Seeds of Wisdom RV and Economic Updates Wednesday Morning 10-23-24

Good Morning Dinar Recaps,

11 COUNTRIES MIGHT JOIN BRICS IN 2024 AS ‘ASSOCIATED PARTNERS’

BRICS turned from the de-facto five-member alliance to a nine-member bloc after the expansion in 2023. It could have been an 11-member grouping if Saudi Arabia and Argentina had accepted the invitation last year. The 16th summit is being held in the Kazan region of Russia and all the nine countries will decide the future of the grouping.

Topics about de-dollarization, new trade deals, usage of local currencies for cross-border transactions, and BRICS expansion will be decided at the 2024 summit. 

Expansion will be the most talked about topic at the summit as nearly 47 countries have applied to join BRICS. While 25 countries have formally submitted their applications, 22 other nations have informally expressed to join the bloc.

BRICS Expansion: 11 Countries To Be Inducted in 2024 Summit?

A recent report indicates that BRICS could turn from a nine-country alliance to a 20-member bloc after the 2024 summit. The expansion could add 11 countries to the grouping but they will have fewer rights than the existing nine members. 

A senior official said on the condition of anonymity that the 11 countries will have enough opportunities to contribute but will not have decision-making powers.

They will be a part of BRICS but will not have a consensus approach to write trade policies and de-dollarization efforts. They will most likely remain ‘associate partners’ which is a first-of-its-kind in the alliance’s history.

The 2024 BRICS expansion remains a mystery as 47 countries are ready to join the group. Selecting 11 out of the 47 applications will be a herculean task as what they bring to the table matters. Therefore, the 16th summit’s expansion will be important and it will decide the future of the BRICS alliance.

@ Newshounds News™

Source:  Watcher Guru

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RIPPLE VS. SEC UPDATE: KEY INSIGHTS FROM LEGAL EXPERTS ON APPEAL COURT NOTICE

▪️Ripple’s executive has 14 days to file the required acknowledgment and Notice of Appearance in the case against the US Securities and Exchange Commission.

▪️According to former securities lawyer Marc Fagel, there is no evidence to prove that the SEC did not file its Form C earlier than the deadline.

Crypto News Flash (CNF) recently reported that the US Securities and Exchange Commission (SEC) has submitted its Civil Appeal Pre-Argument Statement (Form C) to the Second Circuit Court of Appeals.

Fascinatingly, the counsel for the defending party (Ripple Labs), technically referred to as the appellee’s counsel, has failed to submit the required acknowledgment and Notice of Appearance by the due date (October 18, 2024).

🚨 BREAKING: NEW RIPPLE VS. SEC FILING FROM TODAY: The court has not received the acknowledgment and notice of appearance on the due date October 18, 2024!

Remember: If they do not comply with these requirements within 14 days their appeal will be dismissed!“ #XRP pic.twitter.com— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) October 22, 2024

Details Shared by Insiders
According to a document shared by crypto influencer Amelie, the defendant has been given 14 days from the notice date to comply with this requirement. Failure to do so would subject the hearing of its oral argument to the court’s discretion.

Explaining the contents of this document, retired securities lawyer Marc Fagel clarified that this letter was addressed to Ripple executive Chris Larsen who has not yet filed his appearance in the case. Before his explanation, a section of the XRP enthusiasts alleged that the document was directed to the SEC for its supposed late filing.

To dispel this, Fagel clarified that the US regulator prepared its Form C on the morning of October 16 (the due date) but docketed it the following day. 

According to him, there is no available evidence that suggests that the Form C was not filed earlier. Confirming our October 17 publication, no evidence of filing was found on October 16. According to a CCN report, an ex-SEC official even admitted that the Commission missed out on the deadline.

The official NOA date is Oct. 2. So the deadline was Oct. 16. The only hope the SEC has is for the court to consider Columbus Day a national public holiday. I don’t think that’s the case.

Contesting the argument of Fagel, an X user identified as Vincent Wong pointed out that preparing the Form C document on the morning of the deadline day does not mean it was filed.

It is like saying I prepared for the test. That doesn’t mean I took the test. Lack of evidence also doesn’t mean that it was filed earlier.

Legal Expert Calls Ripple Out
Commenting on the latest court document, legal expert Fred Rispoli pointed out that Ripple appears to be at fault for failing to file a form on time. According to him, this is not a big deal. However, it is quite worrying since it pays a collective amount of $8000 per hour to the legal team.

Amid this development, XRP has lost 1.49% of its value in the last 24 hours to trade at $0.52. On top of that, its 24-hour trading volume has recorded a decline of 16%, with $1 billion changing hands at press time.

Meanwhile, Bitget chief analyst Ryan Lee believes that the asset would hover within the range of $0.50 and $0.80 by the end of the year.

XRP’s price is likely to fluctuate between $0.50 and $0.80 by the end of the year, though this projection is highly contingent on regulatory developments and shifts in sentiment, particularly within the U.S. market…This hesitation could translate into short-term price volatility for XRP, as the market waits for more concrete results.

@ Newshounds News™

Source:  Crypto News Flash,  Twitter

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🌱 WHAT YOU NEED TO KNOW ABOUT THE NEW FINANCIAL SYSTEM  |  YOUTUBE

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Source:  Seeds of Wisdom Team RV Currency Facts

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“Tidbits From TNT” Wednesday Morning 10-23-2024

TNT:

Tishwash:  Removing zeros and revaluing the Iraqi dinar

Ali Daadoush

The concepts and scientific names in economics differ according to the specialization and the branches derived from it. When talking about the exact specialization, economic variables must be named by their scientific names. One of these names is the term redenomination, or as it is called (removing zeros from the currency).

Countries usually resort to it to address rampant inflation and the decline in the value of the local currency, as the old currency is replaced with a new currency at a fixed price by removing at least 3 zeros from the old currency.

Currency revaluation becomes necessary when it comes to hyperinflation because it takes a very large number of old banknotes to facilitate trade, especially in local markets, and small banknotes become useless, as an individual needs millions of banknotes to buy simple or necessary household or food needs, an example of this is what happened in 2006 when Zimbabwe renamed its currency at a rate of (1000 old Zimbabwe dollars) for a new Zimbabwe dollar.

In addition, deleting zeros from a currency can also happen when a country joins a monetary union, as happened in the eurozone, and begins using a currency like the euro instead of its local currency. When the euro was introduced in 1999, member states first used the new currency for electronic payments and accounting, then switched from their local banknotes and coins to the euro in 2002.

There are several reasons behind renaming the currency (removing zeros), and they can be summarized as (controlling inflation, facilitating trade and the economy, political factors such as a change in government, for example, in addition to technical considerations such as updating financial systems, which are usually part of a larger project to update the country’s financial systems, such as converting to new digital systems for dealing with the currency).

From what has been mentioned, we find that (deleting zeros) is not carried out randomly, but rather is implemented after a comprehensive study of the economy and the challenges it faces, and it must be accompanied by other economic and financial measures to protect the economy from financial fluctuations. Therefore, renaming the currency is a complex decision that requires a comprehensive study of the economy and politics in the country, and it must be implemented while minimizing the potential negative effects on the economy and citizens.   link

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Tishwash:  Three Obstacles to Iraq's Accession to BRICS

Professor of International Economics, Nawar Al-Saadi, revealed today, Tuesday (October 22, 2024), the reasons for Iraq not joining the BRICS group.

