Seeds of Wisdom RV and Economic Updates Sunday Morning 9-1-24

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“SAME RISKS, SAME RULES”: THE SEC’S SELECTIVE APPROACH TO CRYPTO REGULATION

When it comes to cryptocurrency regulation, the SEC views most cryptocurrencies as securities, favoring the concept of ‘same risks, same rules’.

But is it possible it’s not being consistent itself?

The same rules aren’t being followed when it involves the custody of crypto-assets.

The notorious SEC accounting bulletin SAB 121 changes the accounting rules around the custody of crypto-assets, requiring those assets to be disclosed on the balance sheets of listed firms.

That contravenes global accounting norms and has prevented banks from providing cryptocurrency custody. The SEC tries to argue that crypto-assets have elevated cyber risks.

A new heavyweight paper on crypto regulation points out that cyber risks are not new and are well covered by existing regulations. So using the principle of “same risks, same rules”, no additional cyber regulation is necessary for crypto-assets.

Yesterday Steven Schwarcz, Distinguished Professor at Duke University School of Law, published a paper on regulating financial innovation, with a focus on crypto-assets and DeFi.

We’d note that the paper does not directly mention SAB 121, so it is Ledger Insights that’s highlighting the inconsistency. However, the Professor’s cyber risks observation directly follows his discussion of the controversial application of ‘same risks, same rules’ to crypto.

A thought provoking paper on crypto regulation

Most regulations focus on the minutiae, whereas Professor Schwarcz reviews the high level models that can be used in regulating fintech innovation. ‘Same risks, same rules’ is one of six models he explores.

While some may disagree with various suggestions, regulatory clarity is necessary for new industries to flourish.

The Professor selected the salient aspects of the six models to outli The Professor selected the salient aspects of the six models to outline a recommended framework to address fintech innovation in gen ne a recommended framework to address fintech innovation in general. He then applies it to the crypto sector.

Sandboxes, smart contract audits (not just code)

A first step is to provide regulatory sandboxes. The Professor has a pragmatic view, recognizing that sandbox tests with a few customers won’t highlight all the potential risks.

There’s a need for fintech firms to self monitor their risks. However, that’s not likely to be sufficient, so there should be a system of third party expert monitoring.

In the crypto sector, smart contract audits are already widely used to identify bugs and qualify as a type of third party monitoring. But that only addresses one specific risk. A broader range of risks need exploring – risks to the firm and their customers, to other market participants and the public.

Plus, the automated nature of smart contracts can trigger a vicious cycle. We’ve already witnessed multiple crypto crashes and the impact on crypto lending. The liquidation of collateral leads to price declines, sparking a cascade of additional liquidations.

Stopping a crash

In traditional finance (TradFi) these sorts of issues exist in high frequency trading, where suspending trading helps to address the risk. However, the Professor recognizes that would be tricky to enforce in the crypto sector.

Hence, he recommends that businesses identify their counterparties and disclose the risks to them. If a third party monitor finds the firm’s smart contract usage creates significant risk, then “Regulators should have the power to suspend a business’s right to enter into new smart contracts.”

In other words, if you can’t stop a crash by suspending trading, then try to prevent it from happening in the first place. Although both are desirable.

One can imagine that the suggestion would cause the crypto sector to be up in arms, but it has merit, provided it’s not overused and one appropriately defines ‘significant risk’. TradFi has standard approaches to risk management which can be tweaked and ported to the crypto world. The more responsible players already do this.

For example, we’re aware of at least one exchange that saw the Terra Luna collapse unfolding early on, because they had systems in place. Hence, they protected their clients, although arguably their reaction exacerbated the downward spiral.

DeFi regulation

The Professor’s approach to DeFi resembles discussions already taking place about how to identify responsible people, with holders of governance tokens being one avenue.

An alternative option is to require DeFi platforms to be “provided by centrally registered and well capitalized entities.” At the same time, he acknowledges that could nullify DeFi benefits (low costs), so suggests consulting the DeFi industry before taking steps in this direction.

Regarding crypto-assets, he observes that some have proposed the financial equivalent of the FDA. In other words, all fintech innovations would need approval in advance.

 He dismisses this as an innovation killer. He wrote that this “reverses the presumption, at least in the context of new financial products, that private-sector freedom of contract produces beneficial societal outcomes”.

In the case of financial stability risks, the Professor notes that fintechs are generally too small to create stability risks. These sorts of risks come from the actions of systemically important institutions. Hence, to address this particular risk, there should be limits on them rather than fintechs.

Surprisingly, he doesn’t mention that this is the approach taken by the Basel Committee for Banking Supervision.

Given the gravitas of this paper, who knows, perhaps he was the one that suggested banks have a maximum crypto exposure of 1% of Tier 1 capital.

@ Newshounds News™

Source:

Ledger Insights

SAB 121   

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BIDEN ADMINISTRATION NOT INTERESTED IN RESOLVING UKRAINE CONFLICT — ECONOMIST

The true causes of the Ukrainian conflict have never been explained to US citizens, Professor Jeffrey Sachs said.

NEW YORK, August 30. /TASS/. The administration of US President Joe Biden is not interested in resolving the conflict in Ukraine and refuses to admit that Washington is directly to blame for this crisis, American economist, Director of the Center for Sustainable Development at Columbia University, Professor Jeffrey Sachs said.

"There's nothing really that this administration <...> is going to do. I don't think the president is probably in any mental state to lead anything at this point. So I think we're kind of on autopilot, which is [a] very bad place to be," he said in an interview with US journalist Tucker Carlson.

"This is a war provoked by the US, <…> the US [that] aims for NATO enlargement, and it would take a president who understands the basics of this and why this was so wrong headed," the economist emphasized, adding that Biden is not such a person.

Sachs added that the true causes of the Ukrainian conflict have never been explained to US citizens. The information that Americans can receive on this issue is contrary to reality, he added.

@ Newshounds News™

Source:  TASS

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Iraq's Central Bank's Major US Visit | Seeds of Wisdom Team Youtube

@ Newshounds News™ 

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RUSSIA IS ABOUT TO TRY USING CRYPTO TO GET AROUND SANCTIONS

Experts doubt it will work, given the traceability of blockchains and the risk of even tougher sanctions for Russia.

▪️Russia will start its trial of cross-border payments using crypto next week.

▪️Recent statements from senior Russian leaders suggest the law’s purpose is to use crypto to counter sanctions.

▪️The law hands power to Russia’s central bank to oversee an “experimental” regime.

Russia will begin trialing cross-border crypto payments next week in an effort to circumvent international sanctions – but this effort may not work, several policy and legal experts told CoinDesk.

Legislation passed at the end of July and swiftly signed into law by President Vladimir Putin does not lift an existing ban on using cryptocurrencies as legal tender for regular payments within Russia, but instead allows cross-border payments with crypto.

How the law will allow such payments remains unclear because the legislation doesn’t specify rules for such transactions. Instead it hands power to Russia’s central bank to oversee an “experimental” regime, experts said.

Russia's economy has been hit hard by a suite of sanctions imposed by the U.S. and other nations following its invasion of Ukraine.

Since Russia’s invasion of Ukraine in Feb. 2022, it’s faced 16,500 sanctions from the U.S., U.K., European Union, Australia, Canada and Japan.

"The passing of these bills by the Russian government signals a continuation of Russia’s evolving strategy to circumvent Western sanctions," blockchain analytics firm Chainalysis’ director of investigations, Valerie Kennedy, told CoinDesk.

The EU said about half of Russia’s total foreign currency reserves, worth 300 billion euros ($332 billion), including 70% of the assets of the Russian banking system, were frozen. Select Russian banks were disconnected by the interbank messaging system, the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

"It has been difficult for Russia to avoid the U.S. dollar and euro via the SWIFT system, which has created increasing risk of secondary sanctions," she added. Secondary sanctions are penalties designed to prevent any third party from trading with a sanctioned nation.

