without warning and should come sometime this week. I received a call, but can’t say much because everything is confidential. Everyone is under NDAs. Tier4b monies have been positioned. Private contractors are being paid. Bond Holders are in position. I’ve seen the signed contracts and certified documents for the reset. Hold on. It’s coming.”

Sun. 30 June 2024 Breakfast with Tiffany: USD funds for Trigger Files have been released and will be ready for disbursement next Mon. 8 July and prerequisites for launching USN Bills now being finalized and scheduled for disbursement on that July 8th. 

GESARA is supposed to be announced July 8th as well, been further advised Trigger Bond payment Monday 1st and bond redemption payments Thursday 4th, public release of USN Bills and Currency Revaluation starting the 8th.

The Global Currency Reset release of funds across the World has been given, with funds coming directly from the US Treasury Department of Defense Operations. 

The launch of the RV was slowed down due to many Hacker and Cyber Attacks.

There will be an Internet Blackout

The White Hat Military are in control of the redemption process.

Wells Fargo and HSBC are leading these operations across the Globe.

There are local institutions in countries around the World that are connected and ready for Global notifications with access to Treasury Departments in the different countries.

All banks have signed confidentiality agreements (NDA) so it is normal for everything to be silent.

Notifications have gone out to Tier 4a, a small group of Tier4b and some Bond Holders.

The RV is being negotiated on the Forex.

Sun. 30 June 2024 Mike Bara: The “Bond Holder” has been told he will be paid this week. I was told what day, but cannot share it. MarkZ reported that an announcement about lower denominations has been made in Iraq.

Sun. 30 June 2024: Look for something to happen around Mon. 8 July in regards to the NESARA announcement that will tie in with November 5th, allowing for the 120 days.

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Global Financial Crisis:

Tues. 2 July 2024: News Alert! BRICS vs. Wall Street: JP Morgan Predicts Devastating US Stock Market Crash and Financial Apocalypse – American Media Group (amg-news.com)

Tues. 2 July 2024 BRICS: JP Morgan Predicts Huge US Stock Market Crash https://watcher.guru/news/brics-jp-morgan-predicts-huge-us-stock-market-crash

Tues. 2 July 2024: A Black Swan Event in the Private Credit Market May Be Coming… Here’s What You Need to Know: https://investorplace.com/smartmoney/2024/06/a-black-swan-event-may-be-coming/

Tues. 2 July 2024: BRICS nations were set to target another major sector to eliminate the US dollar, this time being the grain market. Indeed, Russian officials are seeking to create a grain exchange that will allow the direct purchase of grain from producers. Additionally, it would allow for nations to agree on non-dollar settlements. https://watcher.guru/news/brics-target-yet-another-sector-to-eliminate-the-us-dollar

Mon. 1 July 2024: “Ok so what we know going forward as to what’s happening in the U.S. a banking crash is coming. When that happens you will not be able to use ATMS, credit cards, cash will be king so have enough to get you through a good two weeks. There will be chaos, stores will be taken down to bare bones, so have enough provisions to get you through this time.  Make sure you are locking windows & doors secure your homes for potential predators that want what you have. Be prepared. Due some thinking about if there is a power outage are you prepped?  Keep your car gassed up, extra water food for animals think two weeks.  This is not to scare you it is to prepare your mind for what’s coming.  There are going to be neighbors that aren’t prepared so be aware of that. Above all else pray for the best outcome. If you take medication have plenty on hand. We’re getting very close to this going down Japan is in financial breakdown now, we will be next. And we have a WWIII scenario looming so put your helmets on & be prepared. We have no dates on this just event driven! It’s coming!” …RV Highlights on Telegram

Read full post here:  https://dinarchronicles.com/2024/07/03/restored-republic-via-a-gcr-update-as-of-july-3-2024/

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

Militia Man  You're not going to get Iraq to jump into the world market, the global stage, without being able to be competitive and communicate electronically - Platforms needed to be designed...We know they have e-government...e-education, they have all that and done it over a short period of time.  The electronic systems at the borders, the ISA system are global.  They are worldly...The WTO is at the core of this.  It's real.

Frank26   I told you you need to get ready.  They are explaining that you are soon to get what we have been sharing with you.  The monetary reform is soon to give you the new exchange rate and the lower notes.  They are preparing every mechanism...device...location in order to give you the lower notes so that it's a successful event.  It must not fail with you Iraqi citizens.

BRICS and 20 countries Ditch Dollar: What Next?

Fastepo:  7-2-2024

30 countries start trading in local currency In the intricate world of international finance and trade, a significant trend is emerging: de-dollarization.

This term refers to the global movement by various countries to reduce their reliance on the U.S. dollar in international transactions and reserves.

Historically, the U.S. dollar has been the dominant global currency, a status established in the aftermath of World War II and solidified by the Bretton Woods Agreement of 1944.

However, several geopolitical and economic factors are now prompting nations to seek alternatives.

