“U.S. Will Default” - Sovereign Debt Collapse To Flip Global Monetary System | Andy Schectman

“U.S. Will Default” - Sovereign Debt Collapse To Flip Global Monetary System | Andy Schectman

Sean Foo:  9-30-2024

Today we sit with Andy Schectman, the CEO of Miles Franklin.

As the US debt continues to explode, this will only end badly, a sovereign default will come. This has great consequences for everyone as the monetary will reset and gold might be the cornerstone of this change.

And with the Russia, US and China economic war raging, this pushes us closer to the cliff.

Timestamps & Chapters:

0:00 Trust In U.S. Assets Collapsing

7:57 Rate Cuts Accelerates The Default

14:23 Trump Or Harris Won't Save The Economy

20:18 US-Russia Extreme Conflict Risk

23:14 China Trade War Will Devastate The West

 26:10 US Will Have A Sovereign Debt Crisis

36:17 Global Monetary Reset To Involve Gold

46:39 Prepare With Real Assets

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

“Tidbits From TNT” Tuesday 10-1-2024

TNT:

Tishwash:  This is their value.. 9 American and Asian investment funds trade in the Iraqi market

The Chairman of the Securities Commission, Faisal Al-Haimus, confirmed today, Tuesday, that there are 9 American and Asian investment funds trading in the Iraqi market, indicating the size of these funds.

Al-Haims said during the World Investor Day conference, which was attended by the correspondent of "Al-Eqtisad News", that "the size of the Iraqi Stock Exchange represents a small percentage of the gross domestic product", noting that "there are 9 American and Asian investment funds trading in the Iraqi Stock Exchange".

He added, "The size of these funds reaches $500 million and is subject to increase," indicating that "setting the percentage of foreign investments at 49% hinders the entry of foreign investors."

Al-Haims pointed out that, "The new law will raise the foreign investor to 80%," expecting, "Iraq will accept an increase in the entry of foreign investors after the approval of the new law of the commission."  link

Tishwash:  Turkish businessmen in Diyala looking for investment opportunities

Diyala Governor Adnan Al-Shammari discussed with a delegation of Turkish businessmen the investment file in the province.

Al-Shammari said in a statement that he received a delegation of Turkish businessmen in his office in Diyala Governorate and discussed with them investment opportunities and the possibility of finding a suitable ground for investment in the governorate.

He stressed that investment in Diyala has become available and has fertile ground with the presence of many investment factors, especially since it enjoys great security stability.

He pointed out that the local administration attaches great importance to the issue of attracting international companies to invest in many strategic projects in the governorate.  link

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Tishwash:  Iraq Warns Forex Companies over Dollar/Dinar Commissions

The Central Bank of Iraq (CBI) has identified irregularities in the operations of several exchange companies regarding the sale of U.S. dollars allocated to travellers.

A recent audit and monitoring of company practices revealed that some exchange firms have been charging citizens a commission of 50,000 dinars for purchasing dollars, double the amount stipulated by official directives.

According to Circular No. 8003/1/9, issued on July 11, 2024, the Central Bank had clearly instructed exchange companies to collect a commission of only 25,000 dinars from citizens when purchasing foreign currency. The current overcharging practices have been deemed in violation of these regulations.

The Central Bank has emphasized that these directives were introduced to streamline the process for citizens and ensure smooth, transparent transactions. Exchange companies found to be non-compliant with these guidelines risk exclusion from participating in the official foreign currency buying and selling system in the future.

The Central Bank has urged all companies to promptly adhere to the official directives to avoid further sanctions. This move underscores the institution's commitment to maintaining order and fairness in Iraq's currency exchange markets.  link

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Tishwash:  Baghdad funds Erbil with 243 billion dinars to pay salaries of the region’s employees

Financial expert Hafidar Shaaban confirmed today, Tuesday (October 1, 2024), that the Federal Ministry of Finance will finance the region with an amount of 243 billion dinars.

Shaaban said in an interview with Baghdad Today, "The Federal Ministry of Finance will send this amount to the region, which is the remaining amount, for the purpose of financing the salaries of the Kurdistan Region in full, for the month of August."

He added, "Tomorrow, the Ministry of Finance in the regional government will begin disbursing employees' salaries, and Baghdad has asked the regional government to prepare the lists according to last February."

An informed source revealed, on Friday, September 27, 2024, the date for launching the disbursement of salaries for employees in the Kurdistan Region for the month of August.

The source told Baghdad Today, "The regional government needs 243 billion dinars to complete the full amount of employees' salaries, which amounts to 998 billion dinars."

He added, "Baghdad promised to send the amount next Sunday, and thus the salary list will be launched on the same day and the distribution will continue for only 3 days, and a few days later the salaries for the month of September will be funded, after the Ministry of Finance in the region sent the full salary list."

The Ministry of Finance in the Kurdistan Region announced yesterday, Thursday, "the delivery of the list of employees' salaries for the months of August and September, as requested by the Federal Ministry of Finance last time."

She explained that "in order to cover the deficit in August salaries, which is estimated at 243 billion dinars, the Federal Ministry of Finance decided to pay the suspended payments from February to August, and it is scheduled to start distributing salaries at the beginning of next week with the arrival of supplementary funding from Baghdad," stressing that she "is waiting to start sending September salaries to the region's employees and in order to start the process of auditing the payroll now  link

Mot: .... and ON we Gooooooooooooooo! 

Mot: Get Ready - Ladies!!! 

Iraq Dinar News - Iraqi Stock Exchange - Private Sector - Water - Infrastructure Investment – Global

Iraq Dinar News - Iraqi Stock Exchange - Private Sector - Water - Infrastructure Investment – Global

MilitiaMan and Crew:  10-1-2024

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=pdCRjVSUYEc

Seeds of Wisdom RV and Economic Updates Tuesday Morning 10-01-24

Good Morning Dinar Recaps,

IOTA Powering Trade Across Africa: TLIP Takes Innovative Solutions to East Africa

▪️IOTA is among the sponsors of the African Customs & Trade Conference that takes place in Nairobi on October 7th

▪️The Trade and Logistics Information Pipeline (TLIP) will represent the IOTA ecosystem and display its market-leading solutions built on the IOTA network.

IOTA has been facilitating innovative solutions across the globe for years, with Africa among the regions where it’s changing the most lives. Come October 7th, IOTA will be showcasing its innovations and impact across the region as one of the sponsors of the African Customs & Trade Conference (ACT).

ACT will be held in Kenya’s capital, Nairobi, between the 7th and 9th of October and will focus on effective trade facilitation in the world’s fastest-growing continent under the theme “Borderless trade: Effective trade facilitation in the digital age.” 

Organized by Kenya’s tax agency, KRA, it will bring together industry thought leaders, including the heads of the revenue collection agencies across all 54 African nations. Others will include policymakers, academia, research organizations, trade experts, and tech providers.

IOTA has joined the event as a sponsor, alongside the likes of the Tony Blair Institute for Global Change, Germany’s main development agency, GIZ, and the Africa Export-Import Bank.

The IOTA ecosystem will be represented by the Trade and Logistics Information Pipeline (TLIP). It noted:

Join 54 Heads of Revenue Authorities, policymakers, & innovators at the ACT Conference, shaping the future of trade in Africa. We’re excited that TLIP built on IOTA, will present its digital solutions for streamlining customs & cross-border trade.

In a separate post, TLIP stated: “Expect discussions on innovative solutions to enhance trade across Africa, exploration of next-gen tech, and networking with key players in the sector.”

IOTA in Africa
TLIP has championed IOTA in the African region. Through its digital infrastructure, it enables secure and efficient cross-border collaboration between multiple parties, all done on the scalable, efficient, and feeless IOTA network.

TLIP enables participants across the entire supply chain to share and access digital trade documents in real-time, sourcing data and information from local databases, like Kenya’s tax agency database, as well as regional and global data ledgers. These documents range from export declarations, certificates of export, airway bills and more.

Globally, over $32 trillion is expected to be traded this year, with globalization leading to a more interconnected supply and distribution ecosystem that encourages specialization. However, despite its size, this sector is burdened by tedious and unreliable manual processes and paperwork.

