Some BRICS News 10-24-2024

BRICS Summit 2024 Coverage of the main event: 30 New Members, Currency, and De-dollarization

Fastepo:  10-24-2024

Welcome to our coverage of the BRICS Summit 2024, day 2, taking place in the vibrant city of Kazan, Russia.

This summit brings together leaders from Brazil, Russia, India, China, South Africa, Iran, UAE, Egypt and Ethiopia as well as many non-members leaders to discuss key issues facing emerging economies and explore ways to enhance cooperation among member nations.

With a focus on sustainable development, economic collaboration, and addressing global challenges, the summit serves as a crucial platform for shaping the future of the BRICS alliance. In this video, we highlight the main events and key statements made by BRICS leaders up until the time of this publication.

Stay tuned as we summarize the latest developments and insights from this important gathering! Due to the ongoing event and limited editing time, please note that all footage in the video is random. Our primary focus has been on the content.

We will begin with the statement from the Russian President, followed by the Chinese President, the Indian Prime Minister, the representative from Brazil, the South African President, the Egyptian President, and finally, the Iranian President and the Prime Minister of Ethiopia.

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

U.S. economist: BRICS to form true multilateral world

CGTN:  10-24-2024

The first BRICS summit since the group expanded from five to 10 members is underway in Russia's Kazan, with the entire world watching how these nations embrace diversity while reaching consensus in the newly-expanded bloc.

In an exclusive interview with World Insight's Tian Wei, Columbia University Professor Jeffrey Sachs noted that BRICS is not only committed to deepening internal relations, but also to building strong ties with emerging economies, leading the way to the formation of a truly multipolar and multilateral world, though many challenges still remain.

https://www.youtube.com/watch?v=ZOL22qpYd7w

As BRICS Confirms Anti-SWIFT Financial System, Major Bank Declares US Stocks Are Done

Sean Foo:  10-24-2024

As the BRICS summit concludes, we get more information on the BRICS plan to set up a competing financial system to challenge SWIFT. Here's what this will entail.

Meanwhile, US giant Goldman Sachs just declared US stocks would underperform for the next decade

. Timestamps & Chapters:

 0:00 The De-Dollarization Plan

2:51 Anti-SWIFT Platform

5:40 Banking Giant Slams U.S. Stocks

 8:11 Black Swan Collapse Risk

11:42 Global US Bond Sell-Off

https://www.youtube.com/watch?v=ZJKRadOjB00

“Tidbits From TNT” Thursday 10-24-2024

TNT:

Tishwash:  Parliamentary Legal: Parliament will extend its legislative term to complete important laws

The Parliamentary Legal Committee confirmed that the work on the general amnesty law is proceeding to formulate it in its final form, noting that Parliament will extend its legislative term to complete important laws. 

Committee member Raed Al-Maliki said, "Next week, the committee will focus on legislating the Personal Status Law, and work is ongoing in the committee on the general amnesty law to formulate it in a final form, and we are working to have it passed during the current legislative session."  

He added, "The House of Representatives will extend its legislative session for a month, and thus the legislative holiday will be only one month to complete some important laws. A letter was sent to the House Presidency to include some laws on the agenda during the coming weeks."

Al-Maliki said, "Among the laws that we demand to be included on the agenda are the laws (the right to obtain information, and the regulation of the right to demonstrate and peaceful assembly), as well as reading the proposals of some laws for a first and second reading, such as (the proposed law of human rights activists, and the law of the House of Representatives, its formations and amendments)  link

Tishwash:  Al-Araji: Iraq today is free of terrorism

Today, Wednesday, October 23, 2024, the National Security Advisor, Qasim Al-Araji, announced that Iraq is "free of terrorism."

Today, the National Security Advisory held a conference to evaluate and update the Iraqi strategy for combating terrorism for the years (2012-2025), in coordination with the Counter-Terrorism Service and in cooperation with the European Union Mission in Iraq. 

Al-Araji opened the conference with a speech in which he stressed that “Iraq today is free of terrorism and we are working to sustain security and ensure its success. We must work according to the principle of citizenship, far from nationalism and sectarianism, because Iraq unites everyone and we must abandon the feeling of marginalization and work according to the law and not escape punishment. The citizen must trust the state and its judicial institutions.” 

He also pointed out that "there are no first-class or second-class Iraqis, etc., as all Iraqis are equal, and the government is strong and state institutions are strong and work to strengthen societal cohesion." 

Al-Araji said, "The government is working on the largest social integration process for those who came from Al-Hol camp, where they were subjected to psychological rehabilitation in Al-Jadaa camp under the supervision of the Ministry of Migration and Displacement and all other agencies. More than 2,000 families have been returned to their original areas so far, and what remains are 600 families undergoing rehabilitation, in preparation for their return and giving them a chance at life again."

He also stressed "the importance of monitoring social media sites that spread division and poison among Iraqis and not allowing any party or entity to divide Iraqi society, as security was achieved by the pure blood of Iraqis and must be preserved."  link

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Tishwash:  Calls to accelerate 2025 budget and boost non-oil revenues

A number of representatives called on the government to expedite the submission of the 2025 budget, warning of the delay that could affect the implementation of development projects and economic reform programs.

They stressed the importance of enhancing non-oil revenues, calling for the adoption of financial and economic policies that contribute to diversifying sources of income and improving resource management.

The representatives stressed the need to develop clear plans for investment in the oil sector, with the aim of increasing productivity and achieving additional revenues to support the budget, in light of the ongoing fluctuations in global oil prices and the economic pressures facing the country.

This comes amidst an emphasis on the need to boost non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.

The head of the parliamentary finance committee, Atwan Al-Atwani, said: “We expect the 2025 budget to reach the House of Representatives early next year,” indicating that “the government has begun meetings to restructure the budget items.”

For his part, member of the finance committee, Mustafa Al-Karaawi, stated that “the current year’s budget stipulated the need to provide parliament with the financial schedule before the end of the fiscal year, and any delay in this 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.”

