Economist’s “News and Views” Monday 9-16-2024

Saudi Wants China’s RMB For Oil As BRICS Threatens USD With Payment System Backed By Gold

Sean Foo:  9-16-2024

In two big updates, Saudi Arabia has gone public, saying they would gladly accept the Chinese Yuan for oil.

This is a big snub to the dollar as it continues to get weaponized .

Meanwhile, BRICS is preparing a new financial system where gold could become an integral component.

Timestamps & Chapters:

 0:00 Saudi Accepts Yuan For Oil

2:59 Saudi China Big Economic Agenda

5:49 BRICS To Challenge USD Hegemony

 7:36 Sponsor: Indigo Precious Metals

9:01 Trump Fears The End Of USD

10:08 BRICS Payment System & Gold

12:48 America's Biggest Crisis

https://www.youtube.com/watch?v=2ol-v_PuecY

LIVE! The DOLLAR IS BURNING! AND PEOPLE HAVE NO IDEA OF HOW BAD THIS IS GOING TO GET.

Greg Mannarino:  9-16-2024

https://www.youtube.com/watch?v=vYbzyrKQD7k

6 Banks Are At Risk of Collapse Now

Atlantis Report:  9-16-2024

The banking sector is on the brink of a crisis as the global economy teeters on the edge of recession. With six major banks under intense scrutiny, growing fears of instability are casting a shadow over the entire financial landscape.

As economic conditions deteriorate, lending standards tighten, creating a precarious environment for these institutions. The looming threat of insolvency is sending shockwaves through investors, depositors, and the public, fueling widespread anxiety about what lies ahead.

6 Banks Are Now At Risk of Collapse.

https://www.youtube.com/watch?v=AmDu9IFsQ1M

More News, Rumors and Opinions Monday PM 9-16-2024

KTFA:

Clare:  Iraqi government moves to impose taxes on social media sites

9/16/2024

Financial expert Nabil Al-Marsoumi revealed on Monday that the Iraqi government is planning to impose taxes on social media sites in Iraq, among the people covered by these taxes.

Al-Marsoumi told Shafaq News Agency, "The Iraqi government is studying a proposal to impose taxes on content creators on social media sites in the country, not users of those sites. This process came in order to enhance non-oil revenues, especially in light of the decline in oil prices and the deterioration in oil revenues. These taxes will provide good financial revenues, and for this reason the percentage will be 15% of the profits of content creators, especially since some of their profits are estimated in the millions on a daily basis."

He added, "This decision does not require a vote by the House of Representatives, as this is a decision within the authority of the Council of Ministers to expand the tax base, and does not require a law, but it is still under study, and may come into effect at the beginning of next year, as it requires months of work and study."   LINK

Clare:  Private Banks Association: The number of electronic payment points in Iraq increased from 7 thousand to 30 thousand

9/15/2024  Baghdad

The Executive Director of the Iraqi Private Banks Association, Ali Tariq, confirmed on Sunday that "the number of electronic payment points in government institutions and shops has increased from 7,000 to 30,000." 

Tariq said, in a statement reported by the "Rudaw" media network, and reviewed by "Al-Eqtisad News", that "the financial and banking sector, electronic payment companies and other financial institutions in Iraq need to have a greater impact on the lives of citizens in terms of financing or using electronic payment tools and developing them."
 
He added that "the Central Bank of Iraq is currently working on a major plan to reform the banking sector in general, whether governmental or private."
 
He noted that "the focus in the next phase will be on developing and improving these services to strengthen the Iraqi banking sector, protect depositors' money and develop the electronic payment system, which contributes significantly to reducing the risks of using cash, whether from damage or forgery, as well as protecting the financial system from money laundering and financing terrorism."
 
As for deposits, he confirmed that they are "continuously increasing, whether in government or private banks, and that lending and loans are also continuously increasing."
 
Regarding the use of electronic payment tools, he said that "in the last two years the percentage has been very high, in the last year alone about two million electronic payment cards were issued in Iraq, increasing the number to 20 issued cards."

Regarding the payment devices that we see in shops and government institutions, he pointed out that "they have increased from 7,000 payment points to more than 30,000, and the total transfer of funds via electronic payment last month between financial institutions reached nearly 2 trillion Iraqi dinars."
 
The Executive Director of the Iraqi Private Banks Association confirmed that reliance on the banking sector, especially in light of the transfer system to finance foreign trade, "was organized differently than before, and at the end of this year there will also be a shift in the external transfer process to rely more on correspondent banks than the platform in its current state." 

Regarding the collection of government services, he said that "recently there has been a very large acceleration and doubling in the level of government collection."

He added that "before June 2023, there were about 50 government institutions with their departments that had at least one electronic payment window, but today the number has exceeded 600 payment windows, which makes it easier for citizens to pay faster." 

In the context, he stressed that "many banks rely on digital services and applications throughout Iraq and the Kurdistan Region, which has witnessed significant development in terms of the use of digital services." 

Regarding transferring money abroad, he explained that if "the issue is related to personal transfers, there are specific outlets or ceilings for these transfers." 

In this regard, he said that "the transfer process will be more organized and monitored by correspondent banks in which Iraqi banks have accounts to ensure real transfers and monitoring that facilitates the process of transferring money for merchants outside Iraq."  LINK

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

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

Frank26  [Iraq boots-on-the-ground report]  FIREFLY:
Television is telling us they are completing digitization at all of our ports.  We know it means that the real value of the dinar will soon be given to us for our food...transportation...housing...the whole world.  FRANK:  You see every day there's more and more exciting news being given to the Iraqi citizens and they all piece it together...When you see prices of your food...market... housing...cars, start to change, it's because they will introduce a new exchange rate very soon to you...

Militia Man  They're talking about Iraq as going global and to the international financial system.  With that has responsibility and that responsibility will be defended by the central bank.  That responsibility is to have a stable exchange rate and to provide commerce throughout the country in and out and across borders, with efficiency and transparency.   That's what they're going to have and that's what they're doing.  There's looking to be no stopping it.  It's brilliant.

Market Crash or Massive Rally this Week? What a Fed Pivot will do to Tech Stocks

David Lin:  9-15-2024

In the world of finance, few events stir as much speculation and debate as the Federal Reserve’s monetary policy decisions. This week, as Wall Street braces itself for the possibility of a Fed pivot—an abrupt shift in monetary policy—investors and analysts are torn between two starkly different outcomes: a market crash or a massive rally. To delve deeper into this conundrum, we turn to insights from Bradley Tusk, Founder and CEO of venture capital powerhouse Tusk Ventures, known for backing successful tech companies like Ripple, Coinbase, and Lemonade.

The Federal Reserve has a dual mandate: to maximize employment and stabilize prices. In times of economic uncertainty, these objectives often come into conflict. With persistent inflation and slower-than-expected economic growth feeding concerns across markets, many are speculating that the Fed may pivot towards a more dovish stance, potentially cutting interest rates or slowing the pace of rate hikes.

So, what would such a pivot mean for tech stocks? Tusk paints a mixed picture. On one hand, lower interest rates generally create a favorable environment for growth stocks, especially in the tech sector, where future earnings are often heavily discounted in present valuations. On the other hand, there’s the reality of inflated expectations.

With the market at a crossroads, one thing is certain: the decisions made this week will likely echo in the investment community for years to come.

https://youtu.be/5g820_KlWww

Thoughts From DJ: “Money Supply”

DJ:  DID YOU KNOW?

Sept 15th Post 2024 (Money Supply)

When we absorb all the Intel in relation to the GCR-RV we have to consider some basic questions. At the top of the list is, where is the money coming from? There will either have to be a redistribution of wealth or an increase in the global Money Supply. ( Money supply refers to the total amount of monetary assets available in an economy at a specific time.

