America Is Entering A New 'Economic Supercycle'

America Is Entering A New 'Economic Supercycle'

Linette Lopez  Sun, October 20, 2024  Business Insider

No one's going to sound an alarm, blast out a text message, or shoot you an email about it, but the US economy is undergoing a historic shift. We are leaving one long period of expansion — what economists refer to as a "supercycle" — and entering a very different one.

Over the past 15 years, the economy has been characterized by weak demand and low interest rates — a decade-and-a-half hangover from the Great Recession. Now, experts tell me, that is coming to an end.

The world has changed, and we are entering an era of higher growth, creeping inflation, and geopolitical instability that will reroute the flow of money around the world. A new era has arrived, but it's going to be bumpy.

The good news is that this new era looks as if it will be unencumbered by some of the problems that put a ceiling on growth during the previous era. The most salient feature of the old period, economists say, was the risk of deflation — the possibility that a lack of demand would cause wages and prices to spiral downward, a trap that is extremely difficult to escape.

In an effort to avoid that fate, policymakers in Washington pushed interest rates down to zero and encouraged all kinds of risky behavior among investors, businesses, and everyday consumers.

Investors trying to reach their benchmarks "had to creep out on the risk spectrum," Josh Hirt, a senior economist at Vanguard, tells me. "Supercheap debt," he says, made it easy for businesses to "overexpand and overhire."

The pro-risk environment had some earth-shifting consequences. Silicon Valley put the internet on our phones, China blew a massive bubble in its property market, and the world started investing in renewable energy.

But low interest rates did little to boost demand, and the economy consistently grew slower than it did before the crash, never notching above 3% GDP growth. It was only after the massive government stimulus, spurred by the pandemic, that the economy reached escape velocity, pushing up wages and starting to grow at a healthy clip.

Now, economists say, we're entering a supercycle that will be characterized by three sweeping forces. First, higher interest rates will reward savers, making it more expensive to take risks. Second, geopolitical and economic volatility will generate inflationary effects, reintroducing the specter of soaring prices.

And third, industrial planning will be increasingly influenced by national-security concerns, altering supply chains across industries. How low interest rates wind up settling will establish a new gravitational pull in global markets, recalibrating the forces that determine where the economy is most likely to grow — and where investment is most likely to flow.

The new supercycle "puts the economy in a completely new era," says Silas Myers, the CEO of Mar Vista Investments, which oversees $4 billion in assets. He warns that an entire generation of investors, lenders, and entrepreneurs have failed to embrace the "profound impact" that the new economic era will have on their businesses.

"We were in a time that was less demanding and more forgiving," Myers says. "But that time is ending."

One of the clearest signs that a new economic supercycle has arrived is when the financial rules go topsy-turvy. The previous supercycle was ushered in when the Federal Reserve, in response to the destruction caused by the financial crisis, cut its benchmark interest rate to 0% — the first time the central bank went all the way to the bottom.

The structural shift sent shockwaves throughout the world. Yields on Treasury bonds tanked, meaning investors had to start taking some serious risks if they wanted to make money. This new adventurism pushed stocks higher and higher.

TO READ MORE:  https://www.yahoo.com/news/america-entering-economic-supercycle-094602486.html

Seeds of Wisdom RV and Economic Updates Monday Morning 10-21-24

Good Morning Dinar Recaps,

STABLECOINS CAN BENEFIT FINANCIAL SYSTEM, FED GOVERNOR SAYS

The United States national debt has crossed $35 trillion, with $500 billion added to the government debt in the last two weeks alone.

On Oct. 18, Federal Reserve Bank Governor Christopher Waller told an audience at the Institute of Advanced Studies that well-regulated stablecoins could benefit the current financial system.

.

“Stablecoins can reduce the need for payment intermediaries and thereby reduce costs of payments globally,” Waller stated, but immediately qualified his remarks by saying that stablecoin “safety is not assured.” The Fed official explained:

“If appropriate guardrails can be erected to minimize run risk and mitigate other risks, such as their potential use in illicit finance, then stablecoins may have benefits in payments and by serving as a safe asset on a variety of new trading platforms.”

Waller also argued that decentralized finance can achieve a symbiotic relationship with traditional finance instead of supplanting it altogether. This viewpoint has been previously pitched by some US lawmakers, who argue that decentralized finance and dollar-denominated stablecoins can extend dollar dominance by decades.

Stablecoins as a way to extend US dollar hegemony
On June 14, an article was published in The Wall Street Journal, written by former United States Speaker of the House Paul Ryan, making a case for how stablecoins could mitigate the looming debt crisis.  

Ryan pointed out that stablecoins create demand for US Treasurys and US dollars, which will keep the dollar competitive against the Chinese yuan and preserve its current status as the global reserve currency.

More recently, in October, US Senator Bill Hagerty introduced the Clarity for Payment Stablecoins Act building upon Representative Patrick McHenry’s 2023 stablecoin bill.

The most notable changes to the bill were provisions to regulate stablecoins at the state level and removing a clause in the 2023 version of the bill that identified stablecoins as securities.

Despite these efforts, a recent report from Chainalysis revealed that the US is lagging in stablecoin adoption. According to Chainalysis, the market share of stablecoin transactions on US-regulated exchanges dropped below 40% in 2024. Comparatively, the share of stablecoin transactions via offshore exchanges rose to 60% this year.

@ Newshounds News™

Source:  CoinTelegraph

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BRICS SAUDI ARABIA: OFFICIAL ANNOUNCEMENT ON MEMBERSHIP

Despite accepting an invitation to join the alliance in 2023, the BRICS bloc has yet to fully welcome Saudi Arabia into the alliance.

That could be set to change at the BRICS 2024 Summit, according to an official announcement. Specifically, Russian Spokesperson Dmitry Peskov noted Riyadh’s participation within the alliance will be made clear after the upcoming event.

