News, Rumors and Opinions Monday AM 9-2-2024
KTFA:
Clare: Al-Sudani confirms to the consulting company the necessity of meeting the technical and economic needs of the development road project
9/1/2024
Prime Minister Mohammed Shia Al-Sudani received today, Sunday, representatives of Oliver Wyman Consulting Company for the Ministry of Transport.
A statement from his office, received by {Euphrates News}, stated that: "This came within the framework of Al-Sudani's follow-up of the Iraq Development Road project and the progress of work in it, in the presence of a number of advisors."
KTFA:
Clare: Al-Sudani confirms to the consulting company the necessity of meeting the technical and economic needs of the development road project
9/1/2024
Prime Minister Mohammed Shia Al-Sudani received today, Sunday, representatives of Oliver Wyman Consulting Company for the Ministry of Transport.
A statement from his office, received by {Euphrates News}, stated that: "This came within the framework of Al-Sudani's follow-up of the Iraq Development Road project and the progress of work in it, in the presence of a number of advisors."
He added, "The meeting witnessed a review of a number of tracks to follow up on the implementation stages according to the timetable for the sections."
Al-Sudani stressed the "necessity of the consulting body to take into consideration meeting the technical and economic needs of the project, which confirms its pivotal role in the economy of Iraq and the region." LINK
Clare: Imposing a curfew in all Iraqi governorates on November 20 and 21
9/1/2024
The Iraqi government decided, on Sunday, to impose a curfew on November 20 and 21 in all regions and cities of the country to conduct the population census.
This came during the chairmanship of Prime Minister Mohammed Shia Al-Sudani of the third meeting of the Supreme Population Council, during which the preparations underway to conduct the general population and housing census next November were discussed and followed up.
The meeting approved a set of decisions that would facilitate the preparation and training process for conducting the census, as follows: Imposing a curfew in all Iraqi governorates on November 20 and 21, to conduct the population census.
It was also decided to address the requirements with the Kurdistan Regional Government of Iraq regarding training statistical personnel for the numbering and enumeration process.
Among the decisions, the Ministries of Education, Higher Education and Scientific Research will support the statistical process by preparing classrooms for training, as well as youth centers through the Ministry of Youth and Sports.
The Council stressed in its decisions the need to expedite the transfer of financial requirements and allocations to finance the census project.
The statement also referred to hosting the head of the General Authority for Statistics and Geographic Information Systems in the meeting of the Supreme Committee for Coordination between the Governorates.
The meeting approved the study of amending the Compulsory Education Law No. 118 of 1976, as well as supporting the executive body for literacy in the governorates, and providing it with the required financial allocation.
It was also decided to adopt the report on the overall procedures and indicators achieved by the sectoral ministries concerned with implementing the recommendations issued by international conferences and national commitments on population issues, issued by the Statistics and Geographic Information Systems Authority in the Ministry of Planning, provided that the report includes appendices that include the most important statistical indicators resulting from the general population census, the social and economic survey of families in Iraq, and the multiple-indicator survey.
Today, Sunday, September 1, the Ministry of Planning began the census and numbering operations, which will continue for two months, in preparation for implementing the general population and housing census, scheduled for November 20, 2024.
The head of the Statistics and Geographic Information Systems Authority at the Ministry of Planning, Diaa Awad Kazim, called in a press conference held yesterday for the Council of Ministers to impose a curfew on the census day in order to complete household data.
Last May, the Iraqi Deputy Prime Minister and Minister of Planning announced commitment to the timelines of the action plan, and the population census will be implemented on its scheduled date of November 20, 2024.
At the end of last May, the Ministry of Planning conducted a pilot census in 86 localities distributed among 18 governorates, 46 in rural areas and 40 in urban areas.
Iraq is preparing to conduct a general population census on October 20 of this year.
According to estimates prepared by the Ministry of Planning, the population of Iraq in 2023 is 43 million people, while the capital, Baghdad, has the largest population according to population projections based on annual estimates.
The Ministry of Planning expects Iraq's population to reach 48 million by 2028. LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Samson Article 1: "The Minister of Finance follows up on the regulation of the work of government banks with the international auditing firm Ernst & Young" Article 2: "Central Bank contracts with international auditing firm in New York"
Militia Man You didn't have anybody talking about privatizing the banks 20 years ago...It wasn't in the pipeline. It's obviously different from 2016. We don't have ISSI anymore. It's obviously different from 2018. Why would they print all that currency in 2018 and then just stop doing it? ...It's really a complex situation. It's more than just pushing a button... There was a component of corruption...We all know they're going to have transparency and accountability...With the likes of Ernst & Young involved the world will find confidence...You're going to find big things are underway for this country.
The Collapse of America & Everything Wrong With Society Today (+ A Hopeful Way Forward) | Ray Dalio
Tom Bilyeu: 9-1-2024
Today, we dive deep into the complex dynamics of America's current economic and societal challenges with legendary investor and author, Ray Dalio. In this episode titled "The Collapse of America & Everything Wrong With Society Today (+ A Hopeful Way Forward),"
Tom and Ray explore the precarious state of the U.S. economy, examining the consequences of national debt, the importance of fiscal responsibility, and the geopolitical shifts threatening the dollar's status as the world reserve currency.
Ray Dalio lays out a clear blueprint for navigating these turbulent times, emphasizing the need for financial strength, prudent governance, and social cohesion.
The conversation delves into critical topics such as the devaluation of the dollar, the necessity of a thriving middle class, and the transformative impact of quality education and equal opportunity.
They also discuss intriguing case studies, including Singapore's remarkable rise and the fundamental principles that have guided historically successful nations.
This episode is a must-listen for anyone concerned about the future of America and looking for actionable insights on fostering a more resilient and prosperous society.
Tune in as Tom and Ray tackle the tough questions and offer a hopeful path forward.
“Tidbits From TNT” Monday Morning 9-2-2024
TNT:
Tishwash: Iraq participates in the meeting of the Arab Economic Council
The Arab Economic Committee is scheduled to begin its work today, Monday, to prepare for the 114th session of the Arab League's Economic and Social Council, which will be held at the ministerial level next Thursday, with the participation of the Minister of Trade, Athir Dawood Salman Al-Ghariri.
Iraq will be represented in the meetings of the Economic and Social Council by two delegations, the first from the Ministry of Labor, which will attend the meetings of the Arab Social Committee, while the second delegation will be from the Ministry of Trade and will participate in the meeting of the Economic Committee.
TNT:
Tishwash: Iraq participates in the meeting of the Arab Economic Council
The Arab Economic Committee is scheduled to begin its work today, Monday, to prepare for the 114th session of the Arab League's Economic and Social Council, which will be held at the ministerial level next Thursday, with the participation of the Minister of Trade, Athir Dawood Salman Al-Ghariri.
Iraq will be represented in the meetings of the Economic and Social Council by two delegations, the first from the Ministry of Labor, which will attend the meetings of the Arab Social Committee, while the second delegation will be from the Ministry of Trade and will participate in the meeting of the Economic Committee.
The Arab Social Committee held its meeting yesterday, Sunday, with the participation of a delegation from the Ministry of Labor and Social Affairs, and a number of decisions were submitted to the Council.
The ministerial meeting of the Economic and Social Council next Thursday, in which the Minister of Trade will participate, will be preceded by a meeting of senior officials in the Council the day after tomorrow, Wednesday.
