Economist’s “News and Views” 9-17-2024

Prepare for the Biggest Global Debt Collapse in History – Gold’s Time Is Now! - Francis Hunt

ITM Trading:  9-17-2024

Francis Hunt, the Market Sniper, warns of an impending global debt collapse that could surpass any financial crisis in modern history. Drawing comparisons to past events like the Vietnam War overspend and Nixon’s 1971 gold standard shift, Francis explains why this collapse will be more severe and why gold is the key to protecting your wealth.

He also discusses how future interest rate cuts and currency devaluation will make gold even more valuable as a safe haven. If you're concerned about the economy, this video offers crucial insights on securing your assets.

https://www.youtube.com/watch?v=VnWOfcTf5Kg

LIVE! TOMORROW THE DESTROYER COMETH. IS GOLD ABOUT TO BREAKOUT TO $4,000? Maybe Higher?

Greg  Mannarino:  9-17-2024

https://www.youtube.com/watch?v=gfc2SZO09Kk

FED Rate Cut: Last-Ditch Effort Before Total System Failure

Taylor Kenny:  9-17-2024

The storm is here, and it's not just about rate cuts. From the dollar’s devaluation to hidden inflation costs, I break down the truth the Fed won’t tell you.

CHAPTERS:

00:00 - The Brewing Economic Storm

00:38 - The Illusion of Rate Cuts

01:15 - Affordability Crisis: Then vs. Now

 02:28 - The Dollar’s Shrinking Power

03:47 - The Hidden Costs of Inflation

04:59 - Credit Card Debt & Government Spending

 07:05 - The Federal Reserve's Contradictions

08:12 - Gold: The Key to Real Wealth

https://www.youtube.com/watch?v=_znD8Xwi4l0

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 9-17-24

Good Afternoon Dinar Recaps,

BRICS NEWS

RUSSIA SET TO TRIAL CRYPTO FOR TRADING GOODS WITH MILITARY APPLICATIONS: REPORT

The Russian government has formed a focus group to trial crypto payments for foreign trade, focusing on importers of goods with potential military applications.

Russia has established a focus group under an experimental legal regime to explore the use of crypto for foreign trade payments, Russia’s Vedomosti newspaper reported on Sept. 17. The initiative reportedly aims to address challenges faced by importers dealing with dual-use goods, which have both civilian and military applications, and are subject to strict international payment restrictions.

The move follows China’s announcement in early August that it will ban the export of all unregulated civilian drones, which have become increasingly used in military warfare in recent years, starting Sept. 1.

According to the report, the focus group includes members from the Russian Chamber of Commerce and Industry and the Association of Developers and Producers of Electronics, alongside several banks, though the report did not specify whether the group included Russian banks only or involved foreign financial lenders as well.

The initiative is designed to assist importers struggling with transactions to banks in China and other countries due to the sensitive nature of their goods. This move follows recent reports that Russia’s two largest unsanctioned metal producers have begun using Tether’s stablecoin for cross-border transactions with Chinese clients and suppliers, in response to U.S. Treasury Department warnings about secondary sanctions.

Now, people familiar with the matter reportedly say that participants in the focus group were selected based on their business turnover, with larger companies prioritized. The Russian government plans to expand the initiative in the future, though the timing for a broader rollout remains unclear.

In early July, Alexei Guznov, deputy governor of Russia’s central bank, indicated in a media interview that the Bank of Russia is exploring the legalization of stablecoins for cross-border transactions.

Guznov noted that the initiative could potentially transition from a temporary experiment to a permanent regulatory framework, although specifics regarding the timeline for approval were not disclosed.
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BRICS News

BRICS MAKES MAJOR ANNOUNCEMENT ON NEW PAYMENT SYSTEM

BRICS is working towards the creation of a new payment system without the integration of the US dollar in its mechanism, confirmed Russian Foreign Minister Sergey Lavrov. The minister added that the new payment system will not only be used to settle cross-border transactions, it will act as a complete financial set-up.

The development, when launched, could attract emerging economies towards it making a shift away from the US dollar. The new BRICS payment system could lead to a paradigm shift in the global financial sector.

New BRICS Payment System To Include Trading, Investing & Settlements

The Russian minister revealed that the new BRICS payment system will be equipped with trading, investing, and along with trade settlements. He explained that the mechanism will allow countries to partake in financial operations without being dependent on the US dollar. The move will make the alliance’s quest of de-dollarizing their economies much stronger.

Lavrov also hit out at the US and Europe for pressing sanctions on countries they don’t like. He stressed that the sanctions are what led to BRICS decision on launching a new payment system. Even US Treasury Secretary Janet Yellen acknowledged that the White House sanctioning developing nations led to de-dollarization.

“Many are attracted by the fact that payment systems are being developed within BRICS. Which allows trading, investing, carrying out other economic operations without being dependent on those that decided to weaponize the dollar and the euro,” the foreign minister said.

The minister added that developing nations will flock to the BRICS payment system in fear of US sanctions. “Everyone understands that anyone may face US or other Western sanctions,” he said during a meeting with Egyptian counterpart Badr Abdelatty.

@ Newshounds News™  Watch the Global QFS Unfold

Source:  Watcher Guru

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DE-DOLLARIZATION: HOW THE US IS HELPING CHINESE YUAN TO SUCCEED

De-dollarization is the most buzzing word in the global financial sectors across Asia, Africa, and South America. Emerging economies are focusing on lifting their local currencies on the global stage by ending reliance on the US dollar. The US sanctions are what pushed the de-dollarization agenda ahead and China made use of the opportunity to include the Chinese yuan for trade settlements.

The development puts the USD in the spotlight as developing countries no longer want to give importance to the currency. Amid the US and Western sanctions on emerging economies, the Chinese yuan is becoming the most used currency in their countries. From Russia to Pakistan and the UAE, the Chinese yuan is being widely accepted as the de-dollarization initiatives advance rapidly.

The Chinese Yuan Benefits From De-Dollarization

The US Treasury Secretary Janet Yellen confirmed that the US sanctions opened the floodgates of de-dollarization across the world. The move made China fill in the void and the Xi Jinping administration convinced developing countries to use the Chinese yuan. The de-dollarization initiative is partially a success as the Chinese yuan is the most used currency in Russia.

“Trading in Chinese yuan is convenient for both Russia and China,” said Maia Nikoladze, Associate Director at the Atlantic Council. “Russia does not have too many other currency alternatives.

While China benefits from exerting more economic influence over Moscow, and also makes progress towards internationalizing the yuan,” said the analyst. The move indicates that the US opened the gates of de-dollarization by itself through sanctions.

Even Brazil, Argentina, South Africa, and Saudi Arabia are looking to follow Russia on the de-dollarization path. These countries are accepting the Chinese yuan as payment for cross-border transactions, which was not the case a few years ago. De-dollarization is a serious risk to the US economy while the Chinese yuan is looking to dominate the financial world.