The ongoing saga has seen different responses from both sides throughout the year. Saudi Arabia has continuously said that it is carefully observing the risks and benefits of joining the bloc. However, the alliance has continued to affirm that the country is the 10th member of the growing collective. That distinction is likely to be verified after the event takes place.

BRICS & Saudi Arabia to Clarify Position After 2024 Summit
Last year, the BRICS bloc announced its first expansion effort since 2001. Indeed, the bloc had announced that five nations had accepted invitations to join the bloc. Specifically, these countries included the United Arab Emirates (UAE), Egypt, Iran, Ethiopia, and Saudi Arabia.

However, one of those nations had not officially accepted the invitation. Saudi Arabia clarified that it had yet to join the bloc and was still considering the strategic benefits of joining the group. A year later, the situation is yet to be resolved. However, it does appear as though an answer is coming.

According to a Russian spokesperson, the BRICS group will clarify Saudi Arabia’s membership within the alliance after the 2024 Summit. The event, taking place next week in Kazan, is the biggest of the calendar year for the alliance. With questions surrounding Saudi Arabia’s attendance, the questions of its membership began to resurface.

“The summit will be held very soon,” Dmitry Peskov told Russian state media. “We will inform you additionally who will represent Saudi Arabia or if it will be represented at the summit at all. Based on this, we will make conclusions.”

In 2023, Saudi Arabia’s position in the bloc was considered a game changer. The oil and gas powerhouse would’ve brought forth unprecedented geopolitical benefits to the group. Yet, it also would have only magnified tensions with the West. These relationships are likely the basis for the country’s reluctance to join the Global South’s opposition. Yet, the answers to its membership question should be obvious after the summit concludes.

@ Newshounds News™

Source:  Watcher Guru

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Source:  Seeds of Wisdom Team RV Currency Facts

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MilitiaMan & Crew News Reporting - Iraq Dinar Updates - Gold - Investor Confidence - Investment Budget

MilitiaMan & Crew News Reporting - Iraq Dinar Updates - Gold - Investor Confidence - Investment Budget

10-20-2024

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=YB_iwjz8Ek4

Iraq News Highlights and Points To Ponder Sunday Afternoon 10-20-24

Iraq's Oil Exports To America Drop Significantly In A Week

Energy   Economy News - Follow-up  The US Energy Information Administration announced today, Sunday, that Iraq's oil exports to America declined during the past week.

The administration stated in a table reviewed by "Al-Eqtisad News" that "the average US imports of crude oil during the past week from 9 major countries amounted to 5.007 million barrels per day, down by 298 thousand barrels per day from the previous week, which amounted to 5.305 million barrels per day."

She added that "Iraq's oil exports to America amounted to 70 thousand barrels per day last week, down by 171 thousand barrels per day from the previous week, which amounted to 241 thousand barrels per day."

The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 3.537 million barrels per day, followed by Mexico at an average of 406 thousand barrels per day, then Saudi Arabia at 314 thousand barrels per day, and from Colombia at 223 thousand barrels per day."

According to the table, "the amount of US crude oil imports from Brazil is 154 thousand barrels per day, from Nigeria 134 thousand barrels per day, from Venezuela 134 thousand barrels per day, and from Ecuador at a rate of 35 thousand barrels per day, while it did not import any amount from Libya. 10/20/2024 - https://economy-news.net/content.php?id=48914 

Economist Reveals The Value Of Oil Derivatives Smuggled From Kurdistan To Türkiye

Information/Anbar..  Economic expert Rashid Al-Saadi revealed, today, Sunday, that Iraq's losses due to the smuggling of large quantities of oil derivatives from the Kurdistan Region to Türkiye amounted to one billion and 500 million dollars.

Al-Saadi said in a statement to / Al-Maalouma / agency, "The Oil Marketing Company (SOMO) imposed a financial fine on Turkey as compensation to be paid to Iraq for the value of the oil smuggled from the Kurdistan Region to Turkey, amounting to one billion and 500 million dollars, but Turkey is still delaying the process of paying the financial amounts due on it as a result of receiving stolen oil shipments from Iraq."

He added, "Imposing financial compensation on Türkiye came against the backdrop of the halt in oil exports from Iraq to Ceyhan."

Al-Saadi continued, "The halt in Iraqi oil exports to Turkey via the port of Ceyhan has revived the smuggling of oil derivatives from the Kurdistan Region to Turkey, despite the fact that oil exports to Turkey are officially halted by the State Oil Marketing Company (SOMO)."

He pointed out that "the smuggling of oil derivatives from the Kurdistan Region to Türkiye is large and has greatly affected Iraq's oil imports."   LINK

Iraq Signs Agreement With Turkmenistan To Supply 20 Million Cubic Meters Of Gas Per Day

Posted On2024-10-19 By Sotaliraq  10/19/2024  The signing ceremony of the agreement and contract for the supply of Turkmen gas to Iraq took place in the capital, Baghdad, today, Saturday.

On the Iraqi side, it was signed by Ziad Ali Fadhil, Minister of Electricity, and on the Turkmen side, it was signed by Maksid Babayev, Minister of State and Chairman of the Gas Company in his country.

The signing of the agreement was the culmination of intensive technical efforts that extended for more than a year, including multiple meetings, mutual visits, and the signing of a memorandum of understanding last year.

The terms of the agreement stipulate that Iraq will be supplied with 20 million cubic meters of Turkmen gas per day, which will constitute a qualitative addition to the country’s energy sources.

The Swiss company (Loxstone Energy), which was contracted under the decisions of the Council of Ministers, is responsible for delivering Turkmen gas to Iraq, using the Iranian pipeline network, relying on the swap mechanism, which ensures the smoothness and efficiency of the transportation process, according to a statement issued by the Iraqi Ministry of Electricity.