It includes various forms of currency, such as physical cash (coins and banknotes) and demand deposits (money in bank accounts that can be easily accessed). Money supply is categorized into different measures:, M0: Physical currency in circulation, M1: M0 plus demand deposits and other liquid assets and M2: M1 plus less liquid assets like savings accounts and time deposits )

As of 2024, the estimated global money supply is around $120 trillion. This figure includes various forms of currency such as cash, demand deposits, savings accounts, and other easily accessible assets. The M2 money supply being a broader measure, also takes into account less liquid assets like time deposits. Beyond traditional money, global financial markets—including investments, real estate, and other assets—total in the hundreds of trillions, with some estimates of total global wealth exceeding $1,540 trillion

The amount of money supply needed to run the global economy is not a fixed figure, but it needs to balance facilitating trade, investment, and economic growth without causing inflation. In practical terms, this depends on factors like productivity, the velocity of money (how quickly money circulates), and the state of the economy. Central banks regulate money supply to stabilize economic growth and control inflation, adjusting it as economies expand or contract. The current global money supply of around $120 trillion reflects these adjustments to keep the economy functioning smoothly.

If all currencies were hedged against hard assets (such as gold or other commodities), it would reduce the flexibility of central banks to adjust the money supply based on economic conditions. In such a system, the money supply would be limited by the availability of the asset, which could constrain economic growth, especially during times of increased demand. This would also lead to more stability in currency value but could make the global economy less responsive to economic crises or fluctuations in trade.

Historically, the gold standard imposed such limitations, which is one reason why modern economies moved to fiat currency systems. So even if we see a move to asset backed currencies there will have to be some form of a fiat component.

So back to the original question, where is the money coming from? You cannot just add currency to the money supply. And judging by the astronomical amounts being suggested, common sense says you would create global inflation overnight. Redistributing current global wealth would mean somebody is going to have to give up something.

People out there saying the GCR has started, answer that question before passing on information that cannot be substantiated. Instead of looking for funds to show up in your account pay more attention to the mechanisms required to move the money first. When those are in place then start believing.

We should quit watching how the plane takes off and worry more on how it’s going to land.

DJ

https://dinarchronicles.com/2024/09/16/the-office-of-poofness-weekly-report-update-from-poof-and-dj-9-15-24/

And, Right On Cue, Gold Hits Another All Time High...

And, Right On Cue, Gold Hits Another All Time High...

Notes From The Fuield By James Hickman (Simon Black)  September 16, 2024

This is an anomaly we haven’t seen before.

Gold just hit yet another all-time high. But what’s strange is that, if you look at gold’s supply and demand fundamentals, the price should almost be falling. Not rising.

I’ll explain—

On the supply side, gold production is actually increasing slightly. The largest miner in the world, Newmont Mining, produced nearly 30% more gold in the first half of 2024 compared to 2023. And across the entire industry (according to the World Gold Council), global gold mining output is up slightly over 2023.

So much for shrinking supply.

But what about demand? Well, this is usually broken down into four main segments.

The first and (by far) largest segment of demand is jewelry. But global jewelry demand is down.

Signet Jewelers (which owns major jewelry brands like Kay, Zales, Jared, Blue Nile, and many others) has reported an 8.5% drop in revenue so far in 2024 versus 2023. Meanwhile China’s Gold Association reported a 27% decline in gold jewelry purchases in the first half of 2024.

Even on the high-end side, LVHM’s jewelry division (which includes the luxury brand Tiffany’s) also reported a 5.1% sales decline due to “an uncertain economic and geopolitical environment. . .”

So overall jewelry worldwide (which is THE biggest component of gold demand) is down. Worldwide.

The next segment which drives gold demand is investment demand, i.e. individual investors who buy bars and coins... but most often invest via Exchange-Traded Funds.

Well, the largest ETFs in North America (GLD and IAU, which comprise 80% of the market) are DOWN for the year, meaning they have been net SELLERS of gold, rather than buyers. Even in the month of August, these two combined for a big fat whopping 1.7 metric tons of net purchases, roughly $200 million.

That’s nowhere near enough to move the gold price.

Meanwhile, across the Pacific, all of Asia’s gold ETFs COMBINED only purchased a net 0.3 metric tons (i.e. $30 million) last month. Again, this is simply not enough demand to move the gold price.

And so far for the year, worldwide, gold ETF holdings are DOWN by about 44 metric tons.

The third category of gold demand is industrial use. You might already know, for example, that there’s about 50mg of gold in your mobile phone thanks to gold’s unique chemical properties as an electrical conductor.

So mobile phone producers (along with certain medical device manufacturers and a handful of other industries) also buy gold. It’s pretty small demand, though— industrial and technology use only makes up about 10% of global gold demand.

That said, it’s worth pointing out that iPhone sales (which is a good proxy for global mobile phone production) are down substantially, from a peak of $48 billion in Q1/2021 to just $39 billion in its most recent quarter.

So, to summarize, jewelry demand is flat or down. Investment demand for gold is flat or down. Industrial demand is too small to matter, but even that is down. Meanwhile, supply is rising.

Rising supply and falling demand? It seems like gold prices should be falling right now. And yet gold just reached yet another record high. What gives?

Well, as we’ve said before, the answer is central banks.

Poland is a great example; despite being a relatively small country, it bought 19 metric tons of gold last quarter alone. And it plans to buy at least another 125 tons in the future. That’s a lot of gold.

This is a trend taking place worldwide; central banks including China, Turkey, Qatar, India, Czech Republic, etc. have loaded up on gold this year. And in the second quarter of 2024, central banks purchased 183 metric tons of gold... which is far more than usual.

Central banks typically buy small amounts of gold, i.e. a few metric tons here and there. But over the past two years, they’ve been buying gold like crazy.

It’s pretty obvious why. They’re concerned about the world, and they’re concerned about the fate of the US dollar and US government finances.

Think about it— central banks around the world own TRILLIONS of dollars worth of US government bonds, i.e. US dollar foreign reserves. And they’re obviously worried.

Congress and the White House run outrageous budget deficits every year. The federal government’s dysfunction is a constant national embarrassment. The US national debt is set to soar by AT LEAST $22 trillion over the next decade. And inflation is far from being solved.

Foreign central banks know this. And they realize that, in a few years time, their trillions of US dollar reserves will be worth a lot less.

So they’re trying to do something about it now. And that means trading at least SOME of their dollars for gold... hence the feverish central bank gold purchases, and the all-time record high in the gold price.

We’ve already suggested that gold could easily go much higher... especially if Kamala wins. I think that’s easily a $10,000 gold price, which would suggest only a small percentage of US dollar foreign reserves invested in gold.

That doesn’t mean the gold price can’t fall in the meantime. Gold prices have been rising for so long, and, realistically, nothing goes up or down in a straight, uninterrupted line.

Some central banks will continue buying gold irrespective of its price. Others will be more conservative and try to play the market. Singapore’s central bank, for example, actually sold a bit of gold recently and are probably hoping for a pullback in prices to buy more.

But over the longer term, gold is still an extremely sensible hedge with a lot of upside.

Having said that, the real value we see right now is in gold miners.

Look at Newmont mining— and, this is not a recommendation, but just an example. Newmont is the world’s largest gold miner, i.e. more than 80% of its revenue is essentially gold.

Gold is at an all-time high, yet Newmont’s stock price is about 40% below its record high from a few years ago.

Sure, it’s a much more complicated story; you have to consider gross margins and mining costs and country risk, etc. But the larger point is that gold stocks (especially relative to gold) are very cheap right now... especially when you consider where gold could be a few years from now.

To your freedom,  James Hickman   Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/and-right-on-cue-gold-hits-another-all-time-high-151422/

Seeds of Wisdom RV and Economic Updates Monday Afternoon 9-16-24

Good Afternoon Dinar Recaps,

LAWMAKER CALLS ON CFTC TO REGULATE ELECTION MARKETS AS POLYMARKET ACTIVITY FALTERS AMID UNCERTAINTY

Lawmaker warns that banning election betting could fuel illegal platforms, threatens election integrity.

