“Tidbits From TNT” Saturday 8-31-2024

TNT:

Tishwash: Iraq elected to chair the Group of 77 and China at the United Nations

The Ministry of Foreign Affairs announced, today, Saturday (August 31, 2024), the selection of Iraq to chair the Group of 77 and China ( G77 ) at the United Nations for the year 2025, after the Asia-Pacific Group meeting held to discuss Iraq's nomination for this position.

The ministry said in a statement received by "Baghdad Today", that "the Chargé d'Affairs of the Permanent Mission of the Republic of Iraq to the United Nations in New York, Abbas Kazim Obaid, delivered a speech in which he affirmed Iraq's vision for its role during its presidency of the group, highlighting the main axes of work and stressing Iraq's commitment to the basic principles of the group, especially with regard to supporting the goals and aspirations of developing countries in achieving economic, technological, and social development.

Obaid stressed that "Iraq will work to provide all the elements of success for this presidency, which is the first for Iraq since the establishment of the group, as Iraq was one of the founding countries 60 years ago.

The statement added, "At the end of the meeting, the resolution was unanimously adopted to support the Republic of Iraq to assume the presidency of the Group of 77 and China ( G77 ), as the member states offered congratulations to Iraq and expressed their readiness to support it in its tasks during this important presidency. In another speech, the Chargé d'Affaires expressed his gratitude for the support and endorsement of the Asia-Pacific Group and its confidence in entrusting this responsibility to Iraq, stressing his readiness to work and cooperate with the member states to achieve common goals.

It is worth noting that the Group of 77 and China is the largest group of countries in the United Nations, with 134 member countries  link

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Tishwash:  Parliamentary Committee Holds Kurdistan Responsible for Obstructing the Approval of the Oil and Gas Law

Member of the Parliamentary Oil and Gas Committee, Alaa Al-Haidari, strongly criticized the Kurdistan Regional Government, holding it responsible for obstructing the approval of the Oil and Gas Law.

Al-Haidari said in an interview followed by “Al-Eqtisad News” that “there is difficulty in passing the law due to the lack of a political agreement and the regional government’s failure to implement the concluded agreements.”

Al-Haidari pointed out that “several meetings were held in the presence of officials in the Ministry of Oil and government advisors, with the aim of reaching an agreement on the law, but those efforts have not borne fruit so far.”

He added, "The Oil and Gas Law is one of the laws that has been stalled in the House of Representatives, as it has remained on the shelves for more than five parliamentary sessions."

Al-Haidari explained that “the government program included voting on the law in the House of Representatives, and if approved, it will contribute to ending the controversy between the region and the center, and provide fair direction for wealth within the framework of the constitution.”

Al-Haidari concluded his statement by stressing that “the approval of the law will ensure the fair regulation of oil exports and oil and non-oil revenues, which will spare the country further problems and obstacles between the region and the center.”  link

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Cutebwoy:  CBI launches new phase of international transfers

2024-08-30 14:38

Shafaq News/ The Iraqi Central Bank (CBI) delegation in New York has announced the commencement of a new phase in international transfer operations, involving 13 Iraqi banks.

 According to a statement by the bank, this initiative is aimed at diversifying currencies and facilitating global transfers. The statement highlighted that this development follows an agreement on mechanisms to regulate these transactions, which will now include the use of the Euro, Chinese Yuan, Indian Rupee, and UAE Dirham.

The delegation also outlined the role of the international auditing firm E&Y, which will review these transfer operations to ensure compliance with international standards. This move reflects CBI's commitment to maintaining high levels of transparency and security in all foreign transfer operations, thereby bolstering confidence in Iraq's financial system.

This initiative is part of the Central Bank's ongoing efforts to support economic growth and expand international cooperation with global markets, as per the statement.

A knowledgeable source revealed on Thursday that CBI is currently conducting an unannounced visit to the United States to discuss developments in Iraq's banking sector.

According to the source, a delegation led by Central Bank Governor Ali Al-Alaq and several general managers has been in the US since August 26 to discuss recent banking developments and the restrictions on the use of the dollar imposed on many private Iraqi banks.

The discussions also touched on the potential cancellation of the platform early next year, which would shift reliance on correspondent banks, further restricting Iraqi private banks and potentially favoring Jordanian banks with American correspondents.

The source added that CBI is close to signing a contract with the consulting firm Oliver Wyman to conduct a study on reforming Iraq's banking sector, which will serve as a roadmap for future reforms.

Meanwhile, some economists have expressed surprise at the lack of public disclosure regarding the visit, particularly given its significance during this critical period.

EconomyBreakingUSDelegationIraqi Central BankInternational Transfers

Mot: ........ Here We Goooooo 

Mot:  . Get Ready!!! --- Sooooon!!! 

News, Rumors and Opinions Saturday AM 8-31-2024

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 Sat. 31 Aug. 2024

Compiled Sat. 31 Aug. 2024 12:01 am EST by Judy Byington

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

Judy Note: Phase One of their Mission was now complete.

Right now major Global Media Networks were being prepped for what was called the Great Comeback, or Disclosure Day — a synchronized global broadcast that will explain GESARA’s principles, the details of the Greatest Transfer of Wealth in Human History and the new global economic system. This broadcast will utilize the EBS and is expected to reach billions of people, providing them with the information needed to understand and embrace upcoming changes.  

People across the Globe can look forward to 10 days of communication darkness where there will be shutdowns, but only in certain areas. The Emergency Broadcast System (EBS) will send out alerts. Banks will be closed, ATMs will not work, nor will debit/credit cards. We will need to have a minimum of 3 weeks of food, water. The Military will supply those resources if you do not have them available. There will be 24/7 education for the people airing 8 hours/reruns 3x/day.

Operation Castle Rock also implements the Quantum Financial System that releases NESARA/GESARA funds that in turn releases the D********e C***l’s stolen monies, giving them back to The People through compensation for exploitation of Birth Certificates, excusing all credit card and mortgage debt and includes a Global Currency Reset of 209 countries currencies to gold/asset backed that trade at a 1:1 with each other and returns the World to 1950s prices.

Sun. 1 Sept. 2024 The Great Comeback Disclosure Day? Major Global Media networks were being prepped for The Disclosure Day — a synchronized global broadcast that will explain GESARA’s principles, the details of the wealth transfer, and the new global economic system. This broadcast will utilize the EBS and is expected to reach billions of people, providing them with the information needed to understand and embrace the changes. MASSIVE! Trump’s Secret Meetings with Global Leaders to Launch GESARA and the Biggest Wealth Transfer in History! – Gazetteller

Fri. 30 Aug. 2024 Wolverine: “The EBS Emergency Broadcast System will begin today Fri. 30 Aug. 2024 in American Samoa Time. This will be Worldwide.”

Your Quantum Financial System (QFS) Account is already set up (on the very secure Starlink Satellite System), holding all your personal data and even your DNA. There’s nothing left to configure. Your account already contains funds, money tied to your birth certificate, past loans, mortgages, and more. This is YOUR money, earned over your lifetime, securely stored in your QFS account. … (JFK Jr.) on Telegram Fri. 30 Aug. 2024

Fri. 30 Aug. 2024 Situation Update: Judy Byington: Un-Redacted: With a Global Financial Collapse Imminent. The Greatest Transfer of Wealth in History Is Underway! Counting Down! Special Intel Report 8/30/24 (Video) | Alternative | Before It’s News (beforeitsnews.com)

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Global Currency Reset:

Judy Note: We have been told that, rather than going to a bank to exchange our foreign currencies, we would get a higher rate of exchange by calling an 800 number to obtain an appointment at an authorized Redemption Center. Instructions on how to obtain that 800 number appointment will be sent out through emails from Wells Fargo to those who have bought their currencies from a valid dealer, plus the instructions will be posted on various websites and this Update. US citizens who are exchanging Dinar can ask for the higher Dinar Contract Rate at a Redemption Center. The Zim Bonds can only be redeemed at a Redemption Center.