Digital processes have failed as most participants don’t trust each other and have no way of verifying and authenticating information independently. new global trade avenue than the feeless and scalable IOTA?

This makes blockchain technology a perfect solution, and what better network to build this new global trade avenue than the feeless and scalable IOTA?

As we have reported in the past, IOTA has been facilitating global interconnected and sustainable trade via TLIP. The two have expanded to new frontiers, such as maritime activities, where cumbersome processes cost participants billions of dollars every year.

@ Newshounds News™

Source:  Crypto News Flash

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EAST AND GULF COAST PORTS SHUT DOWN AS THOUSANDS OF WORKERS GO ON STRIKE

Tens of thousands of longshoremen went on strike at midnight ET, shutting down major ports along the East and Gulf coasts and choking off deliveries of everything from produce to auto parts.

Consumers aren’t likely to feel the pinch unless a walkout lasts for multiple weeks, because businesses and logistics firms took pre-emptive steps to blunt the impact with the holiday shopping season about to kick off. But a work stoppage could still cost the U.S. economy anywhere from several hundred million dollars to $4.5 billion a day, analysts and business groups say. Costs from redirecting goods along longer routes would be passed on to consumers.

The ports handle about half the ocean imports in the U.S. Varying estimates say the strike encompasses 25,000 to 50,000 members of the International Longshoremen’s Association. All told, the ILA has 85,000 members.

 Union leaders argue that big global cargo carriers have raked in huge profits since pandemic-era supply-chain snags drove up freight rates, saying workers haven’t sufficiently shared in those gains.

In a video posted to an ILA Instagram account, Harold J. Daggett addressed union workers at Maher Terminals in Elizabeth, New Jersey.

"This is going down in history what we're doing here," he said.

"They can't survive too long," he added.

The strike caps months of heated rhetoric between the union and the United States Maritime Alliance, or USMX, which represents major ocean freight and port operators.

The union is seeking raises, as well as limits on automation at ports that it says could cost jobs. The two sides hadn’t negotiated in the days leading up to the potential stoppage.

“The Ocean Carriers represented by USMX want to enjoy rich billion-dollar profits that they are making in 2024, while they offer ILA Longshore Workers an unacceptable wage package that we reject,” the union said in a statement Monday.

The USMX, meanwhile, said that it had been exchanging offers with the union and had hoped to avoid a work stoppage.

“Our offer would increase wages by nearly 50 percent, triple employer contributions to employee retirement plans, strengthen our health care options, and retain the current language around automation and semi-automation,” it said in a news release.

Several industries are prepared for the strike, having ordered goods in advance when it became apparent that a stoppage could start Tuesday, but analysts expect more serious impacts if the walkout lasts several weeks or longer. Trucking and other logistics companies raced in recent days to get as many goods as possible out of ports before a potential strike.

The vast port operations of New York and New Jersey stand to be most affected, with about 4,500 workers. New York Gov. Kathy Hochul said in a news release that she urged the two sides to come to an agreement but that preparations had been made to keep shelves stocked.

"In preparation for this moment, New York has been working around the clock to ensure that our grocery stores and medical facilities have the essential products they need," she said. "It’s critical for USMX and the ILA to reach a fair agreement soon that respects workers and ensures a flow of commerce through our ports. In the meantime, we will continue our efforts to minimize disruption for New Yorkers."

Business groups, including the U.S. Chamber of Commerce, have urged President Joe Biden to intervene using the 1947 Taft-Hartley Act. Under that authority, Biden could seek a so-called 80-day cooling-off period that would force dockworkers to stay on the job.

But while the White House has been in touch with the ILA and the USMX in recent days, Biden has said he isn’t looking to invoke the law. An intervention could also unsettle relations with organized labor 35 days before Election Day, as Democratic Vice President Kamala Harris looks to maximize her union support against Republican former President Donald Trump.

“Because it’s collective bargaining, I don’t believe in Taft-Hartley,” Biden told reporters Sunday.

@ Newshounds News™

Source:  NBC News

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INVESTMENT BANK REPORT IDENTIFIES RIPPLE AS A MAJOR COMPETITOR TO SWIFT

A report from global investment bank Houlihan Lokey mentions innovations in cross-border payments, revealing Ripple as a growing challenger to SWIFT.

A recent report from investment banking firm Houlihan Lokey discusses the improvements transforming the cross-border payments sector. The report, released in April as a Market Update, was recently spotlighted by XRP community figure WrathofKahneman (WOK).

One of the observations pointed out by WOK is that Ripple, a blockchain-based payment solution, is emerging as a serious competitor to SWIFT, the dominant player in cross-border payments for decades.

The report stressed that the cross-border sector sees about $190 trillion flowing globally in transactions annually. Notably, this makes the market a lucrative space where even incremental improvements in efficiency or cost reduction can have massive impacts.

Fragmented Payments Sector Presents Ripple with Opportunities
Per the report, the international payments market, while large, faces fragmentation. Traditional banking systems rely heavily on intermediaries, adding both cost and complexity to cross-border transactions.

These inefficiencies make the market ripe for disruption, particularly through new technologies that can simplify the process and reduce expenses. Ripple, leveraging blockchain technology, has positioned itself as a challenger to the legacy SWIFT network.

Notably, the system Ripple uses helps to provide faster settlement times, lower fees, and enhanced security compared to traditional banking systems.

Ripple and Blockchain Gaining Momentum
According to the report, Ripple and other blockchain solutions are beginning to make inroads into the cross-border payments market, competing with card networks and SWIFT’s established dominance.

Meanwhile, Ripple’s partnerships with various fintech companies further solidify its position. The report also highlights Airwallex, Nium, and Wise as other firms that are driving growth in this space. Two of these companies are Ripple partners.

For instance, Ripple’s partnership with Airwallex, confirmed in 2017, focuses on enabling efficient cross-border payments across its extensive network of business clients. Nium also teamed up with Ripple in 2020 to enhance its remittance services using RippleNet.

SWIFT Still Dominant but Facing Stiff Competition
Although SWIFT remains the leader, the report confirms its competition on multiple fronts. Besides Ripple and blockchain solutions, other fintech companies are providing alternative services that cater to the needs of businesses and individuals.

The report notes that firms such as Payoneer, TransferMate, and Thunes are also making strides, targeting the same clients who are tired of high fees and delayed settlement times typical of traditional systems.

The global cross-border business-to-business (B2B) payments market, expected to grow from $39.3 billion in 2023 to $56.1 billion by 2030, provides room for competition. Ripple’s positioning will likely become even more prominent amid the growing demand for more efficient, lower-cost solutions.

Furthermore, in the remittance space, Ripple’s partnerships with companies like Tranglo are already proving transformative. Tranglo joined forces with Ripple years back, but only fully integrated the ODL service from Ripple across all its routes in 2022.

@ Newshounds News™

Source:  The Crypto Basic  

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🌍Comparing Kuwait's Revaluation to the GCR  |  Youtube

 @ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Iraq Economic News and Points To Ponder Monday Evening 9-30-24

Al-Haims Expects Lifting Of "Sanctions" On Iraqi Banks: No Violations Proven

Banks  Economy News – Baghdad  The Chairman of the Securities Commission, Faisal Al-Haims, confirmed that foreign auditing companies have not proven any violations against the sanctioned Iraqi banks, expecting the US sanctions to be lifted, especially after the Prime Minister’s recent visit to New York.

Al-Haims said, in a televised interview, which was viewed by “Al-Eqtisad News”, that “the Iraqi market needs a banking sector with global compliance standards in order to ‘survive’”, stressing that “the commission aims to increase the number of stock traders by 500%.”

He continued: "We were recently granted the authority to open new branches of the Iraq Stock Exchange, and we agreed to open two new branches in the governorates of Erbil and Sulaymaniyah. We are open and seek to expand the market's spread base and we will agree to any request to open a new branch if the legal conditions are met."

The Chairman of the Securities Commission confirmed: “We are working on promotional campaigns to introduce the function and benefits of investing in the Iraqi Stock Exchange, and the investment sectors in it as well, although the current efforts need greater momentum, but we seek to develop an effective strategy to increase the number of investors in the Iraqi Stock Exchange to 5 times their current number of more than 40 thousand investors, during the next two years.”

