Controlled Demolition of Economy Underway, Short Oil and Go Long Gold

Controlled Demolition of Economy Underway, Short Oil and Go Long Gold

VRIC Media:  11-19-2024

In a compelling discussion that took place on VRIC Media hosted by Jesse Day, economist and market analyst Francis Hunt shared his bold views on the current economic strategies employed by the Federal Reserve and central banks across the West. According to Hunt, we are witnessing what he describes as a “controlled demolition” of the economy, a scenario rife with implications for individual investors and the broader societal landscape.

Hunt’s perspective is rooted in the belief that the actions of the Federal Reserve and other central banking institutions are strategically designed to serve the interests of the Davos Elite—a term commonly used to reference the powerful figures who gather annually at the World Economic Forum in Davos, Switzerland.

This supposed agenda, he argues, is focused on tightening government control over an increasingly indebted populace. As public debt soars and spending appears controlled, Hunt warns that these strategies will lead to more significant societal changes that favor the elites at the expense of the everyday citizen.

In light of this ominous outlook, Hunt recommends specific investment strategies that align with his vision. He stresses the importance of shorting oil while simultaneously going long on gold. The reasoning behind this dual strategy is tied to anticipated shifts in energy prices and the protective characteristics of gold, which Hunt regards as a refuge during periods of economic instability.

“Gold has historically been a safe-haven asset during turmoil. When currency valuation comes under threat—especially with rising inflation and interest rate hikes—gold stands resilient against economic forces,” Hunt noted. On the other hand, good investors must be wary of oil, especially given the geopolitical shifts impacting its pricing.

In this episode, Hunt also provided insights into the cryptocurrency landscape, particularly focusing on Bitcoin. He appears skeptical of Bitcoin’s trajectory, suggesting that it has been co-opted by major financial players like BlackRock. Hunt posits that what was once heralded as a decentralized monetary system is now being manipulated by institutional giants, diminishing its initial promise as an alternative to traditional finance.

If gold is a conservative bet in uncertain times, Hunt points to silver as an asset with significant potential. “Silver has applications not only in investment but also in industry—particularly in renewable energy technologies,” he explained. This dual demand could propel its value upward as green technologies gain traction and global initiatives push towards sustainability. Hunt believes investors should closely monitor silver as an underrated asset with much room for growth.

The conversation also touched upon current political sentiments, particularly regards to a potential Trump presidency. Hunt’s analysis underscores the polarizing effect of political narratives on the economy.

Francis Hunt’s discussion with Jesse Day paints a picture of an economic environment that is fraught with complexity and uncertainty. While the strategies and correlations he presents may seem contradictory at first glance, they form a cohesive narrative about an economy under strain. Investors navigating this landscape might find themselves grappling with both traditional and emerging assets.

In times marked by rapid change and potential destabilization, both Hunt’s cautionary stance and the investment strategies he advocates—shorting oil, going long on gold, and keeping a close eye on silver—offer a roadmap for navigating the complexities of our economic future. Whether or not you align with Hunt’s views, their consideration prompts essential dialogue on the intersection of finance, politics, and the overarching forces shaping our world today.

https://youtu.be/SEp2amQGy2o

https://dinarchronicles.com/2024/11/19/vric-media-controlled-demolition-of-economy-underway-short-oil-and-go-long-gold/

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 11-20-24

Good Afternoon Dinar Recaps,

BIS RESEARCH FINDS PROS DOMINATE CRYPTO DEX DEFI EXCHANGES

In traditional finance (TradFi), market makers and high frequency traders act as intermediaries on exchanges. Decentralized Finance (DeFi) was meant to provide an alternative, with retail investors providing liquidity in a crowdsourcing manner.

The Bank for International Settlements (BIS) was curious about the extent of disintermediation, so it crunched the data on decentralized exchange (DEX) transactions. It found that sophisticated players dominate and are equivalent to professional intermediaries in TradFi..

That said, a sophisticated player in the crypto world could still be a spotty teenager working in their parent’s basement, albeit a wealthy one. So from that perspective, DeFi is democratized.

Despite retail investors making up 93% of DEX liquidity providers (LPs), a few larger actors provide 65-85% of the liquidity on DEXs. They also dominate profits, making an average net return of 3 basis points more daily. That’s equivalent to 11.65% more annually compared to retail LPs. While the average position of a retail investor is $29,000, for the professionals, the figure is $3.7 million.

The BIS found that retail investors earn about 10-25% of fees and are generally less skilled.

More sophisticated AMMs favor the pros
The study focused on Uniswap V3. In the early days of DeFi, the algorithmic model used by most automated market makers (AMMs) was a crude straight line formula. That meant that a crypto holder could provide liquidity in a relatively passive manner.

That changed with Uniswap V3, which encourages liquidity providers to target narrow price ranges close to the market price, helping to provide deeper liquidity around the price action.

Given prices are dynamic, that requires more monitoring. If an LP provides a broad price range, something retail LPs are more prone to do, their position will be inactive some of the time, earning less fees. The research showed that sophisticated LPs provided significantly narrower tick range spreads, less than half of retail LPs’ range.

The introduction of V3 has accelerated the shift to sophisticated players. At launch, sophisticated LPs accounted for 40-50% of transactions, rising to 70-80% by the end of 2023.

Sophisticated LPs show distinct patterns. They target high volume pools where daily trading volume exceeds $10m, and they completely dominate those pools. 

Retail LPs provide liquidity to pools where volumes are less than $100,000 a day. Sophisticated LPs also target less volatile trading pairs, which are lower risk.

However, when the markets are in a temporary volatile period, the pros really stand out. During those times, rather than earning 3 basis points more than retail daily, the figure is 2.5 times higher at 7.6 basis points.

@ Newshounds News™

Source: Ledger Insights 

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RUSSIA CRACKS DOWN ON CRYPTO MINING AMID WINTER ENERGY CRISIS

▪️Russia plans to ban crypto mining in specific regions to address energy shortages during winter.

▪️The ban will affect Siberia and certain Ukrainian territories under Russian control, with varying degrees of restriction.

▪️The move comes alongside new crypto regulations aimed at overseeing mining activities.

As winter approaches, Russia, one of the world’s top cryptocurrency mining hubs, is gearing up to impose targeted bans on mining to address looming energy shortages. Alongside the U.S., China, Kazakhstan, and Canada, Russia has become a key player in the global mining scene.

However, with winter temperatures plunging and energy demands rising, the country is forced to make tough choices.

The Moscow Times reports that these restrictions will mainly affect Siberia and Ukrainian territories currently under Russian control.

Crypto Mining Restrictions During Winter Months
A government commission, led by Deputy Prime Minister Alexander Novak, has outlined the plan to ensure stable energy supplies during the heating season. Starting December 1, 2024, mining in Siberia will be suspended until March 15, 2025, with similar bans scheduled annually through 2031.

In addition, the North Caucasus and occupied Ukrainian regions will face a total mining ban from December 2024 to March 2031, with no seasonal exemptions, as reported by Kommersant.

 New Regulations in Effect

These mining bans are part of a broader set of crypto regulations signed into law by President Vladimir Putin on November 1, 2024. The new rules aim to regulate mining activities and establish infrastructure for experimental cross-border cryptocurrency transactions.

While domestic crypto payments remain illegal, Russian lawmakers view these measures as a possible way to bypass international sanctions by using digital currencies.