Al-Saadi told Baghdad Today, “Iraq has not joined the BRICS group yet for several reasons related to the current economic and political situation, in addition to the fact that Iraq does not meet the conditions for joining, the most prominent of which is that it be among the major economies in the region.

However, Iraq’s economy is primarily rentier and depends solely on oil exports as a primary source of income, which makes its economy less diversified compared to the group’s founding countries such as China and India.”

He added: "The second important question is that Iraq should have absolute financial sovereignty over its economy, and not as it is now, where it is subject to the rules and conditions of the US Federal Reserve in granting financial shares ."

“Iraq’s trade relations with some BRICS members, such as Brazil and South Africa, are not strong enough to support it in this direction. In addition, Iraqi foreign policy is still balanced between competing global powers, including the United States, which is cautiously looking at BRICS expansion and its geopolitical influence,” he said, noting that “in the future, these dynamics may change, especially if economic diversification is enhanced, internal political stability is achieved, and absolute financial sovereignty is achieved.”

He noted that "if Iraq joins, it may benefit from expanding opportunities for economic cooperation with countries such as China and Russia, including investments in infrastructure and non-oil sectors, which may help reduce dependence on oil and diversify sources of income ."

The professor of international economics concluded his statement by pointing out that “there are some potential harms to Iraq joining BRICS and entering a bloc that challenges Western hegemony, especially the United States, which may lead to diplomatic or economic tensions with the West, which negatively affects Iraq’s current trade and political relations with Western countries. Also, dealing with some of the founding countries of BRICS, such as Russia, which faces international sanctions, may put Iraq in sensitive positions on the international scene.”

BRICS is a group of nine countries: Saudi Arabia, Russia, China, South Africa, India, Brazil, the UAE, Iran and Egypt

The number of members of the bloc, which focuses on economics before politics, has increased and seeks to break Western "hegemony" over the international system, but many factors make this a long and thorny path, according to experts.

Russia, the group's founding state and embroiled in a brutal war with Ukraine, is hosting more than 20 leaders at the annual summit, setting an ambitious agenda, most notably "dedollarization" and alternative financial mechanisms.  link

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Tishwash: Report: Iraq has concluded an important agreement that consolidates its strategic role and international status

 A Western website reported that Iraq has concluded an "important" agreement to enhance its position in regional trade, noting that it consolidates its strategic role as a transit center and supports the vision of expanding non-oil sectors. 

The "RO" website stated in a report translated by "Mill" that "Iraq, after joining the International Road Transport Agreement, is now ready to strengthen its position in regional trade after signing an important customs agreement." 

He added, "The Republic of Iraq has achieved a major milestone by signing the guarantee agreement between the General Authority of Customs and the National Association for International Land Transport," indicating that "this agreement paves the way for the implementation of the United Nations System for International Land Transport in Iraq." 

He stressed that "the international road transport system significantly reduces border waiting times by enabling goods to be shipped from the country of origin to the country of destination in closed loading compartments controlled by customs through a multilateral and mutually recognized system." 

He explained that "international road transport allows trucks to cross borders efficiently and safely without having to wait for hours and days on end, and provides a financial guarantee managed by the International Road Transport Union to pay customs duties and taxes." 

He pointed out that "Iraq's accession to the International Land Transport Agreement consolidates its strategic role as a transit center and supports the country's economic vision to expand its non-oil sectors." 

“The TIR system, globally recognised for its 75 years of high safety standards and efficiency, is rapidly expanding in the Middle East, from Oman and the UAE to Saudi Arabia and, most recently, Qatar, where TIR is already reducing border crossing times by up to 92% and costs by 50% while boosting trade in the region,” he explained.   link

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Mot:  . Hall🎃ween will s🎃🎃n be here!  Lose Weight

Seeds of Wisdom RV and Economic Updates Tuesday Evening 10-22-24

Good Evening Dinar Recaps,

BRICS DE-DOLLARIZATION BEGINS: 40 COUNTRIES TO ATTEND 2024 SUMMIT

The de-dollarization initiative is no longer confined to BRICS as other emerging economies are participating in the discussions at the 2024 summit.

The outreach session will be conducted on the last day of the summit on October 24, 2024. Topics such as de-dollarization, new trade policies, and the usage of local currencies will take center stage. The nine-member alliance will meet for the first time at the table for discussions after the expansion last year.

Russian President Vladimir Putin confirmed that officials from 40 countries will attend the outreach session at the BRICS 2024 summit. The participants include countries from the Commonwealth of Independent States (CIS), Asia, Africa, Eastern Europe, South America, and the Middle East. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.

“On the last day of the summit, there will be a meeting in the BRICS Plus/Outreach format with the participation of representatives from almost 40 countries,” he said.

 The BRICS outreach will highlight the importance of de-dollarization and the need to end reliance on the US dollar. Representatives from various international organizations will also attend the outreach session of the BRICS 2024 summit.

BRICS Strengthens the De-Dollarization Agenda at the 2024 Summit
The BRICS alliance is strengthening the de-dollarization agenda at the 2024 summit by convincing developing countries to end dependency on the US dollar. The move will bolster the native economies of developing countries and safeguard their local currencies and businesses.

The New Development Bank (NDB), commonly called the BRICS Bank will also provide loans to developing nations for infrastructural developments. The loans worth mi-*llions or billions will be disbursed in local currencies and sideline the US dollar in all transactions.

Therefore, the BRICS 2024 summit will see the de-dollarization agenda take a new course globally.

@ Newshounds News™

Source:  Watcher Guru

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ELMNTS LAUNCHES TOKENIZED INVESTMENT PLATFORM ON SOLANA, BACKED BY OIL AND GAS ROYALTIES

Elmnts' public beta introduces a compliant platform for tokenizing real-world assets, allowing investors to access oil and gas royalties through blockchain technology. Expansion into retail offerings planned for the future.

Elmnts, a blockchain-based platform focused on tokenizing investment funds backed by mineral rights royalties, has officially entered its public beta. Built on the Solana blockchain, Elmnts enables accredited investors to access investment opportunities in oil and gas royalties through a legally compliant and user-friendly platform.

The launch marks a significant step toward bringing institutional credibility to tokenized assets. Investors can review opportunities, qualify for investments, and track their portfolios all in one place, offering a streamlined experience without the complexities associated with traditional cryptocurrency platforms. Each investment fund is backed by real-world assets—income from mineral rights royalties derived from companies extracting oil and gas from land owned by the fund.

Elmnts' platform combines familiar financial frameworks with blockchain technology, providing institutional and high-net-worth investors with secure, regulated access to high-yield assets. 

"Our mission at Elmnts is to use blockchain technology to bring liquidity and access to high-yielding but otherwise illiquid and low-access assets," said James Pacheco, Chief Product Officer at Elmnts, in a company press release.

"This public beta marks a significant step in legitimizing tokenized investments and paving the way for future retail offerings."

Elmnts is positioning itself for future growth, with plans to extend its offerings to retail investors while maintaining regulatory compliance.