Fri. 30 Aug. 2024 TNT Tony: “As of today, Iraqi banks can do international transfers with the dinar. The lower denomination dinars are supposed to be available in all regions of the country by tonight. All the 3-letter agencies and the banks say that there is nothing left to do except wait. Tony was told he should be getting the 800 number in the next few hours. We should have appointments to exchange this weekend. The banks have a set time to start the exchanges. It’s supposed to be between now and Sunday, according to the 3-letter agencies. The banks were told that we should start by Sunday. So after 5 pm Eastern today to Sunday is the window. Tony thinks it’ll start on Sunday. The basic rate for the dinar at the exchange centers is supposed to be $7-8, and the basic rate for the dong is $2-3. … Tony says all of his sources are still saying the same thing…it’s all DONE. He said Alaq came to the U.S. on Monday. SO this just came out and now 13 Iraq banks are now approved to interact in International banking…. to use any currency they want to include theirs….what does that mean… RV. He said he was told right before the call that our 800 numbers are coming out later today (after 5PM). He heard the window is going to be WIDE OPEN after 5PM to Sunday.  The banks told him they were told they would start BY SUNDAY. He is getting texts as the call continues and his bankers are saying they plan on working all weekend through the holiday.”

Thurs. 29 Aug. 2024 Bruce: Bank screen rates are showing but the RC rates are grayed out. He heard right before the start of the call that the QFS is now fully implemented worldwide based on asset / gold backed currencies. Timing – When the rates come up for Forex on Sunday night the world will have them live and available. He has heard we should get notifications on Monday.

Fri. 30 Aug. 2024 Wolverine: “I’ve been told that all platforms have been shut down. They are all now getting ready to release payment. Once the Precatorias start all Yellow Dragons Bonds from my platform will cease operations immediately.

Since Monday 09/02/2024 is a holiday in the USA (Labor Day), there is no way to have banking hours on the Reno Platform (Nevada/USA), so it was defined in the meeting within the BACEN on the date of 08/29/2024 that the global START will take place on 09/03/2024 (next Tuesday), when then Brazil 2, the USA and the other countries that will make up this project that covers 47 countries (and their respective Central Banks), after several exhaustive tests and adjustments, will finally be able to synchronize and proceed simultaneously with the release and settlement of the financial operations of which they are part.

Read full post here:  https://dinarchronicles.com/2024/08/31/restored-republic-via-a-gcr-update-as-of-august-31-2024/

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

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:
Alaq in the United States of America means very little for us in the sense   of a rate change.  It is more for the banks to try to get their situation straightened out and no more sanctions.  FRANK:  I agree to a certain point but I also disagree to another point.  IMO this meeting in New York may not release a new exchange rate but it is definitely part of the monetary reform.   This meeting will accomplish steps that are necessary to release the new exchange rate.  Your banks have to be stable and secure and free from the corruption of parliament and they must be ready for the new exchange rate.  That's what they're doing.

Militia Man  Article:  "Al-Mashhadani announces the approval of the majority of deputies to his nomination for the post of Speaker of Parliament"  Now it is waiting for a vote. Let’s see how long that takes...I do believe the optics of having all three presidents in place when they fully open the doors to the world with their real effective exchange rate, will or would be well accepted globally.  Investors would likely see it as security and stability.

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BRICS Just Ditched US Imports Collapsing The US Economy!

Tech Beat:  8-30-2024

In this video, we look at the BRICS nations' recent and revolutionary decision to dramatically cut their reliance on US imports. This dramatic action marks a watershed moment in the global economic landscape, potentially marking the end of US economic dominance and ushering in a period of economic uncertainty.

We investigate the underlying forces behind this strategic decision, focusing on geopolitical tensions and economic reasons that have driven BRICS members to seek alternatives to US commodities and services.

The repercussions for the US economy might be far-reaching, affecting jobs, the dollar's worth, and the global trade system as a whole. Join us as we dissect the essential components of this economic change, examine expert perspectives, and speculate on what the future may hold for both the BRICS nations and the United States.

Could this be the beginning of a new economic order? How will this judgment affect US consumers and businesses? In this fascinating debate, we address all of these concerns and more.

https://www.youtube.com/watch?v=n0R860c5lGs

Seeds of Wisdom RV and Economic Updates Saturday Morning 8-31-24

Good Morning Dinar Recaps,

BRIDGE RAISES $58M FOR STABLECOIN API TO ENABLE REAL WORLD B2B PAYMENTS

Yesterday stablecoin startup Bridge announced it has raised a cumulative $58 million in venture funding from Sequoia, Ribbit, Index, Haun Ventures and others.

It’s initially offering two sets of APIs, one for issuing stablecoins and the other for orchestrating payments. Bridge supports a variety of stablecoin use cases, but the company’s Head of Revenue seems particularly focused on global B2B payments.

“While local bank interests and network rules worked great in the past, with today’s global work and borderless fund flows we need a truly global framework that can ride on top of financial systems,” Marco Mahrus, Bridge’s Head of Revenue told Primary Venture Partners.

The company outlined its ambitions in a job advertisement stating that it aims to “enable global companies to move and support millions of potential customers.”

To date, stablecoins have primarily been used for a narrow range of purposes – mainly for crypto transactions, by those that live in countries with volatile fiat currencies who wish to hold dollars, and sometimes for (mainly) consumer cross border payments.

Beyond emerging economies, usage outside of the crypto sector hasn’t been huge, despite the promise of low cost payments.

SpaceX and stablecoin real world use cases

Yesterday was Bridge’s formal public launch, but it started operations around 18 months ago, so it already has clients. One of them is SpaceX that uses stablecoins for global treasury management.

Bridge enables on and off-ramping in numerous currencies around the world, which can be converted to stablecoins for cross border payments.

It also supports payouts from aid organizations, creator platforms, and claims to work with the US government.

In addition to supporting FX conversions between fiat currencies and dollar stablecoins, Bridge enables conversions between different types of stablecoins. Last month it engineered a solution for Coinbase allowing the Tether stablecoin on the Tron blockchain to be converted to the USDC stablecoin on Base, Coinbase’s layer 2 blockchain.

Another client is crypto exchange, Bitso, that is providing Mexican businesses with a cross border MXN-USD payment rail using Bridge’s APIs. It’s also working with apps that target African and Latin American consumers that want to save and spend in US dollars.

The company’s team is pretty experienced. Both co-founders had stints at Coinbase and Square. Head of Revenue Marco Mahrus held similar roles at Uber and corporate card startup BREX. So far the company has money transmitter licenses in 22 U.S. states. 

In Europe it has a Polish subsidiary which is in the Virtual Currency Activities Register. This is not a MiCA licence, as we don’t believe Poland has yet issued any crypto asset service provider (CASP) registrations.

Meanwhile, Mahrus spoke about the ability of stablecoins to support transactions that arrive in seconds and at a small cost.

“When people get access to and are used to frameworks for economic exchange and payments that are available 24/7, no one will go back to a bank branch and wait for SWIFT or wire transactions during bank hours,” he said.

@ Newshounds News™

Source:  Ledger Insights

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JUST IN: 🇧🇷 Brazil officially bans X (Twitter).

JUST IN: 🇧🇷 Brazil says anyone caught using a VPN to access X (Twitter) will be fined up to $8,874 per day.