@ Newshounds News™   Watch the Global QFS Unfold

Source:   Watcher Guru

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XRP on Path to Global Reserve Key Insights    Youtube

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People aren’t seeing the real de-dollarization

People aren’t seeing the real de-dollarization

Mike Maharrey   09/16/2024 16:42:29 GMT

It’s not a “black swan” event. In fact, it’s playing out right before our eyes and was entirely predictable. The world is slowly but surely spurning the dollar.

But most people haven’t noticed.

De-dollarization might seem like a wild conspiracy theory, but it is happening. Countries worldwide are trying to limit their exposure to the greenback, and the dollar’s clout is slowly ebbing.

No, the dollar isn’t on the verge of collapse due to a major trauma. It’s more like death by a million papercuts.

Nassim Taleb, best known for his book The Black Swan, said in a post on X that “people are not seeing the real de-dollarization in progress.” He pointed out that global transactions are still generally labeled in dollars “as an anchor currency.” 

“But central banks (particularly BRICS) have been storing, that is putting their reserves, in Gold.”

In other words, the dollar still serves as the primary medium of exchange, but more and more countries are turning to gold as a store of value. As author Richard Turrin put it, “The US will tout the USD’s high percentage use in trade all the way to the bottom.”

Turrin pointed out that the “dollar’s high percentage in trade settlements is increasingly meaningless” for two reasons.

Gold holdings show reserve storage.

Migration of trade to alternate currencies isn’t captured on SWIFT statistics.

This trend toward storing wealth in gold instead of dollars makes sense given the U.S. government’s persistent evaluation of its currency that seems to be accelerating.

Luke Gorman, founder and president of Forest for the Trees confirmed Taleb’s point with a graph, noting that this de-dollarization trend has been in play for more than a decade and “got much louder post-2022 sanctioning of Russian FX reserves.”

In fact, dollar reserves globally have dropped by 14 percent since 2002. And as the graph shows, de-dollarization accelerated after the U.S. and her Western allies aggressively sanctioned Russia and froze the country’s assets after it invaded U*****e.

Geopolitical and financial analyst Angelo Giuliano posted the same graph asserting, “De-dollarization is happening.”

“The US dollar Ponzi scheme is collapsing…the US exorbitant privilege to print endless amount of paper toilet currency is over.”

He noted that gold hit yet another all-time high on Sept. 12, saying, “This is only the beginning.”

Dollar weaponization undermining the Dollar

All of these experts confirm that the United States’s weaponization of the dollar is undermining its strength and role as a reserve currency.

A recent Atlantic Council report on the falling percentage of dollar reserves pointed out dollar weaponization was a factor behind this trend.

“In recent years, and especially since Russia’s invasion of U*****e and the Group of Seven (G7)’s subsequent escalation in the use of financial sanctions, some countries have been signaling their intention to diversify away from dollars.”

The U.S. and its allies not only froze Russian assets, but they also locked the country out of the SWIFT financial system.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) system serves as the global economy’s superhighway. In effect, it operates as a global financial messaging service, facilitating cross-border payments. Since the dollar serves as the world reserve currency, SWIFT effectively facilitates an international dollar system.

This gives the U.S. a great deal of leverage, as the Russians discovered.

This wasn’t the first time the U.S. used SWIFT and the dollar as a stick to advance its foreign policy goals. In 2014, the O***a administration locked several Russian financial institutions out of SWIFT as relations between the two countries deteriorated over U*****e and Crimea.

Whether you think the sanctions were justified or not, it’s important to remember that other countries are watching. They realize that dependence on dollars makes them vulnerable to

U.S. manipulation and this is one of the reasons many countries are trying to diversify away from the USD.

Think about it — if you are concerned that the U.S. could pull the “dollar rug” out from under you, why not pull out from the dollar system first?

This appears to be what is slowly happening. Again, it is d***h by 1 million paper cuts.

According to a 2023 Invesco survey, a “substantial percentage” of central banks expressed concern about how the U.S. and its allies froze nearly half of Russia’s $650 billion gold and forex reserves.

Central banks turning to Gold

We see this shift toward gold in persistent central bank gold buying.

According to the most recent World Gold Council survey released in June, 29 percent of central banks plan to add more gold to their reserves in the next 12 months. The WGC said it was the highest level since the survey began in 2018.

Only 3 percent said they had plans to decrease gold reserves.

Earlier this year, the World Gold Council said the continuation of gold buying supports its expectation that “2024 will be another solid year of central bank gold demand.”

“Last year central banks placed great emphasis on gold’s value in crisis response, diversification attributes, and store-of-value credentials. A few months into 2024 the world seems no less uncertain meaning those reasons for owning gold are as relevant as ever.”

Last year, central bank gold buying fell just 45 tons short of 2022’s multi-decade record.

According to the World Gold Council, central banks net gold purchases totaled 1,037 tons in 2023. It was the second straight year central banks added more than 1,000 tons to their total reserves.

Central bank gold buying in 2023 built on the prior record year. Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

The skyrocketing price of gold confirms the wisdom of these central bankers. And it is a tangible sign that the dollar is losing value – and status.

Source: FXStreet

https://dinarchronicles.com/2024/09/17/people-arent-seeing-the-real-de-dollarization-that-is-happening/

Iraq News Highlights and Points To Ponder Tuesday AM 9-17-24

Our Country's Dream"... Al-Sudani Sends An "Important" Message To Gulf States Regarding The Path To Development

Money and business   Economy News – Baghdad  Prime Minister Mohammed Shia al-Sudani stressed that the drop in oil prices to less than $72 confirms the need to diversify the Iraqi economy, while he addressed a message to the Gulf countries regarding the path to development.

Al-Sudani said during a televised interview followed by "Al-Eqtisad News", "The federal administration's budget allows it to pay $8 for every barrel of oil produced, while contracts signed with the Kurdistan Regional Government give companies $26. This stagnation has affected production from the region and led to a delay in the resumption of the pipeline."

Baghdad has been unable to agree on how much to pay international oil companies operating in the north of the country for their production.

We have to look at how we balance these issues. Do we look at the budget to see what we can do or do we try to look at prices?" he added.

“Closing the pipeline, which can carry nearly half a million barrels per day of oil from Kurdistan to the Turkish coast, would cost billions of dollars in lost revenue. However, restarting it would pose a dilemma for Iraq, which has failed to comply with OPEC+ production limits amid dire financial needs but has repeatedly said it will compensate for overproduction,” he said.

Al-Sudani said, "We are committed to abiding by OPEC decisions and maintaining the oil price in a way that achieves a balance between the interests of users and producers."

Pipeline problems

Turkey halted the pipeline in March last year after an arbitration court ordered it to pay Iraq $1.5 billion in compensation for transporting oil through it without Baghdad’s consent. Ankara, which claimed the pipeline was shut for repairs after two massive earthquakes in February, said in October it was ready for operations and that it was up to Iraq to resume flows.

But financial and legal issues have emerged, such as compensating companies for costs. International companies have said they also want to settle their overdue receivables — including $1 billion for oil produced between September 2022 and March 2023.

With exports halted, companies have begun producing some crude and selling it domestically. Iraqi officials have previously said this production has caused problems with compliance with quotas set by the Organization of the Petroleum Exporting Countries.