This development follows the company's $2 million pre-seed raise in August 2024, which was backed by notable investors, including Solana co-founders Raj Gokal and Anatoly Yakovenko and other prominent figures in the blockchain space. The funds will be used to expand the platform and further disrupt the traditional commodities investment market.

@ Newshounds News™

Source:  Solana Floor

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We are sending Okie a care package with some good nutritious food to replace the microwave meals he has been eating. If you would like to help Okie, he really appreciated the food sent in the past and will again. He has only asked for prayers. Thank you for your kindness.

Go to the Seeds of Wisdom Team Website - Scroll down the home page to see the many ways you can Donate to help Okie.

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30M METAMASK USERS CAN NOW ACCESS XRP LEDGER🌱  |  Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 10-22-24

Good Afternoon Dinar Recaps,

30M METAMASK USERS CAN NOW ACCESS XRP LEDGER

Blockchain firm Peersyst Technology has launched an XRP Ledger (XRPL) Snap, which will allow over 30 million Metamask users access to the blockchain.

The software firm announced on Monday that Metamask users can now access the XRPL network and harness its properties through the self-custody wallet. Peersyst noted that the latest addition offers users the same functionality available on the XRPL mainnet and testnet.

For context, a Snap application allows non-Ethereum Virtual Machines (EVMs) access to integrate with the Metamask wallet. Notably, Metamask is a cold wallet that interacts only with the Ethereum network by default.

However, certain blockchains could bridge users to other chains such as Ethereum with innovations like Snap, as Peersyst’s XRPL Snap intends to achieve. This latest feature provides easy accessibility to the XRPL network, further expanding the ecosystem’s adoption.

Same Functionality, Different Access Point
Notably, using XRPL through Metamask provides the same functionality as directly accessing the blockchain. Per Peersyst, users can open XRPL wallets using the Metamask Snap.

Given that an XRPL account requires at least 10 XRP to be activated, the Snap feature allows the purchase of the token through Transak, an integrated on-ramp payment method. Subsequently, users can also purchase and hold XRP and non-fungible tokens (NFTs) through the feature.

Furthermore, the Metamask Snap allows users to view transaction details and history, as well as send and receive XRP. Developers can also integrate the feature into their decentralized application for extended visibility.

Integration Boost XRPL Adoption
The latest addition mirrors the growing adoption of the XRPL network. With Metamask’s over 30 million users having access to the blockchain, XRP enthusiasts have tipped the integration to increase user influx and grow liquidity.

Meanwhile, discussions about adding smart contracts to the XRPL network are also underway. Ripple announced in September that it was exploring a dual approach to introduce this feature.

@ Newshounds News™

Source:  The Crypto Basic

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CHAINLINK INTRODUCES CCIP PRIVATE TRANSACTIONS TO ENABLE COMPLIANT BLOCKCHAIN INTEROPERABILITY

▪️Chainlink has launched CCIP Private Transactions on its Blockchain Privacy Manager, a feature that has the potential to accelerate institutional blockchain adoption.

▪️ANZ and Chainlink have demonstrated how financial institutions can use Chainlink’s CCIP to enable cross-chain settlement of tokenized assets.

Chainlink, the decentralized oracle network has introduced its CCIP Private Transactions to the crypto ecosystem. This is a feature that facilitates Private Transactions across blockchain networks. 

Australia and New Zealand Banking Group (ANZ) are among the first institutions to pilot this security solution for settling tokenized real-world assets (RWA) under the Monetary Authority of Singapore (MAS) Project Guardian initiative.

The Blockchain Privacy Manager will allow financial institutions to play a critical role in the adoption of tokenized real-world assets by serving as asset issuers, custodians, and gateways for their customers to seamlessly access and trade these digital assets.

Key Advantages of Chainlink’s CCIP Private Transactions
A case study done by ANZ and Chainlink revealed that past interoperability solutions have often been limited due to their inability to provide broad support for both public and private blockchains.

Chainlink’s CCIP Private Transactions, powered by the Blockchain Privacy Manager, resolves this by ensuring end-to-end privacy. This allows institutions to meet strict regulatory requirements for both private-to-private and private-to-public blockchain interactions.

Additionally, the CCIP network allows traditional finance (TradFi) and enterprise systems to connect with private blockchains while selectively revealing only the necessary on-chain information for each transaction, addressing a major privacy issue in the blockchain industry

The Blockchain Privacy Manager keeps sensitive transaction details such as data, token amounts, and counterparties completely private through an advanced on-chain encryption and decryption protocol. Only authorized parties, such as compliance authorities, can access this data, which helps protect against third-party and adversarial breaches. Institutions can define specific privacy rules for their transactions, ensuring that all parties involved have appropriate access while maintaining strong protections against unauthorized access.

In other developments, Mountain Protocol recently integrated its USDM stablecoin with Chainlink’s CCIP, improving security and efficiency for token transfers across Ethereum, Arbitrum, and Polygon POS. This partnership enhances USDM’s interoperability and offers users a more secure way to transfer value between different blockchain ecosystems. After the partnership, LINK underwent a vertical ascent. The Chainlink price soared 2.61% to $11.41 on October 18.

Additionally, as CNF reported, Chainlink and eight market infrastructures and financial institutions have disclosed that they have found a successful solution to a decade-long challenge.

@ Newshounds News™

Source:  Crypto News Flash

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MASTERCARD UNVEILS GROUNDBREAKING INNOVATION FOR CROSS-BORDER PAYMENTS: IS XLM OR XRP INVOLVED?

▪️The MasterCard payment solution provides value-added services such as risk control and fraud analytics and is compatible with current correspondent banking arrangements.

▪️While Ripple’s XRP has been acknowledged for its cross-border capabilities, Mastercard did not include XRP in this latest solution.

@ Newshounds News™

Read more:  Crypto News Flash

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🌱BANK SEIZURE ALERT: IS YOUR MONEY SAFE? SOWT | Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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Russia Seeks BRICS To Defeat The Dollar.

Russia Seeks BRICS To Defeat The Dollar.. The Ukrainian War Changes The Global Economic Map

Reports  Economy News - Follow-up   The Economist magazine discussed Russian President Vladimir Putin's plan to defeat the dollar through the BRICS group during the meeting that will bring together less than 20 countries.

“Russian President Vladimir Putin will certainly look great on October 22 when he poses for photos with leaders of perhaps 24 countries, including Narendra Modi of India and Xi Jinping of China, at the BRICS summit in Kazan on the Volga,” the magazine said in a detailed report translated by Al-Eqtisad News.

Last year, when “the bloc met in Johannesburg and expanded from five members to 10, Putin had to stay home to avoid arrest on a warrant issued by the International Criminal Court in The Hague. This time he hopes to be seen playing a leadership role in a fast-growing club that challenges the dominance of the Western-led order.”

Now in its 15th year together, “the original BRICS (Brazil, Russia, India, China and South Africa) has achieved little. Yet Putin hopes at this summit to give the bloc weight by urging it to build a new global financial payments system to challenge America’s dominance of global finance and protect Russia and its friends from sanctions.”

“Everyone understands that anyone can face American or other Western sanctions,” Russian Foreign Minister Sergei Lavrov said last month. The BRICS payments system would allow “economic operations without dependence on those who have decided to weaponize the dollar and the euro.”