Congressman Ritchie Torres has called on the Commodity Futures Trading Commission (CFTC) to regulate election-related prediction markets rather than blocking them.

In a letter addressed to CFTC Chair Rostin Behnam, Torres urged the regulator to focus on promoting responsible innovation and working with platforms like Kalshi and Polymarket to ensure such markets are regulated rather than pushing traders towards illegal, unregulated platforms.

Torres’ letter followed a Sept. 6 court ruling that partially overturned the CFTC’s efforts to prevent Kalshi, a US-based prediction platform, from offering election-related contracts. He emphasized that further legal challenges could harm both election integrity and consumer protection, allowing illegal platforms to flourish.

Torres wrote:

“The CFTC has a mandate to promote responsible innovation.”

He urged the agency to collaborate with regulated market participants, ensuring election-related contracts are conducted transparently and securely within regulated markets.

Polymarket declines amid uncertainty
Polymarket has seen a significant decline in activity over the last few days as regulatory pressure and uncertainty over election betting continue to mount.

According to Dune Analytics, Polymarket’s daily active traders dropped by nearly 40%, from 12,595 on Sept.11 to 7,627 by Sept. 15. The platform’s daily trading volume also fell dramatically, down 85.6%, from $37.2 million to $5.35 million over the same period.

The drop in activity follows the CFTC’s proposal to limit certain event contracts, particularly those related to political outcomes. The regulator has expressed concerns about the potential for manipulation in such markets, citing instances where fabricated information, like a fake poll involving musician Kid Rock, distorted market prices.

Despite the regulatory challenges, Polymarket has gained some mainstream recognition, with Bloomberg recently integrating the platform into its financial terminals. The move suggests that interest in decentralized prediction markets is growing, even as regulators scrutinize the sector more closely.

Intensifying debate
The debate over election prediction markets intensified on Sept. 6 when a federal court ruled in favor of Kalshi, allowing the platform to offer election-related contracts. The platform hailed the decision as a historic moment, stating that for the first time in 100 years, Americans could legally trade on election outcomes.

However, the CFTC quickly filed an emergency motion to stay Kalshi’s election markets, citing concerns about potential manipulation. The agency has argued that election markets could undermine public trust in the democratic process.

The CFTC’s actions have faced criticism from lawmakers like Torres, who urged the watchdog to accept the court’s ruling and focus on regulating these markets to ensure transparency and consumer protection.

Torres wrote in his letter:

“The CFTC should be focusing on regulating exchanges, protecting consumers, and safeguarding the integrity of elections.”

He warned that continued legal battles could push traders toward unregulated platforms, further jeopardizing election integrity.

@ Newshounds News™

Source:  CryptoSlate

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RIPPLE JOINS HANDS WITH HEDERA AND APTOS LABS TO LAUNCH MICA CRYPTO ALLIANCE

▪️Ripple, Hedera and Aptos Labs, founding members of DLT Science Foundation, made a key announcement on Monday.

▪️The three firms launched the MiCA Crypto Alliance to enhance compliance with EU markets in crypto assets regulation.

▪️XRP hovers around $0.5600 on Monday.

Ripple (XRP) made a key announcement alongside other founding members of a crypto alliance. The DLT Science Foundation is behind the effort, Ripple partnered with Hedera and Aptos Labs.

XRP erased recent losses and held steady above $0.5600 on Monday.

Daily digest market movers: Ripple leads effort for crypto alliance launch

▪️Ripple partnered with crypto firm Aptos Labs and distributed ledger technology-based Hedera for the DLT Science Foundation. The DLT Science Foundation (DSF) is a non-profit organization that promotes blockchain technology adoption among firms.

▪️The foundation’s mission is to create an open ecosystem and work with industry, academia and developer communities.

▪️DSF announced the launch of the MiCA Crypto Alliance for better coordination among industry members and for navigating the regulatory landscape in the European Union (EU).

▪️The alliance aims to foster cooperation between firms navigating the EU’s regulation pertaining to innovation in blockchain technology.

▪️MiCA sets strict disclosures for Crypto-Asset Service Providers (CASPs) and expects centralized exchanges and crypto firms to disclose climate impact of operations, among other details, through white papers and online descriptions accessible to the public.

Technical analysis: XRP eyes double-digit gains
XRP has been in a multi-month downward trend since its July 2024 top of $0.9380. The native token of the XRP Ledger erased recent losses and trades at $0.5731, above support at $0.5600.

Newshounds News™

Source:  FX Street

~~~~~~~~~

Ripple Stablecoin is for All, Including Retail Investors: XRP Ledger Validator

Vet, an XRPL dUNL validator, has debunked speculations that the highly anticipated Ripple stablecoin RLUSD is only for institutional investors.

In an X post, the dUNL validator stated that RLUSD is for everyone, both institutions and retail users. According to him, a compelling ecosystem would need an all-rounded adoption to thrive. As a result, Ripple will need both retail and institutions to boost the stablecoin’s utility

RLUSD is for Everyone
Vet further asserted that institutions would play an important role in RLUSD distribution, creating a path to widespread adoption of the stablecoin. He stated that institutions would receive RLUSD from the XRP Ledger and distribute it to users.

It bears mentioning that retail traders and some institutional investors cannot assess stablecoins directly. USD-pegged assets are usually minted in treasuries and distributed to certain institutions. These organizations, in turn, move them to other institutions and exchanges.

As a result, Vet noted that retail traders and other institutions would access RLUSD through exchanges and automated market makers. This would allow the stablecoin to be widely used for cross-border payments and consequently provide liquidity on the XRP Ledger.

Vet’s analogy supports community pundit WrathofKahneman’s stance on the boiling issue. The XRP community enthusiast stated that the misconception that institutions alone would use RLUSD was false.

WrathofKahneman pointed out that Ripple’s On-Demand Liquidity (ODL) requires retail traders. Hence, creating a stablecoin for seamless cross-border transactions without the inclusion of retail is not rational. Notably, the actual date for the launch of RLUSD remains a mystery, with Ripple’s CEO Brad Garlinghouse noting it will debut in weeks.

The RLUSD Institution Theory
The notion that RLUSD was only for institutional investors came up from a comment by Ripple’s chief technology officer, David Schwartz. In an X post, Schwartz stated that the Ripple stablecoin would only be accessed directly by institutions.

He likened the scenario to Tether’s USDT and Circle’s USDC, noting that retailers cannot directly access the stablecoins. Schwartz reiterated the same notion in another post, asserting that retail only acquired these stablecoins from exchanges and not directly from their treasuries.

It bears mentioning that RLUSD has been speculated to replace XRP as a bridge asset for ODL transactions. However, Schwartz stated that the stablecoin, which is in beta testing on the XRPL mainnet and the Ethereum network, would complement XRP, providing broader options for users.

@ Newshounds News™

Source:   The Crypto Basic

~~~~~~~~~

Join President Trump LIVE at 8PM (ET) on X Spaces for his announcement on World Liberty Financial!

@ Newshounds News™

Watch Here:  https://x.com/realDonaldTrump/status/1835754983259558260

~~~~~~~~~

BIG! XRP and Interledger Protocol key to solving current issue of disconnected financial networks.  |  Youtube

@ Newshounds News™

Source:  Source: Seeds of Wisdom Team Currency Facts 

~~~~~~~~~

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The Global Currency Reset: What is the future of a Global Currency

The Global Currency Reset: What is the future of a Global Currency

David Bonellie     Last updated: February 21, 2024

The Global Currency Reset: What is the future of a Global Currency 

The Global Currency Reset (GCR) typically refers to a hypothetical event in which the world’s currencies are supposedly “reset”. The GCR looks at new values based on the revaluation of specific currencies and the devaluation of others. Proponents of the GCR theory argue that this reset is necessary to address the current flaws in the global financial system.  A GCR can level the playing field for developing nations. 

