MilitiaMan: Iraq Dinar Update - Delete Zeros Exchange Rate - Reality is there will be Enhanced Value - Strength

Iraq Dinar Update - Delete Zeros Exchange Rate - Reality is there will be Enhanced Value - Strength

MilitiaMan and Crew: 9-29-2024

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

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

 https://www.youtube.com/watch?v=taM5p1vavCI

Economist’s “News and Views” Sunday 9-29-2024

Major US Banks Start Dumping EVERYTHING!

Atlantis Report:  9-29-2024

The financial situation in the United States is experiencing a significant change as major banks are selling off assets at an unprecedented rate.

This move is caused by the imminent commercial real estate crisis, bad loans, and high interest rates.

This situation is not just a financial maneuver but a response to deep-seated issues affecting the stability of the banking sector.

As banks hurry to get rid of assets, the consequences are widespread, affecting everything from the availability of credit to confidence in the financial system itself.

https://www.youtube.com/watch?v=16Qfyv7r3II

BRICS 2024 Announces Major Global Changes to US Dollar!

Cyrus Janssen:  9-29-2024

BRICS will hold its annual President's Meeting in Russia and it will specifically target the future of the US Dollar.

This meeting is important as BRICS will officially announce its plan for launching a new trading network that will not use the US dollar but instead use a basket of local currency.

This new trading network could potentially be backed by gold and also use blockchain technology. Let's break down all the updates on BRICS and the future of the US dollar in today's video!

https://www.youtube.com/watch?v=84e1cvjtzI4

Michael Pento : They Have Destroyed The Middle Class

Lynette Zang:  9-29-2024

Today's video is an interview with an amazing mind, Michael Pento. We discuss the Fed's recent rate drop, consumer confidence, the value of the dollar and so much more!

https://www.youtube.com/watch?v=aNvRsYK7aKo

Iraq Economic News and Points To Ponder Sunday Afternoon 9-29-24

The Central Bank Of Iraq Issues A Warning To Exchange Companies Regarding The Sale Of Dollars

Banks  Economy News – Baghdad  The Central Bank of Iraq warned, on Sunday, exchange companies that sell travelers' dollars from receiving a commission exceeding 25 thousand dinars.

According to a document issued by the bank and obtained by "Al-Eqtisad News", it is: "Through auditing and monitoring the work of your companies regarding the sale of dollars allocated to travelers, it was noted that some exchange companies collect a commission from traveling citizens in the amount of (50,000) dinars (fifty thousand dinars), and this violates the content of our circular No. 8003/1/9 dated 7/11/2024, as we previously directed you to collect a commission of (25,000) dinars (twenty-five thousand dinars only) from the citizen when he carries out the process of purchasing dollars.

She added: "In order to proceed with the mechanism that was launched to facilitate procedures for citizens in a correct and smooth manner, we hope that you will adhere to the directives issued by this bank, otherwise it may lead in the future to your companies being excluded from participating in the foreign currency buying and selling window."

Below is the document:

https://economy-news.net/content.php?id=48129

The Central Bank Of Iraq Sells More Than $ 258 Million In Today's Auction

Banks  Economy News – Baghdad  The Central Bank of Iraq sold more than $258 million in dollar sales at a currency auction on Sunday.

The bank sold in its auction today 258 million, 796 thousand and 19 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $247 million, 296 thousand and 19, an increase of 95% over cash sales of $11 million, 500 thousand.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 14 banks, and the total number of exchange companies participating in the auction was 17 companies.

Added 09/29/2024 - 2:25 PM  https://economy-news.net/content.php?id=48131

Oil Jumps As Regional Tensions Flare

Energy  Economy News - Follow-up  Oil prices rebounded at the end of the week after a sharp decline on Thursday, despite the Israeli war on Lebanon. According to the Oil Price Bulletin, West Texas Intermediate crude was trading at $68.52 per barrel, up 1.26%, and Brent crude was trading at $72.27 per barrel, up 0.94%, but expectations indicate that oil prices may rise even higher if Iran enters the war to support Hezbollah.

“These gains are primarily due to rising tensions in the Middle East, particularly the escalating conflict between Israel and Hezbollah. This volatility raises concerns of further disruptions to oil supplies and sea routes,” Oil Price said in a report on Friday evening.

In the same context, ABC News analysts reported in previous comments that “a potential escalation of the war in the Middle East could cause a significant spike in oil prices, igniting inflation in the United States, leading to increases in the prices of a range of basic commodities from gasoline to plastics.”

Although the supply chain disruptions did not occur as some analysts had feared earlier in the war, the rise in oil prices would have a significant impact on the U.S. economy.

Oil prices rose by about 1.5% in mid-week trading, due to concerns about the expansion of the Israeli war. According to the American network report, oil prices rose by more than 8% during the past two weeks, as the conflict in the region intensified.

Prices could have risen, but for reasons ranging from the Chinese economic growth crisis and fears of an economic recession in Europe and the United States, the price of oil is still well below the 2022 peak it reached when the hot economic recovery collided with the supply shortages imposed by Western countries on Russian energy due to the Russian-Ukrainian war.

The return of oil and gas prices to the rise could be due to the ongoing escalation in the region, experts say. “The biggest concern would be a sharp spike in crude oil prices,” Jason Miller, a professor of supply chain management at the University of Michigan, told ABC.

“That would not only push up gasoline prices, but since oil is a direct input to almost every manufacturing process, it would bring another inflationary shock,” Miller added.

The ruling Democratic Party in the United States fears that the war will expand to the point that it will disrupt oil supplies in global markets, resulting in higher prices and a return to rising inflation. If such a scenario occurs, it will be a disaster for the American and Western economies.

On Friday, Israel launched an airstrike targeting Hezbollah’s headquarters in Beirut, in the deadliest attack in nearly a year of war that killed Hezbollah Secretary-General Hassan Nasrallah. The rocket fire and maritime security warnings issued to ships at Israeli ports are directly affecting regional shipping lanes, especially as the Houthis in Yemen have increased their attacks on American and Israeli ships.

“Increased regional uncertainty, coupled with fears of more direct strikes on ports such as Haifa and Eilat, has led to increased risk assessments for shipping and oil transportation,” according to Oil Price. Insurance premiums are expected to rise as the potential for collateral damage to Israeli and nearby maritime infrastructure emerges.

Investors typically respond to these risks by raising oil prices, as markets fear supply disruptions and increased demand for safe oil reserves amid instability. “The situation remains fluid, and prices are likely to continue rising if the conflict escalates further,” according to Oil Price. 146 views   Added 09/29/2024 - https://economy-news.net/content.php?id=48118

Iraq's Oil Exports To US Rise In A Week

Economy  | 09:09 - 09/29/2024  Mawazine News – Baghdad  The US Energy Information Administration announced on Sunday that Iraq's oil exports to America increased during the past week. The administration said in a table that "the average US imports of crude oil during the past week from 7 major countries amounted to 5.401 million barrels per day, down by 244 thousand barrels per day from the previous week, which amounted to 5.645 million barrels per day."

It added that "Iraq's oil exports to America amounted to 265 thousand barrels per day last week, up by 110 thousand barrels per day from the previous week, which amounted to 155 thousand barrels per day."

The administration also indicated that "the largest oil revenues to America during the past week came from Canada at a rate of 3.912 million barrels per day, followed by Mexico at an average of 499 thousand barrels per day, followed by Colombia at an average of 295 thousand barrels per day, and from Saudi Arabia at an average of 291 thousand barrels per day."

According to the table, "the amount of US imports of crude oil from Nigeria was 135 thousand barrels per day, and from Ecuador was 4 thousand barrels per day." While Import any quantity from Brazil and Libya.

https://www.mawazin.net/Details.aspx?jimare=255498

Prime Minister's Advisor: Two-Pronged Plan To Build 14,000 Schools Through Investment

Construction And Reconstruction

my News – Baghdad  Adnan Al-Sarraj, the Prime Minister's advisor for education affairs, announced on Sunday a two-pronged plan to build 14,000 school buildings through investment, while explaining the mechanism for paying the costs.

Al-Sarraj said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "Iraq needs 9,600 schools, and within the next two years it may need 12,000 schools," noting that "proposals were put forward and approved by the Prime Minister, including the construction of 4,000 schools through the Iraq Development Fund, which announced the allocation of sites for 400 of them to be completed within two years."