Assistant Secretary-General and Head of the Social Affairs Sector, Ambassador Dr. Haifa Abu Ghazaleh, stated that the 114th session of the Economic and Social Council began its work with the Council's Social Committee.
Abu-Ghazaleh added that the Social Committee reviewed the report of the Secretary-General of the League of Arab States, which included all the efforts and activities that took place between the two sessions of the Council in various sectors of joint Arab social and development work.
She continued that the report focused on continuing to implement the social dimensions of the 2030 Sustainable Development Plan, supporting vulnerable groups in society, and other activities related to persons with disabilities and the elderly, health, youth, women, family and childhood, population policies, civil society and human rights, migration and expatriates, education, scientific research, culture and dialogue of civilizations. link
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Tishwash: Schlumberger signs Iraq Training Agreement
The Arab Institute for Oil and Schlumberger have signed a cooperation agreement at the Iraqi Ministry of Oil, focusing on training and development for the sector's workforce.
Bassem Mohammed Khudair, the Deputy Minister for Extraction Affairs, stated that this memorandum aligns with the ministry's strategy to enhance technical and engineering skills.
Schlumberger's Executive Director in Iraq, Waseem Al-Azmeh, emphasized the company's commitment to using its expertise to develop the skills of Iraq's oil sector employees.
Hisham Yass, General Director of the Training and Development Department, highlighted that this partnership is a significant addition to the ministry's training program, to be implemented through the Arab Institute for Oil, which is responsible for certifying training programs.
Ghaleb Mohammed Ali, the Deputy Director of the institute, expressed hope that this collaboration will help achieve the ministry's goals in improving the performance of its workforce. link
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Tishwash: The Central Bank of Iran sold 320 billion Iraqi dinars to visitors
Iranian media revealed, today, Sunday, that 1.6 million Iranian visitors purchased the Iraqi currency in Iran before heading to Iraq to perform the Arbaeen pilgrimage.
Tala website reported that from August 7 to September 1, more than 1.6 million people received the "Arbaeen Coin", at a rate of 200,000 Iraqi dinars for each visitor, to meet their needs in Iraq.
He explained that selling dinars to visitors is a very good step, and has been taking place for two years, and saves visitors the trouble of converting their currency in Iraq into Iraqi currency, and Iraqi dinars can be obtained at a certain price for purchase directly from Iranian banks.
The website quotes experts as saying that in general there is no problem in providing the dinar from the point of view of the existence of the Central Bank, and next year the amount will be increased to more than 200 thousand dinars for each visitor.
Arbaeen visitors who travel to Iraq by air can obtain $500 in travel currency in addition to 200 thousand dinars in Arbaeen currency from the ATMs located at Imam Khomeini International Airport.
According to the announced figures, the Central Bank of Iran sold 320 billion Iraqi dinars to visitors entering Iraq, while questions remain about where the Central Bank of Iran gets the Iraqi dinars from, and whether they are one of the payments that Iraq spends on Iran to settle some import transactions that cannot be paid in dollars. link
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Tishwash: Al-Sudani's advisor explains the reasons for the fluctuation of gold prices in Iraq
The financial and economic advisor to the Prime Minister, Mazhar Salih, said today, Monday, that the reasons for the fluctuation of the price of gold in Iraq are not internal, but rather global, indicating that the Iraqi government encourages the import of gold because it is a “safe haven” for wealth.
At the state or individual level, gold has historically been a safe haven for preserving the purchasing power of wealth, as people keep gold for that purpose, and the cycle of gold assets between rising and falling is usually slow. If we take the cycle of assets, we find gold, almost as an average, as it is of constant value among other wealth,” Saleh told Al Furat News Agency, explaining that “society has historically been accustomed to keeping gold as a tendency to preserve personal wealth.”
He added, "In the modern era, the state keeps part of its foreign reserves supporting the national currency in gold. For example, Iraq keeps about 148 tons of gold, which constitutes 10% of its foreign currency reserves."
During the past month of February, Iraq's gold reserves witnessed a significant increase, as data from the International Monetary Fund showed that Iraq had increased its holdings of the precious metal by 3,079 tons, bringing the total to 145,661 tons.
He continued, "The reserves are a diversified investment portfolio of gold and currencies such as the dollar, euro, pound, yuan, yen, and others," describing this diversity as "based on basic global evidence, and it is not arbitrary."
He pointed out that "this evidence was made in agreement with the International Monetary Fund, in terms of the percentages of monetary gold that support and are considered a cover for the Iraqi dinar."
He stressed that the global standard for this is 10%, considering gold “not easy for fast payment operations and others, and it is heavy, but it is part of protecting reserves and confronting fluctuations in currency values.”
He explained that "the gold asset cycle is slow, so keeping it protects reserves from currency fluctuations. Iraq is not a maker of gold prices in global markets, but rather a recipient, because we are not a country that possesses gold wealth, but rather we import gold. Therefore, the entry of gold into
Iraq is a good wealth that is better than the entry of consumer goods that are not valuable and drain resources. Gold is a "precious wealth for the future," noting that "the gold discovered in the world is approximately 75%, and it is limited and not extensive, so central banks are pushing to keep a minimum amount of gold."
He stressed that "the policy of encouraging the entry of gold into Iraq is an import of wealth, and as assets they represent good stores of wealth, so the state encourages this and the customs taxes on them are moderate," indicating that "the gold markets in Iraq depend on two things: its price in the world and the extent of the rise or fall of the dollar, and we receive external visas at the value of gold and the dollar," considering encouraging the flow of gold into Iraq "a good thing. Recently, the price of gold has risen in Iraq, as the price of a mithqal (5 grams) has exceeded 500 thousand Iraqi dinars." link
Mot: .. Have a Safe One!!!
Mot: Siiiiiigggghhhhhh -- AGAIN!!! ---
More News, Rumors and Opinions Sunday PM 9-1-2024
TNT:
Tishwash: Finance: Iraq maintains its credit rating and foreign exchange reserves level
The Ministry of Finance confirmed, on Sunday, that Iraq has maintained its credit rating and the level of foreign currency reserves.
The ministry said in a statement, seen by "Al-Eqtisad News", that "in the latest report issued by Standard & Poor's Credit Rating Agency (S&P), Iraq maintains its credit rating at B- / B with a stable outlook, indicating financial and economic stability in Iraq."
TNT:
Tishwash: Finance: Iraq maintains its credit rating and foreign exchange reserves level
The Ministry of Finance confirmed, on Sunday, that Iraq has maintained its credit rating and the level of foreign currency reserves.
The ministry said in a statement, seen by "Al-Eqtisad News", that "in the latest report issued by Standard & Poor's Credit Rating Agency (S&P), Iraq maintains its credit rating at B- / B with a stable outlook, indicating financial and economic stability in Iraq."
It added, "The new rating reflects the ongoing economic and financial reform policy pursued by the Ministry of Finance, in addition to maintaining the level of foreign currency reserves that exceed the external public debt and fulfilling other external financial obligations as a result of the stability of crude oil prices." It continued,
"The agency's report indicated the possibility of improving Iraq's credit rating in the event of an increase in the economic growth rate, diversification of the state's oil and non-oil public financial revenues, an increase in the per capita income share of the national income, and the continuation of financial and economic policy reform measures." link
Tishwash: Prime Minister's Advisor Announces Increase in Non-Oil Revenues Compared to Previous Years
The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh, announced today, Sunday, that non-oil revenues have increased compared to previous years, while pointing to two factors that contributed to maximizing revenues.
