Goldilocks' Comments and Global Economic News for Thursday evening, September 7th

Goldilocks' Comments and Global Economic News for Thursday evening, September 7th

Good evening Dinar Recaps,

PMorgan Chase & Co. is in the early stages of exploring a blockchain-based digital deposit token for speeding up cross-border payments and settlement, according to a person familiar with the work.

Deposit tokens are transferable digital coins that represent a deposit claim against a commercial bank. Essentially, they are a digital version of the deposits that customers hold in their accounts.

Because transactions using these coins are processed on blockchain rails, settlement is instantaneous, and proponents of the novel form of money suggest they may make transactions cheaper as well.

 “Deposit tokens bring plenty of potential benefits, but we also appreciate that regulators would want to be thoughtful and diligent before any new product gets developed and used,” a JPMorgan spokesperson said in a statement.

 “Should that appetite develop, our blockchain infrastructure would be able to support the launch of deposit tokens relatively quickly.” The bank has already piloted issuing deposit tokens in a single transaction last year as a part of the Monetary Authority of Singapore’s Project Guardian and highlighted the potential of this form of money in a recent study.

Read more: Wall Street Spots Blockchain Opportunities as Crypto Stumbles

https://headtopics.com/ca/jpmorgan-is-exploring-blockchain-based-deposit-token-for-payments-settlements-43830253

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💥 QFS HAS BEEN LEAKED 💥 THE TIME IS NOW 💥 XRP XLM XDC HBAR QNT & OTHERS

https://youtu.be/7vUP0txygOo?feature=shared

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Japan Financial Giant Confirms To Use XRP For International Remittance Services
https://thecryptobasic.com/2023/09/06/japan-financial-giant-confirms-to-use-xrp-for-international-remittance-services/

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Central banks added 55 tonnes to global gold reserves in July

55 loud and clear

@GoldTelegraph

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FYI:

Sam Oliver, Dee Grose, and Myself are a team, but Sam only posts in Dee's Economics Room.

© Goldilocks

Dee's Economics Telegram Room

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ALERT! FDIC White Washes Bank Q2 "Unrealized Losses" So You Don't PANIC!! Q3=BIG TROUBLE! (Bix Weir)

https://youtu.be/dkT6d-B_7GU?si=NauFvF_CfWEle_E6

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Manipulation in the precious metals sector favors the interests of the eastern world, ironically.

They are stockpiling.

The majority of them are the biggest producers.

Inevitably, they will seek to build a new system around it.

Remember, gold is a reserve asset globally.

Read: https://x.com/alexdeluce/status/1699862705266426105?s=46

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🔴 Fed Issues PRIVATE WARNINGS To Regional Banks Sounding Alarm On Liquidity Issues

https://youtu.be/gghTkZT7WYA?si=ZPzbQfPD_HTHWDtY

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Iraqi Economic News and Points To Ponder Thurs Evening 9-7-23

Iraqi Economic News and Points To Ponder Thurs Evening  9-7-23

Alekti Reveals The Details Of The Decision To Send 500 Billion Dinars To The Region

Information/exclusive..   The Patriotic Union of Kurdistan revealed, today, Thursday, the details of the government's decision to send 500 billion dinars to the Kurdistan Regional Government, while confirming that the sums belong to foreign debts that have nothing to do with oil companies or employees' salaries.

A member of the National Union, Burhan Sheikh Raouf, said in an interview with Al-Maalouma agency, "According to the sources, there are previous debts of the region to the central government estimated at 30 billion dollars," noting that "the money was sent after settling accounts between the regional government and the center regarding the budget and some The financial paragraphs that were stuck.

He continued, "Ending the problems between the two parties contributed greatly to agreeing to send 500 billion dinars per month to the region," pointing out that "all financial accounts between the two parties will be settled in return for ending all previous crises."

Regarding the decision to send 500 billion dinars, Sheikh Raouf confirms: "The sums belong to foreign debts that have nothing to do with the money of oil companies or the salaries of employees."

Earlier, the Council of Ministers, headed by Muhammad Shia al-Sudani, approved during its regular session the decision to send 500 billion dinars to the Kurdistan region after the crisis of stopping oil exports to Turkey by the decision of the Paris International Court.

The political analyst, Qassem Balshan, had confirmed in an interview with Al-Maalouma Agency, "The lack of transparency from the government regarding sending funds to the Kurdistan Regional Government," adding that all successive governments did not exercise their legal and constitutional powers with the region in many files.   LINK

Where Will The Sums Be Deposited After The Resumption Of Oil Exports Through Türkiye?

Information/exclusive..   A member of the Oil, Gas and Wealth Committee, Kazem Al-Touki, confirmed today, Thursday, that the sums of oil revenues after the resumption of oil exports through Turkey will be deposited in a bank that will be under the authority of the Ministry of Finance, adding that the bank will also be at the disposal of the Kurdistan Regional Government.

Al-Touki said in an interview with Al-Maalouma agency, "The region's government will be able to withdraw its percentage from the oil export sums deposited in the bank," noting that "the region has 50% of the revenues from the border crossings in Kurdistan."

And he continued, "The government will work to deduct the payments that were sent to the region in the amount of 400 billion dinars from the general budget in the previous period," noting that "the amounts of oil revenues after the resumption of oil exports through Turkey will be deposited in a bank that will be under the authority of the Ministry of Finance."

Al-Touki concluded his speech: "The bank in which the sums will be deposited after the resumption of the export process will be at the disposal of the Kurdistan Regional Government in the coming period."

The regional government controls a group of oil fields outside the borders of Kurdistan, without any government move to compel it to leave these fields despite the loud voices of some politicians on this matter, as the region continues to export oil to various parts of the world, including "Israel", according to observers.

Member of the Parliament, Zahra Al-Bajari, had revealed, in an interview with Al-Maalouma Agency, that "the Kurdistan region continues to smuggle oil abroad in several alternative ways than it was in previous years." LINK

A Parliamentarian Reveals A Loophole That Hinders The Resumption Of Oil Exports Through Türkiye

 A member of Parliament, Jassem Atwan, revealed a loophole that stands in the way of resuming the export of Iraqi oil via Turkey, while stressing that the main problem lies in finding solutions to previous contracts that the region signed directly with oil companies.

Atwan said in a press interview seen by “Takadam” that “the recent paragraphs of the House of Representatives in the general budget oblige oil companies to contract with the central government directly,” noting that “there are common interests regarding the resumption of oil exports between Iraq and Turkey.”

He continued, "The transactions that took place in the previous period were outside the controls that were voted on in the general budget," noting that "all problems are on their way to a solution after the government and the national SOMO company took control of oil in Kurdistan."

And the member of the House of Representatives concluded his speech, saying: “The government has reached understandings regarding the resumption of oil exports through the Turkish port of Ceyhan,” adding that “the main problem now is finding solutions to previous contracts that the region signed directly from the oil companies.”   https://takadum-news.com/archives/182033#hathalyoum

Parliamentary Oil: The Government Has Taken Measures To Ensure The Disposal Of The Quantities Of Oil Produced In The Region

Economy  2023-09-07   The Parliamentary Oil Committee confirmed that the government has taken measures to ensure the disposal of the quantities of oil produced in the region.

A member of the committee, Kazem Al-Tuki, said that the export of oil, after it stopped via Turkish territory, the oil of the Kurdistan Region, it was agreed to transfer it to the refineries, as well as export it to Jordan, which commissions a process through tanks towards Amman.

He added that the government measures that followed the suspension of oil exports through Turkey, according to which the region's oil quantities amounting to four hundred thousand barrels per day were drained, in addition to the continuation of export according to the OPEC agreement through Basra.

And he indicated that the issue of stopping exports through Turkish territory was not a technical issue, but rather a purely political one, after judicial decisions that stopped exports through Turkey.

https://kirkuktv.net/AR/Details/17251

Points to Ponder on “Facts” and Opinions

Any fact is better established by two or three good testimonies than by a thousand arguments -- Emmons

Facts are to the mind, what food is to the body -- On the due digestion of the former depend the strength and wisdom of the one, just as vigor and health depend on the other -- The wisest in council, the ablest in debate, and the most agreeable companion in the commerce of human life, is that man who has assimilated to his understanding the greatest number of facts -- Burke

Every day of my life makes me feel more and more how seldom a fact is accurately stated; how almost invariably when a story has passed through the mind of the third person it becomes, so far as regards the impression it makes in further repetitions, little better than a falsehood; and this, too, though the narrator be the most truth-seeking person in existence -- Hawthorne

There should always be some foundation of fact for the most airy  fabric; pure invention is but the talent of a deceiver -- Byron

Opinions are stronger than armies -- If they are founded in truth and justice, they will, in the end, prevail against the bayonets of infantry, the fire of artillery, and the charges of cavalry -- Lord Palmerston

He than never changes his opinions, never corrects his mistakes, and will never be wiser on the morrow than he is today -- Tryon Edwards

News from Indonesia, Vietnam and more....Posted by Harambe at TNT 9-7-2023

TNT:

Harambe:  Global finance system fragmenting: UN chief - Shafaq News (9/7/23)

The world risks a "great fracture" of its economic and financial systems, U.N. Secretary-General António Guterres said on Thursday at a summit with Southeast Asia's ASEAN bloc, China, the United States and others in Indonesia.