He added, "The construction of these schools is done by investors after a plot of land is provided to them by the government. They also carry out maintenance and equip the school with trips and blackboards. After completion, the state rents it for 15 years, and ownership returns to the state after the expiration of the period."

He pointed out that "there is another proposal to build 10,000 schools by having investors build and equip the schools, and the state pays sums for each student in the school to the investor."

48 views   Added 09/29/2024 - https://economy-news.net/content.php?id=48146

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

Seeds of Wisdom RV and Economic Updates Sunday Morning 9-29-24

Good Morning Dinar Recaps,

SEC TAKES STEPS TO APPEAL JUDGE TORRES’ RULING ON XRP

▪️The SEC is preparing to appeal Judge Torres' ruling on XRP.

▪️Experts share mixed views on the outcome of the potential appeal.

▪️XRP's price is trending upward, reflecting increased investor interest.

The U.S. Securities and Exchange Commission (SEC) is moving to appeal Judge Torres’ summary judgment on XRP in the Ripple case. Pro-XRP attorney John Deaton and other legal experts are assessing the likelihood of the SEC’s appeal and its potential ramifications.

Intent to Appeal by the SEC
Recently, the possibility of the SEC filing an appeal has increased. A former SEC attorney stated to Fox Business journalist Eleanor Terrett that the agency would likely challenge Judge Analisa Torres’ July 2023 ruling.

Legal Critiques and Expert Opinions
John Deaton, working pro bono for 75,000 XRP holders, noted that judges have criticized the SEC’s adherence to the law. He pointed out that under Gary Gensler’s leadership, the SEC might still pursue an appeal, which could waste taxpayer money.

“I don’t believe an appeals court will rule that Judge Torres erred in applying the third criterion. Judge Torres’ decision was based on very specific facts. The SEC did not rely on any expert testimony regarding XRP holders (which was ultimately excluded), but the judge did.”

Deaton added that even if the Second Circuit judges determined that Judge Torres erred in applying the third criterion, the case would return to her, where the SEC would likely lose again, as the district court would conclude that the SEC failed to establish a ‘joint venture.’

The Only Way to Win the Case
Fred Rispoli agreed with Deaton, stating that it would be very challenging for the SEC to alter Torres’ ruling. Rispoli expressed that the SEC’s chances of winning depend on the preferences of three randomly selected judges reviewing the case.

“If the SEC selects three SEC-friendly judges (rare but possible), it could win.”

Rispoli and other attorneys anticipate a last-minute appeal from the SEC. If the SEC does not appeal, it would be a significant victory for Ripple and the XRP community, allowing them to argue that all secondary sales do not constitute an investment contract.

There is a rising trend in XRP’s price, which has seen a 2% increase in the last 24 hours, currently trading at $0.602. The recorded low and high levels are $0.585 and $0.610, respectively. Additionally, trading volume has surged by 21% in the last day, indicating growing investor interest. XRP price analysis suggests a target price of $2.

These developments in the legal process could significantly impact the future of XRP in the cryptocurrency market and the SEC’s regulatory role. Investors and market observers are closely monitoring how court decisions and potential appeals might affect the value of cryptocurrency assets.

@ Newshounds News™

Source:  CoinTurk

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CARDANO TURNS 7: A LOOK BACK AT KEY MILESTONES AND THE ROAD AHEAD

On Friday, the Cardano blockchain marked its seventh anniversary, solidifying its position as one of the most recognized protocols in the cryptocurrency market. Currently, Cardano’s native token, ADA, ranks eleventh among cryptocurrencies, boasting a market capitalization of approximately $14 billion.

Input Output Global (IOG), the development company behind Cardano, celebrated this milestone on social media, highlighting significant achievements since its inception by co-founder Charles Hoskinson, who also played a key role in the creation of the Ethereum blockchain.

Cardano’s Architectural Evolution Over Seven Years
In a commemorative video, IOG shared notable statistics reflecting Cardano’s growth and development. The blockchain has facilitated over 95 million transactions, showcasing its usage and adoption through the years.

Additionally, more than 74,000 Plutus scripts have been executed, which are essential for the effective deployment of smart contracts on the platform.

Cardano has also witnessed significant community engagement, with the creation of 1.3 million delegated wallets and the publication of 226 research papers. Furthermore, approximately 1,373 projects have been launched on the blockchain, also showcasing the community usage.

The Catalyst funding program, which has undergone 12 funding rounds, has played a crucial role in advancing the Cardano ecosystem. This initiative has supported over 1,800 funded ideas, fostering upgrades and further developments within the protocol.

However, the last seven years have also seen significant transformations in Cardano’s architecture. The transition from the Shelley era to the Alonzo hard fork marked a pivotal shift.

Moves Toward Decentralized Decision-Making
The Shelley era, which began in 2020, focused on decentralization and enhancing network security through the introduction of the Ouroboros upgrades. These upgrades improved stake pool operations and ADA delegation, encouraging staking rewards for users.

The Alonzo hard fork, implemented in 2021, enabled smart contract functionalities on Cardano, significantly increasing the block size and enhancing script memory unit parameters. This advancement allowed developers to create decentralized applications (dApps) that leverage Cardano’s capabilities.

Further enhancements came with the Vasil and Chang upgrades, the latter being the first hard fork of the Voltaire era, the protocol’s final era. The Vasil upgrade, released in 2022, introduced new features, including Plutus script upgrades to reduce transaction costs and the implementation of diffusion pipelining for faster block propagation.

The recent Chang upgrade is being rolled out in two phases, introducing on-chain governance to the network. The first phase, which implements governance features through CIP-1694, sets the foundation for decentralized voting and governance actions.

The second phase will introduce additional governance functionalities, including delegated representative participation and treasury withdrawals, further empowering the community.

Next Steps In The Voltaire Era
Looking ahead, the second part of the Voltaire era will replace the initial genesis keys, which have been key in managing the network since its inception, with ongoing support from stake pool operators (SPOs) and increased involvement from delegated representatives (DReps) and the Constitutional Committee (CC).

The next steps toward achieving decentralized governance involve ensuring that stake pool nodes meet the required thresholds for operation and that decentralized applications (DApps) are nearing completion.

The final transition to the Voltaire era will occur with the last use of the Genesis keys, which will trigger a hard fork and cement Cardano’s status as a self-sustaining blockchain. However, further announcements of subsequent upgrades and their respective dates remain undisclosed.

@ Newshounds News™

Source:  Bitcoinist

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7 CONFUSING CRYPTO TERMS (ALMOST) NOBODY UNDERSTANDS

The crypto world is full of technical terms, some of which are so difficult that almost no one understands them.

Getting to grips with cryptocurrency isn’t easy. Even after you’ve got your head around Bitcoin and Ethereum and the difference between proof-of-work and proof-of-stake, there’s still a whole new world of terminology to learn and understand.

But even among fairly hardened cryptonians, there are still terms that are difficult to understand. Here are the seven terms that almost nobody in blockchain understands as fully or as deeply as they’d like.

Blobs
In the 1958 movie starring Steve McQueen, and its 1988 remake, The Blob is an amoeba-like jello monster that terrorizes the inhabitants of a small town, growing larger and redder as it consumes them.

In crypto, most especially Ethereum, blobs (Binary Large Objects) are substantial chunks of data not required by Ethereum’s electronic virtual machine (EVM). Blob data is held onchain for around 20-90 days and then deleted.

The result is a more cost-effective and scalable blockchain. As part of Ethereum’s Dencum update, blobs are often discussed in parallel to the next term on this list.

Blobs may also refer to chunks of data held on decentralized storage systems such as IPFS or Filecoin. These blobs are encrypted and stored across multiple nodes.

Finally, blobs can also refer to transaction blobs on Monero, which is the binary data of a transaction before it is broadcast to the network. Being that Monero is a privacy chain these blobs are structured in a way to maintain anonymity.

And that’s a whole lot of blobs.

Rollups
Rollups are a way of processing transactions on layer-2 protocols, freeing up valuable space on the base layer. A rollup folds transaction upon transaction on the layer-2 level, sometimes dozens of times over, then rolls them together before sending the data back to layer-1.

There are two main types of rollups, optimistic and zero-knowledge (ZK) proofs.