Iraq’s production cap is 4 million barrels a day, but it produced 4.32 million barrels a day last month, according to data compiled by Bloomberg. The country, along with some other OPEC+ members, will gradually lift those limits starting in December.

Al-Sudani is keen to “increase production in the long term after years of war and internal conflict that have affected Iraq’s oil industry. In August, BP signed a preliminary agreement to help boost production from the Kirkuk region. Iraq is also rehabilitating and modernizing damaged refineries to help reduce fuel imports.”

The Prime Minister continued, "Because of the wars and the blockade over the past four decades, Iraq has been late in exploiting the wealth we have of gas and oil properly. Now we are looking at how to exploit the new wealth we have and how to use it effectively."

Diversify the economy

But he said, "The drop in oil prices in London to around $72 a barrel - near their lowest levels since 2021 - underscores the need to diversify the economy."

Iraq is OPEC's largest oil producer after Saudi Arabia and derives the bulk of its revenues from exporting the commodity, and needs much higher prices to balance its budget.

The IMF has long said the country needs to develop its private sector, and that economic progress is being hampered by a huge public sector wage bill, with successive governments not doing enough to curb high wage increases.

Al-Sudani pointed out that "his administration is looking to invest about 40% of Iraq's oil revenues to boost the non-oil sector," adding that "the planned trade corridor extending from Basra Governorate in southern Iraq to Turkey and then to Europe was a 'dream' for his country, and he is looking to the Gulf states to help finance the project, which is supposed to cost $17 billion."

132 views  09/17/2024 - https://economy-news.net/content.php?id=47686

What Is The Truth Of The Bargain Of Passing The Amnesty In Exchange For Personal Status?

Policy   Information/Baghdad..   The head of the parliamentary family committee, Dina Al-Shammari, denied today, Monday, that the amnesty law would be passed in exchange for the personal status law in one basket.

Al-Shammari told Al-Maalouma Agency, "The proposal to amend the Personal Status Law has been on the Council's agenda since the last session."

She added that "the agendas of the House of Representatives are determined according to personal interests and political desires," noting that "the pardon is not linked to the Personal Status Law at all."

Al-Shammari pointed out that "the agendas are presented according to the principle of political agreement, and therefore the general amnesty law was included with the personal status amendment law and passed in one basket." LINK

 Violations And Waste Of Public Money.. Voices Calling For The Need To Expose Port Corruption Are Rising

Information/Baghdad... Voices calling for exposing corruption in Iraqi ports, taking legal action, holding negligent parties accountable and referring them to the judiciary to receive their just punishment have become louder.

Fingers have been pointed at the federal government for its negligence and failure to take action against some corrupt parties, especially since some representatives have revealed the waste of money, major corruption and manipulation in the ports, in addition to the fact that some violations have significant human damage.

Independent MP Yasser Al-Hussaini accused the federal government of ignoring the corruption file of the General Company for Ports of Iraq, saying in his interview with /Al-Maalouma/, "The most dangerous corruption file in the Iraqi government is the file of the General Company for Ports of Iraq, where there is a waste of money and a lack of engagement with the voices calling for stopping this corruption."

He added, "The government has ignored the ports corruption file, although the ministerial program stipulates combating corruption, as there are corruption files that will not be investigated even with the end of the current government's term, especially in the General Ports Company."

Al-Hussaini called on the government to "pay attention to the voices calling for withdrawing the current management of the aforementioned company and opening a fair judicial investigation to look into the number of identified violations."

The head of the Parliamentary Security and Defense Committee, Karim Aliwi Al-Muhammadawi, revealed to Al-Maalouma that there are suspicions of corruption in the manipulation of car models and customs clearance at ports and border crossings.

He added, "There is a lack of oversight operations and a lack of coordination between the security and oversight agencies within the Iraqi ports and border crossings, as the "competent oversight agencies are required to play their role in reducing suspicions of corruption and preserving public money."

On the other hand, MP Alaa Al-Haidari, a member of the Iraqi Ports Corruption Investigation Committee, said: “We were surprised to find a shipment of about 20,000 tons of yellow corn that was rotten and spoiled inside a ship coming from Australia.

 There were approvals from some government agencies to unload this shipment, so we were surprised to find that about 6,000 tons of yellow corn were unloaded into the warehouses of a Turkish factory used to receive cooking oil in the port of Umm Qasr.”

He added: “We found that the contract included that the yellow corn coming from Australia was used for oil, and after it was spoiled, its quality was changed to animal feed because it was exposed to mold. After reviewing this material, it became clear that it was not suitable for animal feed or for cooking oil.

The opinion of the Parliamentary Order 160 Committee for Investigating Port Corruption was to reserve and inform the Director of the Southern Ports and the Customs Administration not to empty the remaining shipment into these warehouses.

However, the information received indicates that approximately 14,000 tons of this spoiled shipment were emptied into these warehouses,” stressing that “every party that gave approval to empty this shipment will bear responsibility for the negligence, and an investigation will be opened into this dangerous file.”   

In a related context, Basra Governor Advisor Mohammed Al-Zaidawi stated that “the Iraqi Ports Company has not risen to the required level and there has been a demand to replace those in charge of its management,” saying: “It is a farce that Iraq has been exposed to corrupt agreements and the waste of $120 million in the file of the breakwater at the Grand Faw Port.

Those who took over the Faw Port file must comply and be held accountable to the judiciary, especially since some of the stalled contracts and projects have suspicions of corruption, but (no one listens).”   LINK

Seeds of Wisdom RV and Economic Updates Tuesday Morning 9-17-24

Good Morning Dinar Recaps,

XRP on Path to Global Reserve Status, Expert Reveals Key Insights

▪️Experts highlight XRP’s emerging importance in global finance, positioning it as a potential cornerstone for tokenized cross-border financial systems.

▪️Key institutions like the IMF and World Bank are exploring XRP for asset tokenization, signaling its expanding role in the future of global transactions.

Since March, we have learned about the foundation for XRP’s transition to a global reserve currency. As reported by CNF, experts predict XRP’s crucial role in shaping the future of the global financial system.

According to Versan Aljarrah, co-founder of Black Swan Capitalist, he reiterated on his X account that he strongly believes in XRP’s importance in this transformation.

In a recent tweet, Aljarrah shared a video from Gregory Mannarino, a financial commentator often referred to as the “Robin Hood of Wall Street,” whose views align with Aljarrah’s optimism for XRP’s future.

In the video, Mannarino discusses efforts by major financial institutions, including the International Monetary Fund (IMF), World Bank, and the Bank of International Settlements (BIS), to develop a fully tokenized, cross-border financial system.

 He explains that these organizations are working toward a system that tokenizes all financial assets, positioning XRP as the central medium for trading and settlement.

XRP’s Expanding Role in Asset Tokenization
Mannarino highlights the significant shift in asset management and global transactions as more financial assets are tokenized, enabling seamless tracking and trading. XRP, already a key player in cross-border transactions, could see its role grow if major institutions adopt it for tokenization.

Ripple CTO David Schwartz predicts that the XRP Ledger will host tokenized assets by 2025. Recent announcements, such as the introduction of Tokenized Treasury Bills (T-Bills) on the XRPL, support this forecast.