He pointed out that "foreign auditing companies have not proven any violations against the sanctioned Iraqi banks, and this is sufficient to lift the Federal sanctions, and we hope that the Prime Minister's visit to the United States will contribute in this direction."

He explained that "the Iraqi economy depends entirely on oil revenues and imports to meet local needs, which confirms the difficulty of living without an effective banking sector, and therefore there is no choice but to create a real banking movement that applies international compliance standards."

He explained that "there is a credit problem in private banks, as customers prefer government banks, despite the big difference in the quality and volume of services provided at the level of deposits and borrowing. However, the government banking sector takes over more than 70% of customers." 305 views 09/30/2024 - https://economy-news.net/content.php?id=48162

Middle East Tensions Ignite Oil Prices In Global Markets

Energy Economy News – Baghdad  Oil prices extended gains on Monday, supported by mounting concerns about potential supply pressures from Middle East producers after increased Israeli attacks on Iranian-backed forces in the region.

Brent crude futures for November delivery rose 51 cents, or 0.71 percent, to $72.49 a barrel by 0330 GMT.

Brent expires on Monday and the most active contract for December delivery rose 50 cents, or 0.7 percent, to $72.04.

U.S. West Texas Intermediate (WTI) crude futures rose 43 cents, or 0.63 percent, to $68.61 a barrel.

Prices were supported on Monday by the prospect of a widening conflict in the Middle East with Iran, a major producer and member of the Organization of the Petroleum Exporting Countries (OPEC), after Israel intensified its attacks on Hezbollah and Iranian-backed Houthi militias.

Later Monday, markets will be looking to hear from Federal Reserve Chairman Jerome Powell for clues on the pace of monetary policy easing. 131 views  09/30/2024 - https://economy-news.net/content.php?id=48150

The Iraqi Market Trades Shares Worth More Than 55 Billion Dinars In A Month

Stock Exchange  Economy News – Baghdad  The Iraq Stock Exchange organized (21) trading sessions in September 2024 at a rate of five sessions per week. The session was not organized on Sunday, September 15, 2024, due to it coinciding with the birth of the Prophet. The most important indicators achieved are:

1. The number of companies listed in the market is (107) joint stock companies.

A. Of which (103) companies are included in the trading platforms for listed companies.

B. And (4) companies within the OTC platform for unlisted companies

T. A new banking company is still under procedures for the second platform, and (7) companies are under procedures on the OTC platform. In addition to other companies awaiting the necessary approvals for their listing.

2. Trading shares of (77) joint stock companies during the month of September.

3. The total number of shares traded amounted to 547.5 billion shares.

4. The total value of traded shares amounted to 55.3 billion dinars, up by (28%) compared to August.

5. The number of executed contracts reached (18,104) contracts, an increase of (53%) over August.

6. The ISX60 index closed at (929) points in the last session of September 2024.

Up by (8%) from its August closing of (858) points.

7. The ISX15 free float index closed at (1031) points in the last session of September 2024, achieving an increase of (6%) over its August closing of (969) points.

Until 9/30/2024, the market organized (179) trading sessions, and the number of traded shares reached (457,349,800,205) shares, with a value of (480,857,357,354) dinars, through the execution of (127441) contracts.

Second: Market news

The Board of Governors held its fourth session for the year 2024 on 9/5/2024, during which it discussed the monthly report, its indicators, and market indicators, in addition to other topics, and took appropriate decisions regarding them.

Third: Listing of government bonds

The market announced the start of depositing the first issue of “Enjaz” bonds, starting from Sunday 9/29/2024.

The issue size is worth (1.5) trillion dinars and in two categories:

1. Category 500,000 dinars with an annual interest of 6.5% paid every six months for a period of two years.

2. Category 1,000,000 dinars with an annual interest of 8.5% paid every six months for a period of four years.

Fourth: Company News

- (6) joint stock companies held their general assemblies meetings during the month of September 2024, bringing the number of companies that held their general assemblies during the past nine months to (45) joint stock companies.

The market also publishes the statement of the meeting of unlisted companies based on the Companies Law.

- Based on Regulation No. (Cool and the decision of the Securities Commission in its letter No. 13/32 dated 9/2/2024, trading was suspended as of the session of 9/4/2024 on the shares of the companies (National Chemical and Plastic Industries - Kurdistan International Islamic Bank - United Investment Bank) and the suspension continues on Zain Iraq Islamic Bank Company, for not submitting the final financial statements ending on 12/31/2023.

Based on Regulation No. (23) and the decision of the Securities Commission in its letter No. 10/2056 dated 9/23/2024, trading in the shares of the companies (National Chemical and Plastic Industries - United Investment Bank) was transferred to the platform of non-disclosing companies, starting from the session of 9/25/2024.

Based on the decision of the Securities Commission in its letter No. 7/2057 dated 9/23/2024, trading in the shares of Babylon Bank Company was suspended as of the session of 9/25/2024.

Fifth: Market platforms

Trading in the Iraq Stock Exchange is organized through (38) brokerage companies from their headquarters spread across Baghdad using trading platforms - the platforms are classified according to the nature of the listing and the percentages of change in price for each type:

Regular M platform, the price change rate is 15% of the previous closing price.

- The second platform is Second M, and the percentage of change in price is 20% of the previous closing price.

- The third platform - the platform for the least disclosing companies. The percentage of change in price is 5% from the previous closing price.

- The ISX-OTC platform for non-listed companies. The number of companies registered on it after the approval of the Securities Commission is (4) joint-stock companies.

(6) companies are undergoing procedures at the Depository Center and submitting the shareholders’ register, and (2) companies are under audit for the purpose of issuing the required approval.

- G. Bonds Government Bonds Platform

300 views  Added 09/30/2024 - https://economy-news.net/content.php?id=48176

Director General Of Ports Announces Completion Of All Sections Of The Five Berths Project Within The Grand Faw Port

Monday 30 September 2024 14:15 | Economic Number of readings: 239  Basra / NINA / The Director General of the General Company for Iraqi Ports, Farhan Al-Fartousi, announced today, Monday, the completion of all sections of the project to build five berths within the project to establish a container terminal for the Grand Faw Port.

Al-Fartousi said: "The company implementing the Grand Faw Port project has completed all sections of the project to build five berths within the project to establish a container terminal in the port."

He explained that "the area of ​​the berths project is (167,000) m2, where the depth excavation of the berths facade was completed and reached a depth of (22.6) m, and it was fully furnished."

He added that "the amount of excavation in the berths facade amounted to (2,600,000) m3, where it was also fully furnished," indicating that "the number of pillars that were fully completed amounted to (1736) tubular pillars, while the weight of the rocks of different sizes used was (1,500,000) tons."

Al-Fartousi continued: "The number of connecting bridges reached (880) bridges, and the number of fully completed fenders reached (117) fenders, while the number of fully completed ship berths was (144) berths," noting that the yard was also completed to connect to the five docks. It is

noteworthy that the project to establish the container terminal for the Grand Faw Port, which is one of the five projects of the project, includes the construction of five giant docks to unload ships with a length of (1750) meters, and the construction of a container yard with a length of (1750) meters. / End

https://ninanews.com/Website/News/Details?key=1158748

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

Seeds of Wisdom RV and Economic Updates Monday Evening 9-30-24

Good Evening Dinar Recaps,

BINANCE KAZAKHSTAN OBTAINS FULL DIGITAL ASSET TRADING FACILITY LICENSE

Binance Kazakhstan has obtained a full Digital Asset Trading Facility (DATF) license from the Astana Financial Services Authority (AFSA).

The license authorizes Binance Kazakhstan to operate a digital assets trading facility, act as a broker-dealer, and provide custody services for digital assets.

Kazakhstan has become the first country in Central Asia where a Binance entity has secured a regulatory license, highlighting the nation’s forward-looking approach to financial innovation and Binance’s sustained commitment to operating at the highest standards of trust and security in line with all applicable local regulations.

For Binance Kazakhstan, obtaining the full DATF license meant undergoing a rigorous and comprehensive review, including an External Financial Audit, ISO certifications, and multiple internal and external audits to ensure full compliance with all applicable regulatory requirements.