What the law says

Some details have emerged in the days leading up to the Sept. 1 implementation of the law.

CoinDesk viewed a copy of the law using google translate. It said “during the circulation of digital currency in the Russian federation … special regulation may be established … by the experimental legal regime program.” That regime is still in the works. Before finalizing it, the central bank will consider proposals and suggestions from domestic stakeholders.

“Some players, including us, have already come with our own proposals,” said Anti Danilevski, founder and CEO of Kick Ecosystem, a one stop shop for crypto, who has been closely engaging with regulators.

“The central bank will decide if it fits with their view. They are moving very fast, so it won't take much time.”

Bloomberg reported that Russia is planning to use the National Payment Card System, for swapping between rubles and cryptocurrencies when testing payments.

The system was chosen because it already features infrastructure for functions like interbank settlement and is fully regulated by the central bank. If the trials are successful, Russia may allow the Moscow Exchange and the St. Petersburg Currency Exchange to set up crypto platforms next year, the report added.

Ivan Chuprunov, an associate professor at the Research Centre of Private Law in Moscow, said the regime’s “exact parameters are not clear” because none have been published yet but the “central bank will likely publish some guidance in the coming weeks.”

The law also appears to let the central bank change how it oversees these trials at any time.

The legislation said that the provisions may “exclude or change” parts of the Federal Law in relation to transactions with “digital currency made in the implementation of foreign trade activities through an authorized organization.”

The regime is “more a flexible one” because it’s “just the central bank who will be approving it,” said Chuprunov. “Whether they will have just one exchange, what currencies would be traded, how participants would get trading access, is still a big unknown.”

Nor does the law clearly specify what rules now apply to crypto entities or businesses wanting to deal in crypto, because the central bank will determine which companies will participate in the experiment.

While the law doesn’t specify what its exact purpose is, recent statements from senior Russian leaders pointed toward using crypto to counter sanctions.

On July 17, 2024, in an economic affairs meeting, Putin said Russia should not “miss the moment” and should promptly set up a “legal framework” for crypto, which is “increasingly used in the world as a means of payment in international settlements.”

Then, one of the authors of the bill said Russia views cryptocurrencies “primarily as a tool for circumventing sanctions,” followed by its central bank Governor Elvira Nabiullina saying that’s why we “softened our stance” on crypto at an event in Moscow recently.

@ Newshounds News™

Source:  CoinDesk

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IQD Update-Iraqi dinar -Iraqi dinar exchange rate-Transformation-Foreign Transfer-Exchange Rate Changes

IQD Update-Iraqi dinar -Iraqi dinar exchange rate-Transformation-Foreign Transfer-Exchange Rate Changes

MIlitiaan and Crew:  8-31-2024

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=OTZv5WrEeEA

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-31-24

Good Afternoon Dinar Recaps,

BINANCE ANNOUNCES SUPPORT FOR BIGGEST CARDANO HARD FORK IN HISTORY: DETAILS

With the Cardano hard fork called Chang approaching, the world's largest cryptocurrency exchange, Binance, has announced that it will be supporting the network update.

The Chang hard fork is expected to occur on Sunday, Sept. 1, at approximately 9:45 p.m. UTC. An hour before the event, Binance will suspend all deposits and withdrawals from ADA, the network's native token; trading in the asset, however, will not be affected.

The Chang hard fork, which is being called Cardano's “most significant” update to date, will make the network fully decentralized. Few people know that Cardano is now actually run by three entities:

 Cardano Foundation, IOHK and EMURGO. They are in fact responsible for all decisions made regarding the blockchain and affecting the price of the 10th largest cryptocurrency.

Under Chang, however, the keys and in fact the control mechanisms of Cardano will remain in the hands of the community and actual ADA holders who delegate their tokens to the staking pool.

@ Newshounds News™

Read more:   U Today 

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CRYPTO HOLDERS DISPROPORTIONATELY FAVOR TRUMP FOR U.S. PRESIDENT, NEW ACADEMIC POLL SHOWS

Donald Trump’s outreach to the crypto community seems to be paying off.

Former U.S. President Donald Trump’s efforts to court the cryptocurrency industry this election cycle seem to be paying off, according to the results of a new poll from Fairleigh Dickinson University.

The poll results, released Friday, found that crypto holders are disproportionately likely to say they will vote for Trump over Vice President Kamala Harris in the upcoming U.S. presidential election. Half of all crypto-holding survey respondents said they planned to vote for Trump, while only 38% of crypto owners preferred Harris.

@ Newshounds News™

Read more:   CoinDesk  

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COINBASE CEO ANNOUNCES FIRST AI-MANAGED CRYPTO TRANSACTION

▪️Brian Armstrong announced the first AI-managed crypto transaction on Coinbase.
▪️AI bots can now perform instant, global, and free transactions using crypto wallets.
▪️New developments are enabling AI bots to autonomously manage financial transactions.

Coinbase CEO Brian Armstrong announced a groundbreaking development in the crypto sector. Armstrong revealed the first crypto transaction entirely managed by artificial intelligence (AI) bots on the platform. This transaction is considered a significant step at the intersection of AI and cryptocurrencies.

Armstrong Announced the Development on X

On August 30, Armstrong shared, “This week, we witnessed the first AI-to-AI crypto transaction on Coinbase.” In this transaction, an AI bot interacted with another AI bot using cryptocurrencies, and the AI purchased tokens.

These tokens play a critical role in the development of AI technologies as data sequences that enable algorithm learning. Access NEWSLINKER to get the latest technology news.

Armstrong highlighted another important point: AI bots were designed to perform specific tasks but struggled to manage transactions until now. 

This was seen as one of the biggest obstacles to integrating AI into daily life. Without payment methods, AI bots couldn’t participate in economic activities, but the advent of crypto wallets is gradually removing this barrier.

They Can’t Open Bank Accounts

Armstrong noted that while AI bots cannot open traditional bank accounts, they can possess crypto wallets. These wallets enable bots to perform instant, global, and free transactions on the Base platform using cryptocurrencies like USDC. This development paves the way for AI bots to become active participants in the digital economy.

Armstrong’s innovative approach aligns with his previous calls for equipping AI systems like large language models (LLMs) with crypto wallets. Armstrong aims to revolutionize the world of digital transactions by enabling AI bots to perform tasks on behalf of users and participate widely in the economy.

Other Developments Are Also Underway
The sector is responding to Armstrong’s vision with new developments that grant transaction capabilities to AI bots. For instance, in August, the Blockchain development firm Skyfire launched a payment platform that allows AI bots to autonomously spend money. 

This platform enables AI to manage financial transactions independently, a function previously exclusive to humans.

Additionally, the Web3 infrastructure firm Biconomy is taking significant steps by deploying AI bots to facilitate on-chain transactions for users. According to co-founder Aniket Jindal, the Delegated Authorization Network (DAN) introduces a new authorization phase that allows commercial activities to be delegated to AI bots.

@ Newshounds News™

Source:  Coin-Turk

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US ON FAST TRACK TO BANKRUPTCY — MUSK

"Government overspending is what causes inflation," the businessman said
NEW YORK, August 30. /TASS/. The United States may soon face bankruptcy, businessman Elon Musk said.

"At current rates of government spending, America is in the fast lane to bankruptcy. Government overspending is what causes inflation," Musk wrote on his page in the X social network.

The state debt for the first time crossed the level of $35 trillion, the US Department of the Treasury said on July 29. According to forecasts of the Congressional Budget Office, it will be over $50 trillion or more than 122% of GDP in 2034. The Office estimated that the average annual growth of US GDP will be 1.8% in 2029-2034.

@ Newshounds News™

Source:  TASS

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Iraq Economic News and Points To Ponder Saturday Afternoon 8-31-24

A Reading Of The “Roles Of Corruption” Between Parliament And Local Councils.. What Is The Story Of The $1,000 Billion?
 