Saleh told the Iraqi News Agency (INA): "There are tangible positive indicators in the growth of non-oil revenues for the year 2024 compared to previous years that reached record levels," explaining that "the development of oil and non-oil revenues (at the semi-annual level) between 2023 and 2024 has shown a distinctive growth in revenues in general, and non-oil revenues in particular, as these available financial digital data indicated tangible levels of financial revenues."
He pointed out that "oil revenues (semi-annual) for the year 2023 amounted to 53.88 trillion dinars, while non-oil revenues amounted to nearly 0.42 trillion dinars (during the six months of the same year 2023)," indicating that "oil revenues in the first half of the year 2024 amounted to 58.80 trillion dinars, while non-oil revenues (at the end of the first half of the year 2024) rose to reach 7.18 trillion dinars."
He added: "This is a major development in the public financial capabilities during the current year to maximize its resources from non-oil sources," adding that they are "clear trends that have taken their practical course, relying primarily on a new approach to tax reforms (in both direct and indirect forms)."
Saleh added, "The positive development in non-oil revenues is due to two important factors, the first: the broad applications of government policies in the field of public finance reform (organizationally and procedurally) through paths that are in line with the principle of maximizing non-oil revenues stipulated in the government's program for financial reform, which stipulates raising the contribution of non-oil revenues to 20% of total annual revenues compared to the previous low rates."
Saleh stated that “the Council of Ministers approved earlier this year 8 new packages to reform the country’s tax system, led by the principle of expanding tax bases, especially those that are hidden, evading or neglecting annual tax accounting. Two of these packages have been launched to date, and the rest of the packages will be launched sequentially and gradually within the government’s reform policy in the financial field and maximizing the state’s resources from sources of income and wealth outside the oil sector.”
He pointed out that "the second factor stems from the importance of implementing e-governance processes, especially the serious progress in implementing digital service systems in cooperation and technical and organizational assistance provided with financial and commercial bodies and institutions affiliated with the United Nations."
He explained that "the adoption of digital applications at border crossings and customs sites, which have taken important aspects of auditing and estimation operations, in addition to the expansion of the scope of digital customs and tax collection related to electronic payment, has worked to maximize non-oil financial resources and control cash flows for the benefit of the treasury, which is a matter that has begun to serve the integration of procedures for implementing the unified treasury account and imposing financial discipline on cash flows in the federal public finance at the same time link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Nader From The Mid East Everybody's saying there's a new category of currency come out in the streets of Iraq. We heard it but we didn't see anything. Nothing new, we still with the same currency. For now didn't see anything.
yada Considering the revelation of last week's progress in NY, regarding the activation of Iraq's ability to exchange the other currencies world wide starting Friday...The digital conversions of dinars to other currencies and visa versa. That was achieved on Friday...I believe the RI is done and awaiting the markets reopening. Trillions in dinar will gain value and contracts and agreements will be active.
BREAKING NEWS Iraqi Parliament Giving Itself a Raise!
Edu Matrix: 8-331-2024
People in Iraq Not Happy About Parliament's Decision to Give Itself a Raise! BREAKING. Currency News; Iraq:
Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-1-24
Good Afternoon Dinar Recaps,
ARE XRP AND XLM CORRELATED? RIPPLE CTO SHARES INSIGHTS
XRP and Stellar (XLM) are two cryptocurrencies that have been constantly compared in terms of price growth and development. Both digital assets are committed to facilitating cross-border transactions. In continuance to a discussion revolving around XRP that initiated in March, the Ripple CTO, David Schwartz has shared some interesting insights into the correlation between XRP and Stellar (XLM).
Good Afternoon Dinar Recaps,
ARE XRP AND XLM CORRELATED? RIPPLE CTO SHARES INSIGHTS
XRP and Stellar (XLM) are two cryptocurrencies that have been constantly compared in terms of price growth and development. Both digital assets are committed to facilitating cross-border transactions. In continuance to a discussion revolving around XRP that initiated in March, the Ripple CTO, David Schwartz has shared some interesting insights into the correlation between XRP and Stellar (XLM).
Insights From Schwartz’s
In an X post, Schwartz openly acknowledged that he had no idea what were the factors that drive XRP’s price. It might be surprising to see that such a statement is made by one of the key architects of XRP Ledger, but regardless, it is worth noting that this might highlight various market factors that might be influencing the XRP price action.
He further went on to notice a crucial point stating-
“The only real objective data point I have is that XRP tracks the price and market cap of XLM incredibly well over all time frames.” This observation might imply that despite the complexities influencing the price action, XRP and XLM share a closely connected path.
Exploring Their Origins And Price Influence
XRP and XLM share identical origins, as XLM was created by Jed McCaleb, a co-founder of Ripple who later split to start Stellar. Both the tokens are intended to facilitate cross-border payments, although they cater to different markets and use cases.
The correlation emphasized by Schwartz could mean that market forces affecting one of these tokens often influence the other. However, the exact reasons for this correlation remain speculative, as Schwartz himself has cited the lack of clarity on the precise drivers behind XRP’s price.
CTO’s Previous Hints To The Correlation
Schwartz had previously also shared a chart displaying a strong correlation in the price movements and patterns between XRP and XLM tokens and had explained the distinct reasons behind XRP and XLM’s unique price movements.
The Ripple CTO had admitted even back then that he lacked an accurate explanation for the price correlations, however, he provided two major factors that could be influencing the price trends.
The Two Factors That Could Be At Play
Schwartz revealed that comparable market forces that regulate various cryptocurrencies also control XRP and XLM. He stated that most investors and crypto enthusiasts often place XRP and XLM within the same category due to the cryptocurrencies’ historical connection.
Therefore a significant number of people simultaneously engage in buying and selling XRP and XLM causing the cryptocurrencies to have similar price movements
XRP and XLM have gained significant attention, and often viewed as the leading contenders for cross-border payments and mainstream adoption. While they tend to display similar price tracks, there still needs to be some clarity on the correlation between the two.
@ Newshounds News™
Source: Coinpedia
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REPORT: BLOCKCHAIN IS POISED TO OVERHAUL GLOBAL PAYMENT SYSTEMS
According to a Binance report, blockchain technology is set to transform the global payments landscape by addressing inefficiencies in traditional financial systems.
The Binance research report highlights that while current payment methods, such as Visa and Mastercard, offer the convenience of near-instantaneous payment authorization, actual settlement times often lag, sometimes by several days.
This delay is especially pronounced in cross-border transactions, where communication between banks in different countries can extend settlement times.
In contrast, blockchain-based payments offer near-instant settlement. The report cites a 2021 pilot conducted by Visa and Crypto.com in Australia, where the use of USDC (USDC) and the Ethereum (ETH) blockchain allowed cross-border transactions to be settled in a fraction of the time traditionally required.
@ Newshounds News™
Source: Crypto News
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KEY EVENTS IN SEPTEMBER 2024 IMPACT THE CRYPTOCURRENCY SECTOR IN BRIEF
▪️September 2024 will be critical for the cryptocurrency sector.
▪️Key events include Korea Blockchain Week and US economic data releases.
▪️Political and economic developments could significantly impact the crypto market.