Optimistic rollups is a fairly clear term. It means the rollup operates on an “optimistic” approach, assuming a transaction is valid unless proven wrong by a validator. They only check the validity of a transaction if there’s a dispute.

ZK rollups prove a transaction without revealing any of the transaction data. Hence, “zero-knowledge.”

ZK-rollups offer instant finality because the cryptographic proof guarantees the data is valid.

In many ways a rollup is to your standard blockchain transaction what a Calzone is to a regular pizza slice. By rolling it over, you can fit more in.

Byzantine Fault Tolerance
It’s one of the classic blockchain terms and a key feature of the technology, but for most people, it’s something they spend absolutely no time thinking about.

The Byzantine Generals problem was a theoretical exercise that describes the difficulty of decentralized parties arriving at a consensus without a trusted centralized entity. Namely, it grappled with the possibility for bad actors to produce false information to produce a poor outcome in a given scenario.

Specifically, generals with no direct communication must attack Byzantium simultaneously to be victorious. If one of the generals retreats, or signals they will attack but then retreats, the battle will be a rout; worse than a coordinated retreat between all generals.

Satoshi Nakamoto solved the Byzantine Generals problem for Bitcoin by using a proof-of-work consensus mechanism. The significant amount of time and effort in creating a block is costly for the creator, thus giving them the incentive to produce accurate information.

A Byzantine fault is an error in a decentralized computing system that would show a different error or result to different actors, as in the Byzantine Generals problem.

Therefore, Byzantine fault tolerance is the resilience of that computing system to producing such a fault.

We hope this wasn't too Byzantine an explanation.
Proto-danksharding
Sharding is a means of partitioning a ledger into smaller pieces called shards.

But proto-danksharding is one of the most opaque terms to enter the lexicon of the crypto world. The term just isn’t particularly instructive. Is proto short for prototype? Is this the same dank of your favorite meme folder? Both may be fairly reasonable assumptions, but both are wrong.

First proposed by Protolambda and Dankrad Feist, the creators who lent their names to the idea, proto-danksharding is a transaction type that accepts the aforementioned blobs. The blob-utilizing solution is designed to overcome Ethereum’s longstanding issues with high gas fees and low transaction throughput.

The blobs are used by layer-2 rollups to bundle transactions and submit them to the Ethereum base layer without overwhelming it.

But if proto-danksharding seems like a confusing and mysterious turn of phrase, you can instead choose to use the far more instructive name for the process; EIP-4844.

On second thoughts, the term proto-danksharding isn’t all that bad.

DVT — Distributed validator technology
Most people in cryptocurrency are already familiar with the validators that approve transactions in proof-of-stake consensus models.

DVT takes that concept and decentralizes the process across multiple validators. As described by Lido, DVT “functions as a system that operates similarly to a multisignature (multisig) setup for running a validator.”

This they call “simple DVT” though what’s simple about it remains a mystery.

Ultimately, DVT utilizes multiple operators instead of depending on a single operator, enhancing resilience and mitigating single points of failure.

Dynamic resharding
Dynamic resharding is not your grandmother’s old shards. Dynamic resharding is a relatively new term that Near Protocol’s marketing team has dubbed “the holy grail of sharding,” but it also creates a new lexicon that isn’t immediately understandable.

Building upon the concept of blockchain shards, resharding occurs when the network adjusts the number of shards depending on the load.

An overloaded shard can become two shards, while two underutilized shards can become one.

Nonce
Nonce is one of those terms most people come across during their early days of cryptocurrency discovery and then completely forget about, like the individual names of a large group of people you’ve just met at a party.

In the Bitcoin blockchain, the nonce is the number used in the block header, which is then cryptographically hashed. It is the number guessed through trial and error to decide which miner produces the next blockchain.

Nonce generation makes the mining process more fair and transparent. It takes lots of computation power and energy to do and in some cases, miners may have to adjust the nonce multiple times before solving a block.

@ Newshounds News™

Source:   CoinTelegraph

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China pressed to speed up crypto policy as US takes Bitcoin ETF lead

▪️Former Finance Minister urges China to rethink crypto policy.

▪️China's allowance of Hong Kong ETF investments signals cautious steps toward crypto.

At a 2024 economic forum in Beijing, former Finance Minister Zhu Guangyao urged China to rethink its crypto approach amid accelerating US policies.

He acknowledged the risks but stressed the importance of staying updated on global shifts, stating, “We must fully recognise its risks and the harm it poses to capital markets, but we must study the latest international changes and policy adjustments because it is a crucial aspect of digital economy development.”

Zhu noted that the US has made significant policy changes this year, including the approval of 11 Bitcoin ETFs.

He even quoted former President Donald Trump, who has been advocating for embracing crypto to prevent China from taking the lead in the sector.

Trump’s opponent, Kamala Harris, has also recently adopted a stance on clear-cut and progressive crypto regulations.

This call for a policy shift echoes comments from Tron founder Justin Sun, who urged China to reconsider its stance on crypto following Trump’s endorsement of Bitcoin.

Sun tweeted in July, “China also needs to step up... US policies have warmed. China should make further progress.”

While China maintains a cautious stance, it has taken small steps towards becoming more open to crypto.

Chinese investors can still purchase crypto through Hong Kong-based firms, and in April, three Bitcoin ETFs were launched in Hong Kong.

@ Newshounds News™

Source: DI News  

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🌍 Old System Plows to New QFS Drones Planting Good Seeds.  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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BRICS Just Launched New Intra-Bank System

BRICS Just Launched New Intra-Bank System

Tech Beat:  9-29-2024

In a move that could reshape the global financial landscape, BRICS—an alliance that includes Brazil, Russia, India, China, and South Africa—has recently unveiled a new intra-bank system aimed at revolutionizing international banking.

 This audacious initiative is poised to challenge the long-standing dominance of established Western-led financial institutions, including the U.S. dollar, which has long been regarded as the world’s reserve currency. With this development, the global balance of power in financial services may shift more rapidly than many anticipated.

The BRICS nations have taken a significant step by launching this new intra-bank payment system, designed to facilitate smoother and faster transactions between member countries. This system aims to reduce dependency on traditional banking routes and circumvent the challenges posed by Western financial institutions, which have often exerted influence over international transactions through regulations and sanctions.

The new system is expected to allow member states to conduct transactions in their local currencies, thereby promoting trade and investment without the need to convert into U.S. dollars. This facilitates direct exchanges and could lead to increased economic cooperation among BRICS nations.

Historically, the U.S. dollar has served as a safe haven and the primary medium for international trade. Various factors shielded the dollar from competition, including the size of the U.S. economy, its political stability, and the extensive network of dollar-denominated assets worldwide. However, BRICS’ initiative could signify the beginning of a gradual erosion of this supremacy.

Imagine a world where countries no longer have to rely on the U.S. dollar for major transactions. The implications for the U.S. economy, especially regarding its trade balance, inflation rates, and global standing, could be profound. If countries increasingly opt for local currencies, it could diminish demand for the dollar, potentially leading to depreciation and economic instability.

The audacious nature of BRICS’ initiative will likely provoke responses from other economic superpowers. The United States and European countries may respond in various ways, ranging from diplomatic maneuvers to adjustments in foreign policy aimed at reasserting the dollar’s status. Economic sanctions, leverage in global financial regulation, or new trade agreements could all be on the table.

Moreover, these established powers might invest more resources into developing alternatives to the system introduced by BRICS. This could involve reinforcing existing frameworks or creating new alliances that emphasize cooperation and dollar transactions.

While the BRICS system might primarily benefit the five founding nations, its implications will extend to developing countries, which often find themselves at the mercy of international financial systems led by Western powers. With new platforms for transactions emerging, these nations potentially could have greater agency in their economic dealings.

Developing countries may leverage this shift, using local currencies in trade, thereby fostering stronger economic ties within their regions, reducing transaction costs, and shielding themselves from fluctuating currencies and economic sanctions.

The unveiling of BRICS’ intra-bank system represents a critical juncture in global finance. As the world becomes increasingly multipolar, the dynamics of banking and currency dominance are set to change dramatically. While the full ramifications of this development remain to be seen, it certainly sends a clear message: the financial landscape is evolving, and the BRICS nations are positioning themselves as formidable players on the global stage.

