Iraq Economic News and Points To Ponder Sunday AM 9-8-24

An Economist Warns Of Financial Hardship And The Ax Of Rentierism: They Will Fall At The Head Of The Iraqi Economy
 
September 7, 2024  Baghdad / Iraq Observer   Economic affairs researcher, Ziad Al-Hashemi, warned today, Saturday, of financial hardship and the ax of rentierism, while indicating that they will soon fall at the head of the Iraqi economy.
 
Al-Hashemi said in a post followed by Iraq Observer,  “Global markets are surrounded by many recessionary indicators that lead to real pessimism, and oil prices are declining, and Iraq is one of the biggest potential victims of the decline in the price of a barrel of oil,” noting that “now is not the time to talk about diversifying sources of income, as it has been wasted.”

Successive Iraqi governments and the political system provided many opportunities and squandered hundreds of billions without taking a real step forward to get rid of the state of high dependence on oil.”  He added,
 
“Urgent solutions are now required to save what can be saved, by developing a national emergency plan to deal with a financial situation characterized by (hardship and deficit).”
 
He pointed out that “this plan includes the following:
 
1- An urgent executive program to identify the fake employees (almost a million fake ones), cancel their salaries, and get rid of the situation of multiple salaries for each individual! The continued depletion of state finances with massive fraudulent salaries will soon bring down the government with a knockout blow as oil prices continue to deteriorate.
 
2- Compressing expenditures with all possible tools and means, and raising the level of control and auditing of expenditures with the aim of achieving a higher level of financial discipline.
 
3- Maximizing the government’s revenues from taxes and customs (fully activating the customs system) and reducing the level of laxity in the collection system.
 
4- Monitoring commercial markets and prices, encouraging merchants to reduce profit margins, and holding accountable those who practice commercial greed and monopoly.
 
5 - A massive campaign to monitor corruption funds, recover them, and annex them to public funds.
 
6- Re-evaluating projects and referrals to tenders and opening the door to negotiation to postpone or cancel non-essential projects or achieve price differences for the benefit of state finances or other spending sections!
 
7 - Establishing borrowing and debt instruments (as a last resort) that the government resorts to, to avoid increasing the amount of public debt, which is already high.”  He stressed,
 
"These are some of the proposed quick solutions and treatments that certainly do not replace long-term solutions that focus on economic diversification.
 
Without implementing these and other solutions, let this government and

Adviser To The Prime Minister: Central Bank Decisions Contribute To Reducing Inflation Rates In The Country

 Economical 09/08/2024   Baghdad: the mainstay of the emirate   The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained that the  decisions of the Central Bank contribute to reducing inflation rates in the country, and  pointed out that economic growth contributes to strengthening the value of the local currency.

 Saleh said in a statement to “Al-Sabah”:

 “The policies of the Central Bank play a major role in stabilizing the currency, which is something that achieves harmony between the internal value of the currency and its external value,” explaining that

 “decisions to raise or reduce interest as part of monetary policy work will undoubtedly be reflected in... Reducing inflation rates and maintaining the stability of the currency value.” 

He added that the   prosperous and sustainable economic growth in gross domestic product contributes to enhancing the value of the currency and its stability, indicating that the

 real factors affecting the strength of the national currency include high productivity and high employment of the labor force, in addition to real investment and innovation, especially technological development .  Saleh pointed out that

 technology and innovation can lead to improved productivity and economic growth, which enhances the value of the currency, and  these are all factors generated by the real sector in the economy or the national development policy.

 He pointed out the importance of political stability and the strength of the administrative system and its governance, which are important behavioral factors in enhancing confidence in the national currency.     https://alsabaah.iq/102304-.html    

Sudanese Issues 16 Directives To Develop Electronic Payment Systems And Services

 September 7, 2024  Baghdad / Iraq Observer  Today, Saturday, Prime Minister Muhammad Shiaa Al-Sudani directed a package of measures and directives to be taken to develop electronic payment systems and services and to follow up on their implementation by specialized committees.

 A government source told Iraq Observer,

 “Within the framework of Prime Minister Muhammad Shiaa Al-Sudani’s continuous follow-up on the development of electronic payment systems and services, and in light of his review of the supervisory field reports related to the implementation of these services in various Iraqi ministries and institutions, he directed that a package of relevant measures be taken with follow-up.” Implemented by specialized committees.”

 He added, “The directives were as follows:

 1. Directing the Ministry of Planning, in cooperation with the Central Bank of Iraq and the World Bank, to create a national budget allocated to support and develop digital payment systems nationwide.

2. Directing all ministries, including the Central Bank of Iraq, to ​​prepare electronic cash flow statements periodically to ensure financial transparency, determine liquidity and manage risks, which contributes to improving financial planning.

 3. Directing ministries and government institutions to establish strategic partnerships with banking and non-banking financial institutions as well as technological institutions and adopt effective action steps for cooperation and exchange of proposals and experiences.

 4. Obligating financial and banking institutions to develop their technical and digital systems in accordance with the latest international standards, including strengthening anti-money laundering and anti-fraud systems; This is to ensure operating efficiency, improve the quality of banking services, and achieve full compliance with regulatory controls.

 5. Obligating financial and banking institutions to develop cyber protection systems and adopt the cyber resilience document, while strictly adhering to the controls issued by the Central Bank regarding electronic governance, to ensure comprehensive protection of banking systems against cyber threats and to ensure business continuity in light of crises.

 6. Directing ministries and government institutions to develop capable government work teams to follow up on electronic payment operations on a daily basis through training and qualification, and through specialized system portals provided by payment service companies.

 7. Directing the Ministry of Communications to cooperate with ministries and government institutions to expedite the adoption of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 to comply with the requirements of electronic payment and collection settlements in the Ministry of Finance in cooperation with the Central Bank of Iraq.

 8. Instructing the Ministry of Finance to submit a study on the mechanisms for creating intermediary accounts, approved by government institutions as a mechanism for dealing with restricted government accounts to solve the problem of deductions to citizens in the event of failure of financial operations.

 9. The Central Bank issues directives to private and government banks to deal transparently and not to discriminate between electronic payment companies.

 10. The Central Bank of Iraq prepares what is necessary to cancel prepaid ceilings for cards used locally to ensure wider and more flexible use.

11. Directing ministries and government institutions to establish specialized units within state departments to facilitate financial reconciliation and settlements and resolve disputes resulting from electronic payments, in coordination with banks.

 12. Directing the Integrity Commission to intensify oversight of collection points in government departments to ensure transparency and integrity.

 13. Directing the Financial Supervision Bureau to develop and legislate administrative and financial updates that are compatible with electronic payment systems and to follow them on an ongoing basis.

14. Emphasis on government institutions and electronic payment service provider companies to implement the paragraphs contained in the electronic collection and collection agreements, and in accordance with the responsibilities of each party contained in those agreements.

 15. Directing government banks to complete the activation of the comprehensive banking system to improve financial and administrative performance.

 16. Obligating all ministries and government institutions to adopt advanced electronic administrative and accounting systems to enhance efficiency and transparency.    https://observeriraq.net/السوداني-يصدر-16-توجيهاً-لتطوير-أنظمة-وخ/     

For This Reason... Economic Calls To Review Tax Laws And Develop The Collection System

 Money and business  Economy News – Baghdad   With the increase in the size of state expenditures in the general budget, there has been talk for years about the issue of

      maximizing non-oil revenues,

     reforming the tax system in Iraq, and

     raising the value of taxes on the wealthy,

 which is something that actually needs to address the current laws regarding tax, controlling import operations, and preventing the smuggling of goods through border crossings.

 In this regard, economic and financial expert Safwan Qusay revealed the formation of a committee by the Prime Minister to review tax laws, especially the income tax law issued in 1982, indicating that

 the law needs to be reviewed to amend some allowances in proportion to current income rates and develop the tax collection system. To reduce tax evasion.  He pointed out that

  “the proposed increase in tax aims to stop manipulation of invoices related to import operations and reduce tax evasion.”  

Qusay also confirmed that   “the committee is considering introducing amendments to property and real estate taxes, especially with regard to the transfer of property between individuals.”  https://economy-news.net/content.php?id=47221    

An Advisor To The Prime Minister Warns Of The “Risks Of Low Oil” On Fiscal Policy And Spending
 
Time: 09/04/2024 17:39:37 Read: 2,977 times   {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, warned today, Wednesday, of the “risks of a decline in oil revenues” with the decline in crude prices in global markets.  Saleh told Al-Furat News Agency,
 
“First, there must be a systematic investigation into the fundamental factors causing the decline in crude oil prices in global markets and their rapid decline in the past few weeks, as
 
China is one of the world’s largest economies that import crude oil among nations, as its imports increase.” Of crude oil, about 10 million barrels of oil per day, and Iraq alone contributes about 10% to China’s need for oil, or approximately 30% of Iraq’s oil exports are directed towards the Chinese market.  He stated,
 
"China's demand for oil is linked to the annual growth rates of its economy, and it is a truly direct relationship.
 
The greater the growth in annual gross domestic product, the greater the demand for crude oil."  Saleh pointed out,
 
“There is a parallel between increasing GDP and increasing oil consumption by a rate ranging from 0.5% to every 1% increase in GDP, although this parallel may change based on energy efficiency and market developments.”.  He pointed out that
 
“with this slowdown in Chinese economic growth (which is the second largest economy in the world), it has begun to increase during the second half of this year, as the annual growth rate is expected to decline to about 4.5%, after it was 5. 4% at the beginning of the year, and
 
thus the decline in growth in the Chinese economy has become an urgent issue that greatly affects the global economy and the stability of demand in the energy market.”  He noted,
 
"Chinese economic data are noticeable indicators of weakness, especially in the industrial and service sectors, as the Purchasing Managers' Index in China in August 2024, which is a main measure of economic activity, recorded a decline to its lowest level since six previous years."  He continued,
 
"Such a decline reflects a decline in both domestic and external demand for goods and services, as new export orders in China fell in July for the first time in eight months, indicating a decline in global demand for Chinese products."  The government advisor explained,
 
"The prices of new homes in China also rose, but at a very weak pace, which adds more pressure to the Chinese economy itself."  He pointed out that
 
"international expectations indicate that growth in the gross domestic product in these countries will continue to decline to about 3.5% until the year 2028, which reflects the structural challenges facing the Chinese economy in the long term."  Saleh said,
 
“Based on the above, oil prices witnessed a noticeable decline today, September 4, 2034, as Brent crude fell below $74 per barrel.
 
This sharp decline is attributed, as we mentioned earlier, to ongoing concerns about the slowdown in economic growth in China, which... "It negatively affected the demand for oil, which increased global markets' concern about the continued weakness of global demand for crude oil."  He concluded by saying,
 
“The matter is related to Iraq, where the federal general budget issued by Law No. 13 of 2023 (the tripartite budget) is still hedging an annual hypothetical deficit of approximately 64 trillion dinars, and the price of a barrel of oil for the purposes of evaluating oil revenues in the budget during the past year is about $70 per barrel (as an annual average).
 
Therefore, fiscal policy may face the risks of a decline in oil revenues, by activating the necessary precautionary financial measures to sustain expenditures and in accordance with the priorities and principles set forth by the Federal Budget Law itself, whether in financing the deficit or in arranging public spending priorities.   
 
https://alforatnews.iq/news/مستشار-لرئيس-الوزراء-يحذر-من-مخاطر-انخفاض-النفط-على-السياسة-المالية-والانفاق   

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

Seeds of Wisdom RV and Economic Updates Sunday Morning 9-8-24 Part 2

Good morning Dinar Recaps,

PETER BRANDT AND PETER SCHIFF DEBATE GOLD AND BITCOIN

▪️Peter Brandt and Peter Schiff debated Gold and Bitcoin's performance.