@ Newshounds News™

Source:  @WatcherGuru

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XRP NEW UPDATE: BLACKROCK HAVE OFFICIALLY BOUGHT IT ALL! XRP ANOTHER WIN
 

@ Newshounds News™

Source:  Crypto Connex Youtube

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Newshound's Currency Facts Youtube and Rumble

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More News, Rumors and Opinions Friday PM 8-30-2024

TNT:

Tishwash:  Iraq called off one million barrel shipment in a bid to match OPEC regulations: Reuters

Iraq plans to lower its oil output to in between 3.85 million and 3.9 million barrels each day in September as part of a strategy to make up for producing over its quota concurred with OPEC and allies, Reuters quoted a source on Thursday.

The plan comes just as Libyan oil production drops due to a. political conflict in between various factions.

The declines will tighten the oil market ahead of a prepared. output boost by OPEC and its allies - called OPEC+ - from. October to begin loosening up some production cuts.

Iraq produced about 4.25 million barrels each day (bpd) in. July, according to the Company of the Petroleum Exporting. Countries, mentioning secondary sources. That is above its quota of. 4 million bpd.

The oil ministry had actually sent a strategy to OPEC to compensate. for the overproduction between this month and September next. year. Iraq's cumulative overproduction between January and July. was 1.4 million bpd, OPEC said recently.

Iraq cancelled a spot cargo of 1 million barrels in August. to reduce its exports throughout the month, the source said.

There were quotes for the freight however it was removed the. market, the source said, adding two more freights of the exact same. size will be deferred from August to September.

Baghdad plans to reduce its output from September onwards by. cutting exports to 3.3 million bpd or lower, from 3.43 million. bpd, in addition to cutting local consumption to 500,000 bpd from. 570,000 bpd and asking the Kurdistan Regional Federal government to cut. its output to 50,000 bpd from 150,000 bpd, the source stated.

OPEC Secretary General Haitham Al Ghais was in Baghdad on. Wednesday and consulted with Iraqi Oil Minister Hayan Abdel-Ghani.

OPEC stated on X that Abdel-Ghani restated Iraq's. dedication to the complete and timely implementation of production. level changes, including payment plan as agreed under. the Statement of Cooperation  link

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Tishwash:  Baghdad wants money from the government and has its eye on “stalled projects”: We will launch new ones - Urgent

 Baghdad Provincial Council confirmed, today, Friday (August 30, 2024), the development of important and strategic plans to develop the capital's service reality during the next phase, indicating that it is awaiting financial allocations to complete the stalled projects .

Council member Nora Al-Jahishi told Baghdad Today, “Despite its short life, the Baghdad Council has worked during the past period to activate the oversight aspect and follow up on the work of service departments in Baghdad, and there is a noticeable development in service work due to continuous and strict oversight and follow-up  .”

Al-Jahishi added, "The Baghdad Council has developed an important and strategic work plan to launch projects and complete others that have been stalled for a long time, but we are waiting for the financial allocations, as they have not been released to us yet by the central government  ."

The Iraqi capital, Baghdad, is witnessing a remarkable urban development on the level of main roads and vertical buildings after the relative security in the country was restored and the country opened up to investments and partnerships with Arab and Western countries .

Last year, the Ministry of Planning revealed a decrease in the number of stalled projects in Iraq, while indicating that there are more than 7,000 projects under construction .

The spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, told Baghdad Today, "There are more than 7,000 projects in Iraq with different rates of completion, and great efforts are being made to complete them within two years," noting that "the government has raised the slogan of services and interest in service projects such as school projects, hospitals, roads, and sewage networks ."

He added that "the number of stalled projects has decreased to 1,000 projects distributed across various sectors and governorates," noting that "the Prime Minister has directed that these projects be resolved during the coming and upcoming year ."

He added, "We have 73 hospitals that are lagging behind and with different rates of completion that were addressed through the Amiri order 45, and some of the suspended hospitals were completed, and about 90 percent will be completed within two years," indicating that "there are 16 new hospitals that have been included in the 2024 budget ."  

Regarding the schools sector, Al-Hindawi explained that “there is a great deal of work being done to complete this sector, as the project of the thousand Chinese schools has begun, and the construction of a number of schools will be financed within the Iraq Development Fund,” noting that “nearly 40 percent of the delayed or suspended schools have been completed .”  

The spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, had previously explained to Baghdad Today the reason for the halt of most projects in Iraq, indicating that “the main reason for the halt of these projects is due to Resolution 347 issued in 2015, during the financial crisis, which led to the halt of many projects, and these projects are distributed across various sectors of transportation, communications, buildings, services, industry and agriculture, and they are at different rates of completion .”

 He added, "The priority now within the current government's program is to complete service projects, most notably hospital projects, school projects, sewage projects, and water projects. By the end of next year 2024, more than 90% of these projects will be completed, especially after the approval of the budget law, and with the existence of financial allocations for the investment program   link

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

Militia Man  The Development Road Project is going forward whether you like it or not.  Iraq is going International, they just haven't yet.  They're not on the Forex but are they going to be there?  I think they're going to be there...quite soon.

Mnt Goat   Article:  "GOVERNMENT ADVISOR EXPLAINS THE POSSIBILITY OF USING THE DINAR INSTEAD OF THE DOLLAR IN OIL SALES"  This is a...VERY good article in that it talks about the risks associated with pegging the dinar to oil prices...Instead they plan to repeg to a “basket” of international currencies from the top developed nations. This much less risky and is much more stable. Besides this is the Dr. Shabibi and IMF plan for Iraq.  Article Quote:  "Will it be a fixed exchange system supported by foreign reserves or will it be a flexible exchange system in which the (petrodinar) changes with the change in oil prices?"   I luv this...it reinforces again they are NOT going to peg the dinar to the price of oil... Nonetheless this...tells us they know they must do something and do it soon!

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WARNING. "We The People" DEMAND! A RETURN To Constitutional Money.

Greg Mannarino:  8-30-2024

https://www.youtube.com/watch?v=VFViY-KJPho

Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-30-24

Good Afternoon Dinar Recaps,

BITCOIN ADOPTION IN THE US: Billion-Dollar Bank NCR Atleos Partners with LibertyX for BTC Cashouts at ATMs

▪️NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users to convert Bitcoin into cash.

▪️The feature is designed to simplify Bitcoin-to-cash transactions by letting users pre-stage their transactions via an app.

NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users across the United States to convert Bitcoin into cash through select ATMs. This new service aims to simplify the process of withdrawing cash from Bitcoin sales, addressing a significant hurdle in the wider adoption of cryptocurrency.

Simplified Bitcoin-to-Cash Transactions

The LibertyX Bitcoin Cashout feature is a service intended to enable buyers to get cash after selling Bitcoin. To purchase cryptocurrency, users have to choose a LibertyX-affiliated ATM in their region first. The user then enters a Bitcoin address, generates a code, and withdraws U.S. dollars from an ATM. This process removes the need for traditional banking transfers, which can often be slow and cumbersome.

Currently, the feature is available across 30 states, which is only a part of the over 280,000 ATMs managed by Atleos in the United States. The current rollout is limited, but the service could be made available to more people if the trial is successful.

According to Chris Yim, the General Manager of LibertyX, this solves a major problem that hinders Bitcoin uptake because it becomes easier to cash out the digital currency.

This feature is implemented by Atleos’s ReadyCode API, which facilitates the process of making Bitcoin-to-cash transactions at ATMs. However, the service has some disadvantages. For instance, the maximum one can sell in a transaction using the Bitcoin sale access code is $400. However, the users can make several transactions to withdraw higher amounts.