The multi-stage review by the regulator saw Binance Kazakhstan being assessed against the standards set out in a variety of specialized codes and rulebooks: the AIFC Digital Asset Activities, Conduct of Business Rules, AML laws, and other relevant regulations.

The resulting approval underscores the fit of Binance Kazakhstan’s robust systems, controls, and cybersecurity protocols for the task of providing a secure, compliant platform for digital-asset trading.

@ Newshounds News™

Source:  Forex News Group

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ROBINHOOD VP QUASHES STABLECOIN LAUNCH RUMORS

Kerbrat told Decrypt in an interview on Sept. 30 that Robinhood has no active plans to explore the development of a stablecoin.

Robinhood Crypto Vice President and General Manager Johann Kerbrat put an end to recent rumors that the fintech giant has plans to launch its own stablecoin.

Kerbrat told Decrypt in an interview on Sept. 30 that Robinhood has no active plans to explore the development of a stablecoin.

Kerbrat said:

“At this point, we don’t have any immediate plan to launch a stablecoin. The rumors are always interesting, but we haven’t really spent time on it.”

His comments come after a recent Bloomberg News report claimed Robinhood and Revolut were looking to launch a stablecoin.

Despite rising interest in stablecoins, Kerbrat emphasized that Robinhood has no imminent plans to enter this space. He added:

“It’s always interesting to see where people think we’re going to go next, but for now, that’s not part of our roadmap.”

Hello, World!

Robinhood’s approach to stablecoins has largely been through partnerships, including the listing of Circle’s USD Coin (USDC). Meanwhile, Revolut has expanded its crypto offerings but has not confirmed any specific plans for a stablecoin launch.

@ Newshounds News™

Read more:  CryptoSlate

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FULLY FUNCTIONAL RIPPLE STABLECOIN (RLUSD) WILL NOT LAUNCH THIS YEAR: EXPERT

The XRP community is currently abuzz with speculation regarding the imminent release of the Ripple stablecoin, RLUSD. Contrary to widespread rumors, Vet (@Vet_X0), a recognized XRPL dUNL validator and co-founder of the leading NFT marketplace on the XRP Ledger “xrp.cafe,” has clarified that the RLUSD will not be fully functional on the XRPL this year.

Why The Ripple Stablecoin Will Not Be Fully Operational This Year
In a detailed post on X, Vet explains the technical constraints: “Expectation management! RLUSD will either only launch on ETH this year, or they launch also on the XRPL but without the ability to be used in the AMM on the XRP Ledger initially, but with the DEX orderbook. I expect, or rather hope, for the latter.”

Vet further elaborated on the reasons, pointing to the ‘clawback’ feature enabled on RLUSD, which the XRP Ledger currently does not support in its Automated Market Maker (AMM). 

“RLUSD is a stablecoin with clawback settings enabled. Tokens with this setting are denied by the XRP Ledger to be used in the AMM. There are amendments in the works to help solving this,” Vet added.

The key amendments cited by Vet include XLS-73 AMM Clawback and XLS-77, which are designed to enhance control over trustlines and restrict the transferability of RLUSD under certain conditions. XLS-73 aims to modify the AMM system to accommodate assets with clawback features, while XLS-77 is intended to allow for a more comprehensive freeze of Trustlines further securing the network against misuse by blacklisted accounts.

“In other words, because the XRPL is decentralized these amendments are impossible to predict when they will come, especially given the fatigue I observed. I love seeing people be excited about things happening on chain via the tracker I made, educating themselves on trustlines and IOUs on the XRPL is exactly where I want attention to go to, as opposed to screenshots of articles, partnerships and secret committee hot air talk,” Vet concluded.

Notably, Ripple Chief Technology Officer (CTO) David “JoelKatz” Schwartz did not dispute Vet’s overall assessment but did provide a clarification on a specific technical point in Vet’s explanation. In a commentary on X, Schwartz noted: 

“FWIW, I’m not sure I like the description of XLS-77 as a ‘deeper’ freeze. If anything, it’s less deep. Unless I’m missing something, in any case where XLS-77 makes a difference, an asset that would have been frozen is, instead, not frozen.”

Vet responded to Schwartz’s critique by refining his terminology, acknowledging the complexity of the terms and their implications across the XRPL infrastructure: “Good point…hmmm…in my mind it made sense because the freeze goes beyond the trustline, it includes the payment engine and dex – maybe that’s why ‘deep.'”

Daniel Keller, another well-known figure within the XRP community, sought further clarification if the core statement about the Ripple stablecoin is pure speculation or a fact. Vet confirmed the technical barriers: “Confirmed by the XRP Ledger that it’s not possible. Unconfirmed what way they will go, only ETH or ETH and XRPL but with the AMM restrictions.”

@ Newshounds News™

Source:   Bitcoinist  

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66th NABE Annual Meeting: Luncheon Address - A View from the Federal Reserve Board

Powell on the Economy Today, "we see the risks to achieving our employment and inflation goals as roughly in balance."

"Our policy rate had been at a two-decade high since the July 2023 meeting. At the time of that meeting, core inflation was above 4 percent, well above our target, and unemployment was 3.5 percent, near a 50-year low. In the 14 months since, inflation has moved down, and unemployment has moved up, in both cases significantly. It was time for a recalibration of our policy stance to reflect progress toward our goals as well as the changed balance of risks."

@ Newshounds News™

Sources:  Youtube
Federal Reserve

~~~~~~~~~

KASIKORNBANK LAUNCHES FIRST LICENSED THAI DIGITAL ASSET CUSTODIAN

The new custody service will be just the latest in the bank's new digital asset and AI activities.

Thailand’s Kasikornbank, its second-largest bank by assets, intends to launch orbix Custodian as the country’s first licensed digital asset custodian, Kasikornbank, also known as KBank, announced. orbix Custodian obtained a Digital Asset Custodian license from the Ministry of Finance and will be supervised by the Securities and Exchange Commission (SEC).

The orbix Custodian’s license was granted on Sept. 13 but only announced two weeks later. The business is expected to begin operations in early 2025.

A busy month for digital assets at KBank
The launch of the custody service is the latest in a series of moves Kasikornbank has made in the crypto space. President Pipit Aneaknithi said in a statement: 

“This will lay a strong foundation for further development of digital financial infrastructure, promoting Thailand as a digital economy hub and advancing the country's digital industry, in response to government policy to accommodate future changes in the financial sector.”

Kasikornbank owns orbix Custodian through its digital-focused Unita Capital subsidiary. It joins orbix Invest and orbix Technology. The orbix Trade platform is a cryptocurrency exchange that was known as Satang before its acquisition by Unita Capital in October 2023.

orbix Technology offers blockchain infrastructure services. That division was inherited from Satang.

At the beginning of September, orbix Technology launched the Q-Bond project. Q Bonds worth 500 million baht ($15.4 million) were issued on the Quarix blockchain. The bonds have one-year maturity and a fixed interest rate of 2.38%. KBank and state-owned oil and gas company PTT were partners in the issue.

orbix Invest is a digital asset fund manager that launched in July. KBank introduced orbix Reward at the beginning of September as a customer loyalty program for orbix Trade. The customer’s first opportunity to earn an orbix Reward is after completing its Know Your Customer verification.

KBank has its finger in the AI pie too

In addition to its digital asset operations, KBank subsidiary Kasikorn Business Technology Group (KBTC) has joined AI Singapore and Google Research in developing large language models (LLMs) in Southeast Asia in Project SEALD (Southeast Asian Languages in One Network Data). The project was launched in March, and KBTG’s participation was announced on Sept. 24.

The partners are looking to create LLMs in Thai, Indonesian, Tamil, Filipino and Burmese.

@ Newshounds News™

Source:  CoinTelegraph

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Japan to potentially lower capital gains tax on crypto in regulatory review

Reclassifying digital assets under the Financial Instruments and Exchange Act could significantly reduce the current 55% tax rate on crypto gains.

Japan’s Financial Services Agency (FSA) is poised to reassess its crypto regulations, potentially reducing taxes on crypto gains and reclassifying digital assets in a bid to foster a more favorable investment environment by 2025, Bloomberg News reported Sept. 25.

The FSA’s upcoming review, which will continue through the winter, will determine whether the existing framework under the Payments Act adequately reflects the evolving role of cryptocurrencies.

Regulatory review
According to the report, the agency may shift the classification of digital assets to fall under the Financial Instruments and Exchange Act. This change could impose stricter investment regulations while also potentially reducing the tax burden on crypto-related profits.

Such a change by the FSA could lead to a significant reduction in the tax rate on crypto gains, which currently reaches as high as 55%. If reclassified as financial instruments, digital assets could be taxed at around 20%, aligning them with stocks and other financial assets.

The local industry has long argued that the high taxation has hindered growth and believes relief in this area will lead to significant growth as it encourages investing.

In addition to tax cuts, the review may also result in the approval of exchange-traded funds (ETFs) containing digital tokens, which would further integrate cryptocurrencies into Japan’s broader financial market.

For years, the FSA has sought to balance promoting innovation in the digital asset space with the need to protect investors. This latest review signals a continued effort to find a middle ground that fosters growth while ensuring regulatory safeguards remain in place.

@ Newshounds News™

Read more:  CryptoSlate

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🌍 XRP VS TRADITIONAL BANKING: WHY BANKS ARE EYEING RIPPLE!  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

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Q & A Classroom Link  

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Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Monday Afternoon 9-30-24

Good Afternoon Dinar Recaps,

CANADA SETS NEW DEADLINE FOR CRYPTO PLATFORMS TO COMPLY WITH STABLECOIN REGULATIONS

The Canadian Securities Administrators (CSA) have announced an updated regulatory framework for stablecoins, also known as value-referenced crypto assets (VRCAs), with a new compliance deadline set for December 31, 2024.

UPDATED REGULATORY REQUIREMENTS
The updated regulations emphasize transparency and investor protection, requiring stablecoin issuers to maintain appropriate reserves with qualified custodians and to publicly disclose information about their governance, operations, and reserves. 

These measures aim to enhance the integrity of the Canadian capital markets and ensure the safety of investors engaging with crypto trading platforms. 

Recently, Canada has been in the news when its central bank announced a strategic shift away from developing a retail CBDC (Central Bank Digital Currency).

@ Newshounds News™

Source: Bitcoin News

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WIKI FINANCE EXPO DUBAI 2024 WILL BE HELD ON NOV 27TH!

FinTech, Forex, Crypto, Web 3.0, Metaverse, ESG and AI Will Be in Focus.

Taking place on Nov 27, 2024, Wiki Finance Expo Dubai 2024 is one of the largest and most influential FinTech and Web3.0 events in Asia in 2024.

@ Newshounds News™

Read more:     Blockchain Reporter     