▪️Schiff criticized Bitcoin ETFs, while Brandt suggested a long-term view.

▪️Gold is seen as safe, Bitcoin as risky, with differing future outlooks.

Famous investor Peter Brandt and long-time cryptocurrency critic Peter Schiff engaged in a debate over Gold and Bitcoin $54,220.27.

The discussion began when Schiff highlighted the poor performance of Bitcoin ETFs. Schiff pointed out that since the launch of Bitcoin ETFs, their gains have been below 10%, while gold has shown a 24% increase.

Brandt responded by arguing that this situation should be viewed from a long-term perspective. The chart he shared showed that gold has weakened compared to Bitcoin and indicated a “Head and Shoulders” formation in favor of Bitcoin.

Comparison of Gold and Bitcoin

The formation in the chart shared by Peter Brandt is a technical analysis indicator frequently used in the investment world. The Head and Shoulders formation usually indicates that the value of an asset will decrease. In this case, according to Brandt, this formation is developing in favor of Bitcoin, suggesting it could gain value against gold.

However, Peter Schiff looks at the same chart from a different angle and argues that gold will prevail. Schiff believes that gold has always been a safe haven against economic fluctuations and that Bitcoin cannot fulfill this function.   (referenced chart was not part of the article)

Different Investor Groups for Bitcoin and Gold

Gold is traditionally seen as a safe investment vehicle and gains value, especially during inflation periods. Bitcoin, on the other hand, is considered a riskier asset. Institutional investors still view Bitcoin as a highly volatile investment. However, some investors believe that Bitcoin could be called “digital gold” in the future and could replace precious metals.

Recent Inflation Data and the Drop in Gold Prices

The US inflation data announced in mid-August was below expectations. This caused a sudden drop in gold prices. Investors misinterpreted the low inflation data and turned to selling gold. Peter Schiff argued that this development was a wrong decision, stating that investors misread the inflation data and that gold did not lose its real value.

Peter Schiff: “Investors misinterpreted the inflation data. This led to the unnecessary selling of precious metal.”

Bitcoin, on the other hand, gained value during this period and attracted investors’ attention. However, Peter Schiff emphasized that Bitcoin acts as an “anti-gold” and contains higher risk compared to gold. According to Schiff, Bitcoin investors were mistaken in using the inflation data against gold.

The debate between Peter Brandt and Peter Schiff brought the long-standing competition between cryptocurrencies and precious metals back to the forefront. Cryptocurrency investors argue that Bitcoin will surpass gold in the long run, while traditional investors believe that gold holds an unchanging value.

A key point in the debate is how investors will choose between these two assets. While gold is accepted as a long-standing trust element, Bitcoin is rising as a new investment alternative in the digitalizing world. However, neither side can definitively conclude how their assets will perform in the long run.

@ Newshounds News™

Source:  CoinTurk News

~~~~~~~~~

EL SALVADOR CELEBRATES 3 YEARS OF BITCOIN ADOPTION, EYES BROADER ACCESS

▪️El Salvador is celebrating the third anniversary of adopting Bitcoin as a legal tender.

▪️The Central American country has $31 million in unrealized gains from its BTC holdings.

▪️President Nayib Bukele's government is promoting Bitcoin awareness through education.

Three years ago today, El Salvador made history as the first nation to adopt Bitcoin as legal tender.

This move has sparked a phase of growth and development for the country, as it has become a model for crypto adoption and has drawn attention from global stakeholders.

Bitcoin’s Role in El Salvador Grows With $31 Million in Unrealized Gains

In honor of this milestone, Max Keiser, senior Bitcoin adviser to President Nayib Bukele, shared the administration’s vision for expanding Bitcoin access.

“Our plan is to provide every Salvadoran with a Bitcoin cold storage solution. So that even $0.50 of regular savings into Bitcoin creates education, retirement, and inheritance funds,” he explained.

Keiser’s statement highlights the Bitcoin-friendly approach chosen by President Bukele’s government. Though international bodies like the IMF initially criticized the move, they have since acknowledged that Bitcoin’s adoption has not harmed the country’s economy.

Instead, Bitcoin has benefited El Salvador. Its national Bitcoin wallet holds 5,865 BTC, generating over $31 million in unrealized gains. While the profit may seem small, the real impact has been increased global recognition and investment in the country.

For context, a port in El Salvador’s proposed Bitcoin City was one of the two that Turkish company Yilport Holdings would upgrade with a record $1.6 billion investment. Further, Bukele’s administration’s strong stance on freedom of speech and individual liberty has also gained attention.

President Bukele stressed this in a recent post, describing El Salvador as a new safe haven for freedom of speech and expression.

“As the world spirals into chaos and government crackdowns intensify, we will stand as the new beacon of hope for the future,” Bukele stated.

Despite the progress, Bukele acknowledged that Bitcoin adoption has not reached the expected levels. He attributes this to its voluntary use in the country but remains optimistic about the long-term financial benefits for early adopters.

Meanwhile, political opponents have called the Bitcoin initiative a failure, claiming “nobody” uses it. In response, the government is ramping up efforts to promote Bitcoin awareness, focusing on education. Recently, a Bitcoin training program was launched for 80,000 public servants.

@ Newshounds News™

Source:  BeinCrypto

~~~~~~~~~

TOP 9 CRYPTO FRIENDLY COUNTRIES FOR DIGITAL ASSETS INVESTORS

Which are the most crypto friendly countries with the highest tax exemptions for individuals? As crypto regulations have taken the mainstage of the financial systems of most countries, crypto investors are keen to move their assets to crypto tax-free countries.

We go over the best countries that support technological innovation and exempt individuals from paying capital gains taxes. This list covers the top 9 crypto friendly countries for investors.

1. El Salvador

After becoming the first country in the world to qualify bitcoin as legal tender, El Salvador, aims to attract foreign investors and has a tax exemption in place for them. The nation exempts bitcoin profits from any capital gains or income tax.

The world is still waiting for El Salvador’s legal framework to enforce these official statements, but the crypto world is praising it as one of the best crypto tax-free countries.

2. Switzerland

Switzerland is the crypto-valley of Europe and is seen as an innovation hub. Regarding taxation, the Swiss Federal Tax Administration sees crypto transactions to be the same as traditional fiat transactions and exempts it from tax reporting.

Cryptocurrency investors choose Switzerland for the lack of taxation for profits stemming from crypto trading. Big crypto foundations have also chosen the Swiss as their home, including Ethereum, Tezos, and the Diem Association.

However, the profits of crypto business and professional trading are liable to income taxation, which differs from region to region, and an annual wealth tax.

3. Germany

Germany is one of the top crypto friendly countries, as it’s one of the few crypto tax-free countries in the world.

As opposed to the EU, Germany has a unique take on crypto taxation, and it encourages individual investors. If held for more than a year, the laws exempt bitcoin and other cryptocurrencies from capital gains tax.

If the funds are exchanged for fiat or for other cryptos within one year, you are still exempt from paying tax if your profit is under €600 (~ $700). Beyond that gains limit, investors have to report their income for tax.

However, businesses must report and pay corporate income taxes for crypto gains, and it works the same way as any other asset.

4. Singapore

Known as one of the most developed economies in the world, Singapore, is also one of the best places for business. The nation is quite pro crypto and has issued a series of laws to back them. That’s why Singapore continues to attract crypto organizations and investors.

Singapore is a fintech hub in the Southeast Asia region.

Singapore doesn’t have a capital gains tax. Cryptocurrency funds of individuals and companies are not liable to taxation. But Singapore-based companies are liable to income tax, if they operate as a crypto trading company or if they accept crypto payments.

Bitcoin comes under intangible property, not legal tender. The laws view crypto payments as barter trades. It taxes goods and services, but not payment tokens.

The country’s central bank, the Monetary Authority of Singapore (MAS), aims to develop a balanced environment for crypto. The MAS doesn’t look to heavily regulate crypto, but rather to monitor it as a preventive measure to spot money laundering and illegal activities. Bitcoin falls under goods and, as such, experiences goods and services tax.

5. Malta

Home to many crypto and blockchain companies, the famous blockchain island of Europe has many laws favoring crypto investors and entrepreneurs.

Overseas companies operating in Malta and foreign residents receive several privileges. They do not have to pay income and capital gains tax in Malta for long-term investments in digital currencies.

However, crypto trades do receive 35% in income tax as they are the same as stock trading by legal definition. But this too can be lowered to 0–5%, if you benefit from the structuring options offered by the country’s financial system. Malta sees bitcoin and other financial tokens as different assets. Financial tokens can be dividends, interest or premiums, and regular income tax applies to it.

Non-domicile corporations are subject to a 5% income tax. Malta is one of the top crypto friendly countries and a tax haven for foreign entities, companies, and residents.

6. Portugal

Portugal is one of the most attractive crypto friendly countries in the world. As of 2016, the Portuguese Tax Authority (PTA) exempts crypto transactions from capital gains and income tax. Businesses that accept digital currencies for their goods and services are liable to income tax.

7. Slovenia

Slovenia is another small European country with an attractive taxing system for digital assets. The country’s lawmakers are still working on a legal framework to make the tax law clear for all individuals and businesses interested in conducting business there.

Slovenia exempts individuals from capital gains tax when selling bitcoin, as these gains are not seen as income. Companies that receive crypto payments are eligible to pay corporate income tax. ICOs are also subject to taxation. Slovenia doesn’t allow companies to conduct only cryptocurrency transactions, such as accepting bitcoin as the only means of payment.

Other commercial activity that involves cryptocurrency, such as crypto mining, is subject to a 25% income tax.

8. Bermuda

Bermuda is a popular destination for cryptocurrency holders, as it has comparatively favorable standards as far as financial regimes worldwide go. In 2018, Bermuda released the Digital Asset Business Act, which stands as the country’s regulations for digital assets. Famous for its lack of income and capital gains taxes, crypto transactions are also tax-free in Bermuda.

Famous for becoming the first country in the world to accept taxes and fees in cryptocurrency, Bermuda, is a popular destination for crypto investors. As of October 2019, Bermuda accepts payments for governmental services in USD Coin (USDC).

9. Belarus

The president of Belarus, Alexander Lukashenko, wants to turn the country into a crypto-based digital economy. That’s why, in 2017, he signed a new law that legalizes cryptocurrencies. The same decree also exempts businesses and individuals from crypto taxes until 2023, when the law will undergo a review.

Mining and crypto investments are exempted from income tax and capital gains. Belarus wants to boost technological innovation, and it’s one of the top crypto friendly countries in the world for its legal approach and crypto trading.

@ Newshounds News™

Read more:   BeinCrypto  

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Source:  Currency Facts

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Seeds of Wisdom RV and Economic Updates Sunday Morning 9-8-24 Part 1

Good morning Dinar Recaps,

THE UN’S SUMMIT OF THE FUTURE IS ONLY WEEKS AWAY YET THE PUBLIC REMAINS IGNORANT

A resetting of the global financial system is a crucial component of their plans.

With the UN’s Summit of the Future less than 20 days away the vast majority of the public has no idea governments of the world are set to sign the so-called Pact for the Future.

On September 22 and 23, the United Nations member states will gather in New York City at the UN headquarters for the historic Summit of the Future with the intention to sign the Pact for the Future. This document is expected to radically accelerate the push towards the completion of the UN Sustainable Development Goals (SDGs) and the Agenda 2030.