Following the conclusion of the agreement, the Minister of Electricity confirmed in a joint press statement with the Turkmen Minister of State that the agreement is part of the government’s program to diversify energy sources and enhance supplies, and the Iranian side’s approval was obtained.

He explained that "this step will contribute significantly to ensuring that gas stations are supplied with the necessary fuel," indicating that "gas stations currently contribute about 60% of the total electricity production in Iraq."

He continued, “We work in the Ministry of Electricity according to a comprehensive vision that combines immediate solutions and long-term strategy,” noting that “importing gas represents a temporary measure until our national gas production projects are completed, self-sufficiency is achieved, and full reliance on our local resources is achieved within the next few years.”

For his part, the Turkmen minister expressed his pride in this strategic partnership, stressing his country's commitment to supporting Iraq's efforts to develop the energy sector.

We are proud to be a reliable partner of Iraq in the energy sector, and we look forward to strengthening economic cooperation between our two countries,” Maksad Babayev said in the joint statement.

In early July, Iran signed an agreement stipulating the exchange of gas between it and Turkmenistan, after intensive negotiations.

Iranian media reported at the time that a contract had been signed to exchange gas between Iran and Turkmenistan, and then supply it to Iraq.

[On October 6, 2023, the Iraqi Minister of Electricity, Ziyad Ali Fadhil, signed a memorandum of understanding with the Turkmen Minister of State for Gas Affairs, to supply Turkmen gas to Iraq.

Iraq imports electricity and gas from Iran for between a third and 40 percent of its energy needs, which is critical, especially in the summer months when temperatures reach 50 degrees Celsius and energy consumption peaks.

[size=45]Iraq is facing difficulty in paying for these imports due to US sanctions that only allow Iran to obtain funds to purchase non-sanctioned goods, such as food and medicine.  LINK

Al-Sudani: We Will Reach A Production Stage Exceeding 80% In Three Years[/Size]

Local | 03:05 - 10/19/2024   Mawazine News - Baghdad   Prime Minister Mohammed Shia al-Sudani announced today, Saturday, the production of 25% of Iraq's need for antibiotics, stressing that a pharmaceutical production stage exceeding 80% will be reached within three years.

His office stated, in a statement received by "Mawazine News", that "al-Sudani opened, today, two factories for antibiotics (cephalosporins) and immunosuppressive drugs, which are private sector projects, within the program to localize pharmaceutical industries in Iraq, which the government has adopted as a priority in its program."

Al-Sudani was briefed on "the stages of work in the factory, which has adopted the most advanced global technological origins, represented by the Italian company (EMA), which specializes in pharmaceutical industries, and met with the working cadres from various scientific specialties, in addition to reviewing the stages of implementing a new factory for cancer treatment drugs at a cost of (60) million dollars, which is planned to be completed in the coming months."

He pointed out that "this factory was established in light of the government's decisions taken since the beginning of its work," stressing that "the goal of localizing the pharmaceutical industry was among the priorities of the work, and was accompanied by providing facilities to private sector drug producers, in the field of issuing loans and sovereign guarantees to establish pharmaceutical projects.

" Al-Sudani noted that "the products of this factory of antibiotics will cover about (25%) of the country's need, which is important to achieve self-sufficiency," stressing "work to achieve drug security, as it is not permissible to accept that local pharmaceutical products cover 10% of the original drug market, which is worth more than (3) billion dollars."

He explained that "contracts for establishing pharmaceutical projects have increased under the current government by more than 60%, which is a positive indicator for reaching a production stage exceeding 80% during the next three years, especially for life-saving drugs and cancer patients' drugs, which are expensive and difficult to secure on a permanent basis," stressing "work to establish the pharmaceutical industrial city."

Cephalospor ins are life-saving antibiotics, and they will be produced in all their pharmaceutical forms up to the fourth generation, which include suspensions with a capacity of (12) million vials annually, capsules with a capacity of (450) million capsules annually, tablets with a capacity of (600) million tablets annually, and intramuscular and intravenous injections (vials) with a capacity of (40) million injections annually.   https://www.mawazin.net/Details.aspx?jimare=256064

Karbala Refinery Shutdown For Maintenance Cuts 40% Of Kerosene Supply

Policy  2024-10-20   1,414 views   Sumerian News – Local  Confirmed Committee Oil and Gas Parliamentary Committee, today, Sunday, to stop Filtered Karbala Its maintenance led to a 40% cut in kerosene fuel supplies. Iraq.

A member said Committee Oil, Gas and Natural Resources in the Council Representatives Thank you very much, "Musfa"KarbalaIt witnessed a halt in maintenance work, which led to a 40 percent cut in the supply of kerosene, which is necessary for the operation of power plants. Electricity And electric generators, as well as operating several types of vehicles.

Al-Mashkoor stressed that “the government was forced to compensate for the shortage of kerosene and divert the available amount to power generation stations. ”electricity Considering it the most important in terms of serving citizens, stressing “the return of a large part of it, equipping fuel stations, and restoring things to their former state,” according to the newspaper. the morning Governmental.  LINK

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 10-20-24

Good Afternoon Dinar Recaps,

BRICS SUMMIT TO FAR SURPASS US PRESIDENTIAL ELECTION IN GLOBAL IMPORTANCE, RUSSIAN OFFICIAL CLAIMS

The BRICS summit, not the U.S. presidential election, will be the defining event of global history, a Russian official claims. With BRICS expanding and 65% of its transactions now in national currencies, they argue the world is shifting away from U.S. dominance toward sovereign partnerships. 

“I believe that in 2024 the vector of human development will be established in Kazan, and not in the wavering United States,” the official noted.