 In this video, we analyze the increasing movement among countries to lessen their dependence on the US dollar for global transactions.

 We explore the motivations behind these actions and provide an overview of the economic strategies involved

 Furthermore, we examine the de-dollarization initiatives within the BRICS+ group, emphasizing the key measures these nations have taken to diversify the currencies used in international trade.

https://www.youtube.com/watch?v=h9BdcQpS2kY

Seeds of Wisdom RV and Economics Updates Tuesday Evening 7-2-24

Good evening Dinar Recaps,

WHAT EXACTLY IS A STABLECOIN

"Stablecoins are a type of cryptocurrency that seeks to maintain a stable value by pegging their market value to an external reference. This reference could be a fiat currency like the U.S. dollar, a commodity such as gold, or another financial instrument."

"Stablecoins play a crucial role in the cryptocurrency ecosystem due to their stability."

"They aim to provide the speed and security of a blockchain while eliminating the volatility that most cryptocurrencies endure. Initially used primarily to buy cryptocurrencies on trading platforms that did not offer fiat currency trading pairs, stablecoins have seen their adoption grow. They are now used in several blockchain-based financial services, such as lending platforms, and can even be used to pay for goods and services.

© Newshounds News™

Read more:  CoinBase

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DO YOU UNDERSTAND BLOCKCHAINS?

Blockchains are the critical infrastructure underlying cryptocurrencies. The common feature of these distributed ledgers is the sequential updating of a cryptographically secure, verifiable transaction record among a network of peers all operating under a certain set of rules enforced through the software itself. This record is owned and operated in common by anyone anywhere.

While research in shared ledger technology goes back decades, the arrival of the Bitcoin blockchain introduced the first distributed ledger technology that was thoroughly decentralized and resistant to censorship, seizure and collusion.

Blockchain technology, in its various manifestations including the Ethereum blockchain and others, is ultimately a global consensus system — i.e., it allows people to coordinate and cooperate around a neutral source of information without trusting each other or a central administrator. The use cases are wide-ranging, from finance and energy trading to supply chain management.

At Cointelegraph, we are chronicling the evolving blockchain industry. Is it revolutionary or overhyped? Or both? Will it become the solution to securing trust in finance and global trade? What will be the rate of blockchain transactions in the coming years?

Stay tuned to find out.

© Newshounds News™

SOURCE:  Coin Telegraph 

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Crypto-Friendly Silvergate Bank Pays $63M to Settle Charges With SEC, Fed, California Regulator

Silvergate's executives were aware of 'critical deficiencies' in the bank's anti-money laundering protections, the SEC alleged.

Silvergate Bank's parent company settled charges with the Securities and Exchange Commission, Federal Reserve and California Department of Financial Protection and Innovation alleging it failed to maintain a proper anti-money laundering program and made misleading disclosures about the program's effectiveness.

The SEC also charged Silvergate's former executives. Former CEO Alan Lane and former COO Kathleen Fraher agreed to settlements, while former CFO Antonio Martino denied the charges.

Read more:  Coin Desk

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Coinbase files motion to reinforce judge's ruling on Binance case: Secondary market transactions not securities

The SEC is suing Coinbase for selling unregistered securities, but the definition of a security under US law is unclear as applied to crypto, according to Coinbase.

Coinbase uses Judge Jackson's ruling to argue for consistent securities law enforcement in crypto.

The motion calls for clarity in the application of the Howey test to crypto transactions.

Read more:  Crypto Briefing

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CFTC Announces Supervisory Stress Test Results

The Commodity Futures Trading Commission today issued Supervisory Stress Test of Derivatives Clearing Organizations: Reverse Stress Test Analysis and Results, a report detailing the results of its fourth Supervisory Stress Test (SST) of derivatives clearing organization (DCO) resources. Among other findings, the 2024 report concluded the DCOs studied hold sufficient financial resources to withstand many extreme and often implausible price shocks.

The Risk Surveillance Branch of the Division of Clearing and Risk conducts periodic SSTs to assess how DCOs might fare under extreme stress. Staff previously conducted SSTs in 2016, 2017, and 2019. The 2019 SST included a reverse stress test component, and this 2024 SST is a major expansion of that, which includes nine DCOs, representing 11 clearing services across four asset classes (futures and options on futures, cleared interest rate swaps, credit default swaps, and foreign exchange products).

The purpose of the analysis was twofold: (1) to identify hypothetical combinations of extreme market shocks, concurrent with varying numbers of clearing member (CM) defaults, that would exhaust prefunded resources (DCO committed capital, and default fund), and unfunded resources available to the DCOs (this represents the reverse stress test component), and (2) to analyze the impacts of DCO use of mutualized resources on non-defaulted CMs.

Read more:  CFTC

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More News, Rumors and Opinions Tuesday PM 7-2-2024

KTFA:

Clare:  Makiya completes procedures for Rixos Baghdad Hotel with Qatari Real Estate Investment Company

7/2/2024

The Chairman of the National Investment Commission, Haider Mohammed Makiya, has officially completed the procedures for establishing the Rixos Hotel in the capital, Baghdad, with the CEO of the Qatari Real Estate Investment Company.

