Economist’s “News and Views” Saturday 8-10-2024
Stocks Dropped 89% - Will It Happen Again? | Alasdair Macleod
Liberty and Finance: 8-9-2024
Financial analyst Alasdair Macleod draws parallels between current market conditions and those of 1929, just before the Great Depression.
He observes that the disparity between bond yields and equity valuations today mirrors the imbalances seen before the 1929 crash.
This disconnect could lead to a severe market correction, similar to the initial panic that triggered the Great Depression.
Stocks Dropped 89% - Will It Happen Again? | Alasdair Macleod
Liberty and Finance: 8-9-2024
Financial analyst Alasdair Macleod draws parallels between current market conditions and those of 1929, just before the Great Depression.
He observes that the disparity between bond yields and equity valuations today mirrors the imbalances seen before the 1929 crash.
This disconnect could lead to a severe market correction, similar to the initial panic that triggered the Great Depression.
Macleod warns that while central banks attempt to stabilize the situation, the underlying economic issues could result in a prolonged and significant downturn.
BRICS Advances Toward Independent Digital Payment Platform, Russian Official Says
Geopolitical analyst: 8-9-1014
The BRICS economic bloc is progressing towards a digital payment platform, Russia’s Federation Council Speaker Valentina Matviyenko has revealed. The initiative, named BRICS Bridge, aims to establish an independent financial system. This system could mitigate dependency on Western institutions, especially amid sanctions and Russia’s SWIFT disconnection.
Fed Broke Another Central Bank, Global Sovereign Debt Crisis & Financial Turmoil Coming – Ed Dowd
Kitco News: 8-10-2024
Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Edward Dowd, Founding Partner of Phinance Technologies, who warns that the Federal Reserve finally broke something as interest rates remained at 23-year highs for over a year.
Dowd explains that during this rate-hike cycle, what ended up breaking was another central bank – the Bank of Japan.
He outlines the consequences of this and says the clock has started counting down towards a global debt crisis. Dowd shares his macro outlook while also weighing in on geopolitical tensions and potentially identifying the next ‘Black Swan’ event.
He also gives his outlook on banking, projecting more stress and consolidation in the sector. Dowd warns of a scenario that could open the door to a central bank digital currency (CBDC).
He also speaks about U.S. elections, the U.S. dollar, Bitcoin and gold.
00:00 Coming Up
01:49 Introduction: The Fed Finally Broke Something
04:01 Fed's Actions and Economic Indicators
06:09 Global Debt Crisis and Japan
09:24 Yen Carry Trade 14:60 Geopolitical Tensions and Economic Implications
23:59 Banking Sector Outlook and CBDC Concerns
29:48 CBDCs 36:55 Macro Outlook
44:14 The Future of the Dollar and De-dollarization
“Tidbits From TNT” Saturday 8-10-2024
TNT:
Tishwash: Parliamentary Committee: The decline in oil prices will not affect the budget
On Saturday, the Parliamentary Oil and Energy Committee in the House of Representatives renewed its assertion that the drop in oil prices to $70 per barrel will not affect the budget.
Vice Chairman of the Committee, Nehru Mahmoud Qadir, told the Maaloma Agency, “There are concerns if the price of a barrel of oil reaches less than $70 in next year’s budget.”
He added, "The price of a barrel of oil was calculated at $70 in the budget for the year 2024, indicating that the slight fluctuation in oil prices will not affect it."
TNT:
Tishwash: Parliamentary Committee: The decline in oil prices will not affect the budget
On Saturday, the Parliamentary Oil and Energy Committee in the House of Representatives renewed its assertion that the drop in oil prices to $70 per barrel will not affect the budget.
Vice Chairman of the Committee, Nehru Mahmoud Qadir, told the Maaloma Agency, “There are concerns if the price of a barrel of oil reaches less than $70 in next year’s budget.”
He added, "The price of a barrel of oil was calculated at $70 in the budget for the year 2024, indicating that the slight fluctuation in oil prices will not affect it."
He stressed that "employees' salaries are fully insured even if oil prices drop to $70." link
Tishwash: Central Bank Governor Participates in a Workshop Specialized in Electronic Payment
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development.
His Excellency the Governor said during his speech at the workshop: The Central Bank of Iraq works side by side with the government program and the Prime Minister's direction to support electronic payment, and we are proud of what we have achieved so far. In 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular. His Excellency added that these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023.
His Excellency pointed out that payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023, revealing a huge increase in the number of points of sale (POS) to reach more than (50) thousand points of sale this year compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them are in government institutions after they were zero before the launch of the campaign in June 2023.
Expressing his hope that government institutions will adopt the establishment of units specialized in electronic payment technologies to work on following up and developing this important aspect.