There are several impacts that global currency changes can have on individuals and their businesses, global mobility, and investing. 

Brief History of Fiat Currency (Modern Money)

Fiat currency is not backed by a physical commodity such as gold or silver but is based on confidence and trust in the issuing government or central bank. 

Bretton Woods Gold Standard

The Bretton Woods Agreement of 1944 established the US dollar as the world’s reserve currency and pegged it to the value of gold, providing a fixed exchange rate system. After World War II, governments sought to manage their economies and stabilize their currencies. 

The agreement required countries to guarantee the convertibility of their currencies into US dollars to within 1% of fixed parity rates, with the dollar convertible to gold bullion for foreign governments and central banks. 

Move to the PetroDollar 

This type of fiat policy lasted until 1971, when the US government ended the gold standard. The move away from the gold standard was another “global currency reset” at the time and has existed for the last fifty years. 

Shortly after 1971, the term “petrodollar” refers to the system that emerged whereby oil-exporting countries agreed to price their oil exports in US dollars. The petrodollar allowed the US to maintain its dominance in the global financial system and helped to support the value of the US dollar.

Several currencies are pegged to the US dollar, a common strategy in the Caribbean and several of the citizenship by investment countries. The East Caribbean Dollar is the primary currency across all five CBI countries, and investors can settle their financial investment requirements in US dollars to obtain citizenship. 

Turkey’s citizenship by investment programs pricing is in US dollars. Although in this instance, investors need to convert their US dollar into Turkish Lira.

The Global Currency Reset

Potential Benefits and Challenges of a Global Currency Reset

Proponents of a global currency reset (GCR) argue that there could be several benefits to a global currency reset. Some hope that a GCR will help to reduce the disparity in wealth and income between countries and promote greater financial fairness by reducing the dominance of a single country’s Currency in the global financial system. 

A currency reset moves away from a monetary system focused on short-term profits and speculation. Additionally, a GCR could promote a more efficient allocation of resources and investment in long-term development. 

In this regard, the global currency reset reduces geopolitical tensions by reducing the dominance of a single country’s Currency in international trade and finance and could promote greater cooperation and stability in global economic relations.

Proposed Models for a Global Currency Reset

As there is no official movement or proposals on a currency reset, it is challenging to nail down one model that can be adopted. That being said, here are four potential options for a global currency reset.

A Global Reserve Currency

Under this model, a single global reserve currency would replace the current system, in which the US dollar is the dominant reserve currency. This global Currency could be backed by a basket of commodities or other currencies and managed by an international body such as the International Monetary Fund (IMF).

Regional Currencies

Another model for a GCR would involve the creation of regional currencies within specific geographic areas. For example, the Euro is a regional currency used within the European Union. Under this model, several regional currencies could replace the US dollar as the dominant global Currency.

Blockchain-Based Currencies

Some proponents of a GCR have suggested that a blockchain-based cryptocurrency is ideal for replacing the current system. This Currency would be based on decentralized ledger technology and managed by a distributed network of computers rather than a central authority. It is possible that Bitcoin or Ethereum be the global settlement cryptocurrency in the future. 

There are a few citizenship by investment nations that are forward looking with regards to a GCR. Antigua and Barbuda’s Digital Assets Business Bill and Saint Kitts and Nevis Virtual Assets Bill are two pieces of legislation that allow registration of businesses interacting with cryptocurrencies. One step closer to allowing investors to pay for citizenship directly with crypto in the future. 

Central Bank Digital Currency (CBDC)

Similar to a blockchain-based currency, A CBDC is a digital version of a country’s fiat currency issued and backed by the central bank of that country. It operates on a centralized ledger and is subject to the central bank’s monetary policy. The purpose of a CBDC is to provide a secure and efficient means of payment while also providing greater transparency and control over the monetary system.

Central Digital Bank Currencies (CBDC) or Cryptocurrency in the Global Currency Reset

One of the biggest global currency resets will be a central bank digital currency or cryptocurrency. Governments favor a CBDC because of their ability to control and have absolute visibility. Cryptocurrency and peer-to-peer transactions do not offer the government such control. 

Is a Central Digital Bank Currency (CBDC) a Cryptocurrency without Privacy?

Governments are investigating the use of CBDC for a variety of reasons. One of the primary motivations is to increase financial inclusion. CBDCs could provide access to financial services for people who do not have access to traditional banking systems. 

By providing a digital payment system that does not require a bank account, CBDCs could help to reduce the number of unbanked individuals. Another potential benefit of CBDCs is improving payment system efficiency and leading to faster and more cost-effective transactions. 

CBDCs could also provide central banks with additional tools for implementing monetary policy. For example, a CBDC could have negative interest rates, stimulating economic growth during periods of economic downturn. Governments using a CBDC can offer greater protection to consumers against f***d and theft. All transactions are available on a secure, tamper-proof ledger. 

A CBDC will require its users to complete a KYC before being able to transact. There is the potential for privacy and encryption technology, but governments will unlikely align this way.

Global Cooperation of a CBDC as the Currency Reset

If Nigeria’s CBDC is anything to go by, there will be severe pushback from a large portion of the population. The opposing viewpoint from Nigerian citizens is the manner of design of the Currency, the lack of trust in the government and central bank, and the perceived benefits and drawbacks of the system. 

A CBDC raises privacy concerns using a centralized ledger to record all transactions. The CBDC would give the government or central bank issuing the CBDC a high degree of visibility into individuals’ financial activities. Although a global currency reset and CBDCs can include zero-knowledge privacy, there will be doubt among potential users. 

Alternatively, countries like El Salvador adopted Bitcoin as a legal tender and the use of StableCoins as transaction currencies. A stablecoin is pegged to the US dollar but is a cryptocurrency, allowing users to transact anonymously. Previously bankless citizens now being able to engage in financial transactions with relative ease.

Implications for Investors and Businesses

If privacy is not a concern for businesses and investors, a global currency reset can offer several benefits for business transactions. 

• Faster and more efficient payments;

• Lower transaction costs;

• Improved security and f***d protection; and 

• Increased access to financial services. 

Impact on Citizenship by Investment and Golden Visa Programs 

One advantage of using a CBDC for citizenship by investment is a easier and faster option for investors to transfer funds. CBDC  investors can move their investment funds more quickly and securely than with traditional payment methods.

Additionally, because the details of all transactions are on a secure, tamper-proof ledger, it may be easier for governments to track and verify investment transactions. Seeing each transaction could help to prevent f***d and ensure compliance with citizenship by investment program requirements.

Source: Global Residence Index

https://dinarchronicles.com/2024/09/16/the-global-currency-reset-and-the-future-of-a-global-currency/

“Tidbits From TNT” Monday 9-17-2024

TNT:

Tishwash:  Iraq offers 100 investment opportunities in November

The Investment Authority revealed the desire of Egyptian companies to enter as partners in the International Development Road project with the aim of establishing this vital corridor, while it will offer 100 investment opportunities at its forum scheduled to be held in early November.

 The Authority’s spokesperson, Hanan Jassim, said in a press statement that the Authority’s Chairman recently held an extensive meeting with a number of major Egyptian companies, during which they confirmed their desire to enter the local market on a large scale in order to employ Egyptian expertise in the fields of infrastructure, bridges, and electric power, in addition to building residential cities, as well as entering as a fourth partner in the International Development Road project with Turkey, Qatar, and the Emirates with the aim of establishing this vital corridor that shapes the future of the region’s economies for the next stage.

She added that the meeting witnessed an invitation to these companies to attend the investment forum that will be held early next November, during which 100 investment opportunities will be presented in all sectors.

She pointed out that the Authority has granted eight investment licenses in the housing, oil, gas, electricity and tourism sectors since the beginning of this year until now. 

