Seeds of Wisdom RV and Economic Updates Monday Afternoon 9-2-24

Good Afternoon Dinar Recaps,

This Week in AI: OpenAI signs landmark AI deal with US

OpenAI is preparing to raise its next funding round, seeking to secure billions of dollars at a $100 billion valuation. Tech giants like Microsoft (NASDAQ: MSFT), Apple (NASDAQ: AAPL), and Nvidia (NASDAQ: NVDA) are rumored to be interested in participating.

Each of these companies is no stranger to OpenAI:

▪️Microsoft has been a primary investor, owning a 49% share of the company thanks to its $13 billion investment in 2019.

▪️Apple partnered with OpenAI in June to use its models to power upcoming AI features.

▪️Nvidia, the dominant chipmaker, provides OpenAI with the infrastructure it needs to train and run its models.

Although OpenAI’s ChatGPT remains the market leader, with hundreds of millions of monthly users, the company has yet to turn a profit from its AI products and services. Moreover, OpenAI must continue spending billions to stay competitive and maintain its market leadership.

Rumors suggest the company is on track to lose $5 billion this year from its AI operations, making it unsurprising that OpenAI needs to raise significant capital to keep the business going.

Google’s Imagen 3 relaunches with enhanced AI accuracy and ethics

Google (NASDAQ: GOOGL) announced that it would reintroduce its image generation AI, Imagen 3, into its products, starting with Gemini Advanced.

Google’s AI image generation tool was previously operational but was pulled in February following incidents where the AI overcompensated for race and ethnicity when generating images of people.

 For example, when prompted to produce an image of the four founding fathers of the United States, Imagen returned an output featuring diverse individuals who were not the founding fathers.

These incidents sparked discussions about Google’s AI being overly concerned with ethics, bias, and censorship, leading the company to suspend its model from generating images of people.

All AI models walk a fine line between ethics and bias, especially regarding race and ethnicity. It’s more common for AI to exclude racial and ethnic diversity in outputs, but Google’s first iteration did the opposite, creating inaccurate outputs due to overcompensation.

As Google reintroduces Imagen 3, it will be interesting to see how the company addresses these challenges and whether the new version of its AI can strike a better balance between inclusivity and accuracy. People are likely to stress-test this model in the same areas as before, pushing it to its limits to see how well it handles these nuances.

Nvidia stock dips despite beating earnings: Has the AI boom peaked?

Nvidia recently held its latest earnings call, surpassing analyst expectations on several fronts. However, despite beating expectations, the company’s stock closed roughly 8% down the following day.

Nvidia’s forecast that next quarter’s gross margins might fall short of analyst estimates could have contributed to this decline. In contrast, others believe the dip reflects investors’ unreasonably high expectations for Nvidia, which are becoming increasingly challenging to meet.

The question now is whether this decline signals that Nvidia has peaked and is entering a period of cooling off. Linear growth typically doesn’t continue forever, and Nvidia has had a historic run during the AI boom, supplying nearly 90% of the chips companies need to train and run their AI models.

Even Nvidia seems aware that its winning streak might be cooling off, as reflected in its forecast for the next quarter.

Amazon set to launch AI-powered Alexa

Amazon (NASDAQ: AMZN) is reportedly gearing up to launch an AI-enhanced version of its home assistant, Alexa. 

The upgrade, expected in October, will include features such as AI-generated summaries of news articles tailored to users’ preferences.

It will also introduce voice recognition capabilities, allowing Alexa to differentiate between speakers and provide personalized experiences, such as finding recipes suited to individual tastes or tailoring shopping experiences to the user.

The AI-enhanced Alexa will only be available to subscribers of a new service, which would help offset the costs associated with Alexa. The device has allegedly contributed to Amazon’s devices department losing billions of dollars, as most Alexa users opt for the free version after purchasing the physical device.

While we’ve seen several companies attempt to create AI wearables, there haven’t been as many efforts to develop in-home AI assistants. 

Due to their reliance on voice commands, existing home assistants have struggled to gain traction, often proving awkward to use. These devices tend to add more friction to users’ workflows rather than simplifying them.

However, if I had to guess, the lack of AI features probably isn’t the main reason these devices haven’t taken off, so I am doubtful that these new AI capabilities will be the boost products like Alexa, Google Home, or Apple’s Siri need to regain popularity.

OpenAI and Anthropic establish landmark AI safety partnership with US government

In a first-of-its-kind agreement, OpenAI and Anthropic have signed a deal with the U.S. Artificial Intelligence Safety Institute at the Department of Commerce’s National Institute of Standards and Technology (NIST).

This agreement grants the U.S. AI Safety Institute—which was established via President Biden’s executive order on AI—access to major new models from each company before their release.

Additionally, the companies will collaborate with the institute on research to evaluate AI models’ capabilities and safety risks and explore methods to mitigate those risks.

It wouldn’t be surprising to see more AI providers follow suit and partner with government entities. The government tends to scrutinize AI systems, particularly regarding their safety and potential societal risks. A partnership of this nature signals that the AI provider is at least attempting to make its systems safer and more secure.

These collaborations probably give AI companies some breathing room when releasing models that might otherwise face government scrutiny.

By addressing potential issues early in the process, thanks to early access and the other benefits that sometimes come with a government partnership, AI providers can save time, money, and trouble, allowing them to refine their models before launching them in a way less likely to lead to regulatory concerns.

In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data

@ Newshounds News™

Source:  CoinGeek

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Elon Musk Considers Dogecoin for Tesla Payments Again

▪️Elon Musk hinted at Dogecoin's return as a Tesla payment option.

▪️Judge dismissed a $258 billion lawsuit against Musk and Tesla.

▪️DOGE's price dropped over 2% in the last 24 hours.

Tesla CEO Elon Musk indicated the potential return of Dogecoin as a payment option for Tesla products. This statement came just two days after he and Tesla successfully dismissed a June 2022 lawsuit accusing them of defrauding investors through a Dogecoin pump-and-dump scheme.

 On August 31, Musk responded affirmatively when asked if anyone else wanted Tesla to bring back Dogecoin as a payment option for products.

▪️What Is Happening on the Dogecoin Front?
▪️Details on the Matter

What Is Happening on the Dogecoin Front?

Tesla previously accepted Dogecoin for products in January 2022, but it is unclear if the company will reimplement this feature. 

At that time, the company stated that only Dogecoin would be accepted and warned that other crypto assets sent to them would not be returned. However, the Dogecoin payment option later disappeared without any explanation.

Given Musk’s known support for Dogecoin, a return would not be surprising. Earlier this year, Tesla hinted at the possibility of accepting Dogecoin as a payment method. Musk has consistently expressed his fondness for DOGE and frequently influenced its price movements with his actions.

Musk’s defense of Dogecoin has also led to legal challenges. On August 29, Judge Alvin Hellerstein dismissed a $258 billion class-action lawsuit against the billionaire and his company.

