“Tidbits From TNT” Monday Morning 9-23-2024

TNT:

Tishwash:  Al-Sudani meets in New York with the Yemeni President and the Kuwaiti Crown Prince, stressing the depth of relations

Prime Minister Mohammed Shia al-Sudani stressed, on Sunday, when he received Yemeni President Rashad Mohammed al-Alimi in New York, Iraq's keenness to support Yemen's stability.

The Prime Minister's media office said in a statement received by Shafak News Agency, "Prime Minister Mohammed Shia al-Sudani received this evening, Sunday, Baghdad time, the Chairman of the Presidential Leadership Council of the Republic of Yemen, Rashad Mohammed al-Alimi, on the sidelines of his participation in New York in the meetings of the 79th session of the United Nations General Assembly."

The office pointed out that "the meeting reviewed the overall internal situation in Yemen, the surrounding regional situation, its developments and its impact on the region." According to the office's statement, Al-Sudani pointed to "the depth of the historical and fraternal ties that unite Iraq and Yemen," stressing "Iraq's keenness to support Yemen's stability, the importance of finding solutions through internal dialogue, and providing appropriate conditions for the brotherly Yemeni people to enjoy prosperity and development."

For his part, Al-Alimi welcomed the "reopening of embassies between the two countries, and considered it a supportive step to strengthen fraternal relations and support communication between the two brotherly peoples."

In addition, the media office noted that "Prime Minister Mohammed Shia al-Sudani received this evening, Sunday, Baghdad time, the Crown Prince of the State of Kuwait, Sheikh Sabah Khaled Al-Hamad Al-Sabah, in New York, on the sidelines of his participation in the meetings of the 79th session of the United Nations General Assembly."

Al-Sudani stressed, "The depth of the fraternal relations between Iraq and Kuwait, which the government has established in its program that includes strengthening relations with sister Arab countries, and strengthening the bonds of cooperation with them in various fields." The Prime Minister stressed "Iraq's keenness to advance cooperation with Kuwait, and develop it in a way that achieves bilateral interests."

According to the statement, the two sides stressed "the resumption of the work of the joint technical committees between the two countries."

Prime Minister Mohammed Shia al-Sudani also met, this evening, Sunday, Baghdad time, at the United Nations headquarters in New York, with the United Nations High Commissioner for Human Rights, Volk Türk.

A statement from Al-Sudani's office received by Shafaq News Agency stated that the meeting discussed the qualitative development witnessed by the human rights file in Iraq, as Al-Sudani confirmed that the government views the Universal Periodic Review as an essential mechanism in promoting and protecting human rights, noting that Iraq will discuss its fourth periodic report in January of next year after it voted on it in the last cabinet meeting.

According to the statement, Al-Sudani stressed Iraq's commitment to human rights standards, as a party to international agreements and the International Covenant on Civil and Political Rights, appreciating the efforts of the human rights team working within the UNAMI mission in Iraq, and the breadth of measures implemented by the Iraqi government to preserve the rights of minorities and spectrums of the components of the Iraqi people, and to provide assistance to victims of terrorism and the dictatorial regime.

The Prime Minister stated that Iraq has succeeded in establishing a successful experience in the field of transitional justice, and the government has proceeded with the legal and executive framework for all human rights principles, in accordance with the Iraqi constitution and approved international standards.

For his part, the High Commissioner indicated the Commission's desire to open a representative office in Iraq, in order to raise the level of cooperation in the field of capacity development, technical, economic and social cooperation, and in the field of the environment, according to the statement.  link

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Tishwash:  International Finance: The Central Bank of Iraq is a model for developing strategies that serve the development of the banking sector

The Regional Director for the Kingdom of Saudi Arabia, Lebanon and Iraq at the International Finance Corporation  (IFC) , Fawaz Al-Balbeisi, confirmed today, Monday, that Iraq is one of the first countries to adopt a comprehensive approach to governance and environmental and social accountability, noting that the Central Bank of Iraq is a model for developing strategies that serve the development of the banking sector.

Al-Balbeisi said in a speech during the launch ceremony of the Financial Sustainability Map Project and the Environmental, Social and Corporate Governance Standards Guide for Banks, which was attended by the correspondent of the Iraqi News Agency (INA): “Iraq has provided humanity with justice and law, and it is not strange that it is one of the first countries to adopt a comprehensive approach to governance and environmental and social accountability,” indicating that “this new achievement comes as a result of the strategic partnership between the International Finance Corporation and the Central Bank of Iraq in cooperation with the Kingdom of the Netherlands and our joint efforts to develop an advanced Iraqi banking sector that contributes to Iraq’s sustainable future.”

He added that “the achievements that we celebrate today are a very important step for the Iraqi banking sector towards establishing sound practices of environmental, social and corporate governance standards that are consistent with international standards and rules, where they are not just a reference framework for celebration, but rather a systematic approach achieved by the banking sector,” noting that “environmental and governance standards have changed the environment and governance of the institution, and are a standard for professional excellence and have become a basic requirement for managing and reducing risks and thus financial sustainability and business prosperity.”

He continued: "Today, this event gains great importance in light of Iraq's confrontation with the challenges led by climate change, which requires approximately $233 billion until 2040 to respond to the development gaps necessary to move towards sustainable economic paths."

He continued, "Environmental, social and corporate governance responsibility is not only a statement of transparency, accountability and fairness, but also essential components of responsible investment strategies committed to sustainable practices and ethical standards in all financing and investment decisions. The Iraqi banking sector represents the provision of the necessary financing to meet its nationally defined goals in Iraq, and all of this highlights the importance of the role of the Central Bank, led by Ali Al-Alaq, in achieving this goal."

He pointed out that "with the development of the banking, financial and operational sector's capabilities over the past years, this achievement is complementary to other initiatives led by the Central Bank, the latest of which was the launch of the national strategy last May."

He pointed out that "the Central Bank is a model in developing strategies that serve the development of the banking sector in a way that reflects positively on the external view of the banking system and makes it a tributary that enhances sustainable development in Iraq," expressing his "thanks to the government of the Kingdom of the Netherlands for their support in reaching this achievement and to the Central Bank team and the International Finance Corporation whose tireless work enabled us to reach this achievement  link

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Tishwash:  Al-Alaq announces a roadmap for financial sustainability for the Iraqi banking sector

The Governor of the Central Bank, Ali Al-Alaq, announced today, Monday, a roadmap for the financial sustainability of the Iraqi banking sector, while indicating that this map is part of the efforts to upgrade the banking sector.

Al-Alaq said in a speech during the launch ceremony of the Financial Sustainability Map Project and the Environmental, Social and Governance Standards Guide for Banks, “Today we are addressing an important and fundamental aspect in developing the banking sector in Iraq, as the term environmental, social and governance standards has witnessed turbulent growth since its first launch in 2005,” indicating that “the environmental aspects and the response related to climate change are major factors driving the development of environmental, social and governance standards, in addition to the growing importance of other essential elements, especially social ones.”

He added, "If these standards are important for any economic entity or company, regardless of its activity, mission and products, then their importance to the financial sector is a matter of utmost importance, given the significant impact that social and environmental changes have on the reality of this sector and what is required to manage it according to regulatory, supervisory and technical rules that avert risks to guarantee the rights of shareholders and stakeholders within a framework of transparency and disclosure, and above all, to contribute to achieving financial stability, the repercussions of which are reflected in the economic and social environment and general stability, just as the environmental and social repercussions are reflected in stability."

He stated, "We are pleased to announce a roadmap for the financial sustainability of the banking sector in Iraq for the years 2023 to 2029 and social and institutional standards," noting that "this project is part of the ongoing efforts made by the Central Bank of Iraq to advance the banking sector based on international best practices as well as keeping pace with developments in the banking industry."

He stated that "with this announcement, the Central Bank of Iraq is the first in the region to implement this guide."

Al-Alaq praised "the role played by international experts at the International Finance Corporation, affiliated with the World Bank Group, and their effective contribution in preparing the roadmap for financial sustainability for the banking sector in Iraq," appreciating "the effective and ongoing partnership and fruitful cooperation with the institution."

He thanked "the fruitful and distinguished efforts of the Central Bank's work team, as well as the support provided by the Kingdom of the Netherlands in this context to push towards helping Iraq implement these important and necessary programs   link

Mot: .... Been quite a Week you seeeee....