Jassim explained that the residential projects included the Al-Ghazlani residential city in Mosul, covering an area of ​​4,700 dunums, as well as part of the Karbala City Banks project, covering an area of ​​100 dunums, in addition to a third project on another part of the Karbala City Banks project, covering an area of ​​1,400 dunums, in addition to the new Ali Al-Wardi City project in Baghdad, covering an area of ​​61 million square metres.

She added that the authority granted a special license in the electricity sector for a project to generate electricity through solar energy with a capacity of 1000 megawatts for a French company in Basra Governorate, as it is the first license of this kind within the government’s plan to diversify in the energy sector, in addition to other projects represented by the sustainable Baghdad forests in Rashid Camp, the Bani Omar gas field project in Basra Governorate, as well as another project to complete the axial weighing stations within the plan of the Ministry of Construction, Housing and Public Municipalities to protect bridges from large loads.

Jassim pointed out that the investment process in the country has taken a new pattern that will raise the level of services and urban development, noting that the amended Investment Law No. 13 of 2006 is attractive to investors due to the facilities it includes.    link

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Tishwash:  Iraq trades more than two trillion dinars electronically in a month

The Executive Director of the Iraqi Private Banks Association, Ali Tariq, revealed on Sunday the volume of electronic trading in the country during the month of August, confirming that it exceeded two trillion Iraqi dinars.

Tariq told Shafaq News Agency, "The value of electronic trading in the past month of August alone exceeded two trillion Iraqi dinars," indicating that "the amount was transferred and traded using electronic payment systems of various types, whether cards or payment systems."

Tariq pointed out that "the amount reached two trillion dinars for only one month, and this amount will double to more than that in the coming months."

He explained that the number of electronic cards reached 20 million cards, which means that approximately 50% of the Iraqi population own electronic payment cards, and some citizens own two or three cards.

Tariq concluded by saying, “The number of electronic payment devices in the public and private sectors has exceeded 30,000 devices.”

In October 2023, the Iraqi Council of Ministers issued several executive measures related to the electronic payment system and electronic points of sale (POS), and said at the time in a statement that they "aim to enhance the use of electronic payment in Iraq and facilitate financial and commercial operations."  link

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Tishwash:  Al-Sudani confirms Iraq's openness to partnership with all those wishing to contribute to the development road project

Prime Minister Mohammed Shia al-Sudani stressed, on Saturday, the necessity of intensifying research and explanations regarding the Grand Faw Port and Iraq's Development Road projects and the opportunities they will provide, noting that these two projects are a basic gateway to economic growth in Iraq and the region, and an important pillar for expanding the non-oil economy.

This came during the dialogue seminar held in the capital, Baghdad, under the title (The Path to Development - Opportunities and Development), in the presence of an elite group of economic experts, investors, businessmen and media outlets, according to a statement by Al-Sudani's office, received by Shafaq News Agency.

Al-Sudani stressed that the quadripartite agreement between Iraq, Turkey, Qatar, and the UAE constitutes the axis of operating the development road, but the project is open to positive partnership with all those who wish to contribute to this international development effort, stressing that the global economy today has come to depend on the main corridors for trade, manufacturing, and integration, and the development road project will be an important axis of these international corridors.

He pointed to the industrial cities that will be established along the road, starting with the industrial city in Al-Faw, which will transform Iraq from a country landlocked in commercial and industrial routes to an open country, through its contribution to expanding Iraq's maritime effectiveness and raising the importance of its ports, most notably the Grand Faw Port.

The statement pointed out that the symposium included several axes related to the strategic development road project, including the economic and developmental feasibility of the project, which constitutes one of the future paths of the Iraqi economy, and how Iraq will move through it to become a new major player in the international shipping and transport arena, in addition to the thousands of job opportunities the project will provide, mechanisms for developing partnerships with the private sector, and the challenges facing the partnership between the government and the private sector.  link

Mot: ..... HUH??????? 

Mot.. how to avoid Drama!!!! 

Seeds of Wisdom RV and Economic Updates Monday Morning 9-16-24

Good Morning Dinar Recaps,

RIPPLE NEWS:  SEC’s Decision on Crypto Classification Ends XRP Lawsuit Appeal

In a major win for Ripple and the crypto industry, the SEC has officially decided not to appeal the XRP ruling, according to WallStreetBulls. This move marks the end of the highly publicized legal battle that’s loomed over Ripple’s future since December 2020.

The case, which revolved around whether XRP was an unregistered security, cast a shadow over Ripple and its market operations for nearly three years. However, with the SEC backing down, Ripple can now move forward without fear of further legal challenges.

What influenced this sudden turn of events? Let’s understand the SEC’s confusion!

A Shift in SEC’s Stance
The SEC’s decision not to appeal stems from its position in the ongoing Binance case. In this case, the SEC has acknowledged that crypto, by itself, does not meet the criteria to be classified as a security. This acknowledgment undermined the very foundation of its lawsuit against Ripple, leaving little room for an appeal.

The original lawsuit accused Ripple of selling unregistered securities through XRP sales. But with the SEC’s stance now shifting, continuing the fight would have been futile. This development not only brings relief to Ripple but could have long-term implications for other cryptocurrencies facing similar scrutiny.

Ripple’s Victory – A Game Changer for Crypto?
Ripple’s win is seen as a huge milestone for the broader crypto space. The SEC’s acceptance that crypto isn’t automatically a security could reshape how regulators treat digital assets. This case closure sets a crucial precedent, possibly helping other cryptocurrencies navigate regulatory challenges with more confidence.

Stuart Alderoty, Ripple’s Chief Legal Officer, added another layer of insight, reminding everyone that while Ripple’s battle is over, the “fair notice” defense remains vital for other crypto entities. 

He criticized the SEC’s reliance on the 2017 DAO report, stating it was confusing, and the SEC even apologized for the lack of clarity. This highlights that despite Ripple’s victory, there’s still work to clear up regulatory ambiguity in the industry.

As Ripple emerges from this legal saga, the focus now shifts to how this ruling will impact future regulatory actions. Will the SEC’s shifting stance lead to greater acceptance of cryptocurrencies? One thing is certain: this victory could open doors for more market adoption and provide a clearer framework for the future of digital assets.

@ Newshounds News™

Source:  Coinpedia

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XRP NEWS: Robinhood Relists XRP After Ripple’s Legal Victory

XRP is back in action, breaking past $0.5900 and eyeing its July 2024 high of $0.6602, all thanks to Robinhood re-listing it on its commission-free platform! This comes as Ripple’s legal battle with the SEC officially ends, sparking optimism in the crypto community. While the addition of XRP to Robinhood’s crypto brokerage is exciting news, there’s more to the story let’s dig in.

XRP Listing on Robinhood – A Strategic Move?
Robinhood’s crypto arm quietly updated its supported assets to include XRP, alongside other coins like Bitcoin, Ethereum, and Shiba Inu. However, the platform hasn’t officially announced the move, leaving the community to discover the change on its help page. The catch? Only EU customers can currently trade XRP, leaving U.S. users waiting for potential updates.

While trading isn’t available yet, Robinhood users can now see XRP’s price chart, which is exciting for the XRP community. This could mean wider market access and more trading activity, which could make investors and fans hopeful.

Speculation around XRP’s return to Robinhood had been brewing, especially after the brokerage acquired Bitstamp, which supports XRP trading. However, the lengthy Ripple vs. SEC lawsuit had been a significant hurdle, now cleared after Ripple agreed to pay $125 million in fines, resolving the case without an appeal from the SEC.

More Listings on the Horizon?
With the lawsuit behind them, Ripple has newfound regulatory clarity, making XRP an attractive asset for exchanges and investors. Robinhood’s move could encourage other platforms to relist the coin as well, especially as XRP has seen a 3.75% rise in value, trading at $0.5898, outpacing other top 10 coins.

In addition to Robinhood’s listing, Grayscale’s launch of the first XRP Trust has further bolstered confidence in XRP’s future, with increasing prospects for a potential spot ETF. As Ripple emerges from its legal struggles, more support for XRP seems inevitable, with growing optimism for the coin’s adoption.