The lawsuit accused Musk and Tesla of manipulating Dogecoin’s price and claimed that Musk used his influence, including his appearance on Saturday Night Live, to affect the token’s value.

Details on the Matter

Judge Hellerstein ruled that Musk’s statements about Dogecoin were enthusiastic and exaggerated rather than factual claims that could mislead investors. He concluded that no reasonable investor would rely on these statements and that the pump-and-dump allegations were unfounded:

“As for the alleged pump-and-dump scheme by Musk and Tesla, it is impossible to understand the plaintiffs’ claims of market manipulation, pump-and-dump scheme, breach of fiduciary duty involving insider trading, or state law claims.”

Despite these developments, DOGE’s price dropped by more than 2% in the last 24 hours to $0.099113 at the time of writing, according to Tradingview data. This decline reflects a broader market trend, with significant crypto assets like Bitcoin experiencing substantial losses during the reporting period.

@ Newshounds News™

Source: Coin-Turk

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Iraq...The Drama Of Corruption And Its Danger To Society

Iraq...The Drama Of Corruption And Its Danger To Society

 Iyad Anbar    Corruption scandals in Iraq are very similar to television drama stories, as they both rely on the plot of the novel that makes the viewer follow the events and their developments with passion and wait for their endings.

This is how we in Iraq coexist and interact with news of corruption, its personalities, and its details, and it is never absent from the events of news bulletins and the topics of political talk shows.

In addition, we have come to live with it in every detail of our daily lives, including poor services, deteriorating health conditions, and the routine of daily dealings between citizens and state departments and institutions.

 The latest dramatic series of corruption scandals is the return of the “Theft of the Century” case to the forefront, and  the story of its return began with August 14 being set as the date for the trial of the main accused in the case, Nour Zuhair, who failed to appear, so the trial was postponed to the 27th of the month..

 Nour Zuhair, the hero of the drama story of the theft of tax deposits, which became known as the “theft of the century,” chose to attend a television interview with the Iraqi “Al-Sharqiya” channel, to talk about his “oppression” and his denial of the existence of theft or corruption, and described the issue as a “lie.”

But he did not deny the bribes he offered to politicians, media figures, and state employees, confirming to us that this routine in Iraq is the basis of corruption.

 The hero of the series “Theft of the Century” wants to keep the eyes of the Iraqis on monitoring his news, after he circulated news about his being in a traffic accident in Beirut, and  we are preoccupied with interpretations of the “accident,” especially with the trial date approaching.

 Until it became clear that there was no accident, and that it was fabricated to escape the trial date, according to press follow-ups.

 The irony is that we have become so preoccupied with following news of corruption that we have become accustomed to hearing about thefts and corruption deals worth millions and billions of dollars.

 We live in a country where millions of citizens live on social welfare benefits, and these terrifying numbers are close to the budget of countries such as Jordan, Syria and Lebanon.

 Prime Minister Muhammad Shiaa Al-Sudani was more frank and clear when he stated at the beginning of his assumption of office, saying that

 “any talk about fighting corruption is absurd and a joke on the chin” if there is no accountability and recovery of funds from those involved in the “theft of the century” scandal.

 It seems that the Prime Minister's statement is the most credible, because so far there has been no resolution of any of the corruption files, and no prosecution of any of those involved.

 Despite this statement, Al-Sudani and his government were involved in the “theft of the century” and pledged to recover the money stolen from the state treasury.

 While this file was in the hands of the judiciary, the first accused (Nour Zuhair) is behind bars.

 Let the Sudanese involve himself in this file to market himself as the one who resolved the most dangerous corruption file in the history of the Iraqi state, and perhaps the largest theft of state funds, and that he was the one who achieved an achievement by settling it.

It later became clear that Nour Zuhair was outside Iraq, without any restrictions on his movement.

He moves between countries and appears in a television interview to describe the theft as “the lie of the century,” that he is a victim of “dirty blackmail,” and that he offered bribes worth millions of dollars. Although he "did not steal state money."

 The television interview in which the main accused of the theft of the century appeared, talking about billions of dinars. It is nothing but a scandal for the entire government system.

 How could this money be vulnerable to theft or fraud, if corruption did not ravage the entire body of the political system?

 This corruption has spread and all actors in the authoritarian system have become involved in it, and are even its founders.

Hence, we no longer need to diagnose and describe corruption by political figures who were directly and indirectly involved in managing the corruption system, and who legitimized the plunder of state resources, which became like a gold mine, with mafias and gangs competing to plunder as much of it as possible.

 Corruption in Iraq reflects a struggle to share the rentier economy between political parties and forces of power and influence, and  thus it has become spider webs.

 It does not stop at the borders of figures in high positions in the state, but rather extends to include political mafias, and figures outside the political description and social classes, who work according to personal relationships with influential government or party figures, or they work at the addresses of “economic offices” affiliated with political parties or armed militias. .

The corruption drama continues, and from time to time there is a new series.

 The latest of which is the exchange of accusations between the government and the House of Representatives about the existence of manipulation worth 15 trillion dinars, which is equivalent to 10 billion dollars, in the budget tables for the year 2024.

 The government directs an accusation against the Presidency of the House of Representatives that the tables sent by it differ from the copy of the tables sent by the government.

 Hence, the Presidency’s approval of the final budget schedules was delayed due to these differences.

  The government addresses the Presidency of the House of Representatives and confirms the existence of three different copies of the schedules:

 the first is printed on paper, and it has fundamental differences compared to the copy sent by the Council of Ministers.

The second is electronically printed, and has fundamental differences from the Cabinet version and the House of Representatives paper version.

 The issue is not the exchange of communications between the government and Parliament, nor delaying the approval of the budget schedules, the financial allocations of which cannot be released except with the approval of the President of the Republic and their publication in the official newspaper, “Al-Waqa’i al-Iraqiyya.”

 Rather, it is the nature of the relationship between the legislative and executive institutions in managing the state’s resources, which indicates either the presence of manipulation in financial allocations contrary to the will of the government responsible for preparing the federal budget.

 Or there are errors in routine transactions that result in $10 billion, according to statements by members of the House of Representatives.

 In both cases, administrative routine is no different from corruption, because both are manifestations of political corruption.

 Another series of corruption dramas being circulated on news bulletins and social media, its subject is the existence of a “blackmail network” inside the Prime Minister’s Office, where some figures working in important positions in the government palace were arrested and accused of wiretapping the phones of political and security figures, and impersonating politicians and businessmen. And fake news industry.

 Although the judiciary has not resolved these charges, merely acknowledging their existence weakens the government’s credibility in fighting corruption.

 In Iraq, there are official institutions with many names and titles, whose function is to combat corruption, such as: the

      Integrity Commission, the

     Financial Supervision Bureau, the

     Integrity Committee in the House of Representatives, and

     judicial courts specialized in examining corruption cases.

 But corruption in Iraq remains and expands, and corruption has a higher authority than the law that fights it.

There is no country in the world that is devoid of corruption, whether financial or political, but the levels of its presence differ from one country to another.