BRICS Over US Election? Russian Official Sees a Decisive Global Shift Ahead
Russian Federation Council Speaker Valentina Matviyenko has emphasized that the upcoming BRICS summit, rather than the U.S. presidential election, will be the crucial event that will shape the future of global history.

In a post on her Telegram channel, Matviyenko argued that “the world has changed significantly” and made it clear that the U.S. election would not hold the same influence over the world community as Washington might hope. She was quoted by Tass as stating:

The upcoming U.S. presidential elections will not be the most important event of the year for the world community and will not determine the further course of history. No matter how much Washington would like it to be. The BRICS summit will be that event.

Matviyenko went on to highlight that the changes taking place are “objective and irreversible processes.” Additionally, she underscored the significance of the summit’s high-level representation and the increasing number of membership applications as indicators that “truly responsible leaders of sovereign states” are aware of BRICS’ growing importance. She further asserted, “I am sure that news from Russia will be followed on all continents.”

BRICS, originally formed in 2006 by Brazil, Russia, India, and China, and later joined by South Africa in 2011, is now expanding further. In January, Egypt, Iran, the United Arab Emirates (UAE), Saudi Arabia, and Ethiopia became full members of the group.

This expansion comes during Russia’s presidency of BRICS. The main event of Russia’s presidency will be the BRICS summit in Kazan, scheduled for Oct. 22-24. In the meantime, the U.S. presidential election is slated for Nov. 5.

Matviyenko also noted:

I believe that in 2024 the vector of human development will be established in Kazan, and not in the wavering United States.

“The three days of the BRICS summit and the negotiations of the leaders of the world majority in the capital of Tatarstan will have a decisive influence on our future,” she opined.

Russia’s State Duma Speaker Vyacheslav Volodin said BRICS is challenging the dominance of Washington and Brussels as more nations seek equal partnerships prioritizing their interests. Volodin noted a global shift away from alliances with the U.S. and its allies, favoring cooperation that respects sovereignty and mutual benefit. 

BRICS countries are increasingly using national currencies, with 65% of transactions now conducted in local currencies, while the U.S. dollar and euro account for less than 30%, indicating efforts to reduce reliance on Western financial systems, a trend driven by sanctions and geopolitical tensions.

@ Newshounds News™

Source:  Bitcoin News 

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SIAM COMMERCIAL BANK LAUNCHES STABLECOIN CROSS BORDER PAYMENTS

Siam Commercial Bank (SCB), one of Thailand’s big five banks, has launched a stablecoin solution for cross border payments, including remittances. The project graduated from the Bank of Thailand regulatory sandbox in October 2024.

The bank partnered with SCB 10X, its venture and innovation arm, and Singapore fintech Lightnet for the launch with custody technology provided by Fireblocks. We’ve requested details about the public blockchain and stablecoins being used, but didn’t receive a response in time for publication.

Cross border payments usually require banks to have pre-funded Nostro accounts at the destination. Using stablecoins this may not be needed. Plus stablecoin transfers are very inexpensive and can happen 24/7.

“By leveraging blockchain technology and stablecoins, we are making cross-border remittances more efficient, reliable, and accessible for everyone,” said Thanawatn Kittisuwan, First EVP & Head of Digital Juristic & Payment at SCB.

Initially the solution targets consumers, but now SCB plans to work on offering it to corporate customers. The big three Japanese banks are looking to do something similar for cross border payments, but they hide the use of stablecoins. Hence, clients initiate bank payments in the usual way.

SCB Tech X also participated in a Hedera DLT stablecoin trial that involved other banks, including Korea’s Shinhan Bank, a Taiwanese Bank, and South Africa’s Standard Bank as an observer.

@ Newshounds News™

Source:  Ledger Insights

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🌱 BRIC' PAYMENT CARD? WHAT IS BRIC WHAT DOES IT HAVE TO DO WITH ANYTHING?  |  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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Iraq Economic News and Points To Ponder Sunday AM 10-20-24

Among Them Are Exchange Rates.. The Most Prominent Advantages Of Increasing Iraq’s Share In The International Monetary Fund

Money and business  Economy News – Baghdad  The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed today, Saturday, that increasing Iraq's share of the international monetary fund is a step to confront economic challenges and stabilize the dinar, while he pointed out that it is a tool against exchange rate fluctuations and inflation problems and to enhance investors' confidence in the Iraqi economy.

Saleh told the official agency, which was followed by "Al-Eqtisad News", that "Iraq maintains a reserve of gold within its foreign reserves, and it is part of the official reserves of the Central Bank of Iraq, as monetary gold is a means of supporting the value of the Iraqi dinar and achieving the desired economic stability."

“When inflation rises and the value of foreign currencies falls, the price of gold usually rises, so gold is a hedge against inflation or currency devaluation. It is also a type of long-term investment and contributes to diversifying the country’s sovereign investment portfolio, because it is originally stable compared to currency volatility,” he added.

He continued: "Our country holds about 150 tons of gold, which constitutes a percentage of the country's foreign currency reserves. This reserve is managed in accordance with the guidelines issued by multilateral international financial organizations. It represents a hedging tool and a safe and appropriate haven, as it is an important part of the national currency cover."

He pointed out that "the monetary authority in our country has sought in recent years to increase its gold reserves, in order to confront economic challenges and ensure the stability of the Iraqi dinar."

He explained that "gold remains a protection tool against fluctuations in exchange rates and inflation problems, and it also contributes to enhancing investor confidence in the Iraqi economy."