The Energy Cost of Crypto Mining
As the world’s second-largest cryptocurrency mining country after the U.S., Russia uses about 16 billion kilowatt-hours annually for mining—roughly 1.5% of its total electricity consumption, according to the Energy Ministry. In addition to the mining bans, the new laws introduce taxes on mining activities, which could generate up to 200 billion roubles ($2 billion) annually for the Russian economy.

Bitcoin Mining Difficulty Soars
Bitcoin’s mining difficulty has recently hit a record 102.29 trillion, reflecting the increasing computational power needed to secure the network.

This key metric adjusts every two weeks to maintain steady block production despite fluctuations in miner activity. Since mid-2024, Bitcoin’s mining difficulty has increased by nearly 20%, driven by intense global competition.

At the same time, Bitcoin’s hash rate peaked at over 900 EH/s before stabilizing around 730 EH/s.

Russia’s decision to implement these mining bans highlights the country’s challenge of supporting the expanding crypto sector while ensuring enough energy is available during peak demand periods.

@ Newshounds News™

Source:  Coinpedia

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JUST IN: 🇷🇺🇨🇳 China and Russia officially complete East-Route Natural Gas Pipeline, directly connecting both countries.

The pipeline is expected to deliver 38 billion cubic metres of natural gas annually.

@ Newshounds News™

Source:   BRICSNews

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🌱THE "BRUNSON CASE" AND WHY IT IS IMPORTANT  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Iraq News Highlights and Points to Ponder Wednesday AM 11-20-24

Trade: The General Population Census Will Be A Starting Point For Important Economic Transformations

Tuesday 19 November 2024 19:10 | Economic Number of readings: 253  Baghdad / NINA / The Ministry of Trade confirmed that the general population census is an important step in directing investments, which accelerate development steps in all regions of Iraq.

A statement by the ministry quoted the official spokesman for the ministry, Mohammed Hanoun, as saying: "The government's approach through conducting the general population census, despite the difficulties it faced, is aimed at attracting international efforts to the national labor market in a way that revives the economy, and gives those in charge of the economic file a clear vision of the economic reality by creating a database that represents a starting point for economic policies that aim to address the imbalance in the economic structure."

Hanoun pointed out that "the general population census step will accurately reflect the reality of human wealth and the percentage of young people, as they represent an important economic force that can be employed in the sectors of knowledge, investment, and various aspects of the economy that have the elements of advancement and development."

The official spokesman for the Ministry of Commerce confirmed that "the general population census is a statistical procedure that represents a database on the numbers of Iraqis and the nature of their work," noting that "it is the first of its kind in decades, as the last census was conducted in 1987."

He continued, "It is a developmental work, the aim of which is to direct the country's resources in the right direction, and it is a procedure that serves the country economically and socially, by addressing poverty and unemployment, identifying needy families, the number of workers and unemployed, and improving the economic situation in general. ‘

It is a "message of reassurance to citizens and the country alike, meaning that the country is now safe from saboteurs and terrorist acts, and in a position that allows it to carry out this major and important procedure.

" Hanoun confirmed that "the census will determine the actual number of residents inside the country, and those residing outside the country in cooperation with the Ministry of Foreign Affairs later, and non-Iraqis working and residing will be counted, which will contribute to limiting their numbers and knowing their living conditions."

He pointed out that "the census is the most important source of economic and social data for all countries of the world," indicating that "knowing the results of the census enables the formulation of general policies and the development of strategies related to investment, housing, education, health, and capital investment related to road and communications networks, and the development of public services and development programs, accompanied by enabling countries to distribute Budgets between administrative regions according to development needs.

He continued: "The census helps enable the private sector and investors to drive development, raise the level of urban planning, and support decision-makers in making decisions."

He explained: "The economic view of the population is limited to two aspects: The first is that the population is a consumer force that exerts pressure on the available economic resources, and that these pressures increase in intensity the more limited and unilateral the resources are." / https://ninanews.com/Website/News/Details?key=1169924

How Will The Census Reflect On Drawing The Economic Map Of Iraq? An Expert Answers

Time: 2024/11/20 Reading: 390 times  {Economic: Al Furat News} An economic expert stressed the importance of the general population census in Iraq for the benefits it provides in planning the economic and social sectors.

Nabil Al-Marsoumi told Al-Furat News Agency: “Iraq has a long experience in general population censuses, as the first census was in 1920 and the last comprehensive and integrated census was in 1987. During the last 37 years, no population census was conducted and the data was limited to estimates.

Today, it is gaining great importance that develops with time, as it is pivotal for economic and political decision-makers, detailed and accurate databases, population databases on age groups, and analysis of variables in population distribution, and the diversity, comprehensiveness and accuracy of data help decision-makers in drawing up paths for sound economic and social development plans and determining the supply of public goods and services.”

He added, "Census data helps in sector planning, meaning that this economic and social practice includes a package of benefits distributed to the government from the public sector, establishments and individuals, and the private sector benefits by knowing the possibility of future demand for goods and services and diagnosing the transformation in individuals' assets, their income level and sources, and other important variables."

Al Marsoumi explained: “We also benefit from the census by knowing the size and details of the public commodity in the future, and we learn important economic information, including the housing market and sound economic decisions. The government benefits from its results in drawing important economic and social policies in the future by providing a reliable, high-precision database, unlike what is currently being used, which is drawing estimated data based on hypothetical projections.”

The general population census process began this Wednesday morning, with a curfew imposed throughout Iraq, which began at 12 midnight last night and will continue until next Friday.  From.. Raghad   LINK

Government Advisor: Population Census Is An Essential Tool For Building Effective Strategic Economic Plans

Time: 2024/11/20 Reading: 377 times    {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, considered the population census “an essential tool for building effective strategic economic plans and achieving comprehensive and sustainable development.”

Saleh told Al Furat News Agency that "by providing accurate data, the census helps improve the management of the country's material and financial resources, support development funds, and strengthen the national economy in a way that achieves the well-being of society."

He explained, “It can be said that the comprehensive population census leads to direct results, most notably: improving financing programs, i.e. census data provides a clear view of the population’s needs, which contributes to designing financing programs that support small and medium enterprises and enhance local economic growth, as well as strengthening international partnerships, as the population census leads to strengthening these partnerships through the availability of reliable data from the population census that supports requests for financing and assistance from international bodies, such as the World Bank, regional development funds, and other funds associated with multilateral international financial institutions.”

The general population census process began this Wednesday morning, with a curfew imposed throughout Iraq, which began at 12 midnight last night and will continue until next Friday. From.. Raghad   LINK

The Future Of International Trade Transactions In US Dollars In Iraq

Samir Al-Nusairi     The US dollar is the first global currency for foreign trade transactions between countries of the world. It constitutes 80% of the volume of international financial transactions and represents about 60% of international reserve currencies. The dollar is the only currency that accommodates large financial transactions in the oil and energy sector and global oil trades amounting to 100 million barrels in addition to other commodities. Other currencies constitute about (20%-25%).

The dollar plays a fundamental role in the control of the American economy over the global economy in various fields, and many countries tried to get rid of the dominance of the US dollar in previous periods, but they could not. Therefore, the BRICS group was established, and its member states, namely China, Brazil, India and South Africa, are trying to limit the dominance of the dollar in international commercial and banking transactions, and the number of countries in it has now become about 9 countries.