As we watch this situation unfold, it is crucial for businesses and policy-makers alike to remain agile and informed. The coming years could reveal whether this marks the beginning of the end for the dominance of the U.S. dollar or simply a new chapter in the ongoing saga of international finance. The stakes are high, and the financial world is undoubtedly in for an intriguing ride.

Watch the video below from Tech Beat for more information.

https://youtu.be/nZsdHwmAw0U

“Tidbits From TNT” Sunday Morning 9-29-2024

TNT:

Tishwash:  The expected path of the Iraqi economy

Yasser Metwally

The expectations of economists and those interested in economic affairs, including me, are based on the indicators that appear on the ground.

In order to build our expectations about the path of the Iraqi economy, we must read and analyze the indicators to complete the picture of the future of the Iraqi economy.

The broad and long-term package of decisions and measures that the government has taken and is still taking in the context of the path of economic reform attempts are the indicators that we rely on in reading and forecasting the future.

The size of the accumulated distortions in the structure of the Iraqi economy requires a huge amount of measures to correct the course, and this is what Al-Sudani’s government has adopted during its short life, and certainly the results need some time for the citizen to see them.

Perhaps this package of decisions and procedures contains many advantages, but it is not without disadvantages, based on the principle that no work can be 100% complete, as it may contain some errors, and this is clearly evident in implementation.

How can we weigh the advantages over the disadvantages? Achieving this principle depends on the quality and volume of follow-up and sustainable monitoring of implementation processes.

In the midst of this amount of measures, which are absolutely required due to our delay in correcting the course of the economy, some mistakes will appear and some will address them without focusing on the positives and the results achieved, and this is a strange culture among some short-sighted people.

According to this perspective, the expected path of the Iraqi economy bodes well and is a relief, if these measures and decisions are implemented well. It is noted that the government is serious about achieving the goals set out in its program.

Perhaps the optimism indicator for our expectations lies in the unity of objectives for most corrective decisions and measures and their interconnectedness.

To give an example of this trend, the decisions to reform the banking sector, in parallel with supporting the Iraqi private sector and involving it in implementing some important projects, while considering correcting the tax policy, draw before you a picture of the encouraging path to achieve development based on the unity and interconnectedness of the sectors concerned with achieving it through a package of decisions and procedures.

If we add to it, in the other corner, the activation of the services sector, especially in attempts to resolve congestion and provide the time required for the speed of work and achievement, then the interconnection between the path of the sectors at a parallel pace establishes a correct and clear path confirmed by the percentage of achievement in the investment budget that is being achieved for the first time in two decades, in which the percentages of achievement of the planned investment projects match the implemented investment projects.

We do not forget that such a great achievement may not be without obstacles and requires sufficient time to achieve the goal of the decisions and procedures.

The most important indicator, in my opinion, is that despite all the attempts to put obstacles in the way of economic development, intentionally or unintentionally, the government is moving forward with its program, leaving all attempts at obstruction in its wake, and this is one of the secrets of success and the key to hope. 

As an observer of economic affairs, I sense citizens’ satisfaction and comfort, whether in public meetings and private conversations or in their comments on social media platforms regarding new trends and their sense of the reality and importance of ongoing measures. 

We hope for the best, God willing  link

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Tishwsh:  Iraq declares 3 days of public mourning

 Prime Minister Mohammed Shia al-Sudani directed, on Saturday, to declare a three-day public mourning throughout Iraq.

Al-Sudani's office said in a statement, seen by "Al-Eqtisad News", that "Prime Minister Mohammed Shia Al-Sudani directed the declaration of a general mourning throughout Iraq for three days."

He added that this came "in mourning for the martyrdom of Hezbollah Secretary-General Sayyed Hassan Nasrallah and his companions, in the sinful Zionist aggression."

Today, Saturday, the Lebanese Hezbollah mourned its Secretary-General, Sayyed Hassan Nasrallah, who was martyred in a Zionist aggression on the southern suburb last night, in what was described as the "great martyr."  link

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Tishwash:  Supporters of Shiite factions attempt to storm the US embassy in Baghdad

Hundreds of supporters of the Shiite factions gathered, on Saturday, near the gate of the fortified Green Zone from the side of the suspension bridge.

Shafaq News Agency correspondent said that the demonstrators are trying to storm the Green Zone and enter the US embassy, ​​expressing their anger over the assassination of Hezbollah Secretary-General Hassan Nasrallah.

A security source told Shafaq News Agency, "The security forces closed the roads leading to the suspension bridge amidst a heavy deployment of law enforcement forces." link

Tishwash:  Why does the US still control every penny of Iraqi oil revenues?

Washington has maintained control over Iraq’s oil revenues since its illegal 2003 invasion – a financial and economic subjugation that undermines Iraqi sovereignty and denies it access to its own national treasure.

 In July, the Iraqi Central Bank halted all foreign transactions in Chinese Yuan, succumbing to intense pressure from the US Federal Reserve to do so. The shutdown followed a brief period during which Baghdad had allowed merchants to trade in Yuan, an initiative intended to mitigate excessive US restrictions on Iraq’s access to US dollars.

While this Yuan-based trade excluded Iraq’s oil exports, which remained in US dollars, Washington viewed it as a threat to its financial dominance over the Persian Gulf state. But how has the US managed to exert such total control over Iraqi financial policies?

The answer lies in 2003, with mechanisms established following the illegal US-led invasion of Iraq.

A legacy of ‘Operation Iraqi Freedom’

Since the signing of Executive Order 13303 (EO13303) by President George W Bush on 22 May 2003, all revenues from Iraq’s oil sales have been funneled directly into an account at the Federal Reserve Bank of New York.

EO13303, titled “Protection of the Development Fund for Iraq and Other Property in Which Iraq Has an Interest,” has been renewed annually by every US president, including Joe Biden in 2024. This executive order essentially places control over Iraq’s oil revenues under the discretion of the US President, leaving Baghdad with limited control over its resources and earnings.

The roots of Iraq’s financial dependence on the US stretch back to the 1990s. Following Iraq’s invasion of Kuwait in 1990, UN Security Council Resolution 661 imposed severe economic sanctions to isolate Iraq from international trade. These sanctions, exacerbated by former president Saddam Hussein’s refusal to comply with withdrawal demands, crippled the Iraqi economy.

Control over Iraq’s finances

UNSC Resolution 687, passed in 1991 after the Persian Gulf War, extended these sanctions while introducing the controversial “Oil for Food” program. Although it allowed Iraq to sell oil in exchange for humanitarian goods like food and medicine, the sanctions resulted in immense human suffering, with over one million Iraqis, half of them children, dying during this period. Then-US secretary of state Madeleine Albright infamously defended the sanctions in a 1996 interview, stating that the deaths were “worth the price.”

Following the invasion of Iraq, the US occupation of the country became a reality after the collapse of Saddam’s government. Faced with a fait accompli, the UN Security Council had to accept the new status quo.

According to International Humanitarian Law, occupation forces – in this case, the US and UK – become responsible for the well-being of the populations they occupy. So, UNSC Resolution 1483 was issued on 22 May 2003 to establish the US-led Coalition Provisional Authority (CPA) as Iraq’s administrator and create the Development Fund for Iraq (DFI) to manage Iraqi oil revenues.

Note that Resolution 1483 did not mention the US Federal Reserve as the depositary of Iraqi funds, nor did it assign a location for the DFI headquarters or account. In fact, the resolution specifically states directed that the DFI should “be held by the Central Bank of Iraq.” It was the CPA, led by Paul Bremer, that decided unilaterally to house the account at the Federal Reserve Bank of New York.

This decision allowed the US government to maintain tight control over Iraq’s oil revenues. From that point until today, the Iraqi Ministry of Finance has had to submit requests for funds to the US Treasury, which then approves or denies these requests based on its own criteria.

This monthly transfer of US dollars – which are literally flown into Baghdad in pallets of hard cash – determines Iraq and its 40-million-population’s ability to pay for basic needs like salaries, food, and medicine.

Blackmailing Iraq

Whenever Washington feels that Iraq is not compliant with US regional goals, these fund transfers can be delayed or reduced. In January 2020, for instance, after the Iraqi Parliament voted to expel US troops following the assassination of Iranian Quds Force General Qasem Soleimani and Iraqi Popular Mobilization Units (PMU) Deputy Commander Abu Mahdi al-Muhandis, the Trump administration threatened to freeze Iraq’s access to its oil revenues.