Earlier, the Council of Ministers approved increasing Iraq's share in the International Monetary Fund by the equivalent of (831,900,000) SDR, or the equivalent of (1.45025127) trillion dinars, according to the exchange rate on October 8, 2024, provided that the amount of the increase is included in the allocations for the year 2025, and that the proposed increase will lead to an increase in Iraq's share in the International Monetary Fund by 50% of the previous share, and to an increase in Iraq's voting power. 133 views    10/19/2024 - https://economy-news.net/content.php?id=48887

The Dollar Opens The Beginning Of The Week Higher Against The Dinar In Baghdad

19/10/2024  Mawazine News – Economy  The US dollar exchange rate rose in Baghdad markets on Saturday morning.

The dollar price rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 153,300 dinars per 100 dollars, while it recorded 153,000 dinars per 100 dollars last Thursday.

The selling prices in exchange shops in the local markets in Baghdad recorded an increase, as the selling price reached 154,250 dinars, while the purchase price reached 152,250 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=256066

Al-Sudani: We Will Reach A Production Stage Exceeding 80% In Three Years

Local | 03:05 - 10/19/2024  Mawazine News – Baghdad  Prime Minister Mohammed Shia al-Sudani announced today, Saturday, the production of 25% of Iraq's need for antibiotics, stressing that a pharmaceutical production stage exceeding 80% will be reached within three years.

His office stated, in a statement received by "Mawazine News", that "al-Sudani opened, today, two factories for antibiotics (cephalosporins) and immunosuppressive drugs, which are private sector projects, within the program to localize pharmaceutical industries in Iraq, which the government has adopted as a priority in its program."

Al-Sudani was briefed on "the stages of work in the factory, which has adopted the most advanced global technological origins, represented by the Italian company (EMA), which specializes in pharmaceutical industries, and met with the working cadres from various scientific specialties, in addition to reviewing the stages of implementing a new factory for cancer treatment drugs at a cost of (60) million dollars, which is planned to be completed in the coming months."

He pointed out that "this factory was established in light of the government's decisions taken since the beginning of its work," stressing that "the goal of localizing the pharmaceutical industry was among the priorities of the work, and was accompanied by providing facilities to private sector drug producers, in the field of issuing loans and sovereign guarantees to establish pharmaceutical projects.

" Al-Sudani noted that "the products of this factory of antibiotics will cover about (25%) of the country's need, which is important to achieve self-sufficiency," stressing "work to achieve drug security, as it is not permissible to accept that local pharmaceutical products cover 10% of the original drug market, which is worth more than (3) billion dollars."

He explained that "contracts for establishing pharmaceutical projects have increased under the current government by more than 60%, which is a positive indicator for reaching a production stage exceeding 80% during the next three years, especially for life-saving drugs and cancer patients' drugs, which are expensive and difficult to secure on a permanent basis," stressing "work to establish the pharmaceutical industrial city."

Cephalosporins are life-saving antibiotics, and they will be produced in all their pharmaceutical forms up to the fourth generation, which include suspensions with a capacity of (12) million vials annually, capsules with a capacity of (450) million capsules annually, tablets with a capacity of (600) million tablets annually, and intramuscular and intravenous injections (vials) with a capacity of (40) million injections annually.   https://www.mawazin.net/Details.aspx?jimare=256064

Oil Posts 7% Weekly Loss.. Brent At $73

Energy  Economy News - Follow-up  Oil futures fell on Friday, posting a weekly loss of more than 7% after data showed China's economic growth slowed and as investors weighed mixed forecasts for the Middle East.

Brent crude futures fell $1.39, or 1.87%, to settle at $73.06 a barrel, while U.S. West Texas Intermediate crude fell $1.45, or 2.05%, to $69.22 a barrel.

Brent fell more than 7% this week, while WTI lost about 7%, their biggest weekly declines since Sept. 2, after the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency cut their forecasts for global oil demand in 2024 and 2025.

The economy in China, the world's largest oil importer, grew in the third quarter at the slowest pace since early 2023, but data on consumption and industrial production beat expectations in September.

“China is important to the equation in terms of demand, so that is having a big impact on prices here today,” said John Kilduff, a partner at Again Capital in New York.

China's refinery output also fell for the sixth straight month as weak fuel consumption and lower refining margins weighed on Processing operations.

“We can’t ignore the impact of electric vehicles in China,” said Neil Atkinson, an independent energy analyst based in Paris and former head of the International Energy Agency’s oil division.

"There are many factors at play here, the economic weakness in China, but also the move towards electrification of the transport sector," he added.

Electric vehicle sales in China jumped 42% in August to a record high of more than 1 million vehicles.

China's central bank has rolled out two financing plans that will initially inject 800 billion yuan ($112.38 billion) into the stock market through newly launched monetary policy tools.

“Chinese data is showing tentative signs of improvement, but recent briefings on additional economic stimulus have left market participants feeling frustrated,” said Rishi Rajanala, partner at Aegis Hedging.

US President Joe Biden said yesterday that there is an opportunity to deal with Israel and Iran in a way that could potentially end their conflict in the Middle East for a while.

When Biden visited Berlin, he told reporters he had an understanding of how and when Israel would respond to the Iranian missile attack, something investors are still anxiously awaiting, Alex Hudis, an analyst at brokerage StoneX, said in a note.

The Lebanese Hezbollah group announced yesterday, Friday, the transition to a new and escalating phase in the confrontation with the Israeli forces after the killing of Yahya Sinwar, head of the political bureau of the Palestinian Islamic Resistance Movement (Hamas).

This dashed earlier hopes today that Sinwar's death would hasten an end to an escalating war in the Middle East.

The US Energy Information Administration said that crude production in the United States reached a record level at the end of last week, as production rose by 100,000 barrels per day in the week ending October 11 to record 13.5 million barrels per day, after recording the previous peak of 13.4 million barrels per day two months ago.

Oil prices received support after data from the US Energy Information Administration showed that US crude oil, gasoline and distillate inventories fell last week.

