Iraq News Highlights and Points To Ponder Wednesday AM 8-14-24
Parliamentary Wealth: Oil And Gas Law Stalled In Government Halls
Economy Information / Baghdad.. Deputy Chairman of the Oil, Gas and Natural Resources Committee, Nehru Rawandozi, revealed today, Wednesday, the latest developments related to the legislation of the oil and gas law according to the political agreement between Baghdad and Erbil.
Rawandozi told / Al-Maalouma / agency, "The legislation of the law was part of the political agreement paper on the basis of which the current government was formed, but the issue of its legislation still faces many differences."
He added that "the committees formed by the government have not completed their work in full, which hinders sending the draft of the oil and gas law to the Council of Representatives."
Parliamentary Wealth: Oil And Gas Law Stalled In Government Halls
Economy Information / Baghdad.. Deputy Chairman of the Oil, Gas and Natural Resources Committee, Nehru Rawandozi, revealed today, Wednesday, the latest developments related to the legislation of the oil and gas law according to the political agreement between Baghdad and Erbil.
Rawandozi told / Al-Maalouma / agency, "The legislation of the law was part of the political agreement paper on the basis of which the current government was formed, but the issue of its legislation still faces many differences."
He added that "the committees formed by the government have not completed their work in full, which hinders sending the draft of the oil and gas law to the Council of Representatives."
He pointed out that "there are political differences over the draft of the oil and gas law between the center, the region and the oil-producing provinces, noting that there is a government committee formed by the Prime Minister consisting of representatives of the three main components in Iraq: Shiites, Sunnis and Kurds."
He pointed out that "the committee tasked with preparing the draft law has not completed its work in full so far, which hinders sending the draft law to the Council of Representatives." LINK
Finance Issues "Enjaz" Government Bonds (Second Issue)
Wednesday 14 August 2024 | Economic Number of readings: 110
Baghdad / NINA / The Ministry of Finance announced the offering of government "Achievement" bonds (second issue) for public subscription, with a value of one trillion and 500 billion Iraqi dinars. https://ninanews.com/Website/News/Details?key=1147687
Iraq Stock Exchange Witnesses Active Trading With More Than 398 Million Shares
Banks Economy News – Baghdad The Iraq Stock Exchange witnessed an active trading session on Wednesday, with more than 398 million shares traded at a total value exceeding 626 billion Iraqi dinars.
The ISX60 rose 0.70% to close at 878.43 points, while the ISX15 rose 0.19% to 979.73 points.
The banking sector led the trading activity in terms of the volume and value of traded shares, and the most traded share was the Bank of Baghdad share with more than 113 million traded shares.
Some stocks witnessed significant increases and decreases, with Kurdistan Islamic Bank leading the rise with 13.64%, while the National Home Furniture Industries stock recorded the largest decrease of 5.56%. 19 views 2024/08/14 https://economy-news.net/content.php?id=46296
Masoud Barzani Calls For National Wealth And Wants To Preserve It, But What Is The Story Of The “Committees Of Commitment”?
Politics |Baghdad Today – Baghdad Today, Wednesday (August 14, 2024), the leader of the Coordination Framework, Saad Al-Saadi, revealed the results of the agreement between the framework and the leader of the Kurdistan Democratic Party, Masoud Barzani, regarding the oil smuggling file.
Al-Saadi told Baghdad Today, "Smuggling natural resources, including oil, in any country represents a drain on the economy, destruction of infrastructure, and loss of the rights of the people of all stripes. Therefore, the smuggling file must be stopped."
He added, "During the visit of the President of the Kurdistan Democratic Party, Masoud Barzani, to the capital, Baghdad, and his meeting with the leaders of the framework, the issue of natural resources was actually raised within a broad agreement to preserve them as a national wealth."
He continued: "It was agreed to form committees whose mission is to oblige all parties to abide by the decisions of the Federal Court on the oil and gas file, in addition to the rest of the other agreements with Baghdad," adding: "We hope at the same time that there will be seriousness and credibility on the part of our brothers in the region in implementing the terms of the agreement."
He pointed out that "the management of oil and other wealth by the central government and its institutions is within the context of the Iraqi constitution, and this will must be respected and adhered to because it will address many problems and provide greater protection for the national wealth."
The visit of the leader of the Kurdistan Democratic Party, Massoud Barzani, to Baghdad attracted attention because it came after six years of "estrangement" with the ruling political class in Iraq, which suggests that a remarkable development has occurred in the relationship between the Kurdistan Region and the central government.
Political circles believe that the aim of the visit is to crown the partial understandings that occurred recently and covered several files with a comprehensive settlement between the region and the centre.
Barzani's presence as a prominent Kurdish figure aims to lend legitimacy to the settlement and raise its value so that it appears to be an important event and not just a passing meeting, which is what the central government needs to confirm its ability to bring the region's leaders to its square, while the settlement reduces internal pressures on the region's officials, especially if he succeeds in ensuring smooth and continuous payment of salaries. LINK
Iraq Loses One Trillion Dinars Annually.. MP: Corruption In Ports Is "Dangerous"
Economy |Baghdad Today – Baghdad Member of Parliament Yasser Al-Hussaini revealed, today, Wednesday (August 14, 2024), that Iraq is exposed to a loss of one trillion dinars annually due to corruption in the ports, while describing what is happening in the ports as "dangerous."
Al-Hussaini said in an interview with Baghdad Today, "The parliamentary investigation committee continues to collect documents and evidence that prove day after day the extent of the major violations of public funds, and the documented numbers confirm beyond doubt that they are higher than what we mentioned previously in terms of losses and financial violations in general."
He added, "What is happening in the ports is the mortgage of this large economic facility to companies affiliated with political forces for decades through contracts that oblige the government, noting that Iraq loses nearly a trillion dinars annually that goes into the accounts and pockets of companies."
Al-Hussaini pointed out that "what is happening in the ports is dangerous and what we have revealed so far raises many question marks, stressing that all investigations and documents will be submitted to the Iraqi judiciary."
On Friday (July 12, 2024), the head of the Parliamentary Order 160 Committee to investigate suspicions of corruption in Iraqi ports, Yasser Al-Hussaini, revealed 3 results that he described as “bitter” in the Basra ports file.
Al-Husseini told Baghdad Today, "What we are doing is perhaps the most important parliamentary investigation to preserve the wealth of Iraqis by addressing a sensitive and dangerous file due to the huge amount of money and the administrative and financial violations that have been detected."
He added, "Investigations are continuing into the file of suspicions of financial and administrative corruption in Iraqi ports, despite the existence of three-dimensional pressures from influential political and governmental parties in a single attempt, which is to undermine the work of the committee as much as possible and obstruct what it is doing."