Mot:  figured out Why the RV keeps stopping !!!!......((( Get A Hammer )))......

https://www.youtube.com/watch?v=aqAUmgE3WyM

More News, Rumors and Opinions Sunday PM 9-22-2024

TNT:

Tishwash:  Iraq Discusses 5G Internet in New York

The Chairman of the Communications and Media Commission, Ali Al-Muayyad, discussed today, Sunday, in New York, the future of the fifth generation and satellite internet in Iraq with the CEO of the Samina Council, Bukar Ba.

A statement by the Authority received by Shafaq News Agency stated that Al-Muayyad met with the CEO of SAMENA Council on the sidelines of the Future Summit held in New York, where a number of technical topics related to developing the communications sector in Iraq were discussed.

The statement added that the meeting focused mainly on the mechanisms for providing 5G services in Iraq, stressing the importance of adopting the latest technical practices and infrastructure that allow for improving communication speed, reducing response time, and supporting the digital economy in line with global technology developments.

He pointed out that the meeting addressed the issue of satellite Internet services, as the two sides discussed the best global practices for licensing these services, focusing on the benefits and harms resulting from using this technology, and studying potential challenges, such as interference with the terrestrial frequency spectrum, and its impact on the environment and users. 

In the context of talking about developing the communications sector, he stressed the importance of supporting Iraq by holding global and regional workshops and conferences that address the latest innovations in the fields of communications and information technology, including artificial intelligence, big data, and advanced infrastructure technologies. 

SAMENA is one of the world’s leading technology alliances and leads a consortium of telecom companies in South Asia, the Middle East and North Africa.  link

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Tishwash:  PM's Advisor: Government Takes 8 Steps to Improve Technology Sector

The Prime Minister's Advisor for Banking Affairs, Saleh Mahoud, stressed on Sunday the importance of cooperation between the public and private sectors to develop the technological infrastructure in Iraq, while pointing out that the Iraqi government has taken 8 strategic steps to improve the technology sector in the country, stressing the existence of serious government efforts to achieve leadership in the field of digital innovation.

"We are pleased to represent the Prime Minister in attending the conference, and we convey his greetings and high appreciation, as he commends this conference and blesses its efforts," Mahoud said in his speech during the opening of the Iraq International Information and Communications Technology Exhibition and Conference (ITEX), which was followed by "Economy News."

He added that "the conference provides an opportunity for cooperation between the public and private sectors, which encourages the establishment of strategic companies that contribute to the development of a strong technological infrastructure."

He pointed out that "organizing and activating such conferences is an urgent necessity, as the Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, looks forward to the importance of this event being an appropriate opportunity to discuss the exchange of experiences and ideas to achieve sustainable development and prosperity for our great people, which enhances Iraq's position as a leading country in the field of digital innovation."

He stressed that "digital transformation has become an inevitable necessity in recent years in the governmental and private sectors and even in our daily lives."

He added that "this conference comes at an important time, as the Iraqi government seeks to achieve a clear vision on how to use technology to improve the quality of services and enhance transparency and community participation."

He explained that "the current Iraqi government, since the start of its duties at the end of 2022, has worked to develop the information and communications technology sector, in coordination with relevant local and international sectors." 

He pointed out that "the Iraqi government has taken a set of important steps in the field of developing information and communications technology, including:
1- Establishing laws and legislation to provide an appropriate environment for investment in information and communications technology, aiming to encourage innovation and protect the rights of investors.

2- Improving infrastructure, including supporting efforts to increase internet speed and expand networks in all regions of Iraq.

3- Achieving investment, as the Iraqi government encourages local and foreign investment in the information technology sector by providing banking incentives, including financial support for emerging projects in this field.
4- Partnerships with the private sector to accelerate technological development.
5- Implementing a national digitization plan to improve digital transformation in government institutions. This includes digital platforms for providing government services to citizens, such as registering documents, paying taxes, and submitting complaints, with the aim of facilitating procedures and reducing the time and effort expended, which facilitates the services provided to citizens and increases the efficiency of government performance. 
6- Training and rehabilitation programs for youth and professionals in the fields of information technology, in addition to holding workshops and lectures to enhance digital skills.
7- Supporting emerging companies, by providing financial support to encourage entrepreneurs to innovate and expand.
8- Cooperating with international companies to bring new expertise and technology to Iraq.

Mahoud explained that "the above-mentioned steps are important indicators of the trend towards sustainable economic and social development."

He stressed "the government's readiness to make every effort to provide support to all local and international entities, institutions and companies in order to develop the information and communications technology sector."

He concluded by saying: “We urge all institutions and the private sector organizing the conference to exploit all challenges as an opportunity to achieve success in future plans.” link

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

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:
They talked more about the Article 140.  They had a big meeting yesterday.  Sudani saying it's in the completion stages.  FRANK:  You have a 3-year budget...salaries...HCL rights...new census...lower denominations with purchasing power coming to you that they have promised to you this year.  All these things require a new exchange rate...It's very obvious they are preparing you Iraqi citizens for all of this!

Mnt Goat  Ali Al-Alaq is still the acting Director of the CBI just as we were told by my CBI contact the GOI never did accept his resignation. The goals are still the same as they want to eliminate this Black Market corruption with the dollar and set the rate first at par with the official CBI rate. Then once this is in control, they intend to change the official rate and the rest is history as the saga of the currency swap out can then occur.

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MARKETS A LOOK AHEAD: A "SHOCKTOBER" STOCK MARKET CRASH???

Greg Mannarino:  9-22-2024

https://www.youtube.com/watch?v=ead1L5w3ALE

US Is Really Shocked with This Decision: Is It the End of Their Presence in Middle East?

US Is Really Shocked with This Decision: Is It the End of Their Presence in Middle East?

Fastepo:  9-22-2024

The human cost of the U.S. involvement in Iraq has been staggering. Between 2003 and 2011, around 4,487 American soldiers were killed, and approximately 31,900 were wounded, many with life-changing injuries.

On the Iraqi side, estimates of civilian casualties vary significantly, but figures suggest between 200,000 and 300,000 civilians died during the conflict, with total deaths—including combatants—ranging between 500,000 and over a million.

The Iraq Body Count project, which tracks civilian deaths, estimated between 183,000 and 210,000 civilian fatalities as of 2019. The financial burden of the Iraq War is similarly immense, with estimates placing the total cost at between $1.7 trillion and $3 trillion.

When long-term costs, such as veterans' care and war-related debt, are included, some estimates push this figure as high as $6 trillion—far exceeding early projections of $50 billion to $60 billion.

In Iraq, the conflict also devastated infrastructure, including the healthcare system, which saw over half of the country's doctors flee. Despite the U.S. spending $60 billion on reconstruction, these efforts largely failed to rebuild essential infrastructure, exacerbating the instability and suffering felt by Iraq's population.

Recently, the Iraqi government has asked the US to leave the country.

The planned withdrawal of U.S. forces from Iraq, slated for 2024 to 2026, signals the end of a protracted engagement marked by setbacks and miscalculations. This departure, structured in two phases, highlights the challenges the U.S. has faced in maintaining a stable foothold in a nation it once invaded with overwhelming force.

The drawdown, particularly after 2024, will mark the closing chapter of U.S. military involvement, which began with the 2003 invasion aimed at toppling Saddam Hussein under the premise of dismantling weapons of mass destruction—an assertion later proven false.

At the height of the Iraq War in 2007, U.S. troop levels peaked at over 170,000, struggling to contain a civil war and insurgency sparked by the invasion. A surge in forces temporarily reduced violence but failed to bring lasting peace or stability.

Although the U.S. officially withdrew in 2011, the rise of ISIS in 2014 prompted a return under Operation Inherent Resolve, aimed at curbing the extremist group. However, this intervention further exposed the limitations of American military power, as U.S. forces found themselves navigating an increasingly hostile environment.

The U.S. appears determined to maintain its presence in Iraq and the broader Middle East.

Washington is actively pursuing a new agreement with Iraq that would extend the stationing of American troops, even though Baghdad has declared that the mission to defeat ISIS has been accomplished.

 U.S. officials are currently in talks with Prime Minister Mohammed Shia Al-Sudani's government to establish a broader bilateral partnership, with plans to announce the agreement as early as next week, according to two senior officials involved in the discussions.

This new agreement would replace the U.S.-led international coalition that has operated in Iraq since 2014.

https://www.youtube.com/watch?v=1Rg70BcPmDo

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-22-24

Good Afternoon Dinar Recaps,

IMF STAFF PROPOSE REDI FRAMEWORK TO CATALYZE CBDC ADOPTION

IMF staff members have introduced a high-level four-stage framework emphasizing regulation, education, design and incentives to enhance CBDC adoption.

International Monetary Fund (IMF) staff members have issued a guide for policymakers and banking institutions on ways to increase the uptake of central bank digital currencies (CBDCs) globally.