@ Newshounds News™

Source:  Coinpedia

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BANK OF RUSSIA TO LAUNCH DIGITAL RUBLE PAYMENT INFRASTRUCTURE BY JULY 2025

The Bank of Russia aims to open the payment infrastructure for the Russian central bank digital currency (CBDC), the digital ruble, by July next year.

 Larger banks will offer digital ruble accounts and services by this deadline, with smaller institutions following later. The initiative seeks to enhance payment efficiency and reduce costs, with retailers also required to accept digital rubles. A pilot program is currently underway involving banks, individuals, and businesses.

Russia Plans Digital Ruble Rollout by 2025
The Bank of Russia has submitted a proposal to open the payment infrastructure for Russia’s central bank digital currency (CBDC), the digital ruble, by July 1, 2025, local media reported last week.

The largest banks in Russia will be required to offer services such as digital ruble accounts, transfers, and payments within their systems. The aim is to allow citizens and businesses to use the digital ruble alongside traditional payment methods like cash and non-cash transactions.

The central bank forwarded its proposed legal amendments to the Russian Ministry of Finance, establishing different deadlines for various financial institutions.

Larger banks are expected to be ready by July 2025, while others with a universal license have until July 2026. Smaller credit institutions must comply by July 2027.

 Retailers with annual revenues over 30 million rubles will also be required to accept digital rubles starting in 2025, with smaller businesses following in the next two years.

The Bank of Russia explained:

Both banks and trade and service enterprises will be able to implement their acceptance as their systems become ready.

The digital ruble is intended to improve payment systems by reducing costs and increasing efficiency. Payments will be made through a universal QR code system based on the NSPK platform, eliminating extra expenses for banks and businesses.

Digital ruble transactions for citizens will be free, and businesses will have the option to choose between digital and traditional rubles. Currently, a pilot program involving 12 banks is in place, and as of Sept. 1, the program expanded to include 9,000 individuals and 1,200 businesses. “People and businesses will choose which form of the ruble to use,” said the Bank of Russia.

@ Newshounds News™

Source:   Bitcoin News

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Sen. Coons’ S. 4751 Could Limit Crypto Firms’ Ability To Challenge SEC

In July 2024, the U.S. Supreme Court's decision in Corner Post, Inc. v. Board of Governors of the Federal Reserve System expanded the ability of plaintiffs to sue federal agencies. The Court ruled that the statute of limitations to challenge an agency action starts when the plaintiff is harmed, not when the action occurs.

Justice Amy Coney Barrett's decision extended the timeframe for companies to file lawsuits against regulations, allowing challenges long after the rules are issued.

However, Senate bill 4751, the Agency Stability Restoration Act of 2024, sponsored by Sen. Chris Coons (D-DE), aims to limit this by setting a strict six-year statute of limitations from the date of the agency action, regardless of when harm occurs. Co-sponsors of the bill include Senators Dick Durbin (D-IL), Richard Blumenthal (D-CT), Mazie Hirono (D-HI), Cory Booker (D-NJ), Peter Welch (D-VT), and Sheldon Whitehouse (D-RI).

For the crypto industry, which has long been at odds with the Securities and Exchange Commission (SEC) under Chair Gary Gensler in particular, the bill could significantly impact its legal strategy. 

The industry's ability to challenge SEC enforcement under the Administrative Procedure Act (APA) often hinges on demonstrating harm from the agency’s actions. If passed, the Act would require these challenges to happen quickly, potentially before the full effect of regulations is known.

The Corner Post Decision: Broadening The Right To Challenge
In Corner Post, a North Dakota truck stop challenged a 2011 Federal Reserve rule on debit card fees, even though it didn’t open until 2018. 

The key issue was whether the six-year statute of limitations started in 2011, when the rule was issued, or in 2018, when the business was affected. In a 6-3 decision, the Supreme Court ruled the clock starts only when the plaintiff suffers harm.

Justice Barrett, writing for the majority, called the case “straightforward,” explaining that a claim under the APA doesn't begin until there’s a “complete and present cause of action.” Critics, like The Center for Progressive Reform, fear this decision will lead to lawsuits long after a rule is enacted, but Barrett argued that more time to sue doesn’t guarantee success.

@ Newshounds News™

Source:  Forbes

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HEDERA CONTRIBUTES ENTIRE CODEBASE TO LINUX FOUNDATION

Hedera shifts toward open-source decentralization, transferring its codebase to Linux Foundation’s Decentralized Trust for global collaboration.

Hedera, a decentralized public network, announced that it has become a founding premier member of the Linux Foundation’s newly launched decentralized trust initiative.

The decentralized network contributed its entire source code, including its hashgraph consensus algorithm and all core services, tools and libraries, to the Linux Foundation.

Hedera’s contribution, which forms the new project “Hiero,” aims to allow developers to collaborate on decentralized trust technologies globally under an open-source and inclusive framework.

Project Hiero
Hedera’s decision to transfer its entire codebase to the LF Decentralized Trust initiative indicates a substantial shift toward decentralization.

Daniela Barbosa, GM of decentralized technologies at the Linux Foundation and executive director of LF Decentralized Trust, told Cointelegraph that open-source development is “essential for decentralized technologies.”

“At LF Decentralized Trust we believe that open source, combined with open development and open governance as part of a neutral foundation, is the future of decentralized technologies that will be adopted across enterprise, governments, and app ecosystems.”

Implications for developers
As Charles Adkins, president of Hedera, explained to Cointelegraph, the open-source model is anticipated to benefit developers by fostering collaboration and interoperability.

“By contributing Hedera’s codebase to Hiero under Linux Foundation’s Decentralized Trust, developers gain access to a more open, collaborative environment.”  Adkins explained that this development allows developers from “various ecosystems to engage with Hedera’s technology more easily, accelerating innovation and adoption."

Hedera joins the DeRec Alliance
On Sept. 5, Hedera and Cardano’s development arm, Input Output (IOHK), became the final founding members of the Decentralized Recovery Alliance (DeRec Alliance).

The two final members will serve on the Technical Oversight Committee for the next two years, helping shape policies and standards that simplify user experience and facilitate crypto recovery.

Leemon Baird, chief scientist at Hashgrapha and co-founder of DeRec, told Cointelegraph that it was “great to see the industry coming together” to address a “critical need for a safety net.”

@ Newshounds News™

Source:  CoinTelegraph

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@ Newshounds News™

Source:  Source: Seeds of Wisdom Team Currency Facts 

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News, Rumors and Opinions Monday AM 9-16-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Mon. 16 Sept. 2024

Compiled Mon. 16 Sept. 2024 12:01 am EST by Judy Byington

Global Currency Reset:

Judy Note: From the below Intel it appeared that the RV began on Fri. 13 Sept. when banks received financial transactions and were given up to 72 hours to finalize them, or risk a fine of $20 billion per institution. The new Iraqi Dinar rate appeared to be active on bank screens, although it was still trading upward without a settled rate. Bond payments were expected to complete by next Wed. 18 Sept.

On Mon. 16 Sept. at 8pm EST President Trump was set to announce the launch of World Liberty Finance, where The People would have their own individual and secure bank account of which no banker, or anyone else, had control. It appeared to me that this would be the formal announcement of the Global Currency Reset including NESARA/GESARA activation.

Sat. 14 Sept. 2024 Wolverine: “The RV has begun. It is my opinion that notifications should be coming out Sun. 15 Sept, or tomorrow Mon. 16 Sept. at the latest. …All banks have paid the transactions released Fri. 13 Sept. in their accounts. Now they just need to send the notifications to those involved. You can celebrate because there is no turning back. They have up to 72 hours to finalize the transaction, with the risk of a fine of 20 billion per institution. The Hague Court entered this battle and brought order to this brothel.” https://www.in.gov.br/web/dou/-/resolucao-bcb-n-410-de-11-de-setembro-de-2024-584289886

Sat. 14 Sept. 2024 TNTRayren98: “Every source is saying it completed last night Fri. 13 Sept. We are awaiting start time.”

