Economist’s “News and Views” Wednesday 8-21-2024

Why Gold Price Ripping is Giving Us Big Clues About Financial System Crashing - Lyn Alden

Daniela Cambone:  8-20-2024

The global financial system is under strain, with currencies around the world failing or on the brink, warns Lyn Alden, founder of Lyn Alden Investment Strategy.

In this interview with Daniela Cambone, Alden explains why there is significant upside for gold in the next five to ten years—and why waiting for small dips could cost you big.

Alden discusses how the U.S. and Europe are sliding toward Japan-style stagnation but without the benefits of a current account surplus or social cohesion.

As public debt and fiscal deficits surge, Alden predicts a more inflationary future and shares insights on how to navigate these challenging times.

CHAPTERS:

00:00 Fed/Small Rate Cuts

4:21 Gold Price

 6:39 U.S. Dollar

9:35 Gold Analysis

 11:12 Silver Market

12:24 Wall Street's Interest in Gold

13:57 Carry Trade Impact

 18:14 AI Bubble Burst

19:56 Financial System Breakdown

23:34 How to Better Prepare

25:00 CBDCs (Central Bank Digital Currencies)

26:30 U.S. Economy Outlook

28:41 Banking Sector Overview

31:22 U.S. Deficit Concerns

33:10 Lessons from Argentina

https://www.youtube.com/watch?v=h5ZNZjG0pJY

BREAKING: A Key Actor in Central Asia Applies to Join BRICS Following Meeting with Russia

Lena Petrova: 8-21-2024

https://www.youtube.com/watch?v=t0lGkBjfHP8

‘Reset Of A Lifetime’; Markets Signal 'Global Deflationary Recession' | Mike McGlone

David Lin:  8-20-2024

0:00 - Intro

1:12 - Bitcoin leading markets

5:38 - Bitcoin vs. stocks

10:45 - 5% unemployment forecast

15:50 – Deflation

 18:30 - Gold vs. stocks

24:45 - CPI vs. PPI

30:11 - Bond market outlook

33:30 - Reset of a lifetime

https://www.youtube.com/watch?v=5hleEr9oKA4

Seeds of Wisdom RV and Economic Updates Wednesday Morning 8-21-24

Good Morning Dinar Recaps,

IOTA Foundation Develops 3 Innovative Solutions for EU_EBSI Funded by European Commission

▪️The IOTA Foundation has introduced three groundbreaking products in collaboration with the European Commission to enhance transparency across various sectors by utilizing blockchain technology.

▪️The new tools include a Digital Product Passport for electronics, a Digital Product Passport for plastics, and an Intellectual Property Rights (IPR) management solution.

In the latest development, the IOTA Foundation recently developed three revolutionary products, which they launched in association with the European Commission. With these products, IOTA focuses on raising levels of transparency in numerous industries and sectors.

Moreover, these innovations come within the framework of the European Blockchain Pre-Commercial Procurement (PCP). For context, PCP focuses on developing enhanced solutions for blockchain. Let’s take a look at all three products from IOTA.

1. Digital Product Passport For Electronics (H2)

The DPP for electronics manages the lifecycle of electronic goods. The IOTA Foundation built it in collaboration with the Technical University of Catalonia and eReuse. This tool uses blockchain to ensure that all electronics right from manufacturing to its disassembling and recycling are well recorded.

The DPP addresses key stages in an electronic device’s lifecycle: procurement of the raw materials, manufacturing, utilization, and disposal of the product. Also, there is a record of each level of the process, which guarantees proper documentation of all information about the device regarding its chemical content, breakdowns, and recycling procedures.

Furthermore, effective record-keeping also boosts the area of accountability. The DPP prototype uses IOTA Smart Contracts in order to record key information and to easily track and validate the history of electronic products throughout the chain, per the CNF report.

2. Digital Product Passport For Plastics (H2)

To tackle the ecological concern of plastic waste, the IOTA Foundation has developed a DPP prototype designed specifically for agroplastic products like agricultural mulch films. For this initiative, IOTA has partnered with Digimarc and Agro2Circula, and together, they will work on tracing the journey of plastics right from use to reuse, recycling, and reuse as products, reported Crypto News Flash.

However, this operation is rather complex and implies the involvement of many parties, and its specifics depend on national legislation. Nonetheless, the solution gives a comprehensive account of the lifecycle of plastic. It also includes the journey in which the waste is disposed of through recycling and upcycling techniques.

This prototype by the IOTA Foundation provides proof of work in tracking the disposed plastic in a transparent and verifiable manner. As such, it assists in minimizing the effects of plastic waste on the environment.

3. Intellectual Property Rights (IPR) Management Solution (H2)

The third innovation is an identification model created to provide more efficient guidance on Intellectual Property Rights related to the media. IOTA was developed keeping in mind the complexity of the process of licensing music used in films. Thus, this tool uses distributed ledger technology and smart contracts for rights management and royalty payments.

The IPR Marketplace system relies on IOTA Smart Contracts that turn conventional negotiations and paperwork into digital contracts that self-execute and self-enforce. Furthermore, it ensures that rights holders can protect and claim their compensation in an orderly manner, reported CNF.

The system also supports Non-Fungible Tokens (NFTs), designed to ensure timely payment for everyone, from the performer to songwriters and record companies. These NFTs also enhance traceability and reduce disputes.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

isaac

Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!
August 21, 2024 12:00 Central Noon, 1 pm ET
Listen Here - Podcast Room https://t.me/+VAm-AlWWqWPzyK8G
Replays - YouTube Currency Facts - YouTube

 Directly from Isaac when ask for a bio

“But understand I do not have contacts. Isaac
"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

See photos of Isaacs bonds here:

https://telegra.ph/Isaacs-Facts-and-Truth-08-03

@ Newshounds News™

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble
Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Iraq News Highlights and Points To Ponder Wednesday AM 8-21-24

Within 14 days, about 3 million foreign visitors entered Iraq

Local | 08/21/2024   Mawazine News - Baghdad   The Border Ports Authority announced today, Wednesday, the entry of about 3 million foreign visitors within 14 days.