The system, which Russia calls the “BRICS Bridge,” is due to be built within a year and would allow countries to make cross-border settlements using digital platforms run by their central banks. Controversially, it may borrow concepts from a different project called mBridge that is partly run by the Western-led system’s bastion, the Bank for International Settlements (BIS).

The talks will highlight “the race to reshape the global financial system. China has long been betting that payments technology — not creditor revolts or military conflict — will diminish the power America gets from being at the center of global finance.

The BRICS plan could offer cheaper and faster transactions. Those benefits could be enough to lure emerging economies, suggesting the plan has real potential. Western officials warn it could be designed to evade sanctions.”

Some are frustrated by the unintended role of the Bank for International Settlements, a Swiss-based organization known as the central bank for central banks.

America’s dominance of the global financial system has been a cornerstone of the post-World War II order, reflecting its economic and military heft but also the fact that dollar-denominated assets such as U.S. Treasury bonds are safe from government seizure and inflation, and easy to buy and sell.

 Although central banks have diversified their holdings, including in gold, about 58 percent of foreign-exchange reserves are held in dollars, and the dollar’s ​​network effects put U.S. banks at the center of global payments systems.

Sending money around the world is a bit like taking a long flight; if there is no direct connection between two airports, passengers will need to change flights, ideally at a busy hub where many other flights connect. In the world of international payments, the biggest hub is America, where many global banks exchange foreign currencies from those paying in dollars and then into the currencies in which the payments are received.

The centrality of the dollar provides what scholars Henry Farrell and Abraham Newman call “panopticon effects” and “choke points.” Because almost all banks that transact in dollars must do so through a correspondent bank in America, it is able to monitor flows for signs of terrorist financing and sanctions evasion, giving America’s leaders a tremendous lever of power—leverage they have been eager to use as an alternative to going to war.

The number of people under U.S. sanctions has risen by more than 900% (to about 9,400) in the two decades to 2021. America has demanded that some foreign banks disconnect from SWIFT, a Belgium-based messaging system used by about 11,000 banks in 200 countries to transfer money across borders. In 2018, SWIFT cut off Iran.

But all this pales in comparison to the ferocity of the financial assault on Russia after its invasion of Ukraine in 2022. The West has frozen $282 billion in Russian assets held abroad, disconnected Russian banks from the SWIFT system, and barred them from processing payments through US banks. America has threatened “secondary sanctions” on banks in other countries that support the Russian war effort.

Even European policymakers, who support the sanctions, were appalled by the speed with which Visa and Mastercard – two US companies on which the eurozone relies for retail payments – closed their doors in Russia.

The tsunami that hit Russia has prompted America’s adversaries to accelerate their efforts to move away from the dollar, and has prompted many other governments to consider their dependence on American financing. China sees this dependence as one of its greatest weaknesses.

Putin hopes to capitalize on this discontent with the dollar at the BRICS summit. For him, creating a new plan is an urgent practical priority as well as a geopolitical strategy. Russia’s foreign-exchange markets now deal almost exclusively in yuan, but because it can’t get enough of the currency to pay for all its imports, it has resorted to barter.

In October, Russia agreed to buy tangerines from Pakistan in exchange for chickpeas and lentils. These liquidity pressures are reportedly increasing.

Putin hopes to make life outside the American system more bearable by laying some of his own financial foundations. BRICS officials have held a series of meetings ahead of the Kazan summit. They discussed creating a credit rating agency to rival the major Western agencies, which Russia sees as “vulnerable to politicization.”

 They also discussed creating a reinsurance company to avoid Western agencies, which are barred from reinsuring some tankers carrying Russian oil, and a payment system to replace Visa and MasterCard. Putin has pushed for a common BRICS currency to price trade, based on a basket of gold and other non-dollar currencies, but Indian officials have objected in recent weeks.

The most serious initiative of all is a plan to use digital money backed by fiat currencies. This would put central banks, rather than correspondent banks with access to the US dollar clearing system, at the center of cross-border transactions.

By decentralizing the financial system, the proposal would mean that no country could cut itself off from another.  And since commercial banks would transact through their central banks, they would not need to maintain bilateral relationships with foreign banks, avoiding the network effects of the current correspondent banking system.

The BRICS Bridge plan was outlined in a report by the Russian Finance Ministry and Central Bank in October. The 48-page report is critical of Western finance and states that “a new multinational platform for cross-border settlement purposes needs closer examination because of its novelty, associated risks, and potentially game-changing economics.”

With its focus on central bank-operated digital currencies, it appears to be inspired at least in part by an experimental payments platform called mBridge, which the Bank for International Settlements has developed alongside the central banks of China, Hong Kong, Thailand, and the United Arab Emirates. Chinese state media says the new BRICS plan “is likely to draw on lessons learned” from the BIS’s mBridge project.

The BIS experiment was innocently designed and began in 2019, before the full-scale Russian invasion. It has been a stunning success, according to several people involved in the project. It could cut transaction times from days to seconds and transaction costs to virtually zero.

In June, the BIS said mBridge had reached the “minimum viable product” stage and the Saudi central bank joined as a fifth partner in the scheme. Some 31 other members are observers.

By creating a system that could be more efficient than the current one — and that would undermine the dollar’s ​​dominance — the BIS has inadvertently stepped into a geopolitical minefield.

“If someone is transacting outside the dollar system for political reasons, you want it to be more expensive for them than in the dollar system,” says Jay Shambaugh, a senior Treasury official. According to the Federal Reserve, the efficiency gains brought by new types of digital money could erode the use of the dollar in cross-border trade. In turn, they could strengthen China’s currency.

Speaking to bankers and officials about mBridge in September, a Hong Kong official said it “provides another opportunity to allow easier use of the renminbi in cross-border payments, and Hong Kong as an offshore hub will benefit.”

Could mBridge’s concepts and code be replicated by the BRICS, China or Russia? The BIS certainly views mBridge as a joint venture and believes it has the final say on who can join.

However, some Western officials say that participants in the mBridge experiment may be able to pass on the intellectual capital involved to others, including BRICS Bridge participants. China has taken the lead on the software and code behind the mBridge project, according to multiple sources.

The People’s Bank of China, the central bank, leads the project’s technology subcommittee, and its digital ledger was “built by” the PBOC, according to comments made by a BIS official in 2023.

Perhaps that technology and know-how could be used to build a parallel system beyond the reach of the BIS or its Western members. The BIS declined to comment on any similarities between its experiment and Mr. Putin’s plan.

The BRICS’s entry into the payments race highlights the new geopolitical challenges facing multilateral organizations. At the 2020 G20 meeting of major economies, the Bank for International Settlements was tasked with improving the current system and, at China’s urging, experimenting with digital currencies.

Earlier this year, the bank’s president, Augustin Carstens, called for “entirely new structures” and a “radical rethinking of the financial system.”

But with competing goals for different members of the organization, staying above the fray has become more difficult. Cecilia Skingsley, head of the BIS’s innovation center, acknowledges that the world has become more difficult to navigate.

But she says it still has a role to play in solving problems for all countries “almost independently of whatever other agendas they may have.”