The Chairman of the Commission confirmed in a statement that "the project comes within the government's tireless efforts to attract foreign direct investments that enhance Baghdad's international reputation as a prominent investment destination, as well as enhance investment cooperation between Iraq and Qatar, which is an important step in developing the infrastructure of the tourism sector in the country."

For his part, the representative of the Qatari company "expressed his confidence in the promising investment opportunities in Iraq, noting that the project will contribute to creating new job opportunities, supporting local economic growth, and an important opportunity to open the doors to international tourism investment."

It is worth noting that the Rixos Hotel project, which is distinguished by its global reputation for providing luxurious services, will be built on an area of ​​47,500 square meters and consists of a 23-storey hotel with 22 presidential suites with 308 hotel rooms and 164 residential apartments of different sizes in addition to advanced facilities and services that meet all needs.    LINK

Clare:  Worth $4.5 billion.. Japan sets date for completion of construction of large oil refinery in Basra

7/2/2024

Baghdad - WAA - Wissam Al-Mulla

The Japanese Ambassador to Iraq, Futoshi Matsumoto, announced today, Tuesday, the commencement of the first phase of the project to improve water supplies in Samawah, while setting a date for the completion of the construction of a large oil refinery in Basra.

Matsumoto told the Iraqi News Agency (INA): "There are Japanese companies seeking to work in Iraq, such as Komatsu, a company that produces construction machines, and it is a very well-known company."

He pointed out that "the company is very interested in investing in Iraq, and a delegation from it visited Basra Governorate to find out what machines Iraq needs to provide with high quality." 

Regarding Japanese projects and loans, Matsumoto stressed that "Japanese loans are important to stimulate the Iraqi economy to give the government an opportunity to bring in more Japanese companies, especially in infrastructure and oil projects."
He added that "JGC, which is working on building a large oil refinery in Basra, has invested $4.5 billion in the project," noting that "this will take two years to complete the project, and this requires large loans from Japan, and there are great advantages to Japanese loans." 

Regarding the water supply improvement project in Samawah, the Japanese ambassador explained that "the Japanese company has started the design and the first phase of the project, and we need more than five years to complete it," indicating that "this project is very important for the people of Samawah, and we are making every effort to implement it."

LINK

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

Walkingstick   Sudani rewrote the contracts and recalculated them in accordance with the rate in the budget...They've been running a budget with the new exchange rate and a budget with the old exchange rate...

Frank26  If it [the budget] comes out in the Gazette with the old rate, there's only two budgets left, one with the old rate and one with the new rate but if they come out with the one with the old rate don't worry about it, it'll change very quickly.

Iraq Bans 8 Local Banks From US Dollar Transactions

Nader:  7-2-2024

https://www.youtube.com/watch?v=cKv3v82uT34

LIVE! Central Banks ADMIT THAT THEY ARE IN CONTROL. AND THEY ARE LAUGHING AT US!

Greg Mannarino:  7-2-2024

https://www.youtube.com/watch?v=c3WxJeydS0Y

Raising the three zeros from the Iraqi currency and the interim evaluation (2016 Article)

TNT:

Tishwash:  This article is from 2016. It’s a great reminder of how far we have come.

Raising the three zeros from the Iraqi currency and the interim evaluation (2016 Article)

Amer Al-Abadi

The value of the Iraqi dinar began to be worth (7) grams of gold at the beginning of its issuance according to the issuance law in the year 1931, and in 1959 a new law was issued for the Iraqi national currency, and  the Iraqi monetary and banking system continued to develop, and the value of the Iraqi dinar reached (3.3) dollars until the beginning of the war. With Iran, which led to a major collapse in the Iraqi currency

In 2004, the former Governing Council replaced the previous currency, which symbolized the previous regime, with a new currency that is currently in circulation, and the currency was dealt with in seven denominations: 50, 250, 500, 1,000, 10,000, and 25,000 dinars.

Unlike Arab countries, there have been no coins in Iraq for about 25 years. 

The project to delete the three zeros was scheduled to be completed in 2011, but it was not completed, then it was postponed to 2013, then postponed to 2015, and now the plan is scheduled to be implemented in early 2017, noting that the process of deleting the zeros took place in several countries.

Three zeros were deleted from the Zimbabwean dollar in 2006. Romania deleted four zeros from its currency in 2005. Bolivia deleted three zeros from its currency in 2008. Turkey deleted six zeros from its currency in 2005. Sudan deleted two zeros from its currency in 2007.

Central Bank Director Mahdi Al-Alaq said, saying: “The central bank began the first steps of the project by choosing the designs, companies and country in which the currencies will be printed.”