After several countries joined, including Arab countries such as Egypt, the Kingdom of Saudi Arabia, and the United Arab Emirates, in addition to Ethiopia and Iran in 2024, and its main goals are to limit the dominance of the dollar in global trade, cooperation between the tax and customs authorities of the group’s countries, and to reach the creation of a new currency for use among the group’s countries.

Iraq, with the aim of reorganizing foreign trade financing, began concluding agreements with central banks with which Iraq has extensive trade exchange, in agreement with solid correspondent banks in China, India, the Emirates and Turkey, to deal in Chinese yuan, Indian rupee, Emirati dirham and Turkish lira, to achieve two goals:

the first is to enable our banks to agree with correspondent banks in these countries and other countries to deal directly with them after canceling the electronic platform, and

 the second is to introduce new foreign currencies for commercial and banking transactions other than the US dollar, to enable banks that do not have US correspondent banks to continue their foreign transfers with those alternative countries according to special agreements with their central banks.

This can help control the reduction in the widespread local demand for the US dollar, create a state of balance in the money market, and maintain the purchasing power of the local currency, the Iraqi dinar. This method is now in effect, in addition to the existence of dealings in the US dollar as well. https://economy-news.net/content.php?id=50000

Seeds of Wisdom RV and Economic Updates Wednesday Morning 11-20-24

Good Morning Dinar Recaps,

BRICS NEWS:  4 NEW COUNTRIES SHOW INTEREST TO JOIN BRICS ALLIANCE

A total of four new countries have expressed their interest in joining the BRICS alliance this month. The number of countries that are ready to be a part of the bloc is only growing lately. The de-dollarization agenda, clubbed with a renewed consideration of local currencies is what’s attracting emerging economies into the bloc.

Four new nations have come forward officially expressing their intent to be a part of the BRICS alliance. The four countries that want to join the bloc are:  Bolivia  Columbia  Libya  Namibia.

While Bolivia is already a part of the BRICS alliance via the ‘Partner countries.’ It is now looking to be a full-time member. “BRICS is a new alternative that will be able to help first of all countries like Bolivia, but also many others,” said Foreign Minister Celinda Sosa. “This shows that there is a vision of integration, a multilateral vision where all countries have this opportunity,” she said.

Columbia, Libya, and Namibia are knocking on the doors of the BRICS alliance for an official membership. Nonetheless, the expansion could only happen in 2025 as the bloc started the new ‘Partner Countries’ initiative. Therefore, these countries are unlikely to be a part of the grouping this year or any time soon.

The BRICS alliance invited 13 new nations to join the bloc as ‘Partner Countries’ during the 16th summit in Kazan. Russian President Vladimir Putin confirmed that all the countries will officially become partners after they approve the invitation.

“The establishment of a new category of partner countries has become a significant conclusion of the Kazan Summit. The list of potential candidate countries was also agreed upon, to which the Russian presidency will send a relevant invitation,” said Putin.

@ Newshounds News™

Source:  Watcher Guru

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PAYPAL TAPS XOOM FOR CROSS-BORDER STABLECOIN PAYMENTS

The partnership is designed to expand access to PYUSD in Asian and African markets, PayPal said

PayPal has tapped Xoom to enable cross-border payments using its stablecoin, PayPal USD, the payments giant said on Nov. 19.

The partnership is designed to expand access to PYUSD in Asian and African markets and let PayPal settle cross-border transactions outside of traditional banking hours, PayPal said.

Xoom is working with Cebuana Lhuillier and Yellow Card to handle PYUSD disbursements.

“[S]tablecoins like PYUSD are changing the payments landscape, and by integrating our technology, they will be able to move money in the most effective way possible thanks to our stablecoin and payments infrastructure,” Chris Maurice, Yellow Card’s CEO, said in a statement.

Launched in 2023, PYUSD is backed 1:1 by US dollars and is issued by Paxos Trust Company, a United States-regulated crypto custodian. It competes with other regulated, dollar-backed stablecoins, such as Circle Internet Financial’s USDC.

An Ethereum-compatible ERC-20 token, PYUSD is the only stablecoin supported on PayPal’s payment rails. It is designed to be “available to an already large and growing community of external developers, wallets and Web3 applications” and easily onboarded by cryptocurrency exchanges, according to PayPal.

PayPal has been taking steps to expand PYUSD’s accessibility, including working with Anchorage Digital to launch a rewards program for clients who custody PayPal USD stablecoins with the crypto custodian.

In May, PayPal launched PYUSD on Solana, partnering with Crypto.com, Phantom and Paxos to on-ramp users onto the blockchain network.

It also partnered with Web3 infrastructure provider MoonPay to buy cryptocurrency using a PayPal account. That partnership extended to on-ramping users to crypto betting platform Polymarket in July.

Coinbase, which also has an institutional custody arm, incentivizes users to hold stablecoins on its platform as well. It currently offers approximately 5.2% annual percentage yield on USDC. Coinbase owns an equity stake in Circle.

Despite its recent successes, PYUSD still greatly lags behind dollar-pegged stablecoins USDT and USDC. According to data from CoinMarketCap, the two leading stablecoins command market capitalizations of some $128 billion and $37 billion, respectively.

@ Newshounds News™

Source:  CoinTelegraph

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🌱 MELANIA TRUMP'S LAUNCH OF THE "ON THE MOVE" DIGITAL SERIES IS SIGNIFICANT FOR SEVERAL REASONS  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

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Subscribe to Newsletter

Thank you Dinar Recaps

“Tidbits From TNT” Wednesday Morning 11-20-2024

TNT:

Tishwash:  Iraq launches long-awaited population census, Prime Minister says

Iraqi Prime Minister Mohammed Shia al-Sudani announced that Wednesday, November 20, will mark “a significant developmental and civilizational milestone” as Iraq embarks on its long-awaited census.

In a televised address, al-Sudani stated, "We are initiating the national population census to complete the priorities of the government program, aiming to make the census a modern scientific tool for planning," expressing the government's commitment to serving the Iraqi people.

The census aims, according to Al-Sudani, to shape economic and social development using modern, scientific methods, addressing information gaps in planning, service delivery, and national decision-making.

“Advanced and accurate electronic methods would be used to ensure the census results are reliable and beneficial for the present and future of Iraq.” He said.

The Prime Minister considered that data generated from this census will serve as a “tool for informed decision-making and ensuring equitable distribution of resources and services across governorates," al-Sudani said.

Al-Sudani urged citizens to cooperate with the teams conducting the census, clarifying that it is not related to taxes or social protection but is essential for development across all sectors.

Notably, the census, scheduled for November 20-21, will provide Iraq with its first accurate and comprehensive population data in decades. The last nationwide census was conducted in 1987, while the most recent one in 1997 excluded the Kurdistan Region. Current estimates place Iraq's population at around 43 million.

More than 120,000 field researchers will go door to door, collecting data from households using electronic tablets, in a process supported by the United Nations.

Available in Arabic, Kurdish, and English, the census form will feature 70 questions covering religion, health, education, labor, and economic activity. However, questions regarding an individual's ethnicity, language spoken at home, and ancestry have been excluded.