The MP said, "Three bitter facts were revealed: the waste of 20 trillion dinars is not suspicion, but a fact. There is a lot of evidence accompanied by long decades that mortgage Iraq's wealth to corrupt political parties. In addition, the extent of the pressures revealed the identity of those who want to keep the scourge of corruption eating away at the ports to sustain their coffers with money, without caring about the harm it causes to the Iraqis."
He considered that "the investigation into the Basra ports file is the most dangerous and important and is a courageous step in confronting the scourge of corruption that has large arms," stressing that "what we seek is to preserve public money and stop the draining of the country's wealth."
Member of the Parliamentary Integrity Committee, Ali Turki, had previously stated that the committee formed to investigate corruption files in the ports had failed in its mission.
On April 15, the acting Speaker of Parliament, Mohsen Al-Mandalawi, decided to form a parliamentary committee to investigate “violations” at Iraqi ports.
The committee is formed under the chairmanship of MP Yasser Hashem Al-Hussaini and the membership of MPs Faleh Al-Khazaali, Hassan Salem Abdul Rahim Al-Shammari, Mona Al-Sabil, Siban Aziz Soran Omar Muwaffaq Hussein Saud Al-Saadi Abdul Amir Al-Mayahhi Alaa Al-Haidari Ali Al-Maksousi, and Rafiq Al-Salihi. It is responsible for investigating violations in Iraqi ports, and the committee will be supported by employees from the ministry and the relevant bodies according to the committee’s needs, and the results of the investigation will be presented to the House of Representatives.” LINK
“Tidbits From TNT” Wednesday Morning 8-14-2024
TNT:
Tishwash: Al-Sudani visits London to sign agreements
The British Ambassador to Iraq, Stephen Hitchcock, revealed that Prime Minister Mohammed Shia al-Sudani will visit London to sign some agreements between the two countries.
We want to expand the relationship from the cornerstone, to trade, combating climate change and drugs, and I think Mohammed Shia al-Sudani wants the same thing, and God willing in the coming months he will visit London, and we will sign some agreements," Stephen Hitchens said in a press statement.
TNT:
Tishwash: Al-Sudani visits London to sign agreements
The British Ambassador to Iraq, Stephen Hitchcock, revealed that Prime Minister Mohammed Shia al-Sudani will visit London to sign some agreements between the two countries.
We want to expand the relationship from the cornerstone, to trade, combating climate change and drugs, and I think Mohammed Shia al-Sudani wants the same thing, and God willing in the coming months he will visit London, and we will sign some agreements," Stephen Hitchens said in a press statement.
He added, "This period of the Iraqi Kingdom and the British Mandate, during which there were things we are proud of, including the infrastructure, laws, museum and bridges, and there were things that were investments in the country."
The British ambassador stressed: "We do not have the same values as our predecessors on this issue, and now we have entered a new period in the bilateral relationship, an equal partnership based on mutual respect." link
Tishwash: Iraq signs strategic agreement to modernize trading mechanisms in cooperation with an Egyptian company
The Iraq Stock Exchange announced today, Wednesday, the signing of a strategic agreement to modernize trading mechanisms in cooperation with an Egyptian company.
A statement by the Iraqi Stock Exchange received by the Iraqi News Agency (INA) stated, "In a step aimed at developing and improving the investment environment in Iraq, and under the auspices of the Iraqi Securities Commission, the Iraq Stock Exchange signed a cooperation agreement with the Egyptian Company for Information Dissemination, after intensive discussions that lasted for more than six months."
He added, "The agreement includes licensing, use and maintenance of the remote trading system for investors ( OMS ), broker management ( Back Office ), and portfolio management for investors, for a period of five years."
He added that "signing this agreement represents a qualitative shift in the development of the Iraqi stock market," indicating that "Iraq is committed to providing the latest technologies to investors, which contributes to enhancing confidence and attracting more investments to the Iraqi market."
For his part, the CEO of the Iraq Stock Exchange, Faisal Al-Haimus, pointed out, “The importance of this step, as the remote trading system is a vital addition to our ongoing efforts towards developing the market’s infrastructure. The system’s experience in the Egyptian Stock Exchange has proven its efficiency over the past five years, and we are excited to see its positive impact on our market.”
He pointed out that "the new system includes smart applications that aim to facilitate trading operations and improve the investor experience, which reflects the commitment of the parties concerned to developing the financial sector in Iraq and achieving sustainable growth." link
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Tishwash: The President of the Republic receives a message from his Chinese counterpart
President of the Republic, Abdul Latif Jamal Rashid, received today, Tuesday, at the Baghdad Palace, the Ambassador of the People's Republic of China to Iraq, Cui Wei, and received from him a message from Chinese President Xi Jinping, congratulating him on his birthday, wishing him success and guidance.
The Chinese President also stressed, according to a presidential statement, his great interest in developing relations with Iraq and his readiness to make joint efforts with President Rashid to continue deepening friendly cooperation and raise the Sino-Iraqi strategic partnership relations to higher levels.
The President of the Republic conveyed his sincere thanks and greetings to President Jinping for his generous feelings, praising the historical relations and bilateral cooperation between the two friendly countries.
During the meeting, the available potential to consolidate the growing relations between the two countries was emphasized, as President Rashid pointed to the need to expand the horizons of joint cooperation in the economic, technological and investment fields, especially the development of infrastructure and services, stressing Iraq's welcome of the diverse Chinese expertise to contribute to the development and growth of the industrial, agricultural and education sectors.
In turn, the Chinese Ambassador, Cui Wei, affirmed his country's commitment to strengthening its relations with Iraq in all fields.
The ambassador also reviewed the political, economic and industrial conditions in China, stressing that the recently held Communist Party meeting focused on strengthening reforms, improving production in all fields and opening up to countries of the world.
Media Department of the Presidency of the Republic link
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Tishwash: From Iraq.. A missile attack targets an American base in eastern Syria
On Tuesday evening (August 13, 2024), an American base in eastern Syria was subjected to a missile attack from western Iraq.
A field source told Russian media that "a missile attack targeted the vicinity of the American base in the Conoco gas field north of Deir Ezzor, eastern Syria."
He explained that "the bombing was carried out by a missile barrage from the desert in western Iraq, near the Syrian border."
This bombing comes about a week after the Ain al-Assad base, west of Anbar province, was subjected to a missile attack that resulted in the injury of a number of US forces working as advisors in the international coalition. link
Mot: Me Too ""Earl"" -- Come on ole ""RV"" so we can!!!!
Mot: . Thanx Granny!! -- I'm with Ya!!!!
Seeds of Wisdom RV and Economic Updates Late Tuesday Evening 8-13-24
Good Evening Dinar Recaps,
THESE QUOTES,RESEARCH, AND OPINIONS ARE FROM ASHELEY PROSPER ON X DEFINITELY WORTH A READ!!