September 2024 will be a highly active and critical period for the cryptocurrency sector. The events occurring during this time could shape both the developments in the sector and the future of the market. Wu Blockchain has provided a list of important events, and we will take a closer look at the details.
▪️Korea Blockchain Week Starts on September 1
▪️US Non-Farm Payroll Data for August to be Released on September 6
▪️Trump and Harris to Meet on September 10
▪️US Inflation Data to be Released on September 11
▪️Token2049 Global Conference and Fed Interest Rate Decision on September 18
▪️Former Binance CEO Changpeng Zhao to be Released on September 29
Korea Blockchain Week Starts on September 1
First, the Korea Blockchain Week starting on September 1 stands out as a major event where significant figures in the sector will gather.
US Non-Farm Payroll Data for August to be Released on September 6
The US Non-Farm Payroll Data for August, which is of great importance for the US economy, will be released on September 6.
Changes in employment are expected to provide clues about the overall state of the US economy. A potential decline in the data could cause fluctuations in the cryptocurrency market, as negative economic signals may increase interest in risky assets.
Trump and Harris to Meet on September 10
The first presidential debate between Trump and Kamala Harris, scheduled for September 10, is highly anticipated.
The focus on economic issues in the debate will attract the attention of the cryptocurrency community. Political developments in the US are closely related to the crypto market, making this debate highly significant.
US Inflation Data to be Released on September 11
Inflation data has always been critical for cryptocurrency investors. The US Consumer Price Index (CPI) data for August, to be released on September 11, will provide important insights into the direction of inflation.
Since cryptocurrencies are known to be seen as a hedge during high inflation periods, this data could create significant market activity.
Token2049 Global Conference and Fed Interest Rate Decision on September 18
The Token2049 Global Conference, starting on September 18, is another major event where significant figures in the sector will gather. Announcements made during the conference, especially new partnerships and projects, could cause significant fluctuations in the cryptocurrency market.
On the same day, the Federal Reserve FOMC meeting will determine decisions regarding interest rates. Interest rate cuts generally increase interest in risky assets like cryptocurrencies. the-cryptocurrency-sector/#trump-and-harris-to-meet-on-september-10Additionally, the final decision in the case against Trump concerning allegations of irregularities in job records will also be made on the same day.
@ Newshounds News™
Source: Coin-Turk
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Economist’s “News and Views” Sunday 9
The Next Black Swan Event Is About To CRUSH The U S Economy
Atlantis Report: 8-31-2024
There is a growing sense of unease among the influential people in the United States. Rumors of an upcoming economic disaster have intensified to the point of being overwhelming.
Recent fluctuations in the value of the U.S. dollar have caused a lot of anxiety among investors and policymakers worldwide.
The Next Black Swan Event Is About To CRUSH The U S Economy
Atlantis Report: 8-31-2024
There is a growing sense of unease among the influential people in the United States. Rumors of an upcoming economic disaster have intensified to the point of being overwhelming.
Recent fluctuations in the value of the U.S. dollar have caused a lot of anxiety among investors and policymakers worldwide.
While a strong currency is usually seen as a positive thing, in this case, its sudden surge has created uncertainty and left many people worried.
Understanding the reasons behind this situation, the threat of recent fluctuations of the U.S. dollar, and the complex dance between the Federal Reserve and interest rates is essential.
Banks Can't Hide From The Truth | Adrian Day
Liberty and Finance: 8-31-2024
Adrian Day discusses the current risks to banks, insurance companies, and pension funds, highlighting concerns about commercial real estate.
He notes that the U.S. economy is weaker than it appears, evidenced by recent job revisions and a predominance of part-time and government positions.
Day anticipates that the Federal Reserve will cut interest rates, a move that typically signals a forthcoming recession but is favorable for gold and commodity investments.
He explains that gold stocks are starting to outperform physical gold, presenting a compelling opportunity for investors.
Additionally, Day predicts a rotation out of overvalued U.S. stocks into undervalued global and commodity stocks, suggesting a cyclical shift in market performance.
Rafi Farber: Bloomberg Explicitly Calls the End Game In the Repo Market
Arcadia Economics: 8-331-2024
It's what Rafi Farber has been saying for about two years now. The End Game will be focused on the repo market, where banks trade each other trillions of dollars every night for wholesale funding.
With the Fed continuing quantitative tightening, eventually there will not be enough dollars to grease the repo market, and we will hit another repocalypse.
Bloomberg finally sees it coming, even using the term "end game" to describe it.
In this week's silver report, Rafi goes into this and other topics including the percentage of dollars backed by deferred assets (Fed losses) and when, theoretically, every dollar in existence will be backed by what the Fed owes the Treasury.
“Tidbits From TNT” Sunday 9-1-2024
TNT:
Tishwash: Oliver Wyman Company and lifting sanctions on banks banned from the dollar
The Central Bank of Iraq has contracted with Oliver Wyman, a global consulting firm that has the ability to “restructure companies to succeed in difficult times, build a new strategy in banking, and be a leader in risk, strategy, and human resources, helping clients navigate a dynamic environment across four global firms.”
A firm like Oliver Wyman can therefore help sanctioned Iraqi banks understand the sanctions imposed on them, work on strategies to mitigate their impact, and even help remove these sanctions in some cases.
TNT:
Tishwash: Oliver Wyman Company and lifting sanctions on banks banned from the dollar
The Central Bank of Iraq has contracted with Oliver Wyman, a global consulting firm that has the ability to “restructure companies to succeed in difficult times, build a new strategy in banking, and be a leader in risk, strategy, and human resources, helping clients navigate a dynamic environment across four global firms.”
A firm like Oliver Wyman can therefore help sanctioned Iraqi banks understand the sanctions imposed on them, work on strategies to mitigate their impact, and even help remove these sanctions in some cases.
Legally, the firm can help Iraqi banks understand international laws and sanctions applicable to them, identify any legal risks associated with their activity, and then provide recommendations on how to improve banks’ compliance with international sanctions, and develop plans to mitigate risks.
In addition, the firm will help Iraqi banks communicate with international government agencies to learn more about the sanctions imposed on them, or to request “exceptions or mitigations,” by providing training programs for employees in Iraqi banks to develop their skills in the field of sanctions compliance.
From the above, we conclude that Oliver Wyman can play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then submit a recommendation to the Treasury Department and the Federal Reserve that paves the way for lifting the sanctions. link
Tishwash: Parliamentary Economy Committee Discusses Amending the "Investment Law"
The Iraqi legislative arena is currently witnessing intensive discussions about the fourth amendment to Investment Law No. 13 of 2006, as amended, in light of the significant expansion of investment activity in the country in recent years.
These discussions come within the framework of efforts aimed at improving the investment environment and addressing the gaps in the current law.
In a press interview followed by “Economy News”, member of the Economic Committee, Diaa Al-Hindi, confirmed that the proposed amendment is “important and necessary” due to the many problems that the current law suffers from, explaining that “the current law requires fundamental amendments in several aspects, including the mechanism for selecting heads of bodies and members of the board of directors in bodies, in addition to the conditions for granting and withdrawing investment licenses, additional extensions, and grievance procedures.”