The initial results will be announced within 24 hours, with the final figures expected to be released within three months. link

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Tishwash:  Iraqi Firm Becomes Exclusive Dealer for China’s Rox Motor 

Iraq’s Laith Al-Obaidi Group has announced an exclusive dealership agreement with China’s Rox Motor, marking a significant milestone in the Iraqi automotive market. 

The agreement was signed during the Guangzhou Nanling Automobile Exhibition by Rox Motor CEO Yan Feng and Laith Al-Obaidi Group CEO Ali Al-Obaidi. This partnership expands Laith Al-Obaidi Group’s portfolio, which now includes eight automotive-focused businesses in Iraq, further strengthening its market presence.

Rox Motor’s innovative Range Extended Electric Vehicles (REVs), combining electric power with an integrated generator, are touted as ideal for the Iraqi market due to their efficiency and suitability for modern consumers. 

Beyond Iraq, Rox Motor has also established distribution agreements in Qatar, Kuwait, Azerbaijan, the Philippines, and Egypt, showcasing its growing footprint in emerging markets worldwide.  link

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Tishwash:  Italy-Iraq: a business forum promoted by Unido Itpo on November 27th in Rome

The aim is to "facilitate partnerships and commercial collaborations between Iraqi and Italian stakeholders"

The Italian Investment and Technology Promotion Office of the United Nations Industrial Development Organization (Unido Itpo) is organizing the “Iraq Business and Cooperation Forum” event in Rome on November 27, in collaboration with Confindustria.

The aim, Unido Itpo reported, is to “facilitate partnerships and business collaborations between Iraqi and Italian stakeholders from institutions, business associations and the private sector in the fields of agri-food, energy and environment, infrastructure and construction, medicine and pharmaceuticals and beyond”.

The Forum will open with a plenary session in the morning, with interventions by high-level representatives of distinguished stakeholders, including the Italian Ministry of Foreign Affairs and International Cooperation, the Italian Agency for Development Cooperation (AICS) and other members of Sistema Italia.

On the Iraqi side, there will be representatives of the Ministry of Industry and Minerals, the Ministry of Commerce, the Iraqi Federation of Industries, the Iraqi Federation of Chambers of Commerce, the National Investment Commission, the Board of Investment of the Kurdistan Regional Government, the Industrial Cities Corporation.

 Also present will be the Unido Enterprise Development Centers, which will bring their expertise and knowledge, contributing to the strategic discussions and the resulting developments. The afternoon of the Forum will be dedicated to B2B and B2G meetings, allowing direct interactions between the participating Italian companies and their Iraqi counterparts.

The event is organized within the project “Investment Promotion for Iraq – Phase 2” funded by AICS and the project “Establishing Innovative Platform in Iraq” funded by MAECI, both implemented by UNIDO ITPO Italy. link

Mot . Such Fond Memories of a Winter Past!!! 

Mot: What a Guy!!!!  Smile for the camera

Iraq Economic News and Points to Ponder Tuesday Evening 11-19-24

The Future Of International Trade Transactions In US Dollars In Iraq

Samir Al-Nusairi  The US dollar is the first global currency for foreign trade transactions between countries of the world. It constitutes 80% of the volume of international financial transactions and represents about 60% of international reserve currencies.

The dollar is the only currency that accommodates large financial transactions in the oil and energy sector and global oil trades amounting to 100 million barrels in addition to other commodities. Other currencies constitute about (20%-25%).

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

The dollar plays a fundamental role in the control of the American economy over the global economy in various fields, and many countries tried to get rid of the dominance of the US dollar in previous periods, but they could not.

Therefore, the BRICS group was established, and its member states, namely China, Brazil, India and South Africa, are trying to limit the dominance of the dollar in international commercial and banking transactions, and the number of countries in it has now become about 9 countries.

After several countries joined, including Arab countries such as Egypt, the Kingdom of Saudi Arabia, and the United Arab Emirates, in addition to Ethiopia and Iran in 2024, and its main goals are to limit the dominance of the dollar in global trade, cooperation between the tax and customs authorities of the group’s countries, and to reach the creation of a new currency for use among the group’s countries.

Iraq, with the aim of reorganizing foreign trade financing, began concluding agreements with central banks with which Iraq has extensive trade exchange, in agreement with solid correspondent banks in China, India, the Emirates and Turkey, to deal in Chinese yuan, Indian rupee, Emirati dirham and Turkish lira, to achieve two goals:

 the first is to enable our banks to agree with correspondent banks in these countries and other countries to deal directly with them after canceling the electronic platform, and

the second is to introduce new foreign currencies for commercial and banking transactions other than the US dollar, to enable banks that do not have US correspondent banks to continue their foreign transfers with those alternative countries according to special agreements with their central banks.

This can help control the reduction in the widespread local demand for the US dollar, create a state of balance in the money market, and maintain the purchasing power of the local currency, the Iraqi dinar. This method is now in effect, in addition to the existence of dealings in the US dollar as well. https://economy-news.net/content.php?id=50000

Foreign Minister And US Ambassador Stress Need To Continue Cooperation And Strengthen Partnership

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and US Ambassador Alina Romansky stressed the need to continue cooperation and strengthen partnership to serve common interests.

A statement from the Ministry of Foreign Affairs stated that "Deputy Prime Minister Fuad Hussein received the US Ambassador to Iraq Alina Romansky."

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The statement added that "the meeting discussed the results of the US elections and the expected new administration in Washington, in addition to reviewing the results of the Arab-Islamic Summit and the Climate Summit. The two sides also touched on the tense situation in the regional environment and current challenges."

It continued, "The two parties discussed the course of bilateral relations between the two countries during the current administration, and future expectations for these relations, while stressing the need to continue good cooperation between the two countries and strengthen the partnership to serve common interests."   https://www.radionawa.com/all-detail.aspx?jimare=40311

Gold Prices Rise In The Capital Baghdad

Money and business  Economy News – Baghdad  Gold prices witnessed a rise in the wholesale markets on Al-Nahr Street in Baghdad, where the selling price of one mithqal of 21 karat Gulf, Turkish and European gold was recorded at 545 thousand dinars, while the purchase price reached 541 thousand dinars.

The selling price of one mithqal of 21-karat Iraqi gold was recorded at 515 thousand dinars, and the purchase price was 511 thousand dinars.

As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranged between 545,000 and 555,000 dinars, while the selling price of a mithqal of Iraqi gold ranged between 515,000 and 525,000 dinars.  https://economy-news.net/content.php?id=49997

Oil Prices Fall Amid Production Shutdowns, War Fears

Energy   Economy News – Baghdad  Oil prices fell on Tuesday after rising the previous day due to a production shutdown at Norway's Johan Sverdrup oilfield, but investors remained cautious amid concerns about a possible escalation in the war between Russia and Ukraine.

Brent crude futures for January delivery were down 7 cents, or 0.1 percent, at $73.37 a barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures for December delivery were at $69.23 a barrel, down 7 cents, or 0.1 percent. The more active January contract for WTI was down 4 cents, or 0.1 percent, at $69.21.

“Investors remained cautious in assessing the direction of the war between Russia and Ukraine after the escalation we saw over the weekend,” said Toshitaka Tazawa, an analyst at Fujitomi Securities.

Meanwhile, supply concerns persisted due to production problems at some oil fields.