LibertyX, a licensed BitLicense holder in New York, has been active in the cryptocurrency ATM business, providing Bitcoin purchasing options at over 30,000 ATMs across the country.

The implementation of the Bitcoin Cashout feature is viewed as a logical addition to its services since it connects the digital and physical worlds.

US Cryptocurrency Adoption Grows Rapidly

The LibertyX Bitcoin Cashout feature is in line with developments in the US, where the uptake of cryptocurrencies is rising.

Security. org’s 2024 Cryptocurrency Adoption and Sentiment Report revealed that 40% of the adults in America own cryptocurrency, an increase from 30% in 2023. Out of these crypto owners, 63 percent intend to invest in more digital currencies in the next year.

Furthermore, the report reveals that the number of women investors in cryptocurrencies has grown from 18% in 2023 to 29% in the first quarter of 2024. This increase in interest can be attributed to the increasing popularity of cryptocurrencies in the US financial market.

Currently, the United States dominates the market, with 82% of the total number of Bitcoin ATMs installed worldwide. However, there has been a decline in the number of functioning Bitcoin ATMs in the U. S. due to a crackdown on the machines associated with extortion and scams.

The number of Bitcoin ATMs in the United States declined by more than 400 between May and July 2024, bringing the total to 31,273.

@ Newshounds News™

Source:  Crypyo News Flash

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US partners with Nigeria for responsible AI use in military

The U.S. State Department has teamed up with Nigeria to further the responsible use of artificial intelligence (AI) in the military.

Mallory Stewart, whose role at the State Department focuses on arms control and stability, recently discussed AI use in military operations with Nigeria’s Ministry of Foreign Affairs, the Ministry of Defence, the national security advisor, civil society, and other officials from the regional bloc ECOWAS.

The U.S. has been on a global tour drumming up support for its initiative to have guardrails for AI use in the military. This initiative, which has garnered the support of 55 countries, advocates using AI “in a manner consistent with international laws and recognising inherent human bias,” Stewart told journalists in Abuja.

“We’ve learned the hard way [about the] inherent human bias built into the AI system … leading to maybe misinformation being provided to the decisionmaker,” she added.

It’s not the first time the U.S. government has partnered with Nigeria on AI. Earlier this year, the American government reiterated its support for Nigeria’s AI strategy, pledging to support the development of the West African nation’s infrastructure to boost research and innovation.

A few months later, the two governments signed an MoU to increase AI engagements between their respective national AI institutes.

The U.S. Department of Commerce has also pledged to collaborate with Nigeria on its approaches to critical areas such as “data, trusted digital infrastructure, power/green energy, AI governance policies, computing resources, digital skills relevant to AI and more.”

The controversy of AI in the military

As with virtually every other sector, AI is gaining rising adoption in the military. For some, like Japan, the technology presents a solution to a rapidly aging and declining population that has left the country short of a military workforce. Others are using it to collect and analyze data and assist in decision-making.

According to former Google (NASDAQ: GOOGL) CEO Eric Schmidt, global wars are “no longer about who can mass the most people or field the best jets, ships, and tanks.” It’s now about autonomous weapon systems and powerful algorithms.

Regulations and guardrails are critical for the technology’s deployment in the sector. However, global political alignments have overshadowed the need for policy frameworks.

One major movement led by the U.S. brought together 31 nations, including France, Germany, Canada, and Australia, to sign a declaration setting guardrails on military AI. However, China and Russia, the other two most powerful militaries after the U.S., were conspicuously missing.

As regulators slack off, AI developers are increasingly voicing their concerns and opposition to the military deployment of AI. Earlier this year, nearly 200 employees at Google DeepMind signed a letter demanding the company terminate its contracts with military organizations.

“Any involvement with military and weapon manufacturing impacts our position as leaders in ethical and responsible AI, and goes against our mission statement and stated AI Principles,” the developers say.

Industry leader OpenAI has also been dragged into military applications. Earlier this year, the company quietly removed its ban on using its AI models “for military and warfare” and has been working with the Pentagon since.

@ Newshounds News™

Source:  CoinGeek

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BANKS USING PERMISSIONLESS BLOCKCHAINS FOR TRANSACTIONS FACE MULTIPLE RISKS: BIS

Risks include operations and security, governance, legal, settlement finality and compliance, the report said.

▪️Banks transacting on permissionless blockchains face multiple risks including settlement finality, the Bank for International Settlements said in a working paper.

▪️The paper also said technology to address some of the risks, particularly privacy, is being developed. naming zero-knowledge proofs as a potential solution.

Banks that transact on permissionless blockchains face multiple risks, including money laundering and terrorism financing, the Basel Committee on Banking Supervision concluded in a new paper.

The committee is part of the Bank for International Settlements (BIS), the primary global standard setter for prudential banks.

Other risks include operations and security, governance, legal, settlement finality and compliance, the paper said.

"Certain risks stem from the blockchains’ reliance on unknown third parties, which makes it difficult for banks to conduct due diligence and oversight. These risks require new risk management strategies and safeguards. Current practices for mitigating these risks remain in various stages of development and have not been tested under stress," according to the paper.

Banks are also exposed to political uncertainty as a new legislation could "change validator behaviour," making the "blockchains themselves operationally unstable.

" A ban for instance could "reduce the amount of computing power or staked native tokens available to secure the blockchain, temporarily increasing the risk of a 51% attack," in which ”a coordinated effort is put forward to control greater than 50% of the validation nodes."

The paper also said technology to address some of the risks, particularly privacy, is being developed, naming zero-knowledge proofs as a potential solution.

Last month, the committee approved a disclosure framework for banks' exposure to crypto that must be implemented by the start of 2026.

@ Newshounds News™

Source:  CoinDesk

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Economist’s “ News and Views” Friday 8-30-2024

BRICS 2024: 126 Nations Eyeing US Dollar Exit

Arcadia Economics:  8-30-2024

The October BRICS meeting is suddenly not that far away.

And now as Vince Lanci reports in today's show, we're up to 126 nations that are set to attend the BRICS Municipal Conference. Showing increasing interest in joining the bloc and moving away from reliance on the US dollar.

 Vince also talks JP Morgan's gold comments, Nvidia's earnings, and the rest of the precious metals news this morning. To find out more, click to watch the video now!

https://www.youtube.com/watch?v=zmpublt0Who

Debt Crisis Spiraling Out Of Control | Alasdair Macleod

Liberty and Finance:  8-29-2024

Alasdair Macleod discusses the imminent financial crisis stemming from the Western world's escalating government debt, which now exceeds levels seen during World War II.

He highlights the dangerous debt trap where debt growth outpaces income growth, exacerbated by a lack of foreign investment and rising inflation.

Macleod warns that the U.S. dollar is in a precarious position, with rising interest rates and a potential recession contributing to economic instability.

 He critiques the government's policies, particularly the approach to unrealized capital gains taxes, as a manifestation of the broader problem of currency devaluation.

 Macleod underscores that gold is maintaining its value amidst this turmoil, driven by global shifts away from fiat currencies and central banks' increasing gold reserves.

INTERVIEW TIMELINE:

0:00 Intro

1:35 Topic outline

3:08 Debt trap

22:53 Stocks vs gold

33:15 Russia/Ukraine conflict

42:02 Macleod Finance

https://www.youtube.com/watch?v=kug7KCVOfqE

‘Middle-Class Squeeze’: U.S. Government Spending and Real Wages Are Under Pressure - E.J. Antoni

Kitco News:  8-29-2024

Jeremy Szafron, Anchor at Kitco News, interviews E.J. Antoni, a public finance economist from the Heritage Foundation and senior fellow at Unleash Prosperity.