He pointed out that "the introduction of the new currency does not mean destroying the old currencies, but they will continue in circulation for about ten years," pointing out that "this period will enable the central bank to withdraw the old currency according to the known dynamics in order to preserve liquidity in the market."

 Justifications for the replacement process

 1. The existence of a large monetary block worth 30 trillion dinars, with a number of 4 billion notes.  

 2. Currently, the largest denomination of cash is 25 thousand dinars, equivalent to approximately 21 dollars, and this requires a large volume and effort to settle daily transactions, so the amounts that exceed 20 in value are now Million is made in dollars.

 3. The presence of damage to a large percentage of the currency, especially the small denominations, and their inadmissibility in circulation, which constitute approximately one-third of the monetary mass. 

 4. The difficulty of performing calculations in light of numbers with more than 14 zeros from a practical and technical standpoint, and the possibility of an error occurring, whether adding or deleting a zero.

 Benefits of the exchange process

 1. Security: It reduces the risks resulting from carrying large sums of money.

 2. The costs of counting, sorting, and auditing will decrease if larger denominations are issued.     

 3. Raising the zeros will create a psychological impact on the citizen by strengthening his currency and adopting it more widely instead of foreign currency   

 4. Including the Iraqi dinar in the basket of global currencies and dealing in it officially on the world’s stock exchanges and financial markets.

5. The possibility of concluding economic agreements to deal in the national currency, and this will cover a very large portion of foreign transfers, which are a waste of the national wealth of hard currencies.

6. Manipulation of the currency exchange market will be eliminated

 7. The work of corrupt suspicious banks and their agents and brokers will stop.

 8. A higher ceiling will be set for the amounts transferred abroad from the active exchange currency to ensure that the currency is not smuggled.

 9. Changing the currency affects the psychological aspect represented by the desire for a currency with a high exchange rate. This rise brings joy to the return of the dinar to its rich past.

 Disadvantages of the replacement process:

1. The emergence of a mathematical problem between the old and new numbers in transactions and in reading and managing trillion numbers.

2. The need to print large denominations.

3. Foreign shares of the stock exchange will decrease by 20% because foreign investors believe that changing the currency will reduce profits.

4. Removing three zeros from the currency may contribute to creating a state of monetary illusion  

 5. It will cost the state budget large sums of money, in addition to being a door to financial corruption, in addition to not addressing the problem of financial inflation because the Iraqi market imports all goods and services from abroad, which means a drain on hard currencies.

6. There is no official data on the cost of Iraqi banknotes. Note that the cost of a banknote in Britain is 7 US cents. It is sufficient to know the number of notes in circulation to give an idea of the total cost.

7. Four billion notes. Thus, the cost of printing them becomes 289 million dollars. This amount is huge 

8. Add to that another amount to mint coins, not to mention the money needed to face the consequences of deleting zeros, such as replacing postage and financial stamps.

9. Feeling poor: Deleting zeros makes a person feel poor, as someone who had ten million dinars now only has ten thousand of them

10. Expecting prices to rise.

11. In light of the inevitability of introducing the Kurdish language to the first issue of the currency after the new constitution comes into effect, it is necessary to benefit from the experiences of other currencies.

 For example, the euro is the currency of many peoples in Europe, but it does not contain any language, only symbols, numbers and pictures.

 Amer Al-Abadi   11/15/2016

link

Seeds of Wisdom RV and Economics Updates Tuesday Afternoon 7-2-24

Good Afternoon Dinar Recaps,

THE CHEVRON DOCTRINE OVERTURNED BY THE SUPREME COURT

A 40 year PRECEDENT called the Chevron Doctrine WAS OVERTURNED by SCOTUS on June 28th. How could this affect the RV of CURENCY in the U.S.?
The overturning of the Chevron Doctrine stripped 3 letter agencies from enacting enforceable policies from ambiguous laws.

"Under that doctrine, if Congress has not directly addressed the question at the center of a dispute, a court was required to uphold the agency’s interpretation of the statute as long as it was reasonable. But in a 35-page ruling by Chief Justice John Roberts, the justices rejected that doctrine, calling it “fundamentally misguided.”

How will this affect the SEC and the CFTC moving forward as they address Crypto and Digital Asset guidelines?

© Newshounds News™

Read more:  SCOTUS Blog

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STOCK MARKET CORRECTION ON THE HORIZON?

"Leading global investment bank JP Morgan has predicted a major US stock market crash. The bank remains cautious on the S&P 500 index noting that a 20% downside could be on the cards. JP Morgan’s doomsday stock market prediction comes when BRICS is looking to uproot the dollar and damage the US economy."

" If the US stock market dips 23% according to JP Morgan, BRICS currencies will gain strength in the forex markets. While the US stock market will look at ways to stop the crash, BRICS could cause further damage by cutting ties with the dollar."

"JP Morgan’s bearish forecast for the US stock market is bullish for BRICS as it wants to pull the dollar down. The weakening of the US dollar is a boon to BRICS which wants to push local currencies ahead for trade."