The spokesman for the Border Ports Authority, Alaa Al-Din Al-Qaisi, said in a statement to the official agency, which was followed by / Mawazine News /: "The border ports recorded the entry of 2,937,112 foreign visitors to the country from August 6 to the 20th of the same month, while 1,328,484 of them left."

He added that "the nationalities of these visitors are from Iran, Afghanistan, Pakistan, and Azerbaijan, in addition to different nationalities," noting that "the number of visitors is increasing."

He continued, "There is great cooperation between the border ports and the departments supporting their work, and there is integrated work between the Ports Authority and the Ministries of Health, Transport, Interior, and the rest of the ministries concerned with the Arbaeen visit in order to organize visitors to the holy Karbala."   https://www.mawazin.net/Details.aspx?jimare=253680

Learn About The Mechanism For Depositing Dinars And Receiving Dollars For Travelers From The Airport

Economy  2024-08-20 | 1,717 views  Alsumaria News - Local

The Central Bank of Iraq published the mechanism for depositing the dinar and receiving the dollar for travelers from the airport.

The Central Bank stated in a statement received by Sumarya News, "The process of depositing the dinar and receiving the dollar for travelers from the airport has become easier and safer, in a very smooth electronic manner and without routine complications."  LINK

Here Are The Dollar Prices In The Iraqi Stock Exchanges

2024-08-21 | 2,222 views   Alsumaria News – Economy   Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Wednesday, August 21, 2024.

The dollar prices recorded a slight increase with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,300 dinars for every 100 dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, the selling price reached 150,250 dinars, while the purchase price reached 148,250 dinars for every 100 dollars.

On February 7, 2022, the Council of Ministers announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.

For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets.  LINK

Spending More Than 10 Trillion Dinars Annually To Operate Electricity

2024-08-21 | Energy file.. Iraq spends more than 10 trillion dinars annually on fuel to operate power plants   Day after day, the crisis of providing electricity in the country is getting worse despite spending billions on it, at a time when countries are competing to shift towards renewable energy, which is considered safer and better for the environment.

So what did the economic expert, Duraid Al-Anzi, say about this problem in Iraq? Full details in this report with Hussein Adnan   LINK

Iraqi Ports Reveals The Completion Rates Of The Entrances To The Submerged Tunnel, One Of The Projects Of The Grand Faw Port

Local |  08/21/2024  Mawazine News - Baghdad   The Director General of the General Company for Iraqi Ports, Farhan Al-Fartousi, announced today, Wednesday, the achievement of advanced rates of completion in the entrances to the submerged tunnel, one of the projects of the Grand Faw Port, from both sides (Umm Qasr and Al-Faw).

The Director General of the company said in a statement received by / Mawazine News / that "the ongoing work at the entrances to the submerged tunnel project, one of the projects of the Grand Faw Port, has witnessed advanced achievements, whether in the entrances to the submerged tunnel or in furnishing the submerged parts under sea water."

He explained that "the submerged tunnel consists of two main entrances, one towards the city of Umm Qasr and the other towards the city of Al-Faw, and each of these two entrances consists of (28) pieces that form the approaches to the tunnel."

He continued, "The approaches towards the city of Umm Qasr witnessed the completion of the burial work of (9) pieces completely underground, while the completion rate in the (19) open pieces reached (85%)."

He added, "As for the entrance to the city of Faw, its approaches also consist of (28) pieces, of which (9) pieces are buried underground with a completion rate of (90%), and the (19) open pieces have exceeded (50%) completion."

He pointed out that "according to these figures, it can be said that the completion rate in the approaches to the entrance to the city of Umm Qasr has reached (90%), while the completion rate in the approaches to the entrance to the city of Faw has exceeded (60%)."

He pointed out that "the pieces submerged under sea water in the submerged tunnel project, amounting to (10) pieces, are currently undergoing coating work with insulating and seawater-resistant materials, in addition to implementing most of the finishing works in them." The

submerged tunnel project is one of the five major projects of the Faw Port, and it represents the main nerve linking the Grand Faw Port and the Iraqi Development Road. Due to its strategic importance, exceptional efforts are continuing to complete it to be the first project of its kind in the Middle East, and the second tunnel in the Asian continent after the (Busan) tunnel in South Korea. https://www.mawazin.net/Details.aspx?jimare=253682

“Tidbits From TNT” Wednesday Morning 8-21-2024

TNT:

Tishwash:  Al-Nujaba: The truce is over and the option of striking American bases in Iraq is now available

The Al-Nujaba Movement - one of the Iraqi factions involved in the so-called "Islamic Resistance in Iraq" - considered on Tuesday that the truce that was aimed at giving the government time to negotiate the withdrawal of US forces from the country has ended, and the options of targeting military bases have become available.

“The resistance factions in Iraq have ended this truce, and therefore all options are available to the resistance forces to target all American bases inside Iraq,” Haider al-Lami, a member of the political council of the al-Nujaba movement, told The National.

Al-Lami considered that there was "procrastination and delay" by America regarding the withdrawal of its forces during the talks with the Iraqi government.

"There will be a response in the coming days that may target more than one place, not necessarily in Iraq, Syria and Israel," added Al-Lami, who warned after the Babylon strike that such a move was under consideration.

He said that some forces will remain in the Kurdistan Region until September 2026 to supervise counter-terrorism operations in Syria. The situation there is different from Iraq, as ISIS is stronger in Syria and has strongholds.  link

Reuters: BP's deal with Iraq will be based on profit-sharing model

 An agreement with BP to develop oil and gas fields in Kirkuk will be based on a profit-sharing model, and a final deal is expected by the end of this year, two oil ministry officials told Reuters.

Iraq and BP signed a preliminary agreement this month to develop four oil and gas fields in the Kirkuk region of northern Iraq, an area where BP estimates about nine billion barrels of oil could be extracted.