Equinor said on Monday that production from its Johan Sverdrup oilfield, the largest in western Europe, had been halted due to an onshore power outage. A company spokesman said work was underway to restart production, but it was not immediately clear when it would resume. https://economy-news.net/content.php?id=49987

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Trade: The General Population Census Will Be A Starting Point For Important Economic Transformations

Tuesday 19 November 2024 19:10 | Economic Number of readings: 45  Baghdad / NINA / The Ministry of Trade confirmed that the general population census is an important step in directing investments, which accelerate development steps in all regions of Iraq.

A statement by the ministry quoted the official spokesman for the ministry, Mohammed Hanoun, as saying: "The government's approach through conducting the general population census, despite the difficulties it faced, is aimed at attracting international efforts to the national labor market in a way that revives the economy, and gives those in charge of the economic file a clear vision of the economic reality by creating a database that represents a starting point for economic policies that aim to address the imbalance in the economic structure."

Hanoun pointed out that "the general population census step will accurately reflect the reality of human wealth and the percentage of young people, as they represent an important economic force that can be employed in the sectors of knowledge, investment, and various aspects of the economy that have the elements of advancement and development."

The official spokesman for the Ministry of Commerce confirmed that "the general population census is a statistical procedure that represents a database on the numbers of Iraqis and the nature of their work," noting that "it is the first of its kind in decades, as the last census was conducted in 1987."

He continued, "It is a developmental work, the aim of which is to direct the country's resources in the right direction, and it is a procedure that serves the country economically and socially, by addressing poverty and unemployment, identifying needy families, the number of workers and unemployed, and improving the economic situation in general. It is a "message of reassurance to citizens and the country alike, meaning that the country is now safe from saboteurs and terrorist acts, and in a position that allows it to carry out this major and important procedure.

" Hanoun confirmed that "the census will determine the actual number of residents inside the country, and those residing outside the country in cooperation with the Ministry of Foreign Affairs later, and non-Iraqis working and residing will be counted, which will contribute to limiting their numbers and knowing their living conditions."

He pointed out that "the census is the most important source of economic and social data for all countries of the world," indicating that "knowing the results of the census enables the formulation of general policies and the development of strategies related to investment, housing, education, health, and capital investment related to road and communications networks, and the development of public services and development programs, accompanied by enabling countries to distribute Budgets between administrative regions according to development needs.

He continued: "The census helps enable the private sector and investors to drive development, raise the level of urban planning, and support decision-makers in making decisions."

He explained: "The economic view of the population is limited to two aspects: The first is that the population is a consumer force that exerts pressure on the available economic resources, and that these pressures increase in intensity the more limited and unilateral the resources are." / End8

https://ninanews.com/Website/News/Details?key=1169924

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

Seeds of Wisdom RV and Economic Updates Tuesday Evening 11-19-24

Good Evening Dinar Recaps,

CHAINLINK COLLABORATES WITH MICROSOFT ON CBDC COMMISSIONED BY BRAZIL’S CENTRAL BANK

Blockchain oracle service provider Chainlink (LINK) is working on a pilot project for Brazil’s proposed central bank digital currency (CBDC) called DREX with Microsoft and other firms in the country.

In a press release, Chainlink says it is collaborating with Microsoft Brazil, digital bank Banco Inter and blockchain finance firm 7COMm to build a trade finance solution as part of the second phase of the DREX pilot.

The goal of the pilot, according to the announcement, is to “demonstrate the automated settlement of agricultural commodity transactions across borders, across platforms, and via different currencies.”

Chainlink will use its Cross-Chain Interoperability Protocol (CCIP) to create interoperability between Brazil’s Central Bank and other foreign banks using DREX, ensuring efficient transaction settlements.

The pilot also aims to tokenize an Electronic Bill of Lading (eBoL) – or receipts for cargo used by shippers and carriers – and put them on-chain using supply chain data to trigger payments to exporters.

Says Angela Walker, global head of banking and capital markets at Chainlink Labs,

“We look forward to working with the Central Bank of Brazil, Banco Inter, and Microsoft to demonstrate how the adoption of blockchain technology combined with Chainlink’s interoperability protocol CCIP can transform trade finance… Chainlink CCIP is essential to enabling secure cross-border, cross-currency, and cross-chain transactions and will help showcase what tokenized assets can do at scale for this key CBDC use case in Brazil.”

Chainlink’s CCIP technology was recently used by Swiss crypto firm Taurus in its proof-of-concept run with asset management giant State Street to tokenize funds.

Chainlink creator Sergey Nazarov recently predicted that CCIP would help real-world assets (RWAs) overtake the value of all other sectors in crypto, and become the main mechanisms that allows traditional finance to bring trillions of dollars into the blockchain industry.

“So this is kind of the world that I think we should all be preparing for, and that the Chainlink ecosystem is working towards, by both enabling DeFi to grow and be secure and reach the kind of level of reliability and guarantees that the DeFi community needs and that the TradFi community needs, and enabling the TradFi community’s value to flow onto blockchains and into the DeFi ecosystem eventually.

What this will result in, if it works as intended, is CCIP (cross-chain interoperability protocol) becoming one of the key protocols of the Internet, what we call the Internet of contracts and internet of value. Because CCIP is fundamentally the data and value transport mechanism by which that data and value flows into and across all of those chains.”

@ Newshounds News™

Source:  The Daily Hodl

~~~~~~~~~

BRIAN ARMSTRONG PROPOSES US SOVEREIGN WEALTH FUND THAT PAYS AMERICANS DIVIDENDS THROUGH ELON MUSK’S D.O.G.E.

Coinbase co-founder and CEO Brian Armstrong is proposing a plan that would pay dividends to Americans while making the size of the government leaner.

Armstrong says on the social media platform X that President-elect Donald Trump’s proposed Department of Government Efficiency (DOGE) is a “once in a lifetime opportunity” to “cut the size of government back to health.”

According to the Coinbase CEO, America’s founding fathers may have failed to anticipate the tendency of politicians to promise more free stuff in an effort to get more votes.

“To future-proof this, we may need a constitutional amendment capping total government expenditure (at say 10%), or a way to align incentives.”

Armstrong says that the creation of a US sovereign wealth fund could potentially help in increasing federal government spending when necessary while curtailing expenditure over the long term.

“You’d ideally have a way to temporarily dial up burn (say in wartime), but still have the right incentives to not let spending get totally out of control longer term.

An example would be a US sovereign wealth fund, where every citizen gets a share (maybe people can buy more if they want), and any budget surplus pays a dividend.

Every citizen then has skin in the game. Maybe Congress gets a slightly larger stake.”

To support his argument for a leaner US federal government, the Coinbase CEO says,

“[Economist and Nobel laureate] Milton Friedman famously suggested the function of government be limited to:

1. Courts to enforce contracts and settle disputes.

2. Police to keep the peace at home (enforce laws, protect property rights).

3. Military for national defense.”

Billionaire tech mogul Elon Musk, who was handpicked by Trump to spearhead the Department of Government Efficiency (DOGE), responded to Armstrong saying, “Milton Friedman was great.”

Last week, President-elect Donald Trump announced he was appointing Musk and biotech entrepreneur, Vivek Ramaswamy, to lead DOGE shortly after his election. Trump said DOGE would help his administration’s quest to “dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures and restructure federal agencies.”

@ Newshounds News™

Source: The Daily Hodl

~~~~~~~~~

🌱 BIG REWARDS FROM STAKING! WHAT IS IT? |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 11-19-24

Good Afternoon Dinar Recaps,

STABLECOIN ISSUER PAXOS TO ACQUIRE FINLAND’S MEMBRANE FINANCE FOR EU ACCESS

Today stablecoin issuer Paxos said it acquired Finnish e-money institution Membrane Finance, the issuer of EURe. The deal gives Paxos a licensed e-money institution (EMI) enabling access to all EU states, subject to regulatory approval.