Today, Iraq’s financial situation remains dire. Despite having oil revenues piling up in the Federal Reserve Bank of New York – estimated today at around $120 billion – Iraq is burdened with a growing debt that matches this amount.

The country’s inability to control its own funds has prevented long-term reconstruction and development, forcing it to rely on international loans. Ironically, Iraq has also become one of the largest holders of US Treasury bills, with investments totaling $41 billion in 2023.

In addition to its economic challenges, Iraq has been drawn into the escalating regional conflict amid the ongoing Gaza war and the intensification of Israel’s aggression against Lebanon. Iraqi resistance forces have actively participated in military strikes against Israeli targets in solidarity with both Palestinian factions and Hezbollah.

The involvement of Iraq in this conflict is not isolated. Iraqi factions have routinely targeted US military bases in Iraq and Syria – viewed as illegal foreign forces subjugating Iraq’s sovereignty – contributing to a broader escalation that has drawn in actors from across West Asia.

These troops have vowed to continue their campaign against both US and Israeli targets, aligning their actions with the region’s Axis of Resistance.

The UN shutters DFI, but the US refuses to comply

Iraq ceased to be under occupation, at least formally, when it signed the “Strategic Cooperation Framework” agreement with the US in 2008, which says that American forces are present in Iraq only at the request of the Iraqi government.

Attempts by the UN to restore Iraq’s control over its finances have largely failed. In 2010, UNSC Resolution 1956 demanded the closure of the DFI by no later than 30 June 2011 and the transfer of all proceeds to the Iraqi government.

Despite these clear legal directives, the DFI account remains under US control at the Federal Reserve Bank of New York in defiance of the UN Security Council resolution. Worse yet, enduring US dominance over Iraq’s financial resources has deeply exacerbated the corruption and dysfunction plaguing the country.

Ending the work of the UN International Advisory and Monitoring Board of the DFI was one way of obscuring the massive corruption and theft of resources by American and Iraqi actors.

The unprecedented corruption that was spread throughout Iraq and its institutions can be laid at the doorstep of this policy. The gargantuan amounts of hard cash that are flown into the country monthly, the unaccounted-for astronomical sums that disappear from various ministries, and the dollar exchange shops (banks) set up by political groups that thrived alongside the US occupation forces have turned Iraq into one of the most corrupt countries in the world.

Iraq’s dependence on the US for access to its own oil revenues, combined with its growing debt has significant impacts on its sovereignty, while its involvement in the regional war also will have implications on its relations with the US.

While Iraq may no longer be under formal occupation, the mechanisms of financial control established after the 2003 invasion persist. These controls not only limit Iraq’s economic development but also entangle it in broader geopolitical struggles.

Today, both the US Administration of Joe Biden and the Iraqi government led by Mohammad Shia al-Sudani – which has not taken steps to free Iraq’s sovereign funds – can be considered in violation of United Nations Resolution 1956 issued in 2010. link

Mot:  When Asked - Always Tell the Truth 

Mot:.... Tips on Raising the ""Wee Folks"" -- Good Luck – LOL 

Iraq Economic News and Points To Ponder Late Saturday Evening 9-28-24

Washington And Baghdad Announce The End Of The Coalition's Military Mission In Iraq

Ali Mohsen Radhi2722024-09-27  Baghdad and Washington announced today, Friday, the end date of the international coalition's military mission in Iraq.

According to a joint statement by Baghdad and Washington, “Iraq and the United States of America have a strategic relationship, and as a result of consultations and discussions with the leadership of the international coalition to defeat ISIS and friendly member states, and intensive discussions within the US-Iraq Supreme Military Committee, which has worked diligently and professionally in intensive meetings over the past nine months, and after studying and evaluating the military and security situation in Iraq and the region, it announces the following:

First: Ending the coalition’s military mission in Iraq within the next twelve months, and no later than the end of September 2025, and moving to bilateral security partnerships that support Iraqi forces and maintain pressure on ISIS.

Second: Since Iraq is a key member of the coalition, and in order to prevent the return of the terrorist threat of ISIS from northeastern Syria, and depending on field conditions and consultations between Iraq, the United States, and coalition members, the coalition’s military mission operating in Syria from a platform to be determined by the Supreme Military Council will continue until September 2026.

Third: The Supreme Military Authority is committed to formulating the necessary procedures to achieve what is stated in the above paragraphs, and the timing and mechanisms for their implementation, including procedures to ensure the physical protection of coalition advisors present in Iraq during the transitional period, in accordance with the Iraqi constitution and laws. Practical steps to implement these obligations have begun.

Iraq thanks the coalition for the support and assistance it provided to the Iraqi security forces to confront this common threat and secure the defeat of ISIS on the ground in Iraq, and at the forefront of these countries is the United States of America, which stood with Iraq in difficult circumstances.

The coalition appreciates the role of Iraq and the great sacrifices made by all Iraqi security forces in fighting this terrorist organization that posed a threat to the entire world, and stresses the need to continue all efforts to ensure that the threat from this terrorist organization does not return in any form.

We look forward to strengthening relations between Iraq and the United States, as both countries seek to enhance security assistance and cooperation based on mutual respect, consistent with the U.S.-Iraq Strategic Framework Agreement and the Iraqi Constitution, and to advance an enduring bilateral partnership consistent with the U.S.-Iraq Joint Statement issued during Prime Minister Mohammed Shia al-Sudani’s visit to Washington, D.C., on April 15-16, 2024, and the U.S.-Iraq Joint Statement following the Second U.S.-Iraq Joint Security Cooperation Dialogue held in Washington, D.C., on July 22-23, 2024.

This historic transition marks a decade since the formation of the coalition military mission in Iraq, and Iraq continues to cooperate with the United States and other coalition members to establish bilateral security relationships where appropriate.

In order to facilitate the safe and orderly conclusion of the international coalition's military mission, the Government of Iraq affirms its commitment, in line with its international obligations, to protect international advisers present in Iraq at the invitation of the Iraqi Government. https://burathanews.com/arabic/news/451119

Al-Rafidain: Continuing To Update Data And Information To Ensure Safety From Suspicions Of Money Laundering
 
Friday 27 September 2024 09:34 | Economical     Number of readings: 334 Baghdad / NINA / Al-Rafidain Bank announced, today, Friday, the continued updating of data and information to ensure safety from suspicions of money laundering.  A statement from the bank stated, “In implementation of government directives and instructions from the Central Bank of Iraq/Anti-Money Laundering and Terrorist Financing Office, the Money Laundering and Terrorist Financing Reporting Department at Al-Rafidain Bank
 
     conducted field visits to the bank’s branches in Baghdad and the governorates,” pointing to
     “introducing the risks of money laundering and terrorist financing.” And
     mechanisms for combating them,
     reporting suspicious transactions and
     monitoring them using available means and methods.” He added,
 
"The visits resulted in auditing the work of the liaison officers and following up on updating the (KYC) form, which guarantees the safety of customers' funds and accounts from any suspicions of money laundering," noting that
 
"due diligence measures were taken for companies and customers in accordance with the
Anti-Money Laundering and Terrorism Financing Law." /End2
 
https://ninanews.com/Website/News/Details?key=1157893   

The Sudanese Advisor Indicates A Major Development In Iraq’s Financial Capabilities During 2024
 
    September 28 13:32  Information/Baghdad... Today, Saturday, Mazhar Muhammad Salih, economic affairs advisor to Prime Minister Muhammad Shiaa al-Sudani, highlighted the development of Iraqi financial capabilities during 2024. Saleh said in a statement to the Al-Ma’louma Agency,
 
 “The semi-annual oil revenues for the year 2023 amounted to 53.88 trillion dinars, while they rose during 2024 to more than 58.80 trillion dinars.” He added,
 
"Non-oil revenues amounted to approximately 0.42 trillion dinars during the six months of the year 2023, and at the end of the first half of the year 2024 they reached 7.18 trillion dinars." Saleh pointed out that
 
"there is a significant development in public financial capabilities during the year 2024 by maximizing Iraq's resources from non-oil sources."
 