 In a wide-ranging speech that touched on geopolitical tension, multilateral development finance and climate change, Guterres called on world leaders to find peaceful and inclusive solutions to the challenges facing the world.

 "There is a real risk of fragmentation – of a great fracture in world economic and financial systems; with diverging strategies on technology and artificial intelligence and conflicting security frameworks," he said. 

He called for a mechanism to provide relief for debt-strapped developing economies, to include payment suspensions, longer lending terms and lower interest rates.

He also voiced support for re-channelling an additional $100 billion of International Monetary Fund's Special Drawing Rights through multilateral development banks to increase liquidity and support developing economies' needs.

Rich countries agreed in 2021 to re-channel the unused funds, an international reserve currency, to poor countries.

At a Paris summit in June this year, world leaders backed a push for multilateral development banks like the World Bank to put more capital at risk to boost lending.

World Bank president Ajay Banga outlined a "toolkit" at that summit, including offering a pause in debt repayments, giving countries flexibility to redirect funds for emergency response, providing new types of insurance to help development projects and helping governments build advance-emergency systems.

Guterres also said he remained "deeply concerned" over the "worsening political, humanitarian, and human rights" situation in Myanmar, a nation besieged by war since a 2021 military coup.

"I reiterate my urgent call on the military authorities of Myanmar to listen to the aspirations of its people, release all political prisoners, and open the door to a return to democratic rule," he said.

In a statement on Wednesday, ASEAN chair Indonesia said regional leaders expressed "grave concern" over a lack of substantial progress on their five-point peace plan for Myanmar.

ASEAN leaders are set to hold talks with the United Nations later on Thursday.

https://shafaq.com/en/World/Global-finance-system-fragmenting-UN-chief

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Harambe:   Indonesia proposes critical minerals trade deal with US | Reuters (9/7/23)

Indonesia has asked the United States to begin talks on a trade deal for critical minerals so that exports from the Southeast Asian country can be covered under the U.S. Inflation Reduction Act, an Indonesian ministry said on Thursday.

The request was made when Indonesian President Joko Widodo met with U.S. Vice President Kamala Harris on the sidelines of meetings hosted by the Association of Southeast Asian Nations (ASEAN) in Jakarta on Wednesday.

Under guidelines for the U.S. law issued in March, Washington has required that a certain amount of critical minerals in electric vehicle (EV) batteries be produced or assembled in North America or a free trade partner, for EVs sold in the United States to be eligible for tax credits.

Indonesia does not have a free trade agreement with the United States, but the resource-rich country has ambitions to become a major player in the manufacturing of EVs and their batteries, leveraging its vast nickel reserves.

"Indonesia is a producer and holder of the world's biggest nickel reserves amounting to 21 million metric tons, so Indonesia can become a supplier for ... batteries and EVs in the U.S.," Jokowi, as the president is popularly known, was quoted as saying by the Indonesian ministry of economic affairs.

"Indonesia invites the U.S. to discuss the formation of the Critical Mineral Agreement," Jokowi added.

The president also hoped that Indonesia's involvement in the U.S.-led Indo-Pacific Economic Framework (IPEF) could allow its mineral exports to be recognised for "green subsidies" under the inflation act, according to the ministry's statement.

The plan to propose a limited free trade deal with the United States was first brought up in April by senior Indonesian minister Luhut Pandjaitan, who said Jakarta wanted to offer Washington an agreement akin to the March deal between Japan and the Western power for EV battery minerals.

Harris, during the opening speech of the bilateral meeting, said she would continue to work with Indonesia to build supply chains that included "critical minerals required to expand our clean energy economies" and to boost trade between the two countries through IPEF.

https://www.reuters.com/business/indonesia-proposes-critical-minerals-trade-deal-with-us-2023-09-07/

Harambe:  President Biden’s visit (Sep 10-11) to create impetus for Vietnam-US ties: Ambassador  | Vietnam+ (9/7/23)

The visit of US President Joseph R. Biden, Jr. to Vietnam on September 10-11 will be an occasion for leaders of both countries to look back at the past 10-year journey since the establishment of their comprehensive partnership, said Ambassador Pham Quang Vinh, former Deputy Foreign Minister and former Ambassador of Vietnam to the US.

In an interview granted to the Vietnam News Agency ahead of the US President’s visit, the veteran diplomat said the visit is also an occasion for the two sides to create a new impetus and define the orientation for the relations in the next decades.

He expected that the two sides will expand cooperation to other fields, such as digital transformation and green transition, besides education-training and war aftermath settlement, in which he believes great room still remains for enhancing collaboration. 

The ambassador stressed that the past decade has seen strong and comprehensive development of the Vietnam-US relations. 

The two sides have been strengthening mutual understanding, building trust and creating a stable and long-term framework for win-win cooperation. Leaders of the two countries have made many mutual visits, creating the political foundation for bilateral ties to grow.  

He noted that development has been seen across all pillars of the bilateral relationship, from politics-diplomacy to economy, trade, investment, science-technology, and education, and in both bilateral and multilateral frameworks.

Vinh particularly highlighted economic-trade collaboration as the bright spot in bilateral ties. He cited statistics that show two-way trade surged almost four times 10 years after the establishment of the Vietnam-US comprehensive partnership, from 35-36 billion USD in 2013 to over 123 billion USD at present.

“I think that the talks between Party General Secretary Nguyen Phu Trong and President Biden (in the upcoming visit) will further deepen the guiding principle of bilateral relations which is to develop the ties based on respect for each other’s independence, sovereignty, territorial integrity and political institutions, mutual understanding, equal and win-win cooperation, and in the spirit of putting aside the past, overcoming differences and promoting similarities towards the future,” Ambassador Vinh said.

https://en.vietnamplus.vn/president-bidens-visit-to-create-impetus-for-vietnamus-ties-ambassador/267573.vnp

Iraqi Economic News and Points To Ponder Thurs Afternoon 9-7-23

Iraqi Economic News and Points To Ponder Thurs Afternoon  9-7-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance For / Nina /: These Are The Reasons For Appeals Against The General Budget Law

Thursday 07 September 2023 17:03 | political Number of readings: 170 Baghdad / NINA / - The Parliamentary Finance Committee revealed the reasons behind the appeals related to the Federal General Budget Law.

Committee member Representative Nermin Maarouf stated, in a statement to the National Iraqi News Agency ( NINA ), that "one of the tasks of the Federal Court, according to the constitution, is to consider lawsuits submitted by stakeholders and parties concerned with federal laws, including the General Budget Law."

And she explained, "The Kurdish component is a basic partner in the federal government, and there are paragraphs related to the region's dues contained in the budget, including Articles 11-12_13, and any group or component has the right to file appeals with articles that it finds do not do justice to its rights."

And she added, "The appeals submitted by the regional government came because it sees the provisions contained in the budget law as contrary to the political agreement signed by Baghdad and Erbil before sending the draft general budget law to the House of Representatives."

And the Federal Court, early last month, decided the Kurdistan Regional Government’s appeal against the budget law and issued its final and binding decision for all authorities, which included the ruling that the phrase (and with the approval of the Federal Prime Minister) contained in Article (11/First) and the phrase (and in case the parliament cannot be dissolved) are unconstitutional.

Taking the necessary decision contained in Article (13/seventh) of the law, dismissing the lawsuit regarding the challenge to the constitutionality of articles (2/first/5/b), (11/second) and (12/second/a, b, c, d, e) and (13 / eighth / b) of the law.    https://ninanews.com/Website/News/Details?Key=1076058

About 65 Million Barrels Of Iraqi Exports To America In Six Months

Energy   Economy News _ Baghdad  The US Energy Information Administration announced today, Thursday, that Iraq's oil exports to America amounted to about 65 million barrels during the six months of 2023.