Growing Interest and Institutional Support for XRP
With global institutions exploring tokenization and blockchain technology, XRP’s utility could expand beyond its current applications. As Mannarino notes, this could position XRP as a key player in the trade and settlement of assets on a global scale, potentially transforming the future of finance.

At the time of writing, Ripple (XRP) is trading at $0.5826, having surged by 2.03% in the past day and 7.89% in the past week.

@ Newshounds News™

Source:   Crypto News Flash 

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“Tidbits From TNT” Tuesday Morning 9-17-2024

TNT:

Tishwash:  Al-Sudani announces the imminent end of the international coalition mission in Iraq: We will deal with any American president

 Prime Minister Mohammed Shia al-Sudani announced on Tuesday that the international coalition's mission in Iraq is about to end, while indicating that Iraq will deal with any new American administration.

Al-Sudani said in an interview with the American Bloomberg Channel and Agency: "Iraq is an important country in OPEC and OPEC Plus and is committed to reducing its oil production, and we are committed to OPEC's decisions in a way that maintains oil prices and the equation between the interests of producers and consumers."

He added: "We have two options regarding exporting oil through the port of Ceyhan, either amending the contracts, which was rejected by the companies contracting with the region, or amending the budget law, and this matter requires political consensus."

He continued that "the justifications for the presence of the international coalition in Iraq have ended, and Iraq 2024 is not Iraq 2014," noting that Iraq has shifted from a stage of wars to a stage of stability, and ISIS does not pose a threat to the Iraqi state. Al-Sudani continued:

"We have started a frank dialogue with the international coalition and formed a bilateral committee to arrange the withdrawal of coalition forces, and to announce the end of the coalition forces' mission in Iraq soon," indicating that "the end of the international coalition's mission does not mean the end of the relationship between Iraq and the United States, but rather the opposite, we are engaged in Talks to build sustainable security relations and economic, cultural, social and scientific ties. He added: "We will participate in the international conference of the coalition against the terrorist ISIS."

He added: "We respect the choices of the American people in choosing their president and we will deal with any administration," stressing that "Iran supports the political process and Iraq's efforts in combating terrorism." Al-Sudani concluded that "Iraq is the only country in the region that has distinguished relations with Iran and the United States."  link

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Tishwash:  Iraq signs agreement to revitalize agricultural sector with Austrian Erste Group Bank

Today, Tuesday, Minister of Finance Taif Sami signed a loan financing agreement from the Austrian Erste Group  Bank to support the center pivot irrigation systems project for the Ministry of Agriculture, stressing that this comes within the strategy of bilateral cooperation between the two countries.

The ministry said in a statement received by "Mil", "Finance Minister Taif Sami signed today with the Austrian ambassador to Baghdad a loan financing agreement from the Austrian Erste Group  Bank to support the pivot irrigation systems project for the Ministry of Agriculture, with a value of (262,155,298) euros, and implemented by the Austrian Power Company." 

She explained that "signing the agreement falls within the framework of the government's efforts to enhance infrastructure and improve public services, and this funding is expected to contribute to revitalizing the agricultural sector, alleviating water scarcity, stimulating economic growth and creating more job opportunities." 

She added, "The agreement comes within the strategy of joint bilateral cooperation between the Republic of Iraq and the Republic of Austria, and in implementation of the ministerial program and General Budget Law No. (13) for the years 2023, 2024 and 2025 and Cabinet Resolution No. 24630 of 2024, which focuses on adopting a governing vision for external borrowing for the benefit of investment projects with economic feasibility." 

The Minister of Finance stressed, according to the statement, "the importance of this step in enhancing economic cooperation between Iraq and Austria, and looking forward to more joint projects in the future." 

She pointed out that "the Austrian company Power will provide technical and advisory support to the Ministry of Agriculture during all stages of the project, including design, implementation, operation and maintenance." 

She explained that "the project represents an important step towards modernizing the agricultural sector in Iraq, especially in light of the challenges facing the sector due to water scarcity and climate change, in addition to the fact that this investment will achieve significant economic returns in the long term, by increasing agricultural production and reducing dependence on imports  link

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Cutebwoy:  PM Al-Sudani meets a delegation from Apple Inc.

INA - BAGHDAD

PM Muhammed S. Al-Sudani met on Monday a delegation from Apple Inc., accompanied by the Head of the Communications and Media Commission, Ali Al-Muayyad.

During the meeting, discussions were held around shared topics of interest as the PM highlighted the ongoing digital transformation in Iraq and the work of the Higher Committee for Digital Transformation, which he heads, alongside other committees working in this field, according to a statement by the PM Media Office - received by the Iraqi News Agency - INA. 

He also mentioned Iraq’s evolving status as a 'successful investment environment', with many major companies operating in the country, which requires a rapid digital shift.

The Prime Minister emphasized the importance of enhancing the digital and technological capacities of Iraq's youth, which would expand employment opportunities and support the government’s objectives of completing all transactions through a fully integrated digital environment.

The Apple Inc. delegation proposed initiatives to help develop the skills of young people, focusing on technology developers in collaboration with universities. 

They also suggested working on registering devices that enter Iraq to "ensure competitive pricing," acknowledging the significance of Apple’s products in supporting digital transformations in the economy and financial sectors

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Tishwash:  Talabani calls on Japan to encourage its companies to invest in Kurdistan

Pavel Jalal Talabani, President of the Patriotic Union of Kurdistan, called on Japan to encourage its companies to invest in the Kurdistan Region, stressing the provision of incentives and guarantees to ensure investors.

His media office said in a statement received by Al-Masry that “Talabani received in Sulaymaniyah today the Japanese Ambassador to Baghdad, Matsuo Moto, and the two sides discussed developing relations and expanding the circle of economic and trade coordination in a way that preserves the highest interests.”

Talabani pointed out during the meeting, according to the statement, to “the opportunities available in the Kurdistan Region, including Sulaymaniyah, for capitalists and investors,” indicating that “we provide all facilities to strengthen the economic structures in the Kurdistan Region,” expressing his hope that Japan would play “an influential role in encouraging its companies and businessmen to pump investments into the Kurdistan Region.”

According to the statement, "the two sides discussed developing cultural relations between the Kurdistan Region, including Sulaymaniyah, the capital of culture, with Japan."  link

Mot:  .. I Say, I Say!!!

Mot:  . Because of Mary! -- YOU can see better in da Rain!!!

Iraq Dinar Update -#iraqi dinar-Team-Sudani-Sadr-Development-Prosperity-Federal Court Order in play

Iraq Dinar Update -#iraqi dinar-Team-Sudani-Sadr-Development-Prosperity-Federal Court Order in play

MilitiaMan and Crew:  9-162024

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

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

https://www.youtube.com/watch?v=SnqeGuf3YBo

Iraq Economic News and Points To Ponder Monday Evening 9-16-24

This Is How The Citizen Gets The Dollar

Economy  | 09/16/2024  Mawazine News – Baghdad   The Trade Bank of Iraq announced today, Monday, the mechanism for obtaining the dollar currency for the purposes of traveling abroad.