Paxos and its affiliates are already regulated in New York, Abu Dhabi and Singapore. Under Europe’s MiCA regulations crypto legislation, registration in one state is passported to all other member states.

Paxos is the issuer of the PayPal stablecoin (PYUSD) and its own Paxos dollar (USDP). Its UAE affiliate has issued a yield bearing stablecoin. And in Singapore it recently launched the Global Dollar Network, which will share interest revenues on the USDG stablecoin with distribution partners.

“Stablecoins offer a global solution to challenges that countless people and companies feel when it comes to money movement and payments. Stablecoins are becoming increasingly more prevalent throughout the market as more use cases emerge for everyday users, “ said Walter Hessert, Head of Strategy at Paxos. “With Membrane, we expect to extend our reach to EU customers looking to benefit from stablecoins.”

Stablecoins in the EU
In terms of other stablecoin players, Circle historically had a strong presence in Europe (Ireland). It chose France as its base for MiCAR, directly registering as an EMI.

MiCA regulations require a high proportion of reserves to be held at banks – 30% for smaller stablecoins and 60% for significant ones. Tether claims this is the reason it has not registered in the EU. However, so far it has chosen to remain offshore, avoiding jurisdictions that require it to be regulated. A large part of Tether’s stablecoin balance is on TRON, a blockchain that’s popular in Africa.

Meanwhile, MiCAR also has some quite complicated rules limiting the scale of foreign currency stablecoins in the EU. However, this is widely misunderstood, so we previously provided a deep dive on the topic.

Bank issued stablecoins are also explored as part of our Research report on tokenized deposits and DLT payments.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

JOHN DEATON EMPHASIZES NEED FOR MODERNISED REGULATORY FRAMEWORK, CRITICIZES SEC OVER OUTDATED LAWS

In a latest X post, the pro-XRP lawyer, John Deaton has expressed concerns over the outdated regulatory framework applied by the US SEC in response to Michael Saylor’s interview. He shared that the SEC should be focused on ‘fraud, pump and dump schemes and the bad guys.’

The Need For Modernised Regulatory Framework
He pointed out that we are essentially applying 1933 disclosure laws in 2024 to modern-day technologies like AI, Robotics, Automation, and Blockchain and that the existing disclosure laws were meant to reduce the asymmetries between those offering investments and those acquiring investments. 

He stressed that this was during a time when technologies like the internet did not exist. He asserted that the SEC should focus on clear and straightforward principles to guide the industry.

“People like Gary Gensler, Jay Clayton, and Bob Stebbins prefer the law and rules of the road to be vague. WE NEED REFORMERS AS REGULATORS LIKE Brian Brooks and Brad Bondi,” he noted.

Deaton’s remarks highlight the need for a modernized framework that accommodates emerging technologies.

Deaton’s ‘Dream Team’
Amidst the speculations of the current SEC Chair Gary Gensler’s resignation, Deaton has endorsed Brad Bondi as a suitable replacement. Deaton noted that Bondi represents a more balanced and progressive approach to regulatory oversight and voiced skepticism over other contenders, such as Bob Stebbins.

The US Treasury Secretary and the SEC Chairman are the two most important remaining positions to be filled. Deaton emphasized that these two selections must be compatible and complement each other to truly implement the America First Agenda envisioned by President Trump.

Elon Musk had recently suggested that Howard Lutnick might be the right choice for Treasury secretary but had also suggested others to provide input on who President Trump should select to be America’s next Treasury secretary.
Deaton expressed his views by stating:

“The Dream Team that would foster innovation in America, securing its place as the number one market in the world, causing an economic explosion in our capital, crypto, and IPO markets, while bolstering demand for the USD and ensuring its dominance around the world, while, at the same time, shaking things up and reforming the agencies is Brian Brooks as Treasury Secretary and Brad Bondi as SECGov Chairman.”

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

🌱 FEDERALIST TO SILVER AND VOTING  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

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Subscribe to Newsletter

Thank you Dinar Recaps

Economist’s “News and Views” 11-19-2024

US Bitcoin Reserve to Kick Off Q1 2025? What It Means for Price & Global Markets | Natalie Brunell

Kitco News:  11-18-2024

The United States could soon establish a Bitcoin Strategic Reserve, with Wyoming Senator Cynthia Lummis leading the push for this unprecedented move.

According to Bitcoin educator and podcast host Natalie Brunell, Lummis suggests that the U.S. convert a portion of its massive gold reserves into Bitcoin, aiming to make this transition happen "very quickly" once the new administration is in place.

This proposal, which includes acquiring one million Bitcoins over the next 20 years, could mark a turning point for the global financial landscape, potentially boosting Bitcoin's value significantly.

Brunell explores what this proposal means for Bitcoin's future, the broader macro environment, and how corporations and governments are starting to adopt Bitcoin.

Tune in as we discuss the implications of this ambitious move and how it might affect Bitcoin's trajectory in 2025 and beyond.

00:00 Introduction

00:02 Senator Lummis' Bitcoin Proposal

00:24 MicroStrategy's Record-Breaking Bitcoin Purchase

01:34 Factors Driving Bitcoin's Surge

 02:27 Bitcoin's Future and Institutional Adoption

 04:59 Risks and Concerns for Bitcoin

06:42 Strategic Bitcoin Reserve Proposal

 12:56 Political Developments and Regulatory Environment

 16:03 Michael Saylor's Bitcoin Vision

18:12 Corporate Adoption of Bitcoin

 19:24 Challenges in Bitcoin Education

21:28 Bitcoin's Future Trajectory

24:21 Conclusion

https://www.youtube.com/watch?v=AbuxDEK1GF8

Alert! FOR THE 1ST TIME IN A DECADE, THE FED'S OWN STOCK MARKET INDICATOR GOES NEGATIVE.

Greg Mannarino:  11-19-2024

https://www.youtube.com/watch?v=9fejxb-Zmd4

China’s Economic Genius Kicks U.S. Out of South America - Argentina Reveals The Truth

Sean Foo:  11-19-2024

In a shocking move, Latin America is moving closer to China. Argentina's President, Milei, has made a U-Turn, seeking to bring his economy closer to Beijing. This realization extends to the rest of the continent. China's economic genius strategy has integrated its economy in the region. As a result, the US faces almost insurmountable odds.

Timestamps & Chapters:

 0:00 Argentina's Massive U-Turn

 3:11 Economic Rescue From China

 5:47 China's Genius Strategy

 8:10 China Checkmates The US

10:56 US Lashes Out

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

“Tidbits From TNT” Tuesday 11-19-2024

TNT:

Tishwash:  Turkish Trade Minister to visit Iraq

Turkish Trade Minister Omer Bolat begins a two-day visit to Iraq on Monday, heading a delegation of contractors and businessmen.

Sources in the Turkish Ministry of Trade told Anadolu Agency that the Turkish delegation, headed by Bulat, will visit the capital Baghdad and the city of Basra on November 18 and 19.