© Newshounds News™

Read more:  Watcher Guru

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DO YOU OWN GOLD?

"The vast majority of professional investors in North America own at least some gold and the number has been growing in recent years. A World Gold Council survey of 525 North American investors found a steadily growing trend of gold ownership. The survey included large institutions, consultants, and financial advisors."

"Over one-quarter of respondents said they plan to increase gold allocations in the next 12 to 18 months. That was more than double the number who said they plan to reduce their exposure to gold."

"In fact, gold has outperformed most asset classes over the last 25 years. In fact, with an average 8 percent return each year, gold has outperformed equities over the last quarter century. "

© Newshounds News™

Read more:  ZeroHedge

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U.S. SENATE PICKS UP CRYPTO LEGISLATION

H.R. 4763 passed in the Congress late May giving the U.S. their first look at crypto legislation. The Senate has yet to act upon any Crypto/Digital Asset bill until now as Senator JD Vance (R-OH) is now crafting legislation.

"On June 26, Politico reported that Sen. J.D. Vance (R-OH) has been circulating the draft of a digital assets bill that he hopes to introduce in July. Vance’s bill will reportedly give ‘crypto’ operators even more latitude than the Financial Innovation and Technology for the 21st Century Act (FIT21) approved by the House of Representatives last month."

"And yet Vance’s draft bill reportedly takes “a more industry-friendly approach” than FIT21, which is saying something, given that FIT21’s passage set champagne corks-a-poppin’ within the halls of U.S. digital asset firms. Vance’s bill will reportedly “take a simpler approach to determining which digital assets the SEC would oversee versus the CFTC.”

© Newshounds News™

Read more:  Coin Geek

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MiCA AND STABLECOIN RESTRICTIONS

"A few press reports have raised concerns about stablecoin limits under the European Union’s Markets in Crypto Assets Regulation (MiCAR). The stablecoin elements of the regulation came into force at the end of June. The regulation does indeed have some draconian limits, at which point the stablecoin must cease activity. The European Banking Authority has relaxed the rules in its final iteration."

"The EU is saying if you want to use stablecoins to buy crypto and do DeFi stuff, have at it. But if you want to use stablecoins to pay for goods and services like your coffee or your rent, then you need to use Euro (or other EU currency) stablecoins. The limits are really about monetary sovereignty."

© Newshounds News™

Read more:  Ledger Insights

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“Tidbits From TNT” Tuesday 7-2-2024

TNT:

Tishwash:  Parliamentary Finance reveals the effects of the oil price increase and its differences in the 2023 and 2024 budgets

Member of the Finance Committee in the Iraqi Council of Representatives, Mustafa Al-Karawi, revealed today, Monday, the effects of the increase in the price of oil and its difference in the 2023 and 2024 budgets, while he spoke about the fate of the revenues of the difference in the price of a barrel, which is approaching the $10 limit for each barrel sold.

Al-Karawi said, "90 percent of the country's revenues depend mainly on oil, and the more oil revenues or the price of a barrel of oil increase, the lower the expected deficit in Iraq's budget."

He added, "There is no big difference between the 2023-2024 budgets, as the government relied on a price difference of about $10 if it built its budget on $70 per barrel and expected the current price of $80 per barrel."

Al-Karawi explained that "the increase in oil revenues will contribute to bridging the deficit, and since the expected difference is $10, the deficit coverage will be 16 trillion dinars in the 2024 budget."

It is noteworthy that Iraq sells about four million and 250 thousand barrels of oil per day, and needs about 54 trillion dinars as salaries ,  as the 2024 budget was approved at a fixed price of $70 per barrel, while the current price of a barrel is $90, which  reflects the fluctuations of the oil market.    link

Tishwash:  Prime Minister's Advisor Announces Iraq's Completion of Integration Steps by Providing Safe Environments to Attract Investment

 The financial advisor to the Prime Minister, Mazhar Mohammed Salih, identified on Sunday the important strategic, field and organizational factors that encourage international investors to work in Iraq, while pointing out two basic starting points for the development of the investment environment in the country.

Prime Minister Mohammed Shia al-Sudani confirmed last week, while chairing the eighth meeting of the Higher Committee for Reconstruction and Investment, that Iraq has become a safe and attractive environment for capital from international companies, and a preferred market for businessmen and investors, thanks to the facilities and legislation provided by the government since its formation. 

Saleh said, in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Prime Minister's statement regarding the development of the investment environment in Iraq comes from two main starting points: the first is Iraq's completion of its integration steps in providing safe and appropriate environments to attract foreign investment in Iraq, the latest of which is our country's accession to the agreement sponsored by the United Nations and called the Singapore Investment Agreement."

He added, "This agreement seeks to improve the investment climate in member states by enhancing transparency and fair regulatory procedures, in addition to providing mechanisms for resolving disputes between investors and countries through faster mediation or international arbitration, which gives investors a legal means to guarantee their rights, all of which are factors that the government of the Republic of Iraq believes in to encourage international investors to invest in our country with high resources."