The bank stated in a statement that "the requirements for obtaining the dollar currency for the purposes of traveling abroad are:

1. A valid Iraqi passport with a valid visa or residence.

2. A civil status ID and a certificate of nationality or a unified national card.

3. A residence card.

4. A valid travel ticket.

5. A pledge not to purchase foreign currency from another party inside Iraq for a period of (one month).

6. The traveler must be of Iraqi nationality and over (18) years of age.

Purchase mechanism:

1. An amount must be deposited in dinars at the bank branch exclusively, provided that the amount in dinars is equivalent to the value of the share of the same amount in dollars allocated for travel.

2. The dollar share shall be received from the outlet of the Iraqi Trade Bank at Baghdad International Airport (Babylon Hall) exclusively and by handing over the deposit slip granted to the customer when he deposited the amount in dinars.

3. The maximum period for depositing before the travel date is three days.

4. The dollar shall not be delivered to the traveler until after completing the travel procedure (Boarding pass) and after completing the passport stamping procedures.

5. The bank outlet at Baghdad International Airport will be designated For delivery purposes, the Travelers Dollar is available 24 hours a day, 7 days a week. ttps://www.mawazin.net/Details.aspx?jimare=254964

The Central Bank Announces A 15.7% Decline In Iraqi Exports In The First Quarter Of This Year

Monday 16 September 2024 | Economic Number of readings: 218  Baghdad / NINA / The Central Bank of Iraq announced today, Monday, a decline in Iraqi exports during the first quarter of this year by 15.7%.

The bank stated in a report that "Iraq's commodity exports declined by 15.7% during the first quarter of this year to reach 23 billion and 474 million dollars, compared to 27 billion and 847 million dollars for the fourth quarter of last year."

It added that "Iraqi oil exports constituted 96.7% of total commodity exports for the first quarter of this year, recording a decline of 16.4% compared to the last quarter of the previous year, and this decline is attributed to a 10.7% decline in oil prices."

It pointed out that "exports of petroleum products, including naphtha, diesel oil, and other products, constituted 2.7% in the first quarter of this year of total exports."

The bank indicated that "other commodity exports constituted a small percentage of 0.6% of total commodity exports, the largest part of which focused on industrial equipment and some primary foods and beverages prepared for family consumption." / End 8

https://ninanews.com/Website/News/Details?key=1154138

6 Scenarios That The Iraqi Central Bank Will Work On, Narrated By Al-Issawi

Local | 09/15/2024  Mawazine News – Baghdad  Economic expert Abdul Karim Al-Issawi said: “Today, the Central Bank of Iraq has actually moved to the stage of direct relations with correspondent banks, and it is in the experimental stage with monitoring the changes that occur in all the processes for the purpose of fortifying the transformation.”

Al-Issawi Told Mawazine News Agency: The Platform Aimed To Enhance Transparency And Ensure Compliance With International Laws, Especially With Regard To Combating Money Laundering And Terrorist Financing.

He pointed out that:

**Potential Benefits:

1. *Facilitating remittances*: Direct relationships may make remittances faster and more flexible.

2. *Reducing remittance costs*: Relying on a platform may require additional costs that may decline with the new system.

3. *Enhancing international confidence*: If these relationships are managed well, this may help enhance the international community’s confidence in the Iraqi banking system.

As for the potential challenges: He said: “

1. Compliance risks: Easing oversight could increase the risks of money laundering and terrorist financing, which could harm Iraq’s international reputation.

2. Complexity of banking operations: Some banks may face difficulties in managing complex international relationships directly without the mediation of the Central Bank.

3. Impact on monetary policy: The Central Bank may lose some control over external capital flows, which could impact monetary policy.

It is important that this transition (if it occurs) be done gradually and thoughtfully, while ensuring that strong oversight mechanisms are in place to ensure that the Iraqi banking system is not exploited for illicit purposes.

The final decision will require a balance between benefits and risks, and will certainly have a significant impact on the Iraqi economy and international relations.

The economic expert stated that the Central Bank of Iraq is negotiating with the US Federal Reserve regarding ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks.  https://www.mawazin.net/Details.aspx?jimare=254919

Parliamentary Finance Committee Discusses Proposal To Establish Sovereign Fund

Chairman Of The Parliamentary Finance Committee Atwan Al-Atwani  Money and business  Economy News – Baghdad  The Parliamentary Finance Committee announced, on Monday, discussing a proposal to establish a sovereign fund.

The media department of the House of Representatives stated in a statement, which was reviewed by "Al-Eqtisad News", that "the head of the Finance Committee, Atwan Al-Atwani, chaired a deliberative meeting of the committee in the presence of a number of its members, to discuss a number of important topics and files."

The statement added that "the meeting reviewed the outcomes and indicators of previous meetings with government agencies regarding maximizing non-oil revenues, where it was agreed on the next steps by submitting a detailed report to the government on the sources of deficiency, especially in the electricity, tax, customs and other major financial outlets sectors."

The statement continued, "The committee discussed a number of proposals that would maximize financial revenues, including the legislation of special laws on taxation, in addition to forming a committee to conform to standards, which is responsible for reviewing the estimation of planned revenues for state institutions."

The statement continued, "The committee discussed a proposal to establish a (sovereign fund) similar to rentier countries, in order to confront fluctuations in global oil prices or any financial crisis, provided that the fund is financed from the budget surplus achieved in circumstances of economic and financial prosperity."

The statement concluded, "The meeting also discussed the laws referred to the Finance Committee as a supporting committee, where Al-Atwani stressed that the committee will have an opinion and a fundamental role in legislating these laws, especially those related to economic reform and others." 105 views 09/16/2024 - https://economy-news.net/content.php?id=47664

Oil Prices Rise Slightly, Brent Hits $71 A Barrel

economy | 09/16/2024   Mawazine News – Baghdad  Oil prices rose in early trade on Monday amid expectations of a U.S. interest rate cut this week, but gains were capped by a resumption of U.S. supplies after Hurricane Frances and weaker Chinese data. Brent crude futures for November delivery rose 15 cents, or 0.2 percent, to $71.76 a barrel. U.S. crude futures for October delivery rose 23 cents, or 0.3 percent, to $68.88 a barrel.   https://www.mawazin.net/Details.aspx?jimare=254934

Parliamentarian: Iraq Needs Economic Plans To Protect It From Oil Price Fluctuations
 
September 12, 2024  Baghdad/Iraq Observer  During the past three months, oil prices witnessed a clear decline, as oil prices fell from $90 per barrel to $70.2 at a time when 90% of Iraq’s imports depend on oil.  This decline will pose a challenge to the Iraqi economy through its impact on its operating and investment budget.
 
In this regard, a member of the Parliamentary Oil and Gas Committee, Aso Faridoun, confirmed that  
“although Iraq has financial reserves in addition to the presence of gold reserves with the Central Bank and does not have any debts, all of these elements have made the economic situation of Iraq much better than other countries in the region.”
 
He lacks an economic plan to protect him from oil price fluctuations.”
 