The two officials said the ministry and BP, which is returning to the region after an absence of about five years, are expected to sign an agreement, the terms of which will not be disclosed, this week under which Iraq will hand over a data package for the four Kirkuk fields and their facilities.

The two officials spoke on condition of anonymity because they were not authorized to speak to the press.

BP has not yet responded to a request for comment.

BP withdrew from the area in late 2019 after a service contract signed in 2013 expired without reaching an agreement to expand the field.  link

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

Tishwash:  An economist places “extortion, bribery and smuggling” as the first causes of the fluctuation of the dollar exchange rate

Today, Tuesday, economic affairs researcher Diaa Al-Mohsen listed the extortion, bribery and smuggling operations carried out by dollar dealers who cannot disclose the sources of their money as the first reasons for the fluctuation of the dollar exchange rate in local markets.

Al-Mohsen explained, “The old authority is still floundering in dealing with the issue of the dollar exchange rate, as all the measures it has taken since it took over the management of the Central Bank hardly touch the real problem that led to these rises , which in one way or another led to a major impact on the economic situation of the Iraqi family.” Noting that, “The Iraqi market depends entirely on securing its needs through imports, which eat up all the revenues obtained from Iraqi oil sales .”

In an interview with (Al-Mada), Al-Mohsen indicated, “There are many reasons for the fluctuation of exchange rates other than the above. Many dealers do not enter dollars for reasons related to the nature of the money they obtain (the national currency). There are those who obtain the Iraqi dinar through bribery, and others who obtain They are subjected to it through blackmail, some of whom trade in drugs and human organs, and many others who cannot disclose the sources of their money nor the ultimate beneficiary of the Sending process abroad, which exposes them to many legal problems and may expose them to penalties according to Iraqi law.” Pointing out, “These people are forced to go to the black market to request the dollar, and thus the exchange rate of the dollar against the Iraqi dinar rises to increase the demand for the dollar. We should also not forget that there are those who smuggle the dollar by tampering with documents for importing goods, and this manipulation occurs at the border crossings, and as a result In the end, the country is the biggest loser, followed by the simple citizen . ”

Regarding the dominance of the dollar, the researcher in economic affairs continued, “There does not seem to be a glimmer of hope on the horizon to get rid of the dominance of the US dollar as long as the bank’s management insists on keeping the Iraqi economy revolving around the US dollar. If there was a real administration working for the benefit of the national economy, it would do everything in its power to do so.” A way to diversify the sources of currencies you deal with, which is what the current administration does not want . “

He continued his speech, "I think that the government should seriously think about revitalizing the economic sectors, especially with the Central Bank of Iraq talking about reserves exceeding 115 billion dollars. It is possible to simplify the procedures for granting loans to project owners who have feasibility studies on the projects that they want to implement and that are in the interest of The Iraqi economy, and grant them soft loans in exchange for the project's guarantee, to reduce the gap between market requirements and imports, and fill this gap by increasing local production to cover the need of the local market and by relying on modern technology with regard to industries, and by relying on modern agricultural techniques with regard to agriculture.” Stressing, “Only here we will have put the Iraqi economy on the right path, and anything other than what we said will be nothing more than plowing into the sea .”

The exchange rate of the dollar in the parallel markets in Iraq has risen again, as the price of the dollar recorded an increase with the closure of the Al-Kifah and Al-Harithiya stock exchanges, reaching 149,300 dinars against 100 dollars, while last Saturday It recorded a decrease with the closure of the Al-Kifah and Al-Harithiya stock exchanges, reaching 149,550 Iraqi dinars against 100 dollars.  link

Mot: . Yeppers!! --- yeee ole Net Helps Again!!!! 

Mot:  .... How they Make it Work! – LOL

Seeds of Wisdom RV and Economic Updates Tuesday Evening 8-20-24

Good Evening Dinar Recaps,

Ripple Important Level of Contact with IMF Revealed in Fresh Palau Report

A recently released report on Palau’s National Government Payment Service has revealed a significant level of contact between Ripple and the International Monetary Fund (IMF).

Prominent XRP community member WrathofKahneman (WoK) unearthed this observation and highlighted it in a recent post on X.

Notably, the report from Palau highlighted the successful completion of Phase 2a of the country’s digital payment initiative. For context, this initiative focuses on developing a stablecoin service, “PSC.” Palau is carrying out this project in collaboration with Ripple, utilizing the XRP Ledger (XRPL).

This recently completed phase analyzed stakeholder requirements in six key socioeconomic areas to develop a framework for a convenient and accessible national payment ecosystem, especially for the unbanked and underbanked.

Additionally, the Palau digital payment system seeks to emulate the services of PayPal and Alipay in ways that precisely fit the context of Palau’s needs. 

Its goals are reducing cash reliance, lowering fuel consumption and travel time, and offering lower fees. The report also reviews the pilot program, incorporating feedback and recommendations for a phased nationwide rollout.

Ripple’s Important Level of Contact with IMF

What stands out in this latest report is the inclusion of the IMF Technical Assistance Team among the stakeholders consulted for the project. According to WrathofKahneman, this points to an important level of technical engagement between Ripple and the IMF.

WoK emphasized the significance of this connection, noting that while the XRP community has long been aware of Ripple’s discussions with the IMF, this report serves as tangible evidence of their collaboration on a practical level.

Furthermore, WoK strengthens his argument by pointing out that the IMF’s recommendations align closely with the objectives of Palau’s National Payment System, which Ripple is helping to develop.

The IMF’s focus on enhancing financial resilience, improving payment systems, and carefully approaching fintech innovations mirrors the goals of the Ripple-Palau collaboration.

WoK believes this alignment suggests that Ripple’s involvement is not just incidental but deeply integrated with IMF-led financial strategies in the region, reinforcing the idea of meaningful contact between Ripple and the IMF.