The IMF issued the “Central Bank Digital Currency Adoption Inclusive Strategies for Intermediaries and Users” paper on Sept. 21. 

The paper recommended implementing inclusive strategies for intermediaries and end-users.

It introduced a high-level framework for regulation, education, design and deployment and incentives (REDI) to help spur CBDC adoption.

According to the IMF staff members, successful CBDC adoption will require proactive strategic policy and design choices that benefit end-users and intermediaries. Therefore, they urged central banks to focus on stakeholder engagement.

The REDI framework is curated by IMF staff members to help central banks improve CBDC adoption in their respective countries.

REDI framework for central banks to help CBDC adoption. Source: IMF

As shown in the above image, the REDI framework focuses on four key pillars. The first sub-section, regulation, involves policymakers exploring potential regulatory and legislative measures to nurture CBDC adoption.

The education sub-section recommends developing communication strategies to build CBDC awareness, with central banks acting as a central point of communication. Thirdly, the paper highlighted the need for strategies targeting specific user groups and creating an extensive network of intermediaries.

The final sub-section recommended the introduction of monetary and non-monetary incentives to encourage the mass adoption of CBDCs. Subsidizing setup costs, transaction fees and taxes for merchants are some of the recommendations made by the IMF staff.

The paper also encouraged further discussions around pre-existing concerns:

“Certain policy issues, including sustainability of the CBDC system, ensuring integrity of the system, and balancing adoption with financial stability, will need to be explored further.”

In August, two IMF executives said that increasing the average crypto-mining electricity costs globally by as much as 85% through taxes could significantly reduce carbon emissions.

According to IMF Fiscal Affairs Department’s deputy division chief Shafik Hebous and climate policy division economist Nate Vernon-Lin, a tax of $0.047 per kilowatt hour “would drive the crypto mining industry to curb its emissions in line with global goals.”

@ Newshounds News™

Source:  CoinTelegraph

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ALGORAND FOUNDATION ANNOUNCES BUILD-A-BULL HACKATHON IN COLLABORATION WITH AWS
NOTE:  ALGORAND IS ISO 20022 COMPLIANT

September 20, 2023 – Singapore, Singapore

Registration is now open for global hackathon with $200,000 in prizes across five tracks.

The Algorand Foundation – the organization focused on growing the ecosystem for the world’s most advanced, secure and reliable layer-one blockchain – announces the opening of registration for Build-A-Bull, a global virtual hackathon with $200,000 in prizes.

The hackathon, powered by Algorand Ventures and in collaboration with AWS (Amazon Web Services), will run from October 18 through November 15, 2023. Registration is free and open to anyone.

Build-A-Bull is a hackathon to create consumer-friendly applications using the power and scalability of the Algorand blockchain.

Spanning four weeks, the hackathon offers an opportunity for committed developers and entrepreneurs to conceive a business concept, accelerate it though the development phase and to ultimately present a final product to a panel of expert judges.

Throughout the process, participants will receive matchmaking, tooling, support and mentorship to help bring their ideas to life.

Ryan Terribilini, EVP of Algorand Ventures, said,

“With Build-A-Bull, we expect to attract a new wave of promising builders to come into the Algorand ecosystem.

“We are looking for high-potential, investible startups and founders to bring innovative projects to the Algorand blockchain, and we are confident that the resources and exposure of participating in Build-A-Bull will catalyze this next generation of Algorand builders.”

The hackathon includes five tracks.

▪️DeFi, presented by Circle
▪️Gaming, presented by Unity
▪️Consumer, presented by AWS
▪️Interoperability, presented by Wormhole
▪️Impact, presented by Algorand Foundation

The winner of each track will receive $25,000 and will be invited to pitch to investors on a ‘demo day,’ with a public on-chain vote determining an additional $10,000 grand prize, as well as $25,000 in AWS credits.

The second and third-place winner of each track will receive $10,000 and $5,000 respectively. A bonus ‘university prize’ of $5,000 will be awarded by the judges.

The judging panel is comprised of industry leaders and investors including QCP Capital, DWF Ventures and Blockchain Capital.

Projects will be evaluated by the following criteria – the skillset and strength of the team, the design and interface of the project, the quality of the pitch and the viability of market adoption.

For more information, and to register, please visit here.

About Algorand Foundation
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance and healthy and prosperous open-source ecosystem.

Designed by MIT professor and Turing Award-winning cryptographer Silvio Micali, Algorand achieves transaction throughputs at the speed of traditional finance – but with immediate finality, near zero transaction costs and on a 24/7 basis.

Newshounds News™

Source:  DailyHodl

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CONSUMERS PREFER CASH OVER CBDC: DEUTSCHE BANK SURVEY

Most respondents chose private crypto like BTC over government-backed digital currencies.

While several central banks across the globe are actively exploring the feasibility of launching a Central Bank Digital Currency (CBDC), a recent survey has revealed that cash will not be going away anytime soon as a majority of consumers are not enthusiastic about using those products.

The survey, conducted by Deutsche Bank, Germany’s leading investment bank, polled 4,850 respondents from Europe, the United Kingdom, and the United States. A majority of the respondents stated that they prefer conventional payment methods like cash and debit or credit cards.

Cash Reigns Supreme
According to the study, 59% of the respondents believe cash will always be useful, with 44% stating that they would prefer using cash for payments rather than CBDCs. Only a small percentage of respondents, 16%, expect CBDCs to become mainstream payment options.

Deutsche Bank analysts, Marion Laboure and Sai Ravindran, noted in the report, “While 59% of consumers believe that cash will always be relevant, the COVID-19 pandemic accelerated the shift toward digital payments, particularly among Gen Z.”

Although most of the respondents were hesitant about using a CBDC, about 31% said they would rather use a cryptocurrency managed by the government than one backed by private institutions.

Privacy Concerns Remain
The survey further revealed that privacy concerns significantly affect the adoption of CBDCs. Most of the participants, especially in the U.S., believe that general cryptocurrencies offer better privacy than government-backed digital currencies. About 21% of the respondents said they preferred a private cryptocurrency like Bitcoin.

On the other hand, most European respondents showed stronger preference for cash, due to the anonymity it offers, than those in the U.S. and the U.K.

Per the survey, central banks are increasing exploring wholesale CBDC use cases, however, user skepticism remains a major issue affecting mainstream adoption. A report by the Bank of Canada revealed that 86% of Canadians are opposed to CBDCs, with a whopping 92% preferring cash over a digital Canadian dollar (CAD).

@ Newshounds News™

Source:   Crypto Potato

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MANAGING SUDDEN WEALTH THROUGH SMART TEAM BUILDING BOB LOCK  |  Youtube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts 

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“Tidbits From TNT” Sunday 9-22-2024

TNT:

Tishwash: Kurdistan deposits about 100 billion dinars of non-oil revenues into the Iraqi state treasury

The Ministry of Finance and Economy in the Kurdistan Region announced on Sunday the deposit of an amount of money amounting to about 100 billion dinars in financial revenues for non-oil revenues for last May.

The ministry said in a statement today that it deposited an amount of 91 billion, 151 million, and 784 thousand Iraqi dinars to the federal government as the federal treasury's share of the non-oil revenues of the Kurdistan Region for the month of May of this year.  link

Tishwash:  yet another article about removing the 3 zeros? hmm

What does it mean to reduce dependence on the dollar and remove zeros from the dinar?

Countries remove zeros from their currency to revalue the national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable. This is how the Governor of the Central Bank of Iraq, Ali Al-Alaq, summarized the issue.

Al-Alaq confirmed yesterday the reduction of reliance on the US dollar in commercial transactions, adding that the project to delete zeros in Iraq is subject to continuous review and study at the bank.

Al-Alaq said, in a statement followed by the “Iraq Observer” agency, that “the Central Bank responded to global economic challenges such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.”

He added, "The Central Bank of Iraq has increased its holdings of foreign exchange and gold reserves to strengthen the country's financial position and financial stability in order to enhance its ability to confront potential economic crises."

Local bank accounts

Regarding the steps taken to address the dollar’s ​​rising crisis, Al-Alaq said, “The Central Bank of Iraq has created new mechanisms to cover local banks’ accounts with their senders in other currencies (Chinese yuan, Indian rupee, euro, and UAE dirham) in addition to the dollar, which has reduced reliance on the US currency in commercial transactions for these banks’ clients, while the Central Bank seeks to withdraw excess liquidity in the economy that puts pressure on the exchange rate and to prevent the exported currency from growing in an undesirable manner.”