One option for the US and its allies is to try to block new payment systems that compete with the dollar. Western officials have warned the Bank for International Settlements that the project could be abused by countries with malign motives.

The BIS has since slowed its work on MBridge, according to some former employees and advisers, and is unlikely to accept any new members. Another option is to improve the existing dollar system so that it is as efficient as new competitors.

The US is already gearing up to compete. In April, the Federal Reserve Bank of New York joined six other central banks in a BIS project aimed at making the current system faster and cheaper. The Fed might also link its domestic instant payments system with those in other countries.

Tom Schacz, Swift’s head of innovation, said this month that it plans to conduct experiments with digital transactions next year, taking advantage of some of its existing advantages, including strong network effects and trust.

But any rival BRICS payments system would face enormous challenges. Liquidity would be difficult to ensure or would require massive implicit government subsidies.

If the underlying flows of capital and trade between two countries were unbalanced, as they often are, they would be forced to pool assets or liabilities in each other’s currencies, which could be unattractive. Indeed, distrust of China runs deep in India, a key BRICS member.

To scale up a digital currency system, countries would need to agree on complex rules governing settlements and financial crime. Such a consensus is unlikely to win in Kazan.

But despite all this, the BRICS plan may be gaining momentum. There is widespread consensus that the current cross-border payments system is too slow and expensive. While rich countries tend to focus on making it faster, many others want to overturn the current system entirely.

The Atlantic Council, a think tank, estimates that at least 134 central banks are experimenting with digital money, mostly for domestic purposes. The number of banks operating such currencies for cross-border transactions has doubled to 13 since Russia invaded Ukraine.

This week’s BRICS summit is no Bretton Woods. All Russia and its allies have to do is move a relatively small number of sanctions-related transactions out of America’s reach. Still, many countries are aiming higher.

Next year’s BRICS summit will be held in Brazil, chaired by its president, Luiz Inácio Lula da Silva, who has been vocal about the strength of the dollar. “Every night I ask myself why all countries should base their trade on the dollar,” he said last year. “Who decided?” ■

https://economy-news.net/content.php?id=49002

Some “BRICS News” 10-22-2024

Jp Cortez: BRICS Aren’t The Only Ones Turning To Gold

Arcadia Economics:  10-22-2024

While the BRICS Summit is finally underway today, they're not the only significant group that has been increasingly looking towards gold lately.

It's actually been happening in the states too. Where favorable precious metals legislation has been getting passed by the majority of the states, while the legislators that are signing it often cite the same underlying reasons that the BRICS countries do.

One of the people moving that effort forward is Jp Cortez of The Sound Money Defense League, and today he joins me on the show to give an update of what's happening with the states, and the impact it's having.

To find out more, click to watch the video now!

https://www.youtube.com/watch?v=7sIS6b-fpcc

BRICS Demo BRICS-Pay, Mention ‘Unit’ is Under Discussion

Arcadia Economics:  10-21-2024

As the world gears up for the much-anticipated BRICS summit, excitement is palpable, especially with the recent announcements surrounding the BRICS-Pay card system and the emergence of discussions about a potential common currency called the ‘Unit.’

With the BRICS (Brazil, Russia, India, China, and South Africa) bloc’s aim to bolster economic collaboration among emerging markets, these developments could mark a significant shift in the global financial landscape.

Last week, BRICS member nations demonstrated their BRICS-Pay card system, which aims to facilitate smoother transactions between member countries and enhance trade efficiency.

Designed as a digital payment platform, BRICS-Pay seeks to provide an alternative to Western-dominated financial systems, enabling member states to conduct trade and transactions in their local currencies.

The demonstration showcased the card’s user-friendly interface and its capacity to process transactions securely and swiftly. This initiative is particularly aimed at reducing dependency on the US dollar and combating the volatility and limitations of existing financial systems.

During the demo, the BRICS-Pay website unveiled a note discussing the potential introduction of a common currency referred to as the ‘Unit.’ This intriguing concept has sparked debates about the feasibility and implications of a shared currency among BRICS nations.

While specifics regarding the currency’s structure remain scarce, the idea is to further integrate the economies of BRICS members and strengthen geopolitical ties in the face of an evolving global economy.

For many, the notion of a BRICS currency may seem speculative, but there have been growing calls among member states to address the imbalance caused by traditional financial systems.

As countries grapple with the repercussions of sanctions and trade disputes, a common currency could serve as a buffer against external pressures.

As the summit unfolds, it’s essential to pay attention to how these developments might impact the global economy. The BRICS nations have long sought to challenge Western hegemony; the advancement of the BRICS-Pay card and the discussions around the ‘Unit’ symbolize a new chapter in the quest for economic sovereignty.

In a world increasingly uncertain and fragmented, the rise of alternative financial systems represents not only an opportunity for the BRICS nations but also a potential reshaping of international economic norms.

As we await the outcomes of this summit, anticipation continues to build around whether these initiatives can pave the way for more significant changes in the global financial architecture.

https://youtu.be/aAO32OAH_zw

“Tidbits From TNT” Tuesday 10-22-2024

TNT:

Tishwash:  US Ambassador discusses with Oil Minister reopening Iraq-Türkiye pipeline

US Ambassador Alina Romansky discussed with Oil Minister Hayan Abdul-Ghani the reopening of the Iraq-Turkey pipeline today, Friday.

The ambassador said in a tweet followed by /Al-Youm Al-Akhbariya/, "I was pleased to visit Oil Minister Hayan Abdul-Ghani Al-Sawad to check on his health.

We also talked about increasing investments by US energy companies to help meet Iraq's energy needs, including how reopening the Iraq-Turkey pipeline will contribute to strengthening the comprehensive US-Iraqi partnership and creating investment opportunities."  link

Tishwash:  Banking Reform Methodology at the Central Bank (2016-2026)

The steps of banking reform that the Central Bank has been taking since 2016 began when Mr. Ali Mohsen Al-Alaq was appointed Governor of the Central Bank of Iraq on 9/9/2014, which is a difficult and complex stage in Iraq's security and economic history.

 Iraq was facing security and economic shocks due to the occupation of 40% of the country's territory by the terrorist ISIS and the global drop in oil prices in June 2014 by 75%. He was reassigned again on 1/23/2023 after the emergence of new crises and challenges at the economic, financial and banking levels, focusing on the lack of control over the unprecedented rise in the US dollar exchange rate and the rise in the annual inflation rate to (7.5%) in January 2023.

The Central Bank worked from 2016 to 2020 to address the effects of the economic and security shocks, the most prominent of which was the government's inability to pay employees' salaries on time.

The Central Bank was able to use its foreign exchange reserves and the method of rediscounting treasury transfers from government support in the amount of 16 trillion dinars, and the crisis was overcome at the time. In 2015, in light of these difficult economic conditions, the Central Bank began to move to develop its plans for the coming years and draw up a methodology for banking reform and structural, technical and administrative development of the Central Bank.

This resulted in the issuance of its first strategy for the years (2016-2020), which included 5 main objectives and 140 sub-objectives, 129 of which were achieved, at a rate of 92%, during the years of implementing the strategy.