 When a country like Iraq is at the forefront of the most corrupt countries, here we are faced with a real problem in the political system and the ruling elites that produced this corruption.

 The irony is that everyone agrees on the existence of corruption, and the diagnosis of its causes.

 But there is no clear will to combat it or set limits to it, because everyone has begun to live with it and consider it a natural phenomenon that there is no need to rebel against or fight against.

The danger is not in corruption and its spread, but rather in its penetration into state institutions and its acceptance by citizens and politicians alike.

 Hence, it produces social norms and values, politicians, and a culture that accepts corruption.

 The general rule has become that the corrupt in this country are the majority, and the minority are the non-corrupt.

 Society's view of anyone who holds a political or administrative position is that he is accused of corruption.

 We can imagine the danger to social values ​​when society celebrates the corrupt on official occasions, when they are rotated into high-ranking positions in the state, and the absence of accountability and responsibility for anyone proven involved in cases of theft of public money.

 When there is no accountability for the corrupt, the result is the spread of corruption and the transformation of its personalities into public figures accepted by society.

 As long as the ruling system acknowledges the penetration of corruption into all aspects of the state, and at the same time does not fight it.

 The result is the imposition of corrupt figures as representing the authoritarian system and the political society.     https://economy-news.net/content.php?id=47016     

Economist’s “News and Views” Monday 9-2-2024

The US Dollar is Being DECIMATED And They Have No Idea How To Stop It

The Atlantis Report:  9-2-2024

In this video, we dive deep into the alarming state of the US Dollar and the unprecedented challenges it faces on the global stage.

As the value of the dollar continues to plummet, policymakers are scrambling to find solutions, but are they too late? We'll explore the key factors driving this decline, including economic policies, international competition, and the shifting balance of power in global markets.

 Whether you're an investor, a concerned citizen, or simply curious about the future of the world's reserve currency, this analysis will give you crucial insights into the forces at play and what they could mean for the future of the US economy.

Don't miss this urgent discussion on the potential downfall of the dollar and the ripple effects it could have worldwide.

https://www.youtube.com/watch?v=O9DcbamVyp4

$1.5 Trillion in Debt about to Enter Delinquency

Steven Van Metre:  9-1-2024

In a world that has seen its fair share of economic upheaval, the alarming statistic of $1.5 trillion in debt on the brink of entering delinquency raises concerns that could reverberate through global markets. While many have focused on conventional threats to economic stability, such as inflation and soaring interest rates, this looming crisis remains largely overlooked.

As we delve into the insidious nature of debt delinquency, we uncover why this could be the financial crisis no one saw coming.

Before we dive into the specifics, it’s essential to understand what debt delinquency means. Simply put, it occurs when borrowers fail to meet their payment obligations on loans, credit cards, or any form of credit. When these delinquencies pile up, they create a ripple effect that can jeopardize not only individual financial stability but also the health of entire economies.

The staggering figure of $1.5 trillion primarily encompasses consumer debt in various forms, including credit cards, auto loans, and student loans. Unlike previous financial crises, triggered by subprime mortgages and excessive leverage in real estate, this crisis is rooted in everyday consumer behavior. It reflects a growing trend of individuals and families overextending themselves financially, often relying on credit cards as a lifeline to maintain their standards of living.

As interest rates rise in response to inflationary pressures, many borrowers may find themselves unable to meet their payment obligations. Even a slight uptick in interest rates can result in significant additional costs for those already stretching their budgets thin.

As we face this potential crisis of $1.5 trillion in debt entering delinquency, it’s a wake-up call for individuals, policymakers, and financial institutions alike. While consumer debt has been a topic of concern for years, its impact is now at a precipice.

We must act decisively, prioritizing financial education, promoting responsible lending practices, and fostering an economic environment that supports stability. The financial crisis no one expected may be hiding in plain sight, but together, we can tackle the challenges ahead before it spirals out of control.

Watch the video below from Steven Van Metre for his insights.

https://youtu.be/Qj3FR5XT-LE

BRICS Update: Saudi Sign a $50 Billion Deal with CHINA: What's Next?

Fastepo:  9-1-2024

The United States has been applying considerable pressure on Saudi Arabia to distance itself from China and other BRICS nations due to concerns over geopolitical and economic issues.

 The U.S. is particularly focused on preventing the transfer of crucial technology, infrastructure, and data to China, which could potentially threaten U.S. national security and economic interests.

Nonetheless, Saudi Arabia's recent actions, including the signing of $50 billion in memorandums of understanding with Chinese financial institutions, suggest a clear intent to strengthen its relationship with China.

This development is part of Saudi Arabia's broader strategy to diversify its economic partnerships and reduce its dependence on oil, aligning with its Vision 2030 initiative.

The agreements with Chinese banks aim to enhance two-way capital flows, covering both debt and equity investments, thereby promoting deeper economic integration between the two nations.

Specifically, Saudi Arabia’s investments in China saw substantial growth, highlighted by the PIF's move to sign six major agreements worth $50 billion with leading Chinese financial institutions.

These deals were aimed at enhancing bilateral capital flows, supporting investments in various sectors including technology and infrastructure. This follows the previous year's surge, where investments by Gulf funds in China increased from a modest $100 million to $2.3 billion in 2023, underscoring the rapid intensification of economic ties.

https://www.youtube.com/watch?v=6PjesMs6xaQ

Seeds of Wisdom RV and Economic Updates Monday Morning 9-2-24

Good Morning Dinar Recaps,

Hedera’s (HBAR) Daily Transactions Soar 46% as Market Cap Corrects

▪️Hedera’s daily transactions increased by 46% in Q2 2024, driven mainly by the Hedera Consensus Service.

▪️HBAR’s circulating market cap dropped by 29%, but its rank among all tokens improved from 36th to 30th.

According to a report from research firm Messari, Hedera (HBAR) experienced a notable surge in daily transactions during the second quarter of 2024, marking a 46% increase quarter-over-quarter (QoQ).

The total number of daily transactions increased from 90.9 million in Q1 to 132.9 million in Q2, reflecting the network’s increasing usage. The growth was mainly attributed to the Hedera Consensus Service, which constituted 99% of all the activities on the network.

Revenue Climbs as Network Activity Increases

For the second quarter of 2024, Hedera had a very good financial situation in terms of several aspects.

The network revenue, primarily derived from transaction fees, recorded a 26% growth in USD from $1.1 million in the first quarter to $1. 4 million in the second quarter. Regarding HBAR, the revenue also rose by 19% QoQ to 14. 6 million HBAR.

Despite this, the HBAR’s circulating market capitalization reduced by 29% and stood at $2. 7 billion. This decline came after three successive quarters of growth and was partially blamed on a 33% decline in the price of HBAR, which dropped from $0. 11 to $0. 08 during the same quarter.

However, HBAR’s market capitalization ranking rose, climbing six positions from 36th to 30th among all tokens, surpassing other tokens with comparable prices.

The Hedera network also experienced a significant rise in the number of users. The average daily number of newly created accounts increased by 31% QoQ from 8,400 in Q1 to 11,100 in Q2.