Sat. 14 Sept. 2024 MarkZ: “I finally found a bond person NOT under an NDA. A really big bond deal. I did a little poking and was informed there is a final bond contract getting paid on the 18th. I find this interesting because it appears that starting on the 18th they are not making them sign an NDA on bond deals. I did a quick search and found another bond holder with an appointment just after the 18th….none of those require an NDA. To me this is huge good news and means they plan on having most bonds done by the 18th because then it won’t matter about the secrecy.

Sun. 15 Sept. 2024: Iraq is currently receiving applications from their banking system to transition into the new digital economy. Between 60 to 70 banks have sent in their application to transition into International electronic platforms. This pretty much covers all of their Banks except for a handful. They’re still telling us that this aspect of their banking reforms will take till the end of the year, but we are seeing progress and lots of confidence in their new electronic banking system. This article goes on to tell us that they are in an accelerated stage and moving forward with intention and purpose. …Goldilocks on Telegram

The largest devaluation in history of the dollar begins next week. It won’t happen all in one week, but next week is when monetary policies change. …Goldilocks on Telegram

Read full post here:  https://dinarchronicles.com/2024/09/16/restored-republic-via-a-gcr-update-as-of-september-16-2024/

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

Mnt Goat ...They don’t need any economic revival to put a fair market rate for the dinar back on FOREX. It is all a lie....They are “artificially” suppressing the rate of the dinar. When will this abuse of the dinar end?   I believe this end is near...

Walkingstick   Aki was sent over there 3 months ago to Michigan to take care of one of the CBI satellite banks.  He's still sitting there.  You know why?  Because he's waiting for his next orders to open up that bank.  That tells me this is very close to popping at any moment.  If not they would not have sent Aki to sit there and wait all these months.  They would have sent him more towards the end of this year...To refresh your memory Aki will run one of the banks for the CBI in Dearborn Michigan representing the CBI...The CBI will have many of their private banks around the world collecting the 3 zero notes.

Michael Burry's Warning For The Stock Market Crash, Most People Have No Idea What's Coming Next

Millionaires Invest:  9-15-2024

Michael Burry, the famed investor known for predicting the 2008 financial crisis, has made a startling new prediction: he believes we're heading back to an economic environment reminiscent of the 1970 and early 2000s.

For those unfamiliar, the 1970s and early 2000s, these were tumultuous times marked by economic chaos and market bubbles. The stock market saw dramatic declines, losing half its value in just 15 months, unemployment rates soared, and inflation spiraled out of control with prices rising at unprecedented rates.

Most troubling, these issues weren't short-lived—they persisted for the entire decade.

 Burry now warns that we may be on the brink of repeating this grim chapter of history, driven by the unchanging nature of human behavior.

https://www.youtube.com/watch?v=3EY6fgtbqlA

IT'S OVER: Yellen Says "No Recession!" BUT U.S. Economy In Free Fall Collapse

Sean Foo:  9-15-2024

Either Yellen knows something we don't or she's gaslighting us on the state of the US economy. As major indicators start to collapse, she is still insisting on a soft landing.

However, she made the same fateful prediction back in 2007 as a Fed President. Here's what you must know!

Timestamps & Chapters:

0:00 Yellen Declares NO Recession

 2:38 U.S. Bankruptcies Explode

5:39 Deficit Nightmare Not Working

 8:22 US Earnings Collapse

10:52 Massive Gaslighting

https://www.youtube.com/watch?v=4MkKocB38zA

Some “BRICS News” Sunday 9-15-2024

34 Countries Joining BRICS according to Russian President: The End of G7?

Fastepo:  9-15-2024

Russian President Vladimir Putin announced that 34 countries have expressed interest in joining BRICS, either formally or through various levels of engagement. During a meeting with senior BRICS officials focused on security matters, Putin emphasized Russia's commitment to the bloc's expansion as it assumes the 2024 chairmanship.

"More than three dozen countries, precisely 34, have shown interest in participating in BRICS activities in some capacity," Putin stated, underscoring Russia's priority to facilitate swift integration of new members.

As chair of BRICS for 2024, Russia has approached the role with a sense of urgency and responsibility, according to Putin. "Our chairmanship carries a special mandate: to ensure the seamless and accelerated integration of new member states into all BRICS mechanisms," he added.

 Putin highlighted the group's accomplishments in addressing global security challenges, including efforts to combat cybercrime and terrorism. "BRICS has developed a strong foundation of cooperation in areas such as counterterrorism, illegal arms and drug trafficking, transnational crime, and illegal migration,"

Putin said. He also pointed to the creation of a specialized electronic registry for sharing data on cyberattacks as a key achievement of the bloc’s collaborative efforts. This video explores the growing interest from potentials countries in joining BRICS and analyzes their potential contributions to the bloc.

 The discussion delves into how their membership could significantly expand BRICS' global influence and economic reach.

Through an in-depth examination of the economic, political, and strategic implications, the video offers insights into how BRICS might evolve in the coming years and what the inclusion of these new members could mean for the organization's role on the global stage.

https://www.youtube.com/watch?v=8nAuvk0YmmI

 BRICS Minister Confirms Plans For Gold Backed Currency (Will Gold Price Soar In October?)

Smart Silver Stackers:  9-15-2024

In a recent interview, Andrey Mikhailishin, the head of the task force on financial services of the BRICS Business Council, outlined a list of projects related to the establishment of a BRICS global payment system.

Of particular interest to gold & silver stackers, is that BRICS plans to peg their unit of exchange 40% to gold.

There are plans to announce aspects of these new projects at the October BRICS conference.

If an official announcement of a BRICS gold backed currency does take place, there could be a major impact on the gold price & the silver price

https://www.youtube.com/watch?v=kBlFx-RbkE8

BRICS vs. NATO: Turkey's Bold Move and the US Dollar's Future

Taylor Kenny:  9-15-2024

CHAPTERS:

00:00 - Turkey Joins BRICS

00:37 - A Growing Power Bloc with Global Ambitions

01:18 - Turkey's Military Strength and NATO Influence

 02:27 - Tensions Between Turkey and the U.S.

03:41 - A Strategic Asset

 04:59 - Challenging U.S. Dominance

 05:34 - What’s at Stake?

 06:40 - Turkey’s Future Role

https://www.youtube.com/watch?v=dkOECosuEi0

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-15-24

Good Afternoon Dinar Recaps,

Russia All Out For Crypto Regulation, US Dollar Dominance Under Threat?

In order to combat strain in international trade, Russia has plans to complete crypto regulation and to properly combat USD dominance

▪️Russia is pushing forth in its crypto regulation and adoption agenda
▪️The country aims to finalize its crypto regulation push by November
▪️The aim is to use these assets for international trade settlement

Russia is making big plans for crypto regulation in the region by November. Notably, the process has already commenced but will be finalized in the next few months. 

According to Anatoly Aksakov, the Chairman of the State Duma Financial Market Committee, Russia’s Central Bank and the Ministry of Finance will prepare the necessary by-laws from now until the scheduled time.

Russia Rolls Out Crypto Regulation Gradually
At the beginning of this month, the law that permits the use of crypto payments in foreign trade settlements and exchange trading within the framework of an experimental legal regime came into force. However, it needed full regulation, including bylaws, to establish rules for cross-border crypto payments.

Russia’s financial authorities will see that all these processes are finalized by November.

In addition to preparing the crypto regulation and bylaws, the Central Bank and the Ministry of Finance will consider the circle of individuals and organizations that will take part in the first stage of the process. The participants will include credit institutions and banks.

According to Aksakov, these entities would help to “feel out” the mechanism of this market. They will also help the authorities to better understand how to regulate it. As time progresses, the number of participants for the process will be expanded.