And a table for the administration, seen by Al-Iqtisad News, showed that Iraq's exports of crude oil and its products to America during the six months of 2023, starting from January to the end of June, amounted to 64.737 million barrels, an increase of 33.5% over the same period in 2022. America's oil exports amounted to 48.459 million barrels, an increase of 139% compared to the same period in 2021, when oil exports to America amounted to 27.046 million barrels.

The table showed that the highest rate of oil exports to America during the six months of 2023 was in February, when it amounted to 12.168 million barrels, while the lowest rate of oil exports was for the month of June, when it amounted to 9.330 million barrels.

He pointed out that the highest rate of exports in six months during the past ten years was in 2018, when it amounted to 104.384 million barrels.

Iraq exports nearly 10% of its oil exports to America, and is considered among the top ten exporting countries to America, along with Canada, Mexico and Saudi Arabia.

Views 35  09/07/2023 - https://economy-news.net/content.php?id=36190

Pope Francis To The Chaldean: I Have Not Forgotten My Historic Visit To Iraq

Iraq   Thursday, September 7, 2023   Baghdad / National News Center   Pope Francis confirmed today, Thursday, that he did not forget his historic visit to Iraq and the meeting with its religious and political leaders.

The media office of the Secretary-General of the Babylon Movement, Rayan Al-Kaldani, stated in a statement received by the National News Center: “At the invitation of Italian businessmen and institutions, Al-Kaldani arrived in Rome, visited the Vatican State and met with His Holiness the Pope, and with a solemn welcome he arrived to participate in the angelic prayer of the Virgin Mary. At the beginning of his speech, His Holiness Pope Francis welcomed the Iraqi delegation, praying and blessing the Arabic speakers.

And the statement added: “At the end of the prayer, the Chaldean met His Holiness the Pope, and presented His Holiness with a gift from the heritage of Mesopotamia, and conveyed to him the greetings of the Iraqi government and the Iraqi people, asking him for his prayers for Iraq.”

And he continued: “In turn, His Holiness the Pope granted the Chaldean his apostolic blessing and gave him a special gift, which is the Rosary, blessed by His Holiness, saying that he did not forget his historic visit to Iraq and his meeting with Iraq’s religious and political leaders, and encouraged the work of the Chaldean who works for peace among all Iraqis.”

He concluded: “In turn, Rayan Al-Kaldani thanked His Holiness the Pope for this opportunity and the solemn reception, noting that Al-Kaldani’s agenda includes official meetings with church institutions and Catholic clerics.”   https://nnciraq.com/225652/

Oil Prices Are Stable Above $90

Economy | 07/09/2023   Baghdad - Mawazine News  Oil prices stabilized today, Thursday, at their highest level in nine months, after investors absorbed the decision issued by the leaders of the “OPEC +” coalition, Saudi Arabia and Russia, to extend the supply reduction until the end of this year.

West Texas Intermediate crude futures for November delivery rose 12 cents to settle at $87.54 a barrel in New York.  Brent crude futures for the month of November settled up by 16 cents, settling at $90.60 a barrel.   Riyadh and Moscow's strategy is to suck up stocks by reducing them further, and the entire oil market has felt its impact.

Brent crude, the global benchmark, settled above $90 a barrel on Thursday, its highest level since November, adding to sentiments of confidence in the markets that Saudi Arabia raised its official selling prices for Arab Light crude to Asia to the highest level since 10 months, indicating its satisfaction with the status of the request.

However, crude markets are issuing warnings indicating an overbought condition on the 14-day RSI, which raises downside risks.

Oil rose sharply in the current quarter after the Organization of the Petroleum Exporting Countries (OPEC) and its allies adopted a group-wide supply cut, which was then supplemented by additional voluntary cuts, and production restrictions were implemented at a time when the International Energy Agency estimates that global oil consumption Crude is rising at a record pace. Ended 29/h

https://www.mawazin.net/Details.aspx?jimare=234554

The Dollar Continues To Rise In The Local Markets

Economy   Thursday, September 7, 2023 Baghdad / National News Center  Today, Thursday, the exchange rates of the US dollar rose against the Iraqi dinar in the markets of the capital, Baghdad.

Where the Kifah and Al-Harithiya stock exchanges in Baghdad recorded 154,000 dinars for every 100 dollars, while yesterday, Wednesday, prices were 153,600 dinars.  The selling prices in exchange shops in the local markets in Baghdad for sale amounted to 155,000 dinars, while the purchase price amounted to 153,000 dinars for every 100 dollars.   https://nnciraq.com/225552/

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Points to Ponder on Opinions:

Change of opinion is often only the progress of sound thought and growing knowledge; and though sometimes regarded as an inconsistency, it is but the noble inconsistency natural to a mind ever ready for growth and expansion of thought, and that never fears to follow where truth and duty may lead the way  -- Tryon Edwards

The feeble tremble before opinion, the foolish defy it, the wise judge it, the skillful direct it -- Mad. Roland

Nothing so obstinately stands in the way of all sorts of progress, as pride of opinion; while nothing is so foolish and baseless -- J G Holland

Opinion is the main thing which does good or harm in the world. It is our false opinions of things which ruin us -- Marcus Antonimus

Opinions are stronger than armies -- If they are founded in truth and justice, they will, in the end, prevail against the bayonets of infantry, the fire of artillery, and the charges of cavalry -- Lord Palmerston

It is more true to say that our opinions depend upon our lives and habits, than to say that our lives and habits depend on our opinions --  F W Robertson

It is common to men to err; but it is only a fool that perseveres in his error; a wise man alters his opinion, a fool never -- Arnold

Goldilocks' Comments and Global Economic News for September 7th

Goldilocks' Comments and Global Economic News for September 7th

Good morning Dinar Recaps,

🍎 China sends Apple falling

Apple Inc. shares fell the most in a month following a report that Chinese government agencies have banned employees from using iPhones at work.

Employees at “some” central government regulators received instructions via chat groups and in meetings to stop bringing such gadgets into the office, said the Wall Street Journal, citing people familiar with the matter. It’s not clear how widely the orders were issued, the newspaper added.

The stock fell 4% to $182.13 in New York on Wednesday, its biggest intraday drop since Aug. 4.

And the reason is that the company enjoys widespread popularity in China. The country is the largest international market for Apple, despite its growing discontent with everything American due to the technological rivalry between the two.

Apple's iPhones are among the best-selling devices in China and are widely used in both the public and private sectors.

Sometimes the best thing to do with an apple is to eat it

https://twitter.com/MultiPolarMarkt

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THE WORLD FEDERATION OF EXCHANGES
Annual Meeting
19-21 September 2023 | Bermuda

Dear Members of the WFE Community,

The World Federation of Exchanges, hosted by the Bermuda Stock Exchange, is pleased to announce that registration is open for the WFE’s Annual Meeting, 19-21 September 2023.

To register for the conference meeting please click here

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The World Federation of Exchanges has completed its research paper on the operations of our digital economy and intends to present it at the WFE annual meeting on the 19th thru the 21st of September in 2023.

For the last decade, crypto markets have operated without standard protocols. This research paper takes into account how new Quantum Technologies are merging together and adapting to the new environment ahead.

Research, pilot programs, and implementation are the three phases of development utilized by governing bodies. This meeting will focus on Crypto Market Development and moving forward with the new policies presented by the financial stability board during the G20 meeting.

It is an attempt to put into perspective, test, and move forward with the organizing data available to us at this time.

© Goldilocks

World Exchanges Link

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SEC Shakes Up Payments for Trade-Tracking System

One News Page Link

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What is a Bill of Lading?

https://youtu.be/bhWcQDio2MY?feature=shared

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A universal electronic bill of lading is being proposed. It started 3 years ago. And now, it is becoming a universal expected protocol.

A bill of lading is a contract between the shipper and the carrier ensuring the contents of the package is secure and accurate.

The digitization of our shipping ports and trading sectors on land are currently becoming digitized, and now, standardized.

These new protocols will create seamless transactions across many retail sectors allowing up-to-date tracking capabilities to help inform production managers. This will help them to adequately supply workers at needed rush times to fulfill these transactions seamlessly.

Speed and efficiency are the hallmarks of the new digital economy that will save time and money.