Al-Karaawi 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 boost non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.”

The MP stressed that "the committee closely monitors the distribution of budget funds to ensure their effective use in serving citizens and strengthening the national economy," noting that "it discusses from time to time ways to increase government revenues by developing the tax and customs system."

The MP noted that "there is a government plan that relies on automating and modernizing the work systems in these institutions, and it is expected to be completed by the end of this year, which will contribute to enhancing revenues and ensuring better efficiency in collecting them."

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, discussed with the delegation of the Adam Smith International Foundation a set of laws related to developing the financial and banking system.

The two sides discussed important draft laws, including the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments.

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 by diversifying sources of income and not relying excessively on oil to feed the state budget.

He stressed 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." link

Mot: .. Danger Danger Danger  Kittens

Mot: A day without laughter (and dirt) is a day wasted…

Iraq News Highlights and Points To Ponder Thursday AM 10-24-24

MP Reveals Strategy To Achieve Self-Sufficiency In Petroleum Derivatives

Information/ Baghdad..  Member of the Parliamentary Oil Committee, MP Ali Saadoun, revealed on Thursday a strategy to achieve self-sufficiency in oil derivatives in a southern governorate.

Saadoun said in an interview with Al-Maalouma, "Maysan Governorate comes after Basra in crude oil production, which reaches 600 thousand barrels per day, and despite the presence of a refinery, it does not cover its needs for oil derivatives."

He added, "The Ministry of Oil has begun adopting a strategy, the first stage of which is to add a unit with a capacity of 70,000 barrels per day to the Maysan refinery in order to produce larger quantities of petroleum derivatives, especially gasoline and kerosene."

He pointed out that "achieving self-sufficiency in petroleum derivatives will create high flexibility in providing needs throughout the year without any difficulties, especially with the growing rates of demand for various types of fuel."

It is noteworthy that the Maysan refinery consists of 4 production units with different capacities, which provide the largest part of the governorate’s needs for petroleum derivatives.” LINK

Parliamentary Integrity Commission Reveals Government Move To Recover Looted Funds

Information / Baghdad..   Member of the Parliamentary Integrity Committee, Hamid Al-Shiblawi, revealed today, Thursday, a government move to recover the corrupt and the stolen money outside the country.

Al-Shablawi told Al-Maalouma Agency, "There is coordination between the oversight institutions and Parliament to uncover major corruption files."

He added that "his committee is in the process of legislating a number of laws that will help the government's oversight body combat corruption and recover stolen funds."

He pointed out that "his committee had previously begun opening numerous files by the Parliamentary Integrity Committee concerning all state institutions and ministries."

Al-Shablawi pointed out that "there is a government move to recover the corrupt and the looted money inside and outside the country." LINK

Parliamentary Economy: Iraq Loses 7 Billion Dinars Annually Due To This Company’s Fraud

Information Baghdad..   Deputy Chairman of the Parliamentary Economy and Trade Committee, Yasser Al-Hussaini, confirmed today, Thursday, that Iraq loses 7 billion dinars annually due to fraud by a foreign company.

Al-Hussaini told Al-Maalouma Agency, "The Ministry of Industry has concluded a joint operating contract with the foreign private company Smart Cloud."

He added, "Iraq loses more than 7 billion dinars annually without the foreign private company providing any service to Iraq since 2020 until today," noting that "Smart Cloud continues to contract with other ministries with false priorities."

He explained that "there is a drain on the country's resources, and therefore we call for a bold decision to terminate the contract, fine the company all the amounts it received, and blacklist it." LINK

IMF Expects Iraq's Inflation Rate To Rise In 2025

Money and business   Economy News - Follow-up  The International Monetary Fund predicted in a report issued this October on the inflation index for Arab countries, indicating that the inflation index in Iraq will rise slightly in the year 2025.

According to the table reviewed by "Al-Eqtisad News", "the annual inflation index in Iraq recorded 3.2% in 2024, compared to 4.4% in 2023 and 5% in 2022."

The International Monetary Fund expects that "the inflation index in Iraq will rise slightly next year, 2025, to reach 3.5%, and the inflation index will decline in 2029 to reach 3%."

The table indicated that "Oman will witness the lowest inflation among Arab countries in 2025, reaching 1.3%, while the highest inflation will be in Sudan, at 200.1%." https://economy-news.net/content.php?id=49105

Uncertainty Over The 2025 Budget.. Parliament: We Don't Know Anything About It Yet - Urgent

Politics / Economy |Today  Baghdad Today - Baghdad   The Parliamentary Finance Committee confirmed, today, Thursday (October 24, 2024), that the House of Representatives does not know anything about the details of the 2025 budget schedules.

Committee member Jamal Kojer said in an interview with Baghdad Today, "The House of Representatives has not yet reviewed any of the details of the 2025 budget schedules, and we do not know the size of the budget, the percentage of the deficit in it, what projects it includes, and other financial issues."

Koger said, "We do not expect there to be a major or fundamental change in the 2025 budget schedules compared to the past two years, and we believe that the deficit will exist virtually or in reality, and this is what the budget schedules will determine when they reach us and we review them, as there is no official date for their arrival yet."

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed on Tuesday (October 8, 2024) that the Ministry of Finance is preparing the general budget tables for the year 2025, while pointing out the most important pillars that will be adopted in the budget for next year.

Saleh said in a statement carried by the official news agency, "Article 77/Second of the Federal General Budget Law No. 13 of 2023, which regulates the preparation of the three-year budget, stipulates that the government sends the budget tables for the years 2024 and 2025 to the House of Representatives for approval before the end of the previous fiscal year."

 He added, "The Ministry of Finance has announced that it is in the process of preparing the general budget schedules for the year 2025, in accordance with the constitutional mechanisms adopted by the aforementioned three-year budget law."