 This growth in new accounts was not reflected by the active address activity. The total daily active addresses also declined by 37% QoQ from 16,800 to 10,600. This means fewer accounts were active in making transactions while more accounts were being opened.

Karate Combat League Drives Significant Network Activity
One of the major drivers of activity on the Hedera network in Q2 was the Karate Combat League, a full-contact karate league that integrates blockchain technology into its fan engagement strategy.

The KARATE token allows fans to vote on the outcomes of the matches, and the token is built on the Hedera and Ethereum networks.

In the second quarter, there were several Karate Combat events that happened and this greatly helped in boosting Hedera’s transaction volume. For example, the KC45 event on the 20th of April had 1. 74 billion of KARATE tokens staked on Hedera with 65,300 contributors from Hedera and Ethereum.

The subsequent events like KC46 and KC47 also witnessed good voter turnout, with KC47 held on June 28 involving 117800 unique voters and 3. 17 billion KARATE tokens voted on Hedera.

At the time of writing, HBAR has seen a 21% decline over the past month and is currently trading at $0.051. This can be attributed to the general market risk, which has been accelerated by the fluctuation of major cryptocurrencies such as Bitcoin and Ethereum.

@ Newshounds News™
Source: Crypto News Flash

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DONALD TRUMP UNVEILS PLAN TO MAKE USA THE ‘CRYPTO CAPITAL OF THE PLANET’

▪️Donald Trump aims to make the US the “crypto capital of the planet” if elected.

▪️His sons’ World Liberty Financial may involve real-world assets and tokenization.

▪️Trump has promised a Bitcoin reserve and to replace SEC chair Gary Gensler.

In a bold move that could reshape the landscape of digital assets in the United States, former President Donald Trump has announced his intention to establish the US as the “crypto capital of the planet” if elected.

Trump’s announcement has ignited curiosity and speculation, particularly regarding the World Liberty Financial initiative spearheaded by his sons, Donald Trump Jr. and Eric Trump.

Though details of the World Liberty Financial project remain sparse, early rumours suggest that it may involve real-world assets and tokenization. The initiative’s official Telegram channel, which boasts over 53,000 subscribers, has cautioned crypto enthusiasts to remain vigilant against scams and imitation projects.

Trump’s embrace of cryptocurrency marks a significant shift from traditional political rhetoric. During a May gala, he first presented himself as a champion of the crypto industry, a stance he continued to reinforce at the July Bitcoin 2024 conference. 

There, he promised to create a strategic Bitcoin reserve and to replace Gary Gensler, the current Securities and Exchange Commission chair, a move likely to resonate with crypto advocates.

Amid fluctuating political odds between Donald Trump and Democratic candidate Kamala Harris, the former president’s crypto policies have garnered attention.

Additionally, a Bitcoin bill introduced by Republican Senator Cynthia Lummis from Wyoming has gained traction, aligning with Trump’s vision by proposing a strategic reserve of Bitcoin backed by gold certificates for a two-decade hold.

As the crypto landscape continues to evolve, Trump’s ambitious plans signal a potential shift in US policy that could influence the future of digital assets and blockchain technology especially if Donald Trump were to be re-elected.

@ Newshounds News™

Source: CoinJournal

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CARDANO’S CHANG HARD FORK GOES LIVE, INTRODUCING ON-CHAIN GOVERNANCE

The highly anticipated upgrade turns Cardano's ADA cryptocurrency into a governance token.

Cardano, the layer-1 blockchain launched in 2017 by Ethereum co-founder Charles Hoskinson, activated its highly anticipated “Chang” upgrade on Sunday, marking the ecosystem's long-planned shift towards decentralized governance.

With the Chang upgrade now live, ADA token holders will be able to shape Cardano's future by electing governance representatives and voting on development proposals.

CIP-1694, an official "Cardano Improvement Proposal," describes the new community governance structure and establishes three user-led governance bodies:

the Constitutional Committee, Delegate Representativ es (dReps), and Stake Pool Operators (SPOs). Moving forward, Cardano's three founding entities—the Cardano Foundation, Input Output Global (IOHK) and Emurgo—will no longer have the keys to trigger chain upgrades or "hard forks." Instead, that responsibility will be delegated to the new governance groups.

Cardano is the latest in a string of crypto projects to transition towards a more decentralized structure. The changes bring Cardano further in line with the blockchain industry's decentralized ethos, but they may also be viewed as a way to ward off securities regulators by bestowing ADA with extra utility.

Despite being ranked as the 28th largest blockchain by DeFiLlama, Cardano has consistently drawn attention from the crypto world, not least because of Hoskinson’s colorful personality and routine outspokenness. He originally created the Ethereum blockchain in 2014 alongside co-founders like Vitalik Buterin, but he quickly moved on from the project to build rival Cardano.

Hard forks—significant updates that render older versions of a blockchain obsolete—are a critical part of any blockchain’s evolution. The Chang hard fork is no exception, with its implementation spread across two phases.

The first phase, already live, introduces an Interim Constitutional Committee to temporarily oversee Cardano's governance. This phase is designed to be cautious, limiting the committee’s power to make changes to the blockchain's code while the rest of the ecosystem's governance model takes shape.

, expected to happen in 9The second phase0 days, will fully empower the new governance bodies. “Once everyone is onboard and well-informed, they will be ready to actively participate in governance,” said Giorgio Zinetti, CTO of the Cardano Foundation, in an interview with CoinDesk.

This upgrade is a pivotal milestone in Cardano’s roadmap, marking the beginning of the Voltaire era—a phase focused on achieving full decentralization that has been in the works since Cardano’s inception.

“I would say it is the biggest event in Cardano history, and it really makes us different from many other chains,” Zinetti told CoinDesk.

“I think we are the largest layer 1 with on-chain governance. There are some smaller players, like Tezos and Polkadot, who already have on-chain governance. But if there was a leaderboard, real decentralized layer-1s, we would be number one.”

@ Newshounds News™

Source:  CoinDesk  

Read more:  CoinDesk Aug 20, 2024

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Newshound's Podcast Link

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Q & A Classroom Link  

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“Tidbits From TNT” Monday Morning 9-2-2024

TNT:

Tishwash:  Iraq participates in the meeting of the Arab Economic Council

The Arab Economic Committee is scheduled to begin its work today, Monday, to prepare for the 114th session of the Arab League's Economic and Social Council, which will be held at the ministerial level next Thursday, with the participation of the Minister of Trade, Athir Dawood Salman Al-Ghariri.

Iraq will be represented in the meetings of the Economic and Social Council by two delegations, the first from the Ministry of Labor, which will attend the meetings of the Arab Social Committee, while the second delegation will be from the Ministry of Trade and will participate in the meeting of the Economic Committee.

The Arab Social Committee held its meeting yesterday, Sunday, with the participation of a delegation from the Ministry of Labor and Social Affairs, and a number of decisions were submitted to the Council.
The ministerial meeting of the Economic and Social Council next Thursday, in which the Minister of Trade will participate, will be preceded by a meeting of senior officials in the Council the day after tomorrow, Wednesday.