During his speech to Iraq Observer, a member of the Oil and Gas Committee called for the necessity of developing alternative sectors such as the industrial and agricultural sectors instead of relying on a single source of income and to be a auxiliary to it, as many countries did, including the Gulf countries, which fully secured their economy and emerged from the crucible of relying on oil as a sole source through plans. A development that has been around for about 15 years.”
 
Fereydoun pointed out that “oil, like other commodities, is affected by supply and demand factors.
 
For example, there is a clear decline in Chinese demand, as China possesses approximately 40% of the world’s oil imports.” 

 He continued,  “Demand decreased from 16 million barrels per day to 8 million barrels, and this coincided with an increase in the surplus in global markets as a result of the presence of a surplus from OPEC countries by 1 million 200 thousand barrels per day and non-OPEC by 200 to 400 thousand, an increase estimated at 1 million 400 thousand barrels per day, and this accumulated.”
 
The percentage cumulatively increased supply, reduced demand, and led to lower oil prices.” He pointed out that   “the decline in Chinese demand for oil in particular is due to two main reasons.
 
First, there is an expectation of a decline in the global economy, which will continue for the next three years, which means that the demand for fuel will decrease.
 
Secondly, China obtains oil from markets outside OPEC’s accounts, which, according to economic experts, represents a kind of destabilization.” It obtains oil from these markets at low prices.” https://observeriraq.net/برلماني-العراق-بحاجة-لخطط-اقتصادية-تق/   

Including Amending The Iraqi Central Law... A Number Of Files On The Parliament’s Financial Table
 
September 16, 2024  Baghdad/Iraq Observer   Today, Monday, the Parliamentary Finance Committee announced a parliamentary approach to amend the Central Bank and Banking Laws.
 
The Parliament’s Media Department stated, in a statement received by “Iraq Observer,” that
 
“the Finance Committee, headed by Atwan Al-Atwani, held a meeting today, Monday, at the committee’s headquarters, in the presence of a number of its members, during which the laws referred to the Finance Committee were discussed in its capacity as a supporting committee, in addition to a review of previous meetings.” About non-oil revenues.”
 
The head of the committee stressed, according to the media department’s statement,  “the need for a representative from the committee to attend all meetings of the other parliamentary committees to express an opinion on the joint laws as it is a supportive committee in legislating those laws.”
 
The committee decided to “conduct a field visit to the Kurdistan Region and the ports to follow up on oversight-related procedures and prepare a report thereon.” She added,
 
 “A number of important laws were discussed, including “unified retirement and owners,” with the possibility of amending laws such as the Central Bank Law and the Banking Law.”
 
The committee discussed “the possibility of legislating a law on collection and tax for all economic sectors or including it in the economic reform law.”  The committee noted,  “discussing the
 
     proposal to establish a sovereign fund for the country, and  forming a team to review government procedures related to revenues and estimate financial returns according to spending units.”
 
The committee decided to “host the Deputy Minister of Planning to follow up on the ministry’s work regarding increasing revenues in various sectors, and to host the Chief of Staff of the Army to discuss financial matters related to the ministry.”   
 
https://observeriraq.net/بينها-تعديل-قانون-المركزي-العراقي-جمل/   

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

Seeds of Wisdom RV and Economic Updates Monday Evening 9-16-24

Good Evening Dinar Recaps,

SEN. WARREN ADVISES 75BPS FED CUT ON RECESSION FEARS

Despite rhetoric about a strong U.S. economy, three Democratic Senators urged the Federal Reserve to implement an aggressive monetary policy shift.

Crypto-skeptic U.S. Senator Elizabeth Warren of Massachusetts called on the Federal Reserve and its chair, Jerome Powell, to slash interest rates by 75 basis points to curtail recession risks. Warren’s letter, co-signed by fellow Senators Sheldon Whitehouse and John Hickenlooper, warned of potential economic declines that smaller funding cuts may usher in.

If the Fed is too cautious in cutting rates, it would needlessly risk our economy heading towards a recession. A number of economists have warned of this risk since July… The Committee must consider implementing rate cuts more aggressively upfront to mitigate potential risks to the labor market.

Sen. Elizabeth Warren to Fed on rate cuts

The document, dated Sept. 16, was issued less than 48 hours before the next Federal Open Market Committee meeting on Wednesday, Sept. 18.

Markets expect Fed chair Jerome Powell to announce a dovish pivot at the FOMC meeting, but the exact rate cut preferred by the central bank was unclear at press time.

What are the odds?
The CME FedWatch tool showed a 61% probability of a 50 bps cut and a 39% probability of a 25 basis-point reduction. Last week, the same tool gave a 14% likelihood of a 50 bps interest rate slash.

The 50 bps option also held sway on crypto prediction venues. Polymarket data noted odds of 53% for a 50 basis points announcement, followed by 45% for 25 bps. Previously, users predicted a 78% chance of a 25 bps pivot. Bettors had wagered over $40.5 million via the Polygon-based platform on this month’s FOMC decision.

Fed cut impact on crypto market
If the Fed matched expectations and announced a fund rate cut, experts believe liquidity would flow into risk assets like cryptocurrencies. Market participants still debated how an aggressive or modest pivot might indicate the Fed’s outlook, with the former suggesting recession concerns and the latter pointing to a firmer grip on inflation.

Horizen Labs CEO and co-founder, Rob Viglione, told crypto.news that a Fed rate cut seemed likely to propel a bullish Q4 for digital assets like Bitcoin and Ethereum. The fourth quarter has historically recorded higher crypto prices than in mid-late Q3.

In the short term, we could see a price surge, especially in Ethereum and Bitcoin, though it may also bring heightened market volatility. Over the long run, a prolonged low-rate environment could encourage greater innovation and investment in blockchain technology and crypto-related startups.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

Bitstamp and Ripple to Launch Derivatives Exchange on XRP Ledger

Bitstamp’s Head of Strategic Partnerships Eva Gartner reveals the company’s plans to launch a derivatives exchange in collaboration with Ripple.

Gartner revealed the initiative in the tenth episode of the “Built on XRPL”  series. Speaking at the series, Gartner said Bitstamp will launch the derivatives exchange in the next few months, adding that “we [Bitstamp] really hope to cooperate closely with Ripple there as well.”

XRPL to Power Bitstamp’s Derivatives Exchange
Notably, Bitstamp is expected to launch the derivatives exchange on the XRP Ledger (XRPL) blockchain, as confirmed by multiple sources, including Abdullah Nassif, host of the Good Morning Crypto podcast.

According to Nassif, Bitstamp, in collaboration with Ripple, will build the derivatives exchange on the XRPL. Notably, Bitstamp has leveraged the XRP Ledger to launch several crypto-related products, including stablecoins.

At present, Bitstamp has issued multiple stablecoins tied to the USD, GBP, EUR, AUD, JPY, and CHF on XRPL.

Bitstamp and Ripple Relationship
Furthermore, Bitstamp also has a close relationship with Ripple, which began about seven years ago. Last year, Ripple bolstered this relationship by acquiring a minority stake in the company after acquiring shares previously owned by Pantera Capital.