Essentially, this revelation reinforces the idea that Ripple is not just working in isolation but is actively engaging with major global financial institutions like the IMF. 

Such collaborations could pave the way for Ripple to play a more central role in future financial systems, particularly in regions where digital innovation and financial modernization are priorities.

@ Newshounds News™

Source:  The Crypto Basic

~~~~~~~~~

RFK Jr.'s campaign may drop out to support Trump, says running mate Nicole Shanahan

Both candidates have adopted a pro-crypto position; their collaboration could create a powerful narrative in the 2024 election.

Key Takeaways

▪️ Kennedy's campaign is evaluating a potential endorsement of Trump to avoid splitting votes.
▪️ Trump has become a pro-crypto candidate, promising to support the industry.

Pro-crypto presidential candidate Robert F. Kennedy Jr.’s campaign is mulling quitting the election bid and joining forces with Donald Trump, said Nicole Shanahan, Kennedy’s running mate, on Tom Bilyeu’s Impact Theory podcast. Shanahan’s statements were first shared by Collin Rugg, Trending Politics’ co-owner.

Dropping out of the election race is just one of two possible outcomes. Shanahan said Kennedy’s campaign is also considering continuing their third-party bid, but it comes at the risk of splitting votes with Trump, which could benefit Kamala Harris’ campaign.

“There are two options that we’re currently looking at and one is staying in and forming that new party, but we run the risk of a Kamala Harris and Waltz presidency because we draw votes from Trump,” Shanahan stated.

“Or we walk away right now and join forces with Donald Trump,” she noted, adding that it would not be an easy decision and they would need to justify it to their supporters.

According to Politico, Kennedy’s campaign is struggling financially, with $3.9 million in cash and $3.5 million in debt as of July 2024. Despite efforts to boost fundraising, the campaign’s expenditures have consistently outstripped its income.

If Kennedy’s campaign team chooses to collaborate with Trump’s team, that could create a powerful narrative in the 2024 election as both two figures have adopted a pro-crypto stance.

Trump has positioned himself as a pro-crypto candidate, pledging to retain all Bitcoin held by the US government and to ease regulatory pressures on the crypto industry.

Harris’ position on crypto is unclear, though reports indicate that her campaign team has been working to reconnect with the industry in recent weeks.

Despite crypto’s growing popularity, its potential impact on voting behavior remains uncertain. Voters often make decisions heavily influenced by key issues like economic conditions.

Harris has recently faced criticism for her new economic proposals, with figures like former Obama economist Jason Furman questioning the practicality and sensibility of her plans.

Following her speech on these proposals, Harris’ odds of winning the election dropped to 49% on the decentralized prediction marketplace Polymarket, while Trump’s odds saw a corresponding surge to 49%.

@ Newshounds News™

Source:  Crypto Briefing

~~~~~~~~~

Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!

August 21, 2024 12:00 Central Noon, 1 pm ET

Listen Here - Podcast Room https://t.me/+VAm-AlWWqWPzyK8G

Replays - YouTube Currency Facts - YouTube

Directly from Isaac when ask for a bio

“But understand I do not have contacts. Isaac

"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

See photos of Isaacs bonds here:

https://telegra.ph/Isaacs-Facts-and-Truth-08-03

@ Newshounds News™

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble
Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Iraq Economic News and Points To Ponder Tuesday Evening 8-20-24

MP Mustafa Sand: The Government Failed To Control The Dollar File

Buratha News Agency 2024-08-20  Member of the Parliamentary Finance Committee, Mustafa Sand, considered that the government and the Central Bank failed to control the exchange rate of the dollar against the Iraqi dinar.

Sand said in a press statement that "the government did not succeed in controlling the dollar exchange rate due to the policies of the US Federal Reserve, noting that the Iraqi side's discussions with the American side did not achieve any positive results except for a protocol meeting with Biden that did not exceed 20 minutes only."  He pointed out that "there is American guardianship to bring in the Jordan National Bank and its acquisition of hard currency."

https://burathanews.com/arabic/economic/449933

Foreign Remittance Sales At The Central Bank Of Iraq Auction Increased By Nearly 100%

Time: 2024/08/20 Reading: 741 times  {Economic: Al Furat News} Foreign remittance sales rose in the Central Bank auction on Tuesday by 99% over cash sales, reaching more than $264 million.

The bank sold in its auction today 268 million, 304 thousand and 25 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $264,954,025, up 99% from cash sales of $3,350,000.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 15 banks, and the total number of exchange companies participating in the auction was 6 companies.   LINK

Government Advisor: Al-Alaq's Upcoming Visit To New York Will Support The Protection And Stability Of The Banking System

Economy  |08/19/2024   Government Advisor: Al-Alaq's upcoming visit to New York will support the protection and stability of the banking system    https://www.mawazin.net/Details.aspx?jimare=253602

Reuters: BP's Deal With Iraq Will Be Based On Profit-Sharing Model

Energy   Economy News – Baghdad   An agreement with BP to develop oil and gas fields in Kirkuk will be based on a profit-sharing model, and a final deal is expected by the end of this year, two oil ministry officials told Reuters.

Iraq and BP signed a preliminary agreement this month to develop four oil and gas fields in the Kirkuk region of northern Iraq, an area where BP estimates about nine billion barrels of oil could be extracted.

The two officials said the ministry and BP, which is returning to the region after an absence of about five years, are expected to sign an agreement, the terms of which will not be disclosed, this week under which Iraq will hand over a data package for the four Kirkuk fields and their facilities.

The two officials spoke on condition of anonymity because they were not authorized to speak to the press.   BP has not yet responded to a request for comment.

BP withdrew from the area in late 2019 after a service contract signed in 2013 expired without reaching an agreement to expand the field.  08/20/2024 https://economy-news.net/content.php?id=46541

Oil Falls To $77.54 Per Barrel

economy | 07:32 - 08/20/2024  Mawazine News – Baghdad  Oil prices fell on Tuesday (August 20, 2024) after Israel accepted a proposal to narrow differences holding up a Gaza ceasefire, helping ease concerns about supply disruptions in the Middle East.