Regarding the country's foreign reserves, the Central Bank Governor explained that "foreign exchange reserves are the tool used by all central banks to maintain the stability of the local currency exchange rate against foreign currencies, as well as to reduce exposure to external crises by maintaining liquidity in foreign currency to absorb shocks in times of crisis."

“According to the latest data on the level of foreign reserves adequacy, the Central Bank of Iraq’s foreign reserves cover 83.62% of the broad money supply, i.e. covering the cost of importing 15 months, while the global standard rate is 20%, covering 6 months of importing,” according to Al-Alaq.

He pointed out that "the sanctions imposed on banks are related to the decision to ban dealing in dollars, as the banks were not included in the sanctions list issued by the Office of Foreign Assets Control, and therefore the banks' activities continue, according to the applicable procedures and in all currencies except the dollar."

Regarding the situation of the Iraqi banking sector, Al-Alaq said that it “is experiencing a state of stability, as government banks still control approximately 79% of the assets of the total banking sector, compared to 21% for private banks.”

Private sector

While observers believe that the development road project needs 5 years to complete, they pointed out that Iraq will end the unemployment problem and provide jobs for graduates and the unemployed alike.

They said: “The most important thing is for Iraq to move away from the rentier economy that has frozen other sectors despite the abundance of local production and the wheel of reconstruction turning in all of Iraq, which means that the government is taking the right step in diversifying sources of income.”

Economic expert Abdul Rahman Al-Shaikhli said: “Our economy will not see the light of day as long as its two components, “oil and monetary,” are held hostage by the US Treasury and the Federal Reserve Bank. He considered that in order not to jump over the reality, we must look at things as they are, without hanging them on any scapegoat of truth.”

Al-Sheikhly told the “Iraq Observer” agency: “In order to get rid of this dominance, we must work on diversifying the sources of funding for the budget, giving free rein to the “clean” private sector, and limiting economic activities “financial and monetary” to honest hands under strict supervision, especially Iraq’s revenues from customs, taxes and fees, and preventing their exploitation by the corrupt.”

The financial and economic expert explained: “All of this is possible and it is possible to reform our economic system naturally if we can get rid of foreign hegemony.”

Keeping up with developments

On the sidelines of the electronic payment conference in the middle of this month: “The Governor of the Central Bank, Ali Al-Alaq, confirmed that the number of applicants to establish digital banks “exceeded 70 banks,” noting that “digital banks are widely spread in the world and the volume of financial transactions in them is around 5 trillion dollars annually.”

Al-Alaq said: “Digital banks are widespread in the world, and their volume of funds ranges from 5 to 7 trillion annually.”

He added: “We conducted in-depth studies until we reached the point of setting rules for licensing these digital banks.”

He pointed out: “We were surprised by the number of applicants to digital banks, which reached 60 to 70 banks, and we are in the process of studying the applicants’ requests.”

He continued: “We are keeping up with developments and moving towards progress, and there is communication with many external and internal parties, and it is on two levels that depend on the banking sector and the capabilities of the Central Bank to keep up with development and contribute to developing various programs and applications,” stressing that “the Iraqi cadre is distinguished by its ability to adapt and develop.”

He pointed out that “the Central Bank has important contracts with specialized companies, and chooses international companies to develop and set up programs, in addition to international cooperation,” noting that “the Central Bank has effective relations with international and global banks, in addition to electronic payment companies, as well as its relationship with central banks, and it has continuous movement in cooperation with important banks.”  link

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Tishwash:  Prime Minister arrives in New York

Prime Minister Mohammed Shia Al-Sudani arrived in New York.

The Prime Minister's Media Office stated in a statement received by the Iraqi News Agency (INA), that "Prime Minister Mohammed Shia al-Sudani arrived in New York to participate in the meetings of the 79th session of the United Nations General Assembly."

The Prime Minister's Media Office stated in a statement issued earlier that the Prime Minister will deliver Iraq's speech before the General Assembly, and will also deliver a speech at the Future Summit, in which many heads of state and presidents will participate, and which is concerned with enhancing cooperation, facing challenges, and affirming commitments.

He continued, "He will also hold a series of meetings and dialogues with a number of leaders and presidents of sisterly and friendly countries, and heads of participating delegations, in addition to meeting with the Secretary-General of the United Nations, and a number of officials of international and UN organizations and bodies."  link

Tishwash:  On the eve of his departure to New York, Al-Sudani de-escalates tensionswith 3 meetings with the leaders of the “Framework ”

 The Prime Minister will hold meetings with world leaders and present his government's  achievements.

It seems that Mohammed Al-Sudani, the Prime Minister, has greatly eased the tensions at home after holding meetings with the leaders of the “Coordination Framework” on the eve of his departure from New York to attend the United Nations meetings for the second time since he assumed power about two years ago.

The "framework" media opposing Al-Sudani, which was active during the past month, has clearly declined, attacking the Prime Minister against the backdrop of the alleged wiretapping case, according to the government's description, and the escape of Nour Zuhair, the main accused in what is known as the "theft of the century."

The Prime Minister's media office stated in a statement yesterday that "Prime Minister Mohammed Shia Al-Sudani left the capital, Baghdad, heading to New York, to participate in the meetings of the 79th session of the United Nations General Assembly."

The media office stated in an earlier statement, the day before yesterday, that "the Prime Minister will deliver Iraq's speech before the General Assembly, and will also deliver a speech at the Future Summit, in which many heads of state and presidents participate, and which is concerned with enhancing cooperation, confronting challenges, and affirming commitments.”

He continued, “Al-Sudani will hold a series of meetings and dialogues with a number of leaders and presidents of brotherly and friendly countries, and heads of participating delegations, in addition to a meeting with the Secretary-General of the United Nations, and a number of officials of international and UN organizations and bodies."

The region has been experiencing tension for about a year due to the war in Gaza, and the expansion of mutual strikes between factions and Western interests in Iraq, Syria and Lebanon.

The day before yesterday, Abu Alaa al-Walaei pledged to send 100,000 fighters to the Lebanese border, coinciding with the killing of a leader in one of the Iraqi factions in Syria.

Al-Walaei, a leader in the “Framework” and the head of the “Sayyid al-Shuhada Brigades” faction, said in a message published by the media, “A flood of Iraqi human beings will come, crowding the borders and trenches of Lebanon. If Hezbollah loses a thousand martyrs, we will supply it with a hundred thousand heroes.”

On Friday, leaders from Hezbollah were killed in an Israeli raid in Beirut, while before that, a series of small explosions hit the party's communications devices in Lebanon.

Yesterday, the Hezbollah Brigades announced the killing of Abu Haidar al-Khafaji “in an Israeli attack while performing his duties as a security advisor in Damascus,” according to a statement by the Brigades reported by media outlets close to the Lebanese Hezbollah.

According to some information, al-Sudani's visit to New York is expected to witness Baghdad's confirmation of its firm position on "protecting American diplomats," as the government has so far succeeded in maintaining the truth between the factions and Washington since last February.

Baghdad is preparing next year, according to Iraqi Defense Minister Thabet al-Abbasi, to begin the US withdrawal from Iraq, over two years and in two phases.
In contrast, American media outlets are talking about the possibility of a “small advisory force” remaining after 2026 to assist US forces in Syria, while there is no confirmation from the Pentagon yet on the withdrawal plan. Internal de-escalation:

Al-Sudani sent reassuring messages to his allies in the “Coordination Framework,” according to political affairs researcher Ali Al-Baydar.

On the eve of his departure to New York, Al-Sudani held meetings with Qais Khazali, Haider al-Abadi, and Hadi al-Amiri.

Over the past month, the government has faced severe Shiite criticism due to the “wiretapping” and “Nour Zuhair” crises.

Al-Baydar said in a phone call with (Al-Mada) that “the meetings in a tense climate regionally and internally are important to resolve crises.”

Speaking about the recent meetings, he added: “The prime minister did not want to leave the country while it is in crisis, or he wanted to prevent the problems from worsening before leaving for New York.”
Official statements after Al-Sudani’s three meetings with the leaders of the “Coordination Framework” confirmed the completion of the government’s programs.

Leaks had spoken of “strictness” from Nouri al-Maliki, the leader of the State of Law, due to the “wiretapping” case, regarding removing Al-Sudani from his position or holding early elections.

Regarding the timing of those meetings, Al-Baydar said: “It may be because the prime minister informed the leaders of the framework of the program for the visit to New York, or the leaders asked him for some recommendations.”

The political researcher believes that some leaders may have had “private messages or views on foreign relations that they shared with Al-Sudani.”