The Turkish delegation to Iraq includes representatives of the Exporters Council, the Contractors Union, and Turkish companies.

The visit includes holding talks between businessmen in the two countries, and discussing opportunities to enhance bilateral relations with the participation of contracting companies.

Minister Boulat is scheduled to meet with Prime Minister Mohammed Shia Al-Sudani, and hold a bilateral meeting with his counterpart Athir Dawood Salman Al-Ghariri, and with Minister of Transport Razzaq Muhaibis Al-Saadawi.

Türkiye's exports to Iraq rose by 5.3 percent in the first 10 months of this year, recording $10.8 billion.

While Iraq's exports to Turkey amounted to $3.7 billion during the same period, recording a 41 percent decline, while the volume of trade between the two countries amounted to $14.5 billion during the mentioned period   link

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

Tishwash:  Al-Sudani confirms Iraq's openness to achieving a serious and real partnership with Türkiye in various fields

Prime Minister Mohammed Shia Al-Sudani received today, Monday, Turkish Minister of Trade Omar Bolat, who is visiting Iraq with a large delegation of about 150 businessmen from the Exporters Council and the Contractors Union, on a working visit that includes Baghdad and Basra.

Al-Sudani stressed, in a government statement, a copy of which was received by {Euphrates News}, during the meeting: “Iraq’s openness to achieving a serious and real partnership with Turkey in various fields, especially with the government implementing a package of economic reforms that prepared the investment environment within the country,” pointing to “the government’s desire to develop the trade balance between the two countries, with the rapid growth witnessed by industry in Iraq.”

The statement added, "The meeting also discussed the meeting of the Iraqi-Turkish Economic and Trade Committee, which will hold its work in two weeks."

For his part, Polat conveyed the greetings of Turkish President Recep Tayyip Erdogan to the Prime Minister, stressing that "the growing relations between the two countries are an opportunity to proceed with what was agreed upon during Erdogan's visit to Iraq," referring to "the strategic development road project, where he expressed his country's readiness to provide all support to proceed with this important project for the region and the world."  link

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

Tishwash:  COP29: Iraq rejects fossil fuels phasedown

The Parliamentary Health and Environment Committee announced on Monday the Iraqi delegation's refusal to phase out fossil fuels during its participation in the United Nations Climate Summit COP29, stressing that Iraq seeks to adapt to global environmental standards in line with local privacy.
 
The head of the committee, MP Majid Shankali, told the Iraqi News Agency (INA): "The Iraqi parliament in this session paid great attention to attending climate conferences, as we participated in COP27 and 28, and today in COP29 in Baku."
 
Shankali added that "the participation of the parliamentary delegation in the COP29 conference came to follow up the work of the negotiating delegation and keep abreast of the latest developments in the conference," noting that "the climate conference focused on important issues, most notably the gradual phasedown of fossil fuels, which is one of the main pillars of the Iraqi economy, which we completely reject."

"There is a proposal from Azerbaijan to support developing countries by oil countries, but this proposal was rejected, because most oil-producing countries are themselves developing countries," he said. 

 He pointed out that "the active political presence of the President of the Republic, undersecretaries of ministries and executive bodies, in addition to the legislative support of the Iraqi parliament, strengthens Iraq's position in these conferences, especially since it will assume the presidency of the G7 Plus summit with China in the next session." 

 The President of the Republic, Abdul Latif Jamal Rashid, participated in the United Nations Climate Summit COP29, which was held in the Azerbaijani capital Baku from November 12 to 13, which was attended by a large number of United Nations member states in addition to governmental and non-governmental organizations. link

Mot: .. and meanwhile - Back in 1914!!! 

Mot: .... So, what do we do now, little guy?"  ding dong ditch

One day, a policeman is strolling down the street when he notices a tiny boy standing in front of a house, desperately trying to reach the doorbell. The boy, however, is too small, and the doorbell is just out of his grasp.

The policeman watches for a moment, amused, before walking over. Gently placing a hand on the boy's shoulder, he leans forward and rings the doorbell for him with a quick press.

Squatting down to the boy’s level, the policeman grins and asks, "So, what do we do now, little guy?"

The boy looks up with a mischievous smile and replies, "Now we run!"

Iraq Economics News and Points to Ponder Tuesday AM 11-19-24

Gold Smuggling...A Double Threat To The Economy And The Iraqi Dinar
 
November 18, 2024  Baghdad/Iraq Observer  The smuggling of Iraqi gold represents the latest chapter in the money laundering  operations that the country is suffering from, as the Iraqi authorities were recently able to thwart an attempt to smuggle large quantities of gold through Baghdad International Airport, at a time when the Federal Integrity Commission announced intervention and opened an investigation into the case.
 
The head of the Integrity Commission, Muhammad Ali Al-Lami, announced the directive of the legal department in the commission to open a comprehensive investigation into the attempt to smuggle gold via one of the Iraqi Airlines planes.

The commission confirmed that the case is one of the largest cases of financial and administrative corruption, stressing the importance of following up the case in all its details and taking action.
 
Necessary actions.
 
For its part, the Border Ports Authority indicated that “the attempt was foiled after the discovery of 13 gold bars with a total weight of 13.7 kg, which were carefully hidden in the weighing hall at Baghdad Airport,” explaining that
 
“the bars were discovered using modern baggage detection devices, and it confirmed that the investigations We are continuing to identify those responsible for this attempt.
 
In turn, legal expert Ali Al-Tamimi confirmed that  “Money Laundering Law No. 39 of 2015 imposes penalties of up to 20 years in prison and fines that are not less than the value of the smuggled money, and may reach five times that.”

Al-Tamimi added to “Iraq Observer” that  “Iraq can sue countries that contribute to destabilizing its economy, based on Articles 1, 2, and 3 of the United Nations Charter, which gives Iraq the possibility of resorting to the United Nations and the International Court of Justice to protect its economic interests.”
 
Reports and analyzes indicate that gold smuggling in Iraq is no longer an individual issue, but has become part of an interconnected corruption system supported by influential parties, as these operations are exploited to feed the black market and weaken the national economy.
 
Specialists believe that the continuation of this phenomenon represents a direct threat to national resources, as smuggling operations are no longer limited to gold only, but also  include oil and currencies,  which increases the economic crisis in the country.

Innovative methods
 
In turn, Member of Parliament Alia Nassif confirmed that “gold smuggling operations are conducted using innovative methods,” warning that   these operations aim to systematically destroy the Iraqi economy.

She pointed out that  large quantities of local and imported gold are melted down and converted into bullion to be smuggled abroad, which opens the way for money laundering and financing illegal operations.
 
Nassif called on the regulatory authorities and the Central Bank to   
     trace the sources of funds used to buy gold and   
     ensure the validity of the procedures followed at border crossings and customs.

She also stressed the need to investigate how funds are transferred through the currency sales window and their role in financing these operations, stressing that these financial crimes do not threaten Not only national wealth,  but also increases the exchange rate gap between the official market and the parallel market.    https://observeriraq.net/تهريب-الذهب-خطر-مزدوج-على-الاقتصاد-وال/   

Rusli Al-Maliki: This Is How Citizens Can Be Encouraged To Benefit From Their Cash Savings That They Are Afraid To Deposit In Banks.
 