© Goldilocks

https://indiashippingnews.com/msc-welcomes-the-ebl-declaration-by-the-future-international-trade-fit-alliance/

CDP Calls for G20 Mandatory Nature Disclosures
https://www.regulationasia.com/cdp-calls-for-g20-mandatory-nature-disclosures/

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Market Announcement:

The SSE (Shanghai Stock Exchange) has signed an agreement with Saudi Tadawul Group, which owns the Saudi Exchange, to collaborate on cross-listings, fintech, ESG, data exchange, and research.

“The collaboration will help to promote diversity and inclusion in both markets,” the SSE said in a statement. “The two exchanges will also work to promote corporate listings, ETF dual listings, and knowledge sharing in investor relations.”

https://www.regulationasia.com/shanghai-saudi-exchanges-to-cooperate-on-cross-listings/

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China added to its gold reserves for a 10th straight month in August.

From paper to hard asset reserves.

Read: https://x.com/goldtelegraph_/status/1699780295892095396?s=46

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ASEAN nations see improved rules yielding $2 trillion digital economy by 2030 | ZDNET
https://www.zdnet.com/article/asean-nations-see-new-rules-yielding-2-trillion-digital-economy-by-2030/

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Reforms in GCC Countries Showing Big Impact - Modern Diplomacy
https://moderndiplomacy.eu/2023/09/06/reforms-in-gcc-countries-showing-big-impact/

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A Reserve Bank of India (RBI) “source” told multiple Indian news outlets that the wholesale digital rupee trials have expanded to include call money markets. India is unusual because it launched both wholesale central bank digital currency (wholesale CBDC) and retail CBDC pilots almost simultaneously.

https://www.ledgerinsights.com/digital-rupee-money-markets-to-use-wholesale-cbdc-retail-cbdc-integrates-upi/

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Treasury and IRS Issue New Proposed Regulations on Digital Assets

https://www.natlawreview.com/article/treasury-and-irs-issue-new-proposed-regulations-digital-assets

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Accelerating inflation without economic growth is a bad combination, yet it is the environment we find ourselves at the present time.

Markets do run behind current data. It is a race against time to correlate new market structures inside a new digital economy before the markets catch up to the change.

The challenge before us is to bridge these two economies before the inevitable takes place.

Gold and other Commodities will serve as an underlying support structure that will enable us to move forward.

Gold will set us free.

© Goldilocks

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It is clearly evident that the powers that be are ready to move us forward into the new digital asset-based trading system.

The "SEC Approves Funding Amendment to National Market System Plan Governing the Consolidated Audit Trail" commonly known as the CAT.

The Consolidated Audit Trail (the CAT) enables regulators to track all orders and trading activity throughout the U.S. markets.

The transition begins...

© Goldilocks

https://www.sec.gov/news/press-release/2023-169

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SEC set to impose new fees on brokers to pay for audit-trail system
https://www.investmentnews.com/sec-set-to-impose-new-fees-on-brokers-to-pay-for-audit-trail-system-241808

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BRICS Are Set to Present Themselves as a New Global Economy | News | teleSUR English
https://www.telesurenglish.net/news/BRICS-Are-Set-to-Present-Themselves-as-a-New-Global-Economy-20230904-0009.html

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"Tidbits From TNT" Thursday Morning 9-7-2023

TNT:

Harambe:  Apple relocates 11 manufacturing units to Vietnam | VIR (9/6/23)

Apple has finalised the relocation of 11 of its audio device production facilities to Vietnam, marking a significant shift in the company's global supply chain strategy.

The American tech giant's vote of confidence in the Vietnamese manufacturing sector was discussed by Nguyen Thang Vuong from the Europe-America Market Department of the Ministry of Industry and Trade (MoIT) during an online forum on Vietnam's role in the global supply chain on September 6.

“Meanwhile, Intel has initiated the expansion of its Phase 2 chip verification plant in Ho Chi Minh City, involving an investment amounting to a staggering $4 billion,” said Vuong.

According to Vuong, a shift in the global supply chain has become increasingly evident. For instance, besides the recent strategic moves and multi-billion dollar commitments from Apple and Intel, Danish conglomerate Lego is investing in a factory in the southern province of Binh Duong with an outlay of $1 billion.

“Several prominent American corporations, such as Boeing, Google, and Walmart, have announced plans to extend their supplier networks and manufacturing bases in Vietnam following extensive research into the local investment environment,” he added.

Particularly noteworthy is the colossal shift by Samsung in relocating its entire mobile phone production line predominantly to Vietnam and India. Remarkably, 60 per cent of Samsung's global smartphone output is now manufactured in Vietnam.

This migration of manufacturing groups to Vietnam offers indigenous businesses enhanced access to Western markets and an influx of foreign direct investment (FDI), especially from Northeast Asia. However, these developments also bring formidable challenges for Vietnamese enterprises seeking to integrate into the expansive supply chains of these global juggernauts.

In an interview with local newspaper Tien Phong, Do Thi Thuy Huong, vice-chairwoman of the Vietnam Supporting Industries Association (VASI), highlighted that alongside Apple’s relocation, major conglomerates such as Foxconn, Luxshare, Pegatron, and Wistron are also expanding their existing manufacturing bases in Vietnam.

“The rapid influx of foreign capital, particularly in the electronics sector, is evident. Samsung’s investment in the largest research and development centre in Southeast Asia, valued at $220 million in Hanoi, serves as a testament. Another key player, Hansol Electronics from South Korea, recently secured investment permission for two projects in the southern province of Dong Nai, amounting to $100 million.”

To stay ahead and cater to these industry giants, VASI asserts that local governments need to formulate stronger policies to ensure domestic businesses possess the capability to assimilate technologies and compete sustainably in the market.

A prime focus should be on discerning, high-quality technologies that align with the existing technical prowess of domestic manufacturing and assembly groups. Crucially, any technology introduced should be environmentally conscious and promote the inclusion of Vietnamese suppliers within a stipulated timeframe.

Ngo Khai Hoan, deputy director of the Industrial Department under the MoIT, expressed that while Vietnam had previously capitalised on its inexpensive labour force, rising labour costs are now diminishing this advantage, especially when compared to nations like India, the Philippines, and Cambodia.

“Understanding the potential of domestic supporting industries is vital for attracting FDI. In light of this, the Industrial Department plans to foster initiatives that include policy development, capacity-building for local enterprises, and facilitating connections between domestic businesses and multinational corporations like Samsung and Toyota,” said Hoan.

https://vir.com.vn/apple-relocates-11-manufacturing-units-to-vietnam-104942.html

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

Tishwash:  Political movement: Washington does not want stability in Iraq and is angry with the people's satisfaction with the government

The Secretary-General of the Jihad and Construction Movement, Jawad Rahim Al-Saadi, confirmed on Thursday that America and the enemies of Iraq do not want the stability of the situation, especially the security situation in the country, pointing out that what annoys them most at the present time is the people's satisfaction with the government. 

Al-Saadi told Al-Maalouma, "Iraq possesses strong intelligence services that are able to detect and thwart any attempt to cause a security breach or terrorist operation from outside the country before entering Iraqi territory." 

He added, "Iraq began to recover in security after achieving victory over terrorism, but there are those who are trying to raise problems and problems after finding that there is satisfaction and acceptance by the people towards the Sudanese government." 

And he indicated that "what angers the enemies of Iraq most, including the American side, is the people's satisfaction with the government."

Al-Saadi indicated that "there are those who seek to ensure the stability of the country and the continuation of security tensions in various regions and governorates."  link

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

CandyKisses:  America On The Throne Of Global Gold Reserves

The United States of America is the largest stock of gold reserves among the components of foreign reserves, with a total of 8133.5 tons recorded last July, according to the latest data issued by the World Gold Council.

According to the list of countries that reported their central banks' reserves of the yellow metal in the latest disclosure last July, Germany came in second place in the list of the largest gold reserves with 3352.6 tons, the International Monetary Fund third with 2814 tons, Italy and France with 2451 tons and 2436 tons, respectively, while Russia came in sixth place with reserves of 2329.6 tons and China in seventh place with 2136.5 tons.

In the next three places, Switzerland retained eighth place at 1040,846 tons of gold, the Bank of Japan ninth with 797 tons, while India came in tenth place with 7.<> tons of precious metal.

Data from the World Gold Council indicate that Saudi Arabia retains the first place in the Arab world among the countries most hedged in gold, and is in an advanced rank globally, as it enjoys the 17th place with a total reserves of 323.1 tons, Lebanon is second in the Arab world (21st globally) with 286.8 tons, Algeria is in third place with 173.6 tons, Iraq is fourth with 132.6 tons of gold, while Egypt occupies fifth place in the Arab world with 125.9 tons.