Brent crude futures fell 12 cents, or $2.02, or 0.15 percent, to $77.54.

U.S. West Texas Intermediate (WTI) crude futures for the front month, which expire on Tuesday, were at $74.23 a barrel, down 14 cents, or 0.2 percent.

The more actively traded second-month contract was down 15 cents, or 0.2 percent, at $73.52.

Brent fell about 2.5 percent on Monday, while WTI fell 3 percent.

U.S. Secretary of State Antony Blinken said on Tuesday that Israeli Prime Minister Benjamin Netanyahu had accepted a “rough proposal” from Washington to address differences holding up a Gaza ceasefire, and urged Hamas to accept it as well.

But there is little sign of the war abating or of fears of its spread easing, with Hamas announcing a resumption of suicide bombings inside Israel after many years, claiming responsibility for an explosion in Tel Aviv on Sunday night, and medics saying Israeli military strikes killed at least 30 Palestinians in the Gaza Strip on Monday.

Supply concerns have also been eased by a rise in output from Libya’s Sharara oilfield to around 85,000 barrels per day (bpd) in a move to supply the Zawiya oil refinery, two engineers working at the field told Reuters on Monday.

Libya’s National Oil Corporation declared force majeure on oil exports from the field on August 7 after a blockade by protesters slashed output from the field, which normally stands at 300,000 bpd.

On the demand side, concerns about China’s economic troubles have also weighed on oil prices. After a bleak second quarter, the world’s second-largest economy lost further momentum in July as new home prices fell at the fastest pace in nine years, industrial output slowed, export and investment growth declined and unemployment rose.

Meanwhile, investors are also awaiting a signal on the Federal Reserve’s plans for its next interest rate decision.

The bank will cut rates by 25 basis points at each of its three remaining meetings in 2024, a bigger cut than expected last month. Fed

Chairman Jerome Powell will speak at Jackson Hole on Friday and investors assume he will make a case for a rate cut.

Lower interest rates lower borrowing costs and could boost oil demand in the world’s biggest oil consumer.   https://www.mawazin.net/Details.aspx?jimare=253604

Start Of The Trial Operation Of The Investment Iron And Steel Plant In Basra With A Capacity Of 350 Thousand Tons Annually

Tuesday 20 August 2024 | Economic Number of readings: 117    Basra / NINA / The Chairman of the Basra Investment Commission, Eng. Alaa Abdul Hussein Salman, announced the start of the experimental operation of a new investment iron and steel factory with a production capacity of 350 thousand tons annually, which will contribute to meeting the needs of the governorate and neighboring governorates for iron.

He said in a statement, "The cost of establishing the project in its first phase amounted to $ 54 million on an area of ​​160 acres. The equipment was imported from Italy and America to include six furnaces and a rolling unit.

He pointed out that the Ukrainian-Russian crisis has greatly affected the import of iron to Iraq, highlighting the importance of the project in reducing dependence on imports.

In turn, Engineer Yasser Al-Abdeli, Director of the Factory, explained that the construction of the project began in 2021, with the attraction of companies with a global reputation in the iron and steel industry, adding that the factory will produce reinforcing steel in sizes ranging from 10 mm to 32 mm, with plans to add new production lines for screws and nails in the future.

Basra Governorate has recently witnessed the opening of a group of factories that are expected to contribute to achieving economic stability, providing new job opportunities and supporting economic development in the region.  https://ninanews.com/Website/News/Details?key=1148803

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Economist’s “News and Views” Tuesday 8-20-2024

IOU YOU: "Value in Gold, Fraud in Fiat" | Mike Maloney LIVE | Rebel Capitalist Part 2

In this eye-opening video, Mike Maloney delves into the dark truths of the global monetary system under fiat currency.

 Discover how the current system is built on IOUs that sell off your future labor, creating a cycle of debt and economic enslavement.

Learn the stark differences between real money under the gold standard and the modern-day fiat currency that is created out of thin air.

We uncover the fraud behind bank credit creation and how this system devalues your hard-earned money, robbing you and future generations of wealth and freedom.

If you're ready to challenge everything you thought you knew about money, this is a must-watch!

Part 1:  https://www.youtube.com/watch?v=vPsmkMmraAs&t=136s

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

Global Crash Ahead?| China & the US Establish Joint Anti-Financial Crisis Group in a Surprise Move

Lena Petrova:  6-20-2024

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

Something BIG IS ABOUT TO HAPPEN... AND ITS EFFECT IS GOING TO BE EXTREME.

Greg Mannarino:  8-20-2024

https://www.youtube.com/watch?v=4Pw2ailQE5A

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 8-20-24

Good Afternoon Dinar Recaps,

Bank of England to develop analytics data platform for ISO 20022

The Bank of England is working with the BIS Innovation Hub London centre on a project that will explore how technology can enhance the analytical use of ISO 20022 data to shed light on economic conditions, system liquidity and compliance.

The increased use of ISO 20022 standards for payment messages in Real Time Gross Settlement (RTGS) systems means many central banks will adopt the protocol in the coming years. The UK's high value payments system Chaps completed the cutover to the new data standard in June last year.

Project Keystone aims to develop a standardised data analytics platform focused on ISO 20022 data. As part of the project, two modules will be developed.

The first will address the complexities of handling the ISO 20022 data structure and the associated data storage requirements, and the second will provide analysis based on the data.

Keystone is intended to become an off-the-shelf component that payment system operators can integrate into their own systems.

The Bank of England believes that Keystone's support of analytics capabilities could enable payment system operators to utilize the enriched data contained within the ISO 20022 message scheme for greater understanding of economic conditions, system liquidity, and compliance with ISO 20022 standards.

In addition, as Keystone will create a standardised data platform, future users will be able to create and share additional analytics capabilities within the central banking community.