Al-Hindi pointed out that the amendment seeks to address those issues that the current law did not adequately address, which negatively affects the investment climate in Iraq. link
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Tishwash: Business Impact Conference – Iraq (BICI) kicks off in Erbil
36 companies collaborate to create positive, inspiring and sustainable work environments
The Business Impact Conference – Iraq (BICI) kicked off today in its first session with the distinguished participation of 36 Iraqi companies, where entrepreneurs and business leaders meet to start the process of collective learning on how to create positive and sustainable work environments. The conference aims to promote the concepts of trust, unity, and diversity within Iraqi work environments, which contributes to improving performance and increasing productivity in the long term.
On the first day of the conference, the sessions began with a welcoming speech followed by a general introduction to the conference objectives and its importance in the local context. The agenda included interactive sessions and open discussions aimed at exploring and developing effective working practices.
The first session, titled “Building Positive Work Environments,” was led by Mr. Fahim Da’at Al-Thakreen, Founder of Popcorn Marketing, who provided valuable insights on how to create a work environment that encourages collaboration and innovation.
This was followed by a “Trust” session presented by Heba Hamadeh, General Manager of Cedars International School, which focused on the role of trust in strengthening relationships within teams and clients. The program also included small study sessions and group discussions to deepen understanding and exchange experiences among participants.
After a lunch break and group photos, the conference resumed with a session on “Unity and the Power of Diversity,” presented by Ali Alwan, HR Manager at Ramlah Real Estate Development. This session discussed how to leverage cultural and intellectual diversity to achieve integration and unity in the workplace. The first day concluded with a session on “Fixing the Roots, Not the Branches,” which focused on an open discussion to explore radical solutions to the challenges facing workplaces.
The conference continues tomorrow for its second day, focusing on growth and collective activism. The fifth session, titled “Growth,” will be led by Rawaa Al Saqr, founder of Sagerlabs, who will present practical strategies for driving growth in companies. After group study sessions and a short break, the “Activity” session will bring participants together for an artistic workshop that promotes team spirit and creativity.
The second day concludes with the “BICI Process and Units” session, which will review the outcomes of the conference and identify next steps to enhance business impact in Iraq. link
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Tishwash: Fouad Hussein discusses with the US Ambassador the details of the international coalition conference against ISIS in Washington
Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein discussed with US Ambassador to Baghdad Alina Romanowski on Saturday the details of the international coalition conference against ISIS, which will be held in Washington next month.
The Iraqi Foreign Ministry said in a statement, a copy of which was received by Kurdistan 24, that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein received today, Saturday, August 31, 2024, the US Ambassador to Iraq, Alina Romansky."
The statement indicated that "during the meeting, the ongoing negotiations regarding a ceasefire in Gaza and sending aid, especially medical aid, to the Strip were discussed."
He added, "The military operation carried out in the Anbar desert was referred to, which resulted in the neutralization of 15 ISIS terrorists. The minister praised the joint cooperation between the Iraqi and American forces and the success of this important operation."
He added that the meeting "touched on the conference of the international coalition against ISIS scheduled to be held in Washington early next month, and Iraq's participation in it. It is worth noting that this coalition includes 87 partners, and was established primarily to fight the terrorist organization ISIS in Iraq and Syria, and the conference will be at the level of foreign ministers of the participating countries."
The statement concluded by saying, "The United Nations General Assembly meetings to be held next month, which will be attended by dozens of world leaders, were discussed. The role of the two countries in these meetings and the required coordination between them to hold bilateral meetings on the sidelines of the participation of the two countries' delegations in New York were also discussed." link
Mot.. Have a Happy ~~~~ l
Mot: Try to remember the kind of september.......
Seeds of Wisdom RV and Economic Updates Sunday Morning 9-1-24
Good Morning Dinar Recaps,
“SAME RISKS, SAME RULES”: THE SEC’S SELECTIVE APPROACH TO CRYPTO REGULATION
When it comes to cryptocurrency regulation, the SEC views most cryptocurrencies as securities, favoring the concept of ‘same risks, same rules’.
But is it possible it’s not being consistent itself?
The same rules aren’t being followed when it involves the custody of crypto-assets.
Good Morning Dinar Recaps,
“SAME RISKS, SAME RULES”: THE SEC’S SELECTIVE APPROACH TO CRYPTO REGULATION
When it comes to cryptocurrency regulation, the SEC views most cryptocurrencies as securities, favoring the concept of ‘same risks, same rules’.
But is it possible it’s not being consistent itself?
The same rules aren’t being followed when it involves the custody of crypto-assets.
The notorious SEC accounting bulletin SAB 121 changes the accounting rules around the custody of crypto-assets, requiring those assets to be disclosed on the balance sheets of listed firms.
That contravenes global accounting norms and has prevented banks from providing cryptocurrency custody. The SEC tries to argue that crypto-assets have elevated cyber risks.
A new heavyweight paper on crypto regulation points out that cyber risks are not new and are well covered by existing regulations. So using the principle of “same risks, same rules”, no additional cyber regulation is necessary for crypto-assets.
Yesterday Steven Schwarcz, Distinguished Professor at Duke University School of Law, published a paper on regulating financial innovation, with a focus on crypto-assets and DeFi.
We’d note that the paper does not directly mention SAB 121, so it is Ledger Insights that’s highlighting the inconsistency. However, the Professor’s cyber risks observation directly follows his discussion of the controversial application of ‘same risks, same rules’ to crypto.
A thought provoking paper on crypto regulation
Most regulations focus on the minutiae, whereas Professor Schwarcz reviews the high level models that can be used in regulating fintech innovation. ‘Same risks, same rules’ is one of six models he explores.
While some may disagree with various suggestions, regulatory clarity is necessary for new industries to flourish.
The Professor selected the salient aspects of the six models to outli The Professor selected the salient aspects of the six models to outline a recommended framework to address fintech innovation in gen ne a recommended framework to address fintech innovation in general. He then applies it to the crypto sector.
Sandboxes, smart contract audits (not just code)
A first step is to provide regulatory sandboxes. The Professor has a pragmatic view, recognizing that sandbox tests with a few customers won’t highlight all the potential risks.
There’s a need for fintech firms to self monitor their risks. However, that’s not likely to be sufficient, so there should be a system of third party expert monitoring.
In the crypto sector, smart contract audits are already widely used to identify bugs and qualify as a type of third party monitoring. But that only addresses one specific risk. A broader range of risks need exploring – risks to the firm and their customers, to other market participants and the public.
Plus, the automated nature of smart contracts can trigger a vicious cycle. We’ve already witnessed multiple crypto crashes and the impact on crypto lending. The liquidation of collateral leads to price declines, sparking a cascade of additional liquidations.
Stopping a crash
In traditional finance (TradFi) these sorts of issues exist in high frequency trading, where suspending trading helps to address the risk. However, the Professor recognizes that would be tricky to enforce in the crypto sector.
Hence, he recommends that businesses identify their counterparties and disclose the risks to them. If a third party monitor finds the firm’s smart contract usage creates significant risk, then “Regulators should have the power to suspend a business’s right to enter into new smart contracts.”
In other words, if you can’t stop a crash by suspending trading, then try to prevent it from happening in the first place. Although both are desirable.
One can imagine that the suggestion would cause the crypto sector to be up in arms, but it has merit, provided it’s not overused and one appropriately defines ‘significant risk’. TradFi has standard approaches to risk management which can be tweaked and ported to the crypto world. The more responsible players already do this.