It contributed to establishing the basic structures and pillars for moving to a new stage of financial and banking reform, accompanied by the strategic banking projects plan for the years (2019-2023) and the issuance of the second strategy (2021-2023) to complete the achievement of the sub-objectives that could not be implemented in the first strategy, numbering (11) sub-objectives, during which the government continued to resort to the Central Bank and obtain (30) trillion dinars, and the total amount owed by the government became (46) trillion dinars.  

During the second term of the Governor, which began in 2023, the Central Bank worked on studying the achievements of the two previous strategies and diagnosing the foundations of the desired reform.

The efforts to prepare the third strategy continued throughout 2023, and the foundations and foundations were built to set the goals for this new strategy for the years (2024-2026), which derived its main and sub-goals from the state's general economic policies and its strategy for financial and banking reform adopted by the government in the government program and from Central Bank Law No. 56 of 2004. It included programs with clear goals and initiatives for a period of three years in a special, complex economic and financial circumstance fraught with risks and challenges at the level of internal and external economic and financial relations.

The third strategy identified the main goals with 7 goals, 24 sub-goals and 75 initiatives to achieve the main and sub-goals, and charted the path for banking and financial reform

according to the following strategic goals: -
1- Supporting and enhancing monetary stability.
 2- Enhancing digital transformation, activating electronic payment and supporting cyber security.
3- Enhancing financial inclusion .
4- Maintaining a sound financial system.
5- Developing the organizational structure and developing human resources capabilities.
 6- Enhancing the position of the Central Bank locally and internationally.

7- Enhancing compliance of the banking sector and the non-banking institutions sector in line with international standards.
 Programs, policies and initiatives have been identified to achieve the goals, and perhaps the most prominent program is the launch of the National Strategy for Bank Lending in Iraq (2024-2029) and the approval of the Council of Ministers to implement it, which will restructure banking financing in Iraq in addition to leaving the electronic platform and adopting correspondent banks in foreign transfers, protecting the financial system, enhancing financial inclusion, managing monetary and financial stability, developing oversight and supervision, developing regulation in the banking sector, completing the development of the infrastructure for digital transformation, licensing digital banks, implementing regulatory policies in the Central Bank in accordance with the frameworks and technologies adopted in global central banks, raising the capabilities of human resources, developing banking operations, strengthening the bank's internal and external relations, and representing it locally and internationally.

What has been presented for the ten years of the financial and banking reform process confirms that the next two years will inevitably result in the transition to comprehensive and radical reform of the Iraqi banking sector and its transformation into a solid sector that contributes to sustainable development  link

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

Tishwash:  Al-Sudani: Investment opportunities exceeded $100 billion and industrial cities were established in Baghdad

Prime Minister Mohammed Shia Al-Sudani held a meeting today, Monday, with the Chairman of the Egyptian Al-Suwaidi Group of Companies, Ahmed Al-Suwaidi, and a group of directors of Egyptian industrial and commercial companies, in the presence of a number of advisors to the Prime Minister.

 During the meeting, Al-Sudani pointed out the expansion of economic cooperation between Iraq and Egypt, especially in partnerships with the Egyptian private sector, stressing that the investment opportunities offered in Iraq, which were received from Arab and foreign companies, exceeded 100 billion dollars, and they reveal the breadth of economic growth at all levels and fields.

The Prime Minister discussed with the Egyptian delegation the study of the economic and financial model of the group in work, and cooperation in the sectors of industry, education, energy, and infrastructure. It also included discussing investment opportunities and partnership in the sector of maximizing petroleum resources, localizing the electrical transformer industry, smart meters that are linked to the electrical grid, and the carbon iron and steel industry.

It was agreed to study the establishment of industrial cities in Baghdad, as the group presented a map of projects that will be studied by the Advisory Board and sectoral bodies.   link

Mot . Still Time to get the Word OUt!!! 

Mot:... Guess What!!! 

Iraq News Highlights and Points To Ponder Tuesday AM 10-22-24

Parliamentary Finance: 2025 Budget Expected To Reach Parliament Early Next Year

Economy  - 2024-10-21  The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed today, Monday, that the government has begun meetings to restructure the items of the 2025 budget, while he expected it to reach the House of Representatives early next year.

He pointed out that the Finance Committee discussed the public financial management project with a delegation from the Adam Smith International Foundation.

The media office of the head of the committee stated in a statement that "the head of the Finance Committee, Atwan Al-Atwani, received a delegation from the Adam Smith International Foundation at the headquarters of the Finance Committee, to discuss the public financial management project prepared by the international institution to help reform the tax and customs sectors, public debt management and the Development Fund."

He added that "Al-Atwani reviewed before the delegation, in the presence of the economic advisor to the British Embassy, ​​the most important challenges facing the financial system in Iraq, as well as the steps and priorities of the Finance Committee within the framework of finding a correct philosophy and rational management of public money and the economy by diversifying sources of income and not relying excessively on oil to feed the state budget."

Al-Atwani said, according to the statement, that "the parliamentary finance committee, as part of its ongoing efforts and continuous efforts to maximize non-oil revenues, is currently working on amending the law of the General Authority for Monitoring the Allocation of Federal Revenues, so that it can play its role in evaluating, monitoring and collecting these revenues in a sound and regular manner, in addition to including a new task in the law related to evaluating the performance of the budget and expenditures."

He added that "the committee is conducting an in-depth study of the Stock and Commodities Market Law, which it intends to legislate during the coming period, and is holding specialized workshops in order to encourage Islamic banks to enter into banking and financial activity."

He pointed out that "the finance committee is working on a number of proposed laws that aim to regulate financial management, including the proposed law on investment in Islamic bonds, and the proposed law on the Center for Banking Studies."

Regarding the 2025 budget, Al-Atwani estimated that it would reach the House of Representatives early next year, indicating that "the government has begun meetings to restructure the budget items."

He noted that "the oil dispute with the Kurdistan Region is one of the most prominent problems facing the preparation of next year's budget," referring to "the committee's efforts and efforts to resolve the dispute between Baghdad and Erbil, through meetings with representatives of the regional government and the federal government.

The points of contention have been identified and diagnosed by the committee, and the legal and constitutional path to overcome them has been determined; as we hope to reach a final agreement in the next stage, in order to resume the export of the region's oil, in a way that ensures the enhancement of the state's resources." In

 turn, the institution's delegation confirmed its interest and keenness to support the financial system in Iraq, through a long-term strategy, specialized training and consultations to develop Iraqi systems and legislation.   https://kirkuktv.net/AR/Details/22785

Western Report: Iraq's Financial Situation Is Strong And It Is Working According To A Transitional Development Approach

 Politics  Baghdad-Mil    A Western report praised the developments taking place in Iraq, noting that it is in a strong financial position and its government is working according to a transitional approach that links humanitarian work with development.

According to the report, which was published by the "Really Vibe" website and translated by "Mill", "Iraq is largely going through a transitional phase from a humanitarian response to a more development-oriented approach."

He added, "The Iraqi government has developed a national plan on internal displacement and launched a sustainable development programme in cooperation with the United Nations.