@ Newshounds News™

Source:  FinExtra

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Nigerian tax authority to introduce crypto regulation bill in September: report

The Federal Inland Revenue Service, Nigeria’s tax authority, plans to introduce a bill to regulate the cryptocurrency sector by the end of 2024.

Speaking at a recent stakeholder engagement session with the National Assembly’s Finance Committees, FIRS Executive Chairman Zacch Adedeji said the country is set to propose a bill that would introduce laws to regulate the crypto sector, mitigate the risks involved, and benefit the nation’s economy, according to a Vanguard report.

Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service:

“Today, we cannot run away from cryptocurrency. But as we are here today, there is no law anywhere in Nigeria that regulates cryptocurrency. But it is the new thing that is happening, and we cannot run away from them.”

The new regulation is part of a broader effort to modernize existing laws in the taxation system to keep up with Nigeria‘s evolving economic landscape. Adedeji urged the FIRS’s collaboration with lawmakers to implement the bill, with the first iteration expected to be introduced in September.

@ Newshounds News™

Source:  Crypto News

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“Tidbits From TNT” Tuesday 8-20-2024

TNT:

Tishwash:  This is NOT the WTO   

Trade discusses the mechanism for Iraq's accession to the World Trade Points Federation

 The Private Sector Development Department discussed with the Departments of Foreign Economic Relations and Administrative and Financial Affairs at the Ministry of Trade, the mechanism for Iraq's accession to the Federal Union of World Trade Points, the legal procedures for joining, and the benefits that the Iraqi sectors will obtain.

The Director General of the Department, Ibtihal Hashem, stated in a statement: "The meeting discussed an explanation of the union as an international non-profit organization, which was established under Swiss laws in 2000 and is concerned with managing and developing international trade points in order to activate electronic commerce, in addition to its capabilities to provide small and medium-sized companies with commercial information for member states located in developing and least developed countries."

The meeting also discussed the issue of transforming the electronic trade systems currently operating within the international arena in order to raise the export level of the Iraqi private sector and introduce the outside world to the comparative advantage of Iraqi industries.

The union includes more than 74 countries in its membership, including 6 Arab countries.link 

Tishwash:  Government Advisor: Al-Alaq's upcoming visit to New York will support the protection and stability of the banking system

 The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh, confirmed on Saturday that the upcoming visit of the Governor of the Central Bank, Ali Al-Alaq, to ​​New York will support the protection and stability of the banking system, while he pointed out that the file of the sanctioned banks requires negotiation due to the possibility of an error or exaggeration in issuing the decision to sanction them.

Saleh said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Central Bank is a strategic institution that works to support the value of the dinar and its stability, and to build balances in the Iraqi balance of payments, regularity of payments, and international reserves that support Iraq's foreign trade."

He added, "Due to the rentier nature of the economy, the Central Bank and its reserves have become the feeder and financier of foreign trade for the private sector."

He pointed out that "Iraqi oil sales are in dollars, and are deposited with the US Federal Reserve through an open account in the name of the Central Bank, which is managed by the bank on behalf of the Iraqi government."

He continued, "The upcoming visit of the Governor of the Central Bank, Ali Al-Alaq, to ​​New York City in the United States of America comes to protect the Iraqi banking system and support its stability."

He explained that "the Central Bank, by virtue of its work and responsibility to maintain the financial system of Iraq, must negotiate with the American side regarding the file of the sanctioned banks to alleviate the severity of the deprivation on the banks, as there may be an error or exaggeration that was previously decided to be sanctioned by the American side," stressing that "there is insistence and communication from the Central Bank of Iraq in a good and positive way to protect the Iraqi banking system."

Earlier, the Governor of the Central Bank, Ali Al-Alaq, confirmed in an interview with the Iraqi News Agency (INA), that "there will be meetings held with the Federal Bank and the US Treasury Department at the end of this August to review aspects related to external transfer operations and discuss sanctions on some banks."  link

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Tishwash:  Economist identifies weaknesses in banking system: 80% of money supply in citizens’ homes – Urgent

Financial and economic affairs expert Alaa Jaloub Al-Fahd revealed today, Sunday (August 18, 2024), a weakness in the Iraqi banking system, while confirming the presence of 80% of the cash mass in citizens’ homes.

Al-Fahd told Baghdad Today, "The amount of cash liquidity pumped into the local market is estimated at the size of annual government spending, and this includes salaries, wages, and others. It constitutes a large percentage and is considered the citizen's purchasing power."

He added that "the rise in income levels after 2003, due to the increase in salaries, led to an increase in purchasing power, and this led to an increase in the level of demand for real estate and other things," indicating that "the rise in real estate prices has nothing to do with the issue of the increase in the citizen's cash liquidity or not, because this increase is dependent on the issue of supply and demand."

Al-Fahd explained that "any increase or decrease in the volume of liquidity is estimated by the size of real spending and the size of savings, considering that the citizen's income is divided between consumption and savings, and the higher the savings rate, the more it is supposed to be exploited economically through investment."

He pointed out that "there is a weakness in the banking system's ability to absorb all the cash available to citizens, as most of this cash is inside homes, far from banks," noting that "the amount of cash available to citizens in homes is estimated at more than 80% of the issued cash mass, and this constitutes a weakness in the banking system, in withdrawing that mass and investing it."

It is noteworthy that financial expert Saleh Al-Masrafi confirmed on Tuesday (August 6, 2024) that Iraq is among the highest countries in the Middle East in the file of hoarding money, while he diagnosed a grave error in the Iraqi banking system .

The banker said in an interview with Baghdad Today, "The accumulations that have continued for many years have pushed citizens to lose confidence in banks and resort to hoarding money in their homes," indicating that "its percentage reaches 70% of financial liquidity, and these are large numbers that indicate that we are among the highest countries in the Middle East in hoarding money ."

He added that "hoarding money in the financial concept is a grave mistake that will confuse the financial process and reduce the government's ability to provide liquidity to pay salaries," explaining that "resorting to electronic payment is a step in the right direction, but the most important thing is withdrawing liquidity, and there are several ways ."