Politics | 08-28-2024, Baghdad Today – Baghdad  Political science professor Issam Al-Faily commented Wed (August 28, 2024), about  the extent of corruption between the House of Representatives and the provincial councils and which of them is wasting public money. 

Al-Faili told "Baghdad Today",  "It is not possible to evaluate the experience of the provincial councils, whether they are corrupt or not, because of the short lifespan of those councils, in addition to their cessation that lasted for years, while they did not carry out their assigned tasks, especially the executive side, as the budget has not been released yet.".

 He added,  "But in previous experiences, there were many files in the provincial councils that were referred to the Integrity and Judicial Authorities Commission, and some officials in those councils were issued recruitment or follow-up orders, so there were practices that caused the waste of public money and the seizure of state capabilities." 

He added, "The House of Representatives is financially burdening the state treasury, especially in light of the demands to increase the salaries of representatives, allocations, and privileges.
 
This contradicts the legislative work of Parliament, whose work is based on oversight and legislation, as well as evaluating government performance."

 Al-Faili pointed out,  “There are representatives who have been referred to the judiciary on corruption charges,” adding:
 
“Corruption does not only include wasting public money and appropriating it, but rather includes violating the law in many cases.”  

He stated,  “The material damages are distributed between the House of Representatives and the governorate councils.
 
The governorate councils involve a waste of public money, and
 
some see it as an extra link and an overlap of the powers of the executive and legislative authority on the one hand with the work of the governorate council, and this has created a state of confusion.”
 
The information indicates, according to officials’ statements, that
 
Iraq wasted more than 450 billion dollars during the last period without there being accounts for this money, taking into account that
 
oil revenues from 2003 to 2021 amounted to more than 1,000 billion dollars, according to what was revealed by the former President of the Republic. Barham Salih, who added that
 
the value of the looted funds is estimated at 150 billion dollars, noting that
 
these numbers reveal only a small amount of the truth, according to observers.    
 
https://baghdadtoday.news/256700-قراءة-في-أدوار-الفساد-بين-البرلمان-والمجالس-المحلية.-ما-قصة-الـ-1000-مليار-دولار؟.html 

"Rafidain": Implementing The Comprehensive Banking System In 40 Branches In Baghdad And The Governorates

Saturday 31 August 2024 | Economic Number of readings: 265 Baghdad / NINA / Rafidain Bank announced today, Saturday, the implementation of the comprehensive banking system in 40 branches.

The bank stated in a brief statement: "The comprehensive banking system has been implemented in 40 branches in Baghdad and the governorates." /   https://ninanews.com/Website/News/Details?key=1150815

Central Bank Meets With Electronic Payment Companies And Contracts With An International Auditing Firm In New York

Banks  Economy News – Baghdad  The Central Bank of Iraq confirmed on Saturday that its governor, Ali Mohsen Al-Alaq, met with a number of electronic payment companies and signed a contract with an international auditing firm in New York.

The Central Bank said in a statement, seen by "Economy News", that the Central Bank delegation "headed by the Governor of the Central Bank Ali Mohsen Al-Alaq to the United States of America, discussed the use of electronic payment cards and ways to regulate and stimulate their use in line with Iraq's move towards electronic payment."

Al-Ban added that this came "during separate meetings with a group of companies such as (Visa, Mastercard and MoneyGram), as the international auditing firm (KPMG) presented an extensive analytical presentation of the uses of these cards, reinforced with recommendations and proposals to enhance organized use and accommodate the significant increase in citizens' use of these cards."

The statement stressed that the parties praised "during the negotiations the important steps to enhance the banking sector reforms, the most important of which is the contract that the delegation of the Central Bank of Iraq concluded with the company (Oliver Wyman) to conduct a comprehensive review of the conditions of Iraqi banks, especially banks prohibited from dealing in the US dollar, as the company will work to develop practical solutions to reintegrate these banks into the Iraqi and international banking sector,

in addition to improving the level of banks' procedures in line with international standards, as this initiative aims to facilitate the process of establishing direct banking relations, and improve the quality and type of services provided by banks to serve the Iraqi economy, as the company is scheduled to start its work in the coming period.  -  https://economy-news.net/content.php?id=46987

Al-Sudani Directs The Formation Of A Committee To Review The Financial And Legal Observations Of The Decision To Transfer Oil Companies

Local | 03:25 - 08/31/2024  Mawazine News – Baghdad  Prime Minister Mohammed Shia al-Sudani directed today, Saturday, to form a committee to review the Cabinet's decision to transfer the salaries of the Ministry of Oil companies to central financing.

Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani said in a statement received by / Mawazine News /, "The government and the Ministry of Oil, in their keenness to support workers in the oil sector, Prime Minister Mohammed Shia al-Sudani directed to form a committee to study and review all financial and legal observations of Cabinet Resolution No. 24600 of 2024 and correct it in a way that ensures the preservation and non-touching of salaries, incentives and profits of members of oil companies and formations."

He added, "This came based on the observations of the Ministry of Oil pursuant to its letters No. (W/644 on 8/21/2024) and (W/666 on 8/28/2024)," stressing that "this issue is receiving attention and follow-up from the leadership of the oil sector, which confirms its keenness to support the rights, duties and interests of workers in oil companies and formations, in a way that ensures a free and dignified life." https://www.mawazin.net/Details.aspx?jimare=254245

Oil Falls In August Amid Supply Concerns

Energy  Economy News - Follow-up  Oil prices settled lower, as investors assessed expectations that the OPEC+ alliance will increase supplies starting in October.

This is in addition to the fading of hopes for a significant interest rate cut in the United States next month, after US inflation data showed strong consumer spending.

Brent crude futures for October delivery, which expire on Friday, fell $1.14, or 1.43 percent, to settle at $78.80 a barrel, down 0.3 percent on the week and 2.4 percent on the month.

U.S. West Texas Intermediate (WTI) crude futures fell $2.36, or 3.11 percent, to $73.55, down 1.7 percent on the week and 3.6 percent in August.

Six OPEC+ sources told Reuters that the alliance is likely to proceed with a planned gradual increase in oil production from October, at a time when outages from Libya and pledges to cut production by some member states to compensate for overproduction will offset the impact of slowing demand.

Investors, meanwhile, are assessing new data showing U.S. consumer spending rose strongly in July, suggesting continued strength in the economy early in the third quarter, and are seeing no reason for the Federal Reserve to cut borrowing costs by half a percentage point next month.

Lower interest rates could boost economic growth and stimulate demand for oil.https://economy-news.net/content.php?id=46980

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

“Tidbits From TNT” Saturday 8-31-2024

TNT:

Tishwash: Iraq elected to chair the Group of 77 and China at the United Nations

The Ministry of Foreign Affairs announced, today, Saturday (August 31, 2024), the selection of Iraq to chair the Group of 77 and China ( G77 ) at the United Nations for the year 2025, after the Asia-Pacific Group meeting held to discuss Iraq's nomination for this position.

The ministry said in a statement received by "Baghdad Today", that "the Chargé d'Affairs of the Permanent Mission of the Republic of Iraq to the United Nations in New York, Abbas Kazim Obaid, delivered a speech in which he affirmed Iraq's vision for its role during its presidency of the group, highlighting the main axes of work and stressing Iraq's commitment to the basic principles of the group, especially with regard to supporting the goals and aspirations of developing countries in achieving economic, technological, and social development.

Obaid stressed that "Iraq will work to provide all the elements of success for this presidency, which is the first for Iraq since the establishment of the group, as Iraq was one of the founding countries 60 years ago.