 In this discussion, Antoni dives into the U.S. economy’s current state, exploring whether recent GDP growth is sustainable or merely borrowing from the future.

Antoni provides his analysis on the real impact of inflation, the federal debt crisis, and the accuracy of government-reported job data.

The conversation covers the underlying vulnerabilities in the economy, from consumer debt at record levels to the challenges facing the labor market.

00:00 – Introduction

 01:16 - Is GDP Growth Sustainable or Borrowing from the Future?

 03:41 - Consumer Spending: Resilience or Credit Dependency?

06:32 - Inflation Driven by Government Spending

 09:54 - The Growing Threat of National Debt

12:47 - Can We Trust Government Job Data?

15:33 - Small Businesses and Regulatory Burdens

18:23 - Middle-Class Erosion and Real Wages

21:48 - Recession Indicators: Are We Already There?

24:35 - Long-Term Stagnation: Lessons from Japan

https://www.youtube.com/watch?v=_eTR98KJQTM

Seeds of Wisdom RV and Economic Updates Friday Morning 8-30-24

Good Morning Dinar Recaps,

HONG KONG launches PROJECT ENSEMBLE SANDBOX for wCBDC, tokenization

Today the Hong Kong Monetary Authority (HKMA) launched the Project Ensemble Sandbox to support institutional experimentation with tokenization, both traditional securities and real world assets (RWA). The initiative also involves an experimental wholesale CBDC (wCBDC) to enable interbank settlement between the tokenized deposits of banks.

Four banks are providing the tokenized deposits: 

▪️HSBC,    ▪️Standard Chartered (Hong Kong), 

▪️Bank of China (Hong Kong) and  ▪️Hang Seng Bank. 

Other direct participants are Microsoft Hong Kong, Ant Digital Technologies (ADT) and Hashkey Group.

The Securities and Futures Commission (SFC) is partnering with HKMA for one of the four trial categories relating to fixed income and funds, where BlackRock and Franklin Templeton are amongst the ‘non community’ participants.

Julia Leung, SFC CEO said the Sandbox is an “example of how innovation and regulation can go hand in hand to blaze a new path for our financial markets.

As two major architects of Hong Kong’s financial markets, the SFC and the HKMA share the same vision and dedication to future-proofing the city’s financial system through innovative market infrastructure.”

Unlike stablecoins where payments involve a single token transfer, a tokenized deposit is a digital twin. Hence, a token transfer from the client of one bank to another also requires the banks to settle with each other in their off-chain books. That can be done with a payment using the conventional RTGS system, or ideally with a wholesale CBDC.

Liquidity, supply chain and green finance use cases

Meanwhile, another Sandbox application category is for liquidity management, including repo and treasury management. Ant International (not ADT), is collaborating with StanChart and HSBC to develop a global liquidity management solution. 

The goal is to use Ant’s Whale platform for treasury management to help the banks to exchange their tokens. Ultimately, this aims to support+ real-time 24/7 cross border payments.

Supply chain finance is an area to be explored in the Sandbox. One use case involves issuing electronic bills of lading (eBL) on the Global Shipping Business Network (GSBN) blockchain infrastructure.

These eBLs are tokenized by Ant Digital Technologies to support money movements for trade finance using tokenized deposits, with interbank settlement using wCBDC. The ICC Digital Standards Initiative is a participant in another trade related use case.
 

The fourth application area is for green finance, which attracted the most external participants (8) including local stock exchange HKEX.

Apart from these four areas, the HKMA said it would continue to engage with the community to potentially add more. Plus, it’s exploring collaborating with the BIS Innovation Hub on one or more themes.

The HKMA is also taking part in the European Central Bank wholesale DLT settlement trials. They aim to test the interoperability between the Project Ensemble platform and the Banque de France DL3S blockchain for wCBDC.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

JUST IN: Elon Musk wins dismissal of lawsuit claiming he rigged Dogecoin and conducted insider trading.

JUST IN: Elon Musk wins dismissal of lawsuit claiming he rigged Dogecoin and conducted insider trading.

@ Newshounds News™

Source: @WatcherGuru

~~~~~~~~~

Governments are scrambling to secure and safeguard their critical minerals.

Meanwhile, the majority of investors remain sleeping.

Billions of dollars worth of minerals in the ground are trading at a fraction of their true value.

This eventually will change.

@ Newshounds News™

Source:  Gold Telegraph on X

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

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Thank you Dinar Recaps

News, Rumors and Opinions Friday AM 8-30-2024

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. 30 Aug. 2024

Compiled Fri. 30 Aug. 2024 12:01 am EST by Judy Byington

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

Thurs. 29 Aug. 2024 Overview of GCR/RV …Charlie Ward and Friends on Telegram The following post is an overview for those who don’t know what this GCR/RV is all about. Most people think these three things are basically the same event, not true. Each one is different.

The GCR – the Global Currency Reset – has two separate factors or parts of the whole even.

The First factor: two hundred and nine countries of the world have signed a treaty in 2014 and will reset the value of their currency through the Cross-Border Interbank Payment System (CIPS) to be on parity with all other nations of the world. That means the value of the one Dong will be the same as the value of one dollar, or any other national currency.

The real value will be felt in international trade. The Global reset means that Forex Trading for profit will be of little value as the reset will stabilize currencies and would not be subject to m**********n of currency by any government or corporation. It will affect the export markets as well, to accommodate a country’s balance of trade. Obviously, Fiat Currencies will never work in such a structured, internationally balanced.

Quantum Financial System (QFS): To accomplish this parity, a mathematical formula was created, by some very intelligent economist types (the QFS Super Artificial Intelligence), to take a conglomerate of economic data, apply a predetermined value to each data point and come up with a value for each country. This value, compared to other countries, has more to do with, the amount of currency put into circulation in that country, than it has to do with the value of its currency.

The, use factor, of the amount of currency in a countries economy, must balance the problem of supply and demand of currency while still maintaining consistent value within the international community. A problem of no small consequence for those who plan the world economy around currency and economical parity and how to accomplish this.

The Second factor in the reset, is digital Gold backed currency. To back the currency with Gold in the new QFS financial system means there is a digital Gold certificate that says you can exchange that piece of digital currency for a real piece of Gold. That means you can use either a piece of Gold or a piece of Gold backed digital money to make a purchase. Digital Money is used for convenience instead of carrying around Gold pieces. Both have the same value. The common denominator of the value of any currency is the backing of that currency by a valued commodity or asset.

While in-ground assets and other types of assets, as well as, the economy of the country, etc., plays into the parity of that currency, Gold is the most visible and universal standard to determine value. In the new QFS Digital Financial System, Gold is used as the leveling factor that buffers diversities within each country as compared to another.

As we Exchange our old Fiat currencies for the new Gold backed currencies, we are, in effect exchanging the entire old debt s*****y Financial System for a brand new, QFS Gold backed Financial System. The Central Bank of each country will once again be a part of their Treasury Department and not owned by outside private entities like the Federal Reserve Banking system, who function for their own greed and agenda. The old system is dead in the water just like an old Battleship that is no longer functionable and of little value, except for target practice.

The Gold, used by the Chinese Elders [The good guys! They’re not the c*****s!] – to create this new QFS digital money, stands as the backing for all currencies in the world. There is plenty of Gold or assets to back these currencies, in fact, more than sufficient to accomplish a new QFS monetary system for the entire world, and to flood it with asset backed digital cash. We get to say goodbye and good riddance, to the financial system of debt s*****y.

~~~~~~~~~~

Global Currency Reset:  (Rumors and opinions)

Thurs. 29 Aug. Bruce:

On Thurs. 29 Aug. 2024 there were solid but lower bank screen rates on the Redemption Center gray screens.