U.S. retail sales rose slightly more than expected in September, and investors still see a 92 percent chance the Federal Reserve will cut interest rates in November. 92 views 10/19/2024 - https://economy-news.net/content.php?id=48884

Within A Week..More Than One Billion Dollars In Sales From The Central Bank Of Iraq

Saturday 19 October 2024 14:28 | Economic Number of readings: 69  Baghdad/ NINA / The total sales of the Central Bank of Iraq of hard currency during the days in which the auction was opened last week exceeded one billion dollars.

The Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 317 million, 374 thousand, and 259 dollars, at a daily average of 263 million, 474 thousand, and 852 dollars, higher than the previous week, which amounted to one billion, 309 million, 74 thousand, and 838 dollars.

The highest dollar sales were on Sunday, where sales amounted to 270 million, 808 thousand, and 434 dollars, while the lowest sales were on Wednesday, where sales amounted to 253 million, 497 thousand, and 545 dollars.

Foreign remittance sales during the past week amounted to "one billion, 279 million, 724 thousand, and 259 dollars, an increase of 97% compared to cash sales, which amounted to 37 million, 650 thousand dollars. / End   https://ninanews.com/Website/News/Details?key=1163065

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

Seeds of Wisdom RV and Economic Updates Sunday Morning 10-20-24

Good Morning Dinar Recaps,

BRICS SUMMIT TO SEE ALLIANCE TAKE MAJOR STEP TO END US DOLLAR

With the landmark event just days away, the BRICS 2024 Summit is set to see the economic bloc take a major step toward ending US dollar dominance. 

Indeed, the collective will gather in Kazan, Russia for the event that could be one of its most important. Chief among the matters to be discussed by the bloc is its ongoing de-dollarization efforts.

At the recent Business Forum that took place in Moscow, the bloc officially debuted the long-awaited BRICS Pay system. The alliance debuted a demo card for participants to utilize throughout the weekend. Those efforts will likely continue at the summit, with the bloc poised to make monumental announcement

BRICS to Take Major De-Dollarization Step at 2024 Summit
The BRICS Summit has become one of the most important days for the alliance. In 2023, it saw the bloc welcome its first expansion effort since 2023.

Specifically, the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran joined the collective. This year, the bloc is expected to welcome similar landmark announcements.

Among them are key efforts to lessen economic reliance on the West. Indeed, the BRICS Summit 2024 will see the bloc take a major step toward ending US dollar dominance.

According to a new Reuters report, Russia is going to engage participating countries in taking part in building an international payment platform. Specifically, the platform would be “immune” to Western sanctions.

Imposed sanctions after Russia’s invasion of Ukraine have been a constant issue for the alliance.

Their presence has become a catalyst for the bloc’s continued efforts to promote local currencies. At the upcoming summit, those efforts are set to be magnified as they attempt to increase economic prominence on a global scale.

The proposal will be rooted in the connection of commercial banks. It would utilize blockchain, similar to the developing BRICS Pay platform. Altogether, it will likely be the continued expansion of the payment platform that has been in development for much of the last year.

@ Newshounds News™

Source:  Watcher Guru

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CHARLES HOSKINSON PREDICTS CARDANO WILL SURPASS BITCOIN AND ETHEREUM

▪️Hoskinson believes Cardano will surpass Bitcoin and Ethereum in the future.

▪️The network's growth relies on technological innovation and decentralized governance.

▪️Community focus is prioritized over marketing efforts for sustainable development.

Charles Hoskinson, the founder of Cardano  expressed his belief that the Cardano network will eventually grow larger than Bitcoin and Ethereum, providing a timeline for when this might occur. He indicated that the Voltaire era would give Cardano a competitive edge over other layer-1 networks.

Future of Cardano
Hoskinson stated that Cardano would become a larger network than Ethereum in ten years and surpass Bitcoin in twenty years. He also noted that most governments will be working on their own infrastructures in the coming decade.

Cardano being larger than Bitcoin and Ethereum would mean that ADA‘s market value would exceed that of BTC and ETH. Currently, ADA holds the eleventh position in market value, while BTC and ETH occupy the first and second positions, respectively.

Advantages of Decentralized Governance
Hoskinson firmly believes in Cardano’s superior technology compared to other networks, predicting that this advantage will become more evident over time. He emphasized the network’s competitive edge through decentralized governance and promising plans.

He highlighted the importance of decentralized governance, stating they prefer building a genuine community over merely focusing on marketing.

Despite aiming to establish an independent structure free from central intermediaries and global firms, progress toward these goals has been extremely slow, causing community dissatisfaction.

Hoskinson’s comments on the Voltaire era highlighted how Cardano distinguishes itself from other layer-1 networks, criticizing others’ reliance on venture capital funding as contrary to the purpose of blockchain technology.

His statements have sparked various opinions regarding Cardano’s potential for future growth, with experts closely monitoring how its technology and community-focused approach may influence market dynamics.

The goal of Cardano surpassing Bitcoin and Ethereum is built on its technological innovations and decentralized governance strategy, with its success dependent on market conditions and network adoption.

@ Newshounds News™

Source: CoinTurk 

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🌱 WHEN WILL THE RV GCR HAPPEN? HOW WILL I KNOW AND BE FUNDED?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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“Tidbits From TNT” Sunday Morning 10-20-2024

TNT:

US Ambassador Alina Romanowski said a “vibrant” private sector and reforms in the banking sector could attract investment to Iraq.

 Romanowski's statement, which she posted on her account on the "X" platform, came on the sidelines of a discussion she described as "fruitful" that took place with the ambassadors of the Iraqi Economic Contact Group, the Trade Bank of Iraq, and the Prime Minister's Office , announcing her support for Iraq's efforts towards sustainable and comprehensive economic development.