We keep telling you XRP is the one. But you just won't listen. Maybe some of these quotes will help you see the truth.
Brad Garlinghouse "XRP is a bridge currency. We believe it has the potential to reduce liquidity costs and enable faster, lower-cost cross-border payments."
Christine Lagarde (President of the European Central Bank) "Ripple is doing a lot of work in facilitating exchanges and making sure that there is no need for a central counterparty, but that we know exactly who is doing what and who is exchanging what."
Good Evening Dinar Recaps,
THESE QUOTES,RESEARCH, AND OPINIONS ARE FROM ASHELEY PROSPER ON X
DEFINITELY WORTH A READ!!
We keep telling you XRP is the one. But you just won't listen. Maybe some of these quotes will help you see the truth.
Brad Garlinghouse
"XRP is a bridge currency. We believe it has the potential to reduce liquidity costs and enable faster, lower-cost cross-border payments."
Christine Lagarde (President of the European Central Bank)
"Ripple is doing a lot of work in facilitating exchanges and making sure that there is no need for a central counterparty, but that we know exactly who is doing what and who is exchanging what."
JP Morgan
"If Ripple wins SEC lawsuit, XRP is poised for significant adoption."
Bank of America (2019 Report)
"Ripple’s technology is attractive for its ability to settle cross-border transactions almost instantly."
David Schwartz
"XRP was designed to be a better Bitcoin."
World Economic Forum
"Ripple’s XRP is one of the most scalable and efficient digital assets available for cross-border payments."
Jesse Lund (IBM)
"Ripple’s approach with XRP is interesting as it provides a digital asset that can settle in real-time across multiple networks."
SBI Holdings
"XRP has the potential to become the global standard in digital currencies for cross-border transactions."
Chris Larsen
"We’re working with regulators, we’re working with central banks. I think that’s an important part of our strategy."
Christine Lagarde
"Ripple has addressed many of the issues associated with cross-border payments, particularly around speed, transparency, and cost-efficiency."
American Express
"Ripple offers a compelling proposition in cross-border transactions, reducing settlement times from days to seconds."
Bank of America
"Ripple’s solution can potentially bring substantial cost efficiencies in our cross-border transactions."
Yoshitaka Kitao
"XRP is the most efficient, scalable digital asset for payments, and it plays a pivotal role in the development of new financial infrastructure."
Cathy Bessant (Bank of America)
"We’ve been in partnership with Ripple for a while. We’re testing and piloting the use of blockchain technology in different areas where we see the potential for immediate value."
Marc Andreessen (Andreessen Horowitz)
"Ripple’s approach to leveraging blockchain for the financial industry shows immense promise. The speed and efficiency gains are remarkable."
Digital Currency Group (DCG)
"Ripple’s innovative approach to cross-border payments is setting new standards in the financial industry, and XRP plays a crucial role in this evolution."
Amazon Web Services (AWS) - Ripple Case Study
"Ripple provides one frictionless experience to send money globally using the power of blockchain."
Ross Leckow (IMF)
"Ripple’s technology can help enhance financial inclusion and improve the efficiency of the global financial system."
Ripple and Apple’s Collaboration with Interledger Protocol (ILP)
"Apple’s integration of Interledger Protocol, which Ripple helped develop, shows the potential for broader adoption of blockchain technology in mainstream tech ecosystems."
Google Ventures
"Ripple’s vision of instant, secure, and low-cost global payments aligns with the future of financial services. XRP’s utility as a bridge currency is an integral part of that vision."
Santander Bank
"We are excited to leverage Ripple’s technology to provide our customers with faster, more secure international payments, allowing us to stay ahead in the rapidly evolving financial industry."
Microsoft’s Azure Blockchain Workbench
"Ripple’s integration with Microsoft’s Azure Blockchain Workbench enables businesses to send and receive cross-border payments with unprecedented speed and security."
Tom Jessop (President, Fidelity Digital Assets)
"We see Ripple and XRP as one of the more mature and viable digital assets in the market, with a clear use case in cross-border payments."
@ Newshounds News™
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Our inaugural guest is the knowledgeable Bob Lock who will share his expertise on planning and currency. Get ready to learn and grow! 💡
Don't miss this opportunity to gain wisdom from the best!
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Superstate integrates Chainlink for tokenized treasury fund
Superstate, a blockchain-based asset management firm, has integrated Chainlink’s technology as it taps into the growing tokenization market.
The asset manager will leverage the Chainlink Data Feeds to bring net asset value data for its tokenized treasury fund on-chain. In the announcement Superstate stated it aims to enhance the composability of its Superstate Short Duration US Government Securities Fund by utilizing Chainlink’s technology.
The integration enables the firm to access crucial off-chain data, essential for market pricing, utility, and transparency.
@ Newshounds News™
Source: Crypto News
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IOTA launches blockchain tool to simplify music rights management
IOTA has introduced a new blockchain-based tool aimed at simplifying music rights management in the film industry.
IOTA (IOTA), a distributed ledger focused on the exchange of value and data, has unveiled a blockchain-driven tool designed to transform the management of music rights in films, addressing what the project describes as a traditionally time-consuming process.
The new solution, developed under the European Blockchain Pre-Commercial Procurement initiative and funded by the European Commission, leverages distributed ledger technology to streamline negotiations and secure intellectual property rights more efficiently, according to an Aug. 12 blog announcement.
The core of IOTA’s latest solution is the Smart Contracts for Media system, which automates contracts between film producers and rights holders. These smart contracts are self-executing digital agreements, intended to reduce the time traditionally required for negotiations and payment processes.
IOTA claims its solution promises to “revolutionize the way intellectual property rights are handled,” enabling producers to select predefined contract templates, make real-time adjustments, and finalize terms digitally. Once agreed upon, the smart contracts are deployed on the IOTA Smart Contract Chain, ensuring the agreements are immutable.
The tool also incorporates non-fungible tokens (NTFs) to represent rights and obligations. These NFTs contain unique identifiers that link to detailed data stored off-chain using the InterPlanetary File System (IPFS), a decentralized storage solution.
@ Newshounds News™
Source: Crypro News
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Coinbase Urges SEC to 'Abandon' Its 'Irrational' DeFi Exchange Rule
The SEC’s move to regulate DEXs would make it functionally impossible for DeFi projects to exist in the United States, Coinbase wrote Monday.
Coinbase once again came out swinging Monday against the U.S. Securities and Exchange Commission (SEC’s) yearslong attempt to expand a bureaucratic definition of the word “exchange,” which if successful would bring the DeFi ecosystem firmly under the regulator’s purview.