The Threat to US Dollar
Despite the crypto regulation moves, Russia is keen on not getting the assets into the wrong hands. The country acknowledged the versatility of the asset class and how it could also be misused.

Also, Russia has no plans to fully replace its fiat currency Ruble with cryptocurrencies. The Chairman of the State Duma Financial Market Committee stated that it would only be used for foreign trading activities and not for payment within Russia.

This move is in sync with the primary goal of the BRICS Group, a bloc of countries with some of the world’s leading economies. Member countries of this group are focused on challenging the dominance of USD. It is worth noting that Russia is one of the founding members of this bloc.

For the longest time, the BRICS Group has been trying to develop an alternative to the USD for cross-border settlements. They have onsidered the use of digital assets and some other asset classes for some time now. Last month, Russia hinted at building a Chinese yuan-pegged BRICS stablecoin to further push the de-dollarization efforts.

@ Newshounds News™

Source:  CoinGape

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SEC CRYPTO ENFORCEMENT ACTIONS SURGED 3,000% TO $4.7 BILLION IN 2024: REPORT

Despite fewer cases, the SEC’s enforcement strategy shifted to larger fines, with average penalties jumping to $426 million per action.

The U.S. Securities and Exchange Commission (SEC) has ramped up its enforcement actions against the cryptocurrency sector in 2024, imposing nearly $4.7 billion in fines.

This figure represents a 3,018% increase from the $150.3 million in fines issued in 2023.

Record Breaking Settlement
According to a report from Social Capital Markets, 2024’s figures are largely attributed to the SEC’s $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon, in June making it the largest enforcement action to date by the agency.

This legal action addressed serious issues, including misleading investors and offering unregistered securities, following the collapse of TerraUSD (UST) and its associated ecosystem.

The total fines for 2024, which stand at $4.68 billion, include various penalties such as forfeiture, disgorgement, civil penalties, settlement, and prejudgment interest.

Although the regulator’s crackdown dropped from 30 in 2023 to 11 in 2024, average fines soared to about $426 million, up from $14.71 million in 2022.

“This trend indicates a strategic shift by the SEC toward fewer but larger fines, with a focus on making high-impact enforcement actions that set precedents for the entire industry,” the report notes.

Other notable fines in 2024 include penalties against firms like GTV Media Group and fraudsters John and Tina Barksdale, each exceeding $100 million.

Crypto Fines Amounted to $7.42 Billion Since 2013
Since 2013, the SEC has issued over $7.42 billion in fines against the cryptocurrency industry. Of this total, 63% has been in 2024 alone.

In 2019, the $1.24 billion fine imposed on Telegram Group Inc. and TON Issuer Inc. for unregistered token sales led to a notable 2,000% increase in the average fine compared to previous years.

Ripple Labs received a $125 million fine for selling XRP as an unregistered security, causing the average fine for that year to rise to $35.2 million. However, the SEC is yet to agree as it can dispute this one.

The enforcement actions in 2024 also emphasize accountability for both companies and their executives, with “firm + Individual” penalties totaling $5.08 billion across 63 actions.

Most fines exceeded $1 billion, making up 46% of the total, largely due to the $4.68 billion penalty against Terraform Labs. Punishments ranging between $1 million and $10 million are also common, accounting for 30%, and often involve smaller firms. There were also judgments falling under $1 million, highlighting ongoing scrutiny of minor projects.

@ Newshounds News™

Source:  Crypto Potato

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Kraken Requests Jury Trial in Legal Battle With the SEC Over Alleged Securities Law Violations

The crypto exchange Kraken has officially requested a jury trial in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

Last November, the SEC charged Kraken with operating its crypto trading platform as an unregistered securities exchange, broker, dealer and clearing agency.

Earlier this year, Kraken filed in US District Court to dismiss those charges, positing that the SEC’s claims would widen the definition of investment contracts and expand the regulator’s jurisdiction outside of its delegated responsibility.

That request didn’t fly with US District Judge William H. Orrick, who denied the exchange’s request last month, ruling that the SEC “plausibly alleged that at least some of the cryptocurrency transactions that Kraken facilitates on its network constitute investment contracts, and therefore securities, and are accordingly subject to securities laws.”

In a new document filed in court on Thursday, Kraken requests a jury trial and responds to the SEC’s complaint, arguing that it operated for more than a decade without any hint from the regulator that it was violating securities laws.

“In fact, in 2021, the Chair of the SEC told Congress that ‘the exchanges trading in these crypto assets do not have a regulatory framework at the SEC,’ and ‘it is only Congress that could really address this lack of a framework.’

Kraken has tried to work with the SEC to make registration feasible. But the industry’s efforts have been stonewalled at every step, as the SEC has instead chosen to pursue a strategy of fighting with its sister regulators for enforcement authority its Chair admitted it did not have.

This has predictably led to a patchwork of inconsistent and irreconcilable court decisions in an area that is plainly in need of a uniform regulatory approach.”

Kraken says the SEC refused to identify which crypto asset transactions it classified as investment contracts until the regulator filed its complaint last year.

“The digital assets themselves cannot be the investment contracts because they carry none of the rights and obligations of a share of stock, a bond, or any other financial asset that Congress has said is subject to SEC regulation. The digital assets themselves are the only things that are traded, brokered, or settled on Kraken.”

The SEC argues that Kraken hawked more than 11 different “crypto asset securities” on its platform and was required by law to register with the regulator.

Those alleged securities include Cardano (ADA), Algorand (ALGO), Cosmos (ATOM) and Solana (SOL), among others.

@ Newshounds News™

Source:   DailyHodl  

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TRUMP TAKEN TO SAFETY AFTER SECRET SERVICE OPENS FIRE ON MAN WITH POSSIBLE GUN AT HIS PALM BEACH GOLF CLUB

Donald Trump was taken to safety by the Secret Service after agents opened fire on a man who was spotted with what may have been a gun while the former president was on the links, according to law enforcement sources.

Sources said the Secret Service spotted a suspicious individual on the Trump International Golf Course West Palm Beach, and opened fire when agents saw what appeared to be the barrel of a gun.

It’s not clear whether the man was on the course or near it.

An agent opened fire, shooting multiple times.

“President Trump is safe following gunshots in his vicinity. No further details at this time,” Trump spokesman Steven Cheung said Sunday afternoon.

The man was later arrested by local police on I-95.

It comes almost exactly two months after Thomas Matthew Crooks shot Trump at a rally in Butler, Pa. on July 13 — wounding him in the ear.

Sen. Lindsey Graham took to X minutes after news of the shooting broke to laud the former president for his fortitude.

“Just spoke with President Trump. He is one of the strongest people I’ve ever known. He’s in good spirits and he is more resolved than ever to save our country.”

“President Trump is safe following gunshots in his vicinity. No further details at this time,” Trump spokesman Steven Cheung said Sunday afternoon.

The West Palm Beach course is about five miles inland from Mar-a-Lago, which Trump dubbed the “Winter White House.”

The Secret Service — which came under widespread criticism following the July assassination attempt — wrote on X that it was investigating a "protective incident” involving the former president that occurred shortly before 2 p.m.

The agency said it’s coordinating with the Palm Beach County Sheriff’s office on the investigation.

Initial reports suggested two people were firing at each other. However, sources said investigators now believe the Secret Service agent was the only shooter.

The man’s motives are not yet known. He was arrested by Palm Beach County sheriff’s deputies.

The White House issued a statement soon after the incident: “The President and Vice President have been briefed about the security incident at the Trump International Golf Course, where former President Trump was golfing. They are relieved to know that he is safe. They will be kept regularly updated by their team.”

This is a developing story.

@ Newshounds News™

Source:  NY Post

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Muddy Water SEC's Crypto Custody Confusion: Understanding the Exemption  |  Youtube

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@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts 

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Great Breakdown - #Brics from R Jax and Lowtide. #Seeds of Wisdom Team  |  Youtube

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@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts 

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