Saleh stressed that "the Singapore Agreement and joining it is an important step towards enhancing international trade and investment, which contributes to achieving economic growth and improving economic relations between international groups."

He added that "the second part, which the Prime Minister referred to, is the momentum of the natural and human material resources of an important strategic country like Iraq, which ranked ninth among the countries of the world in terms of natural resources, and first in the world in possessing one square kilometer of resources in the ground."

He explained that "the geographical location of Iraq, which connects European countries by land with Asian countries by sea, encouraged the launch of the Development Road project, which took its executive steps from the Faw Port upwards within the construction of the dry canal and the upcoming related industrial, agricultural and service projects and in accordance with an important regional and international cooperation framework to attract global investments." 

He pointed out that "all these strategic, field and organizational factors represent a positive invitation for international investors to work in Iraq under the direct sponsorship of the executive authority to facilitate their work and with high-precision legal protection   link

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Tishwash:  Rafidain Bank announces the implementation of the comprehensive banking system in 31 of its branches in Iraq

Rafidain Bank announced today, Tuesday, the implementation of the comprehensive banking system in the Pharmacists Branch in Basra, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiya - Safwan - Arar - Trebil).

Thus, the number of effective and completed branches of the system becomes (31) branches, in an important step to strengthen the banking system, achieve its requirements, and move away from paper work and completely towards electronic systems.

The bank confirmed in a statement today that the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all the bank’s branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions    link

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Tishwash: The Ministerial Council for Economy issues decisions, including obligating government agencies to purchase national products

The Ministerial Council for Economy issued several decisions during its meeting in Baghdad, today, Monday, including obligating government agencies to purchase the national product in support of the country's economy, and the Ministry of Water Resources submitting a detailed report on the salinity treatment project, while approving several projects in the Rutba district in Anbar Governorate.

A statement issued by the Ministry of Foreign Affairs - received by the Iraqi News Agency (INA) - said: "Deputy Prime Minister and Minister of Foreign Affairs, Chairman of the Ministerial Council for the Economy, Fuad Hussein, chaired the nineteenth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Agriculture, Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Chairman of the Securities Commission, the Undersecretary of the Ministry of Oil, and the Prime Minister's Advisors for Economic and Legal Affairs."

He added, "The Council hosted representatives of the Ministry of Oil to discuss facilitating customs procedures related to goods belonging to the Ministry of Oil (national effort contracts, licensing round contracts, and strategic contracts for the Ministry."

The Council confirmed - according to the statement - its decision and the circular of the General Secretariat of the Council of Ministers to allow the clearance of goods belonging to ministries, entities not affiliated with a ministry, and government institutions after submitting an official pledge to complete all customs procedures in accordance with the Customs Law when due. The Council also decided that the Ministry of Water Resources would submit a detailed report on the project to treat salinity and prevent the rise of salt tides in the Shatt al-Arab and the opinion of the advisory body regarding it.

The Council decided to emphasize to all ministries and entities not affiliated with a ministry the commitment to implement Article 30/Second of the Federal General Budget Law (purchase of the national product) in support of the national economy and national industry, especially with regard to liquefaction seals (which close containers for transporting goods and track them electronically), and the Ministry of Industry to proceed with procedures to impose product protection fees.

The Council also decided to approve the project to rehabilitate streets in the neighborhoods of Al-Mithaq Al-Jadeed, Al-Matar Al-Jadeed, and Al-Intisar in Rutba District, and to direct The Reconstruction Fund for Areas Affected by Terrorist Operations will follow up on the implementation of the work items during implementation and not upon initial receipt.

The Council also decided to recommend to the Council of Ministers to approve the recommendations of the committee on establishing mechanisms to regulate the import of used materials, with the review of controls every six months instead of three months.  link

Mot: Going to da Doctors While Raising the ""Wee Folks"" 

Mot:  .. Breaking news! Its July

Seeds of Wisdom RV and Economics Updates Monday Evening 7-1-24

Seeds of Wisdom RV and Economics Updates Monday Evening 7-1-24

Good evening Dinar Recaps

NEW JAPANESE BANKNOTES TO BE ISSUED FROM JULY 2024 

"The banknotes feature as an anti-counterfeiting measure the world’s first three-dimensional holograms that make the portraits on bills appear to rotate when tilted. Tactile marks allow the visually impaired to identify the denominations."

"From the time that they are issued, the new banknotes will be available from financial institutions and ATMs. Currently issued banknotes will continue to be legal tender."

This ISN'T a revaluation of Japan's currency.

© Newshounds News™

Read more:  Nippon

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COMMERCIAL REAL ESTATE FACING UNCERTAIN TIMES

"US Banks Dumping Exposure To $2,500,000,000,000 Market Before ‘Inevitable Losses’ Hammer Balance Sheets: Report"

"Some of the biggest banks in America are quietly selling their exposure to a troubled sector of the US economy, according to a new report.
The banks are beginning to dump commercial real estate loans in a push to “cut their losses,” reports the New York Times."