Central Bank of Iraq
Media Office
August 10, 2024 link
*************
Tishwash: Document.. The Iraqi judiciary settles the controversy over whether the governor of the Central Bank should remain in his position or not
The Supreme Judicial Council in Iraq supported the State Council’s decision to refer the Central Bank Governor, Ali Al-Alaq, to retirement after reaching the legal age.
The Supreme Judicial Council said in an official document, a copy of which was received by Shafaq News Agency, that the same subject was studied by the Studies Committee in the Presidency of the Judicial Supervision Authority, and the same opinion of the State Council was reached in the two aforementioned decisions.
The House of Representatives had sent a letter to the Supreme Judicial Council inquiring about the judiciary’s opinion on the permissibility of the bank governor continuing in service after reaching the legal retirement age.
The State Council has decided the official position on whether or not the Central Bank Governor, Ali Al-Alaq, will continue in his position, confirming that he has exceeded the legal retirement age.
It was stated in correspondence between the State Council and Parliament, in response to the House of Representatives’ request to clarify the opinion of the State Council regarding the permissibility of the Governor of the Central Bank continuing in service after reaching the legal retirement age.
The State Council had explained, according to the documents, that Clause (First) of Article (103) of the Constitution stipulated that the Central Bank shall be a financially and administratively independent body whose work shall be regulated by law and which shall be accountable to the House of Representatives. Article (2) of the Central Bank Law issued pursuant to Order No. (56) of 2004 of the (dissolved) Provisional Coalition Authority stipulated that the Central Bank shall be a legal entity with full capacity and independence and subject to accountability.
He pointed out that the legislator has explicitly stipulated that retirement upon reaching the legal age is an inevitable retirement by law unless exempted by a special provision, and since there is no special provision exempting the Governor of the Central Bank from the provisions of inevitable retirement upon reaching the legal age.
The State Council confirmed that the legal principle states: “Heads of independent bodies are subject to the legal retirement age.” link
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Tishwash: Iraq loses $52 billion in foreign investment due to "corruption"
On Saturday, the head of the "Iraq Al-Mustaqbal" Foundation concerned with economic affairs, Manar Al-Obaidi, referred to the latest report of the United Nations Development Program, which revealed the exit of more than 5 billion US dollars in foreign direct investments from Iraq in 2023.
The report showed, according to Al-Obaidi, that Iraq lost foreign investments worth more than 52 billion US dollars from 2013 to 2023.
Al-Obaidi stressed, in a statement received by Shafak News Agency, the importance of foreign investments in stimulating economic growth, increasing job opportunities, and transferring knowledge, stressing that foreign investments are an important source of income for funds not linked to state revenues or local investments.
Al-Obaidi identified the main reasons for the exit of these investments from Iraq, which include the deteriorating business environment, lack of transparency, accumulated bureaucracy, and multiple and conflicting decision-making sources, explaining that the lack of clear laws to protect foreign investors’ funds also contributed to this deterioration.
Al-Obaidi described the private sector support programmes as “weak slogans”, pointing out that the totalitarian and socialist thinking is prevalent in government institutions, which has negatively affected the objectives of investment agencies that have focused mainly on local real estate investments rather than in the fields of energy, infrastructure and productive projects.
Al-Ubaidi stressed that the continuation of socialist and pastoral thinking in government agencies will lead to the continued draining of foreign investments from Iraq.
He stressed the need for a real will to improve the business environment through three basic elements: transparency, facilities, and protection, in order to attract foreign investors and strengthen the Iraqi economy. link
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Mot: ... Once More - a Great Person Saying ~~~~~
MilitiaMan: Iraq Dinar News-Dinar Update-Past to Present-A Clear Focus-Swift-XRP-JPMorgan-Citi Bank-Blockchain
Iraq Dinar News-Dinar Update-Past to Present-A Clear Focus-Swift-XRP-JPMorgan-Citi Bank-Blockchain
MilitiaMan and Crew: 8-10-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Dinar News-Dinar Update-Past to Present-A Clear Focus-Swift-XRP-JPMorgan-Citi Bank-Blockchain
MilitiaMan and Crew: 8-10-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Economic News and Points To Ponder Late Friday Evening 8-9-24
Adviser To The Prime Minister: There Is No Problem With Cash Flow In The Iraqi Currency
Economical Number of readings: 334 Baghdad / NINA / Mazhar Muhammad Saleh, advisor to Prime Minister Muhammad Shia al-Sudani for economic affairs,
denied the existence of a problem with cash flow in the Iraqi currency.