The statement added, "At the end of the meeting, the resolution was unanimously adopted to support the Republic of Iraq to assume the presidency of the Group of 77 and China ( G77 ), as the member states offered congratulations to Iraq and expressed their readiness to support it in its tasks during this important presidency. In another speech, the Chargé d'Affaires expressed his gratitude for the support and endorsement of the Asia-Pacific Group and its confidence in entrusting this responsibility to Iraq, stressing his readiness to work and cooperate with the member states to achieve common goals.

It is worth noting that the Group of 77 and China is the largest group of countries in the United Nations, with 134 member countries  link

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Tishwash:  Parliamentary Committee Holds Kurdistan Responsible for Obstructing the Approval of the Oil and Gas Law

Member of the Parliamentary Oil and Gas Committee, Alaa Al-Haidari, strongly criticized the Kurdistan Regional Government, holding it responsible for obstructing the approval of the Oil and Gas Law.

Al-Haidari said in an interview followed by “Al-Eqtisad News” that “there is difficulty in passing the law due to the lack of a political agreement and the regional government’s failure to implement the concluded agreements.”

Al-Haidari pointed out that “several meetings were held in the presence of officials in the Ministry of Oil and government advisors, with the aim of reaching an agreement on the law, but those efforts have not borne fruit so far.”

He added, "The Oil and Gas Law is one of the laws that has been stalled in the House of Representatives, as it has remained on the shelves for more than five parliamentary sessions."

Al-Haidari explained that “the government program included voting on the law in the House of Representatives, and if approved, it will contribute to ending the controversy between the region and the center, and provide fair direction for wealth within the framework of the constitution.”

Al-Haidari concluded his statement by stressing that “the approval of the law will ensure the fair regulation of oil exports and oil and non-oil revenues, which will spare the country further problems and obstacles between the region and the center.”  link

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Cutebwoy:  CBI launches new phase of international transfers

2024-08-30 14:38

Shafaq News/ The Iraqi Central Bank (CBI) delegation in New York has announced the commencement of a new phase in international transfer operations, involving 13 Iraqi banks.

 According to a statement by the bank, this initiative is aimed at diversifying currencies and facilitating global transfers. The statement highlighted that this development follows an agreement on mechanisms to regulate these transactions, which will now include the use of the Euro, Chinese Yuan, Indian Rupee, and UAE Dirham.

The delegation also outlined the role of the international auditing firm E&Y, which will review these transfer operations to ensure compliance with international standards. This move reflects CBI's commitment to maintaining high levels of transparency and security in all foreign transfer operations, thereby bolstering confidence in Iraq's financial system.

This initiative is part of the Central Bank's ongoing efforts to support economic growth and expand international cooperation with global markets, as per the statement.

A knowledgeable source revealed on Thursday that CBI is currently conducting an unannounced visit to the United States to discuss developments in Iraq's banking sector.

According to the source, a delegation led by Central Bank Governor Ali Al-Alaq and several general managers has been in the US since August 26 to discuss recent banking developments and the restrictions on the use of the dollar imposed on many private Iraqi banks.

The discussions also touched on the potential cancellation of the platform early next year, which would shift reliance on correspondent banks, further restricting Iraqi private banks and potentially favoring Jordanian banks with American correspondents.

The source added that CBI is close to signing a contract with the consulting firm Oliver Wyman to conduct a study on reforming Iraq's banking sector, which will serve as a roadmap for future reforms.

Meanwhile, some economists have expressed surprise at the lack of public disclosure regarding the visit, particularly given its significance during this critical period.

EconomyBreakingUSDelegationIraqi Central BankInternational Transfers

Mot: ........ Here We Goooooo 

Mot:  . Get Ready!!! --- Sooooon!!! 

Iraq Economic News and Points To Ponder Saturday AM 8-31-24

"Two Conditions To Achieve It" .. Al-Sudani's Advisor Rules Out Removing 3 Zeros From The Currency

Iraqi currency  Money and business  Economy News – Baghdad  The Prime Minister's financial advisor, Mazhar Mohammed Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions.

Saleh said in a statement reported by the Rudaw media network, and seen by Al-Eqtisad News, that he rules out the possibility of the government removing zeros at present, indicating that “removing three zeros from the currency has nothing to do with the value of the currency, but rather with improving cash payment systems.”

He explained that "the three zeros added price and monetary inflation to the currency, starting with the Iran-Iraq war and passing through the time of the economic blockade (the nineties of the last century), and the conflicts generated inflation in the value of the currency."

He pointed out that "when prices rise, we need larger denominations of money to maintain the equivalence between price and money. For example, due to price inflation, 25 Iraqi dinars have become 25,000 dinars."

Saleh pointed out the importance of "reducing the calculations that have reached trillions in recent years, and this has become a tiring matter," adding that "the process of raising three zeros does not only mean the value of the currency, but also the calculations and statistics, and in order for the method of managing it to be easy."

The Prime Minister's financial advisor also said that "the process of issuing large denominations reduces the currency in terms of quantities, and is a process of reforming the cash payments system, especially since this modern and advanced time requires smaller numbers."

He believed that removing three zeros from the currency, globally, requires two conditions: "political stability and economic stability. When these two factors are available, countries resort to removing zeros from their currency," adding that "the value is fixed and not affected. Rather, it is a relative change."

He stated that the project to remove three zeros “we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies.”

It is noteworthy that a number of economists and experts recently called for deleting three zeros from the Iraqi currency, considering that this would reduce monetary inflation in Iraq and strengthen the dinar currency.   08/29/2024 - https://economy-news.net/content.php?id=46931

Why Doesn't Iraq Rely On The World Bank To Overcome The "Dollar Crisis"? An Expert Answers
 
Economy | Today, 10:01 |Baghdad Today – Baghdad  Today, Friday (August 30, 2024), the expert in economic and financial affairs, Nabil Jabbar Al-Tamimi, commented on the possibility of the World Bank helping Iraq in developing its economic and financial situation and resolving the remittance crisis. 

Al-Tamimi said in an interview with "Baghdad Today",  "The World Bank is an international financial and banking institution affiliated with the United Nations, but

it is subject to special management related to the influence of some countries according to their banking contribution, as
 
its tasks are limited to
 
     investment financing for countries,
     providing international loans, and
     project management
 
in accordance with its international banking conditions."".  He stated that
 
"Iraq is currently working extensively with one of the institutions of the World Bank and the International Finance Corporation (IFC) to develop a group of sectors, including the transportation and airports sector," explaining that
 
"the World Bank as an important international and financial institution and an international institution at the same time works with Iraq and with other countries in the fields of
 
     Lending and the field of providing
     technical consultations, as well as providing Iraq with
     economic data and
     analyzes within the limits of its work.”  The expert in economic and financial affairs stressed that
 
"it is not within the scope of the World Bank to intervene in the issues facing Iraq, especially with regard to the remittance crisis, local banking failures, or weak procedures to protect funds from suspicions of money laundering and terrorist financing."
 
According to specialists, Iraq has more than (70) banks, approximately five of which are government and the remaining number are private banks,
 
but Iraq relies heavily on financial transfers, especially with regard to the dollar, to various foreign banks, due to the failure of private Iraqi banks to arrange their legal and technical conditions. In the case of financial correspondence.
 