“…These steps indicate a grudging acceptance by some lenders that the banking industry’s strategy of ‘extend and pretend’ is running out of steam, and that many property owners – especially owners of office buildings – are going to default on mortgages. That means big losses for lenders are inevitable and bank earnings will suffer.”

© Newshounds News™

Read more:  Daily Hodl

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WHAT EXACTLY IS FEDNOW?

"The FedNow Service is a new service for instant payments built by the Federal Reserve to help make everyday payments fast and convenient for American households and businesses. Banks and credit unions of all sizes can sign up for the FedNow Service and offer new instant payment services to their customers. In the coming years, customers of banks and credit unions who sign up for the FedNow Service will be able to use their financial institution's app, website, and other interfaces to send instant payments directly from their bank accounts quickly and securely. "

"The FedNow Service enables individuals and businesses to send and receive payments within seconds at any time of the day, on any day of the year, so that the receiver of a payment can use the funds immediately."

Instant payments allow consumers and businesses to send and receive funds from their accounts at banks and credit unions in real-time, any time of day, any day of the year, with immediate funds available to receivers.

© Newshounds News™

Read more:  FederalReserve

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IS FEDNOW A CBDC?

"Is the FedNow Service replacing cash? Is it a central bank digital currency?
No. The FedNow Service is not related to a digital currency. The FedNow Service is a payment service the Federal Reserve is making available for banks and credit unions to transfer funds for their customers."

"Does the Fed have access to my bank account with the FedNow Service?
No. The Federal Reserve and the FedNow Service cannot access individuals' bank accounts or control how they choose to spend their money."

© Newshounds News™

Read more:  FederalReserve

~~~~~~~~~

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Seeds of Wisdom RV and Economics Updates Monday Afternoon 7-1-24

Good Evening Dinar Recaps,

"Stripe and Coinbase have partnered to expand the global adoption of cryptocurrency and provide faster, cheaper financial infrastructure."

"This collaboration aims to serve businesses and people around the world, Coinbase said in a Thursday (June 27) blog post."

"With this partnership, Stripe will add USDC on Base to its crypto payouts product, according to the post. This will enable Stripe platforms to make “faster, cheaper” money transfers to more than 150 countries."

"In addition, Stripe will add USDC on Base to its fiat-to-crypto onramp, allowing customers in the U.S. to make faster fiat-to-crypto conversions, the post said."

"In a third key integration that’s part of this collaboration, Coinbase will add Stripe’s fiat-to-crypto onramp to Coinbase Wallet. This integration will enable instant purchase of crypto with credit cards and Apple Pay, per the post."

Read more:  PYMNTS

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Circle Snags First Stablecoin License Under EU's New MiCA Crypto Rules

Circle Mint France will issue the euro-denominated EURC stablecoin and USDC in the European Union in compliance with MiCA.

Circle is claiming bragging rights as the first global stablecoin issuer to comply with MiCA.

Before the rules took effect on June 30, some exchanges delisted euro-denominated stablecoins, such as Tether’s EURT.

Circle became the first global stablecoin issuer to secure an Electronic Money Institution (EMI) license, a prerequisite to offering dollar- and euro-pegged crypto tokens in the European Union (EU) under the Markets in Crypto Assets (MiCA) regulatory framework.

Read more:  CoinDesk

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U.S. Marshals Service Announces Partnership With Coinbase To Manage and Dispose Cryptocurrencies

The US government has announced it is using American crypto exchange Coinbase to custody its digital assets.

The U.S. Marshals Service (USMS), a sub-tier of the Department of Justice (DOJ), has revealed that it is custodying digital assets with Coinbase as part of its program to manage and dispose of large amounts of “Class 1” cryptocurrencies.

“The U.S. Marshals Service (USMS) Department of Justice (DOJ), on behalf of the Asset Forfeiture Division (AFD) has a requirement for managing and disposing of large quantities of popular cryptocurrency assets, known as Class 1 cryptocurrencies. This will require the use of multiple, industry leading, storage and liquidation techniques employed in a manner that is professional, lawful, and consistent with Department and USMS policy.

This contract will also streamline custody, management, and disposal processes for cryptocurrency assets while allowing for the diversification of the type of cryptocurrency assets that can be managed and disposed of under the Government’s forfeiture programs.”

In a blog post, Coinbase says it has a “longstanding history” of working with government agencies.

“Coinbase has a longstanding history of supporting law enforcement agencies, dating back to the founding of our law enforcement program in 2014. Today, Coinbase works with every major U.S. federal, state, and local law enforcement agency, as well as international agencies on every continent.

Read More:  Daily Hodl 

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DE-DOLLARIZATION

Is Saudi Arabia pulling back from the dollar for oil trade? It appears SA is looking to diversify its oil trade.

"American economic dominance is no longer as stark, with its share of world GDP falling from 40% to 25% since 1960. Moreover, US dependence on Saudi oil has slid considerably, given a historic explosion in US domestic production."

"For instance, Saudi Arabia is among potential BRICS candidates, an economic bloc that has become one of the leading voices against the dollar. It's also linked with China to help establish mBridge, a cross-border payments system that uses central bank digital currencies."

Read more:  Markets Business Insider

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WILL CBDC's TURN US INTO A CASHLESS SOCIETY?

"Digital economies require digital currencies."
"Personal, government and business payments shifted away from mainly cash to online and digital payments, embraced FinTech (eg, for financial market transactions, lending, wealth management), with tech companies such as Apple and Alibaba disintermediating banks."

"Retail, wholesale, cross-border and financial payment systems now enable e-commerce and digital finance including digital assets and cryptocurrencies such as Bitcoin and Ethereum. Data suggests there is substantial appetite for cryptocurrencies in the Middle East and North Africa: the region had the sixth largest crypto economy globally, with an estimated $389.8 billion in on-chain value received, in the year ending June 2023 (about 7.2 percent of global transaction volumes)."

"Saudi Arabia reported the highest growth globally in the volume of cryptocurrency transactions during this period."

Read more:  Currency Insider