On Monday, June 12, 2023, the House of Representatives approved the financial budget law for the three years 2023, 2024, and 2025, as the budget approved more expenditures and investments as a direct result of the increase in oil revenues, which constitute 90% of the country’s revenues at a price of $70 per barrel. Ended / 25 Q   
 
https://almaalomah.me/news/77909/politics/مستشار-السوداني-يؤشر-تطورا-كبيرا-بقدرات-العراق-المالية-خلال   

Specialist: The Iraqi Private Sector Is Capable Of Managing The National Economy
 
September 28, 2024 Last updated: September 28, 2024  The Independent/- Economic affairs specialist Hawraa Nouri Al-Qassab confirmed that the private sector is now capable of managing important aspects within the Iraqi economy.
 
Al-Qassab said that the past years have left behind accumulations of experience in the Iraqi private sector, enabling it to develop the reality of the national economy, which seeks qualitative performance that enhances all its production and service aspects.

She added that  the Iraqi constitution gives the private sector a wide space in managing the national economy and moving it to a better stage than it was before. She pointed out that  Iraqi human resources are the smartest in the region, which has made them gain experience faster.    https://mustaqila.com/مختصالقطاع-الخاص-العراقي-قادر-على-ادا/   

Iraq confirms its readiness to ensure the success of its mission to chair the Group of 77 and China for 2025
 
September 28, 2024
Baghdad / Iraq Observer
 
Today, Saturday, Foreign Minister Fuad Hussein affirmed Iraq’s readiness to cooperate with everyone to ensure the success of its mission to chair the Group of 77 and China for the year 2025.
 
A statement by the Ministry of Foreign Affairs stated, “Iraq achieved an important diplomatic achievement today by being officially elected to chair the Group of 77 and China for the year 2025 during the forty-eighth annual meeting held at the United Nations headquarters in New York on September 27, 2024.”

The statement added that   “Deputy Prime Minister and Foreign Minister Fouad Hussein participated in the meeting in the presence of the Secretary-General of the United Nations, Antonio Guterres, and the President of the seventy-ninth session of the General Assembly, Philman Yang,” noting that
 
“the Foreign Minister delivered a speech in which he expressed his thanks and appreciation for the trust.” Which member states granted to Iraq.”

Hussein stressed that  “Iraq will assume this role with seriousness and commitment to enhance solidarity among developing countries and achieve sustainable development goals,” stressing
 
“Iraq’s readiness to cooperate closely with all delegations and partners to ensure the success of its mission in the coming year and coordination to achieve the interests of member states and confront common challenges.”
 
Hussein expressed his “aspiration to work with all parties to achieve the group’s visions and enhance the active role of developing countries on the international scene, especially in light of the current global circumstances that require strengthening partnership and cooperation to achieve sustainable development and build a better future for all.”  

The statement added,  “This election reflects the confidence that the international community has given to Iraq and strengthens its leadership role on the international arena,” noting that
 
“the Foreign Minister’s speech was widely welcomed by the member states, as many countries extended their congratulations to Iraq and expressed their full support for his leadership of the group.” The participants pointed out the importance of strengthening cooperation. https://observeriraq.net/العراق-يؤكد-استعداده-لضمان-نجاح-مهمته/
 

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

Exponential Debt Cycle is Past the Point of no Return

Steve St. Angelo: Exponential Debt Cycle is Past the Point of no Return

 Palisades Gold Radio:  9-27-2024

Tom welcomes back Steve St. Angelo of the SRSrocco Report for a discussion on the record-high prices of gold and silver.

St. Angelo suggests these levels for silver could be a new floor as they've historically returned to production costs following price spikes. The average cost of primary silver production is around $26 an ounce, taking taxes and developmental costs into account.

St. Angelo stresses the importance of distinguishing investment demand from industrial demand when analyzing the silver market dynamics.

A decade ago, there was a significant silver surplus due to decreased industrial demand which has since reversed with increased investment demand. Industrial demand is expected to consume all available supply, making additional investment demand potentially price-volatile.

 Steve explores the impact of energy scarcity and continued money printing on production costs, driving up gold and silver prices due to inflationary pressures.

They discuss the possibility of a market correction offering the last chance to buy silver at present rates.

Steve and Tom delve into the relationship between expanding money supply, debt, federal funds rate, and silver price. Looking towards the period leading up to 2025, a market correction is anticipated due to increasing unemployment and possible employment data revisions.

Economic weakness could lead to reduced interest rates and more money printing, instigating inflation and purchasing power reduction. However, Commitment of Traders reports may not accurately reflect demand.

 The global silver mine supply and output have been declining since 2015, necessitating existing inventories to bridge the deficit. This imbalance could lead to a substantial correction when prices significantly surpass production costs.

Concerns about marginal silver supply include transparent and non-transparent inventories, solar industry demand, and copper prices as indicators of industrial demand and potential recession. Steve discusses the shift from LBMA to ETF silver inventories.

 Pre-pandemic, there was significant physical buying leading to expanded ETF inventories. However, in 2022, overall LBMA inventories decreased due to Indian purchasing and ETF withdrawals. Finally, Steve discusses the merits of assets such as Bitcoin, gold, and silver.

While some view Bitcoin as a digital counterpart to gold, Steve contends that saving in Bitcoin is not the same as saving in precious metals. This is due to Bitcoin mining causing considerable share dilution and due to the energy costs.

Steve advocates understanding asset worth based on economic progress versus past activity, emphasizing energy's role in asset value, and preparing for future energy realities.

 Talking Points From This Episode

 - Silver's new floor could be around average production cost ($26/oz).

 - Industrial demand vs investment demand crucial in analyzing silver market dynamics.

 - Economic instability, the energy cliff, inflation, and supply concerns may lead to significant price volatility.

Time Stamp References:

0:00 – Introduction

 1:22 - New Silver Price Floor

3:30 - Miners & All-In Costs

 5:55 - Energy & Money Supply

 8:44 - Types of Metal Demand

11:35 - Money Printing & Silver

 15:13 - Purchasing Power & Rates

17:06 - Fed Cuts & Corrections

 21:37 - Utility of COT Reports

23:52 - Mine Supply & Output

28:44 - Silver & Manufacturing

31:54 - Grid Stability & Solar

34:40 - LBMA Silver Trends

 37:06 - Miner Production & Shares

40:35 - Dedollarization & Gold

47:50 - Dr. Copper & Economy

51:34 - Energy & Volatile Mkts.

54:13 - Energy, GDP, & Debt

55:20 - Federal Deficits Chart

57:10 - Trends & Collapse

1:00:48 - U.S. Spending & Budget

 1:02:50 - Bitcoin & Precious Metals

1:06:10 - Energy Store of Value

1:09:25 - Wrap Up

https://www.youtube.com/watch?v=ODx27elzsok

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 9-28-24

Good Afternoon Dinar Recaps,

RIPPLE ADVANCES STABLECOIN INITIATIVE, ISSUES ANOTHER 350K RLUSD

Ripple mints 350,000 RLUSD to enhance testing on XRP Ledger and Ethereum, aiming for regulatory approval and improved ecosystem integration.

▪️Ripple mints 350,000 RLUSD stablecoins in 24 hours on XRPL and Ethereum.

▪️RLUSD stablecoin undergoes private beta testing for security and efficiency.

▪️XRP Ledger enhancements improve RLUSD's security and efficiency in beta testing.

Ripple has expanded its stablecoin operations by minting an additional 350,000 units of its RLUSD stablecoin within a span of 24 hours. This activity was carried out in two separate transactions, one consisting of 300,000 RLUSD and the other 50,000 RLUSD. The process was monitored by the Ripple stablecoin tracker, a community-driven XRP Ledger account that tracks the issuance and redemption of these stablecoins.

Ripple Sets Pace with Massive 350K RLUSD Stablecoin Mint
According to the Ripple stablecoin tracker, the recent minting marks a significant step in the testing phase for RLUSD. The issuance occurred through two separate transactions, one for 300,000 RLUSD and another for 50,000 RLUSD. This testing phase is crucial for ensuring the RLUSD meets the highest standards of security, efficiency, and reliability before its full-scale launch.

The minting demonstrates Ripple’s commitment to advancing its stablecoin offerings and enhances the liquidity and functionality of the RLUSD. Most recently, the XRP company reported issuing a record 485 RLUSD stablecoins, its largest single batch yet.

The private beta testing of the RLUSD aims to streamline the integration process across different blockchain platforms. This phase is vital for gaining regulatory approvals and for ensuring that the RLUSD can operate across various blockchain environments.