Assistant Secretary-General and Head of the Social Affairs Sector, Ambassador Dr. Haifa Abu Ghazaleh, stated that the 114th session of the Economic and Social Council began its work with the Council's Social Committee.

Abu-Ghazaleh added that the Social Committee reviewed the report of the Secretary-General of the League of Arab States, which included all the efforts and activities that took place between the two sessions of the Council in various sectors of joint Arab social and development work.

She continued that the report focused on continuing to implement the social dimensions of the 2030 Sustainable Development Plan, supporting vulnerable groups in society, and other activities related to persons with disabilities and the elderly, health, youth, women, family and childhood, population policies, civil society and human rights, migration and expatriates, education, scientific research, culture and dialogue of civilizations.  link

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Tishwash:  Schlumberger signs Iraq Training Agreement

The Arab Institute for Oil and Schlumberger have signed a cooperation agreement at the Iraqi Ministry of Oil, focusing on training and development for the sector's workforce.

Bassem Mohammed Khudair, the Deputy Minister for Extraction Affairs, stated that this memorandum aligns with the ministry's strategy to enhance technical and engineering skills.

Schlumberger's Executive Director in Iraq, Waseem Al-Azmeh, emphasized the company's commitment to using its expertise to develop the skills of Iraq's oil sector employees.

Hisham Yass, General Director of the Training and Development Department, highlighted that this partnership is a significant addition to the ministry's training program, to be implemented through the Arab Institute for Oil, which is responsible for certifying training programs.

Ghaleb Mohammed Ali, the Deputy Director of the institute, expressed hope that this collaboration will help achieve the ministry's goals in improving the performance of its workforce.   link

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Tishwash:  The Central Bank of Iran sold 320 billion Iraqi dinars to visitors

Iranian media revealed, today, Sunday, that 1.6 million Iranian visitors purchased the Iraqi currency in Iran before heading to Iraq to perform the Arbaeen pilgrimage.

Tala website reported that from August 7 to September 1, more than 1.6 million people received the "Arbaeen Coin", at a rate of 200,000 Iraqi dinars for each visitor, to meet their needs in Iraq.

He explained that selling dinars to visitors is a very good step, and has been taking place for two years, and saves visitors the trouble of converting their currency in Iraq into Iraqi currency, and Iraqi dinars can be obtained at a certain price for purchase directly from Iranian banks.

The website quotes experts as saying that in general there is no problem in providing the dinar from the point of view of the existence of the Central Bank, and next year the amount will be increased to more than 200 thousand dinars for each visitor.

Arbaeen visitors who travel to Iraq by air can obtain $500 in travel currency in addition to 200 thousand dinars in Arbaeen currency from the ATMs located at Imam Khomeini International Airport.

According to the announced figures, the Central Bank of Iran sold 320 billion Iraqi dinars to visitors entering Iraq, while questions remain about where the Central Bank of Iran gets the Iraqi dinars from, and whether they are one of the payments that Iraq spends on Iran to settle some import transactions that cannot be paid in dollars.   link

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Tishwash:  Al-Sudani's advisor explains the reasons for the fluctuation of gold prices in Iraq

The financial and economic advisor to the Prime Minister, Mazhar Salih, said today, Monday, that the reasons for the fluctuation of the price of gold in Iraq are not internal, but rather global, indicating that the Iraqi government encourages the import of gold because it is a “safe haven” for wealth.

At the state or individual level, gold has historically been a safe haven for preserving the purchasing power of wealth, as people keep gold for that purpose, and the cycle of gold assets between rising and falling is usually slow. If we take the cycle of assets, we find gold, almost as an average, as it is of constant value among other wealth,” Saleh told Al Furat News Agency, explaining that “society has historically been accustomed to keeping gold as a tendency to preserve personal wealth.”

He added, "In the modern era, the state keeps part of its foreign reserves supporting the national currency in gold. For example, Iraq keeps about 148 tons of gold, which constitutes 10% of its foreign currency reserves."

During the past month of February, Iraq's gold reserves witnessed a significant increase, as data from the International Monetary Fund showed that Iraq had increased its holdings of the precious metal by 3,079 tons, bringing the total to 145,661 tons.

He continued, "The reserves are a diversified investment portfolio of gold and currencies such as the dollar, euro, pound, yuan, yen, and others," describing this diversity as "based on basic global evidence, and it is not arbitrary."

He pointed out that "this evidence was made in agreement with the International Monetary Fund, in terms of the percentages of monetary gold that support and are considered a cover for the Iraqi dinar."

He stressed that the global standard for this is 10%, considering gold “not easy for fast payment operations and others, and it is heavy, but it is part of protecting reserves and confronting fluctuations in currency values.”

He explained that "the gold asset cycle is slow, so keeping it protects reserves from currency fluctuations. Iraq is not a maker of gold prices in global markets, but rather a recipient, because we are not a country that possesses gold wealth, but rather we import gold. Therefore, the entry of gold into

Iraq is a good wealth that is better than the entry of consumer goods that are not valuable and drain resources. Gold is a "precious wealth for the future," noting that "the gold discovered in the world is approximately 75%, and it is limited and not extensive, so central banks are pushing to keep a minimum amount of gold."

He stressed that "the policy of encouraging the entry of gold into Iraq is an import of wealth, and as assets they represent good stores of wealth, so the state encourages this and the customs taxes on them are moderate," indicating that "the gold markets in Iraq depend on two things: its price in the world and the extent of the rise or fall of the dollar, and we receive external visas at the value of gold and the dollar," considering encouraging the flow of gold into Iraq "a good thing. Recently, the price of gold has risen in Iraq, as the price of a mithqal (5 grams) has exceeded 500 thousand Iraqi dinars."   link

Mot: .. Have a Safe One!!! 

Mot: Siiiiiigggghhhhhh -- AGAIN!!! ---

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

Good Afternoon Dinar Recaps,

ARE XRP AND XLM CORRELATED? RIPPLE CTO SHARES INSIGHTS

XRP and Stellar (XLM) are two cryptocurrencies that have been constantly compared in terms of price growth and development. Both digital assets are committed to facilitating cross-border transactions. In continuance to a discussion revolving around XRP that initiated in March, the Ripple CTO, David Schwartz has shared some interesting insights into the correlation between XRP and Stellar (XLM).

Insights From Schwartz’s

In an X post, Schwartz openly acknowledged that he had no idea what were the factors that drive XRP’s price. It might be surprising to see that such a statement is made by one of the key architects of XRP Ledger, but regardless, it is worth noting that this might highlight various market factors that might be influencing the XRP price action.

He further went on to notice a crucial point stating-

“The only real objective data point I have is that XRP tracks the price and market cap of XLM incredibly well over all time frames.”  This observation might imply that despite the complexities influencing the price action, XRP and XLM share a closely connected path.