On Thurs. 29 Aug. 2024 the Global Financial System was fully implemented and ready to go.

All the banks have been totally integrated.

The Dinar rate was three times higher at a Redemption Center than it was at a bank.

The Dong rate was twice as high at the Redemption Center than it was at a bank.

Zim has to be redeemed at a Redemption Center, not a bank.

Tier4b should be notified to set appointments on Mon. 1 Sept.

Mortgages and credit card debt elimination was starting Wed, Thurs, Fri, 4,5,6 Sept. and will run to Sun. 15 Sept.

R&R should kick in the first week of September.

Global arrests are taking place right now.

The Forex comes up Sun. at 5pm EST with the new rates.

~~~~~~~~~~

Thurs. 29 Aug. 2024 Wolverine, “I’m absolutely excited. I wanted you to know it’s coming. It’s absolutely real.”

Thurs. 29 Aug. 2024 MarkZ: “Expect it anywhere from last Monday until September 4th.

Wed. 28 Aug. 2024: Vietnam and Zimbabwe Forge Ahead in the Global RV Movement and Redemption Center – BOOM! The Intrigue of the $100T Zim Bonds: Unmasking the Secrets of the Redemption Center – amg-news.com – American Media Group

Wed. 28 Aug. 2024: The new Quantum Financial System is the leading technology that applies and creates 100% financial security and transparency for individual currency holders. QFS assigns a digital number to every dollar/euro/yen fixed in all bank accounts worldwide. Digital numbers are monitored and updated in real time. In other words, it indicates when the sender and receiver accounts were recorded in the ledger (GPS verification). QFS lives with artificial intelligence. Artificial intelligence interacts with all financial transactions in the world, ensuring legal and intended power and transparency. Only gold or asset-backed currencies with digital gold or asset certificates will be transferred through the QFS. All gold/asset backed currencies are converted back to the gold or asset backing them.

~~~~~~~~~~

Global Financial Crisis:

Wed. 28 Aug. 2024: BREAKING NEWS ALERT: Warren Buffett’s $981 Million Bank of America Sell-Off: The Alarming Signal of an Imminent Market Crash! – amg-news.com – American Media Group

Wed. 28 Aug. 2024 Walgreens Shutting Down Thousands of Stores: https://unitednewsfront.com/winner/walgreens-announces-its-shutting-down-thousands-of-stores-customers-furious-inflation-broke-us-2/

Read full post here:  https://dinarchronicles.com/2024/08/30/restored-republic-via-a-gcr-update-as-of-august-30-2024/

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

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:
Bank friend talked to his boss and he says when you print new currency it raises your inflation.  We have low inflation in Iraq.   We don't want to raise it.  We don't need any new zero notes.  We have already spent over $50 million on printing new notes.  FRANK:  IMO those lower notes are so close to being given to the citizens of Iraq.

Fnu Lnu  ...Crazy rumor is that the Dinar will be constant or fixed "In Country", but will float for the rest of the world. This is not true. The species of note in country will be the smaller denomination ONLY. However, the species of note for the rest of the world will include the three zero notes which will bear the same exchange rate. The only difference is that it will be multiplied by the thousands. (Three Zeros) There will be NO LOP!  It has been repeatedly stated that both species will co-exist for a period of ten years. Nothing has changed since I was told this 14 years ago. Why these rumors start to surface periodically, usually when the RV seems to be imminent,  is a mystery to me.

************

Accelerating financing private sector Iqd

Nader:  8-29-2024

https://www.youtube.com/watch?v=68P9ya2WTIg

“Tidbits From TNT” Friday Morning 8-30-2024

TNT:

Tishwash:  What are the challenges of selling Iraqi oil in “petro dinars” and will the dollar falter?

 After 2003, Iraq was able to significantly increase its oil production level thanks to its openness to international companies specializing in energy, through the new contracting system called licensing rounds. Production increased from three million barrels per day in 2003 to more than 4.22 million barrels in the last quarter of 2023.

Iraq's oil and gas sector is the country's lifeblood, contributing more than 95% of GDP.

Caution Caution

In addition, warnings are escalating about the impact of the decline in oil on the general budget in Iraq and the extent of its impact on increasing the budget deficit, which is estimated at the time of approving the budget at about (47) billion dollars, especially since the budget depends primarily on oil prices, at a rate exceeding (95%) as its source.

And to Basra, where its crude oil is witnessing weekly losses of $5, or 2%, as a result of the global decline in oil prices, while observers see: “The interesting thing about the latest confusing matter is the acceleration of oil prices, which have witnessed some declines, but as long as oil prices are above (70) dollars, Iraq is safe and the planned deficit is (47) billion dollars, but they confirmed that if it falls below (70) dollars, even by one dollar, this will increase the deficit by a large percentage of up to $1.2 billion if the decline continues for one year, and this will put great pressure on the budget.

The data also indicates that prices will remain at $70 and will rise again to around $80 based on the OPEC and OPEC Plus action plan, and Iraq will benefit. As for Iraq’s current weekly losses, they are due to fluctuations or declines in Asian demand, especially in India and China.

Strategic expert Alaa Al-Azzawi said: “This measure will enhance the value of the local currency, which is suffering from confusion due to the fluctuation of the dollar exchange rate in the Iraqi markets.

Al-Azzawi told the “Iraq Observer” agency that the most important thing in this procedure is selling oil in dinars. “The petro-dinar will enable the Iraqi currency to enter the global markets, as Russia did before and sold its oil in local currency.”

The strategic expert pointed out that the most important thing is that the Iraqi dinar will enter a new phase in global trade relations, and the position of the dollar may weaken within Iraq.

Where is the series of losses going?

Basra Heavy and Medium crude recorded weekly losses, with global oil prices recording losses of more than 2%. Basra Heavy crude closed in its last session up $1.8 to reach $72.47.

It recorded weekly losses of $3.25, while Basra Medium crude closed in its last session with an increase of $1.8 to reach $75.47, and it also recorded weekly losses of $3.39, or the equivalent of 3.92%, while Brent crude recorded weekly losses of 1.2%, and West Texas Intermediate crude recorded weekly losses of 2.1%.

Both crudes hit their lowest levels since early January this week, after the U.S. government sharply cut its estimate of jobs added by employers in the country this year through next March.

For his part, Al-Sudani’s financial advisor, Mazhar Muhammad Salih, said: “Any deviation between oil prices (petrodollars) and the exchange rate (petrodinars) according to international market data will be considered a cost that requires compensation by paying fewer dinars or collecting a higher dinar in the opposite case,” indicating that “international reserve currencies are foreign currencies held by central banks and global financial institutions as part of their monetary reserves.”

These currencies are used in international transactions and debt settlement between countries, and are a standard for international payments and facilitating global trade.”

“Russia suffered a lot when it priced its exported oil in rubles (petrorubles), and the ruble is a non-reserve currency, and committed to a value for the ruble that was initially denominated in gold to ensure the stability of oil revenues. Here, the petroruble underwent two asset cycles at the same time (which complicated the scene of selling oil in local currency and stabilizing the value of the petroruble),” Saleh said.

According to Saleh, international market data indicate that “the first cycle: is the result of the impact of what is called the gold asset cycle and its impact on the value of the (petroruble) or the local currency denominated in exported oil.

The second, and the talk is in favor of: it is the oil assets cycle, and its effect on the value of a barrel of oil outside the global price and the reflection of that on oil revenues priced in that currency, and that “the two cycles are asset cycles that are linked and contradict each other at the same time on the value (of the currency priced in the exported oil, such as the petroruble), which made pricing Russian oil in rubles as a local currency and according to the data of the global oil market a very complex issue.”