XRPL Upgrades Enhance Stablecoin Efficacy
The recent enhancements in the XRP Ledger are also pivotal to the optimal functioning of the RLUSD. Two major amendments, fixEmptyDID and fixPreviousTxnID, were activated on the XRPL mainnet, improving the ledger’s efficiency.

These updates will boost the stability and reliability of Ripple’s stablecoin operations. Concurrently, these will impact RLUSD’s performance and its integration within the broader ecosystem.

These technical upgrades facilitate a more robust framework for Ripple’s stablecoin initiatives. This will make the infrastructure supporting RLUSD align with the latest blockchain innovations.

In addition, the legal environment surrounding digital currencies remains a significant aspect of Ripple’s operational strategy. Recent developments in the Ripple vs. SEC case have brought to light the challenges faced by blockchain enterprises.

Insights from legal experts suggest that the SEC’s potential appeal against a favorable ruling for Ripple in the XRP lawsuit may have limited success.

XRP price reacted positively to the recent mint of RLUSD, surging to $0.622. The increase reflects a 5.44% gain over the last 24 hours, accompanied by a 60%  rise in trading volume. However, recent CoinGape analysis have hinted at a potential 25% crash on on XRP price if SEC appeals before the October 7 deadline.

@ Newshounds News™

Source:  CoinGape

~~~~~~~~~

NEW HOME SALES DECLINE IN AUGUST, YET YEAR-OVER-YEAR GROWTH REMAINS STRONG

▪️U.S. new home sales hit 716,000 in August 2024, exceeding the forecast of 699,000 but marking a 4.7% drop from July's figures.

▪️Year-over-year, new home sales jumped 9.8% compared to August 2023, signaling sustained housing market strength.

▪️August inventory climbed to 467,000 units, representing a 7.8-month supply, hinting at potential downward pressure on prices.

▪️Despite year-over-year gains, rising inventory and slower sales indicate a slightly bearish short-term housing outlook.

New Home Sales Fall in August, But Year-Over-Year Growth Persists
New residential home sales in the U.S. declined in August 2024, coming in below both the previous month’s figures and market expectations. However, despite this monthly dip, year-over-year data reveals a significant rise in activity.

Sales of New Homes Exceed Expectations in August
New single-family home sales in August 2024 came in at a seasonally adjusted annual rate of 716,000 units. This is a 4.7% decrease from the revised July figure of 751,000.

However, it exceeded economists’ forecast of 699,000 units, suggesting demand remains robust despite the monthly drop. Additionally, August 2024 sales showed a significant 9.8% increase compared to August 2023’s 652,000 units, highlighting continued year-over-year growth.

Home Prices Show Mixed Trends
The data also revealed mixed signals in home prices. The median sales price for new homes in August was $420,600. While this figure suggests the majority of home sales were occurring at relatively high price points, the average sales price jumped significantly higher, reaching $492,700. The gap between median and average prices highlights that a portion of the market consists of high-end sales, skewing the average price upward.

Inventory and Supply
At the end of August 2024, there were approximately 467,000 new homes on the market, representing a 7.8-month supply at the current sales pace. This indicates a relatively balanced market in terms of supply and demand, as a six-month supply is generally considered healthy. However, with sales slowing from the prior month, it suggests a potential buildup of inventory that could pressure future pricing if demand doesn’t rebound.

Market Forecast: Slightly Bearish Outlook
Given the month-over-month decline and higher-than-expected inventory levels, the outlook for the new home sales market leans bearish in the short term. The 4.7% drop from July, coupled with the rising inventory, suggests some cooling off in demand, which could impact pricing and sales volume in the coming months. However, the solid year-over-year growth hints that the market’s longer-term trend remains positive.

@ Newshounds News™

Source:  FX Empire

~~~~~~~~~

$1,100,000,000,000 POURS INTO US BANKS AMID HIGH INTEREST RATES AS JPMORGAN CHASE, BANK OF AMERICA PAY PITTANCE TO DEPOSITORS: REPORT

US banks have reportedly raked in more than $1 trillion after two and a half years of the Fed’s “higher for longer” interest rate policy.

Data from the Federal Deposit Insurance Corporation (FDIC) shows the high interest rate regime allowed thousands of US banks to reap higher yields on their deposits at the Fed, reports the Financial Times.

And although a number of analysts and market observers thought the banks would pass on a significant portion of the higher interest rates to their customers, that didn’t happen.

In the second quarter of 2024 when the Fed was paying banks 5.5% in interest on deposits, savers were getting an average annual rate of 2.2%, according to regulatory data that includes accounts that do not pay any interest.

At JPMorgan Chase, savers received an annual interest rate of just 1.5% while Bank of America depositors collected 1.7% in interest per year.

With low interest for depositors, banks gained $1.1 trillion in additional revenue, about 66.67% of what the Fed paid in interest during the last two and a half years. Meanwhile, savers received only $600 billion.

When the Fed lowered interest rates this month, some banking giants were quick to further reduce the interest paid to wealthy depositors, with JPMorgan and Citi announcing 50 bps cuts in line with the Fed’s own actions.

@ Newshounds News™

Source:  DailyHodl

~~~~~~~~~

ETHENA ANNOUNCES USTB STABLECOIN BACKED BY BLACKROCK'S BUIDL

Reserves for UStb will be invested in BUIDL, which in turn holds U.S. dollars, U.S. Treasury bills, and repurchase agreements.

▪️Ethena has announced a new stablecoin that invests its reserves in Blackrock's real-world asset fund called BUIDL.

▪️The team said UStb can support its synthetic stablecoin USDe during tough market conditions by allowing Ethena’s governance to close USDe hedging positions and reallocate assets to UStb.

Ethena announced today that it's developing a new stablecoin called UStb, which invests its reserves in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).

Its the second stablecoin from Ethena, as earlier this year it launched USDe, a synthetic stablecoin that derives its value from the cash-and-carry trade, an arbitrage strategy between an asset and its derivative to maintain its $1 peg.

In a blog post, the team explained that UStb will be a "wholly independent product" with a different risk profile compared to USDe.

The team also wrote that UStb helps USDe manage risk during tough markets by allowing Ethena's governance to reallocate backing assets to UStb when needed.

USDe has brought about some concern from industry stakeholders who say that while the trade is safe, volatility in the markets – which crypto is known for – can quickly cause it to unwind.

In a thread on X, the team addressed some of these concerns, pointing out that while USDe has remained stable despite recent bearish conditions, it can dynamically adjust its backing between basis positions and liquid stable products and may incorporate UStb during periods of weak funding rates if needed.

Ethena said in the post that UStb will be listed on centralized exchanges like Bybit, Bitget, and any future exchanges that Ethena partners with, where USDe is already used as margin collateral.

More details on UStb will be available in the coming weeks, Ethena said.

@ Newshounds News™

Source:   CoinDesk  

~~~~~~~~~

🌍 JIM SAID WHAT? ROCKS IN HEAD OR FACTS? | Youtube

Jim discusses historical information on our Constitution and rights and how we got to where we are today.  Must hear this information.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Thank you Dinar Recaps

Economist’s “News and Views” Saturday 9-28-2024

Commodity Culture: BRICS Gold-Backed Currency to be Serious Rival to the Dollar within 2 Years

Friday, 27 September 2024, 22:04 PM

In an enlightening discussion with Commodity Culture, Simon Hunt painted a vivid picture of a world on the brink of significant geopolitical upheaval. As he delves into the complexities of modern power dynamics, he posits that the BRICS nations — Brazil, Russia, India, China, and South Africa — are poised to turn the tables on what has long been considered Western hegemony.

This change, he suggests, won’t just be economic; it will be accompanied by kinetic conflicts in the Middle East and Europe, presenting a multifaceted challenge to the existing world order.

As the dollar faces threats from rival currencies and growing inflationary pressures mount, investors may increasingly turn to gold not merely as an investment but as a protection against potential currency collapse. The perception of gold as a timeless store of value may experience a renaissance, prompting individuals and nations alike to stockpile the precious metal to buffer against future uncertainties.

Simon Hunt’s discussion with Commodity Culture serves as a clarion call to recognize the dynamic changes underway in global politics and economics. With the rise of BRICS, potential currency wars, and the specter of World War 3, we must prepare for a radically different world.