Gold component ratio

Despite the ranking that takes into account the largest banks holding gold, the proportion of the yellow component varies from one bank to another, representing the US Central Bank 68.8 percent of foreign reserves, and in Germany the metal represents 67.9 percent of reserves, as well as Italy and France with two predominant rates at 65.1 percent and 66.8 percent, respectively, and the percentage of the precious metal at the Russian Central Bank is reduced to the level of 25 percent, four percent at the People's Bank of China and 4.3 percent. percent of the Bank of Japan.

The figures reveal that global central banks continue to strengthen their gold reserves, as they recorded net purchases last July of 55 tons, which supports the view of the World Gold Council in the direction to hedge gold in the long term, and the People's Bank of China comes again as the largest buyer, adding 23 tons during the month before last, thus strengthening its position as the largest buyer since the beginning of this year with a total of 126 tons, and came in the next place in terms of purchase, the Central Bank of Poland by 22 tonnes in July, bringing his total metal to 299 tons.

The Central Bank of Turkey was again among the buyers in July, boosting its reserves by another 17 tons, although on an annual basis it remains a net seller of 85 tons, given the intensive sell-off by its side of the metal between March and May, and in early August Russia revealed its intention to resume buying gold, however, information on the size or timing of any purchases was limited.

World Gold Council senior analyst Krishan Gopol sees in his council's recent data on gold purchases by central banks evidence of high demand for the metal, and said that it is undeniable that demand is strong and that interest in the metal will remain in the coming period, especially with the return of former sellers to resume buying again, including Turkey.

Metal Kissing Glow

In his blog, Gopol points out that sales were lower than gold purchases last July, with the Central Bank of Uzbekistan buying 11 tonnes and the Central Bank of Kazakhstan buying four tons of the metal, two prominent and familiar sellers.

The map of countries' acquisition of gold as a major component of reserves in their central banks has not changed, as Western European banks still have the largest balance of the metal with a total of 11776,<> tons, while America comes in second place, Central and Eastern Europe third, and East Asia fourth, while the banks of the Middle East and North Africa lagged to fifth place, then South Asian and Central Asian banks in sixth and seventh places, to the bottom of Latin American banks with the lowest recorded reserves of gold.

Gold has what drives it to glow in the coming period, especially with the high demand from central banks and expectations that they will stop tightening monetary policy, inflation risks are still high in conjunction with expectations of a subsequent recession in several economies, in addition to geopolitical risks that support the rise of the metal, which makes gold a good hedging asset, and data reveals that investment portfolios benefited greatly from gold returns during such times.

The presence of these factors combined in the minds of central bankers represents a sufficient incentive to continue buying gold, as they have already expressed their intentions to continue acquiring it in a recent survey of the World Gold Council, during which they are likely to be in demand for the metal with these concerns strong in the coming period, as central banks' appetite is still open to continue buying about 24% of these institutions over the next 12 months.

LouNDebNC:  Interesting. Will this bring in a new gold backed dollar?

Mot:  Yeppers!!! --- I Knows! - I Went to Walmart Today! - sigghhhh

Mot:  .. Growing Up Can Be Hard to Handle!!!  What are taxes and orieos

Iraqi Economic News and Points to Ponder Thurs AM 9-7-23

Iraqi Economic News and Points to Ponder Thurs AM 9-7-23

Is The High Price Of Oil Will Reduce The Budget Deficit? Financial Oversight Explains

Time: 09/07/2023 Read: 949 times  {Economic: Al Furat News} The former director of the Office of Financial Supervision, Salah Nuri, said today, Thursday, that the benefit from the high oil price is to reduce the deficit and not resort to borrowing at a certain percentage contained in the budget law.

Nuri said to {Euphrates News} that "when the Ministry of Finance prepares the general budget in a conservative manner, that is, estimating the revenues on the basis of the price of selling oil at the lowest expected price, and with a deficit in the budget and remembering in the budget, if the selling price of oil increases, then the surplus is paid to reduce the deficit."

And he continued, "The benefit from the rise in the oil price is to reduce the deficit and not resort to borrowing at a certain percentage contained in the budget law," noting that "the percentage of budgets for the two years (2024-2025) there is no direct effect unless the rise continues when the aforementioned two years come."

He pointed out that "the government must direct the increase in oil prices towards infrastructure projects, according to its priorities included in the budget."   From.. Raghad Dahham  LINK

Confusion Surrounds The Railway Link With Iran.. What Is The Future Of Iraqi Ports?

2023-09-06 Shafaq News/ The move of the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, to lay the foundation stone for the first rail link project between Iraq and Iran, raised questions about the status of Iraqi ports after the completion of the project.

During the laying of the foundation stone for the railway link project between the Iranian region of Shalamja and the Iraqi city of Basra, last Saturday, (September 2, 2023), Al-Sudani spoke in the presence of the Iranian Vice President, Muhammad Mokhber, about the importance of the project in transporting travelers and visitors to the holy shrines from Iran and the countries of Central Asia, as well as On its importance in strengthening the infrastructure of the Iraqi economy.

Despite their agreement on the importance of the project and its impact on strengthening bilateral relations, the Iranian official said that it would lead to a "huge leap in trade exchange with Iraq," while the latter believes that its goal does not exceed the transportation of passengers between the two countries.

In this context, the former Iraqi Minister of Transport, the current MP, Amer Abdul-Jabbar, considered the claim (the Iraqi side) a mere "lie" because the agreement to establish the line does not limit this goal, and because the axial load of the line's loads is about twice the axial load if the line was dedicated to transporting travelers only.

Abdul-Jabbar added, in a video clip he posted on his official page on the "X" website (formerly Twitter) last Saturday, (September 2, 2023) that "laying the foundation stone while the citizens were preoccupied with the Arbaeen visit is intended," describing the railway link between Iraq and Iran as "a bullet of mercy." at the port of Al-Faw.

An invitation to reveal the people

Dr. Ghazi Al-Rubaie, a researcher and specialist in rivers, waters and international borders, points out that "the rail link, if it is for people, then this will not affect the ports of Iraq. However, the Iranian side mentioned that the project is linked to the Mediterranean Sea, and to the growth of trade with Iraq, and this is fatal to the ports of Iraq." Especially the large port of Faw, which has not yet been completed.

During his speech to Shafaq News agency, Al-Rubaie calls on the Iraqi government to publish the agreement to clarify the goal of the project and reveal to the people.

Project goals

The railway link is "a national project that supports the Iraqi economy and the well-being of citizens and visitors by moving to the holy places in (Baghdad, Karbala, Samarra, and Najaf), away from public streets and roadblocks, and in order to preserve the lives lost as a result of traffic accidents," according to what the Prime Minister's advisor for transportation said. Dr. Nasser Saleh Al-Asadi.

Regarding the impact of the railway link on the Iraqi ports, Al-Asadi confirms to Shafaq News agency, "The railway link now is for the transport of passengers only and not for commercial transportation, so it will not affect the Iraqi ports at all, because there are price policies that the competent authorities will set according to the nature of the use of the ports, whether they are land, air or sea.”

He continued, "As for the ports of Faw and Umm Qasr, they are for commercial transport only, and not for transporting passengers, so there is a big difference in the process of using the two ports, and even if commercial transport takes place, the prices will not be the same as those in the ports, as the port privileges that the railway link will not be able to achieve." Therefore, this project is completely different from what is in the port of Faw.

Project benefits

The idea of ​​working on the railway link project between Shalamcheh and Basra dates back to 2009, according to the head of the Transport and Communications Committee in the Iraqi parliament, Zahra al-Bajari, agreeing with what Nasser Saleh al-Asadi said that the project is “for the purpose of transporting passengers only and not for transporting goods, and it has no impact on the two ports of Faw.” And the mother of the palace of the marines who are specialized in transporting goods without passengers.

Al-Bajari explained to Shafaq News agency, "The project has economic returns, as it will reduce the use of buses and at the same time transport huge numbers of passengers, so it will contribute to reducing congestion that occurs at the border crossings during religious visits, especially from Shalamcheh." LINK

Kurdistan Council Of Ministers Demands Baghdad To Pay 16 Trillion Dinars

Economy ,  07/09/2023  Number of readings: 141   Baghdad-Iraq today:  Today, Wednesday, the Kurdistan Regional Council of Ministers called on the federal government to pay the region's financial dues with the amounts included in the budget schedules.

The council's media said in a press statement, "The Kurdistan Regional Council of Ministers held its weekly meeting headed by Prime Minister Masrour Barzani, and the presence of the Council's Vice President, Qubad Talabani, and discussed a number of issues on its agenda."