The report confirms that "the Iraqi government is now in a much stronger financial position, given its ability to generate capital from its oil reserves, and the country has a transitional document linking humanitarian work and development programmes."  https://miliq.news/political/37518--.html#hathalyoum

Parliamentary Finance Committee Talks About Non-Oil Revenues In The Budget And Directs An Invitation To The Government

 Policy  2024-10-22 | Sumerian News – Politics  The Finance Committee in the House of Representatives called on the government to expedite the preparation of next year's budget according to the specified timetable. While discussing Chairman of the Committee Atwan Al-Atwani with the delegation of the Adam Smith International Foundation group Of the laws related to the development of the financial and banking system.

Member of the Finance Committee, Mustafa Al-Karawi, stated that “the current year’s budget stipulated the necessity of providing Parliament In the financial schedule before the end of the fiscal year, and any delay in that will cause a delay in the start of implementing the budget and its schedules,” noting that “the non-oil revenues targeted in the budget are estimated at 27 trillion dinars, while what has been achieved so far does not exceed 8 trillion dinars only,” he said.

Al-Karawi added that "the Ministry of Finance indicated the possibility of collecting 3 trillion dinars per month during the coming period, and that the Finance Committee called on the government to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances."

The MP stressed that "the committee is closely following up on how the budget funds are distributed, to ensure that they are used effectively to serve citizens and enhance the national economy."Pointing“It discusses from time to time ways to increase government revenues by developing the tax and customs system,” the MP noted.

“There is a government plan that relies on automating and modernizing the work systems in these institutions, and it is expected that its implementation will be completed by the end of this year, which will contribute to enhancing revenues and ensuring better efficiency in collecting them,” according to the official Al-Sabah newspaper.

In addition, he reviewedChairman of the CommitteeFinance, Atwan Al-Atwani, yesterday, Monday, with a delegation from the Adam Smith International Foundation, projectslawsThe mission includes the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments, noting that these laws will be read in the upcoming sessions.

 Al-Atwani also reviewed before the delegation the most important challenges facing the financial system in Iraq, as well as the steps and priorities of the Finance Committee within the framework of finding a correct philosophy and rational management of public money and the economy through diversifying sources of income and not relying excessively on oil to feed the state budget,

stressing that the Parliamentary Finance Committee, within the framework of its permanent movement and continuous efforts to maximize non-oil revenues, is currently working on amending the law of the General Authority for Monitoring the Allocation of Federal Revenues.  LINK

Seeds of Wisdom RV and Economic Updates Tuesday Morning 10-22-24

Good Morning Dinar Recaps,

G20 REPORT ON TOKENIZATION OUTLINES HOW CENTRAL BANKS LIKELY TO ENGAGE

The Bank for International Settlements (BIS) has been pretty supportive of tokenization, promoting the idea of the Unified Ledger where tokenized assets can be settled with tokenized money. 

Today the BIS and Committee on Payments and Market Infrastructures (CPMI) released a report for the G20 which takes an upbeat but sober view on tokenization, highlighting both the opportunities and the risks, as well as the role of central banks.

On the opportunity front, the stand out benefit is seen as the ability for a single platform to support functions that have been traditionally split (such as pre and post trade) as well as multiple types of assets and different parties.

That reduces many frictions and costs, enabling transactions that previously weren’t possible. Plus the support for delivery versus payment (simultaneous exchange of the asset and money) helps with risk reduction.

It also steps through many potential risks beyond the conventional ones. In the early stages, as tokenization matures, there is some legal uncertainty as regulations get clarified.

The paper raised an interesting legal risk: In the United States, if a company goes bankrupt, its assets are frozen. However, that’s not the case regarding repurchase agreements (repos), which usually involve a company providing collateral in exchange for cash. The BIS notes that this advantage “may not extend to tokenised versions of repo transactions.”

Meanwhile, the authors highlight that more complex platforms which support multiple issuers and assets are likely to be more expensive to build. On the other hand, it’s less expensive to develop a single issuer or asset platform, but more likely to create siloed data which defeats the object of tokenization.

The role of central bankers
This potential proliferation of siloed systems and fragmentation highlights the need for central banks. Central banks can step in to coordinate efforts.

Plus, given the propensity for payments and network effects, there’s a risk that a lack of competition between tokens could result in a “winner takes most” situation. That could mean the benefits of tokenization translate to higher profits rather than lower costs for end users. Central banks want end users to benefit from the potential economies of scale that a large platform could enable.

A second consideration is the role of the central bank in providing central bank money for the settlement of tokenized assets. The paper considers various options, including integrating existing payment systems and providing tokenized central bank money (wholesale CBDC) on a central bank platform or third party platforms. While tokenized deposits are moving forward, the BIS is concerned about the potential proliferation of stablecoins for settlement.

Third, is the potential need to monitor these new platforms. They want to assess which ones fall into similar a classification to traditional Financial Market Infrastructures (FMIs).

Finally, there’s the impact on monetary policy. For example, the use of tokenized deposits or a wholesale CBDC could change the balance between public and private money. If tokenization ends up fragmenting money, then this could affect the implementation of monetary policy.

The road ahead
“Tokenisation has significant potential to improve the safety and efficiency of the financial system,” Agustín Carstens, General Manager of the BIS.

”Central banks along with the private sector must continue to explore novel technologies and develop solutions that are fit for purpose for the future financial system.

However, tokenisation also poses economic, legal and technical challenges that must be addressed if it is to fulfil its potential.  The BIS is committed to exploring aspects of these challenges through its analysis and Innovation Hub projects in the years ahead.”

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

JAPAN'S DPP LEADER PLEDGES 20% TAX CAP ON CRYPTO GAINS IN POLICY PITCH FOR UPCOMING ELECTION

▪️The leader of Japan’s Democratic Party for the People has included the reduction of taxes on crypto gains as part of the party’s policy statement.

▪️Japan currently imposes taxes of up to 55% on crypto gains as cryptocurrency is classified as miscellaneous income.

Yuichiro Tamaki, the leader of Japan’s Democratic Party for the People (DPP), has proposed a plan to reduce the tax on crypto gains to 20% as part of his policy statement for the upcoming general election.

“If you believe that cryptocurrency should be taxed at a flat 20% rate, instead of being treated as miscellaneous income, please vote for the Democratic Party for the People. We also propose no taxes on cryptocurrency-to-cryptocurrency exchanges,” Tamaki wrote on X on Sunday.

In a policy statement, the party suggests a 20% separate self-assessed tax and proposes exempting taxes on cryptocurrency exchanges, raising the leverage limit from 2x to 10x, and introducing crypto ETFs. Tamaki also wrote in an X post in July that Japan should “aim to become a major cryptocurrency nation through deregulation and tax reform.”

“With the leverage ratio for retail investors limited to 2x, there is little incentive for speculators to enter the market,” Daiki Moriyama, director of Japan- and Singapore-based gaming blockchain builder Oasys, told The Block.

Japan currently imposes taxes of up to 55% on crypto gains, as cryptocurrency is classified as miscellaneous income. In December, the government approved a tax regime revision that seeks to exclude corporations from paying tax on unrealized crypto gains if they hold the assets longer-term.

“Cryptocurrency trading volumes in Japan remain extremely low,” Moriyama said. “Consequently, Japanese cryptocurrency exchanges, which rely mainly on trading fees as their primary source of revenue, are struggling to generate profits.”

Tamaki’s ambition to reform crypto taxes may still be far from becoming a reality. DPP currently holds seven seats in the House of Representatives, and Japan is set to hold a general election on Oct. 27 to fill its 465 lower house seats.