The Summit of the Future is taking place during the 79th session of the annual UN General Assembly. The summit has been in the making since at least 2022 after repeated calls by UN Secretary-General Antonio Guterres to shift financial resources to rapidly complete the Agenda 2030 goals set by the UN in 2015.

Although this historic gathering is sure to impact the majority of the world’s population, it has received very little coverage from the corporate media, and almost no coverage from the independent media.

One issue which has received mainstream coverage relates to 77 Nobel Laureates and world leaders signing a letter complaining about references to fossil fuels being removed from the Pact for the Future. The references were later reinserted after the letter was made public.

The discussion about fossil fuels fits the UN’s narrative about impending doom relating to climate change. It is this panic around climate change which has led to the convening of the Summit of the Future and calls for strengthening the UN infrastructure.

The Summit’s theme — “Ultilateral Solutions for A Better Tomorrow” — illustrates the goal of this gathering. Namely, a push for strengthening, and even remaking, the UN to better tackle crises which are ostensibly looming in the coming years.

The UN is focused on several potential planetary emergencies, including climate change, war, biodiversity loss, and environmental degradation. The UN claims these potential crises are too great for any one nation-state to tackle alone, and thus, will require greater cooperation and organization between UN member states.

“We recognize that the multilateral system and its institutions, with the United Nations and its Charter at the centre, must be strengthened to keep pace with a changing world. They must be fit for the present and the future – effective and capable, prepared for the future, just, democratic, equitable and representative of today’s world, inclusive, interconnected, and financially stable,” the latest draft of the Pact for the Future states.

As The Last American Vagabond (TLAV) has previously reported, the Summit of the Future is also expected to include calls for remaking the UN into what has been called “UN 2.0”.

Global Shocks Require Global Government

The 3rd draft of the Pact for the Future was released on August 27 and is currently being reviewed by UN member states. This draft continues the discussion around “global shocks” and how these shocks will require a global response.

For example, one section titled “We will strengthen the international response to complex global shocks”, states that there is a need for a “coordinated and multidimensional international response to complex global shocks and the central role of the United Nations in this regard.”

The UN defines “complex global shocks” as events that “have severely disruptive and adverse consequences for a significant proportion of countries and the global population”. These shocks would require a “multidimensional multistakeholder, and whole of government, whole of society response.”

The document says “armed conflict” does not constitute a complex global shock”, but could lead to “impacts across multiple sectors”.

These potential shocks would necessitate the activation of “emergency platforms” which could grant the UN more power to respond to these apparent emergencies. The document says the UN will present member states with “protocols for convening and operationalizing emergency platforms based on flexible approaches to respond to a range of different complex global shocks”.

While the UN claims these emergency platforms will only be “convened for a finite period”, and will not be a standing institution or entity with respect to national sovereignty, critics of the UN fear that these emergency platforms will be seized upon and used to grant the UN new legal powers.

TLAV has previously reported that calls for an Emergency Platform are similar to calls for the UN to declare a planetary emergency. UN-affiliated organizations like the Climate Governance Commission (CGC) have been calling for such a declaration over the last year.

In late November 2023, just before the opening of the UN Climate Change Conference COP28, the Climate Governance Commission released a report titled Governing Our Planetary Emergency. In this report, the CGC continues their advocacy for updating our ideas on governance.

We can trace the call for a Planetary Emergency back to the infamous but obscure group, the Club of Rome. The CGC’s November 2023 report even notes that the belief in a “polycrisis” is “recognized in the work of the Club of Rome Planetary Emergency Project“.

This reference to the Club of Rome reveals yet another reason the public ought to be concerned with the push for a planetary emergency and claims of crossing planetary boundaries

The Club of Rome has been calling for declaring a Planetary Emergency since at least 2019 with the publication of their “Planetary Emergency Plan”. The report would be updated in August 2020, after the beginning of COVID1984. 

The Club of Rome’s Emergency Plan is described as a “roadmap for governments and other stakeholders to shift our societies and economies to bring back balance between people, planet and prosperity”.

Ultimately, the push for an emergency platform as part of the Pact for the Future is intended to reinforce the idea that humanity is facing a Planetary Emergency which requires the UN’s influence and authority to be increased. 

The document shies away from the term world or global government — instead preferring multilateralism or global governance — but the outcome is the same: a United Nations with more authority to act and compel nation states to comply with its edicts.

For example, under a section titled “Transforming Global Governance”, the UN document outlines “Action 41”:

“We will transform global governance and reinvigorate the multilateral system to tackle the challenges, and seize the opportunities, of today and tomorrow.”

The section goes on to describe numerous ways in which the Pact for the Future intends to transform and empower the UN to tackle the emergencies facing the planet.

Resetting the Financial System

The latest draft of the Pact for the Future also outlines specific ways in which the “international financial architecture” should be reformed so that it “supports countries equitably during systemic shocks and makes the financial system more stable.”

Specifically, section 82 states that the “growing frequency and intensity of global economic shocks” has slowed down progress on the completion of the UN SDGs. The solution, according to the Pact, is to “recognize the role of Special Drawing Rights (SDRs) in strengthening the global financial safety net in a world prone to systemic shocks”.

SDRs are not considered a currency but instead are considered “foreign exchange reserve assets” which allow IMF member nations to exchange SDRs for a currency held by IMF members. Interestingly, independent researcher James Corbett warned about the potential for the SDRs to become a “world reserve currency” as far back as 2013.

The Pact for the Future makes it clear that SDRs will indeed play a major role in the transformation of the international financial system.

“We welcome the pledges to rechannel over $100 billion worth of SDRs to developing countries while stressing the urgency of delivering on these pledges to developing countries as rapidly as possible,” the draft states.

The draft also notes that the UN will call on nations to “continue to explore options to voluntarily rechannel at least half of SDRs from the 2021 allocation, including through multilateral development banks, while respecting relevant legal frameworks and preserving the reserve asset character of Special Drawing Rights.”

Further recommendations of the draft include encouraging the International Monetary Fund to “explore all options to continue to strengthen the global financial safety net” to help developing nations respond to “macroeconomic shocks”.

Under “Action 55” it states, “We will accelerate the reform of the international financial architecture so that it can meet the challenge of climate change.”

The Pact mentions Multilateral Development Banks again, calling on these institutions to “increase the availability, accessibility and impact of climate finance to developing countries” and supporting these countries as they develop strategies to fight climate change.

There are multiple sections in the draft with references to these banks and their need to “mobilize additional financing” to support “adaptation and deploy and develop renewable and energy efficiency technologies”.

The document repeatedly mentions these “Multilateral Development Banks” and they are clearly going to be an important piece of the UN 2.0 system. TLAV will be investigating these institutions in future reports.

The stated goal of reforming the international financial system to fund the SDGs and Agenda 2030 mimic recent statements made by UN Secretary General Antonio Guterres where he called for a “new Bretton Woods moment”, referencing the infamous 1944 international agreement that established the IMF.

The Breton Woods meeting also adopted rules for governing monetary relations among independent states, including requiring each nation to guarantee convertibility of their currencies into U.S. dollars.

Guterres noted that in 2022 the IMF allocated $650 billion in SDRs, with the European Union nations receiving 160 billion dollars in SDRs and African countries receiving only 34 billion dollars.

Additionally, a UN document on the Summit of the Future titled, What Would it Deliver?, calls for “A Global Financial System That Works For All”.

“A transformed international financial architecture is fit for purpose, more inclusive, just, representative, effective, and resilient, responsive to the world today rather than as it looked following the Second World War. This architecture invests up-front in SDGs, climate action, and future generations.”

These calls mirror similar ones made during the “Summit for a New Global Financing Pact” held in Paris, France in June 2023.

The Summit, led by French President Emmanuel Macron, welcomed 50 heads of state, representatives of NGOs and civil society organizations to discuss the effort to reset the international financial system as part of the continued push towards the 2030 Agenda and Net Zero goals.

The French government stated that the objective of the gathering was to “build a new contract between [the global] North and South” which will better equip the nations to fight poverty and climate change. 

The summit was attended by US President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Rishi Sunak, and Brazilian President Luiz Inacio Lula da Silva. 

In addition to heads of state, the summit was organized with support from the Open Society Foundations, the Bill and Melinda Gates Foundation, and the Rockefeller Foundation, among others.

Based on these previous statements from the UN and the draft of the Pact for the Future, it is clear that a resetting of the financial system is a crucial component of their plans.

If there is any chance to prevent the signing of the Pact for the Future, the creation of emergency platforms, and the potential declaration of a planetary emergency, we must spread the word quickly.

Additionally, we ought to put our energy into the creation of alternative, parallel systems which can compete with the Technocratic State directly. This is why I am helping produce The People’s Reset: UK, “Our Summit for Our Future”, taking place in Bath, UK the weekend after the UN’s Summit.

 For 3 days we will host 24 presenters from around the world with a focus on solutions for creating these much-needed parallel systems in the areas of health, finance, education, digital technology, and community building. Together we can create the more beautiful world we know is possible.

TLAV will be on the ground in New York City reporting from the Summit of the Future. Stay tuned for updates as we document this historic gathering of globalists.

Copyright 2024 The Last American Vagabond

@ Newshounds News™

Source:   Vigilant News 

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BRICS: 3 MAJOR ANNOUNCEMENTS TO EXPECT AT THE 2024 SUMMIT

The BRICS economic alliance is headed toward what may be the most important event in its history. The bloc’s annual summit has become a vital meeting for the group. Moreover, this year’s iteration looks to be filled with the potential for groundbreaking developments to arise. Specifically, the BRICS collective is expected to share 3 major announcements throughout its 2024 annual summit.

In 2023, the group enacted its first expansion since 2001. A landmark moment for the bloc, the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran joining the bloc. With its members now reaching nine, there are some thoughts that this year’s announcements could be even more groundbreaking.

1.  BRICS Pay to Make Its Long-Awaited Arrival

Perhaps the most important focus for the alliance as it approaches its 2024 summit is the arrival of BRICS Pay. For the past two years, de-dollarization has been a focal point for its infrastructure. With talks of a native currency fizzling out, its own payment system is set to be a game-changer.

Blockchain-based, it should be one of the biggest geopolitical and economic developments of recent years. Moreover, it will operate as the global south’s answer to the Western-dominated SWIFT payment system. Specifically, in its allowance of nations to conduct increased bilateral trade in local currencies.

Since 2022, and the weaponization of the US dollar, BRICS has fast-tracked these efforts. Earlier this year, Russia loosened its legal restrictions on cryptocurrencies. Therefore, leading many to believe that this new payment system is critical to its ongoing trade dealings.

It couldn’t have come at a better time either. In the last six months, Russian trade with the bloc has increased 14.7%. That figure is present even with China reportedly returning 80% of all transactions in the Ruble.

The BRICS Pay project is set to be the cornerstone of the event. Its presence should serve as a key turning point for the economic grouping for years to come. Not only is it the natural next step in lessening reliance on the greenback, but it opens a world of possibilities for trade dealings within the bloc.

Earlier this year, Russian President Vladimir Putin traveled to North Korea, Iran, and India to facilitate new trade dealings. These agreements should factor in heavily. Specifically, non-BRICS members should be able to increase trade with the group. Thus, contributing to its local currency goals.

2.  Another Expansion to Grow Bloc Beyond 10 Members

Following last year, the BRICS 2024 summit will see the world anticipate an announcement regarding continued expansion. In 2023, it issued more than six invitations to join the alliance. Subsequently, there has undeniably been increased interest in nations seeking to follow the four countries that accepted.