~~~~~~~~~

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Thank you Dinar Recaps

More News, Rumors and Opinions Monday Afternoon 7-1-2024

BRICS: Major U.S. Financial Sector To Be Impacted If the Dollar is Ditched

The main U.S. sector to be affected if BRICS ditches the dollar is the banking and finance sector. Banks across America will be forced to take concrete measures to safeguard the prospects for the U.S. dollar. Moreover, new currency pairs could take center stage in the forex market adding more pressure on the U.S. dollar.

Also, banks lend millions of dollars globally and the amount disbursed could be reduced considerably. Therefore, the U.S. dollar will experience a dent in the supply and demand mechanism and banks will take the first hit due to the BRICS de-dollarization initiatives. U.S. banks are already in crisis with several banks facing closures and bankruptcies since 2020.

If the banking sector takes the first hit, the next dent will inadvertently be the financial sector in the U.S. The financial sector is broad and involves consumer goods and retail, technology, and fintech, among various others. Even inflation could hit the U.S. homeland making the prices of everyday essentials peak. BRICS ditching the dollar for global trade and transactions will begin to have adverse effects on the U.S. economy and day-to-day life in America will be impacted.

Source: Watcher Guru

https://dinarchronicles.com/2024/06/29/brics-ditching-the-dollar-will-affect-a-major-us-sector/

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

Frank26  A few people were saying, 'boy the news out of Iraq is really slow.'   It's not slow.  The calm before the storm...that phrase fits perfect right now...It's not slow, it's simply very silent because that's the phase we're in right now.  The phase we're in right now...to announce the new exchange rate, they are being mum.  They are being mum about the budget right now...

Mnt Goat  I...asked [my CBI contact] how the rate of the dinar would be determined in the future...I was...told that “you know and I know that the rate of the dinar is now being artificially suppressed”...I was told that Iraq is in a much better situation now prior to the 1990 embargo and so why not have an international rate again with at least a rate equivalent to the late 1980’s prior to the invasion...

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TNT:

Tishwash:  IBBC conference in London marks milestone for Kurdistan Region

"One of the significant outcomes expected from this annual event is the establishment of a branch of the University of London in Erbil, slated to open next academic year as the largest in the Middle East."

The 12th Iraq Britain Business Council (IBBC) conference in London is set to open with the participation of Kurdistan Regional Government (KRG) officials, aiming to bolster economic ties between Iraq and the United Kingdom.

Bargasht Akrayi, spokesperson for the KRG Investment Board, announced from London, "The Chairman of the Kurdistan Board of Investment will attend the IBBC conference to deliver a speech on behalf of the Kurdistan Regional Government. This conference, held biannually in Erbil, London, and Baghdad, aims to enhance trade and economic relations between the two countries."

"In addition to KRG officials, the conference will feature representatives from the Iraqi government, employers, businessmen, investors, and delegates from British and international companies, all focusing on fostering deeper ties," Akrayi emphasized.

"One of the significant outcomes expected from this annual event is the establishment of a branch of the University of London in Erbil, slated to open next academic year as the largest in the Middle East."

The IBBC conference continues to serve as a pivotal platform for advancing economic cooperation and investment opportunities between Iraq and the United Kingdom, with a special focus on the Kurdistan Region's development initiatives and strategic economic sectors. link

ANNOUNCEMENT Strategy of CBI 2024 to 2026

Edu Matrix:  7-1-2024

https://www.youtube.com/watch?v=6Rs375C2Rtc

ECONOMIC COLLAPSE CONTINUES TO WORSEN, FASTER! (EXPECT STOCK MARKETS TO GO HIGHER).

Greg Mannarino:  7-1-2024

https://www.youtube.com/watch?v=WgFrMC15vkw