He pointed out that "based on the indicators of budget implementation over the first two years of Law No. 13 mentioned above, the financial authority has the necessary administrative and financial capabilities to submit the 2025 budget tables to take their legislative path through discussion and approval in the Council of Ministers and refer them to the House of Representatives before the end of this year."

Saleh noted that "the federal general budget tables for the year 2025 will be based on the constants of Federal Budget Law No. 13 of 2024, taking into account international and regional economic conditions and their changes, in a way that ensures the adaptation of the provisions of the budget tables for the year 2025 within the available legal texts, in addition to relying on the performance of the indicators of the general budget tables for the year 2024."

He stressed that "major construction projects will continue to progress in accordance with the vision of the government programme to ensure the continuity of growth rates in the gross domestic product in general and the gross domestic product (non-oil) in particular."   LINK

Seeds of Wisdom RV and Economic Updates Thursday Morning 10-24-24

Good Morning Dinar Recaps,

TOKENIZATION: BIS INNOVATION HEAD SAYS PRIVATE SECTOR NEEDS TO EMBRACE CHANGE

The BIS Innovation Hub lead, Cecilia Skingsley spoke about the need for the current financial industry to embrace change. It’s one thing if there’s a department exploring the possibilities of tokenization, but if the C-suite is happy with the way things currently work because they’re making money, that inhibits progress.

“Because the financial infrastructures of today, they are not going to be fit for tomorrow,” she said, talking during the Institute of International Finance (IIF) annual meeting.

She believes there are two key requirements for tokenization to work at a global scale. One is digital identity and the other is around regulation. Different jurisdictions are creating their own rules, but there’s a need for mutual regulatory recognition, which will take time. Otherwise tokenization might just take off in certain regions, without the potential global benefit.

While some are disappointed with the slow speed of progress of tokenization, Ms Skingsley said she would have been surprised if it had moved faster. The financial sector needs to be humble. 

“The last time the financial industry got really excited about new technology, it was during the securitization era,” she said, noting its contribution to the Global Financial Crisis. Hence, it’s good to be deliberate.

Talking about today’s Financial Stability Board (FSB) report on tokenization, she noted that the FSB’s job is to highlight risks. While everyone wants safety, the public sector wants “safe, safe, safe”, whereas the private sector wants flexibility.

She also shed light on the tradeoffs that central banks consider.

In order to encourage inclusion and competition, the public sector tends to embrace low barriers to entry. That’s until that triggers financial stability risks, at which point the questions is whether they want many participants or a few, and it’s easier to supervise a few.

Another trade off relates to liquidity. On the one hand, fragmented liquidity is not good for efficient markets. But at the other extreme, the public sector doesn’t want to see dependence on one particular marketplace.

In terms of solving liquidity issues, Ms Skingsley doesn’t currently see tokenization as addressing it, although that could change. Most market observers describe the current tokenization sector as fragmented. However, it could swing from one extreme to the other.

Ms Skingsley also noted that a few central banks are adapting their real time gross settlement (RTGS) to accommodate DLT-based financial market infrastructures (FMIs). The Bank of England is one of them.

“An increasing number of central banks are wanting to allow for a DLT-based FMI. And then you will see the beginnings of bridges from the current to what could be future tech.”

@ Newshounds News™

Source:  Ledger Insights

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BRICS CURRENCY OFFICIALLY UNVEILED

A mock-up of the upcoming BRICS currency has finally been unveiled at the alliance’s ongoing summit in Kazan, Russia. Indeed, Russian president Vladimir Putin was seen with a mock-up up “BRICS bill” at the summit, the first time the new currency has been put on display.

The BRICS bill in question features the five BRICS nations’ flags (Brazil; Russia; India; China; and South Africa) connected together to form a circle. The displayed currency appeared to be a note with a value of 100. On the flip side of the note appears to be multiple additonal flags, likely of new interested countries that may join BRICS. These include Mexico; Egypt, Nigeria, and Bahrain.

The BRICS bloc has yet to formally announce the launch of the new BRICS currency, however, it has been at the front and center of conversations within the bloc for years. Earlier today, Chinese President Xi Jinping made a historical announcement regarding the bloc’s new payment system.

Speaking to those in attendance, the president discussed why the system is so important to groups that continued seeking a multipolar world. “There is an urgent need to reform the international financial architecture,” Jinping said. “BRICS must play a leading role in promoting a new system that better reflects the profound changes in the international economic balance of power,” he added.

BRICS Currency Launch To Be Revealed Soon?
The blockchain-based BRICS pay system has always been viewed as a key de-dollarization development. For the bloc, it presents a chance to circumvent Western financial infrastructure like the SWIFT payment platform. Therefore, presents a key opportunity for nations within the group to promote the use of their currencies for trade.

The BRICS bloc has enjoyed unprecedented growth over the last two years. It has sought to increase its presence on a global scale and disrupt the West’s dominant run. Throughout the last year, it has increased its de-dollarization efforts to lessen overall reliance on the US dollar. The new BRICS currency will be the next key step in establishing a world where USD isn’t the supreme leader.

The BRICS currency is expected to be backed by gold, the precious metal currently establishing new highs in value. According to reports, the new currency will consist of a backing of 40% gold and 60% tied to local currencies. The regional currencies could involve the Chinese yuan, Russian ruble, and Indian rupee, among other member’s legal tenders.

@ Newshounds News™

Source:  Watcher Guru

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🌱 BRICS OFFICIALLY ADDS 13 NEW NATIONS TO THE ALLIANCE AS PARTNER COUNTRIES  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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MilitiaMan & Crew News Reporting-Iraq-Dinar Update-Oil & Gas-House of Representatives Vote- Slated for Saturday

MilitiaMan & Crew News Reporting-Iraq-Dinar Update-Oil & Gas-House of Representatives Vote- Slated for Saturday

10-23-2024

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=0rgo5LV3SXA

Iraq Economic News and Points To Ponder Wednesday Evening 10-23-24

Financial Expert To Nina: Iraq Must Take Several Steps To Transform Its Economy From A Rentier To A Multi-Revenue Economy

Wednesday 23 October 2024 | Economic  Baghdad / NINA / Financial and economic expert Safwan Qusay confirmed today, Wednesday, that the transformation of Iraq's economy from a rentier oil economy to a multi-revenue economy requires several steps that must be followed by the authorities responsible for developing the Iraqi economy.