Investors, policymakers, and everyday individuals need to stay informed about these developments, understand the implications of shifting power dynamics, and take proactive steps to protect their economic interests.

As we look to the future, commodities, particularly gold, will likely form the bedrock of a resilient strategy to navigate the choppy waters ahead. It’s an urgent reminder: in a world marked by conflict and uncertainty, preparedness is the key to survival.

https://youtu.be/17L51oiqbOc

https://dinarchronicles.com/2024/09/27/commodity-culture-brics-gold-backed-currency-to-be-serious-rival-to-the-dollar-within-2-years/

A 1930s Economic Crisis is Here: “I’m Going to Be Screaming to Buy Gold”

Daniela Cambone:  9-27-2024

Join Daniela Cambone for an electrifying episode of The Daniela Cambone Show! Today’s guest, Joel Litman of Altimetry, warns us of a potential return to economic conditions similar to the 1930s and 1970s.

With five key policies being discussed in Washington—including raised taxes, capital gains hikes, and price controls—we could be on the brink of significant market shifts.

 Joel shares why, for the first time in his career, he believes gold could outperform the S&P 500, and he explains the critical factors investors should be watching now.

Could these economic headwinds signal a gold rush? Or will the stock market prevail?

Tune in as Joel dives into how government policies, potential tax changes, and economic history could impact your investments.

CHAPTERS:

00:00 5 things in economy to watch out

3:50 Harris and Biden’s economic plans

5:52 Gold performance

6:46 Stock market

8:30 Fed rate cuts

10:01 Debt crisis

11:42 Trump’s tariff protection policy

14:14 AI 15:41 Gold

18:42 Joel’s conference

https://www.youtube.com/watch?v=aCNgxI4YiWM

US Economy on Brink of Collapse: Japan ditch US Dollar!

Fastepo:  9-27-2024

Foreign governments heavily invest in U.S. Treasury securities, facing significant risks. Rising U.S. interest rates can decrease the market value of Treasuries, leading to potential losses during sudden rate hikes often triggered by inflation.

Additionally, a weakening U.S. dollar diminishes the value of these investments when converted to other currencies, presenting a risk particularly for nations with volatile or strengthening currencies.

Threats of inflation can also reduce the real returns on U.S. Treasuries if the inflation rate exceeds the yields, which erodes the purchasing power of foreign reserves.

Political and geopolitical tensions, such as U.S. debt ceiling debates, may disrupt market confidence and financial market access, increasing investment risk.

Furthermore, liquidity risks during financial crises can force large holders to sell at lower prices, negatively impacting market values. Countries with substantial holdings, like China and Japan, face concentration risks that could result in significant losses if the U.S. financial system struggles or if the dollar sharply declines, complicating their market exit strategies.

As of September 2024, Japan is the top international investor in U.S. government bonds, despite experiencing noticeable fluctuations in its investment levels over the year. In March 2024, Japan held U.S. Treasuries worth approximately $1.87 trillion.

 However, by May, this figure had reduced to about $1.128 trillion following cumulative sales of $59.5 billion, including a significant reduction of $22 billion in May after a $37.5 billion decrease in April.

 https://www.youtube.com/watch?v=V6-Gxg_XZ38

“Tidbits From TNT” Saturday 9-28-2024

TNT:

Tishwash:  Setting a date to launch 102 investment opportunities in Iraq

Today, Friday, the Chairman of the National Investment Commission, Haider Makiya, set the date for launching 102 investment opportunities in various sectors.

Makiya said, "The Investment Commission is preparing, during the Iraqi Investment Forum conference that will be held on the second of next October, to launch 102 investment opportunities that have completed sectoral approvals," noting that "these projects that will be announced will include various sectors, and will benefit the citizen and the state."

He pointed out that "these projects were the result of numerous discussions within the operations room within the authority, with the membership of the Iraqi Economic Council, as well as the Prime Minister's Office, and a map was drawn up for the projects that are expected to be implemented by the beginning of November."

Regarding environmental sustainability projects, Makiya confirmed that “the Authority is working with Iraqi banks to set goals, plans and applications for banks to finance climate and environmental change projects,” indicating that “the Authority has projects and a round of discussions with the International Finance Organization that will be announced soon.”  link

Tishwash:  Foreign Minister invites his Venezuelan counterpart to visit Baghdad

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein extended an official invitation to Venezuelan Foreign Minister Ivan Gil Pinto to visit Baghdad.

The Ministry of Foreign Affairs stated in a statement received by Al-Maalouma Agency, that “the Minister of Foreign Affairs met with his Venezuelan counterpart, on the sidelines of the 79th session of the United Nations General Assembly in New York, and discussed with him relations between Iraq and Venezuela and the importance of strengthening them after 75 years of its establishment.

The common denominators in the fields of oil production and gas reserves were also discussed, stressing the need for continuous coordination in these important areas.”

International issues of common interest were also discussed, most notably the Palestinian issue. Fuad Hussein thanked Venezuela for its honorable and supportive stances towards the Palestinian cause.

Within the framework of strengthening bilateral relations, the available opportunities for developing cooperation in the fields of agriculture and oil expertise were discussed.

The two ministers focused on the importance of exchanging expertise in exploiting associated gas and enhancing cooperation in this field.

It was emphasized to follow up on the work of the joint committee between the two countries, activate the signed memoranda of understanding, and move forward in completing the procedures for signing the memoranda that are still under completion.

At the end of the meeting, Fuad Hussein extended an invitation to his Venezuelan counterpart to visit Baghdad, to strengthen bilateral relations between the two countries.  link

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Tishwash:  Kurdistan Finance announces the results of its delegation's recent visit to Baghdad

 The Ministry of Finance in the Kurdistan Regional Government announced the results of its delegation's visit to the capital, Baghdad, regarding the issue of financing the salaries of employees in the region.

A statement by the ministry said, "During the past few days, a delegation from the Ministry of Finance in the Kurdistan Regional Government visited the capital, Baghdad, and met with the federal Ministry of Finance on the issue of financing employees' salaries," noting that "the two sides reached a number of understandings."

The statement pointed out that "the Kurdistan Ministry of Finance has submitted the list of employees' salaries for the months of August and September, as requested by the Federal Ministry of Finance last time."

He added, "In order to cover the deficit in August salaries, which is estimated at 243 billion dinars, the Federal Ministry of Finance decided to disburse the suspended payments from February to August, and it is scheduled to begin distributing salaries at the beginning of next week with the arrival of supplementary funding from Baghdad."  link

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Tishwsh:  Al-Asadi: We call on citizens to invest in the retirement and social security law

During his visit to Najaf Governorate today, Saturday, September 24, 2024, the Minister of Labor and Social Affairs, Mr. Ahmed Al-Asadi, called on citizens to invest in the Retirement and Social Security Law and expedite registration for optional insurance.

Al-Asadi announced the completion of the procedures for issuing smart cards to more than 17,074 new families during the opening of schools designated for people with special needs.

During the visit, he explained a number of measures regarding what the ministry has accomplished: 

* Issuing smart cards to 13,498 people with disabilities and special needs.

* Completion of the smart card for children with diabetes, amounting to 3496.

* Completion of the smart card for 80 orphans, and they will receive the cash assistance next Tuesday, corresponding to 10-1-2024.

* The number of those included in Najaf Governorate reached more than 110,594 families.

* 2,433 new families from Najaf Governorate were included, and smart cards were issued to more than 1,226 families in Najaf, and they will receive the aid next Tuesday.

* We have completed the transfer of more than 12,000 social protection beneficiaries to the Ministry of Interior, including 998 beneficiaries from Najaf Governorate.

* Today we opened Elia Elementary School for Special Education in Najaf Governorate.

* Today we opened the main reception hall for beneficiaries in the Women's Social Protection Department. 

* Today we opened the safe environment hall for raising children in the Women's Social Protection Department. 

* We opened electronic inquiries and a central computer room for the Social Protection Department for Men.

* We announce that all individuals at Elia School are included in the social protection allowance and the full-time assistant.

* We have directed to take rapid measures to facilitate the granting of loans.

* We directed the Disability Rights Commission to open more than one new medical committee in the governorate.

* We directed to focus on opening new sub-committees for social protection in the governorate.  link

Mot:  ... Issues I Can Get Behind 

Mot: Have a wonderful day everyone.