The Council of Ministers called on the federal government and the concerned authorities to "take immediate legal measures against all those who used weapons against the demonstrators and caused the death of a number of them, and to bring the perpetrators to justice so that they receive their punishment.”

After that, they discussed "the latest developments related to the implementation of the Federal Budget Law for the year 2023, and then the members of the negotiating delegation of the Kurdistan Regional Government presented the results of their last meeting in Baghdad with the delegation of the federal government, regarding the rights and financial entitlements of the Kurdistan Region.”

And he stressed that "in return for the region's obligations, the total financial dues must be paid, which, according to the Iraqi budget schedules for the year 2023, amount to 16 trillion and 498 billion dinars, which is equivalent, according to numbers, to one trillion and 375 billion dinars per month.

However, the Iraqi Council of Ministers, during its session held on 9/2023 3/ And outside the region's budget and dues schedules, he decided to spend only 500 billion dinars in the form of loans for the months 9, 10, and 11, while after the month of 6, no amount was disbursed for the salaries of the months 7 and 8. And with the entry into force of the Federal Budget Law on 6/25/2023, the region has fulfilled its obligations under the budget law.”

The region's cabinet called on the federal cabinet to "review its decision in a fair and equitable manner and to send the financial benefits to the region based on the numbers established in the tables of the region's share of the budget, especially to send the allocated portion to the monthly salaries at a value of 906 billion dinars, so that the Kurdistan region can pay it to those who receive it.

Salaries in the region, like the rest of the recipients of salaries throughout Iraq, who receive their monthly salaries without delay, and therefore, the salaries allocated to the region in the federal budget must be spent according to the same standards, and not be treated differently and unfairly, but rather it must be in accordance with the constitution and the principle of equality in implementing the laws.” LINK

Points to Ponder on Truth and Error:

In the influence on the  soul, error has been compared to a magnet concealed near the ship's compass -- As in the latter case, the more favorable the winds, and the greater the diligence and skill in working the ship, the more rapidly will it be speeded on in a wrong course; and  so in the  former, the greater the struggle for safety, the more speedy the progress to ruin -- Tryon Edwards

The little I have seen of the  world teaches me  to look upon their errors of  others in sorrow, not in anger -- When I take the history of one poor heart that has sinned and suffered, and think of the struggles and temptations it has passed through, the brief pulsations of joy, the feverish inquietude of hope and fear, the  pressure of want, the desertion of friends, I would  fain  leave  the erring soul of my  fellow-man with Him from whose hands  it  came -- Longfellow

 Error is not a fault of our knowledge, but a mistake in our judgment giving assent to that which is not true -- Locke

Sometimes we may learn more from a man's errors than from his virtues -- Longfellow

From the errors of others a wise man  corrects his own -- Publius Syrus

The consistency of great error with  great virtue,  is one of the lessons of universal history -- But  error is not made harmless by such associations -- False theories,, though held by the  greatest and best of  men, and thought not thoroughly  believed, have  wrought much evil -- Channing

It is almost as difficult to make a man unlearn  his errors as his knowledge -- Malinformation is more hopeless than non- information;  For  error is always more busy than  ignorance -

Ignorance is a blank sheet, on which we  may write;
But error is a scribbled one, from which me must erase -

Ignorance is contented to stand still and with her back to the truth;
But error is more presumptuous and proceeds in the wrong direction -

Ignorance has  no light, But  error follows the false one -

The  consequence is , That error, when she retraces her steps, has further to go before she can arrive at truth,   than ignorance ------- Colton

Goldilocks' Comments and Global Economic News for Wednesday evening, September 6th

Goldilocks' Comments and Global Economic News for Wednesday evening, September 6th

Good evening Dinar Recaps,

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XRP-based International Money Transfer Service Using Ripple’s Payments Solution to be Gradually Expanded in the Philippines, Vietnam, and Indonesia

https://www.remit.co.jp/en/kaigaisoukin/information/release20230906/

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Baghdad  – The Iraqi Ministry of Finance confirmed on Tuesday that Iraq maintained its credit rating at B-/B with a stable outlook.

https://www.iraqinews.com/iraq/iraq-maintains-its-credit-rating-at-b-b/

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SEC should ‘expeditiously’ approve GBTC conversion, says Grayscale - Blockworks
https://blockworks.co/news/grayscale-letter-to-sec-gbtc-conversion

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The crypto ETFs that could launch before a US spot bitcoin fund - Blockworks
https://blockworks.co/news/crypto-fund-trading-spot-etf