Qusay said in a statement to the National Iraqi News Agency / NINA / that "the current tax reform process must be consistent with the necessity for the investment law to be compatible with the tax law, indicating that Iraq inherited a set of tax laws related to the central economy, so the process of updating them is related to the requirements of global investment that will increase the ability to attract investments and requires stability in these laws."

He added that "Iraq does not need a process of reviewing the rates, but rather needs to comply with international financial reporting standards so that the values ​​appearing in the financial statements are the reality of income, and we need to expand the tax base and review tax allowances in a manner consistent with the purchasing power of the income earner..

We need a process of twinning between local and international laws with direct supervision of what the investor desires, which can restore the tax law sector so that Iraq has an attractive investment opportunity away from the process of subjecting these indicators to laws that are not characterized by sustainability."

He pointed out that "supporting the local product can be done by providing production subsidies and not by imposing taxes on the investment sector. We need to transform the informal market into a formal one because this will pave the way for building a non-oil economy." /End 8 https://ninanews.com/Website/News/Details?Key=1163877

UN Secretary-General Commends Kurdistan Parliament Elections, Calls For Inclusive Government

UN Secretary-General António Guterres has praised the holding of the Kurdistan Region Parliamentary elections in a "calm and peaceful" atmosphere, calling for the formation of an inclusive government as soon as possible. "

The Secretary-General congratulates the Kurdistan Region and its people on the holding of the parliamentary elections on 20 October, which took place in a calm and peaceful atmosphere.

 He commends the efforts of the Independent High Electoral Commission, with the support of the United Nations Assistance Mission for Iraq (UNAMI), in preparing for and conducting these elections,"
said Farhan Haq, Deputy Spokesperson for the Secretary-General.

"As the Kurdistan Region awaits the final results, the Secretary-General encourages all political leaders and segments of society to continue to maintain a peaceful atmosphere, and urges political actors to resolve any electoral disputes through existing legal channels and to complete the electoral process with the formation of an inclusive government as soon as possible," he added.

He noted that the Secretary-General "reaffirms the commitment of the United Nations to support Iraq's efforts to consolidate democratic gains and build a prosperous future for the Iraqi people." https://www.radionawa.com/all-detail.aspx?jimare=39899

Oil Prices Decline With The Rise In US Crude Inventories

Wednesday 23 October 2024 | Economic  Baghdad / NINA / Oil prices suffered losses during early Wednesday trading, after data showed a larger-than-expected increase in US crude inventories, while the market continues to monitor diplomatic efforts in the Middle East as Israel continues to launch attacks on Gaza and Lebanon.

Brent crude futures fell 31 cents, or 0.4 percent, to $75.73 a barrel, while US West Texas Intermediate crude futures fell 32 cents, or 0.5 percent, to $71.42 a barrel.

The American Petroleum Institute figures indicated on Tuesday that US crude inventories rose by 1.64 million barrels last week, which affected prices, and analysts polled by Reuters expected an increase of 300,000 barrels in crude inventories.

At the same time, gasoline and distillate inventories fell by 3.5 million barrels.
Official US government oil inventory data is scheduled to be released on Wednesday.

In the Middle East, US Secretary of State Antony Blinken held “extensive talks” with Israeli Prime Minister Benjamin Netanyahu and senior Israeli leaders, urging them to get more humanitarian aid into Gaza.

Goldman Sachs on Tuesday forecast oil prices to average $76 a barrel in 2025 based on a moderate surplus of crude and spare capacity from producers in OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia.

Oil found some support amid signs of recovering demand from China, the world’s largest crude importer, amid Beijing’s efforts to stimulate the world’s second-largest economy. Some analysts have recently raised their oil demand forecasts.  https://ninanews.com/Website/News/Details?key=1163788

$255 Million In Iraqi Central Bank Sales During Today's Auction

Banks  Economy News – Baghdad  The Central Bank of Iraq announced today, Wednesday, its sales of hard currency, which amounted to more than 255 million dollars in today's transactions, according to the official price of 1310.

The bank's data showed that the total internal cash withdrawals amounted to $3,400,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $252,166,587, while the total sales amounted to $255,566,587.   https://economy-news.net/content.php?id=49057

Ministry Of Communications: Great Success For The Iraqi Post In The Digital Transformation Of Financial Transactions

Local | 10/23/2024  Mawazine News – Baghdad  The Ministry of Communications confirmed on Wednesday that the Iraqi Post has achieved remarkable progress in the digital transformation of financial transactions, which enhances confidence in the postal and savings system.

The spokesman for the Ministry of Communications, Omar Abdul Razzaq Musaheb, explained in a statement received by "Mawazine News", that "the General Company for Post and Savings has achieved great success in the digital transformation of financial transactions, as old postal notebooks, which have been used for decades, have been converted into easy-to-use electronic cards, enabling citizens to follow up on their balances and financial transactions via the electronic application "Ki".

He added that "the digital transformation has contributed to achieving its desired goals of reducing corruption and manipulation of citizens' deposits, which has enhanced citizens' confidence in the financial procedures adopted by the Post and Savings Company", noting that this transformation came in implementation of the government's program that emphasizes the importance of electronic payment and digital transformation, instead of traditional cash transactions.