The banker pointed out that "the recent issuance of treasury bonds is a correct decision, but the media propaganda to create a culture of safe investment in the street is very weak, and this is what creates low rates of dealing with them, even though the interest rates are attractive ."

He stressed the "necessity of seeking to expand the circle of withdrawing liquidity from homes and creating a movement of money that contributes to increasing the recovery of investment and granting government loans, especially with the presence of requests that exceed by 5 times the amount of money allocated for loans in any sector, especially housing."   link

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Tishwash:  It can revive the Iraqi budget.. $14 billion in “losses” due to the halt of Kurdistan’s oil exports

 Oil consultant and expert, Govind Shirwani, revealed today, Monday (August 19, 2024), that the losses from stopping the export of oil from the Kurdistan Region exceeded $14 billion after a year and a half of cessation.

In an interview with Baghdad Today, Sherwani said, “The losses of not exporting the Kurdistan Region’s oil through the Turkish port of Ceyhan exceeded 14 billion dollars, and this is a very large number, and it could have revived the Iraqi budget, which suffers from a lack of liquidity.”

He added, "There are meetings between the Iraqi Ministry of Oil, the Ministry of Natural Resources in the region, and some representatives of foreign companies, but so far there have been no positive indications indicating the resumption of oil exports, but the participation of the three parties in itself is good progress."

Turkey had earlier halted Iraq's exports of 450,000 barrels per day via the oil pipeline that runs from the Kurdistan Region in northern Iraq to the Turkish port of Ceyhan on March 25, 2023.

Turkey's decision to suspend exports came after an arbitration ruling by the International Chamber of Commerce ordered Turkey to pay Baghdad $1.5 billion in compensation for damages caused by the Kurdistan Regional Government exporting oil without permission from the government in Baghdad between 2014 and 2018.

Attempts to restart the pipeline have been delayed by Turkey's presidential election last month and discussions between the Iraqi government's state oil marketing company SOMO and the Kurdistan Regional Government over an export deal that has now been reached.

Among the issues to be resolved is whether Turkey will seek to negotiate the size of the compensation ordered by the International Chamber of Commerce, sources told Reuters earlier.

It also wants outstanding issues in other open arbitration cases to be permanently resolved before it agrees to resume flows, the sources said.

The Kurdistan region is suffering from a cash shortage due to the pipeline shutdown, and Iraqi politicians and Kurdish lawmakers said the region had no choice but to approve the budget, from which it would receive 12.67 percent of the total 198.9 trillion dinars ($153 billion).

The loss in revenue for the Kurdistan Regional Government due to the 80-day oil shutdown amounts to more than $2 billion, according to Reuters calculations based on exports of 375,000 barrels per day, in addition to the historical discount the KRG offers relative to the price of Brent crude.

The pipeline also exported about 75,000 barrels per day of federal crude   link

Mot:  As the UnHappy Parents Drop off da Kids fer School!!!

Mot:  .. ole Julie is getting Finicky as She Seasons!!

Seeds of Wisdom RV and Economic Updates Tuesday Morning 8-20-24

Good Morning Dinar Recaps,

US federal agencies are planning to redefine 'money' to include crypto in reporting rules

Federal regulators aim to treat crypto and traditional currency equally for financial institution reporting.

Key Takeaways

▪️US agencies aim to treat cryptocurrencies as traditional money for reporting purposes.
▪️Final rulemaking on crypto as money expected by September 2025.

Several top US federal agencies are collaborating to revise the definition of “money” to strengthen reporting requirements for financial institutions handling domestic and cross-border cryptocurrency transactions.

The US Department of the Treasury’s semiannual regulatory agenda, released on August 16, reveals an upcoming federal effort to level the regulatory playing field for cryptocurrencies and traditional fiat currency.

The Board of Governors of the Federal Reserve System and the Financial Crimes Enforcement Network intend to revise the meaning of “money” used in the Bank Secrecy Act.

According to the agenda, the agencies aim to ensure that the rules apply to transactions involving convertible virtual currency, defined as a medium of exchange that either has an equivalent value as currency or acts as a substitute for currency, but lacks legal tender status.

 The proposal will also extend reporting requirements to digital assets with legal tender status, including central bank digital currencies.

The final notice of proposed rulemaking is currently scheduled for September 2025, subject to clearance. This move comes as the US government recently shifted approximately 10,000 Bitcoin linked to a dated Silk Road raid on August 14.

In addition to crypto, the Department of Justice is actively amending regulations and legal mandates for artificial intelligence.

 On August 7, the DOJ asked the United States Sentencing Commission to update its guidelines to provide additional penalties for crimes committed with the aid of AI. 

These recommendations seek to expand beyond established guidelines and apply to any crime aided or abetted by simple algorithms.

In June, the US Supreme Court overturned the Chevron doctrine, significantly affecting the SEC’s regulatory authority over crypto policies.

In May, the US Treasury and IRS introduced new tax regulations for crypto brokers, requiring transaction reporting and record-keeping of token costs starting in 2026.

Earlier this month, Senators Wyden and Lummis criticized the DOJ’s treatment of crypto software services as equivalent to unlicensed money-transmitting businesses, highlighting potential conflicts with the First Amendment.

This regulatory push reflects the growing recognition of crypto and digital assets as significant components of the financial system. By aligning reporting requirements for crypto with those of traditional currency, regulators aim to enhance transparency and combat potential illicit activities in the crypto space.

@ Newshounds News™

Source: CryptoBriefing and Federal Register

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IOTA News: Tangle Treasury Implements New Anti-Fraud Measures to Protect Grant Distribution

▪️ The Tangle Treasury has implemented significant improvements in data and financial security, introducing a new anti-money laundering (AML) and counter-terrorist financing (CTF) policy.

▪️ Nicole O’Brien will lead as the AML/CTF officer for IOTA’s Tangle Treasury, overseeing adherence to best practices, improving internal protocols, and training staff.