Earlier, a member of the Parliamentary Integrity Committee, Alia Nassif, revealed that the Iraqi Jordanian National Bank obtained $3.6 billion from the currency auction during the first three months of the current year, which enabled it to obtain a profit of about 40 billion dinars  https://baghdadtoday.news/256804-لماذا-لا-يعتمد-العراق-على-البنك-الدولي-لتجاوز-ازمة-الدولار؟.-مختص-يجيب.html  

The Central Bank Announces The Results Of The New York Meeting On The Dollar Crisis
 
Economy    2024-08-30 | Source:   Alsumaria News  3,939 views  Today, Friday, the Central Bank of Iraq announced the results of the visit of the delegation headed by Governor Ali Al-Alaq to the United States of America.  The Central Bank said in a statement received by Al-Sumaria News,
 
“The delegation held a series of intensive meetings in New York City, which included the US Treasury and the Federal Reserve Bank, in addition to meetings with a group of companies and banks.”  He added:
 
"Participants in the meetings praised the Central Bank's control measures on foreign transfers and cash sales of the US dollar currency."  The Central Bank indicated:
 
“A meeting will take place between officials of the Central Bank of Iraq and its international partners at the end of this year regarding the major shift in ending the work of the electronic platform for external transfers and replacing it with direct banking relationships.”  He concluded:
 
"The meetings in New York City also discussed mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the requirements necessary to open their accounts with international correspondent banks."  https://www.alsumaria.tv/news/economy/498529/البنك-المركزي-يعلن-نتائج-اجتماع-نيويورك-حول-ازمة-الدولار   

Disclosure Of The Main Currency Used In Iran’s Trade With Iraq 

2024-08-27 | 06:16  9,920 views  Alsumaria News-Economy  Member of the Board of Directors of the Joint Iranian-Iraqi Chamber of Commerce, Shaaban Foroutan, revealed today, Tuesday, that the 
bulk of trade between Iraq and Iran at the level of merchants and exporters is carried out through the Iranian riyal.  

Forutan said in statements to Iranian media,  “Most Iranian exporters now work with the riyal in trade with Iraq, and financial transactions between the two countries will continue without using the Iranian riyal, that is, in the dollar as well.
 
This does not mean the complete elimination of the dollar, except that a large portion of merchants carry out their transactions.” Without the dollar.  

He stated that  “the obligation to trade in dollars does not include all product groups, except that the 
xchange of riyals for dollars cannot be implemented due to the sanctions imposed on banks, and
 
riyal traders earn from selling goods in the Iraqi market through their contacts with the stock exchanges of Iraq and Iran or a third country such as the United Arab Emirates.”

"They do not have the possibility of that direct settlement." 

He pointed out that  "the supply of Iranian goods faced a problem in the Iraqi market represented by the multiple rise in the prices of goods in Iran within a year, while prices are expected to rise only once a year."   
 
https://www.alsumaria.tv/news/economy/498212/الكشف-عن-العملة-الرئيسية-المستخدمة-في-تجارة-ايران-مع-العراق   

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

Iraq Dinar-IMF Article VIII - Compliance-International Standards-Removing Zeros Currency

Iraq Dinar-IMF Article VIII - Compliance-International Standards-Removing Zeros Currency

MilitiaMan and Crew:  8-30-2024

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=otxzD9SGqzw

Seeds of Wisdom RV and Economic Updates Saturday Morning 8-31-24

Good Morning Dinar Recaps,

BRIDGE RAISES $58M FOR STABLECOIN API TO ENABLE REAL WORLD B2B PAYMENTS

Yesterday stablecoin startup Bridge announced it has raised a cumulative $58 million in venture funding from Sequoia, Ribbit, Index, Haun Ventures and others.

It’s initially offering two sets of APIs, one for issuing stablecoins and the other for orchestrating payments. Bridge supports a variety of stablecoin use cases, but the company’s Head of Revenue seems particularly focused on global B2B payments.

“While local bank interests and network rules worked great in the past, with today’s global work and borderless fund flows we need a truly global framework that can ride on top of financial systems,” Marco Mahrus, Bridge’s Head of Revenue told Primary Venture Partners.

The company outlined its ambitions in a job advertisement stating that it aims to “enable global companies to move and support millions of potential customers.”

To date, stablecoins have primarily been used for a narrow range of purposes – mainly for crypto transactions, by those that live in countries with volatile fiat currencies who wish to hold dollars, and sometimes for (mainly) consumer cross border payments.

Beyond emerging economies, usage outside of the crypto sector hasn’t been huge, despite the promise of low cost payments.

SpaceX and stablecoin real world use cases

Yesterday was Bridge’s formal public launch, but it started operations around 18 months ago, so it already has clients. One of them is SpaceX that uses stablecoins for global treasury management.

Bridge enables on and off-ramping in numerous currencies around the world, which can be converted to stablecoins for cross border payments.

It also supports payouts from aid organizations, creator platforms, and claims to work with the US government.

In addition to supporting FX conversions between fiat currencies and dollar stablecoins, Bridge enables conversions between different types of stablecoins. Last month it engineered a solution for Coinbase allowing the Tether stablecoin on the Tron blockchain to be converted to the USDC stablecoin on Base, Coinbase’s layer 2 blockchain.

Another client is crypto exchange, Bitso, that is providing Mexican businesses with a cross border MXN-USD payment rail using Bridge’s APIs. It’s also working with apps that target African and Latin American consumers that want to save and spend in US dollars.

The company’s team is pretty experienced. Both co-founders had stints at Coinbase and Square. Head of Revenue Marco Mahrus held similar roles at Uber and corporate card startup BREX. So far the company has money transmitter licenses in 22 U.S. states. 

In Europe it has a Polish subsidiary which is in the Virtual Currency Activities Register. This is not a MiCA licence, as we don’t believe Poland has yet issued any crypto asset service provider (CASP) registrations.

Meanwhile, Mahrus spoke about the ability of stablecoins to support transactions that arrive in seconds and at a small cost.

“When people get access to and are used to frameworks for economic exchange and payments that are available 24/7, no one will go back to a bank branch and wait for SWIFT or wire transactions during bank hours,” he said.

@ Newshounds News™

Source:  Ledger Insights

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JUST IN: 🇧🇷 Brazil officially bans X (Twitter).

JUST IN: 🇧🇷 Brazil says anyone caught using a VPN to access X (Twitter) will be fined up to $8,874 per day.

@ Newshounds News™

Source:  @WatcherGuru

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XRP NEW UPDATE: BLACKROCK HAVE OFFICIALLY BOUGHT IT ALL! XRP ANOTHER WIN
 

@ Newshounds News™

Source:  Crypto Connex Youtube

 ~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-30-24

Good Afternoon Dinar Recaps,

BITCOIN ADOPTION IN THE US: Billion-Dollar Bank NCR Atleos Partners with LibertyX for BTC Cashouts at ATMs

▪️NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users to convert Bitcoin into cash.

▪️The feature is designed to simplify Bitcoin-to-cash transactions by letting users pre-stage their transactions via an app.

NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users across the United States to convert Bitcoin into cash through select ATMs. This new service aims to simplify the process of withdrawing cash from Bitcoin sales, addressing a significant hurdle in the wider adoption of cryptocurrency.

Simplified Bitcoin-to-Cash Transactions

The LibertyX Bitcoin Cashout feature is a service intended to enable buyers to get cash after selling Bitcoin. To purchase cryptocurrency, users have to choose a LibertyX-affiliated ATM in their region first. The user then enters a Bitcoin address, generates a code, and withdraws U.S. dollars from an ATM. This process removes the need for traditional banking transfers, which can often be slow and cumbersome.

Currently, the feature is available across 30 states, which is only a part of the over 280,000 ATMs managed by Atleos in the United States. The current rollout is limited, but the service could be made available to more people if the trial is successful.

According to Chris Yim, the General Manager of LibertyX, this solves a major problem that hinders Bitcoin uptake because it becomes easier to cash out the digital currency.

This feature is implemented by Atleos’s ReadyCode API, which facilitates the process of making Bitcoin-to-cash transactions at ATMs. However, the service has some disadvantages. For instance, the maximum one can sell in a transaction using the Bitcoin sale access code is $400. However, the users can make several transactions to withdraw higher amounts.

LibertyX, a licensed BitLicense holder in New York, has been active in the cryptocurrency ATM business, providing Bitcoin purchasing options at over 30,000 ATMs across the country.

The implementation of the Bitcoin Cashout feature is viewed as a logical addition to its services since it connects the digital and physical worlds.