Abdul Razzaq stressed that "the Central Bank of Iraq is fully aware of all the financial activities of the General Postal and Savings Company through monthly reports submitted by the company," explaining that "the reports that aim to reduce the importance of this achievement or mislead public opinion with false information come from bankrupt parties seeking to obstruct the reconstruction and development efforts in the ministry."  https://www.mawazin.net/Details.aspx?jimare=256153

Sudanese Advisor: The Government Succeeded In Attracting Investments Worth $100 Billion

Politics |  10/23/2024  Mawazine News – Baghdad  The Prime Minister's Advisor for Investment Affairs, Mohammed Al-Najjar, confirmed on Wednesday that the Iraqi government has achieved great success in attracting investments worth $100 billion over the past two years, noting that there are more large projects in various sectors.

Al-Najjar, who also holds the position of Director of the Iraq Development Fund, explained that the contract recently signed with Elsewedy Electric includes investments worth $5 billion and the establishment of three industrial cities in Iraq.

He added that the contract includes the opening of a joint Iraqi-global fund specializing in introducing industry and advanced education to the country, within the projects to establish an industrial and economic city aimed at attracting investors in addition to other various projects.

Al-Najjar pointed out that "the contract is a pioneer of its kind," as it will enable the fund to represent the Iraqi government side, which will open investment opportunities for local and Iraqi investors and Gulf funds to prepare another fund to localize smart industry in Iraq.

He explained that there are three potential areas for the location of the economic city, taking into account the service of the workforce and the surrounding cities and governorates, as options are currently being studied in central and southern Iraq.

The Iraq Development Fund had previously announced the signing of a memorandum of understanding with the Egyptian global company Elsewedy Electric, which aims to establish an Iraqi investment fund under the name of the “Localization Fund” to attract local and international investments to develop strategic projects in several sectors, in addition to developing economic alternatives in the fields of agriculture, industry and services, in order to reduce dependence on oil.
https://www.mawazin.net/Details.aspx?jimare=256160

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

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

Good Evening Dinar Recaps,

WHY IOTA’S SUPPLY INCREASE ISN’T A THREAT: INFLATION AND ECOSYSTEM GROWTH KEY

▪️Since IOTA increased the token supply last year to 4.6 billion—up from an initial 2.79 billion—there have been concerns that this has suppressed its price.

▪️However, one ecosystem member says the increase was in line with the broader inflation, other major tokens experienced similar figures, and it’s the ecosystem growth that ultimately matters.

In September last year, IOTA made a massive announcement, revealing that it would increase the supply of IOTA tokens from 2.79 billion to 4.6 billion. Since then, some analysts have claimed that the new tokens have been the key factor suppressing the price of the token.

However, one community member argues that what the ecosystem builds on the network is more important than the token inflation.

In its September 2023 announcement, IOTA revealed that it would release new tokens every two weeks for the next four years, presumably up to the end of 2027. 

Of the new 1.82 billion tokens, the ecosystem fund, which includes the IOTA Foundation and the Tangle Ecosystem Association, would receive 31%, the highest share. The funds would go towards supporting developers to build on IOTA. Contributors received 5%, while Assembly stakers got 3.5%.

Did IOTA’s Supply Increase Suppress the Price?
Since the announcement, debate has been heated over the effect it has had on the price. IOTA’s price has dipped 22% since September last year. However, in that time, it has surged to a yearly high of $0.4146 in March this year, which sent its market cap to $1.32 billion.

He states that today, the token supply has only increased by 24.5% (currently stands at 3.48 billion).

This may seem like a lot, but when we consider USD inflation (which has grown by 29% over the same period), things start to look very different…The takeaway? The supply increase has not hurt IOTA’s value as much as you might think.

The member further notes that IOTA has been getting a bad rep like it was the only token whose supply had increased since it hit its all-time high back in 2017. In that time, BTC supply has grown 18%, while Ethereum’s is up 25%. Cardano has increased by a much bigger rate than IOTA at 35%. However, all these projects haven’t been attacked and accused of suppressing the price.

He adds:

The increase in supply is common for most crypto projects, and it’s a natural part of blockchain ecosystems, especially those with staking rewards or inflationary mechanisms.

Token inflation isn’t the most important factor for a crypto project, the member added. Rather, it’s more about “expanding the ecosystem (IOTA 2.0, SCL1, Shimmer), which brings value far beyond supply metrics.”

Remember: Market dynamics, adoption, and technological advancements will ultimately drive long-term value. The supply increase is a part of this evolution, not a hindrance.

IOTA trades at $0.1169, dipping 1.7% in the past day to bring its weekly losses to 5.3%.

@ Newshounds News™

Source:  Crypto News Flash

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JUST IN: BRICS officially adds 13 new nations to the alliance as partner countries (not full members).

🇩🇿 Algeria
🇧🇾 Belarus
🇧🇴 Bolivia
🇨🇺 Cuba
🇮🇩 Indonesia
🇰🇿 Kazakhstan
🇲🇾 Malaysia
🇳🇬 Nigeria
🇹🇭 Thailand
🇹🇷 Turkey
🇺🇬 Uganda
🇺🇿 Uzbekistan
🇻🇳 Vietnam

@ Newshounds News™

Source:  @Brics News

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WILL REGULATORS ALLOW TOKENIZED COLLATERAL FOR DERIVATIVES IN THE EU AND US?

During the SIBOS banking event yesterday, David Durouchoux from Société Générale (SocGen) FORGE explained that combining tokenization and derivatives is crucial to encourage the sector to grow.

However, derivatives are not part of the EU DLT Pilot Regime, which relaxes certain laws for DLT and tokenization.

Derivatives traders have to provide collateral as margin when prices move against them. However, traditionally the transfer of collateral is slow because it takes time to settle.

This results in added risks. It also means when traders want to withdraw collateral, it takes time. Hence, the desire to explore alternatives such as tokenization.

Meanwhile, Stateside there are moves afoot to get the Commodity Futures Trading Commission (CFTC) to support DLT-based collateral used for margin. We spoke to the CEO of Hashnote, a traditional finance (TradFi) affiliated firm that has launched a tokenized money market fund, USYC.

He sees the crypto world as a stepping stone to getting tokenized money market funds (MMFs) accepted as collateral in TradFi.