A survey conducted by the Asahi Shimbun, a major Japanese newspaper, showed that, in single-seat areas, the DPP may double its pre-election total of four seats. In the proportional representation category, DPP may increase its seats.

@ Newshounds News™

Source:  The Block  

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🌱WOW - FEDERAL RESERVE NOTE REMOVED FROM THE U.S. DEBT CLOCK - GLOBAL SHIFT? GOOD NEWS - WATCH  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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MM&C News Reporting-Iraq Dinar Update-Banking Reforms-Completion Development-Digital Infrastructure

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MilitiaMan:  10-21-2024

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=NU6eu_YzilA

Iraq News Highlights and Points To Ponder Monday Evening 10-21-24

"Serious Repercussions" .. Iraq's Internal Debts Rise At A Rate Of One Trillion Dinars Per Month

Published on: October 21, 2024: Exclusive/Al-Mada  Iraq has recently witnessed a significant increase in its internal debts, recording an increase of one trillion dinars per month, which raises widespread concern among citizens and economic analysts.

This increase comes at a time when the country is suffering from multiple economic challenges, including weak economic growth and increasing unemployment rates.

As the financial crisis worsens, economists expect the growing public debt to have negative effects on citizens’ standard of living, including a decline in public services and higher prices.

Under these circumstances, there is an urgent need to develop effective strategies to manage debt and ensure financial stability in the country.

The economic expert, Nabil Al-Marsoumi, announced in a post on his personal accounts, followed by (Al-Mada), that "according to the data published on the website of the Central Bank of Iraq, the total domestic public debt in Iraq increased from 70 trillion dinars in January 2024 to 80 trillion dinars in October 2024. The rate of increase in the debt reached 1 trillion dinars per month, representing a growth rate of up to 14%."

He added, "This growth in the domestic debt reflects the existence of an actual deficit in the 2024 budget, as part of this deficit was covered through domestic borrowing, deducting remittances, and issuing bonds," noting that "the government's three-year budget law in 2024 has provided the possibility of obtaining 5 trillion dinars through remittances deducted from the legal reserve of government banks, in addition to borrowing 3 trillion dinars from these banks."

The government's measures also included issuing national bonds worth 5 trillion dinars and deducting treasury transfers at the Central Bank of Iraq worth 20 trillion dinars.

The economic expert continues, "This increase in domestic debt in light of the economic challenges facing Iraq requires effective strategies to manage public debt and achieve sustainable financial stability."

For his part, economic affairs expert Taha Al-Janabi said in an interview with Al-Mada that “the increase in Iraq’s internal debts by a rate of one trillion dinars per month could have major negative effects on citizens and the economy in general.”

He added, "With the rise in public debt, the government may have to impose new taxes or increase existing taxes to compensate for the deficit, which will reduce the disposable income of citizens."

He explained that "focusing on debt repayment could lead to reduced spending on basic services such as health, education and infrastructure, which negatively affects the quality of life."

Al-Janabi explained that, "to finance the debt, the government may have to print more money, which may lead to higher inflation rates and higher prices, and thus a loss of purchasing power for citizens."

He stressed that "if public debt continues to rise without a clear plan to manage it, this could lead to a loss of confidence in the government and economic systems, which could lead to social unrest."

He explained that "the increasing debt may lead to future generations being burdened with paying off these debts, which will affect their economic future."

The economic expert continued, "Addressing these issues requires effective economic strategies from the government, including improving the management of public funds, increasing spending efficiency, and developing various economic sectors."

https://almadapaper.net/381682/#hathalyoum

Economist Reveals Actual Deficit In 2024 Budget

Money and business   Economy News – Baghdad Economic expert Nabil Al-Marsoumi confirmed that there is an actual deficit in the 2024 budget, part of which was covered through domestic borrowing, deducting remittances, and issuing bonds.

According to the Central Bank data, the total domestic public debt in Iraq increased from 70 trillion dinars in January 2024 to 80 trillion dinars in October 2024, at a rate of one trillion dinars per month and a growth rate of 14%, which means that there is an actual deficit in the 2024 budget.

The government’s three-year budget in 2024 allowed for obtaining 5 trillion dinars through transfers deducted from the legal reserve of government banks and borrowing 3 trillion dinars from government banks, in addition to issuing national bonds worth 5 trillion dinars and deducting treasury transfers at the Central Bank of Iraq worth 20 trillion dinars. https://economy-news.net/content.php?id=48964

Parliament Reveals The Secrets Of 6 Qualitative Strikes Against Currency Counterfeiting Networks In Iraq - Urgent

Economy / Security |Today,  Baghdad Today - Baghdad    The Parliamentary Security and Defense Committee revealed, today, Monday (October 21, 2024), the secrets of 6 qualitative strikes against currency counterfeiting networks in Iraq.

Committee member MP Yasser Iskandar said in an interview with Baghdad Today, "Counterfeiting currencies, whether foreign or local, has serious repercussions on the economy. It drains people's savings and creates a state of mistrust, especially since counterfeiting operations have taken on a dimension of precision and professionalism because the networks involved in them cross borders, meaning that there are international mafias with multiple addresses."

He added, "The Ministry of Interior succeeded, through exceptional efforts, in directing 6 qualitative strikes against currency counterfeiting networks in Iraq during 2024, and contributed to the arrest of many of its leaders and the seizure of large sums of money that were on their way to marketing."

Iskandar pointed out that "counterfeiting crimes are low compared to previous years, in addition to awareness messages, which have begun to bear fruit through checking currencies and reporting counterfeit ones directly by stakeholders, whether banking or companies, reaching the ordinary citizen, and this reflects important awareness."

On Saturday (October 19, 2024), financial and economic expert Alaa Al-Fahd revealed the authorities responsible for protecting the Iraqi currency from counterfeiting and its spread in the markets.

Al-Fahd told Baghdad Today, "The mission of the Central Bank of Iraq is to issue currency and maintain monetary policy and coordination in this field. As for the issue of counterfeit currency, this is the responsibility of the specialized executive government agencies. The bank's goal when it issues its currency is to work on finding ways to protect this currency from counterfeiting, and this matter exists in all countries of the world."

He added that "the issue of gangs and currency counterfeiting mafias is not within the tasks and duties of the Central Bank to confront, even the issue of currency smuggling is not within the Bank's tasks," indicating that "these issues are the responsibility of the specialized executive government agencies, including the security agencies, and for this reason the Central Bank of Iraq always works to coordinate with those government agencies in order to preserve the Iraqi economy and currency."

The expert confirmed that "even the dollar is a counterfeit currency, not only in Iraq but in most countries of the world, and this is not the responsibility of the Central Bank of Iraq, but rather the responsibility of the specialized executive government agencies."   LINK

The Dollar Rises Again In The Iraqi Stock Exchanges

Economy  2024-10-21 | 2,224 views   SumerianNews – Economy  

Baghdad:  Selling price: 154,000   Buying price: 152,000

Erbil:  Selling price: 152,950   Buying price: 152,850

The Council of Ministers announced on February 7, 2022, the approval of amending the exchange rate DollarTo 1320 dinars per dollar.  LINK