@ Newshounds News™

Source:  The Crypto Basic

~~~~~~~~~

41 institutions join BIS tokenized cross border payment Project Agorá

Today the Institute of International Finance (IIF) released the names of 41 firms selected to participate in the public – private tests of Project Agorá. It’s an ambitious project initiated by the BIS to modernize correspondent banking using a unified ledger, tokenized deposits and wholesale CBDC from seven central banks.

One of the key impediments to smooth cross border payments is compliance. With Project Agorá, the aim is to perform screening at the start of the payment process and to share it across the banks, helping to reduce one of the major delays in cross border payments – every bank doing the same checks independently, sometimes with different results.

A key benefit of tokenization is there is no separation of the message and money movement, so the money either moves or it does not. This should avoid one of the great frustrations of end users – money in limbo.

In late May the BIS wrote a brief paper outlining its vision for modernizing correspondent banking. It highlighted how compliance expenses have resulted in bank withdrawals from some of the cross border payment corridors where they are most needed. Today the BIS added an FAQ about Project Agorá.

On the one hand, the FAQ says Project Agorá is more than a proof of concept and it hopes to deliver a prototype where the lessons learned could create the foundations for a future financial market infrastructure. On the other hand, today’s announcement emphasized that BIS Innovation Hub projects are experimental in nature.

Project Agorá participants
Thirty five of the selected institutions are banks representing the seven jurisdictions. The others are Visa, Mastercard and financial market infrastructures Swift, Eurex Clearing, Euroclear and the SIX Digital Exchange (SDX). The full list is at the bottom.

The IFF is the coordinator for the private sector, with EY providing project management office help, and White & Case responsible for contracts.

With the participants selected, the design phase will now commence. The initiative is expected to run through to the end of 2025 when a report will be released.

The seven central banks are from France (for Europe), Mexico, New York (NYIC), Switzerland, England, Japan, South Korea.

The participants are:

Amina Bank, Banco Santander, Banorte, Banque Cantonale Vaudoise, Basler Kantonalbank, BBVA, BNP Paribas, BNY, CaixaBank, Citi, Crédit Agricole CIB, Deutsche Bank AG, Eurex Clearing AG, Euroclear S.A./N.V., FNBO, Groupe BPCE, Hana Bank, HSBC, IBK, Intercam Banco, JPMorgan Chase Bank N.A., KB Kookmin Bank, Lloyds Banking Group, Mastercard, Mizuho Bank, Monex, MUFG Bank Ltd., NatWest Group, NongHyup Bank, PostFinance, SBI Shinsei Bank, Shinhan Bank, SIX Digital Exchange (SDX), Standard Chartered, Sumitomo Mitsui Banking Corporation, Swift, Sygnum Bank, TD Bank N.A., UBS, Visa, Woori Bank.

@ Newshounds News™

Source:   Ledger Insights

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BARCLAYS EXPLORES DIGITAL POUND DESIGN OPTIONS

Last year Barclays published a report on the “functional equivalence” of central bank digital currency (CBDC). In other words, the need for a CBDC and commercial bank money to have similar functionality. While that may seem obvious, there’s a fair bit of work to be done for a CBDC to deliver that, including issues such as using ATMs to top up CBDC wallets.

Programmability was an important topic in that paper. Now Barclays has published a much more detailed paper stepping through typical uses cases such as a parent topping up a digital pound wallet for a child. It concludes that ideally a financial market infrastructure should be responsible for the features.

For each function, there are multiple potential ways to implement it. For example, it starts with payee confirmation, to verify the target of the payment is really your child’s CBDC wallet. With faster payments in the UK, there have been a lot of cases where people sent money to the wrong person. Hence, nowadays when people initiate a faster payment, the bank checks to ensure the recipient account is the person you intend to send to. This sort of functionality will also apply to a digital pound wallet.

It’s not just about the options of how each feature might work, but who will be responsible for the functionality, and where it sits. For example, it could be implemented by a technical service provider, the wallet operators (payment interface providers or PIPs), a financial market infrastructure, or some other organization. It could potentially be part of the CBDC system or elsewhere.

Key findings
The Bank of England’s digital pound consultation says that access to digital pound holdings may be restricted for financial firms. Several of the functional options explored would need wallet providers, commercial banks and FMIs to hold digital pounds, in some cases temporarily on behalf of clients.

This is particularly for interoperability between commercial bank money and the CBDC. Because of this restriction, none of the interoperability options were deemed entirely suitable.

In terms of who should be responsible for various features, the paper concludes that a financial market infrastructure is the answer. The Barclays team came to a similar conclusion regarding programmability in the previous paper.

Lee Braine from the chief technology office at Barclays, said that they “evaluated various design options and concluded a financial market infrastructure could help simplify the experience of ecosystem participants and facilitate the creation of innovative services.” Dr Braine is also a member of the Bank of England’s CBDC Technology Forum.

@ Newshounds News™

Source:  Ledger Insights

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🌍THE GLOBAL CURRENCY RESET: REVOLUTIONIZING THE FINANCIAL WORLD |  Youtube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts 

~~~~~~~~~

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Economist’s “News and Views” Monday 9-16-2024

Saudi Wants China’s RMB For Oil As BRICS Threatens USD With Payment System Backed By Gold

Sean Foo:  9-16-2024

In two big updates, Saudi Arabia has gone public, saying they would gladly accept the Chinese Yuan for oil.

This is a big snub to the dollar as it continues to get weaponized .

Meanwhile, BRICS is preparing a new financial system where gold could become an integral component.

Timestamps & Chapters:

 0:00 Saudi Accepts Yuan For Oil

2:59 Saudi China Big Economic Agenda

5:49 BRICS To Challenge USD Hegemony

 7:36 Sponsor: Indigo Precious Metals

9:01 Trump Fears The End Of USD

10:08 BRICS Payment System & Gold

12:48 America's Biggest Crisis

https://www.youtube.com/watch?v=2ol-v_PuecY

LIVE! The DOLLAR IS BURNING! AND PEOPLE HAVE NO IDEA OF HOW BAD THIS IS GOING TO GET.

Greg Mannarino:  9-16-2024

https://www.youtube.com/watch?v=vYbzyrKQD7k

6 Banks Are At Risk of Collapse Now

Atlantis Report:  9-16-2024

The banking sector is on the brink of a crisis as the global economy teeters on the edge of recession. With six major banks under intense scrutiny, growing fears of instability are casting a shadow over the entire financial landscape.

As economic conditions deteriorate, lending standards tighten, creating a precarious environment for these institutions. The looming threat of insolvency is sending shockwaves through investors, depositors, and the public, fueling widespread anxiety about what lies ahead.

6 Banks Are Now At Risk of Collapse.

https://www.youtube.com/watch?v=AmDu9IFsQ1M

Seeds of Wisdom RV and Economic Updates Monday Afternoon 9-16-24

Good Afternoon Dinar Recaps,

LAWMAKER CALLS ON CFTC TO REGULATE ELECTION MARKETS AS POLYMARKET ACTIVITY FALTERS AMID UNCERTAINTY

Lawmaker warns that banning election betting could fuel illegal platforms, threatens election integrity.

Congressman Ritchie Torres has called on the Commodity Futures Trading Commission (CFTC) to regulate election-related prediction markets rather than blocking them.