SocGen FORGE: digital bonds as collateral for derivatives
As context, SocGen FORGE provided the infrastructure for the issuance of the very first European Investment Bank (EIB) digital bond of €100m that was issued on the Ethereum blockchain in early 2021.

Mr Durouchoux said that a key requirement is to develop liquidity for digital bonds first. While DLT is already used for repo, it is usually based on the tokenization of existing government bonds.

The next step is to use digitally native bonds for repo. This is already happening in some jurisdictions, such as Switzerland.

“If we have that, then we can build up on that a derivative market, which is efficient. We have trading rooms, we are sell side and we know how to do it,” he said, adding that there have been discussions with the European Commission about reforming the DLT Pilot Regime law to support derivatives.

There are two types of derivative opportunities. ,One is tokenized derivatives and the other is the use of tokenized collateral for derivative margin calls. 

The latter is the one more widely discussed and experimented with because tokenization enables collateral mobility. Rather than collateral being stuck with a single custodian and taking two days to settle, tokenization enables collateral to transfer almost instantly.

Tokenized collateral takes shape
Several solutions are already available. Europe’s HQLAᵡ is the traditional finance platform for mobilizing collateral. JP Morgan has its Tokenized Collateral Network and Broadridge’s repo solution DLR can also be used for collateral mobility. State Street says it’s working on a tokenized money market fund for use as collateral.

Some of this has been triggered by the interest in tokenized money market funds in the crypto world. Franklin Templeton was the first traditional finance (TradFi) firm to launch a tokenized money market fund on a public blockchain, with BlackRock launching BUIDL this year.

Hashnote’s tokenized MMF used as collateral for derivatives
In fourth place in crypto money market funds (MMF) is another TradFi affiliated firm, Hashnote, which is associated with high frequency trading firm DRW and its crypto offshoot, Cumberland.

Hashnote’s USYC fund, with $375 million in assets under management, isn’t a typical MMF in that its cash is in a bank during the day and earns yield on overnight repo.

It is the first tokenized money market fund to be accepted as collateral by crypto derivatives firm Deribit. Cumberland is one of the TradFi-linked firms that are using it as collateral. Hashnote’s CEO Leo Mizuhara told Ledger Insights that it sees crypto as a stepping stone to getting USYC accepted in the TradFi sector.

“My long game for the collateral product at least (is) that we want to be in the CME, in Eurex and LCH,” he said, calculating the collateral between them at around $90 billion, a figure substantially larger than crypto sector collateral. Short term he hopes to roll out the offering with crypto exchanges Binance, ByBit and OKX.

There are sufficient traditional finance firms active in the crypto world that they can lobby to include tokenized collateral.

“You get adoption in the crypto world, and you get the TradFi firms to tell the CFTC, ‘hey we trust this product, it’s working’,” said Mizuhara. “That’s how you get into the TradFi world and become dependable”.

In fact, the CFTC’s advisory group is already recommending that DLT-based collateral be allowed.

Meanwhile, Bloomberg reported that BlackRock has similar plans with its BUIDL MMF. BUIDL is already accepted as collateral at prime brokers FalconX and Hidden Road and it is eyeing Deribit, Binance and OKX as well.

Tokenized design matters
Hashnote’s Mizuhara pointed out that its USYC fund has a key advantage, because interest accumulates within the token. By contrast, BlackRock airdrops interest as new tokens to BUIDL holders once a month.

That’s fine for individual holders, but it’s a challenge if an intermediary has to ensure these airdropped tokens are distributed to clients. It’s an extra process that has to be programmed.

And the whole point of tokenized collateral is to reduce friction and enhance efficiencies.

@ Newshounds News™

Source:   Ledger Ins9ghts  

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Source:  Seeds of Wisdom Team RV Currency Facts

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Dr. Judy Shelton: Why Shouldn't the Dollar be as Good as Gold?

Dr. Judy Shelton: Why Shouldn't the Dollar be as Good as Gold?

Palisades Gold Radio:  10-23-2024

Tom welcomes a well known and interesting guest for the first time to the show, Dr. Judy Shelton.

Judy is Senior Fellow at the Independent Institute and author of Good as Gold, passionately advocates for sound money as a moral obligation of governments to their citizens.

Sound money, according to Shelton, should maintain its value over time, acting as an unchanging standard for economic planning and transactions.

 She criticizes the Federal Reserve's policy of debasing the U.S. dollar through inflation targeting, which undermines its purchasing power and creates inequality in society.

The Federal Reserve was initially established to provide an elastic currency that addressed seasonal economic fluctuations. However, the role of the Fed has shifted significantly over time, leading to concerns about its growing dependence on the government for budgeting needs and potential consequences for the economy and small businesses.

 Shelton argues for market-determined interest rates, pointing to historical examples like the gold standard.

 She also highlights the importance of accurate data in monetary policy decision-making and critiques central banks' conflicting policies on a global scale that can lead to currency wars and instability in international trade.

 Shelton advocates for a new international monetary system anchored by a gold convertible long-term US Treasury bond, which would promote stability and accountability in international transactions.

She recalls her unsuccessful nomination to the Federal Reserve and expresses her belief that economic growth under President Trump's agenda and Elon Musk's involvement could lead to controlling the budget and promoting sound money.

Shelton urges for less central planning by governments, believing there is a collective yearning for trustworthy, stable money in society.

The interview concludes with Dr. Judy Shelton expressing her gratitude for the opportunity to discuss her ideas and the success of her book "Good as Gold" on Amazon's charts. She encourages listeners to get radical and demand sound money from their governments for a more prosperous economy based on individual liberty.

Time Stamp References:

 0:00 - Introduction

0:45 - Sound Money & Morality

2:27 - Money Vs. Currency

4:32 - Price Stability?

11:52 - Fed Control & Hubris

18:30 - Central Planning & Mkts

24:03 - Fed 'Independence'

27:20 - Pricing Money Free Mkt.