Exploring Their Origins And Price Influence

XRP and XLM share identical origins, as XLM was created by Jed McCaleb, a co-founder of Ripple who later split to start Stellar. Both the tokens are intended to facilitate cross-border payments, although they cater to different markets and use cases.

The correlation emphasized by Schwartz could mean that market forces affecting one of these tokens often influence the other. However, the exact reasons for this correlation remain speculative, as Schwartz himself has cited the lack of clarity on the precise drivers behind XRP’s price.

CTO’s Previous Hints To The Correlation

Schwartz had previously also shared a chart displaying a strong correlation in the price movements and patterns between XRP and XLM tokens and had explained the distinct reasons behind XRP and XLM’s unique price movements.

The Ripple CTO had admitted even back then that he lacked an accurate explanation for the price correlations, however, he provided two major factors that could be influencing the price trends.

The Two Factors That Could Be At Play

Schwartz revealed that comparable market forces that regulate various cryptocurrencies also control XRP and XLM. He stated that most investors and crypto enthusiasts often place XRP and XLM within the same category due to the cryptocurrencies’ historical connection.

Therefore a significant number of people simultaneously engage in buying and selling XRP and XLM causing the cryptocurrencies to have similar price movements

XRP and XLM have gained significant attention, and often viewed as the leading contenders for cross-border payments and mainstream adoption. While they tend to display similar price tracks, there still needs to be some clarity on the correlation between the two.

@ Newshounds News™

Source: Coinpedia

~~~~~~~~~

REPORT: BLOCKCHAIN IS POISED TO OVERHAUL GLOBAL PAYMENT SYSTEMS

According to a Binance report, blockchain technology is set to transform the global payments landscape by addressing inefficiencies in traditional financial systems.

The Binance research report highlights that while current payment methods, such as Visa and Mastercard, offer the convenience of near-instantaneous payment authorization, actual settlement times often lag, sometimes by several days.

This delay is especially pronounced in cross-border transactions, where communication between banks in different countries can extend settlement times.

In contrast, blockchain-based payments offer near-instant settlement. The report cites a 2021 pilot conducted by Visa and Crypto.com in Australia, where the use of USDC (USDC) and the Ethereum (ETH) blockchain allowed cross-border transactions to be settled in a fraction of the time traditionally required.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

KEY EVENTS IN SEPTEMBER 2024 IMPACT THE CRYPTOCURRENCY SECTOR IN BRIEF

 
▪️September 2024 will be critical for the cryptocurrency sector.

▪️Key events include Korea Blockchain Week and US economic data releases.

▪️Political and economic developments could significantly impact the crypto market.

September 2024 will be a highly active and critical period for the cryptocurrency sector. The events occurring during this time could shape both the developments in the sector and the future of the market. Wu Blockchain has provided a list of important events, and we will take a closer look at the details.

▪️Korea Blockchain Week Starts on September 1
▪️US Non-Farm Payroll Data for August to be Released on September 6
▪️Trump and Harris to Meet on September 10
▪️US Inflation Data to be Released on September 11
▪️Token2049 Global Conference and Fed Interest Rate Decision on September 18
▪️Former Binance CEO Changpeng Zhao to be Released on September 29

Korea Blockchain Week Starts on September 1

First, the Korea Blockchain Week starting on September 1 stands out as a major event where significant figures in the sector will gather.

US Non-Farm Payroll Data for August to be Released on September 6

The US Non-Farm Payroll Data for August, which is of great importance for the US economy, will be released on September 6.

Changes in employment are expected to provide clues about the overall state of the US economy. A potential decline in the data could cause fluctuations in the cryptocurrency market, as negative economic signals may increase interest in risky assets.

Trump and Harris to Meet on September 10

The first presidential debate between Trump and Kamala Harris, scheduled for September 10, is highly anticipated.

The focus on economic issues in the debate will attract the attention of the cryptocurrency community. Political developments in the US are closely related to the crypto market, making this debate highly significant.

US Inflation Data to be Released on September 11

Inflation data has always been critical for cryptocurrency investors. The US Consumer Price Index (CPI) data for August, to be released on September 11, will provide important insights into the direction of inflation.

Since cryptocurrencies are known to be seen as a hedge during high inflation periods, this data could create significant market activity.

Token2049 Global Conference and Fed Interest Rate Decision on September 18

The Token2049 Global Conference, starting on September 18, is another major event where significant figures in the sector will gather. Announcements made during the conference, especially new partnerships and projects, could cause significant fluctuations in the cryptocurrency market.

On the same day, the Federal Reserve FOMC meeting will determine decisions regarding interest rates. Interest rate cuts generally increase interest in risky assets like cryptocurrencies. the-cryptocurrency-sector/#trump-and-harris-to-meet-on-september-10Additionally, the final decision in the case against Trump concerning allegations of irregularities in job records will also be made on the same day.

@ Newshounds News™

Source: Coin-Turk

~~~~~~~~~

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Iraq Economic News and Points To Ponder Sunday Afternoon 9-1-24

Oliver Wyman Company And Lifting Sanctions On Banks Banned From Using The Dollar
 
Economic researcher Ali Dadoush    The Central Bank of Iraq contracted with Oliver Wyman, a global consulting firm, which has the ability to
 
     “restructure companies to achieve success in difficult times, and
     build a new strategy in the field of banking services, as well as
 
being a leader in the field of risk, strategy and human resources, where
it helps clients.” To navigate in a dynamic environment across four global companies.

So a company like Oliver Wyman can
 
     help sanctioned Iraqi banks understand the sanctions imposed on them,
     work on strategies to reduce their impact, and even
     help remove these sanctions in some cases.
 
From a legal standpoint, the company can help Iraqi banks
 
     understand international laws and sanctions applied to them,
     identify any legal risks associated with their activity, and then
     provide recommendations on how to improve banks’ compliance with international sanctions and
     develop plans to mitigate risks.
 
In addition, the company will help Iraqi banks in
 
     Communicating with international government agencies to
     learn more about the sanctions imposed on them, or to
     request ((exceptions or mitigation)), by
     providing training programs for employees in Iraqi banks to develop their skills in the field of sanctions compliance.
 
From the above, we conclude that Oliver Wyman can   play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then   submit a recommendation to the Treasury and the Federal Reserve that paves the way for lifting the sanctions.      https://economy-news.net/content.php?id=47001   

The Central Bank Contracts With An International Auditing Company To Reform And Merge Iraqi Banks
 
Economy | Yesterday, Baghdad Today – Baghdad   Saturday (August 31, 2024), the Central Bank of Iraq announced that it has contracted with an international auditing firm in New York City, in the United States of America.
 
The bank confirmed in a statement received by “Baghdad Today” that “the 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 organize and
     stimulate their use in line with Iraq’s trend towards electronic payment,
 
during separate meetings with... A group of companies such as (Visa, Mastercard and MoneyGram), as the international auditing company (KPMG) provided an extensive analytical presentation of the uses of these cards, reinforced with recommendations and proposals to enhance the regulated use and accommodate the significant increase in citizens’ use of these cards.”