The IOTA and Shimmer communities received an important update from the Tangle Treasury regarding the enhanced backend improvements.

 The latest advancements currently focus on boosting data and financial security while refining proposal reviews and grant management processes.

Thus, in an effort to mitigate risks associated with fund allocations, the Tangle Treasury unveiled a new counter-terrorist financing (CTF) and anti-money laundering (AML) policy. 

The broader goal here is to safeguard the Treasury’s primary mission of issuing grants to other promising projects while minimizing the risk of the funds falling into the hands of scammers and other malicious players.

These improved screening features will further enhance the Treasury’s operational efficiency while protecting community investments. As we know, the Tangle Treasury has made significant strides in enhancing internal processes while ensuring community funds’ safety.

With its AML and CTF policy, Tangle DAO has also implemented additional protective measures such as conducting rigorous background checks and enhanced know-your-customer (KYC) procedures for all the proponents as well as grant recipients such as proof-of-address, proof of identity, screening against sanction lists from major countries and blocs, as well as checks for politically exposed persons (PEP).

IOTA Tangle Treasury Appoints Nicole O’Brien

In order to oversee all these processes, IOTA’s Tangle Treasury has appointed Nicole O’Brien as its CTF/AML officer. In her role, O’Brien will ensure adherence to best practices, enhance internal protocols and provide training for staff members.

These advancements, along with improved data security, bookkeeping, and the introduction of standard operating procedures (SOPs) for finance administration and grant management, will help boost the Tangle Treasury’s efficiency and professionalism. 

Further updates, including a call for new proposals, will likely come in the coming weeks.

The IOTA Tangle is an innovative form of Distributed Ledger Technology (DLT) specifically created for Web3 while using a unique structure based on directed acyclic graphs (DAG) instead of the conventional blockchain model, per the CNF report.

Recently, IOTA has put a major focus on enhancing trust and security, especially for its Identity wallets, per the CNF report.

Also, the European Identity Wallet seeks to transform the Identity verification process by allowing users to log into websites without passwords while securely sharing verified information with simplicity.

In collaboration with the European Commission, IOTA has introduced a new prototype solution using distributed ledger technology (DLT) in order to boost the management of the intellectual property rights marketplace while allowing users to utilize automated, transparent digital contracts, eliminating the need for traditional negotiations, reported CNF.

 @ Newshounds News™

Source:  Crypto News Flash

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Cardano Founder Charles Hoskinson Launches $1 Million Bug Bounty Challenge Ahead of the Chang Hard Fork

▪️ Charles Hoskinson, Cardano’s co-founder, has announced a $1 million prize for hackers who successfully breach its newly introduced Lace Paper Wallet.

▪️ At the Rare Evo 2024 event, Hoskinson highlighted the upcoming Chang hard fork and the transition to the Voltaire Era.

Cardano’s (ADA) Charles Hoskinson has announced a $1 million bug bounty challenge to the ADA community pending the implementation of the long-awaited Chang Hard Fork.

Speaking at the recent Rare Evo 2024 event, Hoskinson announced that the newly introduced Lace Paper Wallet would be the object at the center of this challenge, with participants expected to breach its defense. 

The Lace Paper Wallet Bug Bounty Program would run until the end of 2024, or someone successfully breaches its security and retrieves the Non-Fungible Tokens (NFT) inside.

The Web3 wallet was developed by Cardano’s (ADA) parent company, Input Output Global (IOG), with Paper Wallet integrated to beef up its security. According to reports, the added features would enable users possessing PGP keys to use a single encrypted QR code to restore their wallet.

This is, I think, the most secure paper wallet ever generated in the history of our industry.

In a video posted on X on August 17, Hoskinson expressed confidence in the wallet, boasting of its protection against attacks that encourage malicious actors to gain control of private keys to facilitate an authorized transaction.

Hoskinson Highlights Other Updates in the Cardano

At the Rare Evo 2024 event , Hoskinson highlighted the demonstration of the powerful scaling solution, Hydra, featuring the classic game “Doom”.

According to experts, this underscores its capabilities of handling high-throughput, real-time applications. Also, the expected Voltaire Era, which the Chang Hard Fork would introduce, was highlighted.

As we explained earlier, this upgrade would transfer governance controls to the community. According to Cardano’s Emurgo, the first phase was initiated in July 2024 with the next part expected in the fourth quarter of 2024 (Q4 2024).

The Chang Hard Fork is a technical component of the Voltaire era of the Cardano roadmap, which focuses on implementing a sustainable and distributed governance framework. With the first part set to be initiated in July 2024, the next part of the Hard Fork upgrade is set to happen by Q4 of this year.

The second phase would mark the full-force decentralized governance and an exit from the technical bootstrapping phase.

The Delegate Representatives (DReps) are also expected to be introduced as a governance body. In addition to the possibility of the SPOs voting on governance actions, a Constitutional Committee would be online to grow membership above the seven of the interim committee.

Finally, the community will take charge of the Treasury withdrawal.

Cardano users will be able to propose treasury debits via governance actions. The three bodies (Constitutional Committee, DReps, and SPOs) will vote on them, and if approved, ADA will be moved out of the treasury. 

From that point forward, the future of the Cardano blockchain will be in the hands of its community, along with its power to draft and ratify the Cardano Constitution. This will mark a monumental step not only for the network but also for the blockchain industry as a whole, as Cardano will be the first truly distributed and community-run blockchain network.

At press time, ADA was trading at $0.33, having declined by 2% in the last 24 hours.

@ Newshounds News™

Source:  Crypto News Flash

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MilitiaMan: Iraq Dinar News -IQD Update - A ReCap of Events - PetroDinar - Al-Sudani Monetary Reforms - Underway

Iraq Dinar News -IQD Update - A ReCap of Events - PetroDinar - Al-Sudani Monetary Reforms - Underway

Militia/Man and Crew: 8-19-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

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