~~~~~~~~~

OHIO SENATOR INTRODUCES BILL TO ALLOW TAXES TO BE PAID IN BITCOIN

In what could be massive for Bitcoin and the crypto market, Ohio senator Niraj Antani has introduced a bill that would legalize BTC as a payment option for state taxes and other fees. Indeed, the legislation would be transformative in how it allows for the usage of cryptocurrencies for payments.

The bill was first introduced Monday and would create a new avenue for state financial obligations for Ohioans. Moreover, it could create increased adoption in the state, driving larger exposure to the leading cryptocurrency and other tokens through the key legislative change.

Ohio Bill Would Allow Bitcoin as Legal Payment for State Taxes and Other Fees
2024 is certainly Bitcoin’s year. In January, the asset had become the first crypto-based ETF in the United States. Just three months later, it surged to a $73,000 all-time high. Now, with October nearing, there are expectations that BTC could challenge that price.

While the asset is looking to surge, Ohio Senator Niraj Antani has recently introduced a bill that would allow both state and local taxes to be paid in Bitcoin and other crypto. Indeed, Antani took to X (formerly Twitter) to announce the new legislation that would change the landscape of Ohio finance.

Antani noted he had “introduced a bill [to] legalize the use of cryptocurrency to pay state and local taxes and fees.” Moreover, he said, “Cryptocurrency is not just the future- it’s the present.” The legislation would come five years after Ohio became the first state to accept crypto for tax payments.

However, a year after it was approved, the Ohio Attorney General ruled the State Board of Depostis had to approve the policy. That move stalled the development, with Antani looking to make amends. His move would put the state at the forefront of digital finance in the United States.

@ Newshounds News™

Source:  Watcher Guru

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TAIWAN NOW ALLOWS PROFESSIONAL INVESTORS TO ACCESS BITCOIN ETFS

In a massive development for the country, Taiwan’s Financial Supervisory Commission (FSC) has allowed professional investors to gain access to foreign Bitcoin and other crypto ETFs. Indeed, the commission announced the change Monday, allowing select investors to participate with “foreign virtu asset” exchange-traded funds.

The crypto-based ETF market has surged in the United States this year. After receiving the first Bitcoin ETF approval in January, Ethereum quickly followed suit just a month earlier. Now, Taiwan has looked to expand “product choices,” for the country’s investors through its recent decision.

Taiwan FSC to Allow Crypto ETF Access in Notable Shift
2024 has been massive for Bitcoin, and its recently approved ETFs. Just last week, the ETFs of the leading crypto drew more than $1 billion in net inflows. 

That has proven to be its highest since July, and a notable shift from the last several months. It has investors clearly expecting a massive surge to come with October fast approaching.

As the market sentiment is beginning to shift, one country may be prepared to take advantage. Indeed, Taiwan has officially decided to allow professional investors access to foreign Bitcoin and crypto ETFs. The huge move will allow select individuals to have access to the crypto currency investment products.

The report notes that there is a specific criteria to meet for those hoping to invest. “Professional investors include professional institutional investors, high-net-worth investment legal persons, high-asset clients, legal persons or funds that are professional investors, and natural persons that are professional investors,” the FSC clarified.

Additionally, there must be a board-approved suitability assessment for securities firms looking to invest in crypto ETFs. This will coincide with mandatory educational efforts for businesses. Specifically, this will seek to teach more about cryptocurrency, and its inherent risks.

Yet, the decision still adds Taiwan to a list of nations looking to further embrace crypto as a growing,  globally important, asset class.

@ Newshounds News™

Source:  Watcher Guru

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TRUMP'S WORLD LIBERTY FINANCIAL OPENS KYC VERIFICATION

The project urges crypto's accredited investor class to "'Be DeFiant' and begin the KYC process.

Trump-backed World Liberty Financial has opened up Know Your Customer (KYC) verification on its official website for its upcoming public token sale.

What's the Scoop?

KYC Purpose: 

According to the homepage, information about the project is only accessible to those completing the KYC process. In the U.S., only accredited investors will be eligible.

Token Details: 

It was confirmed that World Liberty Financial will issue a non-transferable governance token, WLFI. Token distribution includes 63% to the public, 17% for rewards, and 20% for team compensation.

Bankless Take:
While we’re inching closer to World Liberty Financial’s launch, we’re inching closer to the election too. With the majority of crypto seeing WLFI as a net negative to Trump’s chance to win and potentially impeding bipartisan progress for crypto if he doesn’t, the KYC launch does little except heighten anxieties. Regardless, with less-than-desirable tokenomics, it will be interesting to see how much funding WLFI accrues for its non-transferable token sale.

@ Newshounds News™

Source:  Bankless

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🌍 Zimbabwe (RV) History  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Follow the Roadmap

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Economist’s “News and Views” Monday 9-30-2024

Gold Wars: Here’s the Reason a Monetary Reboot Is Inching Closer Reveals Insider

Daniela Cambone:  8-30-2024

“I am worried that we have entered a period of higher and higher inflation and we have all the secular pressures for that,” David Daglio, former CIO of Mellon and strategic advisor for TwinFocus, reveals to Daniela Cambone.

He highlights that we might be approaching a “Bretton Woods moment,” indicating a significant shift in the global economic order reminiscent of the 1944 Bretton Woods Conference.

Daglio emphasizes the pivotal moment of seizing $600 billion from Russian citizens during the Ukraine war, which marked the U.S.'s first use of currency as a geopolitical weapon.

This bold action has sent shockwaves through global markets, fundamentally changing how countries view the reliability of the U.S. dollar. In light of these instabilities, David asserts that gold “is the most overlooked straight-up asset I have ever seen.”

Watch the eye-opening conversation to learn about the future of our global economy and the potential impact on your investments!