Mazhar Muhammad Saleh said, according to Rudaw Media Network:
“There is no problem with liquidity at all because it is covered by foreign currency,” indicating that
“the mechanism for obtaining cash liquidity is that oil sales are converted into US dollars, and
when the government needs dinars for internal exchange, oil sales are exchanged for dollars.”
"It goes to the issuing bank, which is the central bank, to give it the currency."
Adviser To The Prime Minister: There Is No Problem With Cash Flow In The Iraqi Currency
Economical Number of readings: 334 Baghdad / NINA / Mazhar Muhammad Saleh, advisor to Prime Minister Muhammad Shia al-Sudani for economic affairs,
denied the existence of a problem with cash flow in the Iraqi currency.
Mazhar Muhammad Saleh said, according to Rudaw Media Network:
“There is no problem with liquidity at all because it is covered by foreign currency,” indicating that
“the mechanism for obtaining cash liquidity is that oil sales are converted into US dollars, and
when the government needs dinars for internal exchange, oil sales are exchanged for dollars.”
"It goes to the issuing bank, which is the central bank, to give it the currency."
He pointed out that "the central bank, with the aim of maintaining market stability, sells foreign currency to the market through the currency sale window and auction, to withdraw liquidity a second time and repeat it again so that there is a natural growth in the exported currency."
Mazhar Muhammad Salih noted that, “In this case, when the government wants liquidity in the Iraqi dinar, the cash issuance increases, that is,
instead of absorbing it from the market, a new issuance occurs, and
this is what led to a jump in the exported currency, but
there is no problem with that because it is 100% covered.” /End H
https://ninanews.com/Website/News/Details?key=1146399
Saleh: There Is No Problem With Liquidity At All, And What Happened In The American Markets Requires Caution
Read: 572 times {Economic: Al-Furat News} The financial and economic advisor to the Prime Minister, Mazhar Muhammad Saleh, denied that there was a problem with cash liquidity in the Iraqi currency. Saleh said in a press statement,
“There is no problem with liquidity at all because it is covered by foreign currency,” indicating that
“the mechanism for obtaining cash liquidity is that oil sales are converted into US dollars, and
when the government needs dinars for internal exchange, oil sales are exchanged for dollars and go to a bank.” The monetary issue that is the central bank to give it currency.” He pointed out that
"the central bank, with the aim of maintaining market stability,
sells foreign currency to the market through the currency sale window and auction, to
withdraw liquidity a second time and
then repeat it again so that there is a natural growth in the exported currency."
As for the size of the monetary supply, Saleh explained,
“There has been an increase in liquidity within a year, as the issued currency has become more than 100 trillion dinars, after it was 80 trillion dinars,” stressing that
“these surges have no effect as long as they are covered by foreign currency.”
The financial advisor to the Prime Minister believes that the world's economic circles were surprised by sharp fluctuations and declines in the US stock market amid a wave of panic over fears about a possible recession in the largest economy in the world, and that
"these declines were built on a combination of local and global economic factors that led to weak investor confidence in the performance of... The American economy, and
if the situation continues for six continuous months, the recession will turn into a major depression that will hit all the world’s economies.” Saleh pointed out,
“The US Energy Information Administration previously announced that it expects average prices to reach about $89 per barrel for the rest of 2024,
but there is a gradual decline in global oil prices, which has begun to coincide with the decline in the value of financial assets in the American markets, especially the decline in oil.”
The signal is (Brent crude), which ranges at about $76 per barrel in futures contracts after it reached approximately $88 per barrel last June, which requires more caution and economic calculation.”
https://alforatnews.iq/news/صالح-لا-مشكلة-بالسيولة-اطلاقاً-وما-حدث-في-الأسواق-الامريكية-يستوجب-الحذر
Leaks About The Dismissal Of The Governor Of The Central Bank Of Iraq: The Hidden Reasons And Implications
Dismissal of the Governor of the Central Bank of Iraq: Financial disputes or a political conspiracy?
Al-Independent/ - Informed sources reported that the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, faces imminent dismissal in the coming days, not because he has reached the legal age as previously thought, but because of his opposition to financing projects and loans worth millions of dollars provided by the Sudanese government.
The scene became more ambiguous as Al-Alaq remained silent and refused to answer questions from the media.
According to a source who requested anonymity to Al-Mustaqila’s correspondent, Al-Alaq strongly opposed the financial arrangements that included financing huge projects and loans from the Sudanese government, and
this position appears to have been the main factor behind the moves to remove him from his position.
The sources have not yet revealed precise details about the type of these projects or loans, but the large amounts associated with them have sparked disagreements between Al-Alaq and the Iraqi government.
The same source indicated that the potential replacement for Ali Mohsen Al-Alaq’s position is already ready, and
he is a person who is expected to quickly take over the position once it is vacated.