36:10 - C.B. Global Effects

 39:34 - BRICS & Gold?

44:34 - U.S. Gold Bonds?

55:30 - Golds History of Restraint

 59:15 - Politics & Financial Plans

1:01:59 - Nominee & 'Extreme Views'

1:10:22 - Book 'Good as Gold'

 1:11:50 - Get Radical & Wrap Up

Talking Points From This Episode

Dr. Judy Shelton advocates for sound money as a moral obligation of governments to ensure economic stability and planning through unchanging currency value.

The Federal Reserve's inflation targeting policy weakens U.S. dollar purchasing power, leading to inequality and potential consequences for the economy.

Shelton proposes a new international monetary system anchored by a gold convertible long-term US Treasury bond for stability in global transactions.

https://www.youtube.com/watch?v=k6DsJFqXl20

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

Good Afternoon Dinar Recaps,

BRICS NEWS: IRANIAN AMBASSADOR URGES BRICS TO DEVELOP A BANKING SYSTEM FREE FROM WESTERN STANDARDS

▪️At BRICS, the Iranian Ambassador to Russia, Kazem Jalali, criticized existing Western financial standards for disproportionately benefiting Western nations while harming developing countries.

▪️As the BRICS nations convene in Kazan from October 22 to 24, discussions will focus on enhancing cooperation and financial independence.

Ahead of the 16th BRICS Summit, Iranian Ambassador to Russia, Kazem Jalali, has called on BRICS member nations to build a financial and banking system free from Western influence. 

Speaking on October 22 in Dubai, Jalali highlighted the need for the BRICS bloc to create its own systems and regulations. He believes this will offer fairer opportunities for countries in the Global South.

Iranian Ambassador On BRICS Payment
Jalali emphasized that the existing Western financial standards disproportionately benefit Western nations while causing harm to developing countries. According to the ambassador, these standards are tailored to Western needs and have historically imposed unfair rules on other regions.

“We should not align ourselves with Western financial systems, as they cause significant damage to Global South nations,” Jalali stated, as reported by the Irna news agency. 

The ambassador urged BRICS countries to explore alternative financial mechanisms. He specifically mentioned focusing on banking cooperation and a new financial messaging system that could operate independently of Western models.

Moreover, the Iranian ambassador criticized current Western frameworks. He spotlighted areas of criticism such as financial regulations and counterterrorism measures, which he described as being built on biased standards. “The West has established rules in these areas based on its own interests, rather than considering the needs of other nations,” Jalali remarked.

The call for reform comes at a crucial time, as BRICS nations gather in Kazan, Russia, from October 22 to 24 for their annual summit, reported CNF. With Russia holding the BRICS chairmanship for 2024, the summit will feature discussions to boost cooperation among member countries. Jalali’s remarks appear to be in line with underlined goals for the summit where financial independence and collaboration are key themes.

Will They Be Successful In Implementing Fair Standards?
Jalali also pointed out that BRICS has the potential to redefine global financial practices. He stressed that the group could implement fair standards that reflect the needs of both BRICS nations and other developing countries. “BRICS member states may create fair standards in this area for themselves and other countries interested in cooperation,” he noted.

BRICS, originally formed in 2006 by Brazil, Russia, India, and China, welcomed South Africa in 2011. The bloc has continued to grow, with Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE officially joining as full members on January 1, 2024.

With growing calls for financial independence, the 16th BRICS Summit serves as a key platform for discussions on breaking away from Western-dominated systems. 

Moreover, the BRICS Pay system is reportedly mimicking Europe’s SWIFT, which makes it very efficient. Also, the bloc is using blockchain technology in its de-dollarization efforts, per the CNF report.

@ Newshounds News™

Source:  Crypto News Flash

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VIETNAM ANNOUNCES BLOCKCHAIN STRATEGY, AIMS TO LEAD ASIA BY 2030

Vietnam’s government launched its National Blockchain Strategy, targeting legal frameworks, infrastructure, and innovation to boost its blockchain ecosystem by 2030.

Vietnam officially launched its National Blockchain Strategy on October 22, aiming to become a leader in blockchain technology across Asia by 2030. The strategy outlines key steps for Vietnam to develop blockchain platforms, products, and services within the country and targets the creation of 20 reputable blockchain brands by 2025.

“Vietnam will become a leading country in the region and have an international position in researching, deploying, applying and exploiting Blockchain technology,”

Vietnam’s National Blockchain Strategy

Indonesia recently replaced Vietnam and entered Chainalysis’ global crypto adoption index for the first time, ranking third behind India and Nigeria.

A central goal of the strategy is to establish at least three blockchain testing centers in major cities to support blockchain development and application. These centers will ensure security, promote innovation, and form a national blockchain network.

Vietnam’s five blockchain goals
The Vietnamese government has laid out five key actions to support its blockchain goals:

▪️Improving the legal environment
▪️Building blockchain infrastructure
▪️Developing human resources
▪️Promoting research and international cooperation
▪️Encouraging the growth of blockchain applications.

Various ministries, including the Ministry of Information and Communications, will oversee these initiatives.

To achieve these objectives, Vietnam plans to encourage collaboration among digital technology companies to build blockchain platforms and enhance the competitiveness of local firms in the global market.

The Vietnam Blockchain Association will play a key role in leading initiatives to promote blockchain development under the strategy.

@ Newshounds News™

Source:  Crypto News

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

@ Newshounds News™

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Source:  Seeds of Wisdom Team RV Currency Facts

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Some BRICS News 10-23-2024

JUST IN: Burkina Faso Makes the Bold Move to Join BRICS!

We Love Africa:  10-23-2024

Fed Up with Dollar & Euro, Burkina Faso Makes the Bold Move to Join BRICS!

Is Burkina Faso about to shake the world order? Burkina Faso is joining BRICS to move away from the U.S. dollar and euro by joining BRICS.