CHAPTERS:

00:00 Why hasn’t Wall Street embraced gold?

3:00 The Fed’s rate cutting

6:36 Jay Powell’s ego

7:29 Bretton Woods II moment

 9:15 Investment strategies

10:11 US debt

12:06 Economic outlook for next 5 years

https://www.youtube.com/watch?v=41GSwVw_HLQ

Now it's oil: China, BRICS and OPEC+ build new trading system, locking out US suppliers and banks

Geo Flux:  9-30-2024

China, the BRICS countries (Brazil, Russia, India, China, and South Africa), and OPEC+ are making moves to challenge the dominance of the US dollar in global oil trade.

The expansion of BRICS to include oil-rich nations like Saudi Arabia and Iran could be a strategic move to challenge the petrodollar system.

China and India are increasingly making deals to buy OPEC+ oil in currencies other than the US dollar, such as the Chinese yuan (petroyuan). Russia is seeking to diversify its energy partners to circumvent Western sanctions, with the BRICS countries now accounting for 90% of Russian energy export payments.

Saudi Arabia, a traditional US ally, has moved closer to China and Russia under Crown Prince Mohammed bin Salman and is considering joining BRICS. The BRICS nations are looking to establish a new reserve currency backed by a basket of their respective currencies, which would allow them to assert their economic independence and compete with the US dollar-dominated international financial system.

This could potentially lead to a decline in demand for the US dollar (de-dollarization) and significantly impact its global dominance.

https://www.youtube.com/watch?v=ltgQomAFC14

Could the US Just Stop Paying the Debt

Heresy Financial:  9-30-2024

TIMECODES

0:00 Intro

0:17 U.S. National Budget Deficit

 2:31 Should the Government Default

6:05 the Fed Would Step In

12:22 What Will Happen Next

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

Iraq Economic News and Points To Ponder Monday AM 9-30-24

What Happens After The Currency Auction Closes At The Central Bank Of Iraq?
 
September 29, 2024  Baghdad/Iraq Observer  The researcher and specialist in the financial and banking aspects, Mustafa Hantoush, commented on the participation of Prime Minister Muhammad Shiaa Al-Sudani in a dialogue session held by the American Chamber of Commerce and Al-Monitor, saying: “
 
The economic relationship between Iraq and America is a relationship based on Iraq’s dependence on oil, which is an “American equation,” as well as the strategic framework agreement. According to which the Federal Reserve will be the recipient of the Iraqi dollar from oil.”

Hantoush told the “Iraq Observer” agency that  most of Iraq’s reserves are in the dollar currency in addition to US treasury bonds, and  thus the relationship must be stable and be in accordance with clear plans.”

 He explained: “Most of Iraq’s reserves are in the dollar currency, in addition to US treasury bonds,” while stressing that the relationship should be stable and be in accordance with clear plans.
 
Prime Minister Muhammad Shiaa Al-Sudani participated in New York, after midnight last night, in a dialogue session held by the American Chamber of Commerce and Al-Monitor, in the presence of an elite group of investors, businessmen, representatives of American companies, and the Iraqi-American Business Council.
 
During the session, Al-Sudani pointed to the new reality of Iraq, which is witnessing an economic renaissance and development in all its sectors, and has also made great strides in the field of energy investment and associated gas, which has been wasted for years and inflicts on the country losses estimated at billions of dollars, due to the import of gas and oil derivatives.
 
Project series
 
Al-Sudani confirmed that the government has embarked on a series of rapid projects, including the important agreement with Total, which will contribute to increasing oil production and associated gas investment up to (600) million standard cubic feet, in addition to offering the fifth and sixth round annexes, and concluding contracts for oil production and gas investment,

indicating After the year 2028, Iraq will achieve self-sufficiency in gas, in addition to activating oil derivatives projects, including the strategic Karbala refinery, whose production capacity reaches 140 thousand barrels per day, as well as the rehabilitation of the Baiji refinery, which was completely destroyed during the battles to liberate Baiji, and whose production capacity reaches 150. One thousand barrels per day.
 
The following are the highlights of the Prime Minister’s speech during the dialogue session:
 
When I assumed my duties as prime minister, the associated gas investment was less than 40 percent, and now the percentage has risen to about 70 percent.
 
We have ended the import of petroleum derivatives, and  we will stop importing gasoline at the beginning of next year, after completing the FCC project in Basra.

Iraqi-American partnership
 
We are ready to enter into partnership with American companies in the oil industry sector.
 
Our vision is to transform 40% of the exported oil into downstream industries, which will give us more benefits than selling crude oil.
 
Our policy is based on diversifying the contracting parties that invest in our oil and gas fields without specific conditions.
 
The licensing round procedures are clear and transparent, and there is no favoritism or preference for one company over another.
 
Development cannot be achieved without a solid banking sector that operates in accordance with approved international standards, and

95% of financial transfers in Iraqi trade take place through reliable banks.
 
The window for selling the currency will be closed at the end of this year, and the money laundering office at the Central Bank is working effectively.
 
Banking sector reform
 
The government contracted with Ernst & Young to reform the government banking sector, and we strengthened citizen confidence in banks and expanded financial inclusion.
 
Today, Iraq is going through a stage of stability and recovery that has been unprecedented since 2003, and  it is an opportunity to support the transition from the stage of wars and conflicts to the stage of development and stability.  A stable Iraq in a sensitive region is beneficial to the world.
 
This is what we have seen since October 7, as Iraq maintained balance and calm to a great extent, and  
we kept Iraq away from the arena of conflict.
 
Our security forces have reached an advanced stage of capability and efficiency, and we have begun an armament program to enhance their capabilities, and ISIS today does not represent a threat to our security. We need American small and medium businesses to partner with Iraqi companies.
 
Leadership initiative
 
We work to create job opportunities for young people by activating the private sector or supporting their own projects, through several programs, including the “Riyada” initiative.

The size of the projects granted for investment will provide a large number of jobs, and the need for companies operating in Iraq to open training centers to develop the capabilities of young people.
 
We assured companies operating in the electricity sector of establishing station maintenance centers in order to speed up completion and reduce costs.
 
The government has a clear direction to support the agricultural sector, and peasants and farmers are in a transition phase to using modern irrigation technologies, which we supported by 30%.
 
We provided loans to workers in the food industry sector of various types, part of which is covered by sovereign guarantees.
 
The Central Bank has independence and exercises its powers with full professionalism, and our intention is to establish a new bank that adopts the latest technologies.
 
We invite all companies working in the field of electronic payment to work in Iraq and we will provide them with all facilities.
 
We have developed a plan to develop infrastructure, with allocations amounting to $83 billion.   
 
https://observeriraq.net/ماذا-بعد-غلق-مزاد-العملة-في-البنك-المرك/   

Why Is The Central Bank Reluctant To Implement The Measures Taken Against Iraqi Private Banks?
 
Economy  2024-09-27 | 06:24 3,326 views Alsumaria News – Local  Including liquidation and guardianship, as the Central Bank of Iraq took a number of decisions against a number of Iraqi private banks for violating banking instructions.
 
The source said in an interview with Al-Sumaria News, “The Babylon Bank was referred for forced liquidation, and  guardianship was imposed on the Al -Arabiya Middle East Islamic Bank and the Iraqi Investment Bank.”

The source indicated, "The period of guardianship over the Northern Bank will be extended until the 31st of next October." The source stated that "these decisions were taken with caution without knowing the reasons."  Economists wondered  “why the Central Bank was so patient with the decisions issued on these banks,” while some of them believed that “political pressure from higher authorities was exerted on the Central Bank with the aim of being patient in implementing those decisions.” 

While they pointed out that “this warns of the presence of corrupt parties standing behind these banks that have achieved failures in their work and violated the applicable laws and rules,” stressing  
“the necessity of amending the context of the work of these banks, which if their violations continue, it portends negative indicators on the Iraqi economy, which the government seeks to reform through A package of measures.   
 
https://www.alsumaria.tv/news/economy/501382/لماذا-تريث-البنك-المركزي-في-تنفيذ-الإجراءات-المتخذة-على-مصارف-أهلية-عر   

Erbil Branch Concludes A Training Course On The Comprehensive Central Banking System
 
September 29, 2024    The Central Bank of Iraq, Erbil branch, in cooperation with the Information Technology and Payments Department at the Central Bank of Iraq and the Office of Follow-up and Coordination of the Work of Bank Branches,
 
concluded the new training program on the comprehensive central banking system (core banking system - T24), in cooperation with Prema Consulting, which supervises the implementation of the central banking system. New (CBS – T24) for branch employees.
 