For example, we’re aware of at least one exchange that saw the Terra Luna collapse unfolding early on, because they had systems in place. Hence, they protected their clients, although arguably their reaction exacerbated the downward spiral.
DeFi regulation
The Professor’s approach to DeFi resembles discussions already taking place about how to identify responsible people, with holders of governance tokens being one avenue.
An alternative option is to require DeFi platforms to be “provided by centrally registered and well capitalized entities.” At the same time, he acknowledges that could nullify DeFi benefits (low costs), so suggests consulting the DeFi industry before taking steps in this direction.
Regarding crypto-assets, he observes that some have proposed the financial equivalent of the FDA. In other words, all fintech innovations would need approval in advance.
He dismisses this as an innovation killer. He wrote that this “reverses the presumption, at least in the context of new financial products, that private-sector freedom of contract produces beneficial societal outcomes”.
In the case of financial stability risks, the Professor notes that fintechs are generally too small to create stability risks. These sorts of risks come from the actions of systemically important institutions. Hence, to address this particular risk, there should be limits on them rather than fintechs.
Surprisingly, he doesn’t mention that this is the approach taken by the Basel Committee for Banking Supervision.
Given the gravitas of this paper, who knows, perhaps he was the one that suggested banks have a maximum crypto exposure of 1% of Tier 1 capital.
@ Newshounds News™
Source:
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BIDEN ADMINISTRATION NOT INTERESTED IN RESOLVING UKRAINE CONFLICT — ECONOMIST
The true causes of the Ukrainian conflict have never been explained to US citizens, Professor Jeffrey Sachs said.
NEW YORK, August 30. /TASS/. The administration of US President Joe Biden is not interested in resolving the conflict in Ukraine and refuses to admit that Washington is directly to blame for this crisis, American economist, Director of the Center for Sustainable Development at Columbia University, Professor Jeffrey Sachs said.
"There's nothing really that this administration <...> is going to do. I don't think the president is probably in any mental state to lead anything at this point. So I think we're kind of on autopilot, which is [a] very bad place to be," he said in an interview with US journalist Tucker Carlson.
"This is a war provoked by the US, <…> the US [that] aims for NATO enlargement, and it would take a president who understands the basics of this and why this was so wrong headed," the economist emphasized, adding that Biden is not such a person.
Sachs added that the true causes of the Ukrainian conflict have never been explained to US citizens. The information that Americans can receive on this issue is contrary to reality, he added.
@ Newshounds News™
Source: TASS
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Iraq's Central Bank's Major US Visit | Seeds of Wisdom Team Youtube
@ Newshounds News™
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RUSSIA IS ABOUT TO TRY USING CRYPTO TO GET AROUND SANCTIONS
Experts doubt it will work, given the traceability of blockchains and the risk of even tougher sanctions for Russia.
▪️Russia will start its trial of cross-border payments using crypto next week.
▪️Recent statements from senior Russian leaders suggest the law’s purpose is to use crypto to counter sanctions.
▪️The law hands power to Russia’s central bank to oversee an “experimental” regime.
Russia will begin trialing cross-border crypto payments next week in an effort to circumvent international sanctions – but this effort may not work, several policy and legal experts told CoinDesk.
Legislation passed at the end of July and swiftly signed into law by President Vladimir Putin does not lift an existing ban on using cryptocurrencies as legal tender for regular payments within Russia, but instead allows cross-border payments with crypto.
How the law will allow such payments remains unclear because the legislation doesn’t specify rules for such transactions. Instead it hands power to Russia’s central bank to oversee an “experimental” regime, experts said.
Russia's economy has been hit hard by a suite of sanctions imposed by the U.S. and other nations following its invasion of Ukraine.
Since Russia’s invasion of Ukraine in Feb. 2022, it’s faced 16,500 sanctions from the U.S., U.K., European Union, Australia, Canada and Japan.
"The passing of these bills by the Russian government signals a continuation of Russia’s evolving strategy to circumvent Western sanctions," blockchain analytics firm Chainalysis’ director of investigations, Valerie Kennedy, told CoinDesk.
The EU said about half of Russia’s total foreign currency reserves, worth 300 billion euros ($332 billion), including 70% of the assets of the Russian banking system, were frozen. Select Russian banks were disconnected by the interbank messaging system, the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
"It has been difficult for Russia to avoid the U.S. dollar and euro via the SWIFT system, which has created increasing risk of secondary sanctions," she added. Secondary sanctions are penalties designed to prevent any third party from trading with a sanctioned nation.
What the law says
Some details have emerged in the days leading up to the Sept. 1 implementation of the law.
CoinDesk viewed a copy of the law using google translate. It said “during the circulation of digital currency in the Russian federation … special regulation may be established … by the experimental legal regime program.” That regime is still in the works. Before finalizing it, the central bank will consider proposals and suggestions from domestic stakeholders.
“Some players, including us, have already come with our own proposals,” said Anti Danilevski, founder and CEO of Kick Ecosystem, a one stop shop for crypto, who has been closely engaging with regulators.
“The central bank will decide if it fits with their view. They are moving very fast, so it won't take much time.”
Bloomberg reported that Russia is planning to use the National Payment Card System, for swapping between rubles and cryptocurrencies when testing payments.
The system was chosen because it already features infrastructure for functions like interbank settlement and is fully regulated by the central bank. If the trials are successful, Russia may allow the Moscow Exchange and the St. Petersburg Currency Exchange to set up crypto platforms next year, the report added.
Ivan Chuprunov, an associate professor at the Research Centre of Private Law in Moscow, said the regime’s “exact parameters are not clear” because none have been published yet but the “central bank will likely publish some guidance in the coming weeks.”
The law also appears to let the central bank change how it oversees these trials at any time.
The legislation said that the provisions may “exclude or change” parts of the Federal Law in relation to transactions with “digital currency made in the implementation of foreign trade activities through an authorized organization.”
The regime is “more a flexible one” because it’s “just the central bank who will be approving it,” said Chuprunov. “Whether they will have just one exchange, what currencies would be traded, how participants would get trading access, is still a big unknown.”
Nor does the law clearly specify what rules now apply to crypto entities or businesses wanting to deal in crypto, because the central bank will determine which companies will participate in the experiment.
While the law doesn’t specify what its exact purpose is, recent statements from senior Russian leaders pointed toward using crypto to counter sanctions.
On July 17, 2024, in an economic affairs meeting, Putin said Russia should not “miss the moment” and should promptly set up a “legal framework” for crypto, which is “increasingly used in the world as a means of payment in international settlements.”
Then, one of the authors of the bill said Russia views cryptocurrencies “primarily as a tool for circumventing sanctions,” followed by its central bank Governor Elvira Nabiullina saying that’s why we “softened our stance” on crypto at an event in Moscow recently.
@ Newshounds News™
Source: CoinDesk
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News, Rumors and Opinions Sunday AM 9-1-2024
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Sun. 1 Sept. 2024
Compiled Sun. 1 Sept. 2024 12:01 am EST by Judy Byington
Judy Note:
A reliable military source has leaked that in the next 24 to 48 hours, the Supreme Court will (allegedly) announce a government shutdown and replacement. Are you ready for the Great Comeback?
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Sun. 1 Sept. 2024
Compiled Sun. 1 Sept. 2024 12:01 am EST by Judy Byington
Judy Note:
A reliable military source has leaked that in the next 24 to 48 hours, the Supreme Court will (allegedly) announce a government shutdown and replacement. Are you ready for the Great Comeback?