But critics are saying de-dollarization is still far off. Is that true? Can nations representing nearly half of the world’s population, who seek to be part of BRICS, really not dethrone the dollar?

Let’s find out.

https://www.youtube.com/watch?v=KQAisnJ8DsE

BRICS' NEW WORLD: Western-Led Order Put on Notice as BRICS Challenges Financial & Political System

Lena Petrova/World affairs in context:  10-23-2024

https://www.youtube.com/watch?v=FpfmzJYEZO4

Elite US economist warns: dollar system is weakening as gold BRICS rise

Geopolitical Economy report:  10-23-2024

The US dollar is gradually losing its dominance, and foreign central banks are buying fewer Treasury securities, instead holding more gold in their reserves, warns Mohamed El-Erian, a mainstream American economist.

 Ben Norton discusses how countries are seeking financial alternatives, especially Global South nations around BRICS.

https://www.youtube.com/watch?v=KnMAit5MP-Y

Iraq Economic News and Points To Ponder Wednesday AM 10-23-24

Delete The Zeros And Revalue The Iraqi Dinar
 
Economical 10/23/2024 Ali Daadoush  Scientific concepts and nomenclature in economics vary according to the specialization and branches derived from it.
 
When talking about precise specialization, it is necessary to name economic variables by their scientific names, and one of these names is the term renaming the currency (Redenomination) or as it is called 
(deleting zeros from the currency), and countries usually resort to it to deal with runaway inflation and the decline in the value of the local currency, as it is replaced by Exchange the old currency into a new currency at a fixed price by deleting at least 3 zeros from the old currency.

Currency revaluation, when it comes to hyperinflation, becomes necessary; Because it requires a very large number of old banknotes to facilitate trade exchange, especially in local markets, and small banknotes become useless, as
 
the individual needs millions of banknotes in exchange for purchasing simple or necessary household or food needs, and
 
an example of this is what happened in the year. 2006 when Zimbabwe renamed its currency at the rate of old (1000 Zimbabwean dollars) to a new Zimbabwean dollar. In addition,
 
 (deleting zeros from the currency) may also occur when a country joins a monetary union, as happened in the eurozone, and begins using a currency such as the euro instead of its local currency.
 
When the euro was introduced in 1999, member states used the new currency for the first time.
 
Once in electronic payments and accounting, it then switched from its local banknotes and coins to the euro in 2002.
 
There are several reasons behind renaming the currency (deleting the zeros), and they can be summarized as (
 
     controlling inflation,
     trade and economic facilitation,
     political factors such as changing governance, for example, as well as technical considerations such as
     modernizing financial systems, which are usually part of a larger project to modernize financial systems in the country.

The state, such as converting to new digital systems for dealing with currency). From what has been reported, 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 must be accompanied by other economic and financial measures to protect the economy from financial fluctuations, and
 
therefore, renaming the currency is a complex decision that requires study. Comprehensive of the country's economy and politics, and must be implemented while minimizing potential negative impacts on the economy and citizens.    https://alsabaah.iq/104624-.html   

Three Obstacles Preventing Iraq From Joining The BRICS Group
 
Economy | |Baghdad today – Baghdad, Tuesday (October 22, 2024), Professor of International Economics Nawar Al-Saadi revealed the reasons for Iraq not joining the BRICS group.
 
Al-Saadi told “Baghdad Today” that
 
“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 did not meet the conditions for joining, and the most prominent of these conditions is that it be among one of the economies.”
 
"But Iraq has a rentier economy par excellence and depends only on the export of oil as a main source of income, which makes its economy less diversified compared to the founding countries of the group, 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."  He explained,
 
"Also, 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 looks warily at... The expansion of BRICS and its geopolitical influence,” pointing out that
 
“in the future, these dynamics may change, especially if economic diversification is strengthened and internal political stability and absolute financial sovereignty are achieved.” He noted,
 
"If Iraq joins, it may benefit from expanding economic cooperation opportunities with countries such as China and Russia, including investments in infrastructure and non-oil sectors, and
 
this may help reduce dependence on oil and diversify sources of income."

The professor of international economics concluded his statement by noting that
 
“there are some potential harms to Iraq joining BRICS, and entering into 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 commercial and political relations.” With Western countries, and
 
dealing with some of the BRICS founding countries, 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 Emirates, Iran and Egypt.
 
The number of members of the bloc has increased, and
 
its work focuses on the economy before politics, and seeks to break Western “hegemony” over the international system, but
 
many factors make this a long and thorny path, according to what specialists see.
 
Russia, the founding country of the group, which is engaged in a fierce war with Ukraine, hosts more than 20 leaders at the annual summit, putting forward an ambitious agenda, the most important of which is “getting rid of dollarization” and developing alternative financial mechanisms.   
 
https://baghdadtoday.news/260513-ثلاث-عقبات-تحول-دون-انضمام-العراق-لمجموعة-بريكس.html   

Withdrawing The License Of Al-Mirbad Company To Mediate In The Buying And Selling Of Foreign Currencies
 
October 22, 2024    The Central Bank of Iraq decided to withdraw the license of the Al-Mirbad Company to mediate in the sale and purchase of foreign currencies, due to its violation of the provisions of the controls regulating the work of exchange companies and mediation in the sale and purchase of foreign currencies, amended No. (1) of 2022 .. For more , click here
  https://cbi.iq/static/uploads/up/file-172958165418337.pdf
 
https://cbi.iq/news/view/2695   
 
 Withdrawal Of The License Of Al-Mubdaa Company And Al-Nawaeer Company To Mediate In The Buying And Selling Of Foreign Currencies
 
October 22, 2024

     :diamonds: The Central Bank of Iraq decided to withdraw the license of Al-Mubdaa Company and Al-Nawaeer Company to mediate in the buying and selling of foreign currencies .. For more , click here
https://cbi.iq/static/uploads/up/file-172959272842638.pdf 
 
https://cbi.iq/news/view/2696

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