Earlier this year, more than 30 nations confirmed interest in joining BRICS. Interestingly, that figure may have only gotten bigger as the year has gone on. In a surprising development, NATO member Turkey announced its interest in becoming a member.

They join countries like Venezuela, Nigeria, Malaysia, and Thailand, all seeking entry. Every nation listed has reason to want to become a member. Moreover, they all bring some sort of value to what the collective is building. However, the question of expansion is one only the current members can answer.

The year has been full of uncertainty regarding continued expansion. It is easy to forget that the four nations included in 2023 were the first to join since South Africa more than two decades prior.

There is value to continued growth, but dissension toward the merit of that value. Currently, the bloc appears split on whether or not a 2024 Summit expansion announcement would be beneficial to the overall goals of the bloc.

The Saudi Arabia issue still looms large. Although they accepted the invitation, the nation has yet to join the bloc. That has created concern regarding continued invitations. Earlier in the year, the idea of partner nations—as opposed to full members—was discussed. That is likely to be the announcement, with several of the prospective countries included.

3.  New Development Bank Gets Highlighted as 10-Year Anniversary Approaches

Finally, the BRICS 2024 Summit should place a focus on its New Development Bank. More aptly known as the BRICS Bank, it is approaching its 10-year anniversary in 2025. Therefore, it is expected that a roadmap or strategic announcement of some sort should be in the works.

In August, BRICS Bank president Diane Rousseff noted that local currency promotion remains a main focus. Moreover, the development bank welcomed its first additional member country since 2021. Indeed, Algeria joined the bank in a notable addition.

Therefore, many experts predict the BRICS banks to be involved in some way. It has been a staple of the economic alliance since it launched in 2015. Moreover, it has been key to providing developing nations with access to local currencies. In that sense, it provides an invaluable quality to the purpose of the bloc itself.

Already issuing more than $5 billion in loans, there is more expected. Moreover, native currency loans are expected to become its primary funding method. It is also likely that the BRICS Pay system could become a critical aspect of its operations after it launches in October.

All of these are focal points as the day draws near. Overall, it should be one of the most important geopolitical developments of 2024. Additionally, it could rival the landmark announcements that took place just a year prior.

@ Newshounds News™

Source:  Watcher Guru

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Source:  Currency Facts

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“Tidbits From TNT” Sunday Morning 9-8-2024

TNT:

Tishwash:  Opportunities in Iraq” after overcoming “years of turmoil” at an international conference in Washington

The American Atlantic Council Institute announced that it will organize a conference on Iraq in Washington on October 15, with the participation of current and former politicians and experts from the United States and Iraq, where it will address opportunities and challenges in relations, overcoming years of turmoil, with a focus on the energy sector, and diversifying the Iraqi economy. 

According to the American Institute, the conference, which is being held within the framework of the "Iraq Initiative", under the title "The Path to Recovery, Development and Global Partnerships in Iraq", will bring together a diverse group of senior experts, researchers and policy makers from both the United States and Iraq, including current and former senior officials. 

The report, translated by Shafaq News Agency, explained that the conference, the third of its kind for the "Iraq Initiative", will address the major challenges and opportunities facing Iraq as it begins to overcome years of volatility, with early signs of recovery and development. 

The report added that the conference will focus this year on the advancement of the energy sector, the efforts of the Iraqi government towards sustainable economic diversification, and the evolving path of the US-Iraqi relationship. 

The report added that the conference will witness dynamic discussion panels that explore how Iraq, the United States and the international community can interact positively with Iraq as it moves through its unique social, political, economic and security changes.

The report added that the conference will witness direct personal participation and via video, and will include translation into Kurdish and Arabic. 

The report concluded by saying that the "Iraq Initiative" program provides transatlantic and regional policymakers with unique insights and analyses on the ongoing challenges and opportunities facing Iraq as the country attempts to establish an inclusive political system, attract economic investment, and stimulate a vibrant civil society.  link

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Tishwash:  Government Advisor: We are working on developing a tax system that is attractive to investors

The head of the Supreme Committee for Tax Reform, the Prime Minister’s Advisor for Economic Affairs, Abdul Hussein Al-Anbaki, announced today, Sunday, a three-pronged plan for tax reform. While he indicated that facilitating measures would be taken regarding the tax administration, he confirmed that previous fines would be exempted for many groups to restore the confidence of taxpayers in paying taxes.

Al-Anbaky said in an interview with the Iraqi News Agency, which was followed by "Al-Eqtisad News", that "some media outlets interpreted the tax reform as aiming to increase non-oil revenues, and this interpretation is not scientifically sound," indicating that "the main goal of the tax reform is to create an easy and transparent tax system that is friendly to the business environment and attractive to investors, because the tax rate is not the basis, but rather the tax rate when multiplied by the tax base is the result of the tax revenue."

He continued: "We seek in tax reform to have a large tax base," explaining that "when the tax base is large, tax revenue will inevitably increase, even if tax rates are the same and at lower rates."

He added that "tax revenue is a by-product of the tax reform situation and not the basis for which the tax reform is launched," noting that "the Supreme Committee for Tax Reform wants to achieve tax justice and make tax accounting easy and transparent and does not want there to be cases of extortion, obstruction and delay of tax procedures."

He pointed out that "many facilities have been made, which ultimately lead to restoring the confidence of taxpayers in paying taxes in the tax administration," indicating that "many categories have been exempted, the cases of allowances have been expanded, and they have been exempted from previous fines and accumulated interest in order to restore the confidence of taxpayers in the tax administration."

He said, "When taxpayers come to account, this will lead to an increase in tax revenues," stressing that "the aim of these measures is to create a tax system that is attractive to investors and not just to seek to increase tax revenues because increasing tax revenues is a foregone conclusion."  link

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Tishwash:  Central Bank of Iraq announces comprehensive banking reform map

After the Central Bank delegation returned from the last round of negotiations with the US Treasury and the US Federal Reserve, it revealed the roadmap for radical and comprehensive banking reform, which begins with working to cancel...

 The electronic platform for foreign transfers, which was implemented as a first stage to reorganize financial transfers in a way that ensures proactive control over them instead of subsequent control. This was a temporary exceptional measure and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks.

During the year 2024, up until now, 95% of the transfer process from the electronic platform to the correspondent banking mechanism directly between it and Iraqi banks has been achieved. This means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year, according to the plan.

Thus, some expectations about possible effects on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one go at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be accomplished in the coming short period.

The Central Bank confirms that trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq’s foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees and UAE dirhams, through approved correspondent banks in those countries. (13) Iraqi banks have actually begun to conduct transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars.

Providing channels for personal transfers for legitimate purposes and external purchases through electronic payment channels, global money transfer companies, cash sales to travelers, and paying cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions.

The Central Bank stresses that it has placed foreign transfer operations and meeting dollar demands on sound tracks consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law.

He explains that providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices resort to, who move away from official channels in their dealings, so they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and others.

The map and mechanisms announced by the Central Bank will certainly lead to lifting the confusion and instability in the monetary market, which is prevalent due to the continued imposition of American restrictions on our private banks and directing accusations, slander, rumors, analyses, interpretations and targeting of the Central Bank, and will create a state of optimism by lifting the restrictions imposed on some private banks.

This means that there are great efforts made by the Central Bank, in cooperation with the government, since the beginning of 2023 until now, in the field of implementing the financial and banking reform program and fruitful coordination with financial policy, which refutes the slander. And the accusations and spreading optimism and reassuring the market and citizens. This is what the Governor of the Central Bank had previously emphasized before the Central Bank delegation’s recent trip to America. And the new reform roadmap is a result of the efforts previously made and which the Central Bank has been working on for a year and eight months, and it is as follows:

 - Reorganizing foreign trade financing to achieve several objectives at once, one of which is the transparency of foreign transfer operations that begin with the transfer process and the transferor to the final beneficiary and to the source through all data, documents and information that enhance and match reality.

All large and medium-sized companies are committed to achieving this goal. The problem now is the dealings of small traders outside the operations. 

Foreign transfers are a pressure on the dollar money market and cause it to rise.

- The Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies, which are currencies that represent a significant weight in foreign trade, as there was a halt for a period due to a new regulation aimed at providing sufficient control over these operations.

“A new audit mechanism has been put in place by an international company, and the process has been finalised and is now being restarted.”

The Central Bank has continuously urged the opening of relations with correspondent banks, because the Iraqi bank without having external correspondents is considered a local bank and cannot open up to the world.

The Central Bank, for its part, supports and assists this trend.”

- “In light of the new regulation of the foreign exchange process, the real price at which the Central Bank sells more than $250 million daily at the official price should be considered. This means that the bank covers foreign trade, and this explains why there is no inflation or price increases.

The parallel market is a market for those who do not want to go towards the regular methods of transfer and it is an illegal trade or trade that escapes the regular procedures or other illegal operations such as drug trafficking, human trafficking, corruption money, etc.

- Whether the dollar price rose or fell is not a correct indicator, as one must look at what and how much the Central Bank sells at the official price to liquidate various needs.

- That "the primary objective of the Central Bank is to maintain the general level of prices and limit inflation, and this is supposed to be the measure of the success of monetary policy, which has succeeded in controlling this aspect and the level of inflation compared to other countries and even in previous years is much lower, and within the target, and this means that foreign trade, on which Iraq depends primarily to meet the needs of citizens, is covered by the official price."

- “There is great praise in all meetings with international organizations, including the International Monetary Fund, the Federal Reserve, and the US Treasury, for the transformations, management, and organization of the external transfer process in the Central Bank of Iraq at the present time.”  

 And that "the Central Bank's plan until the end of the year will reach 100%, with foreign transfers between Iraqi banks and correspondent banks, without going through the US Federal Reserve.

The plan to reform and lift restrictions on banks includes two axes: the first relates to conducting an audit of previous operations that were suspected by an independent external audit office, some of which have been completed while we await the completion of the audit of others in order to determine the overall picture and classify the nature of these problems and how procedures will be carried out regarding them later.

And to reach a real, stable banking sector that is consistent with what is required at the level of the national economy, and to prevent some banks from remaining marginal and not representing a real addition to the Iraqi economy, and to gain external acceptance through agreement on their implementation of international policies, procedures and standards.

- The Central Bank has not set a quota for foreign transfers for banks, and they can submit whatever foreign transfer transactions they can attract. The Central Bank does not interfere in customers’ choices, and the banks that carry out this process rely on their capabilities to attract their customers.   link

Mot: . Lately -- fer Sure!!! -- siiiggghhhhhh -- becoming Seasoned ....

Mot: what a couple!!!

Iraq Economic News and Points To Ponder Saturday Afternoon 9-7-24

Call For Political And Social Forces To The "Trial Of The Century"

Time: 2024/09/07 20:25:08 Read: 728 times

{Politics: Al Furat News} Member of the National Wisdom Movement, Riyadh Al-Awadi, called on political and social forces to support the call of the head of the National State Forces Alliance, Mr. Ammar Al-Hakim, to hold a public trial in the case of the theft of tax deposits known as the “theft of the century.”

Al-Awadi told {Euphrates News} that: "What Mr. Ammar al-Hakim's speech means is that this trial must be public and at the level of media and glorification that he received," considering it "a credible example of political work if it serves the interest of the country."

He added, "Mr. Ammar al-Hakim's call for a transparent trial of the "theft of the century" case gives strength to the political system and will enhance trust between citizens and politicians, as well as give high transparency to the judiciary in the country."