US Cryptocurrency Adoption Grows Rapidly

The LibertyX Bitcoin Cashout feature is in line with developments in the US, where the uptake of cryptocurrencies is rising.

Security. org’s 2024 Cryptocurrency Adoption and Sentiment Report revealed that 40% of the adults in America own cryptocurrency, an increase from 30% in 2023. Out of these crypto owners, 63 percent intend to invest in more digital currencies in the next year.

Furthermore, the report reveals that the number of women investors in cryptocurrencies has grown from 18% in 2023 to 29% in the first quarter of 2024. This increase in interest can be attributed to the increasing popularity of cryptocurrencies in the US financial market.

Currently, the United States dominates the market, with 82% of the total number of Bitcoin ATMs installed worldwide. However, there has been a decline in the number of functioning Bitcoin ATMs in the U. S. due to a crackdown on the machines associated with extortion and scams.

The number of Bitcoin ATMs in the United States declined by more than 400 between May and July 2024, bringing the total to 31,273.

@ Newshounds News™

Source:  Crypyo News Flash

~~~~~~~~~

US partners with Nigeria for responsible AI use in military

The U.S. State Department has teamed up with Nigeria to further the responsible use of artificial intelligence (AI) in the military.

Mallory Stewart, whose role at the State Department focuses on arms control and stability, recently discussed AI use in military operations with Nigeria’s Ministry of Foreign Affairs, the Ministry of Defence, the national security advisor, civil society, and other officials from the regional bloc ECOWAS.

The U.S. has been on a global tour drumming up support for its initiative to have guardrails for AI use in the military. This initiative, which has garnered the support of 55 countries, advocates using AI “in a manner consistent with international laws and recognising inherent human bias,” Stewart told journalists in Abuja.

“We’ve learned the hard way [about the] inherent human bias built into the AI system … leading to maybe misinformation being provided to the decisionmaker,” she added.

It’s not the first time the U.S. government has partnered with Nigeria on AI. Earlier this year, the American government reiterated its support for Nigeria’s AI strategy, pledging to support the development of the West African nation’s infrastructure to boost research and innovation.

A few months later, the two governments signed an MoU to increase AI engagements between their respective national AI institutes.

The U.S. Department of Commerce has also pledged to collaborate with Nigeria on its approaches to critical areas such as “data, trusted digital infrastructure, power/green energy, AI governance policies, computing resources, digital skills relevant to AI and more.”

The controversy of AI in the military

As with virtually every other sector, AI is gaining rising adoption in the military. For some, like Japan, the technology presents a solution to a rapidly aging and declining population that has left the country short of a military workforce. Others are using it to collect and analyze data and assist in decision-making.

According to former Google (NASDAQ: GOOGL) CEO Eric Schmidt, global wars are “no longer about who can mass the most people or field the best jets, ships, and tanks.” It’s now about autonomous weapon systems and powerful algorithms.

Regulations and guardrails are critical for the technology’s deployment in the sector. However, global political alignments have overshadowed the need for policy frameworks.

One major movement led by the U.S. brought together 31 nations, including France, Germany, Canada, and Australia, to sign a declaration setting guardrails on military AI. However, China and Russia, the other two most powerful militaries after the U.S., were conspicuously missing.

As regulators slack off, AI developers are increasingly voicing their concerns and opposition to the military deployment of AI. Earlier this year, nearly 200 employees at Google DeepMind signed a letter demanding the company terminate its contracts with military organizations.

“Any involvement with military and weapon manufacturing impacts our position as leaders in ethical and responsible AI, and goes against our mission statement and stated AI Principles,” the developers say.

Industry leader OpenAI has also been dragged into military applications. Earlier this year, the company quietly removed its ban on using its AI models “for military and warfare” and has been working with the Pentagon since.

@ Newshounds News™

Source:  CoinGeek

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BANKS USING PERMISSIONLESS BLOCKCHAINS FOR TRANSACTIONS FACE MULTIPLE RISKS: BIS

Risks include operations and security, governance, legal, settlement finality and compliance, the report said.

▪️Banks transacting on permissionless blockchains face multiple risks including settlement finality, the Bank for International Settlements said in a working paper.

▪️The paper also said technology to address some of the risks, particularly privacy, is being developed. naming zero-knowledge proofs as a potential solution.

Banks that transact on permissionless blockchains face multiple risks, including money laundering and terrorism financing, the Basel Committee on Banking Supervision concluded in a new paper.

The committee is part of the Bank for International Settlements (BIS), the primary global standard setter for prudential banks.

Other risks include operations and security, governance, legal, settlement finality and compliance, the paper said.

"Certain risks stem from the blockchains’ reliance on unknown third parties, which makes it difficult for banks to conduct due diligence and oversight. These risks require new risk management strategies and safeguards. Current practices for mitigating these risks remain in various stages of development and have not been tested under stress," according to the paper.

Banks are also exposed to political uncertainty as a new legislation could "change validator behaviour," making the "blockchains themselves operationally unstable.

" A ban for instance could "reduce the amount of computing power or staked native tokens available to secure the blockchain, temporarily increasing the risk of a 51% attack," in which ”a coordinated effort is put forward to control greater than 50% of the validation nodes."

The paper also said technology to address some of the risks, particularly privacy, is being developed, naming zero-knowledge proofs as a potential solution.

Last month, the committee approved a disclosure framework for banks' exposure to crypto that must be implemented by the start of 2026.

@ Newshounds News™

Source:  CoinDesk

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Some “Iraq News” Posted by Clare at KTFA 8-30-2024

KTFA:

Clare:  The Central Bank announces the participation of Iraqi banks in external transfers in multiple currencies

August 30, 2024

 The delegation of the Central Bank of Iraq in New York announced the start of the new phase of foreign transfer operations with the participation of (13) Iraqi banks, in an important step aimed at enhancing the diversity of currencies and facilitating international transfer operations.

 This announcement came after reaching an agreement on the mechanisms for regulating these operations, as it will include dealing in the euro, Chinese yuan, Indian rupee, and UAE dirham.

The delegation confirmed the definition of the scope of work of the international auditing company E&Y, which will review the transfer operations to ensure their safety and compliance with international standards. This step is a reflection of the Central Bank of Iraq's commitment to achieving the highest levels of transparency and security in all foreign transfer operations, and enhancing confidence in the Iraqi financial system.

This initiative came within the framework of the Central Bank of Iraq's ongoing efforts to support economic growth and expand the horizons of international cooperation with global markets.

Central Bank of Iraq 
Media Office 
August 30, 2024

https://cbi.iq/news/view/2659

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

Clare:   Central Bank announces results of New York meetings

8/30/2024   Baghdad - WAA 

The Central Bank of Iraq announced, today, Friday, the results of the visit of the delegation headed by the Governor of the Central Bank, Ali Mohsen Al-Alaq, to ​​the United States of America, which lasted from August 26 to 29, 2024. 

The Central Bank of Iraq confirmed in a statement received by the Iraqi News Agency (INA) that "a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank, in addition to meetings with a group of companies (Visa, Mastercard and MoneyGram) as well as banks (Citi Bank and JP Morgan) as well as international auditing firms (KPMG, E&Y, K2i and Oliver Wyman)."

He added that "the participants in the meetings praised the major transformations achieved by the Central Bank of Iraq, which represent an unprecedented achievement at the country level, as the bank has achieved remarkable progress in monitoring procedures for foreign transfers and cash sales of the US dollar, which has led to improving systems, policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, terrorist financing and financial crimes."

He announced, "A meeting will be held between officials of the Central Bank of Iraq and its international partners by the end of this year regarding the major shift in ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, according to the plan set by this bank, and implemented internationally