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G20 Summit, New Delhi: Before the curtain rises - Opinions & Blogs News
https://www.wionews.com/opinions-blogs/g20-summit-new-delhi-before-the-curtain-rises-632973

~~~~~~~~~~

The Fed Is Ready For It To NOW Begin...

https://www.youtube.com/live/4_biprM_jM0?feature=shared

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Stellar Bank Woodlands Location | Stellar Bank Locations

https://www.stellar.bank/About/Locations/The-Woodlands/

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Follow Goldilocks' Roadmap

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Thank you Dinar Recaps

Iraqi Economic News and Points to Ponder Wed Evening 9-6-23

Iraqi Economic News and Points to Ponder Wed Evening 9-6-23

What Does It Mean To Achieve Iraq's Largest Trade Surplus? Government Advisor Answers

Posted On 2023-09-06 By Sotaliraq  The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, commented on Iraq achieving the largest trade surplus in 2022 over a period of ten years, and said that it achieves 3 main goals.

Today, Monday, a statistic conducted by the German company Statista, which specializes in market and consumer data, revealed that Iraq achieved the largest trade surplus for the past year 2022 over the past ten years.

Saleh explained, “The importance of the rise in the current account surplus comes relative to the gross domestic product in its positive role in strengthening the means of economic stability represented by the stability of the general level of prices, which are the country’s foreign reserves, which are the lever of stability and a tool in monetary policy to combat harmful inflationary activities in order to ensure purchasing power.” for cash income.

He added, "The high percentage of the surplus, in the current account of the balance of payments to the gross domestic product, provides the financing capacity towards achieving sustainability in investment spending, which is the basis for targeted economic growth without expanding external borrowing."

He pointed out that “the increase in the aforementioned surplus rate at the level of financial stability and balance is an important and major step towards achieving the so-called (fiscal discipline), which is based in its most important pillars on reducing external public debt and what requires a subsequent step required by fiscal policy in the field of imposing discipline, which is reducing the gap The deficit in the general budget and the movement towards a balanced budget, as reducing public debt and reducing the deficit are the most important pillars of financial discipline or what is called fiscal consolidation.

The financial and economic advisor to the Prime Minister concluded by saying, "The surplus proceeds in the current account of the balance of payments achieve three main goals, which are (price stability, stability, financial balance, and finally targeted economic growth)."

The trade balance indicates the differences in imports and exports of goods in the country during the year. If the value of its exports during a period exceeds the value of its imports, it is called a surplus in the trade balance. If the total value of imports exceeds the total value of exports, it is called a deficit in the trade balance.

According to the German company statista, Iraq achieved the highest trade surplus for goods in 2022 over the past ten years, as the surplus last year amounted to $53.54 billion, up by 64% from 2021, when the trade surplus for goods in that year reached $20.08 billion.

She explained that Iraq achieved a deficit in its trade balance for two years, the first in 2020, when the deficit amounted to 4.11 billion dollars, and the second in 2015, when the trade deficit amounted to 0.94 billion dollars.

And the report continued, while in 2019 the balance achieved a trade surplus amounting to 16.62 billion dollars, and in 2018 the trade surplus reached 35.95 billion dollars, and the trade surplus in 2017 reached 15.1 billion dollars, indicating that the trade surplus in 2012 amounted to 35.39 billion dollars.

And Iraq had achieved during the past year (2022) financial revenues of more than 115 billion dollars from the export of crude oil, to be the highest in years, according to official figures announced by the Iraqi Ministry of Oil.

According to those figures, the daily export rate amounted to 3,320,000 barrels, which is a total of one billion, 211,800,000 barrels for a full year.   LINK

The Federal Supreme Court In Iraq Rules That The Ratification Of An Agreement With Kuwait Is Unconstitutional

Posted On2023-09-06 By Sotaliraq    The Federal Supreme Court (the highest judicial authority in Iraq) ruled that the law ratifying the maritime navigation agreement in Khawr Abdullah with Kuwait was unconstitutional.

The media of the Federal Supreme Court said, in a statement, that the court decided in its session held today, in case No. (105 and its unification 194 / federal / 2023), the ruling that the law ratifying the agreement between the government of the Republic of Iraq and the government of the State of Kuwait regarding the regulation of maritime navigation in Khor Abdullah No. ( 42) for the year 2013.

He added, “The court issued its decision in violation of the provisions of Article (61 / Fourth) of the Constitution of the Republic of Iraq, which stipulated (the process of ratification of international treaties and agreements is regulated by a law enacted by a two-thirds majority of the members of Parliament.”

For his part, Representative Saud Al-Saadi announced, in a video clip, that he won a lawsuit for the invalidity of the Khawr Abdullah Agreement before the Federal Court, describing it as “good news for the Iraqis.”  LINK

The Federal Court issues a decision in favor of the Kurdistan Region

Posted On2023-09-06 By Sotaliraq    The Federal Supreme Court rejected the Federal Ministry of Trade's claim to oblige its counterpart in the Kurdistan Regional Government to pay the amounts realized from the sale of ration card items for a period of 17 years.

And a decision of the Federal Court stated that “the case was filed by the Director General of the General Company for Foodstuff Trade / in addition to his job against the Minister of Trade and Industry in the Kurdistan Region of Iraq / in addition to his job and the Director General of the General Directorate of Trade in Erbil / in addition to his job, which includes a request for a judgment obligating the two defendants to pay the amounts they With their verified debt from selling the ration card items from 1/1/2004 to 9/30/2021, based on the value of the supplied materials and the number of individuals.

And the court decided to “reject the plaintiff’s claim, as it has become useless due to the issuance of Article (12/First) of Law No. (13) for the year 2023, the federal general budget of the Republic of Iraq for the fiscal years (2023-2024-2025).”

It is worth noting that the lawsuit was filed in May of last year 2022, while the Federal Court held a number of sessions that witnessed several postponements until the lawsuit was resolved yesterday, Monday, September 4.

Agents for distributing food supplies prescribed by the Ministry of Commerce receive a monthly amount of 500 dinars for each member of the families covered by it in the Kurdistan Region. LINK

Points on Error to Ponder:

False doctrine does not  necessarily make the man a heretic, but an evil heart  can  make any doctrine heretical -- Coleridge

There will be  mistakes in divinity when men  preach;  and errors  in government when  men  govern -- Dudley Carleton

Whatever is only almost true is quite false; and among the most dangerous of errors, because being so near truth, it is the more  likely to lead  astray -- Precise knowledge is the only true knowledge, and  he who does not teach exactly, does  not teach at  all --  H W Beecher

The least error should humble, but we should never permit even the greatest to discourage us -- Potter

A  man should never be ashamed to own he has been in the wrong, which is but saying, in  other words, that he is wiser today than he was yesterday -- Pope

It is only an  error of judgment to make a mistake, but it argues an infirmity of character to adhere to it when discovered -- The Chinese  say, "The glory is not in never falling, but in the rising every time you fall"  Bovee

Iraqi Economic News and Points to Ponder Wed PM 9-6-23

Iraqi Economic News and Points to Ponder Wed PM 9-6-23

Tlm724 Administrator Bondlady’s Corner

The danger lurking behind the borders.. An American report calls on Baghdad and Kuwait to settle their "historic" disputes

Posted On 2023-09-06 By Sotaliraq  A report published in an American magazine called on Iraq and Kuwait to reach a solution to their border dispute, and between the need to prevent future conflicts between the two countries, he stressed that one of the most prominent obstacles to this solution is Iraqi instability, Iranian interference, and the growth of the Mobilization Forces.

The report, which was published in the American magazine “The National Interest,” recalled “Kuwaiti Foreign Minister Salem Al-Sabah’s decisive visit to Baghdad, and his talks with his Iraqi counterpart Fuad Hussein and Iraqi Prime Minister Muhammad Shia Al-Sudani on July 30, which were aimed at dealing urgently with the conflict.” The long-term maritime border around the Khor Abdullah waterway, which is a major source of contention between Iraq and Kuwait.

The report pointed out that "the visit bore a special importance due to its coincidence with the anniversary of the Iraqi invasion of Kuwait in 1990, which still echoes in the memory of the region, in addition to that it comes in the context of profound transformations in the internal power in Iraq, which tended towards the Shiite forces."

The report indicated, “The importance of following up the repercussions of these developments on regional stability, given that they could affect the geopolitical scene in the future.” A constructive and lasting solution for Iraq and Kuwait.

Boundary Disorder

However, the report stated that "the border dispute between Iraq and Kuwait extends back centuries," noting that "the conflicts that were taking place, the interventions of colonial powers, and the competition between the great powers, left their effects on the current borders between the two countries, even before the discovery of oil."

The report continued, saying that "despite the signing of agreements and Baghdad's recognition of Kuwait in the past, the various Iraqi governments, whether during the era of the Hashemite Kingdom or the dictatorial regime of Saddam Hussein, did not give up their claims to parts of Kuwaiti lands," adding that "the Iraqi claim to Kuwait, which ranged from Between full and partial control over this country, it was often linked to political stability in Baghdad, so that whenever Baghdad was politically stable, it would escalate its demands for Kuwait, and refuse to demarcate borders, which leads to more problems for Kuwait.

The report added that “Iraq tried in the past to use various methods to force Kuwait to a settlement, such as appointing the Sheikh of Kuwait as deputy governor of one of its provinces, incursions into Kuwaiti lands, deploying forces in the Bubiyan Islands, or pressuring Kuwait to concede the Bubiyan, Warba and Failaka islands under security and commercial pretexts.”

He pointed out that Kuwait, which wanted peace, had agreed to some of Iraq’s demands, including allowing Iraqi forces to be stationed on Kuwaiti islands to confront Iranian aggression, and it had provided great financial and political support to Iraq in the hope of preventing military actions against it.

And after the report drew attention to “Saddam Hussein’s invasion on August 2, 1990, and then the expulsion of Iraqi forces from Kuwait,” he explained that “Kuwait and Iraq signed several agreements, under the supervision of the United Nations, to demarcate their land borders, indicating that great progress has been made in Determining most of the land borders, but the maritime borders are still not drawn, adding that resolving this dispute was the main goal behind the visit of the Kuwaiti Foreign Minister to Baghdad recently.

The report stated that "at the heart of this dispute lies the mouth of Khawr Abd Allah, which has strategic importance, because it is considered a vital passage for about 80% of Iraq's imports and exports."

Although the report indicated that “Baghdad and Kuwait have reached, since 2003, various agreements to settle this dispute, including maritime cooperation and security measures to protect the region, it pointed out that implementation by Baghdad was often slow, affected by commercial considerations and geopolitical factors.” .