Al-Awadi stressed that "Mr. Ammar al-Hakim's call will contribute to reducing the scourge of corruption in the country," calling on political and social forces to "support the call that serves the interest of Iraq."

The head of the National State Forces Alliance, Mr. Ammar al-Hakim, called for a public trial in the case of the theft of tax deposits known as the "theft of the century."

In light of this, the Secretary-General of the Asa'ib Ahl al-Haq movement, Sheikh Qais Khazali, announced his support for Mr. Ammar al-Hakim's call.

Sheikh Al-Khazaali said in a tweet: “To resolve the conflict, put an end to sedition, establish the truth and invalidate falsehood, we announce our support for the call of His Eminence, Brother Sayyed Ammar Al-Hakim (may God glorify him) to hold a public and major trial in the case of (the theft of the century), to be broadcast live on satellite channels and media outlets.”

He added, “So that our dear Iraqi people may know the truth as it is, and so that our just judiciary may play its important role in protecting the rights of Iraq and Iraqis.”   LINK

The Central Bank explains the mechanism for ending the work of the dollar registration platform

September 6, 2024  Baghdad - Qusay Munther  The Central Bank has put in place a new mechanism to end the work of the electronic platform for registering the dollar, stressing that foreign transfer operations and meeting requests for the dollar are proceeding on sound tracks and in line with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law.

The bank said in a statement received by (Al-Zaman) yesterday that (the electronic platform for foreign transfers managed by the bank at the beginning of 2023 began as a first stage by reorganizing financial transfers in a way that ensures proactive control over them instead of subsequent control by the Federal Reserve auditing daily transfers).

Gradual Transformation

He added that (this is an exceptional procedure as the Federal Reserve does not usually do this, and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and accredited banks, mediated by an international auditing company to conduct a preliminary audit of transfers before they are executed by correspondent banks),

 and he continued that (during the current year, 95 percent of the transfer process was achieved from the electronic platform to the mechanism of correspondent banks directly between them and local banks, which means that only about 5 percent of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan),

indicating that (some expectations regarding potential impacts on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one batch at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be completed in the coming short period),

 indicating that (trade with the UAE, Turkey, India and China represents about 70 percent of Iraq's foreign trade as imports, which prompted the bank to find channels for transfer in euros, Chinese yuan, Indian rupee and dirham

The statement explained that (with the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels and international money transfer companies and cash sales to travelers, and the payment of cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions), and stressed (putting external transfer operations and meeting requests for dollars on sound paths consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law).

Official price

The statement added that (providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation,

 and any other price traded outside of these channels is an abnormal price that those with unorthodox or illegal practices resort to, who avoid official channels in their dealings, and they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and the other).  LINK

The Central Bank Of Iraq Sold More Than A Billion Dollars During The Past Week

Saturday 07 September 2024 | Economic Number of readings: 134  Baghdad/ NINA / The total sales of the Central Bank of Iraq of hard currency during the days in which the auction was opened last week exceeded one billion dollars.

The Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 286 million, 141 thousand, and 172 dollars, at a daily average of 257 million, 228 million, and 234 dollars, higher than the previous week, which amounted to one billion, 113 million, 820 million, and 107 dollars.

The highest dollar sales were on Sunday, where sales amounted to 279 million, 390 thousand, and 704 dollars, while the lowest sales were on Wednesday, where sales amounted to 255 million, 233 thousand, and 188 dollars.

Foreign remittance sales during the past week amounted to 1 billion, 283 million, 91 thousand, and 172 dollars, an increase of 96% compared to cash sales, which amounted to 48 million and 50 thousand dollars. / End   https://ninanews.com/Website/News/Details?key=1152374

Stability of the dollar exchange rate in local markets

Economy  | - 07/09/2024  Mawazine News – Baghdad  Mawazine News publishes today, Saturday, the exchange rates of the dollar against the Iraqi dinar in local markets.   The prices are as follows:

- Selling: 150,500 Iraqi dinars for every 100 dollars.

- Buying: 148,500 Iraqi dinars for every 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=254555

Basra crude suffers huge weekly losses

Saturday 07 September 2024 | Economic Number of readings: 167  Baghdad / NINA / Basra crude (heavy and medium) suffered heavy weekly losses as global oil prices recorded sharp weekly losses.

Basra Heavy crude closed in its last session yesterday, Friday, up 40 cents to reach $68.76, but recorded weekly losses of $6.10, equivalent to 7.90%.

Basra Medium crude also closed in its last session up 40 cents to reach $71.76, and recorded weekly losses of $6.10, equivalent to 7.60%.

Global oil prices have recorded extended losses for 4 consecutive sessions, amid anticipation of the position of / OPEC + /.

US West Texas Intermediate crude recorded weekly losses of 7.9%, and Brent crude recorded sharp weekly losses exceeding https://ninanews.com/Website/News/Details?key=1152318

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

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 9-7-24

Good afternoon Dinar Recaps,

XRP POWERS UP CROSS-BORDER PAYMENTS – RIPPLE’S SOLUTION REDUCES COUNTERPARTIES AND SPEEDS UP TRANSACTIONS

▪️Ripple Payments addresses these challenges faced by businesses, such as liquidity issues and slow settlement, by using XRP crypto and the XRP Ledger.

▪️This system helps crypto businesses streamline operations, improve customer experience, and expand their global reach while reducing risks related to FX and crypto volatility.

With the growing adoption of crypto, traditional financial infrastructure has proven to be absolutely inadequate to cater to the needs of crypto and blockchain-powered companies.

 Thus, in identifying the key challenges for businesses, Ripple is at the forefront of addressing issues related to liquidity, low settlement times, and limited off-ramp options, which have recently stemmed from outdated cross-border payment systems.

Ripple’s recently published report highlights how exchanges, OTC desks, and other crypto companies have faced huge struggles in global transactions.

This has led to a major hindrance in their growth and success while creating a need for real-time cross-border payment solutions that provide transparency and speed as modern digital assets provide.

The Ripple report stresses that real-time payments are crucial in today’s fast-moving crypto space. Customers expect immediate transactions, and businesses require quick, flexible global payouts and instant settlement to ensure liquidity. 

However, traditional financial systems fail to provide the necessary speed, flexibility, or transparency, causing delays and high costs.

The problems increase further with the complexity of establishing global payout networks and the limited availability of off-ramps for digital assets like stablecoins.

Many financial institutions that do provide off-ramp services impose high fees and unfavorable foreign exchange rates, making it costly for crypto businesses to operate. This is exactly where Ripple comes into the picture.

Ripple Payments Provides Some Interesting Solutions

As reported by Crypto News Flash, Ripple payments leverage the XRP digital asset and XRP Ledger blockchain to provide speed, access, and cost-efficiency as requested by Crypto businesses. This system allows for transaction settlement within seconds.

Besides, it operates 24/7, thereby reducing costs by streamlining international payments. This gives crypto companies a competitive advantage by ensuring they can meet market demands quickly and offer better pricing to customers.

Businesses can connect with Ripple’s global payments network to simplify payments using a single API or UI while offering stablecoin and digital asset off-ramps for various currency payouts. This comprehensive solution improves customer experiences, builds long-term loyalty, and strengthens brand reputation.

Ripple Payments is a complete solution for crypto businesses looking to expand their international reach, boost market responsiveness, and mitigate risks associated with FX and crypto volatility.

 As reported by Crypto News Flash, it can also be a game changer for local banks facilitating cross-border business transactions.

On the other hand, Ripple is also building the XRP Ledger with the goals of introducing smart contracts, EVM sidechain, and other innovative NFT features to the XRP Ledger, reported CNF.

@ Newshounds News™

Source:  Crypto News Flash

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IOTA NEWS: GROUNDBREAKING STUDY SHOWS HOW IOTA 2.0 SMART CONTRACTS SECURE SDN

A recent study explores how IOTA 2.0 smart contracts can enhance the security of Software-Defined Networking (SDN), addressing vulnerabilities in SDN’s centralized architecture.

The proposed solution leverages IOTA’s Tangle technology to offer scalability, eliminate transaction fees, and reduce energy consumption.

The latest study conducted explores the integration of IOTA 2.0 smart contracts into Software-Defined Networking (SDN) in order to explore the security vulnerabilities present in SDN’s centralized architecture. Although SDN offers network management solutions with better flexibility and control, its centralized nature comes along with significant security risks.

The paper’s proposed solution leverages IOTA’s Tangle technology, a directed acyclic graph (DAG) structure that boosts scalability, eliminates transaction fees, and reduces energy consumption.

According to the CNF report, the IOTA Tangle Treasury also implemented anti-fraud measures last month.

The study report also introduces three different smart contracts – Authority, Access Control, and DoS Detector – which ensure secure network operations by preserving control data integrity, preventing unauthorized access, as well as mitigating denial-of-service attacks.

Additionally, simulations conducted on the IOTA mainnet and the ShimmerEVM IOTA Test Network demonstrate the effectiveness of these contracts in bolstering SDN security. 

The findings emphasize IOTA 2.0’s potential to offer a decentralized and robust solution for securing SDN environments, thereby promoting the further integration of blockchain technology in network management, as reported by CNF.

Here’s How IOTA 2.0 Smart Contracts Secure SDN
As said, the SDN architecture uses IOTA’s Tangle technology to revolutionize network security via energy-efficient, scalable, and cost-effective solutions for real-time operations. 

Using its Directed Acyclic Graph (DAG) structure, IOTA’s Tangle facilitates parallel transaction processing without the need for miners. This helps in reducing both costs and energy consumption while facilitating secure network management.

As said, there are three smart contracts at the core of the system:

1.  Directed Acyclic Graph (DAG) structure: This acts as a gatekeeper, verifying trusted entities like ISPs while ensuring only authorized participants control network switches and devices.

2.  Access Control: This smart contract regulates communication between controllers and switches, thereby allowing only verified controllers to manage network data flow and preventing unauthorized access.

3.  DoS Detector Smart Contract: This smart contract provides real-time defense against denial-of-service (DoS) attacks by automatically blocking devices that send excessive requests.

For example, an Internet Service Provider (ISP) can securely manage switches across its network using IOTA 2.0’s smart contracts, ensuring all communications are verified and authorized.

Moreover, this decentralized, feeless system offers scalability and resilience, making it an ideal solution for global networks, the Internet of Things (IoT), and industrial applications, per the CNF report.

By decentralizing network management, IOTA addresses the risks of single points of failure and creates a more secure, adaptive system for modern cybersecurity needs.

@ Newshounds News™

Source:  CryptoNews

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STABLECOIN ECONOMY EXPANDS $1.08B IN 2 WEEKS DESPITE REDUCTIONS IN KEY COINS

In the past 15 days, the stablecoin economy experienced modest yet steady expansion, adding $1.08 billion to its overall value. During this time, tether’s market capitalization increased by 790 million.

Modest $1.08B Growth in Stablecoin Market Since Aug. 23

Growth in the stablecoin economy has slowed, though it continues to expand, as highlighted by recent statistics.

 From Aug. 23, 2024, to Sept. 7, 2024, the stablecoin market grew from $169.72 billion to $170.80 billion, a gain of $1.08 billion.

On Saturday, the stablecoin economy dominated trade volume, contributing $80.16 billion of the $114.2 billion traded in the last 24 hours.

Tether (USDT) saw its supply rise from 117.39 billion to 118.18 billion USDT, while Circle’s USDC experienced smaller gains, increasing by 50 million over the 15-day span.