Romanowski concluded her post with the hashtag #ComprehensiveUS-IraqiPartnership  link

Tishwash:  Ernst & Young presents plan to reform Rafidain Bank to Iraqi Prime Minister

The auditing and financial consulting firm “Ernst & Young” submitted a package of recommendations to Prime Minister Mohammed Shia Al-Sudani, which included the new legal status of Rafidain Bank, its capital, and its work strategy to proceed with the restructuring process in a way that qualifies it to meet the global requirements for modern banking.

This came during a meeting chaired by Al-Sudani to follow up on efforts to develop the work of the government banking sector, in the presence of representatives of the international auditing company and the Governor of the Central Bank, Ali Al-Alaq, in which he stressed that the restructuring of Rafidain Bank is the first step in the government’s banking reforms, which have given special attention to following up on all reports related to it and submitted by the relevant authorities.

Al-Sudani pointed out that the restructuring will work to provide Rafidain Bank with specifications and standards through which problems can be overcome and confidence can be given to citizens, in addition to enhancing cooperation with local and foreign investors .  link

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Tishwash:  Increase in the market value of companies listed on the Iraq Stock Exchange 

The market value of listed companies increased in market Iraq For securities to exceed the 20 trillion dinar barrier for the first time Iraqi Supported by the banking sector, which represents 50% of the total market value of listed companies, and the communications sector, which represents 39% of the total market value, according to the head of the “Iraq Al-Mustaqbal” Foundation for Economic Studies and Consultations, Manar.Al-Obaidi.

He saysAl-Obaidi In a post I followed Sumerian News, the market value of banking sector companies rose from 6.88 trillion dinars Iraqi In 2021 to reach 10 trillion dinars Iraqi In 2024, the market value of telecommunications companies also increased from 7.3 trillion in 2021 to 7.82 trillion dinars.

The market value of the industrial sector declined compared to 2021, and the market value of the agricultural sector also declined over the four years, according to Al-Obaidi It shows  that the hotel and tourism sector witnessed a significant increase with a growth rate of 61% compared to 2021, so that the market value of the sector rose from 390 billion dinars in 2021 to more than 620 billion dinars in 2024.

It is expected to witness market Iraq Securities will see a significant increase in the coming months and years, especially with the improvement in the revenues of listed companies and the development of their businesses, which makes it a market capable of attracting domestic and foreign investments. It is expected that the market value of the market will reach the 50 trillion dinar barrier in the coming years .Iraqi Supported by the rise in share prices of successful companies as well as the listing of many companies, whether in the public or private sector, on the market, according to Al-Obaidi.   link

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Tishwash:  Minister of Finance participates in the activities of the Arab-Turkish Economic Forum in Istanbul

Minister of Finance Taif Sami participated today, Saturday, in the activities of the Arab-Turkish Economic Forum in its fifteenth session currently taking place in Istanbul.

The ministry said in a statement received by the Iraqi News Agency (INA): "Minister of Finance Taif Sami participated in the activities of the Arab-Turkish Economic Forum in its fifteenth session currently taking place in Istanbul, in the presence of an elite group of government officials, businessmen and investors from Arab countries and Turkey, and Arab finance ministers."

The statement added, "This year's forum focused on enhancing economic and investment cooperation between Arab countries and Turkey, highlighting investment opportunities in areas such as energy, infrastructure, manufacturing and technology."

The statement continued, "The Minister of Finance delivered a speech during the session, in which she stressed the importance of the economic partnership between Arab countries and Turkey in supporting economic growth and enhancing financial stability in the region."

Sami said in her speech on the occasion - according to the statement: "This forum represents a real opportunity to exchange experiences and build long-term strategic partnerships between Arab countries and Turkey, especially in light of the current global economic challenges. She also called for enhancing joint investments and increasing the volume of trade exchange between the two sides."

She pointed out the importance of "completing the construction of the global trade corridor and taking advantage of Turkey's strategic location and the Arab region as a bridge linking major global markets in Asia, Europe and Africa, and facilitating trade movement efficiently to expand investment and energy corridors. "

She added that "Iraq is currently working - in cooperation with the World Bank - to establish and rehabilitate railways; for the purpose of establishing the development road project, and its strategic importance in linking Asia with Europe, in addition to its economic and development returns for the two countries and regional countries."

The statement concluded, "The Minister of Finance held a series of bilateral meetings with a number of Turkish officials and their counterparts from Arab countries; to discuss ways to enhance financial and investment cooperation and discuss issues of common interest."  link

Mot: . da Thought fer da Daze!!!! 

Mot:  Sooooo -- Enjoy!!!!!

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 10-19-24

Good Afternoon Dinar Recaps,

GLOBAL DEBT WILL SHATTER $100,000,000,000,000 THIS YEAR AS GOVERNMENTS PREPARE TO INCREASE SPENDING, WARNS IMF

The International Monetary Fund (IMF) is sounding the alarm on skyrocketing levels of debt held by governments around the world.

In its newest Fiscal Monitor Report, the IMF says global debt is expected to surpass $100 trillion by the end of the year.

That’s up from $97 trillion a year ago, with the United States accounting for about half of the $3 trillion increase.

The IMF says government debt is expected to reach about 93% of global gross domestic product by the end of this year and will approach 100% of GDP by 2030.

The report argues countries should confront their debt risks now, while interest rate reversals give lawmakers space to implement fiscal tightening measures.

“With inflation moderating and central banks lowering policy rates, economies are better positioned now to absorb the economic effects of fiscal tightening.

Delaying would be both costly and risky, as the required correction grows as time goes by; and experience shows that high debt and lack of credible fiscal plans can trigger adverse market reaction, constraining room to maneuver in the face of turbulence.”