It is expected that the replacement will follow policies in line with the current government's trends, which may explain the speed of the decision to dismiss.
In a related context, some media and political sources issued warnings to the Prime Minister regarding the influence of a group of personalities or parties on government decisions related to the financial sector.
The warnings indicated the need to be wary of these individuals and their potential impact on monetary and financial policy in Iraq.
The government of Muhammad Shiaa Al-Sudani is accused of corruption, even though Al-Sudani was a critic of the government of Mustafa Al-Kadhimi.
However, his rule witnessed an increase in corruption and its penetration into the joints of the state.
One of the controversial decisions during his reign was to reduce the exchange rate of the dollar against the dinar, which caused losses to the state budget exceeding 15 billion dollars. https://mustaqila.com/علي-محسن-العلاق/
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-9-24
Good Afternoon Dinar Recaps,
Trump Jr. to Launch Crypto Platform, to “Take on” Banks
PAY ATTENTION TO THIS ONE. THIS ARTICLE IS ANOTHER CONFIRMATION THE DIRECTION OF THE FINANCE WORLD .
"On August 8, Donald Trump Jr. revealed plans for a new DeFi platform aimed at addressing banking access inequality. During a Q&A session on the subscription-based platform Locals, Trump Jr. clarified that this venture is not a memecoin but a comprehensive crypto platform designed to take on traditional banking systems."
“This isn’t about creating a memecoin,” Trump Jr. stated, emphasizing that his initiative represents a broader and more impactful platform. However, he did caution that it will be some time before the project comes to fruition, withholding specific timelines for now.
Good Afternoon Dinar Recaps,
Trump Jr. to Launch Crypto Platform, to “Take on” Banks
PAY ATTENTION TO THIS ONE. THIS ARTICLE IS ANOTHER CONFIRMATION THE DIRECTION OF THE FINANCE WORLD .
"On August 8, Donald Trump Jr. revealed plans for a new DeFi platform aimed at addressing banking access inequality. During a Q&A session on the subscription-based platform Locals, Trump Jr. clarified that this venture is not a memecoin but a comprehensive crypto platform designed to take on traditional banking systems."
“This isn’t about creating a memecoin,” Trump Jr. stated, emphasizing that his initiative represents a broader and more impactful platform. However, he did caution that it will be some time before the project comes to fruition, withholding specific timelines for now.
"He expressed frustration with the current financial system’s exclusivity and its tendency to limit financing opportunities to select individuals. “Decentralized finance is very appealing to me, especially for those of us who have been debanked,” he said.
"Speculation about the new crypto project surged earlier in the week after Trump Jr. tweeted about DeFi, leading many to believe it might involve a new memecoin. On August 7, he posted on X, “We’re about to shake up the crypto world with something HUGE. Decentralized finance is the future — don’t get left behind.”
"Trump Jr. also warned against fraudulent tokens claiming affiliation with the Trump name, stating, “I love the crypto community’s enthusiasm for Trump, but beware of fake tokens. The only official project will be announced by us directly, and it will be fair for everyone.”
@ Newshounds News™
Source: CryptoTimes
~~~~~~~~~
RIPPLE´S STUART ALDEROTY MENTIONS THE PHRASE "HITTING THE #RESET BUTTON" FOUR TIMES IN HIS INTERVIEW WITH CNBC
CLICK ON THE LINK TO HEAR THE 1 MINUTE INTERVIEW
1) "[...] FINALLY, THIS ADMINISTRATION WILL TURN THE PAGE ON THEIR WAR ON CRYPTO AND HIT THE RESET BUTTON."
2) "[...] AND THIS ADMINISTRATION TRULY IS SERIOUS ABOUT HITTING THE RESET BUTTON ON THEIR WAR ON CRYPTO, THERE SHOULD BE NO APPEAL."
3) "WHAT WE NEED AS A COUNTRY IS TO HIT THE RESET BUTTON [...] AND CREATING CLEAR LAWS."
4) "THE COMBINATION OF OUR LITIGATION OUTCOME, THE COMBINATION OF THE ELECTION SEASON WE´RE IN, WE CAN REALLY SEE A RESET BUTTON HERE"
@ Newshounds News™
Read more: X formerly Twitter
~~~~~~~~~
Speaking of RESET
Here is the New US Debt Clock image from yesterday
AND NEW BOXES WERE ADDED TO THE DEBT CLOCK YESTERDAY
@ Newshounds News™
Source: US Debt Clock
~~~~~~~~~
RIPPLE RIPPLE RIPPLE
"Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they have or can distribute Ripple USD"
"RLUSD will be valued 1:1 to the US dollar (USD) and 100% backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. These reserve assets will be audited by a third-party accounting firm, and Ripple will publish monthly attestations."