However, DAI’s market supply dropped by 60 million since Aug. 23. Ethena’s USDE supply decreased by 330 million, and although FDUSD briefly surpassed USDE, it has since fallen back.

FDUSD, which stood at 2.65 billion, is now down 90 million, sitting at 2.56 billion today. Despite these reductions, the growth in USDT and several other stablecoins helped the stablecoin economy continue its upward trend, albeit at a slower pace compared to previous weeks. For instance, in the five days leading up to Aug. 23, the stablecoin economy expanded by $1.3 billion.

What do you think about the $1.08 billion added to the stablecoin economy over the last 15 days? Share your thoughts and opinions about this subject in the comments section below.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

CHAMBER OF PROGRESS DEMANDS CLARITY ON CRYPTO FROM PRESIDENTIAL HOPEFULS

Chamber of Progress has urged the presidential debate moderators to ask for crypto clarity as 18 million Americans await candidate positions.

The Chamber of Progress, a technology industry coalition advocating for digital innovation, has urged moderators of the upcoming ABC presidential debate to include a critical question on crypto regulation.

In a letter sent to moderators Linsey Davis and David Muir on Sept. 5, the organization highlighted the growing role of digital assets in the US economy and called for transparency on the candidates’ positions.

The letter stated that over 18 million Americans currently hold or trade crypto, making it a pressing issue in the 2024 election cycle. It emphasized the importance of addressing digital asset policy in the first debate between Vice President Kamala Harris and former President Donald Trump.

The letter added:

“Voters deserve to know where the nominees stand on crypto before they head to the ballot box in November.”

Rising adoption

According to the letter, crypto has gained traction across various demographics. Recent polls reveal that one in five Americans has invested in, traded, or used crypto.

Moreover, data from the Kansas City Federal Reserve shows that Black investors are more likely to hold crypto than traditional stocks or mutual funds.

With Black, Hispanic, and Asian US adults accounting for 20% of crypto users, the letter noted that crypto policy has become a key issue for underrepresented communities.

Additionally, polling data cited in the letter suggests that Gen Z and Millennial voters are particularly invested in digital asset policy. More than half of these groups support a federal approach that fosters crypto use in the US.

As the 2024 election approaches, 52% of voters believe increased regulation of digital assets is necessary, with one in five registered voters considering it a major issue when casting their ballots.

Clear stance on digital assets

The letter also highlighted the evolving positions of the two major candidates. Former President Trump, who once referred to crypto as a “scam,” has since reversed his stance and is now actively courting crypto voters. His campaign has built a “crypto army” aimed at mobilizing supporters in favor of digital asset adoption.

On the other hand, while Vice President Harris has not yet released a formal crypto policy agenda, one of her senior advisors recently indicated that she is open to regulation that would promote the industry’s growth while protecting consumers.

The letter the need for the candidates to explain how they plan to balance nurturing innovation with safeguarding consumer interests. It added:

“A crypto question at September’s debate could bring voters some much-needed clarity on this important issue.”

With the rising adoption of digital currencies and ongoing discussions about regulatory frameworks, the Chamber of Progress hopes this debate will provide a platform for clear positions on the future of crypto in the US.