In an eight-page comment submitted to the SEC on Monday, Coinbase Chief Legal Office Paul Grewal chastised the potential rule change as “arbitrary” and “irrational” in several respects, and urged the agency to “abandon its effort” to apply the proposed rule to decentralized exchanges (DEXs).
Fundamental to Coinbase’s argument against the change is the SEC’s continued refusal to concede that DEXs—which are run by automated, on-chain software (aka smart contracts) with little to no human management—are by definition incapable of complying with rules and standards designed for traditional securities exchanges like the New York Stock Exchange.
“DEXs cannot comply with registration and disclosure requirements designed for legacy financial exchanges managed by centralized companies,” Grewal wrote.
“And even if DEXs could somehow comply with existing registration and disclosure rules, the Commission does not explain how SEC-registered DEXs could facilitate the trading of digital assets.”
Because of these apparent tensions, Coinbase implied in its letter to the SEC today, the agency may well be attempting to outlaw DEXs implicitly, without saying so.
“The SEC benefits from robust engagement from the public and will review all comments submitted during the open comment period. Generally, we respond to comments received as part of the final rulemaking and not beforehand," an agency spokesperson told Decrypt following the initial publication of this story.
Coinbase further accused the SEC of failing to complete a proper cost-benefit analysis of the proposed rule change. That’s due to the fact that the regulator has only stated in blanket terms that it would regulate exchanges that deal in “crypto asset securities,” without defining which sorts of digital assets constitute securities and which do not.
The SEC’s longstanding refusal to draw such a line—between which cryptocurrencies it views as securities, and which it does not—remains one of the crypto industry’s greatest grievances with the agency. Insteading of putting forth such a framework, the SEC has opted to sue crypto projects it alleges constitute illegal securities offerings, one at a time.
The regulator has even, in recent months, appeared to flip-flop on its own views of certain crypto assets. For over a year, for example, the SEC reportedly secretly considered Ethereum to be a security. Then, in May, the agency abruptly changed course, approving the trade of spot Ethereum ETFs on Wall Street.
Because the SEC has not clearly defined which cryptocurrencies it considers to be securities, Coinbase wrote today, it cannot possibly have properly calculated an accurate cost-benefit analysis determining how much financial activity would fall under its purview if DEXs were regulated like securities exchanges.
“The SEC cannot rationally make these calculations without a single, stable view on which digital assets are subject to the securities laws,” Grewal wrote.
@ Newshounds News™
Read more: Decrypt
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The SEC has been going after numerous crypto companies for billions of dollars. There was an article yesterday with negative comments on CFTC rules too. Congress needs to get some of those bills passed that define what entity regulates what so America can catch up to other countries regulating our new financial system. Taking companies to court and fining them billions of dollars is just hindering our progress.
I found these two bills that were introduced in the Senate two years ago but never passed.
Senate Bill S. 4760
Digital Commodities Consumer Protection Act of 2022 (DCCPA)
Introduced in Senate (08/03/2022)
To amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission jurisdiction to oversee the spot digital commodity market, and for other purposes.
https://www.congress.gov/bill/117th-congress/senate-bill/4760/text
Senate Bill S.5030
Digital Trading Clarity Act of 2022 (DTCA)
Introduced in Senate (09/29/2022)
This bill establishes a safe harbor from securities regulation for certain digital asset exchanges and intermediaries. This safe harbor applies if (1) such digital asset is not classified as a security by the Securities and Exchange Commission (SEC) or by a U.S. court; and (2) the exchange or intermediary complies with requirements regarding listings, customer protection, and disclosures.
If a digital asset is determined to be a security and otherwise meets these requirements, the exchange or intermediary has a two year period during which the SEC may not pursue specified enforcement activity against the exchange or intermediary.
https://www.congress.gov/bill/117th-congress/senate-bill/5030
@ Newshounds News™
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Death of the Fiat Currency Regime and the Rise of Gold & Silver as Sound Money
Death of the Fiat Currency Regime and the Rise of Gold & Silver as Sound Money
VRIC Media : 8-13-2024
Lynette Zang and Rafi Farber believe that a new sound money paradigm is approaching as out-of-control government debt worldwide, geopolitical uncertainty, and the devaluation of fiat currency rapidly accelerates.
The duo discuss how financial engineering and manipulation of the economy has distorted markets beyond recognition and how to prepare for the inevitable collapse of the illusion and return to reality.
Death of the Fiat Currency Regime and the Rise of Gold & Silver as Sound Money
VRIC Media : 8-13-2024
Lynette Zang and Rafi Farber believe that a new sound money paradigm is approaching as out-of-control government debt worldwide, geopolitical uncertainty, and the devaluation of fiat currency rapidly accelerates.
The duo discuss how financial engineering and manipulation of the economy has distorted markets beyond recognition and how to prepare for the inevitable collapse of the illusion and return to reality.
Economist’s “News and Views” Tuesday 8-13-2024
Banks Are Closing Branches Faster Than EVER!
Atlantis Report: 8-12-2024
The banking industry has changed significantly in recent years, affecting how we interact with financial institutions.
The familiar sight of bank branches in cities and suburban areas is quickly disappearing. Major banks like Wells Fargo, Bank of America, and JP Morgan Chase are closing their physical locations at an unprecedented rate.
This leaves many customers bewildered and concerned about the future of banking.
Banks Are Closing Branches Faster Than EVER!
Atlantis Report: 8-12-2024
The banking industry has changed significantly in recent years, affecting how we interact with financial institutions.
The familiar sight of bank branches in cities and suburban areas is quickly disappearing. Major banks like Wells Fargo, Bank of America, and JP Morgan Chase are closing their physical locations at an unprecedented rate.
This leaves many customers bewildered and concerned about the future of banking.
Major banks like Wells Fargo, Bank of America, and Chase have all announced significant closures. For instance, Wells Fargo recently closed 30 branches in just one week, contributing to the growing concern among customers who rely on these physical locations.
LIVE! The US ECONOMIC MELTDOWN IS WORSENING MUCH FASTER THAN WE THOUGHT.
Greg Mannarino: 8-12-2024
UK Economy Declared “Broke & Broken” As Russian Airspace Ban Hits British Airlines Hard
Sean Foo: 8-13-2024
In a shocking admission, the new Labour government itself has declared the UK is broke and broken. This shows how dire the situation is and we must understand the difficult balancing act the UK is in.
We must also talk about the Russian airspace ban and how sanctions on Russia has backfired on British airline giants.
Timestamps & Chapters:
0:00 UK Financially Broke & Broken
2:40 Britain's Big Debt Trap
5:15 Escaping Economic Stagnation
8:04 Painful Russian Airspace Ban
10:51 No BREXIT Reversal
“Tidbits From TNT” Tuesday 8-13-2024
TNT:
Tishwash: 500 electronic payment cards used to transfer money outside Iraq were seized and their holders were arrested in Baghdad
The Intelligence Agency announced the seizure of 500 electronic payment cards used to transfer money outside Iraq and the arrest of their holders in Baghdad.