He pointed out that “the principle of using the dinar as a local currency in international oil exchanges (petrodinar) is not without many challenges, which is why those potential challenges must be carefully considered, especially the issue of the flexibility or stability of the value of the (petrodinar) itself to change and fluctuation, especially since we in the oil market are not price makers in it, but rather price takers.”

He noted that “the global oil market will control the fluctuation of the local currency (petrodinar), in addition to the importance of international recognition of it, and the financial infrastructure necessary to support such operations from (petrodinar).

“In other words, the strategy of basing the value of the currency on oil exports directly may make the value of the local currency vulnerable to fluctuations in the global market,” he continued. “The proposal to sell oil in dinars as a local currency must take into account an important theory in global trade called the Law of One Price, which is an economic concept that assumes that the same commodity should be sold at the same prices in all markets when the price is expressed in the same currency.”

Explaining: “This is on condition that there are no transportation costs or trade barriers such as customs tariffs and others, as the single price theory here is the basis for many economic and commercial models and the theory is based on the assumption that markets operate efficiently, according to the official agency.”

A new collapse
and oil prices fell by about 2 percent today, due to fears of the impact of the slowdown in economic growth in the United States and China on energy demand, especially after prices rose by more than 7 percent during the previous three days.

Brent crude futures fell 1.6 percent, or $1.31, to $80.12 a barrel, while U.S. West Texas Intermediate crude fell 1.7 percent, or $1.30, to $76.12.

Prices have risen sharply in the past few days as analysts point to a potential shutdown of Libya's Nagat fields, which could limit the OPEC member's output of around 1.2 million barrels per day.

Analysts pointed to tensions in the Middle East following a large-scale exchange of fire between Israel and Iran-allied Hezbollah in Lebanon in recent days, according to Reuters.

Crude oil prices have recently been affected by growing expectations that the Federal Reserve will cut interest rates next month, which could boost economic growth and thus demand for oil.

U.S. data is expected to show that energy companies last week pulled crude oil from inventories for the eighth week out of nine.

Analysts expected US energy companies to withdraw about three million barrels of crude from inventories during the week ending August 23.

The American Petroleum Institute is scheduled to release weekly U.S. oil inventory data today, as is the U.S. Energy Information Administration.  link

************

Tishwash:  Al-Sudani to OPEC Secretary General: Iraq is committed to the organization's production policies

Prime Minister Mohammed Shia Al-Sudani received today, Thursday, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais.

According to a statement by the Prime Minister's Office, a copy of which was received by {Euphrates News}, the meeting addressed "issues related to the oil market, with what the region is witnessing, which represents the main source of oil to the world, and the importance of coordinating joint efforts between all member states of the organization, in a way that maintains the sustainability and stability of oil prices, and does not harm exporters and consumers."

The Prime Minister stressed that "Iraq, as one of the largest oil exporting countries in the organization, always declares its commitment to the general policies of the plans adopted by OPEC countries regarding production, or what is determined within the framework of the OPEC Plus agreement."link

************

Tishwash:  Why doesn't Iraq rely on the World Bank to overcome the "dollar crisis"? An expert answers

Today, Friday (August 30, 2024), the expert in economic and financial affairs, Nabil Jabbar Al-Tamimi, commented on the possibility of the World Bank helping Iraq develop its economic and financial situation and solve the remittance crisis.

Al-Tamimi said in an interview with Baghdad Today, "The World Bank is an international banking financial institution affiliated with the United Nations, but it is subject to special management related to the influence of some countries according to their banking contributions, as its tasks are limited to investment financing for countries, providing international loans, and managing projects according to its international banking conditions."

He pointed out that "Iraq is currently working extensively with one of the World Bank institutions with the International Finance Corporation (IFC) to develop a group of sectors, including the transportation and airports sectors," explaining that "the World Bank, as an important international and financial institution and a UN institution at the same time, works with Iraq and other countries in the fields of lending and providing technical consultations, as well as providing Iraq with economic data and analyses within the limits of its work."

The expert in economic and financial affairs stressed that "it is not within the World Bank's jurisdiction to intervene in the issues facing Iraq, especially with regard to the remittance crisis, local banking failures, or weak procedures to protect funds from suspicions of money laundering and financing terrorism."

According to specialists, Iraq has more than (70) banks, approximately five of which are governmental and the remaining number are private banks, but Iraq relies heavily on financial transfers, especially with regard to the dollar, to various foreign banks, due to the failure of Iraqi private banks to arrange their legal and technical situations in the issue of financial correspondence.

Earlier, Alia Nassif, a member of the Parliamentary Integrity Committee, revealed that the Iraqi-Jordanian National Bank had obtained $3.6 billion from the currency auction during the first three months of the current year, which enabled it to obtain a profit of about 40 billion dinars. link

Mot: . Happy Friday everyone

Mot: Do You Have any Idea what a ""Jabberwalky"" Is!!!???

Seeds of Wisdom RV and Economic Updates Thursday Evening 8-29-24

Good Evening Dinar Recaps,

BRICS News: 126 Nations Discuss Moving Away from US Dollar, Explore Crypto Payments

BRICS hosted its sixth International Municipal Forum this week, with over 5,000 participants representing 126 countries attending the event in Moscow, Russia.

De-dollarisation will be high on the priority list for the countries as more countries beyond North America and Europe seek to break the US stranglehold on global finance.

BRICS is becoming stronger by the day and continues to attract more developing nations who are fed up with the continued dominance of a few economies at the expense of the majority. This made this week’s summit in Moscow even more significant, with de-dollarisation topping the list of priorities.

The sixth BRICS International Municipal Forum was held on August 27-28 this week in Moscow, Russia. According to local media, leaders from 80 Russian regions were joined by over 5,000 leaders from 120 countries globally.

Commenting on the event, Moscow’s International Relations head Sergey Cheremin said the event allowed the attendees to align their priorities in their fight for global equality.

“This forum will allow us to strengthen relations not only between the BRICS capitals and Moscow but also between our partners on all continents. Today, more than 60 official delegations are represented at the event. <…> For us, this presence is evidence of our colleagues’ interest in the technologies that Moscow is implementing in the municipal sphere,” he stated.

The forum allowed the attendees to discuss some of the challenges they face in their home countries and figure out solutions and synergies together. It touched on healthcare, transport, science and technology, education and more.

The attendees also discussed emerging trends such as AI, smart cities, IoT, climate change, and more. However, the global movement of money was one of the biggest themes.

BRICS De-dollarisation—Is Crypto Next?

As we’ve reported, BRICS has been the biggest critic of the US dollar-based global financial systems. The bloc’s founding members, especially Russia and China, have been at odds with the US for decades, competing on the tech, military, and economic front. America has continued to rely on the position of its currency to suppress these countries, and they are now fighting back.

Russia is the prime driver of the BRICS de-dollarisation movement. The Eastern European nation has been kicked out of most global funds transfer systems, including SWIFT, through the 5,000+ sanctions imposed by the US and its allies. As we recently reported, it’s working on a crypto-based system to circumvent this blockade.

When it started, BRICS was just an economic bloc of five nations with a vision of a post-USD world. However, earlier this year, five others, including Egypt and the UAE, joined, and it’s now turning into an unstoppable movement. Some reports have revealed that nearly 50 nations have expressed an interest in joining BRICS and that over half of them have formally sent their applications.