November 15, 2024  Baghdad/Iraq Observer  Rusli Al-Maliki: This is how citizens can be encouraged to benefit from their cash savings that they are afraid to deposit in banks.
 
 [approximate translation of video]
 
Peace be upon you, followers of Iraq and Buzz. 
Iraqi financial institutions complain about the hoarding of citizens’ money in their hands and in their homes instead of putting it in banks.
 
Iraqi banks, for Iraqis, are not trustworthy.   The bureaucracy and the backward system of banks do not leave an opportunity to put Iraqi money in citizens’ money, but there is another way.
 
This money can appear in a way that benefits the country and provides job opportunities. 
Large taxes must be imposed on the country, which is by expanding cities outward.
 
This is done through ring roads, extending the infrastructure, and selling land to citizens, land that is suitable for housing or divided as housing.
 
Here, this money will go out to work in the field of investment, in the field of contracting, in the field of construction, and in selling and buying.

The country will find itself with large amounts of money that have come out of pockets and homes and have been put in this field.  
This will provide large job opportunities.  
This will provide good taxes for the state.  
This will provide pressure relief on cities and the state.
 
What you will spend on infrastructure you will get through the taxes on the white goods and the purchases that you take.

There is more than one solution to benefit from this money.  
We only need urban planning and city expansion. 
Thank you.

Watch the video below:
 
https://youtu.be/0Z89Jag0D3I?si=7TO4x1QgKiKe5AfM
 
https://observeriraq.net/رسلي-المالكي-هكذا-يمكن-تشجيع-المواطني/

The Central Bank Organizes A Symposium In Cooperation With The University Of Mosul
 
November 18, 2024   Within the framework of   
     seeking to develop the educational environment and
     enhance academic and financial cooperation in raising community awareness and on the
     importance of banking compliance,
 
the Central Bank of Iraq / Mosul Branch organized a scientific symposium in cooperation with the Department of Banking and Financial Sciences at the College of Administration and Economics, University of Mosul.
 
 The symposium was titled (Compliance and its role in reducing money laundering operations) in which a number of government and private banks in the governorate participated, in addition to the teaching staff at the university.
 
The attendees stressed the importance of the symposium, which was devoted to the vocabulary of compliance  because of its repercussions on the stability of the financial system, which in turn helps. In protecting the national economy of Iraq.
    
 Central Bank of Iraq      Media office      November 18, 2024   https://cbi.iq/news/view/2713   

Delete The Zeros And Evaluate The Dinar 
Economical 11/18/2024  Ali Daadoush  We explained, in a newspaper column a while ago, the concept of deleting zeros, and today we are talking about the concept of currency revaluation, which means a calculated upward adjustment of the official exchange rate of a country relative to the chosen baseline, as the baseline can include (wage rates, the price of gold, or specific foreign currency), and revaluation is the opposite of devaluation of a currency.
 
In the fixed exchange system (the system followed by Iraq), only a decision from the state (the central bank) can change the official value of the currency, and
 
developing economies are likely to use the fixed exchange system in order to limit speculation and provide a stable monetary system in the country.
 
In a flexible exchange system, revaluation occurs on a regular basis, as evidenced by noticeable fluctuations in the foreign exchange market and associated exchange rates.
 
For example, the United States continued to apply a fixed exchange rate until 1973, when President Richard Nixon decided to withdraw the United States from the gold standard and switch to a flexible exchange rate system.
 
As for China, although it has an advanced economy, Its currency remained stable until 1994, before the Chinese government re-evaluated its currency in 2005, which was linked to the US dollar. After this re-evaluation, it was linked to a basket of currencies. Universality.
 
The decision to revalue the local currency affects the economy in general, as it affects both the currency being examined and the valuation of assets held by foreign companies in this particular currency.
 
Given that revaluation has the ability to change the exchange rate between two countries and their currencies, the values ​​may have to be adjusted. The carrying amount of assets owned abroad to reflect the effect of a change in the exchange rate.
 
For example, let us assume that a foreign government sets (10 units) of its currency as equivalent to one dollar in US currency. To revalue its currency, the government may change the price to (5 units) per dollar.   
This results in its currency becoming twice as expensive when evaluated in US dollars compared to what it was. It was previously.
 
If the above currency revaluation occurs, any assets held by a US company in the foreign economy must be revalued.
 
If the value of an asset held in a foreign currency was previously valued at $100,000 based on the old exchange rate, the revaluation would require a change of $200. One thousand US dollars.

This change reflects the new value of the foreign asset in the local currency by adjusting the revaluation of the currency in question.
 
Another example is what the Iraqi government did in 2023 when it raised the value of the Iraqi dinar from 1,450 dinars/dollar to 1,300 dinars/dollar.   https://alsabaah.iq/106053-.html   

Economic: Re-Exporting Kurdistan Oil Will Cause Iraq To Lose $5 Billion And A Budget Deficit
 
Economy ​ 11-16-2024, 13:09 | Baghdad today – Baghdad  Economist Nabil Al-Marsoumi confirmed today, Saturday (November 16, 2024), that re-exporting Kurdistan’s oil will cause Iraq to lose $5 billion, while noting that  it will cause a budget deficit.
 
Al-Marsoumi said in a post on Facebook, followed by Baghdad Today, that the Kurdistan Petroleum Industry Association (APIKUR) welcomed the proposal to amend Article 12 of the Budget Law,
 
but believes that there is sufficient scope in the current wording to cover its previous requests related to commercial conditions and guaranteeing payment. Payments for past and future exports through the Iraqi-Turkish oil pipeline.”

He added,  "The amendment stipulates that the Federal Ministry of Finance shall compensate the Government of Kurdistan from sovereign expenditures for the costs of production and transportation, for the quantities of oil produced in the region that are received by (SOMO), or the Federal Ministry of Oil, provided that the fair estimated costs of production and transportation are calculated for each.

" Field by field, by a specialized international technical advisory body, determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region,” indicating that
 
“production and transportation costs are compensated by the Federal Ministry of Finance.” As an advance, at a rate of $16 per barrel, it will be settled later after the completion of the specialized technical consultant mentioned above, and retroactively from the date of commencement of delivery.”

Al-Marsoumi continued,  “According to the results of Deloitte’s audit for previous years, the region was only receiving 44% of oil revenues, and
 
the rest is received by foreign oil companies to cover the costs of production, transportation, marketing, and the profits of foreign companies, which are specified in most contracts at 20% of oil profits after deducting costs.” amounting to 40% of the price of a barrel of oil to recover part of the costs incurred by foreign companies when investing in the oil sector in Kurdistan.

He explained,  "In light of these facts and because of Iraq's commitment to OPEC Plus restrictions, the amount of Kurdistan's exports amounting to 400 thousand barrels per day will require reducing the same amount from the central and southern fields, which will lead to a decline in oil revenues by about 5 billion dollars annually,
 
which means an increase in the budget deficit by the same amount due to... Differences in costs and profits of foreign companies and the lower quality of Kurdistan’s oil.”

He stated,  "The solution lies in Iraq's request to OPEC Plus to exempt it from the mandatory and voluntary cuts imposed on the production quota so that there is an economic feasibility in re-exporting oil from Kurdistan." 
 
https://baghdadtoday.news/262139-اقتصادي-إعادة-تصدير-نفط-كردستان-سيؤدي-لخسارة-العراق-5-مليارات-دولار-وعجز-بالموازنة.html   

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