    The course witnessed the training of employees in the branch on the basics of the system by the company supervising the implementation of the new system within the framework of a plan to prepare and qualify the branch’s staff in order to achieve the best use of the system, which is one of the most important stages of reforming and developing the work of the banking sector in Iraq.     Central Bank of Iraq   Media office  September 29, 2024   https://cbi.iq/news/view/2678   

Warnings Of Imminent Economic Danger... And The Alternative Solution Is Taxes!
 
Special Sumerian     09-29-2024 | 05:12 3,150 views  Economic file... The decline in oil prices opens the door to relying on taxes to avoid deficits
 
As oil prices continue to decline globally, representatives in Committee Finance the Parliamentary reported that there is a tendency to impose taxes resources with the aim of strengthening financial.  
 
This step comes in light of warnings of imminent economic danger if reliance on oil continues as the main source of the budget.     
https://www.alsumaria.tv/news/alsumariaspecial/501571/تحذيرات-من-خطر-اقتصادي-وشيك-والحل-البديل-بالضرائب   

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

“Tidbits From TNT” Monday Morning 9-30-2024

TNT:

Tishwash:  Central Bank Governor meets Spanish Ambassador to Iraq

His Excellency the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, met with the Spanish Ambassador to Iraq, Mrs. Alicia Ricoperez del Bulgari, to discuss developing relations between the Iraqi and Spanish financial sectors.

The two parties discussed opening channels of communication between the Central Bank of Iraq and the Spanish Bank in a step aimed at enhancing cooperation with the Spanish side in all economic fields, most notably cooperation in the banking sector.

Central Bank of Iraq
Media Office
September 30, 2024  link

Al-Sudani decides to postpone his official visit to the United Kingdom

Prime Minister Mohammed Shia Al-Sudani decided to postpone his official visit to the United Kingdom scheduled for early October to a later time.

A statement from his office, a copy of which was received by {Euphrates News}, stated: “Prime Minister Mohammed Shia al-Sudani decided to postpone his official visit to the United Kingdom scheduled for early next October, to a later time; as a result of developments in current events on the regional and international arenas.”

He added, "Also, as a result of the developments of current events on the regional and international arenas."   link

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

Tishwash:  Market Forces Committee recommends holding an Iraqi-Turkish forum in Baghdad

The Market Forces Committee, formed by Prime Minister Mohammed Shia al-Sudani, recommended holding a joint Iraqi-Turkish forum in the capital, Baghdad. 

The committee said in a press statement received by Shafak News Agency that the Market Forces Committee held its meeting today, and hosted the financial advisor to the Prime Minister, Mazhar Muhammad Salih. 

The committee, which was formed by the Prime Minister by a Diwani order, consists of the Association of Private Banks, the Federation of Chambers of Commerce, the Iraqi-Turkish Business Council, and the Iraqi Contractors Union.

The statement added that the committee recommended developing economic relations with Turkey, by holding a joint Iraqi-Turkish forum under the auspices of the Prime Minister in Baghdad on the sidelines of the visit of the Turkish Minister of Trade to Baghdad scheduled for next November. 

The committee focused on working to support the establishment of the international development road, which would contribute to achieving a qualitative leap in international transportation, industry, and private sector contribution, and making Iraq a strategic corridor between the countries of Asia and Europe.

The committee pointed out the importance of solving the problems of the Iraqi and Turkish private sectors, which relate to financial transfers, customs, entry visas, and others, in a way that contributes to developing economic relations, stressing the committee’s openness to all forces of the Iraqi and Turkish market.  link

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

Tishwash:  An expert reveals the reason for the fragility of the Iraqi market: Countries want imports to remain

 Today, Monday (September 30, 2024), economic expert Nasser Al-Kanani revealed the reason for the fragility of the Iraqi local market and its inability to confront any external problems.

Al-Kanani said in an interview with Baghdad Today, "The Iraqi local market is fragile and cannot face any external problems, as it depends only on foreign imports, and does not depend on local national production, and therefore the market is greatly affected by any external problems, and cannot face any of those problems, and therefore the Iraqi government must work seriously to restore local production so that the local market is strong and not affected by any regional or international problems and crises."

He added, "The Iraqi local market is considered one of the most important markets for many countries in the region and the world, to sell their materials in it, and it is not unlikely that there are countries working to keep the Iraqi market fragile and dependent on imports, instead of national production, and for this reason, throughout the past years, we have not seen any control of local products over the market."

Last March, the Central Bank of Iraq announced that “there is no return to the previous price of the dollar, and the price will not be reduced under any circumstances,” stressing that there is no intention to raise the price above 145,000 for every 100 dollars, which is the official Iraqi exchange rate.

The prices of basic foodstuffs doubled after the government devalued the dinar, and prices increased again, before rising again due to the rise in the price of the dollar .

The prices of some food items in Iraq have increased by between 25 and 75 percent, as the price of one kilogram of sugar rose from 1,000 dinars to 1,300 dinars in retail markets, a bottle of cooking oil from 1,500 to 3,000, and grains from 500-750 to 1,000-1,500 dinars  link

Mot: .. how does ole ""Earl"" do it ....

Mot:  .. the logic of the Internet!!!!

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

Good Afternoon Dinar Recaps,

XRP VS. TRADITIONAL BANKING SOLUTIONS: WHY BANKS ARE TAKING NOTICE OF RIPPLE

▪️The role of XRP as a bridge currency in global finance is gaining traction.

▪️Top Analyst uncovers key factors that can drive XRP’s adoption.

XRP, the cryptocurrency associated with Ripple Labs Inc., is often described as a bridge currency that can be integrated with the traditional banking sector. At the moment, there are heightened discussions on why banks should use XRP for payments.

Why Banks Are Taking Notice of Ripple
In an X post, crypto investor and analyst CryptoTank highlighted several reasons banks would use XRP instead of other digital tokens or a Central Bank Digital Currency (CBDC).

First, the analyst pointed out that the traditional banking sector is competitive. He noted that smaller banks compete with larger banks like JPMorgan for market share and customers.

Therefore, he claims banks will be uninterested in accepting each other’s digital token or CBDC since doing so will give bigger rivals a competitive advantage. The analyst added that the smaller banks’ agreement could give bigger banks total control of how the tokens will be issued and used.

Essentially, the analyst opined that the bigger banks could eventually exert tough conditions that might put smaller ones out of business.

J.P. Morgan or B of A, or any other competitor. If they agreed to that the the Big bank could set the terms and control how that token is issued, used, etc to the smaller banks. Essentially able to put them out of business if they wanted to. Which of course they do…

— CryptoTank (@Tank2033js) September 24, 2024

CryptoTank’s second point hinges on liquidity. He emphasized how banks are desperate to get liquidity that is easily accessible, cheap, and with low to zero friction. He noted that the SWIFT network, developed as a payment solution for financial institutions, is still far behind in technology. The analyst stated that the network is slow, costly, and has friction, thus limiting its use by traditional banks.

CryptoTank highlighted that the fundamental idea behind the new financial system and the digital age is the seamless transfer of value. He added that the BRICS alliance was created by countries seeking freedom from the traditional banking system. According to the analyst, the United States and the United Kingdom have had authority over sanctions, which often caused financial harm to them.

Documents from the BIS, IMF, and WEF claim a neutral bridge currency is needed to provide a seamless transfer of value globally. This would avoid friction and failed transactions and allow banks to free up Nostro Vostro accounts.

Comparing XRP to XLM as a Solution to Financial Freedom
Many think Stellar’s XLM could be used for seamless value transfer instead of XRP. CryptoTank, however, pointed out that XLM was created for peer-to-peer smaller transactions and banking the unbanked globally and not as a bridge currency.

On the other hand, he noted that XRP is not a utility token. The analyst describes XRP as a token created specifically for transferring huge amounts of value at a low cost, high speed, and without friction.