"This is a significant milestone and a step closer to bringing more high-quality assets to the XRP Ledger, driving new opportunities, liquidity, and institutional use cases for users, developers, and applications."
@ Newshounds News™
Source: X formerly Twitter
~~~~~~~~~
BRICS Strike Back: Russia and India Team Up to Challenge Dollar Dominance
The trend of de-dollarization continues to gain traction despite many analysts saying the threat is overblown as India and Russia have announced a new partnership that will see their respective payment systems – India’s RuPay and Russia’s MIR – integrated to allow for seamless cross-border transactions without the need for U.S. dollars.
The partnership announcement follows the recent visit by India’s Prime Minister Narendra Modi to Moscow, during which the two countries forged new alliances and trade agreements. At the meeting, India confirmed its commitment to open trade with Russia, a key BRICS counterpart, and will facilitate trade using the RuPay and MIR payment systems.
As part of their agreement, Russian President Vladimir Putin and Modi reportedly set a goal to achieve $100 billion in trade turnover between Russia and India by 2030.
As part of their agreement, Russian President Vladimir Putin and Modi reportedly set a goal to achieve $100 billion in trade turnover between Russia and India by 2030.
@ Newshounds News™
Source: InfoBrics
~~~~~~~~~
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Is U.S. Dollar Becoming an ‘Unhinged Paper Currency’? ‘It’s Worst It’s Ever Been!’ – Art Laffer
Is U.S. Dollar Becoming an ‘Unhinged Paper Currency’? ‘It’s Worst It’s Ever Been!’ – Art Laffer
Kitco News: 8-9-2024
Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Dr. Arthur Laffer, Founder & Chairman of Laffer Associates and Former Economic Advisor to President Reagan and President Trump.
Laffer says the U.S. dollar is moving towards becoming an “unhinged paper currency.” He discusses de-dollarization, the implications of the weaponization of the U.S. dollar, and the competing global payment alternatives gaining traction, including Bitcoin and gold.
Is U.S. Dollar Becoming an ‘Unhinged Paper Currency’? ‘It’s Worst It’s Ever Been!’ – Art Laffer
Kitco News: 8-9-2024
Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Dr. Arthur Laffer, Founder & Chairman of Laffer Associates and Former Economic Advisor to President Reagan and President Trump.
Laffer says the U.S. dollar is moving towards becoming an “unhinged paper currency.” He discusses de-dollarization, the implications of the weaponization of the U.S. dollar, and the competing global payment alternatives gaining traction, including Bitcoin and gold.
00:00 Coming Up
02:07 Introduction: U.S. Dollar
04:27 Global Economic Decline
07:23 U.S. Economic Indicators
15:18 Trade and Sanctions
19:24 De-dollarization and Global Monetary System
26:06 Economic Policies and Future Outlook
40:46 King Dollar and Global Prosperity
41:24 U.S. Economy
43:14 Sanctions vs. Military Strength
47:02 The BRICS and Alternative Currencies
52:53 Bitcoin as a Strategic Reserve Asset
01:10:14 Global Economic Prosperity
“Tidbits From TNT” Friday 8-9-2024
TNT:
Tishwash: Sudden escalation"... America threatens Iran with a "devastating strike" and reveals a message to it
America threatened Iran today, Thursday, August 8, 2024, with a "strike and devastating consequences" if it launched a major attack against Israel, in revenge for the assassination of former political bureau chief Ismail Haniyeh in Tehran at the end of last month.
The Wall Street Journal quoted an American official as saying, "We warned Iran that it could suffer a devastating blow if it launched a major attack on Israel."
"We sent a message to Iran that there is a risk of escalation if it launches a major retaliatory attack," the US official added.
TNT:
Tishwash: Sudden escalation"... America threatens Iran with a "devastating strike" and reveals a message to it
America threatened Iran today, Thursday, August 8, 2024, with a "strike and devastating consequences" if it launched a major attack against Israel, in revenge for the assassination of former political bureau chief Ismail Haniyeh in Tehran at the end of last month.
The Wall Street Journal quoted an American official as saying, "We warned Iran that it could suffer a devastating blow if it launched a major attack on Israel."
"We sent a message to Iran that there is a risk of escalation if it launches a major retaliatory attack," the US official added.
He said, "Our message to Tehran did not include a threat to carry out an American strike against targets in Iran," stressing that "they warned Iran of consequences for its economy and the stability of its government if it launched a major attack."
For its part, the US State Department announced that "escalating the conflict could harm the Iranian economy," adding, "We continue to make clear to Iran that it should not escalate the conflict."