The global media is (allegedly) gearing up for Disclosure Day, where the principles of GESARA, the largest wealth transfer in human history, and the new global economic system will be revealed. This synchronized broadcast will (allegedly) reach billions of people, using the Emergency Broadcast System (EBS) to deliver the truth to the masses.
Prepare for (allegedly) 10 days of communications darkness. There will be communication blackouts, but only in certain areas. Banks will close, ATMs and credit cards will (allegedly) stop working, and you will need at least three weeks of food and water. If you are not prepared, do not worry: the military will have your back and (allegedly) provide you with whatever you need. Educational messages will be broadcast without interruption, teaching everyone the true principles of freedom and justice.
The quantum financial system will (allegedly) release NESARA/GESARA funds, erasing debts and restoring our economy to the prosperity of the 1950s.
Judy Note: As I understand it, all banks will soon be service only (or closing) and their staff were being so trained. Your bank account is already on the QFS system with money from NESARA or GESARA in it. In the near future you will be setting up access to your new QFS bank account at a Redemption Center appointment.
97 of the top 100 (C***l) Central Banks are currently (allegedly) under transformation to become fully operational under the QFS + RTGS system and the remaining 82 smaller Central Banks are gearing up for this transition.
~~~~~~~~~~~~~~~~~
Global Currency Reset:
Sat. 31 Aug. 2024 Wolverine: “Looks like everything has been lined up for Tues. 3 Sept. The Precatorias was supposed to go today, but now they are going to go on Tues. 3 Sept. It’s going to be a shotgun start. All contracts have been signed. Everything is ready to go. …Tier 1, 2, 3 and 4 banks around the world are fully integrated and ready for distribution. The RV is finally here. God bless. Your friend, Wolverine”
Fri. 30 Aug. 2024 Banker: “I was just advised to be on alert for the next 24-48 hours as news we expect was about to be released.”
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Sat. 31 Aug. 2024 The Alliance Plan…NESARA/GESARA on Telegram
Implementation of NESARA/GESARA debt relief.
The military will provide necessary food to the masses.
Implementation of the QFS (Quantum Financial System).
A 95% reduction in the government machinery.
The Federal Reserve will be abolished, and the IRS will be placed under the new U.S. Department of Treasury.
A new tax system that requires only a 14% tax on new items and no tax on things like food, medicine, wages, used houses, and cars.
Read full post here: https://dinarchronicles.com/2024/09/01/restored-republic-via-a-gcr-update-as-of-september-1-2024/
Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man I think everybody should be excited by the fact that all the progress that we've seen with Iraq has been amazing...Over the last 2 years we can see one thing after another is getting done. It seems like it's painstakingly [slow] ...but in truth it's not even close to that.
MarkZ [via PDK] I have been told a 3 day weekend is easier to execute. In an ideal world they would flip the rates on a Saturday Night or Sunday morning and this would give them more time to prepare banking . It would just be easier to do it on a 3 day weekend for the biggest economies in the world.. At least that is how it was described to me... the anticipation for this weekend is at a feverish pitch right now!! We will see what happens. We should know by midday on Sunday.
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BREAKING NEWS Iraq's Shocking Oil Revenue 15% Sent to U S
Edu Matrix: 9-1-2024
BREAKING NEWS: Iraq's Shocking Oil Revenue 15% Sent to U S - 65% Sent to China and India, 20% to Europe. Non-oil revenue growth and barrel per day for first half of 2024 -report.
Economist’s “News and Views” Saturday 8-31-2024
A Cryptocurrency Backed By GOLD?
Lynette Zang: 8-31-2024
In today's episode of GeeWhiz we are talking about the recent launch of Tether's new gold-backed cryptocurrency and what that really means for you and the dollar...
A Cryptocurrency Backed By GOLD?
Lynette Zang: 8-31-2024
In today's episode of GeeWhiz we are talking about the recent launch of Tether's new gold-backed cryptocurrency and what that really means for you and the dollar...
Central Banks Are DOOMED! Gold & Silver Are About To Go PARABOLIC! | Greg Mannarino
Wall Street Silver: 8-31-2024
Greg Mannarino joins us to discuss the global economy and more! Gold is on the rise and something big is coming! JOIN US!
*BRICS Bank vs. IMF: BRICS Bank Accepts New Member, Poised to Challenge IMF Predatory Tactics
Lena Petrova: 8-31-2024
More News, Rumors and Opinions Saturday PM 8-31-2024
KTFA:
Clare: Central Bank contracts with international auditing firm in New York
8/31/2024
The Central Bank confirmed during the visit of the delegation headed by His Excellency the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, to the United States of America that the delegation discussed the use of electronic payment cards and ways to regulate and stimulate their use in line with Iraq's trend towards electronic payment.
This came during separate meetings with a group of companies such as (Visa, Mastercard and MoneyGram), as the international auditing company (KPMG) presented an extensive analytical presentation of the uses of these cards, supported by recommendations and proposals to enhance organized use and accommodate the significant increase in citizens’ use of these cards.
KTFA:
Clare: Central Bank contracts with international auditing firm in New York
8/31/2024
The Central Bank confirmed during the visit of the delegation headed by His Excellency the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, to the United States of America that the delegation discussed the use of electronic payment cards and ways to regulate and stimulate their use in line with Iraq's trend towards electronic payment.
This came during separate meetings with a group of companies such as (Visa, Mastercard and MoneyGram), as the international auditing company (KPMG) presented an extensive analytical presentation of the uses of these cards, supported by recommendations and proposals to enhance organized use and accommodate the significant increase in citizens’ use of these cards.
During the negotiations, the parties gathered praised the important steps in enhancing the banking sector reforms, most notably the contract that the Central Bank of Iraq delegation concluded with Oliver Wyman to conduct a comprehensive review of the conditions of Iraqi banks, especially banks prohibited from dealing in the US dollar.
The company will work to develop practical solutions to reintegrate these banks into the Iraqi and international banking sector, in addition to improving the level of bank procedures in line with international standards. This initiative aims to facilitate the process of establishing direct banking relations and improve the quality of services provided by banks to serve the Iraqi economy. The company is scheduled to start its work in the coming period.
Central Bank of Iraq LINK
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Clare: Oil Minister reveals upcoming visit to US to discuss gas investment file
8/31/2024 Baghdad
Oil Minister Hayan Abdul Ghani confirmed today, Saturday, the intention to refer 10 gas exploration blocks for investment in a new licensing round, and while revealing an upcoming visit to the United States to discuss offering them to international companies, he confirmed the intention to launch a new gas investment project at the end of the year with a capacity of 125 Mcm.
Abdul Ghani said: "The fifth and sixth supplementary licensing rounds included 29 blocks and fields, and contracts were completed on 14 of them, and there are about 10 gas blocks among the remaining that companies have not applied for and we are in the process of offering them in a new licensing round."
He added, "The Ministry of Oil plans to offer these gas investment opportunities to specialized companies, and we have a visit to the United States soon for this purpose, as we plan to offer them to international American companies."