Al-Baydar considered that the situation inside the country is now “moving towards calm,” indicating that Al-Sudani “has the ability to transform any crisis into a rapprochement plan.”

Efforts to reduce tension within the Shiite alliance appeared clear, as the intensity of the rhetoric of some news platforms affiliated with the “framework” decreased during the last two days.
In New York,

Ghazi Faisal, a former diplomat, believes that Al-Sudani will present the fundamental positions of Iraqi foreign policy at the annual UN General Assembly meetings, especially with regard to the war that has been going on since last October.
He added in an interview with Al-Mada that "Al-Sudani will emphasize Iraq's firm position on stopping the war in Gaza, and moving to guarantee the right of the Palestinian people to self-determination, to build a stable state, and to return to the 1967 borders."

"He will certainly talk about the importance of building security and peace in the Middle East and enhancing regional cooperation and economic integration, which Iraq emphasized at the Baghdad International Regional Conference 1 and 2, which formed the basis for security and political cooperation between Iraq and Its geographical neighbors, in addition to Egypt, Jordan and the Gulf, and the relationship with Turkey in the field of water, environment, desertification and the path of strategic development,” Faisal added.

Faisal, who runs the Iraqi Center for Strategic Studies, also expected that Al-Sudani would explain in the New York meetings "the nature of what the government has achieved in confronting financial corruption and organized crime and stabilizing the currency, and the government's measures to confront a wide range of internal security and political challenges.” link

Mot: ... So Frustrating It Is Too!!!! 

Mot: . Have a Very ~~~~~~

Seeds of Wisdom RV and Economic Updates Sunday Morning 9-22-24

Good Morning Dinar Recaps,

Highlights from IOTA Demo Day: Exciting Innovations and Presentations on IOTA EVM

▪️IOTA has shared a highlight of the recent Demo Day program featuring the likes of Qiro Finance, Black Frog, Orobo Finance, Auvo Digital, The Real Lifestyle, and Defa Primitive.

▪️According to the IOTA founder, this program is a huge step towards supporting and mentoring its beneficiaries to impact the ecosystem significantly.

The much-anticipated Real-World Assets (RWA) Accelerator Demo Day program by IOTA (IOTA) and Tenity was held on September 17 in Singapore with the participation of six finalists selected and supported by the two. As we earlier reported, each finalist got a $50,000 grant as well as mentorship, tools, and networking opportunities.

Soon after the program, IOTA shared a highlight with the community featuring presentations by Qiro Finance, Black Frog, Orobo Finance, Auvo Digital, The Real Lifestyle, and Defa Primitive.

Here’s a recap of the incredible presentations from yesterday’s #IOTA @tenity_global Demo Day! 🌟Let’s dive into the highlights from each team’s journey and the innovations they’re bringing to #IOTAEVM 👇— IOTA (@iota) September 19, 2024

Qiro Finance
According to Qiro Finance’s presentation, it is building an outstanding on-chain private credit marketplace on the IOTA EVM. The idea is to bridge the on-chain investors and the traditional Fintech funding to solve a major problem of rising credit defaults in private credit protocols.

Black Frog
Black Frog’s presentation was centered around the proposal for small-scale miners to capitalize on the mineral market via tokenized assets and provide returns to investors on held commodities.

Researching the background of its provision, CNF observed that the demand for minerals, especially Cobalt, could accelerate considerably with the growing need for a shift to green energy. To enable the industry to meet this need, Black Frog provides financing and credit facilities via loans and bonds on the IOTA platform. Recently, it unveiled a commodity-backed yield-bearing stablecoin to improve the interest offerings on commodities held by small miners.

The Real Lifestyle
According to IOTA, The Real Lifestyle (TRL) provided a comprehensive presentation on its vision of tokenizing and fractionalizing real estate. Fascinatingly, TRL ensures investors are offered fractionalized investment in home ownership and rental properties. In addition to lowering the barrier for real estate investment and triggering financial returns, TRL ensures that liquidity and economic activities are brought to the IOTA EVM.

Orobo Finance
Orobo’s presentation highlighted the importance of digital product passports for the circular economy. It also mentioned several initiatives that have been fully developed and are in the pipeline, ranging from RWA tokenization to sustainability, digital twins, and compliance. Orobo can validate and verify products and materials using the IOTA’s digital product passports.

Auvo Digital
Auvo Digital focuses on digital identity by providing users with a no-code identity management platform to secure on-chain identity. At the program, they displayed their innovative tools for businesses and organizations to enable them to create and manage decentralized identities. According to them, this secures the privacy-focused platform on the IOTA EVM.

Defa Primitive
Defa Primitive spoke about the incredible potential of transforming traditional invoices into RWA tokens. According to them, their initiative unlocks finance for trade logistics, supply chains, and Small and Medium-sized Enterprises (SMEs). On top of that, it provides immeasurable opportunities for on-chain investors to access new opportunities on the IOTA EVM.

Commenting on the initiative for these six finalists, IOTA founder Dom Scheiner disclosed that the support and mentorship provided through the Accelerator Program enhances RWA tokenization growth while ensuring that IOTA EVM users benefit from cutting-edge solutions.

At press time, IOTA (IOTA) was trading at $0.13 after surging by 7.6% in the last 24 hours.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

CARDANO FOUNDER WARNS TRUMP DEFI VENTURE COULD POLITICIZE CRYPTO LANDSCAPE

Cardano and Ethereum co-founder Charles Hoskinson expressed deep concern over the new DeFi platform venture of former President Donald Trump known as World Liberty Financial.

Speaking in interviews, Hoskinson said the venture is likely to turn into a political flashpoint. This might add to the already delicate situation surrounding regulation of cryptocurrencies in the United States.

Through his comments, the executive expressed an emerging discomfort about seeing how politics is penetrating into the digital finance world from the top echelons of the industry.

Trump: Political Polarization And Crypto
The biggest fear Hoskinson has is political polarization due to Trump in crypto. According to him, “Everything Trump does, the left hates with such a passion,” suggesting that Trump’s actions might provoke a backlash from Democrats.

This could result in investigations by regulatory bodies like the Department of Justice or the Securities and Exchange Commission, potentially stifling innovation and growth within the industry.

According to the Cardano founder, although Trump presents himself as a pro-crypto candidate, the history of high staff turnover at the White House raises all kinds of concerns in regards to his ability to create a clear policy for cryptocurrency.

Moreover, Hoskinson criticized both Trump and Vice President Kamala Harris for failing to present a vision for the future of crypto in America. He believes that neither leader demonstrates enough sophistication in understanding the complexity surrounding regulation of cryptocurrency.

This is particularly alarming because both are positioning themselves for positions of leadership in America at a time when adoption of cryptocurrency across the world is increasing geometrically.

Implications For The Crypto Sector
The potential politicization of World Liberty Financial could have far-reaching implications for the entire crypto sector. Hoskinson emphasized that this platform might transform what has traditionally been a bipartisan issue into a divisive one.

Hoskinson warned that if Democrats feel threatened by Trump’s DeFi initiative, they might use governmental powers to choke it. This could make most of the crypto projects go offshore where regulatory environments could be more conducive.

Despite those risks, Hoskinson mentioned a couple of positive aspects to Trump’s approach on crypto. He said that the recent outreach by Trump toward the crypto community attracted influential investors and advocates within the industry. However, he remains cautious about whether this support will translate into effective policies if Trump returns to power.

Future Prospects For Digital Currencies
Looking ahead, Hoskinson said that the key thing is establishing a clear regulatory framework to encourage growth in the US crypto market. He thinks that if America could create an environment conducive to innovation, this could end up adding trillions of dollars to the country’s economy within the next decade.

To the contrary, he says other regions such as Singapore and parts of Europe are moving ahead with crypto-friendly regulations while the US lags behind.

Accordingly, players in the crypto field will need to be very vigilant about the way things progress politically as World Liberty Financial builds up to its launch. Success or failure of this project could set monumental precedent for subsequent crypto projects in America.

The bottom line is going to depend on whether or not both political parties learn to engage with this space of rapid change.

This warning from Charles Hoskinson reflects bigger concerns within the cryptocurrency community that international political affiliations should not influence regulatory policies. As Trump’s DeFi plans take shape, all eyes will be on how they impact not just his political ambitions but also the future viability of cryptocurrencies in America.