Also, “the report warned that the dispute between Iraq and Kuwait may drag on for years to come,” explaining that “Iraq aims to complete the large port of Faw by 2028, which is expected to be the largest in the Middle East, a project that could produce a revolution in the economic scene in Iraq, It secures unhindered access to the sea and reduces reliance on existing roads and resources.

He added that it is unlikely that the large port of Faw will significantly change the view of the Iraqi political elite regarding Khawr Abdullah.

Popular Anger

The report stated that “as part of the attempt to resolve the conflict, the Iraqi government initiated the establishment of a high-level committee responsible for overseeing a sub-committee dedicated to searching for mutually acceptable solutions to issues related to borders and other existing disputes between Iraq and Kuwait, but the Iraqi government’s approach to settling these issues was not

So far, it has received unanimous support,” noting that “the visit of the Kuwaiti Foreign Minister, which was aimed at addressing the issue of border demarcation, quickly turned into a hot political and popular issue inside Iraq, and part of the opposition emerged due to misunderstanding and exploitation by populist politicians seeking to advance They see themselves as hardline patriots with the aim of reaping political gains, especially in light of the provincial elections scheduled for November 2023.”

Accordingly, “these populists falsely accused the Iraqi government of treason and ceding Iraqi lands to Kuwait, which does not correspond to reality.”

The report added, "Nevertheless, these attitudes gained momentum inside Iraq, as citizens, tribal leaders, and politicians from Sunni and Shiite backgrounds accused the Sudanese government of giving up Iraqi lands, which gained great attention on social media, including the refusal of neighborhood residents to propose their transfer." And a reminder on the part of the Iraqis of Kuwait’s role in the ruin of Iraq, the theft of oil and aiding the 2003 invasion.”

In addition, “protests took place in Basra against concessions linked to the Khawr Abd Allah and Umm al-Qasr canals, and some people fired at the border in defiance of any agreement recognizing Kuwait’s authority over Khawr Abd Allah, in light of accusations also by the clans against Kuwait of seizing the lands and displacement.

The report considered that "these events confirm a crucial fact represented by the overlapping of intense feelings with the border issue, and that mishandling it can lead to instability."

And after the report pointed to “the formation of a committee in the Iraqi parliament to follow up on the progress of the government’s negotiations with Kuwait, and to the government spokesman’s denial of the idea of ​​a concession to Kuwait, describing what is happening as part of (political blackmail),” the Al-Awadi spokesman was quoted as saying that “the government’s positions are compatible with The 1993 agreement approved by the United Nations between Iraq and Kuwait,” stressing that “the previous Iraqi administrations also remained committed to respecting the terms of the agreement.”

In addition, the report talked about “the resurgence of latent tensions on the borders,” noting that “Shiite militias in Iraq have often threatened Kuwait, describing it as a historical part of Iraq, and now the issue related to the demarcation of the borders of Khawr Abdullah has intensified. These allegations, even a deputy from the Al-Fateh Alliance (Alaa Al-Haidari) accused Kuwait of attacking Iraqi fishermen in Khor Abdullah, calling on the Popular Mobilization Forces to deploy their forces in Khor Abdullah to protect them.

The report warned that “in light of the continuation of the unresolved border conflict, the situation with regard to Kuwait may deteriorate in the coming years,” noting that “doubling Iraq’s budget allocated to the popular crowd and increasing the number of its members constitutes a threat to Kuwait,” noting that “the underlying tensions surrounding the region The disputed issue is clear, which raises concerns regarding possible escalation in the future.”

Therefore, the report considered, "It is important for the two countries to actively try to reach a peaceful solution and prevent further tensions and regional instability, adding that a clear demarcation of land and sea borders is necessary to reduce the risks of future conflicts."

Effects On The United States

After the report mentioned Kuwait's important role in the US's relations with regional developments, he said that unresolved historical and border disputes could attract Washington to diplomatic efforts.

In addition, the report dealt with the tension between Kuwait and Iran over the offshore gas fields known as “Arash” in Iran and “Durra” in Kuwait and Saudi Arabia, adding that “Tehran can exploit the ongoing border dispute between Kuwait and Iraq to advance its own interests.”

"By benefiting from the marked decline in US influence, Iran has taken a more assertive regional stance," the report said. He added that in light of the great political and military influence exercised by Iran by proxy in Iraq, the great security concerns for Kuwait looming on the horizon, including the possible role of the popular crowd, constitute worrisome scenarios.

"This could cause the United States to become embroiled in another conflict in the Middle East, diverting resources and attention from other critical strategic priorities, including managing the ongoing rivalry with China and Russia," he added.

Therefore, the report says, "A settlement of the long-running border dispute between Baghdad and Kuwait could undermine the influence of Tehran and its proxies while contributing to regional stability, allowing the United States to determine its most important priorities."

The report concluded by saying that "in a region characterized by historical conflicts, changing power dynamics, and the evolving political scene, the settlement of the Iraqi-Kuwaiti border issue constitutes a vital pillar of stability," and pointed to "past experiences that emphasize the dangers of leaving regional conflicts without solutions."

For this, the National Interest report suggests the need for “transparent communication and engagement with all parties, in order to formulate a way forward and reduce chauvinism on both sides of the border.” He added, "It is important for Washington to continue its diplomatic efforts to settle the issue of the Iraqi-Kuwaiti border, and thus contribute to lasting peace and security in the region."  LINK

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

 Points to Ponder From Aristotle:

Excellence is an art won by training and habituation. We do not act rightly because we have virtue or excellence, but we rather have those because we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit. 

Excellence, then, is a state concerned with choice, lying in a mean, relative to us, this being determined by reason and in the way in which the man of practical wisdom would determine it. 

Moral excellence comes about as a result of habit. We become just by doing just acts, temperate by doing temperate acts, brave by doing brave acts. 

Dignity does not consist in possessing honors, but in deserving them. 

Education is an ornament in prosperity and a refuge in adversity. 

Even when laws have been written down, they ought not always to remain unaltered. 

He who is to be a good ruler must have first been ruled. 

I count him braver who overcomes his desires than him who conquers his enemies; for the hardest victory is over self. 

Inferiors revolt in order that they may be equal, and equals that they may be superior. Such is the state of mind which creates revolutions. 

https://www.brainyquote.com/quotes/aristotle_132211

Goldilocks' Comments and Global Economic News for September 6th

Goldilocks' Comments and Global Economic News for September 6th

 Good morning Dinar Recaps

Japan's chief currency diplomat says that the Japanese authorities will consider all options concerning currencies if speculative activities continue.

In other news,

Hold on tight.

Read: https://x.com/goldtelegraph_/status/1699205151305728472?s=46

Gasoline Prices Rise Year-over-Year for First Time since Feb 2022: CPI Inflation to Feel the Heat this Year | Wolf Street

Wolf Street Link

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"JP Morgan Payments has partnered with Network International, an e-commerce enabler operating across the Middle East and Africa, to strengthen its acquiring offering."

JP Morgan Payments has expanded into over 160 countries and over 120 currencies.

JP Morgan has become one of the leading payment options globally. By volume, JP Morgan is becoming a go-to financial institution in the Middle East.

All the work JP Morgan has done with Iraq in bringing about their digital economy is about to pay off.

Iraq is surrounded by nearby opportunities that will increase the value of their currency through demand.

© Goldilocks

FinTech Futures Link

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It’s been a miserable few weeks for the US Securities and Exchange Commission, after multiple court rulings sided with the crypto industry, humbling the regulatory body and forcing it to scramble for its next move.

But there is one simple way for the heavily scrutinized agency to save face.

In what could turn out to be an “everything is bon” moment following its scorched earth efforts, Michael Anderson expects the SEC’s messaging to shift to a “mission accomplished” theme. 

On the Bell Curve podcast Spotify/Apple, the Framework Ventures co-founder posits the SEC’s next potential shift in strategy. “The SEC is going to say, ‘We did it. We regulated it. It’s now safe.’”

Now that Wall Street folks appear to be joining in the criticism with brutal takedowns (https://www.wsj.com/articles/grayscale-investments-v-sec-gary-gensler-spot-bitcoin-etp-neomi-rao-d-c-circuit-8350f660) of the SEC’s moves as failed “power grabs,” the agency will likely try to turn recent events “into a positive,” Anderson says.

BlockWorks Link

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On January 1st, 2023, Basel 4 set out to implement Basel 3. The recent raising of banking capital requirements in gold, xrp, and foreign currency is currently being tested.

The banking system went back into the debt Market this week to test these new requirements. Look for adjustments to be made as we go through this process of transitioning the "ENTIRE" Global Market.

This is where economies are expected to go into real values. Look for caps to be released on gold and other commodities to support this transitional period with a reset on oil, gold, and silver at the end of this process.

We are in The End Game now.

© Goldilocks

https://www.jdsupra.com/legalnews/the-final-stretch-securitization-in-the-3130114/

https://kpmg.com/xx/en/home/insights/2021/10/basel-4-this-time-its-final.html

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Remember, the end game doesn't happen all in one day. We have just begun the transition to a global market.

I do expect to see possible floats along the way, but full values take time in the resetting of currency values based upon new demands.

© Goldilocks

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Remarks by IMF Managing Director Kristalina Georgieva at the plenary session of the 43rd ASEAN Summit, Jakarta, Indonesia
IMF Link

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September Flurry of Corporate Debt Sweeps Global Markets
https://finance.yahoo.com/news/september-flurry-fresh-corporate-debt-175006705.html

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China has banned government officials from using iPhones for work...

Apple has been the biggest American company for nearly a decade.

More than 95% of iPhones, AirPods, Macs, and iPads are made in China.

Things are about to get interesting.

Read: https://twitter.com/GoldTelegraph_/status/1699425007150006767

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Visa is looking to modernize cross-border transactions by utilizing stablecoin settlement capabilities on Solana. The company is collaborating with merchant acquirers Worldpay and Nuvei to improve the speed of international settlements.

Visa has previously tested millions of dollars in USDC movement between various partners over the Ethereum and Solana networks to settle fiat payments. This initiative offers Visa's clients an efficient, modern alternative to send and receive funds from Visa's treasury.

Business Wire Link

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The Reverse Repo is Draining Again

https://youtu.be/2ILCKQ4jGfo?feature=shared

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