He added, "The Ministry of Oil took the initiative to drill an exploratory well in the Al-Anz area with a capacity of 1,000 cubic meters, and the Halfaya gas investment project was also opened with a capacity of 300 cubic meters, and it is hoped to launch the gas investment project in the Al-Faiha oil field at the end of this year with a capacity of 125 cubic meters." LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Bruce [via WiserNow] ...there's so much good stuff coming out with Iraq with their new rate coming up Sunday, international rate, and we’ve [US] occupied one floor in the Central Bank of Iraq. And we vacate that on Saturday. We no longer will be in that CBI on Saturday...So that’s good news...I just think we're all ready for this to go...
Frank26 [Iraq boots-on-the-ground report] FIREFLY:
Saleh on TV right now and he just told us that the project to delete the zeros is ruled out at this present time...Then he turns around and says we need to reduce the amount in the budget from trillions to billions and then ends the conference talk by saying many have called for the removal of the three zeros which would increase the dinar...We are both in shock and stunned because he said one thing and then he said another thing. FRANK: What he's telling you is exactly right...it doesn't make any sense...This is B.S. It is a lie...Trust me, nothing is stopping the purchasing power that is coming to you Iraqi citizens. Nothing...China did the same thing back in the 90s...They came out with a full page article in their newspaper saying there were not sign to increase the value. 3 days later they increased the value. This may be the same scenario. A diversion for speculators.
US Property “$557 BILLION Bloodbath” - Final Chapter Of The Banking Collapse Is Here
Sean Foo: 8-30-2024
The US banking collapse saga is reaching its final chapter. Either we will get another spree of crashes or the fear will fizzle away and we are back where prices rage higher.
Here's what you must know and why commercial real estate is at the heart of this gigantic threat.
Timestamps & Chapters:
0:00 US Banking Crisis Big Finale
2:51 US Office $557 Billion Crash
5:22 CRE Defaults Tsunami Coming?
7:44 This Must Not Collapse OR ELSE
10:17 US Consumers Big Alert
Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-31-24
Good Afternoon Dinar Recaps,
BINANCE ANNOUNCES SUPPORT FOR BIGGEST CARDANO HARD FORK IN HISTORY: DETAILS
With the Cardano hard fork called Chang approaching, the world's largest cryptocurrency exchange, Binance, has announced that it will be supporting the network update.
The Chang hard fork is expected to occur on Sunday, Sept. 1, at approximately 9:45 p.m. UTC. An hour before the event, Binance will suspend all deposits and withdrawals from ADA, the network's native token; trading in the asset, however, will not be affected.
Good Afternoon Dinar Recaps,
BINANCE ANNOUNCES SUPPORT FOR BIGGEST CARDANO HARD FORK IN HISTORY: DETAILS
With the Cardano hard fork called Chang approaching, the world's largest cryptocurrency exchange, Binance, has announced that it will be supporting the network update.
The Chang hard fork is expected to occur on Sunday, Sept. 1, at approximately 9:45 p.m. UTC. An hour before the event, Binance will suspend all deposits and withdrawals from ADA, the network's native token; trading in the asset, however, will not be affected.
The Chang hard fork, which is being called Cardano's “most significant” update to date, will make the network fully decentralized. Few people know that Cardano is now actually run by three entities:
Cardano Foundation, IOHK and EMURGO. They are in fact responsible for all decisions made regarding the blockchain and affecting the price of the 10th largest cryptocurrency.
Under Chang, however, the keys and in fact the control mechanisms of Cardano will remain in the hands of the community and actual ADA holders who delegate their tokens to the staking pool.
@ Newshounds News™
Read more: U Today
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CRYPTO HOLDERS DISPROPORTIONATELY FAVOR TRUMP FOR U.S. PRESIDENT, NEW ACADEMIC POLL SHOWS
Donald Trump’s outreach to the crypto community seems to be paying off.
Former U.S. President Donald Trump’s efforts to court the cryptocurrency industry this election cycle seem to be paying off, according to the results of a new poll from Fairleigh Dickinson University.
The poll results, released Friday, found that crypto holders are disproportionately likely to say they will vote for Trump over Vice President Kamala Harris in the upcoming U.S. presidential election. Half of all crypto-holding survey respondents said they planned to vote for Trump, while only 38% of crypto owners preferred Harris.
@ Newshounds News™
Read more: CoinDesk
~~~~~~~~~
COINBASE CEO ANNOUNCES FIRST AI-MANAGED CRYPTO TRANSACTION
▪️Brian Armstrong announced the first AI-managed crypto transaction on Coinbase.
▪️AI bots can now perform instant, global, and free transactions using crypto wallets.
▪️New developments are enabling AI bots to autonomously manage financial transactions.
Coinbase CEO Brian Armstrong announced a groundbreaking development in the crypto sector. Armstrong revealed the first crypto transaction entirely managed by artificial intelligence (AI) bots on the platform. This transaction is considered a significant step at the intersection of AI and cryptocurrencies.
Armstrong Announced the Development on X
On August 30, Armstrong shared, “This week, we witnessed the first AI-to-AI crypto transaction on Coinbase.” In this transaction, an AI bot interacted with another AI bot using cryptocurrencies, and the AI purchased tokens.
These tokens play a critical role in the development of AI technologies as data sequences that enable algorithm learning. Access NEWSLINKER to get the latest technology news.
Armstrong highlighted another important point: AI bots were designed to perform specific tasks but struggled to manage transactions until now.
This was seen as one of the biggest obstacles to integrating AI into daily life. Without payment methods, AI bots couldn’t participate in economic activities, but the advent of crypto wallets is gradually removing this barrier.
They Can’t Open Bank Accounts
Armstrong noted that while AI bots cannot open traditional bank accounts, they can possess crypto wallets. These wallets enable bots to perform instant, global, and free transactions on the Base platform using cryptocurrencies like USDC. This development paves the way for AI bots to become active participants in the digital economy.
Armstrong’s innovative approach aligns with his previous calls for equipping AI systems like large language models (LLMs) with crypto wallets. Armstrong aims to revolutionize the world of digital transactions by enabling AI bots to perform tasks on behalf of users and participate widely in the economy.
Other Developments Are Also Underway
The sector is responding to Armstrong’s vision with new developments that grant transaction capabilities to AI bots. For instance, in August, the Blockchain development firm Skyfire launched a payment platform that allows AI bots to autonomously spend money.
This platform enables AI to manage financial transactions independently, a function previously exclusive to humans.
Additionally, the Web3 infrastructure firm Biconomy is taking significant steps by deploying AI bots to facilitate on-chain transactions for users. According to co-founder Aniket Jindal, the Delegated Authorization Network (DAN) introduces a new authorization phase that allows commercial activities to be delegated to AI bots.
@ Newshounds News™
Source: Coin-Turk
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US ON FAST TRACK TO BANKRUPTCY — MUSK
"Government overspending is what causes inflation," the businessman said
NEW YORK, August 30. /TASS/. The United States may soon face bankruptcy, businessman Elon Musk said.
"At current rates of government spending, America is in the fast lane to bankruptcy. Government overspending is what causes inflation," Musk wrote on his page in the X social network.
The state debt for the first time crossed the level of $35 trillion, the US Department of the Treasury said on July 29. According to forecasts of the Congressional Budget Office, it will be over $50 trillion or more than 122% of GDP in 2034. The Office estimated that the average annual growth of US GDP will be 1.8% in 2029-2034.
@ Newshounds News™
Source: TASS
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Newshound's Currency Facts Youtube and Rumble
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