@ Newshounds News™

Source:  Bitcoinist

~~~~~~~~~

AUDIO - A MUST HEAR! DO YOU WANT TO GO HOME? WHO ARE YOU?  |  Youtube

Jim educates us on our history and the CONtracts that have been hidden from us to show how we got to where we are since the days of Lincoln and the Civil War.  A must to listen to.

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts     

  ~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

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News, Rumors and Opinions Sunday AM 9-22-2024

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. 22 Sept. 2024

Compiled Sun. 22 Sept. 2024 12:01 am EST by Judy Byington

Restored Republic:

Alliance Plan: …Mr. Pool on Telegram Sat. 21 Sept. 2024

NESARA/GESARA Debt Forgiveness implementation

QFS implemented

Federal Reserve dead, IRS under new US Treasury

New tax system where there is only a 14% tax on new items bought only, no tax on food or medicine, wages, etc.

~~~~~~~~~~~~~

Sat. 21 Sept. 2024 BREAKING: U.S. Banks Shut Down 55 Branches in Just Two Weeks! …Carolyn Bessette-Kennedy on Telegram

A financial earthquake is shaking the U.S. banking system as Wells Fargo, Chase, Bank of America, and Fulton close 55 branches in just two weeks. This isn’t just a coincidence—it’s part of a bigger shift that you need to be aware of. With Basel III regulations approaching and a potential government shutdown looming, the entire financial sector is bracing for a massive transformation.

Why are these banks shutting down so fast? The answer is simple: the old system is collapsing. The Federal Reserve’s rate cuts have already squeezed banks, reducing profit margins and forcing them to cut costs. With physical branches costing millions to operate, banks are ditching them in favor of digital platforms. But this isn’t just about saving money—it’s about survival.

The upcoming Basel III compliance deadline on October 1st is tightening the noose around U.S. banks. With Treasury bonds no longer accepted as collateral under these new regulations, banks are scrambling to restructure their assets. The result? More branch closures, more cost-cutting, and a desperate race to stay afloat.

But that’s not all. The threat of a government shutdown by October 1st looms large, and if Congress doesn’t act fast, the consequences will be catastrophic for the banking sector. A shutdown would cripple federal spending, plunge consumer confidence, and drive banks even further toward a digital-first future.

Between August 19th and September 7th, some of the country’s largest banks shut down 55 branches across multiple states. Bank of America and Chase led the way with 12 closures each, followed by Wells Fargo and Fulton. The wave of closures didn’t stop there—smaller banks like First National Bank of Long Island, Flagstar, and PNC also joined in, signaling a nationwide trend.

The message is clear: traditional banking is on life support. As consumers increasingly embrace online banking, the need for brick-and-mortar locations is fading fast. A recent survey showed that 70% of Americans aged 25 to 34 now prefer digital banking over in-person services. Even older generations are catching up, moving online at a rate no one saw coming.

For the average person, this shift could mean lower fees, better interest rates, and 24/7 access to accounts. But for those who rely on local bank branches, the future is uncertain. Communities that depend on these branches may soon find themselves without critical services as banks continue to consolidate and shut down physical locations.

The numbers don’t lie: U.S. banks closed 539 branches in just the first half of 2023. And with the financial landscape shifting so rapidly, we’re only seeing the beginning of what could be the final phase of brick-and-mortar banking.

Are you ready for what’s coming? This is more than just a financial story—it’s a sign of bigger changes ahead. With regulations tightening, shutdown risks, and the deepstate working behind the scenes, we’re heading into uncharted waters. Stay informed, ask the tough questions, and be prepared for a new era of banking. The old system is falling, and we’re witnessing it in real time.

~~~~~~~~~~

Sat. 21 Sept. 2024 BREAKING: GET YOUR POPCORN! THE FINANCIAL MELTDOWN YOU’VE BEEN WAITING FOR! THE ELITES ARE FALLING! …Ben Fulford on Telegram

THIS IS THE FALL OF THE CabaL! Bank Crashes: The Inevitable Consequence of Greed

Banks don’t just collapse out of nowhere. If you think the recent bank failures are due to mere mismanagement or bad luck, it’s time to wake up. This is a calculated takedown. The banking sector is in free fall. We’re talking about giants like Silicon Valley Bank, Credit Suisse, and First Republic-once symbols of financial security-now gone, reduced to mere footnotes in history.

But that’s only scratching the surface. This isn’t about a handful of banks struggling under pressure; it’s the entire global financial system, built on corruption and greed, imploding. The ongoing bank collapses are not random; they’re justice catching up to those who thought they were invincible. They’ve been running on borrowed time, hemorrhaging money while pretending everything was fine. Well, it’s not fine anymore. Their fragile system is crumbling, and there’s no bailout big enough to save them this time.

And here’s the kicker-they’re being sanctioned into oblivion. The executive orders we’re about to dissect aren’t just targeting a few bad actors; they’re dismantling the entire corrupt framework.

Read full post here:  https://dinarchronicles.com/2024/09/22/restored-republic-via-a-gcr-update-as-of-september-22-2024/

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

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

Mnt Goat   Article Quote:  “Iraqi banks have the qualifications to switch to the electronic system, noting that “the transformation of the financial sector to the electronic system with credit cards will pave the way for attracting international investments and increasing confidence in the Iraqi economy.” I have to say it is all just about implementing the Electronic Payment and Inclusion of the banks into this new process...the CBI and the Finance Committee...are committed now to complete this effort, and I believe they are way beyond our expectations of just where they currently stand in this effort...In short summary, is this not what we all want to happen so they can pull the trigger on this revaluation and reinstatement.

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:
Alaq on TV now.  He says even with the low oil prices we are stable and inflation in our county is low because we have strong reserves and we have non-oil revenues efficient enough now to also contribute...Then he talked again that the oil price drops have nothing to do with a high exchange rate...  FRANK:  ...He's trying to reassure you that the American dollar is not coming back in any shape or form into your country...Your currency is the future and its new exchange rate has been a success.  That's why you're about to explode with your economic reforms...

Removing three zeros from Iraqi currency soon

Nader:  9-22-2024

https://www.youtube.com/watch?v=ehWQH-LWaWc

IQD Rate Up on 9/21/24- Iraqi PM Talks Positive Economic Changes New Trade Hub

Edu Matrix:  9-22-2024

IQD Rate Up on 9/21/24- Iraqi PM Talks Positive Economic Changes New Trade Hub - Largest Port in the Middle East. Pager Security in Iraq.

https://www.youtube.com/watch?v=9njjJU0bkS0

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 9-21-24

Good Afternoon Dinar Recaps,

US PAYING $1,157,762,000,000 IN INTEREST ON NATIONAL DEBT IN ONE YEAR, SAYS TREASURY DEPARTMENT, AS ELON MUSK WARNS GOVERNMENT ‘WHISTLING PAST THE GRAVEYARD’

The US Treasury Department says it expects to pay a whopping $1.157762 trillion in interest on the national debt for the fiscal year 2024.

The interest represents the cost of borrowing money, which the government does by issuing Treasury bonds, bills and other securities.

Interest payments have already totaled $1.05 trillion as of August, and the remaining payments will be added in by the end of the month as the fiscal year comes to a close.

The Treasury Department says interest on the debt is expected to be the country’s third-largest expense this fiscal year just behind the Department of Health and Human Services (Medicare and Medicaid) and Social Security Administration at $1.727 trillion and $1.520 trillion, respectively.

The updated numbers come as billionaire Elon Musk issues a warning on the growing deficit and debt, which has now reached $35.3276 trillion.

In a panel interview at the All-In Summit 2024, Musk said he believes the government is projecting confidence while in a dire situation.

“Everyone seems to be sort of whistling past the graveyard on this one… The Defense Department budget is a very big budget. It’s a trillion dollars a year – DoD (Department of Defense), intel – it’s a trillion dollars. And interest payments on the national debt just exceeded the Defense Department budget. They’re over a trillion dollars a year just in interest and rising.  

We’re adding a trillion dollars to our debt, which our kids and grandkids are going to have to pay somehow, every three months. Soon it’s going to be every two months and then every month.

And then the only thing that we’ll be able to pay is interest.”

The national debt jumped by about $1.337 trillion from January 1st until now.

This means the debt has actually increased by around $445.67 billion every three months on average.

@ Newshounds News™

Source:  DailyHodl

~~~~~~~~~

SEC GREENLIGHTS OPTIONS TRADING FOR BLACKROCK’S ISHARES BITCOIN TRUST

The U.S. Securities and Exchange Commission granted approval for Nasdaq to list and trade options on BlackRock’s iShares Bitcoin Trust.

Per the details shared in the official filing on Sept. 20, the SEC’s approval comes after a lengthy review process that started on Jan. 9, 2024. That was when Nasdaq initially filed the proposal to trade options on exchange-traded products.