The report also highlights the difficulty in truly identifying all government obligations, warning debt forecasts are often overly optimistic.

The IMF says its “debt-at-risk” model suggests that in a severely adverse scenario, global public debt could surge to 115% of GDP within three years due to the potential for weaker growth amid tight financial conditions and other factors like unforeseen policy changes.

Despite the risks, the IMF says government spending is actually set to increase.

“Previous IMF research has shown that fiscal discourse across the political spectrum has increasingly tilted toward higher spending.

And countries will need to increasingly spend more to cope with aging and healthcare; with the green transition and climate adaptation; and with defense and energy security, due to growing geopolitical tensions.”

Earlier this year, the UN also called for “urgent reforms” to the international financial system to address the concerns over surging public debt, which it referred to as a “growing burden to global prosperity.”

@ Newshounds News™

Source:  DailyHodl

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KENYA IMPLEMENTS REAL-TIME CRYPTO TRACKING FOR BETTER TAX COMPLIANCE

▪️The KRA’s new system will integrate with crypto platforms to track real-time transactions, aiming to curb tax evasion and fraud.

▪️Kenya plans to use AI and machine learning to enhance tax compliance and recover lost revenue from the growing crypto market.

Tracking crypto transactions in real-time is something the Kenya Revenue Authority (KRA) is doing in big measure. This action is meant to solve the rising tax losses in the nation resulting from ineffective monitoring of the developing crypto market.

Given Kenya’s crypto sector’s projected Ksh 2.4 trillion in transactions between 2021 and 2022—about 20% of the country’s GDP—a more strong tax collection mechanism becomes absolutely vital.

Real-Time Tracking for Crypto Transactions to Enhance Tax Compliance
To gather important transaction data, including the time, date, and value of every operation, the new tax system will interface with crypto markets and exchanges.

Preventing tax avoidance and making sure all income connected to cryptocurrency is taxed in line with Kenya’s Income Tax Act are the main goals of the KRA.

Though organizations like the Capital Markets Authority or the Central Bank of Kenya mostly control them, profits from cryptocurrency transactions are legally taxable.

This legislative change coincides with the growing popularity of cryptocurrency in Kenya, despite not being as common as other financial innovations like mobile money.

Mostly because digital currencies have cheaper fees and simplicity of cross-border money transfers than conventional banking systems, many people utilize them to save money, send remittances, and make overseas purchases.

But because of their distributed character, cryptocurrency have also drawn appeal to people engaged in illicit operations such as money laundering and fraud.

Apart from real-time tracking, the KRA intends to improve tax compliance using artificial intelligence (AI) and machine learning technologies. These technologies will enable the authority to identify fraudulent behavior and maximize resource allocation, thereby perhaps recovering billions of tax-lost income.

The KRA has a larger reform agenda, including this technical makeover to modernize its systems and raise general tax collecting efficiency.

Simultaneously, comparable initiatives are under progress abroad. For instance, as we previously highlighted, Italy has suggested taxing crypto’s capital gains between 26% and 42%.

This action might fundamentally change the scene of European crypto investment since it will force investors to look for better tax conditions outside than Italy.

Aiming to support the expansion of its digital currency industry, Japan’s Financial Services Agency (FSA) is also contemplating a uniform 20% tax on crypto transactions, according to CNF.

@ Newshounds News™

Source:  Crypto News Flash

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Source:  Seeds of Wisdom Team RV Currency Facts

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@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Economist’s “News and Views” Saturday 10-19-2024

Europe Is Plunging and the U.S. Economy Is Next - This Time China Won't Help

Sean Foo:  10-19-2024

The ECB just did another emergency rate cut, front-running the Federal Reserve again. This isn't a sign of confidence, it shows the EU is desperate to save their economy.

However, this isn't solving the structural and geopolitical issues. Manufacturing costs are far too high and even China's stimulus won't save them. Here's what you must know.

Timestamps & Chapters:

 0:00 EU Big Emergency Rate Cut

3:02 Europe's Economy Structural Collapse

5:53 China Stimulus Won't Save The West

8:47 Beijing's Money Only For Local Industries

 11:47 Europe's Only Winning Move

https://www.youtube.com/watch?v=KZmJ1N2fcdU

BRICS Summit 2024: Digital Currencies Blockchain Platform, Focus on Infrastructure, BRICS Bank Role

Lena Petrova:  10-19-2024

https://www.youtube.com/watch?v=rYcf2UBad1c

15 Signs Everyday Americans Are About To Break Financially

Epic Economist:  10-18-2024

In 2024, tens of millions of Americans are going completely broke, and millions more are just barely scraping by, new data shows.

You've probably noticed that the value of our money isn't the same anymore. In fact, the dollar has lost 95% of its purchasing power since the 70s.

But recently, that decline has become even more pronounced. Today, households don't have enough money coming in, but bills are piling up.

That's why debt levels are rising astronomically while people's savings accounts are running dry, which is putting thousands of U.S. banks at increased risk of failure.

When the U.S. consumer isn’t in a healthy financial shape, bad things tend to happen. And now, conditions are eerily similar to what we experienced during the run up to the Great Recession.

 With higher living expenses and tighter access to credit, families and individuals in the U.S. are being hit from all sides.

The following facts we compiled for you in this video are going to be an eye-opener about the current state of the U.S. economy and the challenges we are all facing. Without further ado, Here are 15 Signs That Everyday Americans Are About To Break Financially.

https://www.youtube.com/watch?v=20IXWM4AUDk

MilitiaMan&Crew News Reporting - Iraq Dinar Updates - Exchange Currency

MilitiaMan&Crew News Reporting - Iraq Dinar Updates - Exchange Currency

10-18-2024

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?app=desktop&v=1A2N8HNWECo&si=mMIDhJ42K1xQQPPm