Which will allow the Central Bank of Iraq and the Federal Reserve Bank to exercise their supervisory roles away from executive procedures, as this shift will have important repercussions on the stability, fluidity and transparency of the country's foreign trade financing operations," noting that "it aims to achieve the required stability in exchange rates, which in turn will lead to enhancing the efficiency of the financial system in Iraq."

He pointed out that "the meetings in New York City also addressed the mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the necessary requirements to open their accounts with international correspondent banks; with the aim of enabling them to complete their financial transactions, whether through external transfers in US dollars or other foreign currencies."  LINK

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

Clare:  Turkish-Iraqi-Qatari-Emirati ministerial meeting on the development road project

8/30/2024

Istanbul hosted the first ministerial meeting between Turkey, Iraq, Qatar and the United Arab Emirates on Thursday to discuss the Development Road Project.

The meeting, which was held at Dolmabahce Palace, was attended by Turkish Minister of Transport and Infrastructure Abdulkadir Oraloğlu and his Iraqi counterpart Razzaq Muhibs Al-Saadawi, while Qatar and the UAE participated via video conference.

In his speech after the meeting, the Turkish Minister of Transport said: The project will directly contribute to strengthening the global trade system and the development of the participating countries.

Oraloğlu stressed that the main feature of the modern economy is that multinational production, international financial flows and international trade volume have reached very high levels.

Commenting on the Quadrilateral Ministerial Meeting, Oraloğlu said: "Our meeting today is not only for the future of the transportation and logistics sectors but also for the economic, social and cultural future of our countries."

He added: "It is very important for all of us to have safe and fast transportation facilities to establish the economic cooperation that is indispensable for our countries." He stressed that the existing cooperation between the four countries will be stronger thanks to the Development Road Project.

The Turkish minister explained that the development road project is important in terms of gains and supply chains, and that it will benefit the countries of the region as a whole.

For his part, Minister of Transport Razzaq Muhaibis Al-Saadawi said that the project will contribute positively to the global economy as a whole.

He added: "Today's meeting was fruitful and good in terms of standards, and we discussed many issues related to project management and its stages. We are working to remove the obstacles that prevent the implementation of this project."

He continued by saying: "We must know that the development road project will make a great contribution to all participating countries, to the region and to the global economy as well."

On April 22, Turkey, Iraq, Qatar and the UAE signed a quadripartite memorandum of understanding for cooperation on the "Development Road" project in Baghdad, under the auspices of Turkish President Recep Tayyip Erdogan and Prime Minister Mohammed Shia Al-Sudani.

The "Development Road" project is a land and railway road extending from Iraq to Turkey and its ports, with a length of 1,200 kilometers inside Iraq, and aims to transport goods between Europe and the Gulf countries.  LINK

Clare:  Text of Cabinet session decisions including setting date for start of new school year

8/30/2024

Prime Minister Mohammed Shia Al-Sudani chaired the thirty-fifth regular session of the Council of Ministers today, Thursday, which witnessed the discussion of the overall situation in the country, the progress of implementing the government program, in addition to the files on the agenda for which the necessary decisions were taken.

At the beginning of the session, Al-Sudani reviewed the outcome of his official visit to Egypt and Tunisia, and the discussions he held on bilateral cooperation files, and the preparations for holding the next meeting of the Iraqi-Egyptian Joint Committee, which will be held in Baghdad. Al-Sudani directed the ministers to prepare the files required to activate all areas of cooperation, especially in the fields of oil and transportation.

Regarding Iraqi-Tunisian relations, the Prime Minister spoke about the convergence of positions between the two countries, the availability of opportunities for cooperation and the activation and revitalization of relations, in addition to the necessity for all ministries to follow up on the outcomes of this official visit and communicate with counterpart ministries in Tunisia and Egypt for more fruitful partnerships.

Al-Sudani renewed his appreciation and gratitude for the efforts of all ministries, institutions, governorates and security forces, most notably the Supreme Security Committee headed by the Minister of Interior, the Supreme Committee for Million-Pilgrimage headed by the Director of the Prime Minister's Office, and the Ministers of Health, Electricity, and Transportation, the governors and holy shrines, for their efforts in managing and making the million-pilgrimage a success to commemorate the Arbaeen of Imam Hussein, peace be upon him.

He pointed out that this success in managing and accommodating more than 21 million visitors, in addition to the projects and infrastructure that have been diagnosed and monitored, are now in the process of being implemented to serve visitors, the roads and stations they use, and all service facilities.

 His Excellency explained the most important security steps taken recently, which contributed to thwarting any threat, and within qualitative preemptive operations that resulted in the arrest of 46 wanted terrorists, and within all operational sectors.

The Council considered the issues and files on the agenda and took the necessary decisions regarding them.

In the oil field, and within the framework of the government’s approach to developing investment in oil wealth, the Council approved the contracts for the fifth and sixth supplementary licensing rounds, totaling (14) projects for final signing, and the commencement of activating the contracts under discussion, based on the provisions of Article (39/1) of the contract for the two aforementioned rounds. 

In the field of energy, the Council approved the addition of (1,463) billion dinars, within the import of fuel, Iranian gas, and (619.68) billion dinars, within the import of electrical energy, to the Ministry of Electricity’s budget for the year 2024, based on the provisions of the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025).

As part of the follow-up of service efforts, the Prime Minister directed the Ministry of Finance to transfer an amount of (14.6) billion dinars to the Baghdad Municipality for the direct implementation of the joint sewer network to serve the district (859, District 3/10), within the Rashid Municipality sector, south of Baghdad, and the transmission line towards the (Al-Dawanem/2) station to serve the district (488) of the Al-Salamyat area within the Al-Shaala Municipality sector.

In the context of determining the calendar for the academic year in the Ministry of Education, the Council of Ministers decided that Sunday, September 15, 2024, would be the date for the commencement of teaching and educational staff for all Iraqi schools, and that Sunday, September 22, 2024, would be the date for the start of the new academic year, 2024-2025.

The Council approved the exemption of the project to build a number of schools within the (Aidopa) program, which will be contracted for design, construction and maintenance according to a contract concluded between the Iraq Development Fund and the Ministry of Education, and any annexes to that contract in the various Iraqi governorates not organized into a region, from the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014) and the conditions of the specialized standard documents issued by the Ministry of Planning.

The Council also authorized the Ministry of Education to purchase the property of the Iraqi school in Tunisia, as an exception to the instructions and regulations of the Central Education Fund, and its ownership would be owned by the Ministry of Education, with its financing and the authority to pay its debts from the Central Education Fund, as well as to form a joint committee from the Ministries of Foreign Affairs and Education regarding Iraqi schools abroad, and to submit its recommendations to the Council of Ministers.

Within the framework of developing educational staff, the Council approved amending Paragraph (5) of Cabinet Resolution (319 of 2022) regarding study leaves outside Iraq to include support for a scholarship program concerned with developing the staff of the Ministry of Higher Education and Scientific Research and ministries and entities not affiliated with a ministry, to fill the shortage in the number of teaching and functional staff who are referred to retirement, by allocating the necessary funds in the next budget, in a way that guarantees the Higher Committee for Education Development in Iraq (Educational Initiative) in the Office of the Prime Minister, sending study missions based on the provisions of the Scholarships, Fellowships and Financial Aid System (3 of 2018), in coordination with the Ministry of Higher Education and Scientific Research.