Nasdaq consistently followed up on its proposal with multiple amendments, which began on Jan 11. Over the following months, the exchange submitted additional amendments and information regarding IBIT and other Bitcoin-based ETPs.

SEC’s approval involved multiple stages of review
After almost eight months of review, the SEC finally gave the greenlight for Nasdaq’s proposal. The commission stated that the exchange even proposed to modify its rules to list and trade options on IBIT.

According to the official filing, options on IBIT will be physically settled with American-style exercise. Nasdaq also highlighted that IBIT options will be under the exchange’s continued listing standards.

“Options on IBIT will be subject to the Exchange rules that currently apply to the listing and trading of all ETF options on the Exchange,” the filing reads.

Crypto analysts say decision is bullish
Reacting to the SEC’s decision, several key crypto traders and analysts took to X to share their opinion. Crypto trader Ash Crypto tweeted that this is ultra bullish.

Senior ETF analyst Eric Balchunas also shared details of the approval on X. Balchunas tweeted his assumption that others will be approved in short order.

Balchunas also pinpointed this as a huge win for the Bitcoin ETFs, stating that this will attract more liquidity. However, he highlighted the fact that this is “just one stage of approval.”

The proposal still needs approval from the OCC and CFTC before the official listing.

“I’m assuming others will be approved in short order,” Balchunas added, calling it a “huge win” for Bitcoin ETFs “as it will attract more liquidity which will in turn attract more big fish.”

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

TRUMP DEBUTS EXCLUSIVE SILVER COIN—DESIGNED BY TRUMP, MINTED IN AMERICA

Trump's new silver coin is not an investment tool.

Key Takeaways

▪️The Trump commemorative coin is designed by Donald Trump and is not intended for investment purposes.

▪️The coin features high-quality silver with a proof finish and comes with a certificate of authenticity.

Former US President Donald Trump has announced the launch of his first officially authorized commemorative silver coin, named “TRUMP COINS.” Priced at $100, the coin is designed by Trump himself and is minted in the US.

The item features 99.9% purity and a proof finish, marking it as the highest standard in collectible medals. It showcases a portrait of Trump on the front and the White House on the reverse. Each piece is encased in a premium custom felt pouch and includes a certificate of authenticity.

“This is a 1oz .999% silver medallion and struck with a proof finish featuring our 45th President’s profile on the obverse and the White House on the reverse,” as described on the initiative’s official website.  RealTrumpCoins . com

The coin will be available for purchase starting September 25 and is not intended as a legal tender or an investment tool.

“The coins are intended as collectible items for individual enjoyment only, and not for investment purposes. The coins are not political and have nothing to do with any political campaign,” as noted in the descriptions.

Enthusiasts can join the waitlist to purchase this exclusive item at the project’s official website.

@ Newshounds News™

Source:   Crypto Briefing

~~~~~~~~~

RIPPLE NEWS: CEO BRAD GARLINGHOUSE ISSUES GRAVE WARNING TO XRP USERS AMID GROWING SCAMS

India’s Supreme Court YouTube channel was hacked on Friday, causing a disruption in its usual livestream of court hearings. Instead of showing the constitutional bench proceedings, the channel showed videos promoting XRP, a cryptocurrency developed by Ripple Labs.

One specific video was titled “Brad Garlinghouse Ripple Responds to SEC’s $2 Billion Fine,” but it only featured a blank screen. This comes as the FBI recently reported that Americans lost approximately $5.6 billion to cryptocurrency scams in 2023.

Ripple CEO Brad Garlinghouse immediately took to his X handle and reacted to the news. The CEO expressed disappointment and wrote, Unfort this feels like my annual PSA (and yes, I sound like a broken record): @Ripple and execs will NEVER ask you to send us XRP.

 It’s pathetic to see scammers prey on & exploit innocent crypto users, and the ease at which social media platforms allow it to happen. Stop, spot, avoid – protect yourself.”

Ripple took legal measures to address the increasing number of scams. In April 2020, Ripple filed a lawsuit against YouTube, claiming the platform did not do enough to stop fraudulent cryptocurrency promotions.  The case was settled in 2021, but Garlinghouse has remained an advocate for stronger safeguards on social media platforms.

This incident marks the first time the court’s YouTube channel, active since 2018 for broadcasting key hearings, has been compromised. The channel has played a crucial role in live-streaming important cases.

Following the breach, the Supreme Court administration has launched a formal investigation. As a precaution, the YouTube channel was disabled to prevent further unauthorized access and the potential spread of misinformation.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

⚡️BREAKING NEWS:BILLION DOLLAR BANK BNY SET TO CUSTODY BITCOIN (BTC) THE FIRST BANK IN U.S. HISTORY  |  Youtube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts  

~~~~~~~~~

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Thank you Dinar Recaps

Some “BRICS News” Saturday 9-21-2024

BRICS Intra-bank System Shocked the World Bank: Is It the End of Dollar?

Fastepo:  9-20-2024

In recent weeks, BRICS has made considerable strides, underlining its expanding influence on the global stage in both financial systems and its growing membership.

This video delves into the latest key developments within the BRICS bloc, from the launch of a new intra-bank settlement system to streamline cross-border transactions, to the surge in trade volumes among member nations.

We also discuss the growing number of countries applying for membership, reflecting BRICS' rising appeal as a counterbalance to Western-led economic institutions.

One of the significant updates involves the formal integration of Algeria into the BRICS New Development Bank (NDB). Algeria's membership reflects BRICS' ongoing effort to strengthen its financial institutions and provide alternatives to Western-dominated bodies like the IMF and World Bank.

 This move also aligns with BRICS' broader aim of diversifying economic partnerships and reducing dependency on the U.S. dollar.

 Another major news about BRICS is the Launch of Intrabank system.

Russia and Iran have significantly deepened their economic ties by linking their national payment systems—Russia's SPFS (System for Transfer of Financial Messages) and Iran's SEPAM (System for Electronic Payment Messaging).

 This integration allows the two nations to conduct financial transactions in their own currencies, the ruble and rial, bypassing the U.S. dollar and the SWIFT network. This shift is part of a broader effort to enhance economic sovereignty and circumvent Western sanctions, which have heavily restricted both countries' access to international financial systems.

https://www.youtube.com/watch?v=Q3Mguzk55hU

BRICS Confirms 159 Participants Will Adopt New Payment System

Afro Page:  9-21-2024

Breaking news: BRICS has officially confirmed that 159 countries will be adopting a new global payment system, revolutionizing international finance! In this video, we dive into how this new system aims to reduce reliance on traditional currencies like the US dollar, strengthen economic ties among BRICS nations, and reshape the global economy.

 Learn what this means for international trade, the financial market, and how it could impact the future of global transactions.

https://www.youtube.com/watch?v=ngJsa7FUpME

Al-Alaq: We are constantly reviewing the deletion of zeros from the dinar, and there are no restrictions on our balances in America

KTFA

Clare:  Al-Alaq: We are constantly reviewing the deletion of zeros from the dinar, and there are no restrictions on our balances in America

9/21/2024Baghdad

 The Central Bank of Iraq has reduced reliance on the US dollar in commercial transactions, according to the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, adding that the project to remove zeros in Iraq is under continuous review and study at the bank.

Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.

Al-Alaq confirmed, in an extensive interview with Al Jazeera Net, which was reviewed by "Al-Eqtisad News", that the Central Bank responded to global economic challenges, such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.

He also stressed that the Central Bank of Iraq increased its holdings of foreign exchange and gold reserves to strengthen the country's financial position and financial stability in order to enhance its ability to confront potential economic crises. These are the details of the dialogue:

What steps have you taken to address the crisis of the dollar’s ​​rise against the Iraqi dinar and reduce the gap between the official price and the black market price?

The Central Bank of Iraq has created new mechanisms to cover the accounts of local banks with their senders in other currencies (Chinese yuan, Indian rupee, euro and UAE dirham) in addition to the dollar, which has reduced reliance on the US currency in commercial transactions for the clients of these banks, as the Central Bank seeks to withdraw excess liquidity in the economy that puts pressure on the exchange rate and to prevent the exported currency from growing in an undesirable manner.

What is the status of the country's foreign reserves?

Foreign exchange reserves are the tool used by all central banks to maintain the stability of the local currency exchange rate against foreign currencies, as well as to reduce exposure to external crises by maintaining liquidity in foreign currency to absorb shocks in times of crisis.

The Central Bank of Iraq has a level of reserves that enables it to achieve this stability and provides it with sufficient flexibility to meet the demand for foreign currencies to meet the requirements of the balance of payments and other obligations.