The agency stated in a statement received by (Today News), that "its detachments specialized in combating organized crime in Baghdad/Karkh monitored information indicating the existence of an illegal network that transfers money outside Iraq through electronic payment cards."
TNT:
Tishwash: 500 electronic payment cards used to transfer money outside Iraq were seized and their holders were arrested in Baghdad
The Intelligence Agency announced the seizure of 500 electronic payment cards used to transfer money outside Iraq and the arrest of their holders in Baghdad.
The agency stated in a statement received by (Today News), that "its detachments specialized in combating organized crime in Baghdad/Karkh monitored information indicating the existence of an illegal network that transfers money outside Iraq through electronic payment cards."
It added, "Immediately, an intelligence team was formed and the locations of the accused were identified, where the place was raided and the accused, numbering (6), were arrested with (500) electronic payment cards in their possession that they use to transfer money outside Iraq illegally."
It indicated that "a light weapon (2 pistols and 2 rifles) and other materials used in transferring money were seized."
It continued, "This operation came after obtaining the necessary judicial approvals, and the accused were referred to the competent investigative authorities to receive their just punishment." link
Nearly 200 billion dinars in "fines" from the Central Bank of Iraq on banks and exchange companies
The Central Bank of Iraq announced on Tuesday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 181 billion Iraqi dinars during the past six months.
A table of the bank, which Shafaq News Agency has reviewed, showed that "the fines imposed on banks and financial companies during the past six months, starting from January until the end of last June, amounted to 181 billion, 842 million, 854 thousand, and 458 dinars," indicating that "the fines also included 151 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts, and grace periods."
The table showed that "January witnessed the highest fines on banks and non-financial institutions, as these fines reached 98 billion, 277 million, 722 thousand, and 62 dinars, with 17 administrative penalties, while June witnessed the lowest fines, reaching 2 billion, 829 million, 157 thousand, and 288 dinars, with 30 administrative penalties."
The table did not show the names of the banks that were fined and subjected to administrative penalties.
The Iraqi Stock Exchange Investors Association had criticized the Central Bank of Iraq’s increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks. link
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Washington orders the acceleration of the arrival of one of its aircraft carriers in the Middle East
Erbil (Kurdistan 24)- US Defense Secretary Lloyd Austin has ordered the aircraft carrier USS Abraham Lincoln to "expedite its arrival" to the Middle East, the Pentagon announced on Sunday, as military escalation threatens the entire region amid the war between Israel and Hamas in the Gaza Strip.
Pentagon spokesman Pat Ryder said Austin had ordered the fleet, led by the USS Abraham Lincoln and including F-35C fighter jets, to move more quickly, in the face of the threat of a large-scale attack by the Lebanese Hezbollah, backed by Tehran, or by Iran itself against Israel.
Ryder added that Austin held a conversation with his Israeli counterpart, Yoav Galant, on Sunday, and also ordered the deployment of the missile submarine "USS Georgia" in the same area.
The two men discussed "the importance of limiting harm to civilians, making progress toward a ceasefire and releasing hostages held in Gaza," as well as deterring Iranian-backed groups from launching attacks, he said.
Tensions have risen recently after the assassination of Hamas political bureau chief Ismail Haniyeh in Tehran and Hezbollah's senior military commander Fouad Shukr in Beirut's southern suburbs.
Last week, Washington announced that it would strengthen its military presence in the Middle East by deploying more warships and fighter jets.
The aircraft carrier Abraham Lincoln is scheduled to join another US aircraft carrier in the region, the USS Theodore Roosevelt. link
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Joint Operations: We will not allow Iraq to be an arena for any international or regional conflict - Urgent
The Joint Operations Command confirmed, on Tuesday (August 13, 2024), that it will not allow Iraqi lands to become an arena for any international or regional conflict, while indicating that Iraq will not be a starting point for attacking others.
The spokesman for the command, Major General Tahseen Al-Khafaji, said in an interview with "Baghdad Today", "According to the directives of the Commander-in-Chief of the Armed Forces, Mohammed Shia Al-Sudani, Iraq cannot allow itself to be an arena for settling scores and does not accept attacks from within or from without."
He added, "The Iraqi position is clear, which is to prevent it from being used as an arena for any regional or international conflict in any way, and it will not be a starting point for attacking others."
The Iraqi arena has recently witnessed security incidents represented by the bombing of aircraft that the Popular Mobilization Authority said were American, on units in the Jurf al-Sakhar district, north of Babil Governorate, while the Ain al-Assad base in Anbar Governorate was subjected to a missile attack that resulted in injuries among the American forces stationed inside the base.
These developments come in light of the war waged by the Zionist entity against civilians in Gaza, which has been reflected in the rest of the countries that have entered the war against the entity, including Iraq, where armed factions in Iraq announce from time to time the implementation of operations targeting the entity with drones at times and missiles at other times, in addition to participating with the Houthi Ansar Allah in Yemen to carry out these operations.
The world is currently waiting for Iran to respond to the assassination of the head of the political bureau of Hamas, Ismail Haniyeh, in the heart of the capital, Tehran, but it has not yet implemented the response.
Observers expect that Iran will carry out a devastating strike targeting Tel Aviv in cooperation with the Lebanese Hezbollah, which also vowed to respond to the assassination of the leader Fouad Shukr in Lebanon. link
Mot: hhhhheeeeyyyyy ----- Macarena ~~~ https://www.youtube.com/watch?v=MMRVbhbIkjk
Mot: . Not to Fool with Mother Nature-- So I must Follow ~~~
MilitiaMan: IQD Update - Iraq Dinar News - Currency Value - Stock Exchanges - Ministerial Council of Economy
IQD Update - Iraq Dinar News - Currency Value - Stock Exchanges - Ministerial Council of Economy
Militiaman and Crew: 8-12-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
IQD Update - Iraq Dinar News - Currency Value - Stock Exchanges - Ministerial Council of Economy
Militiaman and Crew: 8-12-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Seeds of Wisdom RV and Economic Updates Tuesday Morning 8-13-24
Good Morning Dinar Recaps,
Kenya to introduce digital asset ETPs
Kenyan investors will soon access digital asset exchange-traded products (ETPs) on the country’s main equities exchange.
DeFi Technologies, a Canada-based company, has struck a new partnership with the Nairobi Stock Exchange (NSE) to facilitate the issuance and trading of digital asset ETPs in the East African country.