During the negotiations, according to the statement, the gathered parties praised
 
“the important steps in promoting banking sector reforms, the most important of which is the contract conducted by the delegation of the Central Bank of Iraq with the company (Oliver Wyman) to conduct a comprehensive review of the conditions of Iraqi banks, especially the banks that are prohibited from dealing in the US dollar currency.”  The statement explained,
 
"The company will work to develop practical solutions to reintegrate these banks within the Iraqi and international banking sector, in addition to improving the level of bank procedures in accordance with international standards, as
 
this initiative aims to
 
     facilitate the process of establishing direct banking relationships, and
     improve the quality of the services provided." From banks to serve the Iraqi economy,” noting that
 
“the company is scheduled to begin its work during the next few period.”   
 
https://baghdadtoday.news/256913-البنك-المركزي-يتعاقد-مع-شركة-تدقيق-دولية-لاصلاح-ودمج-المصارف-العراقية.html  

The Central Bank Announces The Results Of The New York Meetings
 
Economy    30-08-2024, Baghdad – IA  Today, Friday, the Central Bank of Iraq announced 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, the United States of America, 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
     bankers (Citi Bank and JP Morgan) as well as
     international auditing firms (KPMG, E&Y, K2i and Oliver Wyman).”  He added,
 
"The participants in the meetings praised the major transformations accomplished by the Central Bank of Iraq, which represent an unprecedented achievement at the country level, as the bank achieved remarkable progress in the procedures for controlling external transfers and cash sales of the US dollar currency, which led to the improvement of 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 take place 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 relationships between Iraqi banks and the network of international correspondent banks, in accordance with the plan developed by this bank, and in effect.” 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 transformation will have important repercussions in the stability, smoothness and transparency of the country’s foreign trade financing operations,” noting,
 
“It aims to achieve the required stability in exchange rates, which in turn will lead to... To enhance the efficiency of the financial system in Iraq. 

He pointed out that  "the meetings in New York City also dealt with 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, with the aim of enabling them to complete their financial transactions, whether through external transfers in the US dollar or other foreign currencies."     https://www.ina.iq/215871--.html   

After The Success Of The Recent Negotiations In Washington, An Expert Identifies Indicators Of Declining Demand For The Dollar

 Economy | Baghdad Today – Baghdad   Financial and economic affairs researcher Alaa Glob Al-Fahd confirmed today, Saturday (August 31, 2024), that the  Central Bank succeeded during the recent negotiations in Washington in diversifying the basket of commercial currencies, indicating that this will lead to a significant decrease in demand for the dollar. 

Al-Fahd said in an interview with "Baghdad Today", that  "as part of the discussions of the Central Bank of Iraq during the past hours with the US Federal Reserve and the US Treasury, which lasted for three days, 13 Iraqi banks were included in direct external correspondence (remittances) and the diversification of the currency basket."

He states,   "There will be commercial transactions in the UAE dirham, the Indian rupee, and the Chinese yuan, and   this gives the Iraqi government flexibility to diversify the basket of commercial currencies."

Al-Fahd added,   "The dollar is currently the master of commercial transactions in Iraq, as it is the only source of oil revenues that are sold in dollars, and the reserves of the Central Bank of Iraq are in US dollars, and that is why it is the basic currency for foreign trade." He continued,

 "After diversifying the basket of foreign currencies for foreign trade, there will be a decrease in the issue of pressure on the dollar, and

 most of the demand for the dollar currently is not a local demand, but rather a demand for neighboring countries, due to the sanctions on those countries, and

 this demand will decrease significantly after diversifying the basket." Currencies in foreign trade transactions.

 Yesterday, Friday (August 30, 2024), the Central Bank announced the participation of 13 Iraqi banks in the external transfer, indicating that this step comes within efforts to support economic growth and expand the horizons of international cooperation with global markets.

 The bank said in a statement that the new phase of external transfer operations has begun, which is

 an important step aimed at

      enhancing the diversity of currencies and

     facilitating international transfer operations, noting that this announcement came after

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

 https://baghdadtoday.news/256923-بعد-نجاح-المفاوضات-الأخيرة-في-واشنطن.-خبير-يحدد-مؤشرات-انخفاض-الطلب-على-الدولار.html

Iraq Was Chosen To Chair The Group Of 77 And China In The United Nations

Politics | Yesterday, Baghdad today – Baghdad  Today, Saturday (August 31, 2024), the Ministry of Foreign Affairs announced the selection of Iraq to chair the Group of 77 and China ( G77 ) at the United Nations for the year 2025, after the meeting of the Asia-Pacific Group, which was held to discuss Iraq’s candidacy for this position.
 
The ministry said in a statement received by “Baghdad Today” that
 
“the Charge d’Affaires of the Permanent Representative of the Republic of Iraq to the United Nations in New York, Abbas Kadhim Obaid, gave a speech in which he affirmed Iraq’s vision for its role during its presidency of the group, highlighting the main axes of the work and stressing Iraq’s commitment to the principles.”

 The basic objectives of the group, especially with regard to supporting the goals and aspirations of developing countries in achieving economic, technological, and social development.  Obaid stressed,
 
 “Iraq will work to provide all the elements of success for this presidency, which is the first for Iraq since the founding of the group, as Iraq was one of the founding countries 60 years ago.”  The statement added,
 
“At the conclusion of the meeting, the decision 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 extended their congratulations to Iraq and expressed their readiness to support it in its tasks during this important presidency, and
 
the Chargé d’Affaires expressed in another speech: His gratitude for the support and recommendation of the Asia-Pacific Group and its confidence in assigning this responsibility to Iraq, stressing its readiness to work and cooperate with member states to achieve common goals.
 
It is worth noting that the Group of 77 and China is the largest grouping of countries in the United Nations, with 134 member states.   
 
https://baghdadtoday.news/256889-اختيار-العراقِ-لرئاسةِ-مجموعةِ-الـ-77-والصين-في-الأممِ-المتحدة.html   

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

Economist’s “News and Views” Sunday 9

The Next Black Swan Event Is About To CRUSH The U S Economy

Atlantis Report:  8-31-2024

There is a growing sense of unease among the influential people in the United States. Rumors of an upcoming economic disaster have intensified to the point of being overwhelming.

Recent fluctuations in the value of the U.S. dollar have caused a lot of anxiety among investors and policymakers worldwide.

While a strong currency is usually seen as a positive thing, in this case, its sudden surge has created uncertainty and left many people worried.

 Understanding the reasons behind this situation, the threat of recent fluctuations of the U.S. dollar, and the complex dance between the Federal Reserve and interest rates is essential.

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

Banks Can't Hide From The Truth | Adrian Day

Liberty and Finance:  8-31-2024

Adrian Day discusses the current risks to banks, insurance companies, and pension funds, highlighting concerns about commercial real estate.

He notes that the U.S. economy is weaker than it appears, evidenced by recent job revisions and a predominance of part-time and government positions.