According to the latest data on the level of foreign reserves adequacy, the foreign reserves of the Central Bank of Iraq cover 83.62% of the broad money supply, i.e. covering the cost of importing 15 months, while the global standard rate is 20%, covering 6 months of importing.

However, foreign reserves management faces global and local challenges according to the economic nature of each country and the economic and geopolitical conditions it is going through.

What are the most prominent contributions of the Central Bank of Iraq in supporting the Iraqi economy?

The Central Bank responded to global economic challenges, such as rising energy and raw material prices, by adjusting some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value. The Central Bank raised interest rates to counter inflationary pressures resulting from changes in global prices and domestic demand, and issued new instructions to Iraqi banks to control cash liquidity.

The Central Bank of Iraq has increased its holdings of foreign exchange reserves and gold to strengthen the country's financial position and financial stability.

The bank also launched programs and initiatives aimed at increasing financial inclusion, including enhancing the spread of digital banks and online financial services, in addition to the Central Bank of Iraq’s contribution to sustainable development.
It also played an important role in financing economic and development projects by providing soft loans and special financing programs aimed at supporting productive sectors while continuing to finance small and medium enterprises.

Has the banking sector in Iraq been affected by US sanctions imposed on some banks?

The sanctions imposed on banks are related to the decision to ban dealing in dollars, as the banks were not included in the sanctions list issued by the Office of Foreign Assets Control, and therefore the banks’ activities continue, according to the applicable procedures and in all currencies except the dollar.

As for the situation of the Iraqi banking sector, it is experiencing a state of stability, as government banks still control approximately 79% of the total assets of the banking sector, compared to 21% for private banks.

Are there any restrictions on the bank's use of its funds in the United States?

There are no restrictions on our US accounts, taking into account the application of international standards to combat money laundering and terrorist financing in foreign transfers.

What are the reasons for the low rate of bank card usage in Iraq compared to neighboring countries? What are your steps to overcome this situation?

There are major reasons behind the low use of bank cards in Iraq, most notably the preference of many Iraqis to use cash in their daily transactions due to prevailing customs and traditions, in addition to the limited spread of banking services, as a large percentage of the population, especially in rural areas, remains unconnected to banks.

Finally, lack of financial awareness plays a major role in the reluctance to use bank cards.

To address these challenges, we are working to improve and expand our digital infrastructure. In this context, the Central Bank of Iraq has initiated the establishment of a national electronic payment company to encourage the banking and non-banking sectors and public institutions to develop this infrastructure.

The Central Bank, in cooperation with public and private institutions, is organizing awareness campaigns aimed at increasing public knowledge of the benefits of using bank cards and electronic payment methods to enhance confidence in the banking system.

The number of bank cards in 2023 will rise to 19.75 million cards and the number of bank accounts will rise to 13.3 million accounts.

The bank focuses on improving security and increasing transparency, and has created a platform to manage public complaints related to the financial sector, which helps in developing strategies to address any issues facing financial institutions.

It works to encourage financial innovation by supporting the development of services such as electronic wallets, banking applications, and opening digital banks. It is also currently working to launch a national financial inclusion strategy that includes solutions to most of these challenges, in addition to financial awareness programs targeting various segments of Iraqi society.

All of this resulted in both the number of bank cards in 2023 rising to 19.75 million cards and the number of bank accounts rising to 13.3 million accounts.

Where has the digital banking project come from?

The Central Bank of Iraq issued licensing controls for digital banks in Iraq during May of this year, and is in the process of studying the applications submitted in light of the requirements for digital banks, taking into account the risks and limitations related to digital banks, especially with regard to cybersecurity risks.

The main objective of licensing digital banks is to keep pace with developments in the banking environment, as well as to provide diversity in the provision of banking services in light of technological progress that contributes to enhancing financial inclusion by facilitating customers’ access to banking services.

In light of the International Monetary Fund's statement that internal imbalances in Iraq have worsened due to the large financial expansion and the decline in oil... How do you view its demands to correct the financial situation?

Naturally, the country’s dependence on rentier resources leads to bearing the costs of external shocks that are beyond its control, such as negative oil price shocks, and because the country needs more spending than any stable country due to the conditions it has gone through during decades of wars and destruction, which requires increasing spending on infrastructure, which is the basic pillar of the shift towards economic diversification.

All of this has led to pressure on the capabilities of public finance, especially the revenue side, and thus resorting to borrowing. Therefore, we agree with the International Monetary Fund regarding reforming the public finance situation, and the positive effects this has on supporting the independence of monetary policy in achieving its primary goal, which is the stability of the general price level through controlling liquidity levels.

We agree with the International Monetary Fund regarding the reform of public finances, and the positive effects this has on supporting the independence of monetary policy.

Will removing zeros from the dinar destabilize the financial situation in Iraq?

The process of removing zeros from a currency means replacing the old currency with a new one in order to simplify the accounting process between consumers. It is often resorted to by countries that suffer from high inflation and have become unable to deal with paper currencies of very low value.

Many believe that the process of deleting zeros is an economic and monetary reform process and is resorted to in cases of high inflation and currency collapse, which reduces the feeling of economic collapse (a monetary illusion process). However, if this process is not supported by real economic factors and accompanied by radical reforms, it becomes negative.

The project to remove zeros in Iraq is under continuous review and study at the Central Bank of Iraq, taking into consideration the existence of a volume of issued currency that exceeded 100 trillion dinars after it was 6 trillion in 2004, the year following the exchange of the currency that was undesirable and of poor quality.

In addition to a wide cash supply approaching 179 trillion dinars, which requires specialized cadres, especially in the bookkeeping process, which government banks are still suffering from due to the circumstances the country has gone through.

How will Iraq's repayment of all its debts to the International Monetary Fund affect the country's economic situation as a whole?

Iraq’s repayment of all its debts to the International Monetary Fund, accumulated over the years as a result of the Fund’s loan programs to address the economic challenges that Iraq faced in previous years, could have a positive impact in the long term by enhancing credit and improving financial sustainability, in addition to its repercussions on the country’s economic situation through:

Improve Iraq's economic confidence and credit rating and obtain financing on better terms in the future.

Enhancing the confidence of foreign and local investors in the Iraqi government’s ability to meet its financial obligations.

Achieving greater independence for Iraqi economic sovereignty, making the country less vulnerable to external pressures and interference in its economic policies.

Alleviating financial pressures and reducing financial burdens, which reduces pressure on the general budget.

Directing financial resources towards infrastructure and economic development projects and improving the ability to finance development projects.

Reducing pressure on foreign reserves, which has a positive impact on the stability of the currency and the country’s ability to cover its imports and maintain financial and economic stability.

Where have the Central Bank of Iraq's procedures for localizing salaries of employees in the Kurdistan Region of Iraq reached?

We would like to point out that this bank has taken the necessary measures to complete the process of localizing salaries of employees of the Kurdistan Region of Iraq in terms of providing the Federal Court with a list of banks licensed by this bank and operating in the region, and providing the infrastructure and electronic payment systems that support the processes of localizing salaries in the region, which clarifies the controls for opening a bank account and adopting an electronic signature for the same purpose.  LINK

Is Next Phase of Global Monetary Reset Coming in October? What It Means for US Dollar

Is Next Phase of Global Monetary Reset Coming in October? What It Means for US Dollar

Kitco News: 9-21-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Jon Forrest Little, Founder and Director of Content at Silver Academy, who breaks down the history of global reserve currency cycles. Little weighs in on the accelerating de-dollarization trend and warns that the next phase of the global monetary reset is fast approaching.

 He explains what to expect at the BRICS Plus annual summit taking place in Kazan, Russia, on October 22-24. Little also shares his insights on the gold-backed currency, known as the Unit, which the BRICS is reportedly said to announce at the summit.

He also explains the role of Project mBridge – the multi-CBDC global payment platform.

Little explores the likely U.S. pushback to the de-dollarization trend, the future of global reserve currencies, and the role gold plays.

Coming Up

00:56 Introduction: BRICS Plus Update

04:33 Historical Cycles: Currency Resets

09:27 The US Dollar's Dominance and Challenges

17:35 Central Banks' Gold Rush

22:22 BRICS' Gold-Backed Unit Currency

35:33 Project MBridge and BRICS Currency

37:43 Gold’s Role

41:03 Saudi Arabia and Why Its Role Is Important

 44:35 US Pushback Against De-dollarization

 50:44 Potential Gold Standard Revival

59:14 Future of Global Reserve Currencies

01:02:11 Gold Price Forecast

https://www.youtube.com/watch?v=V3LvWVzW7Ck