@ Newshounds News™

Source:   CryptoSlate  

~~~~~~~~~

US NATIONAL DEBT EXPLODES BY $684,322,497,000 IN THREE MONTHS AS FITCH WARNS AMERICA HAS FAILED TO FIX GROWING DEBT BURDEN

The US national debt has ballooned by over half a trillion dollars in just three months.

According to the U.S. Treasury, America’s national debt jumped from $34,635,364,143,328 on June 3rd to $35,319,686,640,609 on September 3rd – a surge of $684,322,497,000.

The massive rise is coming just over a month after the US national debt crossed the $35 trillion mark.

The US credit rating giant Fitch continues to sound the alarm on the growing debt and deficit.

In a new rating action commentary, Fitch says it is affirming its long-term “AA+” rating for the US with a stable outlook due to the nation’s high per capita income, position as the largest economy in the world and dynamic business landscape.

But the agency says it is not ready to upgrade the country to the “AAA” rating due to the nation’s underlying fiscal conditions.

“The ratings are constrained by high fiscal deficits, a substantial interest burden and high government debt, all of which are more than double the ‘AA’ rating medians…

The government has failed to meaningfully tackle large fiscal deficits, the growing debt burden and looming increases in spending associated with an aging population.”

The rating giant notes that the US has a significant edge over other nations due to the dollar’s status as the world’s reserve currency. But trust in the US and the dollar may erode if the country continues to rely on debt to fund expenses.

“However, persistent rises in the public debt burden would increase vulnerability to economic and confidence shocks.”

Last year, Fitch downgraded the long-term rating for the US from the “AAA” gold standard to “AA+,” citing expected fiscal deterioration over the coming years.

Source:  Dailyhodl

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Source:  Currency Facts

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The Future of Money RV, GCR, and QFS  |  Youtube

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Some “Iraq News” Posted by Clare at KTFA 9-7-2024

KTFA:

Clare:  Opportunities in Iraq” after overcoming “years of turmoil” at an international conference in Washington

9/7/2024

The American Atlantic Council Institute announced that it will organize a conference on Iraq in Washington on October 15, with the participation of current and former politicians and experts from the United States and Iraq, where it will address opportunities and challenges in relations, overcoming years of turmoil, with a focus on the energy sector, and diversifying the Iraqi economy. 

According to the American Institute, the conference, which is being held within the framework of the "Iraq Initiative", under the title "The Path to Recovery, Development and Global Partnerships in Iraq", will bring together a diverse group of senior experts, researchers and policy makers from both the United States and Iraq, including current and former senior officials. 

The report, translated by Shafaq News Agency, explained that the conference, the third of its kind for the "Iraq Initiative", will address the major challenges and opportunities facing Iraq as it begins to overcome years of volatility, with early signs of recovery and development. 

The report added that the conference will focus this year on the advancement of the energy sector, the efforts of the Iraqi government towards sustainable economic diversification, and the evolving path of the US-Iraq relationship. 

The report added that the conference will witness dynamic discussion panels that explore how Iraq, the United States and the international community can interact positively with Iraq as it moves through its unique social, political, economic and security changes.

The report added that the conference will witness direct personal participation and via video, and will include translation into Kurdish and Arabic. 

The report concluded by saying that the "Iraq Initiative" program provides transatlantic and regional policymakers with unique insights and analyses on the ongoing challenges and opportunities facing Iraq as the country attempts to establish an inclusive political system, attract economic investment, and stimulate a vibrant civil society.   LINK

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Clare: A large ministerial delegation will visit the region tomorrow to discuss several files and issue important decisions

9/7/2024

 Kurdistan Democratic Party member Wafaa Mohammed Karim confirmed today, Saturday, that tomorrow, Sunday, there will be a joint visit from the federal government to the region to discuss several files and follow up on the salaries of Kurdistan Region employees.

 Karim told Al Furat News Agency, "Tomorrow there will be a visit by the Ministers of Finance, Foreign Affairs, Planning, two ministers, the head of the Border Ports Authority, and the Governor of the Central Bank to the region to discuss several files and hold important meetings to follow up on the file of the border ports and the salaries of the Kurdistan Region employees."

He added: "The large ministerial delegation will go to resolve files and take decisive decisions regarding salaries, border crossings, and checkpoints between the region and the center." 

He stressed that "all these files will be discussed and important decisions will be issued in favor of both parties." 

In a related context, a source told Al Furat News Agency that Minister of Labor Ahmed Al Asadi will be among those attending the meeting.

From.. Raghad   LINK

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Clare:  The first of its kind.. A meeting between the Economic Ministerial Council of the Baghdad and Erbil governments in Kurdistan

9/7/2024

A delegation from the Federal Ministerial Council for Economy will arrive this evening, Saturday, to hold a meeting with the Economic Council in the Kurdistan Region tomorrow, Sunday.

The federal delegation is headed by Deputy Prime Minister, Minister of Foreign Affairs and Chairman of the Ministerial Council for the Economy, Fuad Hussein.

The first joint meeting will be held tomorrow between the Federal Ministerial Council for the Economy and the Economic Council in the region, in the presence of Masrour Barzani, Prime Minister of the Kurdistan Regional Government. It will last for two days, to discuss the controversial issues between the two sides, and to ensure constitutional rights, financial dues, and the region’s share of the federal budget.   LINK

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

Clare:  Passing the investment law within two weeks.. What are the positives?

9/7/2024  Economy

The Parliamentary Investment and Development Committee expected, today, Saturday, to pass the Industrial Investment Law within the next two weeks in Parliament, while it spoke about the advantages and positives of this law.

The deputy head of the committee, Hussein Al-Saabri, said in an interview with Sumarya News, "Parliament will approve the industrial investment law within two weeks, and this law is one of the most important laws that serve the industrial investor in Iraq and raise the pace of industrial movement in the country," indicating that "this law includes customs exemptions and land ownership for the investor inside and outside the cities, with the precise identification of industrial areas within the cities."

Al-Saabri added, "The law also includes the protection of foreign investors, their money, and ownership within new industrial districts and areas with certain controls," noting that "the law is currently in the linguistic and legal amendment stage in preparation for presenting it to parliament sessions within two weeks for the purpose of voting on it."

Al-Saabri considered that "the approval of this law represents a qualitative leap in Iraqi industry," noting that "the law will greatly reduce exceptions, but rather there will be fair competition between companies and entities that win project contracts."   LINK

Clare:  Prime Minister issues directives to develop electronic payment systems and services

9/7/2024  Baghdad

Prime Minister Mohammed Shia Al-Sudani directed, on Saturday, to take a package of measures and directives to develop electronic payment systems and services and follow up on their implementation by specialized committees.

A government source said, in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "in the framework of Prime Minister Mohammed Shia Al-Sudani's continuous follow-up to the development of electronic payment systems and services, and in light of his review of the field supervisory reports related to the implementation of these services in various Iraqi ministries and institutions, he directed to take a package of relevant measures with follow-up of their implementation by specialized committees."

He added, "The directives were as follows:

1. Directing the Ministry of Planning, in cooperation with the Central Bank of Iraq and the World Bank, to create a national budget allocated to support and develop digital payment systems across the country.

2. Directing all ministries, including the Central Bank of Iraq, to ​​prepare an electronic cash flow statement periodically to ensure financial transparency, determine liquidity and manage risks, which contributes to improving financial planning.

3. Directing ministries and government institutions to establish strategic partnerships with banking and non-banking financial institutions as well as technology institutions and adopt effective action steps for cooperation and exchange of proposals and expertise.

4. Obligating financial and banking institutions to develop their technical and digital systems in accordance with the latest international standards, including strengthening anti-money laundering and anti-fraud systems; in order to ensure operational efficiency, improve the quality of banking services and achieve full compliance with regulatory controls.

5. Obligating financial and banking institutions to develop cyber protection systems and adopt the cyber resilience document, with strict adherence to the controls issued by the Central Bank regarding electronic governance, to ensure comprehensive protection of banking systems against cyber threats and ensure business continuity in the face of crises.

6. Directing ministries and government institutions to develop capable government work teams to follow up on electronic payment operations on a daily basis through training and qualification, and through specialized system portals provided by payment services companies.

7. Directing the Ministry of Communications to cooperate with ministries and government institutions to expedite the adoption of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 to be compatible with the requirements of electronic payment and collection settlements in the Ministry of Finance in cooperation with the Central Bank of Iraq.

8. Instructing the Ministry of Finance to submit a study on the mechanisms for creating intermediate accounts, adopted by government institutions as a mechanism for dealing with restricted government accounts to solve the problem of interruptions for citizens in the event of failure of financial operations.

9. The Central Bank shall issue directives to private and government banks to deal transparently and not discriminate between electronic payment companies.

10. The Central Bank of Iraq shall prepare what is necessary to cancel the prepaid ceilings for cards used locally to ensure wider and more flexible use.

11. Directing ministries and government institutions to establish specialized units within government departments to facilitate financial matching and settlements and resolve disputes arising from electronic payment, in coordination with banks.

12. Directing the Integrity Commission to intensify monitoring of collection points in government departments to ensure transparency and integrity.

13. Directing the Financial Supervision Bureau to develop and legislate administrative and financial updates that are compatible with electronic payment systems and to follow up on them on an ongoing basis.

14. Emphasizing on government institutions and electronic payment service provider companies to implement the paragraphs contained in the electronic financial collection and collection agreements according to the responsibilities of each party contained in those agreements.

15. Directing government banks to complete the activation of the comprehensive banking system to improve financial and administrative performance.

16. Obligating all ministries and government institutions to adopt advanced electronic administrative and accounting systems to enhance efficiency and transparency.   LINK

“Tidbits From TNT” Saturday 9-7-2024

TNT:

Tishwash:  Urgent  Baghdad and Washington agree on a plan for the withdrawal of international coalition forces

Reuters news agency reported that the United States and Iraq agree on a plan for the withdrawal of international coalition forces from Iraq.

Reuters said, "The understanding between America and Iraq will witness the departure of hundreds of soldiers by September 2025."

She pointed out that "the understanding between America and Iraq stipulates the withdrawal of all forces in 2026."  link

Tishwash:  Approval of a plan to introduce solar energy systems to homes in Iraq

Prime Minister Mohammed Shia Al-Sudani chaired a meeting on the electricity sector today, Thursday (September 5, 2024), during which a plan was approved to introduce solar energy systems to homes in Iraq.

The Prime Minister's media office said in a statement received by "Baghdad Today" that "Al-Sudani chaired a special meeting to improve the electricity situation, in which the plans, programs and treatments prepared by the Ministry of Electricity and the authorities concerned with this sector were discussed."

He added, "During the meeting, a plan was approved to introduce the solar energy system to homes, through contracting with solid companies to reduce the loads on the electrical grid system. The Ministry of Electricity's plan for generation, transmission and distribution in the long term was also discussed, in addition to its plan for next summer, for which the necessary allocations were approved, and its implementation will begin now."

He stressed that "during the meeting, the economic model for purchasing electricity was approved, which came after several meetings and the follow-up of the Prime Minister and his guidance with the participation of the (KBR) company, which represents the advisory body to the government, in order to study it and submit recommendations regarding it."  link

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

Tishwash:  Three times more... Investment Authority announces increase in investment volume to $69 billion

Chairman of the National Investment Commission, Haider Makiya, announced today, Friday, an increase in the volume of investments achieved during a year and a half, while indicating that the amount reached 69 billion dollars, and explained the details of the largest environmentally friendly city in Baghdad.

"The volume of investments achieved by the Authority since the beginning of 2023 until mid-2024 amounted to $69 billion," Makiya told the Iraqi News Agency (INA), noting that "this number is the largest achieved by the Authority since its establishment until the beginning of 2023, which did not exceed $25 billion, achieving an increase of three times this amount."

He added that "the Authority is working continuously and seriously to consolidate the idea of ​​(productive investment), which represents a purposeful message to achieve in various economic sectors instead of merely setting a specific vision and seeking to provide the necessary implementation tools for it, which gives the Authority greater flexibility in controlling the type of investments, the extent of the need for them, and their feasibility," noting that "there are a number of successful investment models that the Authority is currently working on, including the (Sustainable Baghdad Forests) project, which is implemented on an area estimated at 700 dunums, and qualifies it to be one of the largest environmentally friendly cities and the largest residential cities in Baghdad, with an investment volume of up to one and a half billion dollars."  link

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

Tishwash:  Saleh: 70% of the market and the private sector are {gray} and evade paying taxes

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the existence of a “grey market” that accounts for nearly 70% of the market or private sector activity, “indicating that this percentage evades paying legal taxes.”

Saleh said in a press statement, "Taxes constitute in total about (25) percent of the gross domestic product in developed countries, while in Iraq they do not exceed (4) percent due to tax evasion, as the gray market, which is not known to the tax authorities, constitutes a percentage close to (70) percent of the market or private sector activity."

He added, "While negative taxes, which are cash income subsidies paid to the poor class, constitute (5) percent of the annual gross domestic product, and this constitutes the tax defect that compensates for the difference between the type of tax with the revenues of oil rents."  link

Mot:  Happy International Dog Day!

Mot: . Amazing Ad She Wrote... 1500 guys Responded!! 

Iraq News Highlights And Points To Ponder Saturday AM 9-7-24

Who Is Responsible For The Fluctuation Of The Dollar Price?

2024-09-07 | Clear procrastination in managing the country's financial and economic file.

The failure to wrap the dollar rope around the neck of the Iraqi dinar through an American policy that besieged the country’s economy and began to interfere in the smallest details of financial movement and demand statements of financial transactions that require the exchange of dollars because the movement of Iraqi trade was confined to a number of foreign banks.  LINK

Finance Will Suffer.. What Does The Drop In The Price Of A Barrel Of Iraqi Oil To $70 Mean?

Source:  Alsumaria News  1,717 views   - Economy  Economic expert Nabil Al-Marsoumi revealed, today, Saturday, September 7, 2024, the impact of the decline in the price of a barrel of Iraqi oil to $70.

Al-Marsoumi said in a tweet followed by Sumaria News that the drop in oil prices to $70, with the decline in Iraqi oil exports to 3.3 million barrels per day, will lead to a decline in monthly oil revenues to 9 trillion dinars, of which 1 trillion dinars will go to cover the expenses of oil licensing companies,

 leaving 8 trillion dinars, which is only enough to finance salaries in their various forms, which amount to 7.5 trillion dinars per month, while half a trillion dinars will be allocated to finance the ration card items, while the rest of the operational and investment expenses will be financed from scarce non-oil revenues and from internal and external borrowing.

He added that taxes and fees will rise, debts will increase, and the foreign reserves in the Central Bank of Iraq will begin to descend because it is the first and last line of defense in light of the absence of any sovereign fund in Iraq, pointing out that the Ministry of Finance will suffer even in financing salaries during the next two months, and therefore it is expected that salaries will be delayed and may be reduced if the price of a barrel remains in the seventies for 6 months.  LINK

Employee Salaries Will Be Delayed And May Be Reduced.. Iraq Enters The Danger Zone Due To Oil - Urgent