As part of the Cabinet’s follow-up to develop agricultural activity, the non-oil economy, and employ modern irrigation methods, the Council approved authorizing the Ministry of Agriculture to negotiate prices, technical specifications, and quantities, through the coordination committee formed with the Ministry of Industry and Minerals, to contract with the General Company for the Manufacture of Cars and Equipment, to equip modern irrigation systems of various types, from the support amounts amounting to (147 billion dinars), and at a support rate of (30%), as an exception to the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014) and the instructions for facilitating the implementation of the Federal General Budget Law for the fiscal years (2023-2024-2025).

In the context of encouraging national industries and protecting local products, the Council approved that the customs duties imposed on chicken cuts and products be (25%), which were previously not included in the local product protection procedures, based on Cabinet Resolution (23154 of 2023), while maintaining the customs duties on frozen whole chicken at (25%) based on Cabinet Resolution (183 of 2022). This decision shall be implemented after (60) working days from the date of its issuance, by all border crossings, including those in the Kurdistan Region of Iraq.

The Council approved the authorization of the Minister of Finance to sign the financing loan agreement for the irrigation technology project for the benefit of the Ministry of Agriculture, received from ERST BANK, with a guarantee from the Austrian Export Guarantee Agency (OeKB), based on the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025), and to approve the financing terms.

In the field of the Cabinet’s follow-up of efforts to develop agricultural aviation capabilities, the Council approved the cancellation of Cabinet Resolution (50 of 2020) and Paragraph 2 of Cabinet Resolution (23327 of 2023), and that the Ministry of Agriculture take the necessary measures to implement the following:

1- Direct invitations to no less than 3 international companies or centers specialized in aircraft maintenance; in order to conduct maintenance inside Iraq and prepare the required materials for the stopped agricultural aircraft and return them to work, as an exception to the instructions for implementing government contracts (2 of 2014), and the controls attached thereto, and the instructions for facilitating the implementation of the effective budget, in coordination with the Iraqi Civil Aviation Authority.

2- Qualifying pilots and technicians who are still in service to enable them to work on these aircraft, in accordance with the applicable aviation instructions.

3- Obtaining the required operating licenses for aircraft and their personnel from the Iraqi Civil Aviation Authority.

4- Completing the procedures of the lawsuits filed by the Ministry of Agriculture against the companies that supplied the French Eurocopter aircraft.

In continuation of the government’s approach to completing stalled and suspended projects, and removing the causes of procrastination, the Council of Ministers approved the following:

1. Increase the total cost and reserve amount for the contract (implementation of the bridged intersections and the surface layer of the approaches to the Hindiya Bridge).

2. Increase the total cost of my two projects (improving and developing electricity networks with equipping and installing transformers for different areas in the Tar area, equipping a specialized and service mechanism (lighting crane), equipping and installing transformers with a capacity of (400 and 250) kVA and specialized mechanisms with the construction of a D.W network/Karmat Bani Saeed District).

3. Increase the total cost and reserve amount for the contract (establishing the digital library for the contract (6/2012).

4. Creating a component (remaining work for the project to establish the Drug Research and Control Center).

5. Increase the cost of the main project (establishing and rehabilitating health centers and hospitals in Karbala Governorate/Center District, Hindiyah, Al-Hussainiya District, and Ain Al-Tamr).

The Council approved the donation of (10) Rafidain Bank explosives detection devices (RapScan type) to the Holy Shrine of Imam Ali (peace be upon him) (which had previously been delivered to the Holy Shrine of Imam Ali (peace be upon him) in a useable form), based on the instructions to facilitate the implementation of the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025).

The Council also considered a number of topics on its agenda and took the following decisions:

First: Authorizing the Minister of Construction, Housing, Municipalities and Public Works to sign the exchanged letters for the Chinese grant provided to the Iraqi government in the amount of (53,650) million Chinese Yuan, in the form of specialized mechanisms and as stated in the exchanged letters between the Iraqi and Chinese sides, taking into account changing the signature formula to be in the name of the Ministry of Construction, Housing, Municipalities and Public Works, and not in the name of the Iraqi government, so that these exchanged letters are not considered an international agreement, and coordination with the Ministries of (Planning and Finance) in accordance with the provisions of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023-2024-2025).

Second: Cancel Cabinet Resolutions (581 of 2013) and (326 of 2014), due to the long period of time that has passed since they were not implemented and the lack of need for them due to the financial circumstances that surrounded the treasury at the time, and cancel Cabinet Resolution (24032 of 2024).

Third: Increasing the capital of the Real Estate Bank (500 billion dinars) to become (550 billion dinars), based on the provisions of the Public Companies Law (22 of 1997) amended, and the Ministry of Finance taking the necessary measures for implementation.
Fourth: Exempting the Civil Aviation Authority from the contracting methods in the instructions for implementing government contracts, with regard to programs and computers only, for the purpose of purchasing the authority’s management systems and air safety directly from specialized companies that produce these programs, purchasing licenses, computers and servers from authorized agents of the global company (Microsoft).

Fifth: The Ministry of Finance sold an area of ​​(1750) square meters of the plot of land numbered (23 m9/Kurka Jal) belonging to it, to the Diwan of Endowments of the Christian, Yazidi and Mandaean Religions, based on the Law for the Sale and Lease of State Property (21 of 2013) as amended after estimating its value by the committee formed pursuant to the aforementioned law, and extinguishing a percentage of (50%) of the actual consideration in accordance with the provisions of the Federal Financial Administration Law (6 of 2019) as amended and Cabinet Resolution (23447 of 2023). LINK

 Game of Patience: Clare thanks for sharing!  This information reveals amendments being made to the 2024 budget!

Economist’s “ News and Views” Friday 8-30-2024

BRICS 2024: 126 Nations Eyeing US Dollar Exit

Arcadia Economics:  8-30-2024

The October BRICS meeting is suddenly not that far away.

And now as Vince Lanci reports in today's show, we're up to 126 nations that are set to attend the BRICS Municipal Conference. Showing increasing interest in joining the bloc and moving away from reliance on the US dollar.

 Vince also talks JP Morgan's gold comments, Nvidia's earnings, and the rest of the precious metals news this morning. To find out more, click to watch the video now!

https://www.youtube.com/watch?v=zmpublt0Who

Debt Crisis Spiraling Out Of Control | Alasdair Macleod

Liberty and Finance:  8-29-2024

Alasdair Macleod discusses the imminent financial crisis stemming from the Western world's escalating government debt, which now exceeds levels seen during World War II.

He highlights the dangerous debt trap where debt growth outpaces income growth, exacerbated by a lack of foreign investment and rising inflation.

Macleod warns that the U.S. dollar is in a precarious position, with rising interest rates and a potential recession contributing to economic instability.

 He critiques the government's policies, particularly the approach to unrealized capital gains taxes, as a manifestation of the broader problem of currency devaluation.

 Macleod underscores that gold is maintaining its value amidst this turmoil, driven by global shifts away from fiat currencies and central banks' increasing gold reserves.

INTERVIEW TIMELINE:

0:00 Intro

1:35 Topic outline

3:08 Debt trap

22:53 Stocks vs gold

33:15 Russia/Ukraine conflict

42:02 Macleod Finance

https://www.youtube.com/watch?v=kug7KCVOfqE

‘Middle-Class Squeeze’: U.S. Government Spending and Real Wages Are Under Pressure - E.J. Antoni

Kitco News:  8-29-2024

Jeremy Szafron, Anchor at Kitco News, interviews E.J. Antoni, a public finance economist from the Heritage Foundation and senior fellow at Unleash Prosperity.

 In this discussion, Antoni dives into the U.S. economy’s current state, exploring whether recent GDP growth is sustainable or merely borrowing from the future.

Antoni provides his analysis on the real impact of inflation, the federal debt crisis, and the accuracy of government-reported job data.

The conversation covers the underlying vulnerabilities in the economy, from consumer debt at record levels to the challenges facing the labor market.

00:00 – Introduction

 01:16 - Is GDP Growth Sustainable or Borrowing from the Future?

 03:41 - Consumer Spending: Resilience or Credit Dependency?

06:32 - Inflation Driven by Government Spending

 09:54 - The Growing Threat of National Debt

12:47 - Can We Trust Government Job Data?

15:33 - Small Businesses and Regulatory Burdens

18:23 - Middle-Class Erosion and Real Wages

21:48 - Recession Indicators: Are We Already There?

24:35 - Long-Term Stagnation: Lessons from Japan

https://www.youtube.com/watch?v=_eTR98KJQTM