NSE signed the Memorandum of Understanding (MoU) with Valour, a subsidiary of DeFi Technologies, this week. Established in 2019, Valour offers 33 ETPs in Europe, including in Börse Frankfurt, Euronext Paris, Euronext Amsterdam, and the Nordic Growth Market.
Good Morning Dinar Recaps,
Kenya to introduce digital asset ETPs
Kenyan investors will soon access digital asset exchange-traded products (ETPs) on the country’s main equities exchange.
DeFi Technologies, a Canada-based company, has struck a new partnership with the Nairobi Stock Exchange (NSE) to facilitate the issuance and trading of digital asset ETPs in the East African country.
NSE signed the Memorandum of Understanding (MoU) with Valour, a subsidiary of DeFi Technologies, this week. Established in 2019, Valour offers 33 ETPs in Europe, including in Börse Frankfurt, Euronext Paris, Euronext Amsterdam, and the Nordic Growth Market.
The MoU, which also includes market liquidity provider SovFi, allows Valour to deploy its ETPs on the Kenyan stock exchange, develop market infrastructure for digital assets, and eventually expand to tokenizing real-world assets.
@ Newshounds News™
Source: CoinGeek
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Dragonfly, Crypto.com Weigh in on CFTC's Proposed Prediction Market Rules
Both parties argue the CFTC's move to regulate prediction markets is an overreach, with Dragonfly arguing that the recent 'Chevron' court ruling limits its power.
▪️ The CFTC's notice of proposed rulemaking for prediction markets drew various comments from the public, including the crypto industry.
▪️ Crypto industry stakeholders say the rules are too broad and would constitute an overreach, considering the recent 'Chevron court decision.
Dragonfly Digital Management and Crypto.com have joined crypto exchange Coinbase (COIN) in criticizing the Commodities Futures Trading Commission's (CFTC) proposed rules on prediction markets.
Critics say that the CFTC's proposed rules broadly categorize and ban certain event contracts, including those related to gaming – with Coinbase calling the CFTC's proposed definition of gaming too ambiguous – and elections, raising concerns that this overreach exceeds statutory authority, stifles innovation, and neglects the economic benefits these contracts provide.
"Political event contracts should not be equated with gambling on games of chance like the Super Bowl. Rather, elections have significant economic implications," Dragonfly's Jessica Furr and Bryan Edelman, its counsel, wrote in a letter to CFTC.
"These contracts were designed to serve crucial risk hedging functions, aligning with the requirements of the Commodity Exchange Act (CEA), and offer valuable predictive data to the public."
Dragonfly also argues that the CFTC's proposed rule overreaches by broadly banning prediction markets without proper evaluation, especially given the Supreme Court's recent 'Chevron' decision, which limits the agency's interpretive authority without a Congressional mandate.
Crypto.com's Steve Humenik, its Special Vice President in charge of Capital Markets, argues that the CFTC's attempt to ban prediction markets violates a rulemaking process dictated by the CEA, which involves a three-step approach.
According to the CEA, the three-step process requires the CFTC to assess whether a contract involves an excluded commodity, whether it engages in specified activities, and whether it's contrary to the public interest before banning it.
"The CFTC must articulate its justification for determining that a given contract has an underlying excluded commodity. This should not be a foregone conclusion," Humenik wrote.
"We urge the CFTC not to sidestep its obligations to undergo a three-step review process with respect to these types of event contracts, and to eliminate this aspect of the Event Contracts NOPR [notice of proposed rulemaking]."
@ Newshounds News™
Source: CoinDesk
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Iraq Economic News and Points To Ponder Monday Afternoon 8-12-24
Exporting Economic Crises
Economical 08/12/2024 Yasser Al-Metwally Anyone who follows global economic trends notices from time to time the occurrence of a financial crisis here and there.
These crises lead to the occurrence of transitional economic crises that are clearly visible in some countries and hidden in other countries, and
the effects differ here and there depending on the fragility of the economy of the countries in which the crisis appears clearly and the strength of the economy of other countries in which its effects are hidden.
Perhaps money is the root of the problem, as its interactions crystallize and are reflected in the economy.
Exporting Economic Crises
Economical 08/12/2024 Yasser Al-Metwally Anyone who follows global economic trends notices from time to time the occurrence of a financial crisis here and there.
These crises lead to the occurrence of transitional economic crises that are clearly visible in some countries and hidden in other countries, and
the effects differ here and there depending on the fragility of the economy of the countries in which the crisis appears clearly and the strength of the economy of other countries in which its effects are hidden.
Perhaps money is the root of the problem, as its interactions crystallize and are reflected in the economy.
I am referring only for the purposes of analysis and clarification of the mechanism of financial crises occurring in major capitalist centers and then their transition to global economic crises,
as I previously mentioned in the previous article titled: The global economic paths are single (Monetary chaos) and
by that I meant that this chaos has a major role in the occurrence of obvious crises, as fragile economies complain of the occurrence of continuous economic crises, at the very least during the economic cycle, which is known as follows (they are fluctuations that occur in economic activity, moving from a state of recovery and growth to a state of recession and recession, where growth declines and unemployment increases, and then the cycle continues until recovery occurs.
Experts in economics attribute the causes of economic crises to the fact that they are crises exported from advanced economies (from abroad) to developing economies, and
they are a product of globalization, which has opened borders wide with international agreements binding on countries, and the arms of globalization have helped in deepening them, especially the International Monetary Fund, the World Bank, the World Trade Organization, and the Organization.
USAID in imposing their strict, binding conditions, whether in the field of financing and granting loans or aid that countries need, and the necessity of applying them to the policies of those countries in a way that achieves a high degree of economic liberalism.
Here the picture becomes clear regarding the export of crises that are at the forefront of the financial markets, as money is the basis.
As for the meaning and concept of deportation, with a simple definition,
it is the deportation of economic crises internally by countries receiving funding and aid, so the solutions are patchwork, so you find crises continuing in some countries.
The monetary chaos left behind by the world’s decision to abandon the gold standard as a standard for evaluating currencies in 1971, liberalize exchange systems, and liberalize capital movements is behind the occurrence of economic and financial crises without radical solutions.
Thus, money is the basis of economic affliction, especially in countries that do not manage it well..
Naturally, monetary chaos causes exchange rates to fluctuate and differences between the official rate and the parallel rate.
It is a prominent phenomenon in emerging and weak economies.
Examples include, but are not limited to, the Turkish, Iranian, Egyptian, Iraqi, and many others, along with other reasons, of course, which are the reason for the occurrence of financial crises.
Crises are a phenomenon that originates from abroad and is transmitted through solutions faced from within, which causes continuous financial crises in the countries where their crises are resolved, and this is what must be paid attention to.