Economy |Today,  Baghdad Today – Baghdad  Economist Nabil Al-Marsoumi expected, today, Saturday (September 7, 2024), that employees’ salaries would be delayed during the next two months, while he expected that salaries would be reduced if oil prices continued to decline for a period of 6 months.

Al-Marsoumi wrote a post on his personal account on the Facebook platform, which was followed by Baghdad Today, that “the drop in oil prices to $70 with the decline in Iraqi oil exports to 3.3 million barrels per day will lead to a decline in monthly oil revenues to 9 trillion dinars, of which one trillion dinars will go to cover the expenses of oil licensing companies, leaving 8 trillion dinars, which is only enough to finance salaries in their various forms, which amount to 7.5 trillion dinars per month, while half a trillion dinars will be allocated to finance the items of the ration card.”

He added, "The rest of the operational and investment expenses are being financed from scarce non-oil revenues and from domestic and foreign borrowing. Taxes and fees will rise, debts will increase, and the downward path of foreign reserves in the Central Bank of Iraq will begin because it is the first and last line of defense in light of the absence of any sovereign fund in Iraq.

The Ministry of Finance will suffer even in financing salaries during the next two months, and therefore it is expected that salaries will be delayed and may be reduced if the price of a barrel remains in the seventies for 6 months."

On Wednesday, September 4, 2024, economic expert Mustafa Hantoush warned of the danger of the decline in oil prices in the global market on Iraq’s budget .

Hantoush told Baghdad Today, "Iraq depends entirely on oil sales revenues to finance its budget, and certainly a decrease in those prices will have a major and dangerous impact on securing budget funds, especially in light of the significant increase in the size of the operating budget, which constitutes more than (75)% of the budget ."

He explained that "according to information, Iraqi oil is sold at less than global prices, and for this reason the budget relies on numbers lower than the price of oil sold, in anticipation of any emergency event that may reduce those prices, especially since the world is facing incidents that may lead to new declines, and this certainly has a major impact on the budget situation ."

Hantoush urged "the relevant government agencies to move quickly to find solutions to confront such an emergency, as this matter may affect the possibility of providing sufficient funds to support and finance the budget ."

Oil prices fell, continuing their losses after falling more than 4% to hover around their lowest levels since December, amid expectations that the political conflict that halted exports from Libya's main ports may be resolved and concerns about slowing global demand growth .

Informed sources say that "the price of a barrel of Iraqi oil fell today in the global markets to reach $69 per barrel, noting that its estimated price in the three-year budget was fixed at $70 per barrel," noting that "Iraqi oil is sold at its monthly price, not daily ."  LINK

Parliamentarian Warns: Iraq Will Enter A Civil War In This Case

Posted On 2024-09-07 By Sotaliraq  Member of Parliament for Kirkuk Governorate, Wasfi Al-Asi, believes that Iraq will enter into a civil war if all decisions of the dissolved Revolutionary Command Council are cancelled.

It is noteworthy that the Iraqi Council of Representatives issued a law in August 2007 stipulating the cancellation of the decisions of the dissolved Revolutionary Command Council No. (172) of 1989 and its amendment and Decision (1177) of 1975, while it cancelled dozens of laws that conflict with modern legislation.

The draft law to cancel the decisions of the dissolved Revolutionary Command Council includes a number of articles related to cancelling the decisions of the Revolutionary Command Council issued in the 1970s.

Al-Asi said, “The decisions of the Revolutionary Command Council that are to be cancelled in the House of Representatives are more than 9 decisions,” indicating that “they have nothing to do with the issue of taking lands from the Kurds and Turkmen and are absolutely in the interest of the Arabs.”

Al-Asi pointed out that these were decisions “in the period before 1979, that is, during the time of Ahmed Hassan al-Bakr, and at a time when there was no intention to Arabize or take the rights of others,” describing them as “decisions of public benefit issued by the Revolutionary Command Council to expand cities and urban development, and in which there is a public interest.”

Al-Asi pointed out that “most of the neighborhoods in Kirkuk and the rest of the governorates depend on this decision, otherwise this expansion would not have happened, as oil and military facilities, infrastructure and power stations were established, and if we cancel some of the decisions, the Kirkuk Great Water Project is supposed to be removed.”

The representative of Kirkuk province confirmed that he is not against lifting the injustice against any citizen in Kirkuk, adding that “the interest of the state in every era is a supreme interest and is better than the interest of the citizen, and that the effects of these laws begin with the Agrarian Reform Law of 1970 No. 117, which is taking the lands of the landowners who are called feudal lords and distributing them to the farmers.”

Al-Asi warned that “if these decisions are cancelled, all of Iraq will enter into a cycle of civil war,” noting that “hundreds of farmers live and work on these lands.”

If the bill is passed, the lands seized during the rule of the Baath regime headed by Saddam Hussein in Kirkuk and other areas will be returned to their original owners, especially Resolution No. 369 regarding the lands of Kirkuk and Tuz Khurmatu. LINK

Iraq's Losses Amount To $19 Billion Due To The Suspension Of Oil Exports.. Crisis In Restarting The Pipeline

Saturday,07-09-2024,AM 9:21   Ibrahim Al Habib   The spokesman for the Kurdistan Oil Industry Corporation (APICOR), Miles Caggins, confirmed that no agreement has been reached yet regarding the re-operation of the pipeline between Iraq and Turkey, and the resumption of crude oil exports from the Kurdistan Region to global markets. The financial losses incurred by Iraq as a result of the suspension of oil exports were estimated at $19 billion.

 In his remarks, Caggins explained that talks between officials from the Kurdistan Regional Government, the federal government and the Turkish side have not yet led to the resumption of exports, noting that many international oil companies have suspended their production in light of the current crisis.

He added that APICOR members want to hold discussions on amendments to the contracts signed, which should include guarantees for late payments and guarantees for how future payments will occur.

 These statements indicate the depth of the crisis facing the oil sector in Iraq, which needs an urgent solution to ensure the resumption of oil activities and mitigate the major economic damage inflicted on the country.    https://non14.net/public/169941

Seeds of Wisdom RV and Economic Updates Saturday Morning 9-7-24

Good Morning Dinar Recaps,

BRICS SUMMIT 2024: 54 NATIONS TO ATTEND, DITCHING THE US DOLLAR – IS BITCOIN ADOPTION NEXT?

▪️The BRICS summit for 2024 is gaining momentum, with about 54 nations likely to attend.

▪️Bitcoin might take center stage as the group explores an alternative currency in an aggressive de-dollarization push.

About 54 nations are set to attend the highly anticipated BRICS 2024 Summit scheduled for next month. A major discussion at the event would focus on reducing US dollar trade settlements within the group. This has raised questions about the adoption of Bitcoin (BTC) among BRICS member countries.

This bloc is an intergovernmental organization with Brazil, Russia, India, China, and South Africa as its founding members.

Expectations of BRICS Expansion

Market participants are highly anticipating an expansion announcement from BRICS, just like it did in the BRICS 2023 Summit. As noted in our previous report, the economic group welcomed UAE, Egypt, Ethiopia, and Iran in January, bringing the total number of member countries to nine.

Notably, the BRICS Group’s first attempt at expansion was in 2010, when it welcomed South Africa as a member. With 54 countries expected to attend the BRICS Summit this year, a similar expansion could take place. Russian aide Yury Ushakov said 36 heads of state have received invitations, while 18 nations have already confirmed they will attend.

Compared to 2022, the BRICS group has grown into a key economic collective on a global scale. With a key event on the horizon, the group’s influence has amplified further this year. While 2023’s summit had the most historic announcement, this year’s event is set to be the biggest in the Bloc’s history.

Officials have praised the preparations for the upcoming event. Ushakov stated,

We are satisfied with the way the perpetration [for the summit] is going. The preparations are indeed serious, as the event is of an unprecedented scale.

Notably, talks about expansions have also been going on, with many countries expressing interest in joining the economic group. As discussed earlier, almost 30 countries expressed interest in joining the group in January. This has only increased over the previous eight months, highlighting the group’s growing influence on economic, political, and security collaboration.

BRICS De-dollarization Efforts With Blockchain

The upcoming event could have an unprecedented impact on global finance as the BRICS bloc has been actively working towards de-dollarization. A recent update we covered shows that the group has been developing its BRICS Pay system.

The blockchain-based payment system is set to be the global south’s answer to the West’s SWIFT. Market players think the system could finally debut at the upcoming summit.

As more nations move away from the US dollar’s dominance, BRICS may contemplate embracing Bitcoin. The digital asset is largely decentralized and inclusive of all investors without discrimination, which makes it a good fit for the BRICS.

The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has further strengthened Bitcoin’s position as an asset class. Therefore, integrating Bitcoin into the new BRICS payment system could be a major topic at the BRICS 2024 Summit.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

US SEC TARGETS CRYPTO MARKET AGAIN, REVOKES SECURITIES LICENSE OF CRYPTO LENDER

The US SEC has revoked the securities license of a crypto lender for non-compliance with reporting requirements, sparking concerns of regulatory overreach in the crypto market.

▪️US SEC revokes Salt Blockchain's securities license due to non-compliance with reporting rules.

▪️SEC claimed that the crypto lender failed to file periodic reports since December 31, 2021.

▪️Regulatory action sparks concerns about SEC's regulatory overreach in the crypto market.

▪️Expert predicts increased enforcement actions by SEC near fiscal year-end.

The US SEC has once again targeted the digital assets sector, with the latest regulatory actions against crypto lender Salt Blockchain. The agency has revoked the securities license of the crypto lender, sparking discussions in the market. It’s worth noting that the regulatory body has received heavy backlash from the crypto community recently, claiming the regulatory overreach of the agency.

US SEC Revokes Salt Blockchain’s Securities License

The US SEC has recently disclosed in a report that it has revoked the registration of securities for Salt Blockchain. The move against the Delaware-based crypto lender comes as the firm failed to comply with legal report requirements, the report showed.

The order states that the company hasn’t filed periodic reports since December 31, 2021, which violates Section 13(a) of the Securities Exchange Act of 1934, along with other rules. Notably, this non-compliance with reporting requirements has led the agency to impose sanctions, ultimately revoking the firm’s securities license.

Meanwhile, Salt Blockchain had previously faced regulatory hurdles in 2020, but it appeared that the firm has resolved those issues. Besides, the company has even explored potential buyers at a point. However, the latest regulatory action highlights the firm’s ongoing compliance struggles.

Meanwhile, the revocation became effective on September 6, 2024, and marks a significant setback for Salt Blockchain as it navigates the regulatory landscape.

Notably, the order showed that Section 12 (j) of the Securities Exchange Act grants authority to the agency to suspend to freeze a securities license if an issuer fails to maintain the legal requirements.

Crypto Market Remains On Edge

The SEC’s latest action against Salt Blockchain has stirred debates about the agency’s regulatory approach toward the crypto sector. Critics argue that the SEC’s enforcement strategy is too aggressive, potentially stifling innovation and growth within the digital assets market.

Many in the crypto community view these actions as part of a broader pattern of regulatory overreach. Notably, the agency has recently faced heavy criticism for issuing a Wells Notice against OpenSea, targeting NFTs.

In addition, Jake Chervinsky, Chief Legal Officer of VariantFund, noted that enforcement actions by agencies like the US SEC and CFTC could intensify as their fiscal year-end approaches on September 30. Chervinsky suggested that regulatory bodies often increase enforcement activities near fiscal deadlines to bolster performance metrics for budgetary reviews. In a recent X post, the CLO said:

“It’s typical in September to see a flurry of enforcement actions as they shore up their performance reports and budget requests for Congress.”

@ Newshounds News™

Source:  CoinGape

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ANALYSTS BELIEVE TOKENIZATION SOLVES GLOBAL TRADE FINANCE ISSUES

▪️Tokenization can solve global trade finance issues, say major financial analysts.

▪️It simplifies financing, increases liquidity, and reduces transaction costs.

▪️Efforts like MakerDAO's competition promote tokenization despite adoption challenges.

Analysts from major financial institutions believe tokenization will significantly solve global trade finance issues. According to stakeholders from Standard Chartered and HSBC, tokenization will make financing options more accessible for interested organizations.

HSBC Global Trade Solutions Product Manager Bhriguraj Singh recently stated in an interview that tokenization would be directly beneficial for these companies and trade finance providers.

According to Singh, tokenization will simplify financing and distribution in global trade processes, which could make banks and other companies more liquid.

Tokenization and Trade Finance Gap

Tokenization is the process of representing real-world assets (RWAs) or data on a blockchain. This process increases liquidity and improves accessibility. 

By converting assets into tokens on a blockchain, tokenization speeds up trade transactions and reduces transaction costs due to the absence of intermediaries.

 Steven Hu, Head of Digital Assets, Trade, and Working Capital at Standard Chartered, believes blockchain technology will optimize financial services and make credit facilities more accessible.

The trade finance gap refers to the difference between import and export demands and the corresponding approvals. According to the Asian Development Bank (ADB), this gap worsened by 29.4% in 2022, reaching $2.5 trillion from $1.7 trillion in 2020. Estimates predict this figure will rise to $36.2 trillion by 2030.

“Imagine a future where the trade finance element is structured within a digital token and can be freely traded in secondary markets. This will turn into a new potential business model based on fees.” – Steven Hu

Advantages of tokenization include expanding a company’s target audience and making it easier to invest in unfamiliar markets. Additionally, it significantly reduces the transaction process, allowing companies to transfer securities and make instant payments via blockchain. Otherwise, this process could take several days.

While Steven Hu praises the benefits of tokenization, he also noted that a lack of expertise could delay its adoption.

Ongoing Efforts

While widespread adoption of tokenization may take time, efforts are already underway by various stakeholders. For instance, in July, MakerDAO announced a tokenization competition for innovators looking to introduce related products.

MakerDAO’s Spark Tokenization Grand Prize plans to include $1 billion worth of tokenized real-world assets (RWA) into the decentralized finance (DeFi) ecosystem. The competition prioritizes proposals aligned with MakerDAO’s Spark ecosystem and focuses on those with high liquidity and competitive pricing potential.

The judging panel includes renowned platforms such as Steakhouse Financial and Phoenix Labs, which will evaluate the submitted proposals. After selecting several finalists, MKR token holders will vote to determine the ultimate winner.

Tokenization has the potential to narrow the global trade finance gap. HSBC and Standard Chartered officials state that this technology will optimize financial services and make credit facilities more accessible. However, the lack of expertise and the process of widespread adoption may take time.

Meanwhile, organizations like MakerDAO are undertaking various initiatives to promote tokenization. These processes should be closely monitored, and developments should be carefully followed.

@ Newshounds News™

Source:  CoinTurk News

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STAKING REWARDS TO HOST WORLD’S LARGEST STAKING SUMMIT IN BANGKOK NOVEMBER 8–9, 2024

Crypto staking explorer Staking Rewards has announced that its international staking conference is returning for its third consecutive year.

The two-day summit will be hosted in Bangkok, Thailand, from November 8-9, 2024, uniting key participants in the global staking industry to provide insights and innovations that will shape the future of PoS (proof-of-stake).

Set to be hosted at the Siam Kempinski Hotel in Bangkok, the 2024 Staking Summit promises to be the largest event of its kind.

Over the course of two days, delegates will hear keynotes, panel discussions, fireside chats and participate in workshops that illuminate the latest industry developments across the multi-chain landscape.

Topics such as Bitcoin staking, restaking, LSTfi, validators, home staking and emerging PoS chains will be among the many themes up for debate during a conference that covers every aspect of the multi-billion dollar staking industry.

@ Newshounds News™

Read more:  Daily Hodl

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HOW GENERATIVE AI IS TRANSFORMING BANKING  |  Youtube

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Source:  Currency Facts

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CBI Bank's High Stakes NYC Negotiations  |  Youtube

@ Newshounds News™

Source:  Currency Facts

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STOCK MARKET CRASH SILVER'S NEXT MOVE!  |  Youtube

@ Newshounds News™

Source:  Currency Facts

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TRUMP'S BOLD PLAN TO SAVE THE DOLLAR!  |  Youtube

@ Newshounds News™

Source:  Currency Facts

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Militiaman and Crew:  9-6-2024

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

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

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