Day anticipates that the Federal Reserve will cut interest rates, a move that typically signals a forthcoming recession but is favorable for gold and commodity investments.

He explains that gold stocks are starting to outperform physical gold, presenting a compelling opportunity for investors.

Additionally, Day predicts a rotation out of overvalued U.S. stocks into undervalued global and commodity stocks, suggesting a cyclical shift in market performance.

https://www.youtube.com/watch?v=PmGzakUliD8

Rafi Farber: Bloomberg Explicitly Calls the End Game In the Repo Market

Arcadia Economics:  8-331-2024

It's what Rafi Farber has been saying for about two years now. The End Game will be focused on the repo market, where banks trade each other trillions of dollars every night for wholesale funding.

With the Fed continuing quantitative tightening, eventually there will not be enough dollars to grease the repo market, and we will hit another repocalypse.

 Bloomberg finally sees it coming, even using the term "end game" to describe it.

In this week's silver report, Rafi goes into this and other topics including the percentage of dollars backed by deferred assets (Fed losses) and when, theoretically, every dollar in existence will be backed by what the Fed owes the Treasury.

https://www.youtube.com/watch?v=mbiE-5RC3fU

“Tidbits From TNT” Sunday 9-1-2024

TNT:

Tishwash:  Oliver Wyman Company and lifting sanctions on banks banned from the dollar 

The Central Bank of Iraq has contracted with Oliver Wyman, a global consulting firm that has the ability to “restructure companies to succeed in difficult times, build a new strategy in banking, and be a leader in risk, strategy, and human resources, helping clients navigate a dynamic environment across four global firms.”

A firm like Oliver Wyman can therefore help sanctioned Iraqi banks understand the sanctions imposed on them, work on strategies to mitigate their impact, and even help remove these sanctions in some cases. 

Legally, the firm can help Iraqi banks understand international laws and sanctions applicable to them, identify any legal risks associated with their activity, and then provide recommendations on how to improve banks’ compliance with international sanctions, and develop plans to mitigate risks.

In addition, the firm will help Iraqi banks communicate with international government agencies to learn more about the sanctions imposed on them, or to request “exceptions or mitigations,” by providing training programs for employees in Iraqi banks to develop their skills in the field of sanctions compliance.

From the above, we conclude that Oliver Wyman can play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then submit a recommendation to the Treasury Department and the Federal Reserve that paves the way for lifting the sanctions.  link

Tishwash:  Parliamentary Economy Committee Discusses Amending the "Investment Law"

The Iraqi legislative arena is currently witnessing intensive discussions about the fourth amendment to Investment Law No. 13 of 2006, as amended, in light of the significant expansion of investment activity in the country in recent years.

These discussions come within the framework of efforts aimed at improving the investment environment and addressing the gaps in the current law.

In a press interview followed by “Economy News”, member of the Economic Committee, Diaa Al-Hindi, confirmed that the proposed amendment is “important and necessary” due to the many problems that the current law suffers from, explaining that “the current law requires fundamental amendments in several aspects, including the mechanism for selecting heads of bodies and members of the board of directors in bodies, in addition to the conditions for granting and withdrawing investment licenses, additional extensions, and grievance procedures.”

Al-Hindi pointed out that the amendment seeks to address those issues that the current law did not adequately address, which negatively affects the investment climate in Iraq.   link

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Tishwash:  Business Impact Conference – Iraq (BICI) kicks off in Erbil

36 companies collaborate to create positive, inspiring and sustainable work environments

The Business Impact Conference – Iraq (BICI) kicked off today in its first session with the distinguished participation of 36 Iraqi companies, where entrepreneurs and business leaders meet to start the process of collective learning on how to create positive and sustainable work environments. The conference aims to promote the concepts of trust, unity, and diversity within Iraqi work environments, which contributes to improving performance and increasing productivity in the long term.

On the first day of the conference, the sessions began with a welcoming speech followed by a general introduction to the conference objectives and its importance in the local context. The agenda included interactive sessions and open discussions aimed at exploring and developing effective working practices.

The first session, titled “Building Positive Work Environments,” was led by Mr. Fahim Da’at Al-Thakreen, Founder of Popcorn Marketing, who provided valuable insights on how to create a work environment that encourages collaboration and innovation.

This was followed by a “Trust” session presented by Heba Hamadeh, General Manager of Cedars International School, which focused on the role of trust in strengthening relationships within teams and clients. The program also included small study sessions and group discussions to deepen understanding and exchange experiences among participants.

After a lunch break and group photos, the conference resumed with a session on “Unity and the Power of Diversity,” presented by Ali Alwan, HR Manager at Ramlah Real Estate Development. This session discussed how to leverage cultural and intellectual diversity to achieve integration and unity in the workplace. The first day concluded with a session on “Fixing the Roots, Not the Branches,” which focused on an open discussion to explore radical solutions to the challenges facing workplaces.

The conference continues tomorrow for its second day, focusing on growth and collective activism. The fifth session, titled “Growth,” will be led by Rawaa Al Saqr, founder of Sagerlabs, who will present practical strategies for driving growth in companies. After group study sessions and a short break, the “Activity” session will bring participants together for an artistic workshop that promotes team spirit and creativity.

The second day concludes with the “BICI Process and Units” session, which will review the outcomes of the conference and identify next steps to enhance business impact in Iraq.  link

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

Tishwash:  Fouad Hussein discusses with the US Ambassador the details of the international coalition conference against ISIS in Washington

Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein discussed with US Ambassador to Baghdad Alina Romanowski on Saturday the details of the international coalition conference against ISIS, which will be held in Washington next month.

The Iraqi Foreign Ministry said in a statement, a copy of which was received by Kurdistan 24, that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein received today, Saturday, August 31, 2024, the US Ambassador to Iraq, Alina Romansky."

The statement indicated that "during the meeting, the ongoing negotiations regarding a ceasefire in Gaza and sending aid, especially medical aid, to the Strip were discussed."

He added, "The military operation carried out in the Anbar desert was referred to, which resulted in the neutralization of 15 ISIS terrorists. The minister praised the joint cooperation between the Iraqi and American forces and the success of this important operation."

He added that the meeting "touched on the conference of the international coalition against ISIS scheduled to be held in Washington early next month, and Iraq's participation in it. It is worth noting that this coalition includes 87 partners, and was established primarily to fight the terrorist organization ISIS in Iraq and Syria, and the conference will be at the level of foreign ministers of the participating countries."

The statement concluded by saying, "The United Nations General Assembly meetings to be held next month, which will be attended by dozens of world leaders, were discussed. The role of the two countries in these meetings and the required coordination between them to hold bilateral meetings on the sidelines of the participation of the two countries' delegations in New York were also discussed." link

Mot.. Have a Happy ~~~~  l

Mot:  Try to remember the kind of september.......

https://www.youtube.com/watch?v=QEm67QbgEGY

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

Good Morning Dinar Recaps,

“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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MIlitiaan and Crew:  8-31-2024

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