Hence my choice of the title of the article: Financial crises between export and deportation.
https://alsabaah.iq/100870-.html
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Seeds of Wisdom RV and Economic Updates Monday Afternoon 8-12-24
Good Afternoon Dinar Recaps,
ISO 20022 Crypto: List of Compliant Coins & Tokens in 2024
Cryptocurrency projects that are ISO 20022 compliant can seamlessly integrate into traditional financial systems and introduce blockchain immutability and data decentralization to the financial sector.
It is worth noting that not all institutions have adopted the requirements to be ISO 20022 ready yet – according to a Forbes report from earlier this year, about 72% of banks are ISO 20022 compliant. The institutions that haven’t yet taken the necessary steps to become ISO 20022 compliant will have until 2025 to do so.
It is also worth mentioning that “ISO 20022 compliant coin” could be considered a misnomer, as the coin or token itself is not compliant. Instead, what we mean when referring to a project as ISO 20022 compliant is that it leverages some of the messaging language defined by the standard to more easily communicate and exchange data between the project’s own solutions (for example, Ripple’s payment network) and external financial systems (for example, SWIFT).
Good Afternoon Dinar Recaps,
ISO 20022 Crypto: List of Compliant Coins & Tokens in 2024
Cryptocurrency projects that are ISO 20022 compliant can seamlessly integrate into traditional financial systems and introduce blockchain immutability and data decentralization to the financial sector.
It is worth noting that not all institutions have adopted the requirements to be ISO 20022 ready yet – according to a Forbes report from earlier this year, about 72% of banks are ISO 20022 compliant. The institutions that haven’t yet taken the necessary steps to become ISO 20022 compliant will have until 2025 to do so.
It is also worth mentioning that “ISO 20022 compliant coin” could be considered a misnomer, as the coin or token itself is not compliant. Instead, what we mean when referring to a project as ISO 20022 compliant is that it leverages some of the messaging language defined by the standard to more easily communicate and exchange data between the project’s own solutions (for example, Ripple’s payment network) and external financial systems (for example, SWIFT).
XRP KEY FEATURES
1. Fast and cheap cross-border payments
2. The XRP ledger can handle up to 1,500 transactions per second
3. Uses the cost and energy-efficient XRP Ledger Consensus Protocol
4. Ripple has established partnerships with numerous traditional financial institutions, including Bank of America, Santander Bank, and Intesa Sanpaolo
CARDANO ADA
1. Smart contract support
2. Rappidly expanding DeFi ecosystem
3. Specially designed proof-of-stake (PoS) consensus algorithm called Ouroboros
QUANT QNT
1. A blockchain interoperability protocol, allowing different blockchains to communicate with each other
2. It can handle a large number of transactions without sacrificing performance
3. Governed by a decentralized body of stakeholders
ALGORAND ALGO
1. Algorand can be used to send and receive payments quickly and easily
2. Can be used to create and deploy smart contracts
3. Supports decentralized applications (dApps)
4. Uses a proof-of-stake consensus mechanism, which is very energy-efficient
STELLAR XLM
1. Fast and cheap transactions
2. Uses a unique consensus mechanism called the Stellar Consensus Protocol (SCP)
3. Stellar transactions are cheaper than traditional remittance methods, such as wire transfers
4. Stellar can be used to build decentralized applications
HEDARA HBAR
1. Heder HashGraph supports smart contracts and dApps
2. Very energy efficient and suitable for high-volume applications
IOTA (MIOTA)
1. IOTA transactions do not require any fees
2. Designed to be data-oriented, meaning that it can be used to transfer data as well as value
3. IOTA is designed to be quantum-resistant, meaning that it is secure against attacks from quantum computers
4. Uses a unique consensus mechanism called the Tangle
XDC NETWORK XINFIN (XDC)
1. The XDC Network is a hybrid blockchain, meaning that it combines the benefits of both public and private blockchains
2. Can handle up to 2,000 transactions per second
3. Designed to be compliant with regulatory requirements
4. Can be used to track the movement of goods and materials through a supply chain
"ISO 20022’s primary aim is to modernize the traditional financial sector, making it easier for institutions to handle data. The standard could help cryptocurrencies integrate with the traditional sector in ways that were previously impossible."
@ Newshounds News™
Source: CoinCodex
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TEN SECOND MONEY TRANSFERS
European Council adopts regulation on instant payments:
"The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities."
"Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro."
"The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust."
@ Newshounds News™
Read more: Consilium
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Bitcoin price 12 Months after each halving event :
2012 HALVING - $182
12 Months later- $510
2026 HALVING- $661
12 Months later- $2,600
2020 HALVING- $8,600
12 Months later- $58,000
2024 HALVING-$63,870
12 months later- _?
Where you think Bitcoin price will be 12 months after this halving?
@ Newshounds News™
Source: Twitter
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@ Newshounds News™
Source:
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You are here in 2024.
#XRP Tokenization of Everything
@ Newshounds News™
Source: Twitter
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BRICS countries no longer attaching much importance to DOLLAR — Indian expert
"Sameep Shastri also underscored that he completely disagrees with the assertions that Western countries are the strongest economies in the world
NEW DELHI, August 12. /TASS/. The BRICS member states are no longer attaching much importance to the dollar and successfully using national currencies, Vice Chairman of BRICS Chamber of Commerce and Industry, Sameep Shastri, told TASS."
""I think we are going to see de-dollarization soon. We have already started our trade using rubles and rupee and yuan and rupee, our own currencies, and we do not attach much value to dollar anymore. And I think that is important for each and every country that we should not be dependent on one single currency. We should be dependent on our own currency, and we should make it strong and make our economy strong," he said."
@ Newshounds News™
Source: TASS
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Thailand launches crypto regulatory sandbox to kick-off adoption
The initiative is designed to support the testing and development of services related to digital assets,
The Securities and Exchange Commission of Thailand (SEC Thailand) has launched a Digital Asset Regulatory Sandbox.
The initiative is designed to support the testing and development of services related to digital assets, providing a structured environment where businesses can explore innovative solutions within a regulated framework.
The sandbox aims to facilitate the integration of new financial technologies while maintaining a flexible regulatory approach that addresses the specific risks associated with digital asset transactions.
The term “digital asset” is often usually broadly, but has a specific meaning in Thailand. It includes both cryptocurrencies and digital tokens. Cryptocurrencies are classified as being used as a medium of exchange. In contrast, the feature of a digital token is it grants rights.
It might be an investment token that provides rights in a project or business or a utility token used to receive goods, services or other rights. Thailand has specific rules for real estate tokens.
The sandbox covers both types of tokens and six roles:
Digital Asset Exchange
Digital Asset Broker
Digital Asset Dealer
Digital Asset Fund Manager
Digital Asset Advisor
Digital Asset Custodial Wallet Provider
In order to take part in the sandbox, applicants have to have sufficient capital and adequate management and systems in place.