Another thing BRICS nations have in common is their affinity for crypto. Russia is set to fully legalize crypto for cross-border payments and open two new state-owned exchanges, and reports say China could follow suit.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

HOUSE COMMITTEE PLANS for Heap of Crypto Hearings in September

The House Financial Services Committee is expected to look at DeFi, U.S. enforcement and "pig butchering" in a series of hearings the panel is set to schedule for next month.

▪️The U.S. House of Representatives' financial-services committee is said to be tackling a ton of crypto issues next month, including DeFi and Securities and Exchange Commission matters.

▪️Digital assets will likely be a hot topic for SEC Chair Gary Gensler, who is said to be scheduled to face the entire committee later in September.

The U.S. House Financial Services Committee is poised to launch a series of crypto hearings digging into several aspects of the industry, according to a person briefed on the planning, including decentralized finance (DeFi), the Securities and Exchange Commission's oversight of digital assets businesses and the implications of "pig butchering" scams.

The congressional panel, which has oversight over U.S. securities and most financial products, will set a September hearing calendar jammed with crypto-relevant topics, the person said. The committee chairman, Rep. Patrick McHenry (R-N.C.), is retiring at the end of the year and has said one of his top remaining priorities is finishing one of the bills to begin establishing tailored federal rules for crypto.

The first of the hearings on Sept. 10 will be a long-awaited subcommittee examination of DeFi, an aspect of the crypto industry that's received mostly negative attention from regulators to date.

A number of proposed rules at various federal agencies could have existential consequences for DeFi projects, including at the SEC and Internal Revenue Service.

A busy day on Sept. 18 will feature two hearings – one in the morning on the enforcement practices of the SEC and one later on the implications of so-called pig butchering, the practice of posing as a romantic partner to scam people out of their assets.

But a full-committee hearing on Sept. 23 could carry the most crypto weight, with the SEC set to testify. The House panel is said to be seeking testimony from Chair Gary Gensler and the rest of the five-member commission in the same hearing – a highly unusual approach.

They'd appear just as the lawmakers are also negotiating legislation that could seek to hem in the agency's digital assets jurisdiction in favor of casting the Commodity Futures Trading Commission in a more prominent role.

The possibility of crypto legislation remains dicey this year, though the calendar includes time for work on bills, and prominent lawmakers – including Senate Majority Leader Chuck Schumer (D-N.Y.) – keep saying they intend to get something done.

A spokesperson for the committee chairman didn't immediately respond to a request for comment on the schedule planning.

@ Newshounds News™

Source:  CoinDesk

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

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Follow the Timeline 

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Subscribe to Newsletter

Thank you Dinar Recaps

More News, Rumors and Opinions Thursday PM 8-29-2024

TNT:

Tishwash:  Central Bank of Iraq on 'unannounced' visit to America

An informed source revealed, on Thursday, that the Central Bank of Iraq is currently making an unannounced visit to the United States of America, to discuss developments in the Iraqi banking sector. 

The source told Shafaq News Agency that a delegation from the Central Bank of Iraq, headed by the Governor of the Central Bank, Ali Al-Alaq, and a number of general managers, have been visiting the United States of America since the 26th of this month, to discuss developments in the banking sector and the restrictions on the use of the dollar imposed on a large number of private banks. 

He pointed out that the Central Bank delegation discussed cancelling the platform at the beginning of next year, and relying on correspondent banks, which will increase the imposition of restrictions on Iraqi private banks, and completely eliminate competition in favor of Jordanian banks that have American correspondent banks. 

The source noted that the Central Bank is close to signing a contract with Oliver Wyman, the consulting firm for the Iraqi Development Road, to conduct a study on reforming the Iraqi banking sector, in order for it to be approved by the Central Bank in the coming period, and to be considered a roadmap for reforming the private banking sector. 

On the other hand, a number of economists were surprised by the lack of announcement of the visit of the Central Bank of Iraq to America, especially since it comes at a very important time.  link

**************

Tishwash:  Parliamentary Committee: We intend to amend 10 economic laws to facilitate trade and customs procedures

 The Parliamentary Economic Committee announced today, Thursday, the existence of a project to amend about 10 economic laws, explaining that the goal is to enhance trade, facilitate customs and tax procedures, support the public and private sectors, and develop a real map for economic reform.  

Committee member Yasser Al-Hussaini said, “There is a new project that includes amendments to approximately 10 economic laws,” indicating that “the proposed amendments came after holding intensive workshops with the Businessmen’s Union and the Iraqi Businessmen’s Council, in addition to representatives from various economic sectors.” 

He explained that "these workshops aimed to absorb all visions and requirements from various economic sectors, including commercial and industrial sectors, in order to develop a comprehensive vision that achieves the required reform." 

Al-Hussaini pointed out that "the proposed project includes amendments to 10 laws aimed at enhancing trade, facilitating customs and tax procedures, and supporting the public and private sectors." 

The MP stressed that "the proposed percentage of amendments is still less than the desired level of comprehensive economic reform." 

He explained that "the committee hopes to expand the scope of the amendments to include more economic laws, reflecting the true vision of economic reform, which is not limited to meeting the requirements of the government or the private sector, but aims to develop a comprehensive vision that achieves the interests of all." 

He explained that "the law was read for the first time, and the second reading is scheduled to take place after the final vision matures through the ongoing workshops, after which the committee's report will be submitted and the law will be voted on." 

He pointed out that "this approach aims to draw a real roadmap for the long-awaited economic reform, and to ensure its compatibility with all the aspirations of the concerned parties, whether at the government or private sector level."   link

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

8-28-2024  Intel Guru Frank26  [Iraq boots-on-the-ground report]  FIREFLY: They tell us no matter what the dinar is stable and it is strong.  FRANK:  A program rate is not stable or strong...It's completely  worthless.  It's not strong.  It's not stable.  What are they telling the citizens?  FIREFLY:  New changes once they are implemented and take hold it will be a backbone of security for our economy and our banking system.  FRANK: That's why Alaq is in  New York right now.  Security and stability being established for the monetary reform...What are they trying to tell you?  That you  have a new exchange rate...lower notes coming to you.  None of this is going to work at a program rate.  It can only work with the  new exchange rate to add purchasing power...  

Militia Man   Iraq has some of the largest deposits of phosphates and sulfur...massive world class gold supply...rare Earths...liquid natural gas and they have...tourism... They all generate income... The Development Road Project...you're going to find taxes and tariffs at the borders.  There's going to be a lot of revenue, a lot...Back in Saddam Husain era [the dinar] was around $3.22.  It may have been considered a little bit overpriced, should have been more about $2.80...It's at 1310 right now!  There's a big difference.  Now you have to add all those things I just mentioned.  The valuation of a country.  That's what they have to do... Sudani wasn't lying when he said the dinar is going to be stronger than the dollar...

Bank Of America Is In Big Trouble

Atlantis Report:  8-28-2024

The banking industry is going through a significant change, and Bank of America is at the center of it. Despite being known for its strength, it is now facing numerous challenges that could shake its foundations.

Bank of America is currently facing different challenges, which have created an uncertain environment for investors, analysts, and consumers who are cautiously observing how the bank will navigate through these difficulties.

 Despite its previous success, Bank of America's future remains uncertain, with many challenges that have critical implications for the broader economy and impact on the real estate market.

https://www.youtube.com/watch?v=O4w4ZwyqdaU

WARNING: Warren Buffet “No Comment” on BANK Sell-Off and Holding BILLIONS in Cash

Taylor Kenny:  8-29-2024

Berkshire Hathaway tops $1 Trillion Dollar market cap as Warren Buffet sells almost $1 Billion worth of Bank of America shares. He's refusing to speak on it at this time...Does he know something we don't?

https://www.youtube.com/watch?v=P5p-lgDwvtI