The US State Department stated that the US administration "does not communicate directly with Hezbollah, but we have partners in the region who are talking to the party."
The world, the countries of the region, and Israel are awaiting the Iranian military response to the assassination of the former head of the political bureau, Ismail Haniyeh, at his residence in Tehran on July 31, a day after the inauguration of the new Iranian president.
In the latest Iranian threats, Iran's acting Foreign Minister Ali Bagheri told France Presse today, "Our response to Haniyeh's assassination will be costly for Israel, but it will be in the interest of the region's security," stressing that "Israel is not in a position to wage war against Iran." link
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Tishwash: Parliamentary Committee: Consultative meetings to amend the Investment Law
A member of the Parliamentary Investment Committee confirmed, on Friday, that consultative meetings will be held to amend the investment law in the country.
Committee member Asaad Al-Bazouni told {Al-Furat News} agency that “ the parliamentary investment committee is working on amending the investment law, especially with regard to industrial investment, and discussing its paragraphs through large advisory sessions, especially since Iraq is now heading towards the private investment sector, so there is a need for the law to be suitable for the Iraqi environment and for investors from other countries.”
Al-Bazouni pointed out that "work is underway on the law because it is of great importance in the field of investment, especially since Iraq needs investment because Iraq relies on oil and other simple resources," indicating that "by activating investment and the private sector, there will be other doors for Iraq's income. The budget now has a large deficit and the decline in oil prices is declining and putting us in a big problem, especially since the budget was calculated on the basis of $60 per barrel."
He added, "Reliance on oil resources causes us major problems, and we must rely on more than one resource. Iraq is capable in its industry, agriculture, investment, and lands, and we need to provide a safe and suitable environment for economists, foreign investors, and major international companies . "link
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Tishwash: Parliamentary Finance: Political and economic reasons prevent Iraq from opening foreign currency channels
The Parliamentary Finance Committee confirmed, today, Friday (August 9, 2024), that there are political and economic reasons preventing Iraq from opening channels for foreign currencies other than the dollar.
Committee member Jamal Kojer said in an interview with Baghdad Today, "Iraq's failure to open channels for foreign currencies other than the dollar is certainly due to political and economic reasons and internal and external factors."
Kocher explained that "opening a window for foreign currencies is done through the presence of tourism, various foreign investments, and foreign industry inside Iraq, and until now the security environment and the political environment are not conducive to providing such an atmosphere, and for this reason there is no window for foreign currencies, and therefore the matter is limited only to dealing in dollars."
It is noteworthy that the Central Bank of Iraq decided on July 4, 2024, to start selling dollars to travelers, exclusively through corporate and banking outlets at international airports.
Meanwhile, the Central Bank decided to grant category “AB” exchange companies the ability to record internal and external remittance activities via the FITR platform. link
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Tishwash: Revealing the ministries that constitute 80% of the value of salaries in Iraq
Today, Thursday, August 8, 2024, the head of the "Iraq the Future" Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed the ministries that constitute 80% of the value of salaries in Iraq.
Al-Obaidi said in a post on Facebook, followed by Sumaria News, that the ministries that constitute 80% of the value of salaries are: the Ministry of Interior 14 trillion dinars annually, the Ministry of Education 10 trillion dinars annually, the Ministry of Defense 8 trillion dinars annually, the Council of Ministers and all the bodies under it 6 trillion dinars annually, in addition to the Ministry of Health 5.6 trillion dinars annually, and higher education 2.6 trillion dinars annually, in addition to the Council of Representatives 500 billion dinars annually.
He added that most ministries witnessed annual growth in their salaries during 2024 and 2023, noting that some ministries, such as electricity, oil, industry and communications, have mostly self-financed directorates, so their salary schedules do not appear in the government's operating expenses. link
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Zimbabwe Approves Roadmap to Replace US Dollar with Gold-Backed Currency
Zimbabwe Approves Roadmap to Replace US Dollar with Gold-Backed Currency
August 7, 2024
HARARE– Zimbabwe’s cabinet has approved a comprehensive plan to transition from the US dollar to the country’s gold-backed currency, the Zimbabwe Gold (ZiG), in economic transactions.
The roadmap for this shift will be detailed by Finance Minister Mthuli Ncube.
“On modalities to operationalize the ZiG currency as legal tender for use in the economy, a de-dollarization roadmap is now in place,” Information Minister Jenfan Muswere announced at a post-cabinet briefing in Harare on Tuesday.
Zimbabwe Approves Roadmap to Replace US Dollar with Gold-Backed Currency
August 7, 2024
HARARE– Zimbabwe’s cabinet has approved a comprehensive plan to transition from the US dollar to the country’s gold-backed currency, the Zimbabwe Gold (ZiG), in economic transactions.
The roadmap for this shift will be detailed by Finance Minister Mthuli Ncube.
“On modalities to operationalize the ZiG currency as legal tender for use in the economy, a de-dollarization roadmap is now in place,” Information Minister Jenfan Muswere announced at a post-cabinet briefing in Harare on Tuesday.
He mentioned that the timeline for implementation would be presented by Minister Ncube but did not specify when this announcement would occur. The Treasury has not provided immediate comments on the matter.
For the past 15 years, Zimbabwe has heavily relied on the US dollar, which currently constitutes about 70% of all economic transactions, according to central bank data. When the gold-backed ZiG was launched in April, the dollar was used in 85% of transactions.
President Emmerson Mnangagwa has indicated that the ZiG might become the sole currency by 2026, ahead of the initial target year of 2030, a move that has garnered support from the banking sector.
In the interim, authorities are planning to increase penalties for those involved in “unjust price hikes, manipulation of the ZiG currency, smuggling, and all forms of unfair trade practices” to encourage the adoption of the ZiG, Muswere stated. The fines will be raised from a minimum of $200 to a maximum of $5,000 or the equivalent in ZiG.
Source: (Bloomberg)
Seeds of Wisdom RV and Economics Updates Friday Morning 8-9-24
Seeds of Wisdom RV and Economics Updates Friday Morning 8-9-24
CFTC announces $1M award for crypto whistleblower The United States Commodity Futures Trading Commission (CFTC) announced that a whistleblower who assisted the financial regulator in an enforcement action “connected to digital asset markets” would receive a $1 million reward.
In an Aug. 8 notice, the CFTC said it had brought an enforcement action against a firm connected to the digital asset space based on “information about improper trading” provided by an unnamed whistleblower. The regulator did not suggest which crypto firm it was referring to.
Seeds of Wisdom RV and Economics Updates Friday Morning 8-9-24
CFTC announces $1M award for crypto whistleblower
The United States Commodity Futures Trading Commission (CFTC) announced that a whistleblower who assisted the financial regulator in an enforcement action “connected to digital asset markets” would receive a $1 million reward.
In an Aug. 8 notice, the CFTC said it had brought an enforcement action against a firm connected to the digital asset space based on “information about improper trading” provided by an unnamed whistleblower. The regulator did not suggest which crypto firm it was referring to.
“Identifying unlawful conduct in the digital asset marketplace is a major priority for the CFTC, especially as everyday Americans are increasingly victimized by digital asset scams,” said CFTC enforcement director Ian McGinley. “During the last fiscal year, digital asset cases accounted for almost 50% of the CFTC’s docket, and the majority of whistleblower tips that year were related to digital assets.”
@ Newshounds News™
Source: Coin Telegraph
FTX, Alameda Research Must Pay Customers $12.7 Billion In Fraud Suit
Collapsed crypto exchange FTX and its sister trading firm Alameda Research must pay $12.7 billion to resolve a suit from the Commodity Futures Trading Commission (CFTC), according to a court order on Thursday, marking the latest financial blow for convicted head Sam Bankman-Fried’s once thriving crypto empire.
THIS COULD BE THE CASE ASSOCIATED WITH THE $1M Whistleblower Payout!
@ Newshounds News™
Source: Forbes
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US lawmakers introduce legislation to expand Secret Service authority in battling crypto crimes
The bill aims to address the urgent need for robust measures against the complex landscape of digital asset crimes.
A new bill introduced in the Senate seeks to strengthen the US Secret Service’s authority to investigate crimes involving crypto.
The bipartisan effort, led by Senator Catherine Cortez Masto (D-NV) and Senator Chuck Grassley (R-IA), aims to combat transnational cybercriminal activities, including unlicensed money-transmitting businesses, structured transactions, and fraud against financial institutions.
The bill aims to address the urgent need for robust measures against the complex landscape of digital asset crimes. The lawmakers said the legislation will empower the Secret Service to act decisively against these threats, ensuring the safety and security of the financial system.
Expanding authority
The proposed legislation aims to expand the Secret Service’s investigative authority, granting it increased jurisdiction to address crimes involving digital assets, including fraud, money laundering, and illegal money-transmitting businesses.
This expansion will equip the agency with the necessary tools to tackle the evolving nature of cybercriminal activities. According to Grassley:
“Cybercriminals are becoming more innovative and elusive. By enhancing the Secret Service’s authority, we can better protect Americans from financial fraud and other cyber-related crimes.”
The bill encourages enhanced collaboration between the Secret Service and other federal agencies, such as the Department of Justice and the Financial Crimes Enforcement Network (FinCEN).
@ Newshounds News™
Source: CryptoSlate
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BitGo secures major payment license from Singapore’s MAS
California-based digital asset trust and security company BitGo has received a Major Payment Institution license from the Monetary Authority of Singapore.
The company made the announcement on Aug. 8, stating that the MPI license allows it to offer regulated crypto payment services in Singapore, including custody and trading.
Following the approval, BitGo’s Singapore clients will be able to buy and sell crypto from the company’s cold storage custody solutions. Additionally, according to BitGo, the services will include access to its liquidity as well as insured cold storage custody solutions.
The crypto custodian now joins 27 other digital asset companies, including Coinbase and Ripple XRP, which have already secured full MPI licenses to offer crypto services in the city state.
@ Newshounds News™
Source: Crypto News
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Thiel-backed One Trading secures license from Dutch regulator for perpetual futures
Crypto exchange One Trading has been granted an Organized Trading Facility license by the Dutch financial regulator to bring crypto futures onshore in the European Union.
One Trading, a crypto trading platform incubated by Bitpanda, has secured a license from the "Dutch Financial Markets Authority", becoming the only perpetual futures trading venue in the European Union.
The so-called Organized Trading Facility license positions the Netherlands-headquartered crypto exchange as the first cash-settled perpetuals platform in Europe, including the U.K., the press release reads. One Trading founder Joshua Barraclough says the license is part of the company’s mission to enable all customer types “to go long or short on any asset, use any asset as collateral, settle everything instantly, and perpetually roll contracts.”“With this license, we are well positioned to introduce new regulated products and offer institutional-grade solutions to all customer types starting with BTC and ETH products where no onshore E.U. regulated venue currently exists.”
Joshua Barraclough
One Trading emerged as an independent entity from Bitpanda Pro, a unit of the Austrian exchange catering to institutional crypto traders. In 2023, the exchange raised €30 million in a Series A round led by Peter Thiel’s Valar Venture with participation from other investors, including MiddleGame Ventures, Speedinvest, Keyrock, and Wintermute Ventures. In addition to the OTF license, One Trading also holds a virtual asset service provider license from the Italian regulator.
@ Newshounds News™
Source: Crypto News
Banks and Their Tech Suppliers Face More IT Scrutiny in Europe
Banks and their IT providers will soon face tougher scrutiny in the European Union (EU).
That’s because of the Digital Operational Resilience Act (DORA), which passed last year but isn’t set to be enforced until January of 2025. A report Thursday (Aug. 8) by CNBC examines the implications of the law, particularly in the wake of last month’s CrowdStrike outage.
DORA requires banks to carry out strict IT risk management, digital operational resilience testing, information and intelligence sharing on cyber threats and vulnerabilities, along with taking measures to manage third-party risks.
In addition, the report notes, companies will have to assess their “concentration risk” in relation to outsourcing critical operational functions to third-party companies.
These IT providers often provide “critical digital services to customers,” Joe Vaccaro, general manager of Cisco-owned internet quality monitoring company ThousandEyes, told CNBC.
“These third-party providers must now be part of the testing and reporting process, meaning financial services companies need to adopt solutions that help them uncover and map these sometimes hidden dependencies with providers,” said Vaccaro.
Lenders will also have to “expand their ability to assure the delivery and performance of digital experiences across not just the infrastructure they own, but also the one they don’t,” he added.
As the report notes, DORA aims to help banks escape incidents like the massive IT outage last month when a software update glitch at cybersecurity provider CrowdStrike caused Microsoft Windows systems to crash at airports, hospitals and financial services companies.
Weeks later, the fallout from the outage continues, with Delta Air Lines — which canceled more than 5,000 flights following the disruption and says it stands to lose $500 million — threatening legal action against CrowdStrike.
CrowdStrike struck back against the airline’s claims on Sunday (Aug. 4), arguing that while it accepts responsibility for the outage, it does not accept responsibility for Delta’s IT decisions, noting that “Delta’s competitors, facing similar challenges, all restored operations much faster.”
As PYMNTS wrote earlier this week, the incident underlines the importance of third-party vendors like cloud service providers and IT companies in maintaining resilient infrastructure.
@ Newshounds News™
Source: PYMNTS
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Thank you Dinar Recaps
MilitiaMan: Iraq Dinar Update - Iraq Dinar News - Central Bank - No Influence on US Dollar -
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Taylor Kenny: 8-8-2024
Fueled by runaway government debt and relentless money printing, Taylor Kenney further explores the continuing collapse of the U.S. dollar.
As a currency reset looms with central banks worldwide scrambling, gold takes center stage as the ultimate financial safeguard.
Taylor reveals why now is the moment to shield your assets to prepare for what's coming next.