@ Newshounds News™
Source: CryptoSlate, Ledger Insights
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Japan: SBI-backed ODX to list digital bonds following release of START
Osaka Digital Exchange is set to begin listing digital bonds that meet its strict requirements of complying with Know Your Customer and anti-money laundering rules.
Barely one year after Osaka Digital Exchange (ODX) rolled out a digital securities platform for trading security tokens, several reports have emerged that the exchange is set to begin listing digital bonds.
The SBI-backed digital exchange confirmed that ODX’s START platform will host digital bonds that meet the listing criteria. Since START’s launch in late 2023, real estate security tokens have been the most common issuances on the platform, given their innate popularity in Japan.
ODX will open its doors to three digital bonds in the coming months but specifics were not disclosed to the public. The successes of digital bonds in Europe may have played a role in ODX’s decision to expand the scope of its offering, with its backers reportedly giving the nod to the move.
SBI, the largest shareholder in the exchange, has approved the decision to list digital bonds while Nomura (NASDAQ: NRSCF), SMBC, and Daiwa Securities (NASDAQ: DSECF) have also given the green light to the move.
Armed with the raft of approvals, ODX appears set to begin listing digital bonds that meet its stringent requirements. The exchange will look for bonds that are regulatory compliant and meet relevant Know Your Customer (KYC) and anti-money laundering (AML) rules.
The incoming digital bonds will be approved for secondary trading if they possess smart contract functionality to automate redemption processes and highly secure systems. Other perks to speed up the listing process include interoperability, high liquidity levels, and proper risk management.
It appears that the exchange will stick to its policy of discounting seller fees to improve adoption, but it remains unclear whether the firm will bring back zero fees for users.
“We will dedicate our best efforts to collaborate with our participants and supporters so that the secondary market “START” can contribute to the further development of the security tokens market,” ODX said in December.
@ Newshounds News™
Read more: CoinGeek
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JP Morgan Documentation on Banks’ Involvement in Blockchain acknowledges Ripple’s potential to disrupt cross border payments GLOBALLY.
Major nod to Ripple from the worlds largest bank.
But more importantly, note the text at the bottom of the document.
“This document is being provided for the EXCLUSIVE USE of Mihail Turlakov at Sberbank of Russia”
Exclusive use.🧩
This document was crafted specifically to present relevant initiatives in blockchain to the largest Commercial bank in Russia while citing Ripple as a prominent example.
Russia + JP Morgan + Ripple
Plans on Plans
@ Newshounds News™
Source: Twitter
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Epic Economist: This is What the Final Stages of a Bubble Economy Looks Like Just Before a Collapse
Epic Economist: This is What the Final Stages of a Bubble Economy Looks Like Just Before a Collapse
Monday, 12 August 2024, 1:08 AM
As we navigate the complex landscape of our economy today, it feels like we are precariously perched on the edge of a giant bubble ready to burst. The sensation is akin to standing on the precipice of a high cliff, where the view is breathtaking yet terrifying.
Ever since the Great Recession crashed down upon us, our leaders have resorted to extreme measures never before witnessed in modern economic history. The cumulative impact of these actions casts long shadows on our financial future, leaving us to wonder: how long can this bubble hold?
Epic Economist: This is What the Final Stages of a Bubble Economy Looks Like Just Before a Collapse
Monday, 12 August 2024, 1:08 AM
As we navigate the complex landscape of our economy today, it feels like we are precariously perched on the edge of a giant bubble ready to burst. The sensation is akin to standing on the precipice of a high cliff, where the view is breathtaking yet terrifying.
Ever since the Great Recession crashed down upon us, our leaders have resorted to extreme measures never before witnessed in modern economic history. The cumulative impact of these actions casts long shadows on our financial future, leaving us to wonder: how long can this bubble hold?
In the years following the Great Recession, the Federal Reserve embarked on a bold policy of quantitative easing, effectively creating trillions of dollars out of thin air to inject liquidity into the financial system. While designed to stave off a more profound crisis, this widespread injection of capital has consequences that reverberate through the economy. Initially, it seemed like a necessary remedy; stock markets soared, and optimism flourished. However, there’s an underlying tension that accompanies that rise—an awareness that such hyperinflation of currency cannot last indefinitely.
As individuals, we feel this dissonance in various ways. On one hand, we celebrate record-low unemployment rates and much-needed support for struggling households; on the other, alarming signals emerge from the depths of the financial system. The feeling is like riding a roller coaster: exhilarating yet unnerving, as we rise higher and higher, the anticipation of a steep plunge lurking just around the corner.
Compounding our economic anxiety is the sheer scale of our national debt, which has surged to a staggering $35 trillion and continues to climb at an alarming pace. This debt—larger than the economies of many nations—stands as a testament to our governing bodies’ willingness to incur liabilities with seemingly little regard for future implications.
Politicians in Washington appear locked in a cycle of spending, often prioritizing short-term gains over long-term stability. As they crawl into increasingly uncharted territories of fiscal policy, there exists a genuine fear within us: what happens when the weight of this debt becomes untenable? What will the burden of repayment mean for future generations? The anxiety of living at the edge of a bubble is exacerbated by the constant hum of pessimism about potential inflation, interest rate hikes, or worse, another financial collapse.
Beyond spreadsheets and stock prices, we must not forget the human element of these financial machinations. The everyday worker, the small business owner, the college graduate forging a path through adulthood—these individuals feel the weight of economic uncertainty most acutely. As wages stagnate and living costs rise, we find ourselves caught in a cycle of disappointment and disillusionment. The optimistic images projected by the media often clash with our lived realities where the prospect of homeownership becomes less attainable, and aspirations are shelved for more immediate needs.
In this environment, we become both wary and resilient. We adapt, find creative solutions to our challenges, and hold tight onto hope, even as we stand teetering at the brink of unpredictability. The social fabric stretches thin, yet pockets of community resilience emerge, offering solace amid chaos.
So, how does it feel to live on the edge of a bubble? It feels like a rushing river of uncertainty where the future is unknown and precarious. It’s a place where we balance hope for economic recovery against the looming fears of another collapse. As we look forward to what policymakers will do next—whether it’s dialing back fiscal aggression or making more radical choices—we can only brace ourselves for the consequences that lie ahead.
The bubble may one day burst, leaving us to reckon with the fallout. The feeling of living in this moment is one of shared anxiety, yes, but it’s also an opportunity to prepare for what comes next. As we reflect on the lessons from the past, we must advocate for a more sustainable future, where radical solutions don’t come at the expense of economic stability. Only then can we hope to find a balance that helps maintain our footing on this unstable ground.
Watch the video from Epic Economist for more information.