The analyst highlighted how Ripple uses XRP as a bridge asset to move value for its On-Demand Liquidity (ODL). As noted in an earlier CNF post, wealth advisor Mickle claims demand for XRP among market makers will increase as global ODL transactions expand.

CryptoTank highlights Ripple’s partnership with the BIS, IMF, WEF, and central banks, further strengthening XRP’s case as the appropriate bridge currency.

“Sitting at the head tables with the Global leaders of Finance and Banking. Crafting the rules, regulations, and how the new system will work…It doesn’t take a genius to see where this is going,” CryptoTank emphasized.

@ Newshounds News™

Source:  Crypto News Flash

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GOLDMAN SACHS FORECASTS WEAKER DOLLAR AS FED BEGINS INTEREST RATE REVERSAL: REPORT

Banking giant Goldman Sachs is forecasting a weaker US dollar following the interest rate reversal from the Federal Reserve.

In a new note to investors covered by Bloomberg, Goldman strategists say a gradual weakening of the greenback is expected now that lower rates have lessened the dollar’s appeal.

The bank said the Fed’s recent cut of 50 basis points (bps) showed a willingness to respond aggressively to a potential economic downturn, justifying expectations of relative weakness for the dollar against other major currencies including the euro, pound and yen.

Goldman is now predicting upward moves in the euro and the pound against the dollar, predicting $1.15 for EUR/USD, a 2.67% boost, and $1.40 for GBP/USD, a 4.47% rally from current prices.

Says the Goldman strategists,

“This balance should entail a weaker dollar over time, but we still expect that to be a gradual and uneven process. We also still believe the dollar’s high valuation will not be eroded quickly or easily, but the bar has been lowered a bit…

Support for sterling is coming both from its risk beta as well as solid growth momentum and a patient BOE. Markets have priced out US recession risk, benefiting risky assets and pro-cyclical currencies like sterling.”

Goldman’s call for a weaker dollar differs from the forecast from German banking titan Deutsche Bank, who believes that a potential Donald Trump presidency will ultimately boost the dollar relative to other currencies.

“We think pricing for the Fed is too dovish and that the market is underpricing the dollar positive risks around a Trump victory, so we like buying the USD.”

@ Newshounds News™

Source:  DailyHodl

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XRP RECOGNIZED BY SWIFT AS A BRIDGE CURRENCY FOR 11,000+ BANKS

▪️XRP was recognised as a bridge currency by SWIFT, an interbank messaging platform that connects over 11,000 banks globally and facilitates $150 trillion in transfers annually.

▪️While the two were initially viewed as rivals, they work even better together, with SWIFT bringing legacy finance connections while XRP provides the tech.

Years ago, XRP was viewed as the ultimate solution that would wipe off traditional cross-border rails, with SWIFT being put on notice. However, crypto has matured since then, and its enthusiasts have recognized that it’s easier to integrate with established players than to fight them, Now, XRP is seen as complementary to SWIFT rather than a whole new solution.

SWIFT has also warmed up to XRP, and in a partnership with blockchain consortium R3 that extends back over five years, the interbank messaging platform mentioned XRP as one of the options for a bridge currency between its participants.

SWIFT is the world’s most popular interbank messaging protocol, connecting over 11,000 global banks, ranging from multinational behemoths like JPMorgan and Bank of China to local union banks. In its most recent published figures, it revealed that it was recording 45 million transfers daily, resulting in $150 trillion worth of value transfers facilitated annually.

As XRP enthusiasts noted on social media, this recognition is important for XRP.

XRP for Global Fund Transfers
Today, sending an email or a chat message is instant and cheap. However, sending a financial message remains cumbersome, very costly and extremely slow. Most banks take three to five working days to deliver the funds, leading to the joke that it’s easier to take a flight and deliver the cash in hand rather than send it via SWIFT.

Since crypto launched, this has been one of the sectors it’s targeted. XRP has been one of the leaders in this revolution owing to its very low fees and fast transactions. While it has seen some traction, including integrating with several banks globally, it has yet to land its key moment.

Despite the integrations, Ripple is still pushing to completely overhaul the system. As we reported, CEO Brad Garlinghouse revealed recently he’s still focused on “trying to let value move the way information moves today.”

However, it doesn’t happen overnight, he noted. Being a payment network that handles people’s money, XRP and the interlinked systems are moving systematically slowly to ensure they are compliant with every financial regulation and avoid the walls caving in on the leaders as they have for former kingpins like Binance founder Changpeng Zhao and FTX founder Sam Bankman-Fried, who prioritised speed over compliance.

@ Newshounds News™

Source:   Crypto News Flash  

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 THE SILVER PRICE NARRATIVE HAS BEGUN...

💰 Silver, dubbed the "money of the people," is projected for 50% gains in 2024, potentially reaching $1 per ounce due to its diverse uses beyond gold.

📈 In the past 11 months, silver has outperformed gold by 61%, with analysts predicting a potential surge to $50 an ounce within 100 days if it breaks above $32.

🗓 2024 has been officially named the "year of the metals" by GSC commodity intelligence, marking the beginning of the "silver narrative" expected to continue into 2025.

The Economic Ninja encourages everyone to own at least 2 ounces of silver, calling it the "investment of the century" due to anticipated truth revelations.

🚀 Predictions suggest silver prices will reach all-time highs in 2025, with some analysts offering even more bullish forecasts for the precious metal's future value.

@ Newshounds News™

Source:  The Economic Ninja

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XRP NEWS: TOP RIPPLE EXECUTIVES TO ATTEND FEDERAL RESERVE BANK’S 8TH ANNUAL FINTECH CONFERENCE

▪️Ripple’s Brad Garlinghouse and Chris Larsen have been reported to appear at the upcoming annual Fintech conference hosted by the Federal Reserve Bank of Philadelphia.

▪️Before this, Ripple’s flagship event – the Swell conference, would be hosted with several industry key players expected to discuss the future of the crypto industry.

The price of XRP surged 4% daily after reports emerged that Ripple executives Brad Garlinghouse and Chris Larsen would make a groundbreaking appearance at the annual fintech conference.

According to details, the upcoming event would be the eighth edition hosted by the Federal Reserve Bank of Philadelphia from October 22 to October 23. Based on the information available on the host’s website, this year’s conference would feature notable fintech professionals and researchers speaking on various topics, including real-world asset tokenization, banking-as-a-service, tokenized deposits, and the potential role of fintech in shaping the future of finance.

In addition to the Ripple executives, the list of expected speakers at the event includes Coinbase lawyer Paul Grewal, and the head of the Crypto Council for Innovation Sheila Warren.

The Swell Conference by Ripple
From October 15-16, Ripple will also host its annual flagship event, the Swell Conference. According to the blockchain company, this event will be attended by more than 40 countries, over 600 attendees, and more than 50 speakers.

Based on the document we have, some of the featured speakers would include Ripple’s Brad Garlinghouse, superintendent at the New York State Department of Financial Services Adrienne Harris, former chair of the FDIC and founding chair of the Systemic Risk Council Sheila Bair, global head of blockchain and digital assets at BBVA Francisco Maroto, and Chief Security Officer at Coinbase Philip Martin.

According to reports, the conference would discuss several topics to reveal how financial institutions and businesses leverage crypto in blockchain technology.

Court Case Still Hanging
Currently, the entire crypto industry is waiting for the appeal decision by the US Securities and Exchange Commission (SEC) as the October 7 deadline is fast approaching. According to a former SEC lawyer, the Commission would likely appeal the ruling on the programmatic sales of XRP by Judge Analisa Torres as we reported. However, Ripple’s Chief Legal Officer Stuart Alderoty believes that the conflict has ended.

Attorney Jeremy Hogan commented on this and advised the Commission to consider its “mandate of investors’ protection” in its decision-making.

Of course, they think the opinion is wrong – they were on the losing side. What the SEC should be thinking of right now is whether an appeal furthers its mandate of investor protection and capital formation. Why isn’t that top of mind? More evidence the SEC has lost the plot.

@ Newshounds News™

Source:  Crypto News Flash

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🌍 7 CONFUSING CRYPTO TERMS (ALMOST) NOBODY UNDERSTANDS | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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