In a letter addressed to CFTC Chair Rostin Behnam, Torres urged the regulator to focus on promoting responsible innovation and working with platforms like Kalshi and Polymarket to ensure such markets are regulated rather than pushing traders towards illegal, unregulated platforms.

Torres’ letter followed a Sept. 6 court ruling that partially overturned the CFTC’s efforts to prevent Kalshi, a US-based prediction platform, from offering election-related contracts. He emphasized that further legal challenges could harm both election integrity and consumer protection, allowing illegal platforms to flourish.

Torres wrote:

“The CFTC has a mandate to promote responsible innovation.”

He urged the agency to collaborate with regulated market participants, ensuring election-related contracts are conducted transparently and securely within regulated markets.

Polymarket declines amid uncertainty
Polymarket has seen a significant decline in activity over the last few days as regulatory pressure and uncertainty over election betting continue to mount.

According to Dune Analytics, Polymarket’s daily active traders dropped by nearly 40%, from 12,595 on Sept.11 to 7,627 by Sept. 15. The platform’s daily trading volume also fell dramatically, down 85.6%, from $37.2 million to $5.35 million over the same period.

The drop in activity follows the CFTC’s proposal to limit certain event contracts, particularly those related to political outcomes. The regulator has expressed concerns about the potential for manipulation in such markets, citing instances where fabricated information, like a fake poll involving musician Kid Rock, distorted market prices.

Despite the regulatory challenges, Polymarket has gained some mainstream recognition, with Bloomberg recently integrating the platform into its financial terminals. The move suggests that interest in decentralized prediction markets is growing, even as regulators scrutinize the sector more closely.

Intensifying debate
The debate over election prediction markets intensified on Sept. 6 when a federal court ruled in favor of Kalshi, allowing the platform to offer election-related contracts. The platform hailed the decision as a historic moment, stating that for the first time in 100 years, Americans could legally trade on election outcomes.

However, the CFTC quickly filed an emergency motion to stay Kalshi’s election markets, citing concerns about potential manipulation. The agency has argued that election markets could undermine public trust in the democratic process.

The CFTC’s actions have faced criticism from lawmakers like Torres, who urged the watchdog to accept the court’s ruling and focus on regulating these markets to ensure transparency and consumer protection.

Torres wrote in his letter:

“The CFTC should be focusing on regulating exchanges, protecting consumers, and safeguarding the integrity of elections.”

He warned that continued legal battles could push traders toward unregulated platforms, further jeopardizing election integrity.

@ Newshounds News™

Source:  CryptoSlate

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RIPPLE JOINS HANDS WITH HEDERA AND APTOS LABS TO LAUNCH MICA CRYPTO ALLIANCE

▪️Ripple, Hedera and Aptos Labs, founding members of DLT Science Foundation, made a key announcement on Monday.

▪️The three firms launched the MiCA Crypto Alliance to enhance compliance with EU markets in crypto assets regulation.

▪️XRP hovers around $0.5600 on Monday.

Ripple (XRP) made a key announcement alongside other founding members of a crypto alliance. The DLT Science Foundation is behind the effort, Ripple partnered with Hedera and Aptos Labs.

XRP erased recent losses and held steady above $0.5600 on Monday.

Daily digest market movers: Ripple leads effort for crypto alliance launch

▪️Ripple partnered with crypto firm Aptos Labs and distributed ledger technology-based Hedera for the DLT Science Foundation. The DLT Science Foundation (DSF) is a non-profit organization that promotes blockchain technology adoption among firms.

▪️The foundation’s mission is to create an open ecosystem and work with industry, academia and developer communities.

▪️DSF announced the launch of the MiCA Crypto Alliance for better coordination among industry members and for navigating the regulatory landscape in the European Union (EU).

▪️The alliance aims to foster cooperation between firms navigating the EU’s regulation pertaining to innovation in blockchain technology.

▪️MiCA sets strict disclosures for Crypto-Asset Service Providers (CASPs) and expects centralized exchanges and crypto firms to disclose climate impact of operations, among other details, through white papers and online descriptions accessible to the public.

Technical analysis: XRP eyes double-digit gains
XRP has been in a multi-month downward trend since its July 2024 top of $0.9380. The native token of the XRP Ledger erased recent losses and trades at $0.5731, above support at $0.5600.

Newshounds News™

Source:  FX Street

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Ripple Stablecoin is for All, Including Retail Investors: XRP Ledger Validator

Vet, an XRPL dUNL validator, has debunked speculations that the highly anticipated Ripple stablecoin RLUSD is only for institutional investors.

In an X post, the dUNL validator stated that RLUSD is for everyone, both institutions and retail users. According to him, a compelling ecosystem would need an all-rounded adoption to thrive. As a result, Ripple will need both retail and institutions to boost the stablecoin’s utility

RLUSD is for Everyone
Vet further asserted that institutions would play an important role in RLUSD distribution, creating a path to widespread adoption of the stablecoin. He stated that institutions would receive RLUSD from the XRP Ledger and distribute it to users.

It bears mentioning that retail traders and some institutional investors cannot assess stablecoins directly. USD-pegged assets are usually minted in treasuries and distributed to certain institutions. These organizations, in turn, move them to other institutions and exchanges.

As a result, Vet noted that retail traders and other institutions would access RLUSD through exchanges and automated market makers. This would allow the stablecoin to be widely used for cross-border payments and consequently provide liquidity on the XRP Ledger.

Vet’s analogy supports community pundit WrathofKahneman’s stance on the boiling issue. The XRP community enthusiast stated that the misconception that institutions alone would use RLUSD was false.

WrathofKahneman pointed out that Ripple’s On-Demand Liquidity (ODL) requires retail traders. Hence, creating a stablecoin for seamless cross-border transactions without the inclusion of retail is not rational. Notably, the actual date for the launch of RLUSD remains a mystery, with Ripple’s CEO Brad Garlinghouse noting it will debut in weeks.

The RLUSD Institution Theory
The notion that RLUSD was only for institutional investors came up from a comment by Ripple’s chief technology officer, David Schwartz. In an X post, Schwartz stated that the Ripple stablecoin would only be accessed directly by institutions.

He likened the scenario to Tether’s USDT and Circle’s USDC, noting that retailers cannot directly access the stablecoins. Schwartz reiterated the same notion in another post, asserting that retail only acquired these stablecoins from exchanges and not directly from their treasuries.

It bears mentioning that RLUSD has been speculated to replace XRP as a bridge asset for ODL transactions. However, Schwartz stated that the stablecoin, which is in beta testing on the XRPL mainnet and the Ethereum network, would complement XRP, providing broader options for users.

@ Newshounds News™

Source:   The Crypto Basic

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Join President Trump LIVE at 8PM (ET) on X Spaces for his announcement on World Liberty Financial!

@ Newshounds News™

Watch Here:  https://x.com/realDonaldTrump/status/1835754983259558260

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BIG! XRP and Interledger Protocol key to solving current issue of disconnected financial networks.  |  Youtube

@ Newshounds News™

Source:  Source: Seeds of Wisdom Team Currency Facts 

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps