“Tidbits From TNT” Thursday Morning 12-5-2024

TNT:

Tishwash:  Parliament session agenda for Thursday

The House of Representatives will hold a regular session tomorrow, Thursday, in which it will read the second reading of the amendment to the financial budget law for the years {2023, 2024 and 2025).

Reading verses from the Holy Quran

First: Voting on the draft law of the National Intelligence Service. Security and Defense Committee. Article 36 (The National Intelligence Service. Affairs).

Neutrality Second: Voting on the proposed law amending the first law of Passports Law No. 32 of 2015. (Security and Defense Committee) (5) Article).

Third: Report and discussion of the second reading of the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2020 - 2025) No. (13) of 2023. Finance Committee). 2024

Fourth: Report and discussion of the second reading of the draft law amending the fifth amendment to the Civil Aviation Law No. 148 of 1974. (Transport and Communications Committee).   link

Tishwash:  Government advisor: The budget is hedged by the oil price at $70 and the deficit is 64 trillion dinars

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that "the federal general budget No. 13 for the year 2023 (the three-year budget) is hedged by the price of a barrel of oil at $70.

Saleh told Al Furat News Agency, "Any increase in oil prices, assuming fixed production and export quantities, will lead to reducing the hypothetical budget deficit gap of 64 trillion dinars."

He  explained that "despite the above, reducing Iraq's share of production within OPEC + is supposed to remove any potential glut in the supply of crude oil in the energy market, which leads to prices being higher than what is estimated in the budget and may even compensate for the shortfall in the quantities of oil produced that were reduced at the same time."

The House of Representatives is scheduled to begin its session tomorrow, Thursday, with the second reading of amending the three-year budget law.

Prime Minister Mohammed Shia al-Sudani, during his hosting of today's session, called on the House of Representatives to expedite amending the budget law. link

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Tishwash:  The Finance Committee decides to host Taif Sami to complete the amendment of the budget law

On Wednesday, the Finance Committee held a meeting at its headquarters to discuss the report on the draft law amending the second amendment to the Federal General Budget Law for the years 2023 - 2024 - 2025, No. (13) of 2024.

A statement by the committee stated that the meeting was held in the presence of its chairman and all members, and began by emphasizing “the exceptional efforts made by the committee to amend the budget items related to the costs of producing and exporting oil from the Kurdistan Region and the obligations associated with them.”

The statement added that the committee chairman "stressed the importance of setting applicable provisions and obligating the relevant authorities to implement them, while pointing out the need to obtain clarifications from the Ministry of Finance regarding the mechanism for financing the amounts and financial allocations."

According to the statement, the committee discussed the draft report of the second budget amendment law, reviewed and approved members’ comments, and held detailed discussions on how to calculate production and transportation costs, appropriations and contracts, in addition to the mechanism for managing accounts. 
 
The Finance Committee decided to host the Ministry of Finance to complete the procedures related to amending the law, while the meeting discussed the committee’s report on hosting the Ministry of Oil and the results drawn from this hosting.  link

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MilitiaMan & Crew-Iraq Dinar News-Executive & Legislative Authority Integration-Full Support-Government Program

MilitiaMan & Crew-Iraq Dinar News-Executive & Legislative Authority Integration-Full Support-Government Program

12-4-2024

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=NdKStLLJe7A

Seeds of Wisdom RV and Economic Updates Wednesday Evening 12-04-24

Good Evening Dinar Recaps,

FED CHAIR POWELL VIEWS BITCOIN AS DIGITAL GOLD, NOT A DOLLAR COMPETITOR

Powell reiterated his remarks on Bitcoin being used solely for speculative purposes, not being a competitor for the US dollar.

The Federal Reserve Chairman Jerome Powell dismissed the notion of Bitcoin as a replacement for the U.S. dollar, instead framing the leading crypto as a speculative asset comparable to gold.

Powell shared his insights during an appearance at The New York Times DealBook Summit in Manhattan, emphasizing Bitcoin’s volatility and limited use as a form of payment or store of value.

According to Powell:

“It’s just like gold, only it’s virtual… It’s very volatile, it’s not a competitor for the dollar, it’s really a competitor for gold. That’s how I think of it.”

Powell’s comments come amid heightened speculation about Bitcoin’s growing influence in global finance. Crypto recently achieved a market capitalization of $1.92 trillion, surpassing silver, valued at $1.75 trillion, to become the world’s eighth most valuable asset. However, it remains far behind gold, which holds an estimated market value of $18 trillion.

This is not the first time Powell has used this comparison to address Bitcoin. In 2021, the Fed chair said that crypto is not useful as a store of value due to its intrinsic volatility, with Bitcoin being “essentially a substitute for gold, rather than for the dollar.”

Under President Joe Biden’s administration, the Fed is accused of being pivotal in Operation Chokepoint 2.0, an alleged plan to hinder the progress of the US crypto industry.

In August, following a Fed mandate directed at crypto-friendly Customers Bank urging tighter risk management and compliance measures, Gemini co-founder Tyler Winklevoss stated that the initiative “is alive and well.”

DeFi as ally
Despite Powell’s conservative tone toward Bitcoin and crypto as an asset class, Fed Governor Christopher J. Waller recently praised DeFi as an ally.

At the Vienna Macroeconomics Workshop on Oct. 18, Waller argued that intermediaries are still fundamental for the financial markets. However, he acknowledged that DeFi applications presented technologies that offer efficiency to traditional financial instruments.

He recognized the benefits of distributed ledger technology (DLT), tokenization, and smart contracts, which can enhance the speed and accuracy of financial transactions.

Moreover, Waller recognized at The Clearing House Annual Conference 2024 on Nov. 12 that central bank digital currencies (CBDC) are not helpful for payments, questioning whether the payments system has a problem that CBDCs could solve.

@ Newshounds News™

Source:  Crypto Slate

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RIPPLE’S RLUSD STABLECOIN SET TO LAUNCH TODAY, WHAT’S NEXT FOR XRP?

The highly anticipated launch of Ripple’s dollar-pegged stablecoin, RLUSD, is expected to take place today, December 4, 2024. However, Ripple is reportedly awaiting approval from the New York Department of Financial Services, according to local media reports.

What is RLUSD?
Ripple USD (RLUSD), a 1:1 USD-backed stablecoin, offers transparency and stability on the XRP Ledger and Ethereum. With the launch of RLUSD, Ripple aims to leverage both its stablecoin and native token, XRP, to enhance its cross-border payment solutions.

At present, Ripple Labs has warned investors and institutions to avoid engaging with any token claiming to be RLUSD or Ripple USD before its official launch to prevent falling victim to scams. Despite this warning, RLUSD is currently listed on the cryptocurrency data platform CoinGecko.

Since August 2024, Ripple has been beta testing its RLUSD stablecoin on the XRP Ledger (XRPL) and Ethereum’s mainnet. The firm has shared plans to gradually expand RLUSD to more blockchains and DeFi protocols in the future.

Will RLUSD Impact XRP Price?
Despite the RLUSD launch, Ripple’s native token XRP, has already gained significant attention over the past week. Furthermore, experts anticipate a notable upward momentum for XRP once RLUSD becomes available on exchanges.

Currently, XRP is trading near $2.55 and has registered a price decline of 2.55% in the past 24 hours. During the same period, its trading volume dropped by $28%, indicating lower participation from traders and investors amid a bullish outlook.

@ Newshounds News™

Source:  Coinpedia

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THE SURPRISING TRUTH ABOUT BITCOIN GOLD NOBODY TELLS YOU  I  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 12-04-24

Good Afternoon Dinar Recaps,

WHY HEDERA STANDS OUT: GOVERNANCE, INSTITUTION-FOCUS, TOKENIZATION, AND MORE—IS HBAR A SLEEPING GIANT?

▪️Hedera has been highlighted as one of the notable institution-focused distributed ledger technologies with incredible use cases.

▪️An analyst has spotted the formation of a golden cross, which could soon send HBAR to $1.

Hedera (HBAR) has been impressive so far, as it prints a staggering 669% surge on its monthly price chart and a 139% surge on its weekly price chart. At press time, the asset was trading at $0.329. However, its 24-hour trading volume has declined by 36%, with $4.6 billion changing hands.

Subjecting Hedera to critical analysis, crypto, and stock rating platform, Weiss Crypto has pointed out that the asset is backed by efficient technology and an evolving ecosystem that makes it exceptional amid competitors.

Firstly, Weiss Crypto highlighted that Hedera is one of the most “notable institution-focused distributed ledger technologies. According to the post, Hedera’s governing council is made up of 32 major financial institutions, including IBM (IBM), Google, Dell (DELL), Boeing (BA), and Deutsche Telekom.

On the blockchain, the platform explained that Hedera’s network is permissioned, unlike the permissionless blockchains. 

This implies that it only facilitates the approval of entities that can become nodes. Additionally, this makes it a perfect match for Real-World Asset (RWA) use cases. The post also highlighted its active involvement in asset tokenization.

Hedera is actively involved in tokenizing assets like commercial real estate, securities, carbon credits, and even diamonds. Through these applications, Hedera is positioning itself as one of the leading players in the adoption of blockchain technology for institutional use.

More About Hedera (HBAR

Hedera is strengthening its position in the Web3 ecosystem by sealing jaw-dropping partnerships and introducing cutting-edge solutions. Recently, NoviqTech strengthened its partnership with Hedera by acquiring an additional 490,622 HBAR tokens for $150,000, increasing its holdings to 1.5 million.

According to NoviqTech’s Chief Executive Officer (CEO) Freddy El Turk, Hedera has extensively contributed to the success of its Carbon Central environmental monitoring platform.

Our growing investment in Hedera is a clear testament to our belief in its transformative potential. Hedera provides the perfect platform to power Carbon Central’s mission of delivering unparalleled transparency and efficiency in ESG compliance and traceability and we look forward to deepening this partnership as we continue to invest in its ecosystem and align our innovative solutions with its cutting-edge technology.

Recently, CNF reported that Hedera has been integrated into the Federal Reserve’s FedNow payment platform via Dropp. As we disclosed, it would facilitate real-time payment with increased security and efficiency.

Ripple has also partnered with Hedera for USD transactions. However, Ripple is waiting for regulatory approval to launch its stablecoin RLUSD. 

Also, there has been growing optimism around the spot HBAR Exchange Traded Fund (ETF) filed by Canary Capital to the U.S. Securities and Exchange Commission (SEC). With the SEC chair Gary Gensler stepping down, this product could be approved and send the price skyrocketing.

According to analysts, HBAR is currently forming a golden cross pattern as its 50-day (SMA 50) trends above the 200-day (SMA 200) simple moving averages. A validation of this thesis could see the asset hitting $1

@ Newshounds News™

Source:  Crypto News Flash

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BRICS NEWS:  BRICS TO ADOPT BITCOIN FOR TRADE SETTLEMENTS?

In a new sit-down interview, BRICS Member Russia’s president, Vladimir Putin, sang praises for the recent growth of the Bitcoin cryptocurrency. Speaking on Russian TV, Putin said that Bitcoin & digital assets will continue to develop.

In the past, the alliance has revealed plans that align with the crypto industry, particularly surrounding its new currency under development. Indeed, BRICS proposed the use of Bitcoin for international payments at its 2024 Summit. Now, one of the bloc’s leaders, Vladimir Putin, says that Bitcoin is inevitable.

When discussing the potential regulation of Bitcoin, Russia’s president rhetorically asks “Who can ban Bitcoin,” before quickly answering “Nobody.” “These are new technologies, and no matter what happens to the dollar, these tools will develop one way or another,” he adds. As the world strives “to reduce costs and increase stability,” in Putin’s eyes, methods like Bitcoin are becoming more popular. This message is also eerily similar to that of the BRICS currency, one set to rival the US dollar upon launch.

The economic alliance has continued to find new ways to promote local currencies through its policies. Moreover, there has been discussion that cryptocurrencies could factor into that in a massive way. Bitcoin could be set to play a big part in the BRICS bloc over the next several years, especially after Putin’s recent comments.

BRICS Member Russia Recognizes Bitcoin and Crypto’s Potential

Furthermore, according to recent reports, digital currencies are now formally recognized as a type of property in international trade settlements. This falls under a new law that has now been approved in Russia by Putin. The president has jumped into the crypto scene by embracing digital assets for trade, including Bitcoin. 

Other members of the bloc: including China and Brazil, have also recently begun backing Bitcoin and crypto. Most notably, a bill was introduced in Brazil to develop a Bitcoin treasury reserve. The bill is currently being reviewed by Brazil’s government.

By establishing a legal framework, Russia’s legislation is expected to accelerate the adoption of digital assets within its financial ecosystem. Putin’s latest comments further reflect Russia’s strategic interest in leveraging Bitcoin for geopolitical and economic advantages.

 During the Ukraine conflict, Bitcoin was utilized to mitigate the impact of Western sanctions. Russia is also in talks to digitalize the Ruble on the XRP Ledger.

In the future, the digital asset industry, led by Bitcoin, will likely shake up the BRICS bloc and how it sees trade. As a result, de-dollarization could see a new level brought by cryptocurrency.

@ Newshounds News™

Source:  Watcher Guru

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TOP 5 REASONS TO INVEST IN IRAQI DINAR RIGHT NOW  |  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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BRICS is Moving Forward to Create Dollar Alternative

BRICS is Moving Forward to Create Dollar Alternative

Gregory Mannarino:  12-3-2024

In a dramatic assertion, former President Donald Trump recently warned that the emerging economic alliance of BRICS nations—Brazil, Russia, India, China, and South Africa—poses a substantial threat to the dominance of the U.S. dollar.

Speaking at an event, Trump’s fiery rhetoric emphasized a growing urgency in response to BRICS’ ambitious plans to develop an alternative to the dollar for international trade.

BRICS, formed as a coalition of rapidly developing economies, has been making headlines for its efforts to redefine the global financial landscape. With its members representing over 40% of the world’s population and approximately 25% of global GDP, the bloc is increasingly seen as a formidable economic powerhouse.

Over the past few years, BRICS nations have been robustly advocating for a diversified monetary system, one that could potentially bypass the dollar, thereby altering the way international trade and investment are conducted.

Trump’s warning comprehensively reflects concerns within U.S. financial and political circles. The U.S. dollar has maintained its status as the world’s primary reserve currency for over seven decades, a position that has allowed the United States to exert significant influence over global trade and finance.

 A shift away from the dollar towards a multi-currency system could undermine American economic power, lead to inflationary pressures, and affect the ability of the U.S. government to finance its debt.

Economists have highlighted that if BRICS successfully establishes a viable alternative currency for trade, the ramifications could be profound. Countries may pivot away from dollar-denominated transactions, reducing demand for the currency. This scenario could lead to a decline in the dollar’s value and economic instability that could ripple worldwide.

Trump’s remarks underscore a broader narrative being shaped not only among his supporters but also among some policymakers who see the BRICS initiative as a strategic challenge to U.S. hegemony. His use of the phrase “All hell to pay!” reflects a staunch belief that the U.S. must not only recognize these developments but also take proactive measures to maintain its economic leadership.

In light of these developments, discussions surrounding U.S. foreign policy, trade agreements, and economic strategies are likely to come to the forefront. Lawmakers may face pressure to reassess relationships with BRICS countries and explore ways to bolster the dollar’s position globally.

In response to concerns like those expressed by Trump, BRICS nations continue to advance discussions regarding a common currency and the concept of trade in local currencies. Their recent meetings have underscored a commitment to engineering a financial framework that diminishes dependency on the dollar. This direction could potentially revolutionize how countries interact financially on the world stage.

As BRICS moves forward with practical steps to establish this alternative framework, it is evident that the geopolitical landscape is evolving. In a world increasingly characterized by multipolarity, the U.S. must navigate these challenges deftly to sustain its influence.

Trump’s warning encapsulates an evolving reality where traditional power dynamics are being challenged. The BRICS alliance could be a pivotal player in this transformation, igniting discussions on economic sovereignty and national security.

As the global financial architecture continues to change, the United States faces critical decisions on how to respond to emerging threats, ensuring its dollar remains at the forefront of international commerce.

The next few years will be crucial in determining the future of the dollar and the potential reshaping of global economic norms.

https://youtu.be/OGHgi8jjGjQ

Iraq Economic News and Points to Ponder Wednesday AM 12-4-24

Minister of Finance discusses joint cooperation with World Bank representative in Iraq

Tuesday 03 December 2024 | Economic Number of readings: 352  Baghdad / NINA / Minister of Finance Taif Sami Mohammed discussed today, Tuesday, with the World Bank Representative in Iraq, Jean-Christophe Carret, ways to enhance cooperation between Iraq and the World Bank to support development projects and economic reforms.

The Minister of Finance stressed to the Bank Representative: "The importance of partnership with the World Bank in financing programs aimed at achieving sustainable development, expressing at the same time her welcome to Emmanuel Salinas, who was appointed as the new representative of the Bank to Iraq instead of Richard Abdel Nour, whose duties in Iraq ended last November, wishing him success in his new tasks and supporting development relations between the two sides in a way that achieves the interests of Iraq and its people.

The Minister stressed: "The Iraqi government's keenness to implement financial and economic reforms to ensure the stability of the national economy. It is working to implement these reforms with the aim of enhancing sustainable growth, improving the management of financial resources, combating corruption, and strengthening transparency in government institutions.

For his part, the World Bank representative praised the Iraqi government's efforts to improve the economic environment and implement programs that enhance transparency and efficiency, expressing the bank's readiness to provide more technical and financial support in line with Iraq's development priorities.

The two sides agreed to continue coordination and joint work to achieve strategic goals and enhance economic stability in the country. /  https://ninanews.com/Website/News/Details?key=1172536

Iraq Stock Exchange Trades Shares Worth More Than 2.5 Billion Dinars

Stock Exchange  Economy News – Baghdad  Today, Tuesday, the Iraq Stock Exchange recorded an increase in the value of traded shares, while the number of listed deals reached 816 deals.

The Iraqi market traded more than 2.3 billion shares, with the value of traded shares reaching 2.5 billion dinars.

The number of deals listed during today’s trading session reached 816 deals, with a change rate of 1.50%.

Five banks were the most active companies in terms of the number of shares traded and the traded value, with the International Islamic Bank coming in first place with more than one billion shares traded, followed by Al-Mansour Bank with more than 385 million shares traded.

United Investment Bank ranked third with more than 182 million shares traded, while Gulf Commercial Bank ranked fourth with more than 171 million shares traded. The Bank of Baghdad ranked fifth, after trading more than 102 million shares.

107 views  Added 12/03/2024 - 3:15 PM  https://economy-news.net/content.php?id=50497

Oil Prices Fall Slightly Ahead Of OPEC+ Meeting.. Brent Below $72

Energy  Economy News - Follow-up  Oil prices fell slightly amid mixed signals in the market on Tuesday, as traders awaited the outcome of this week's OPEC+ meeting.

Brent crude futures were down 9 cents, or 0.13%, at $71.74 a barrel by 0205 GMT. U.S. West Texas Intermediate crude was down 14 cents, or 0.21%, at $67.96.

“Investors are in a wait-and-see mode ahead of the OPEC+ meeting,” analysts at ANZ said in a note.

OPEC+ sources said the alliance of OPEC countries and allies led by Russia will extend the latest round of output cuts until the end of the first quarter at its meeting on Dec. 5.

OPEC+ had aimed to roll back the cuts in the first quarter of 2025, but expectations of oversupply weighed on prices.

OPEC+ pumps about half of the world's oil.

Researchers and analysts say that demand for oil in China is expected to peak next year, widening the gap between demand and supply.

Concerns that the Federal Reserve will not cut interest rates at its December meeting kept oil prices in check, offsetting some positive signals from China where the purchasing managers' index rose to a seven-month high in November.

Oil prices on both sides of the Atlantic fell by more than three percent last week.

In the Middle East, violations of a U.S.-brokered ceasefire between Israel and the militant group Hezbollah continued, with nine people killed in strikes on two towns in southern Lebanon shortly after Hezbollah fired rockets at an Israeli military post in the disputed Shebaa Farms area on Monday.   https://economy-news.net/content.php?id=50479

The Minister Of Finance Discusses With The Representative Of The World Bank In Iraq Joint Cooperation
 
Tuesday 03, December 2024 | Economical  Number of readings: 512   
Baghdad / NINA / Minister of Finance, Taif Sami Muhammad, discussed, today, Tuesday, with the representative of the World Bank in Iraq, Jean-Christophe Carré, ways to enhance cooperation between Iraq and the World Bank to support development projects and economic reforms. The Minister of Finance stressed to the bank representative:
 
“The importance of the partnership with the World Bank in financing programs that aim to achieve sustainable development, while at the same time expressing her welcome to Emmanuel Salinas, who was appointed as the new representative of the bank to Iraq, replacing Richard Abdel Nour, whose duties in Iraq ended in November.” last year, wishing him success in his new duties and supporting development relations between the two sides in the interest of Iraq and its people. The Minister stressed:

 “The Iraqi government is keen to implement financial and economic reforms to ensure the stability of the national economy.
 
It is working to implement these reforms with the aim of
 
     promoting sustainable growth,
     improving the management of financial resources and
     combating corruption, in addition to
     strengthening transparency in government institutions.”
 
For his part, the representative of the World Bank
 
     praised the efforts of the Iraqi government to improve the economic environment and
     implement programs that enhance transparency and efficiency,
     expressing the Bank’s readiness to provide more technical and financial support in line with Iraq’s development priorities.
 
The two sides agreed to continue coordination and joint work to achieve strategic goals and enhance economic stability in the country.    https://ninanews.com/Website/News/Details?key=1172536   

Iraq’s Central Bank strikes cooperation deal with Frankfurt School
 
    Amr Salem December 3, 2024 104 2 min
The Frankfurt School’s headquarters in Germany. Photo: Lupp
 
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) said on Tuesday that it signed a cooperation agreement with the Frankfurt School in coordination with the German Agency for International Cooperation (GIZ).
 
Under the agreement, CBI staff will get training and approved professional certifications as part of a program financed by the European Union and the German government to develop public finance and financial markets in Iraq, according to a statement released by the CBI.
 
The CBI became the first Iraqi institution to formalize a cooperation agreement with the Frankfurt School.
 
This partnership aims to bolster financial education and capacity building within Iraq’s banking sector, focusing on improving access to finance for small and medium enterprises.
 
The main goal of the partnership is to improve the abilities of Iraqi financial professionals.

This includes specific training courses that cover significant issues such as credit analysis and risk management.
 
One of the biggest development organizations in the world, GIZ is distinguished by its dedication to promoting sustainable development via cooperation with an extensive network of partners.
 
The GIZ’s encompassing strategy tackles difficult global issues while advancing a future that is beneficial for people everywhere. https://www.iraqinews.com/iraq/iraqs-central-bank-strikes-cooperation-deal-with-frankfurt-school/

The Central Bank Signs A Memorandum Of Cooperation With Frankfurt School
 
December 03, 2024   Based on the principles drawn up by this bank in developing and developing the skills of its employees,
 
a memorandum of cooperation was signed between the Central Bank of Iraq and (Frankfurt School) in coordination with the German Agency for International Cooperation (GIZ), a project to strengthen public finances and financial markets in Iraq (FFM), which is funded by the Union.
 
The European Union and the German government will train the cadres of the Central Bank of Iraq in various specializations, as well as work to obtain accredited professional certificates. Thus, the
 
Central Bank of Iraq will be the first Iraqi institution to sign a memorandum of cooperation with (Frankfurt School) The Director of Development and Training stressed the importance of this cooperation and what
 
it will contribute to the process of developing the Central Bank’s cadres and the extent to which this will reflect on the Iraqi banking sector in all its fields. Central Bank of Iraq  Media office December 3, 2024  https://cbi.iq/news/view/2727  

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

Seeds of Wisdom RV and Economic Updates Wednesday Morning 12-04-24

Good Morning Dinar Recaps, 

CRYPTO COMPLIANCE ‘NO LONGER OPTIONAL’ UNDER AUSTRALIA’S NEW DRAFT GUIDELINES

Sweeping proposed changes would force most crypto firms in Australia to obtain financial licensing, which some worry could drive innovators offshore.

Crypto exchanges and firms dealing with digital assets in Australia would no longer be able to avoid costly licensing under proposed guidance from the country’s corporate regulator.

On Dec. 4, the Australian Securities and Investment Commission (ASIC) released a consultation paper on proposed guidance for crypto, placing many digital assets under the category of financial products requiring in no uncertain terms that most firms dealing in crypto must be licensed.

“It’s a bit of a wake-up call,” Kate Cooper, CEO of Australia and head of APAC at the Standard Chartered-backed crypto custodian Zodia Custody told Cointelegraph.

“Compliance really is no longer optional for the industry, and a lot of the players, both local and international [...] are going to have to really look at and take an audit of what they’re doing from a custody and compliance management perspective.”

In Australia, businesses offering financial services and dealing in financial products need an Australian Financial Services License (AFSL), while platforms facilitating the trading of financial products may also need an Australian Market License.

The new guidance would require crypto exchanges and many other crypto firms to get one or both licenses.

Some worry that ASIC’s draft guidance could hang crypto startups out to dry and cause an exodus of crypto firms from the country.

“Obviously, the bigger businesses will be better able to withstand all of that regulation, all of that legal cost, compliance cost that is associated with it. Smaller businesses may struggle,” Liam Hennessy, a partner at Clyde and Co law firm and adjunct professor at the University of Sydney, told Cointelegraph.

Joni Pirovich, a crypto lawyer, wrote on LinkedIn that the updated guidance will make launching in Australia “on par or more expensive than launching offshore.”

“From a timing perspective, Australian innovators that want to launch now will likely do so offshore. Those that are based here face a significant step up in compliance costs,” she wrote.

Block Earner co-founder and CEO Charlie Karaboga, who was sued by ASIC for offering an unlicensed crypto-yield product in 2022, said it was an “amazing direction around clarity” but shared concerns about his business, which has just 13 employees, according to Pitchbook.

“I think ASIC underestimates the requirements needed to be met for an AFSL,” Karaboga told Cointelegraph, adding that firms need to hold millions of dollars on their balance sheets.

“Asking us to hold that much money basically could kill all the startups like us.”

“What’s clear is that this guidance will have significant implications for pockets of the local crypto industry,” Swyftx CEO Jason Titman said in a statement sent to Cointelegraph. “We’re not aware of any other countries that regulate exchanges like bourses. Rightly or wrongly, Australia is going it alone.”

ASIC provides much-needed crypto clarity
The silver lining, according to the executives, is that the regulator has finally released much-needed clarity for crypto — even if it is harsh.

“It is a significant piece of regulatory guidance to the market,” said Hennessy. “Anything which gives regulatory clarity is a good thing for the market.”

ASIC is considering a significant expansion of what it considers a financial product or service, including stablecoins, native token staking services, exchange tokens and wrapped tokens.

On the other hand, memecoins, gaming-linked NFTs, Bitcoin  and Ether may be able to escape the classification.

“I think it is quite an expansive view that has been taken as to what constitutes a financial product in the market,” said Zodia’s Cooper.

ASIC has invited feedback on the proposed updates until Feb. 28, 2025.

“We want to promote the growth of responsible financial innovation while ensuring consumer protection,” ASIC Commissioner Alan Kirkland said in a statement. “A well-regulated financial system benefits everyone in the community as it supports consumer confidence, market integrity and facilitates competition and innovation.”

“We encourage all stakeholders to engage with the consultation process,” he added.

A final version of the guidance is expected to come in mid-2025 after considering the feedback.

@ Newshounds News™

Source:  CoinTelegraph

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XRP LAWSUIT NEWS: CAN GENSLER’S REPLACEMENT PAUL ATKINS DISMISS RIPPLE CASE?

▪️Paul Atkins Appointed SEC Chair: Trump selects pro-crypto figure Paul Atkins as SEC chair, sparking debate on his impact on crypto regulation.

▪️XRP Lawsuit Update: Ripple’s legal battle continues as the SEC appeals the ruling, while Paul Atkins' appointment raises questions on crypto policy.

President-elect Donald Trump has chosen Paul Atkins, a pro-crypto figure, to chair the Securities and Exchange Commission (SEC), according to reports by Unchained. 

Current SEC Chair Gary Gensler announced he will step down on January 20 when Trump is inaugurated. Atkins, who served as an SEC commissioner under President George W. Bush, is well-respected in conservative legal circles and among the Republican establishment.

One major case before the federal courts is the ongoing Ripple (XRP) lawsuit, in which the SEC claims Ripple violated securities laws by issuing XRP. 

In July 2023, Judge Analisa Torres ruled that XRP was not a security when sold to retail investors on exchanges but was a security in institutional sales.

The SEC initially sought a $2 billion fine against Ripple but was instead given a $125 million penalty. In October 2024, Judge Torres rejected the SEC’s request to appeal, saying they didn’t have strong enough reasons. Despite this, the SEC appealed to the Second Circuit Court, arguing the decision went against Supreme Court rulings.

‘Paul Atkins is not what Trump Needs’

John Deaton recently explained that Paul Atkins would be a very traditional choice, one that Wall Street would likely approve of. He stated that Atkins is someone who respects the SEC and its staff, but what is truly needed is someone who challenges the SEC’s actions.

Deaton believes the SEC has harmed investors, rather than protecting them, and that a change in attitude is necessary. While Deaton would support Atkins if chosen, he feels he’s not the right fit if President Trump aims to bring change to crypto regulation.

Attorney Jeremy Hogan mentioned the cons of Atkins’ appointment and wrote,

“He won’t be the bull in the china shop many in the crypto space want. He will make measured and deliberate changes. Overall, I give his appointment a B+ for the digital asset industry, and that was good enough to get me a law degree so, yeah!”

FAQs

Who is Paul Atkins and why is he important for crypto regulation?
Paul Atkins is a pro-crypto figure nominated as SEC chair by Trump, potentially influencing crypto policies and regulations.

What happened in the SEC vs Ripple case?
The SEC sought a $2 billion fine against Ripple but was given a $125 million penalty. The SEC continues appealing the decision in higher courts.

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Source:  Coinpedia

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RIPPLE LABS IS ABOUT TO USE XRP TO TURN REAL ESTATE UPSIDE DOWN  |  Youtube

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IRAQI PARLIAMENT MEETING TURNS INSANE!  |  Youtube  

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Source:  Seeds of Wisdom Team RV Currency Facts

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“Tidbits From TNT” Wednesday Morning 12-4-2024

TNT:

Tishwash:  Al-Sudani in Parliament.. The economic file is on the agenda and the numbers "highlight" the reality

Prime Minister Mohammed Shia al-Sudani will be a guest of Parliament today, Wednesday, at his request, for the first time in two years, as he will be under the dome of Parliament for only the second time as Prime Minister after the first time his government won confidence in October 2022, and while this hosting comes at the request of al-Sudani specifically, this means that he has a lot to show before the House of Representatives.

Although the talk about the situation in Syria and security in the region is the most prominent, as official statements say, the statements also indicated that the talk will include the economy, services, and the Sudanese government program.

It is well known that the space of "political bidding" in Iraq, especially in the past few years, is very profitable in the fields of economy and services, because it shows the political forces keen on the interests of citizens and some groups, so it is very expected that the parliament will witness talk and discussion about economic and service issues related to Al-Sudani's government.

Contrary to the sustainable crisis, non-oil revenues compete with oil revenues

When talking about the economy during Al-Sudani’s era, it witnessed many fundamental changes. In fact, some economic indicators were a “permanent blot” on the face of the Iraqi economy for 20 years, specifically non-oil revenues and the percentage they constitute of total revenues.

During the current year and until last September, non-oil revenues constituted 11% of total revenues and amounted to more than 12.4 trillion dinars, while oil revenues constituted 89%.

This percentage is absolutely unprecedented in the past years, when non-oil revenues did not exceed 5% of total revenues at best. In 2023, the percentage of non-oil revenues reached 7%, and in 2022 it reached 5%.

The second most persistent crisis is shaking up... Flared gas is declining

As for the flared gas, which is also one of the biggest economic crises in Iraq, the government has achieved an increase in the percentage of gas invested and stopped the flared gas.

Previously, Iraq was producing 2,700 cubic meters of associated gas per day, investing 1,500 cubic meters of it, and burning 1,200 cubic meters per day. Now, Iraq produces 3,000 cubic meters of gas per day, investing more than 2,000 cubic meters of it per day, and burning only 1,000 cubic meters, which means that the gas investment rate is 66%, while the burned rate is 34%, while in previous years the invested gas rate was between 50 and 55%, and the burned rate was between 50 and 45%.

Iraq exports derivatives, not imports them

In addition, the issue of exporting crude oil and returning to importing fuel and derivatives is one of the most problematic issues that were considered “shameful” for Iraq, as the second largest oil producer in OPEC imports oil derivatives, as Iraq used to import derivatives worth more than $3 billion annually.

Iraq was importing about 15 million liters of gasoline per day, 10 liters of kerosene per day, and about two million liters of kerosene per day.

But within less than two years, Iraq's import of kerosene and kerosene has stopped completely, and Iraq has even started exporting kerosene, while gasoline imports have decreased by about 70% from 15 to only 5 million, and it is hoped that gasoline imports will stop completely starting next year, with the completion of the opening of isomerization units in ongoing projects in some Iraqi refineries.

Years of debts... reduced by half in two years

One of the indicators that also worried Iraq was the debt file, but despite the fact that current and mandatory operating expenses increased significantly during the past two years to reach about 120 trillion dinars annually, and recording an actual deficit rate, the government balanced the borrowing story, so that external debts decreased by half within two years.

While external debt was about $20 billion in 2022, it decreased to about $16 billion in 2023, and recently decreased in 2024 to less than $9 billion.

Unemployment and employment crisis

 The government has also taken pivotal steps regarding the unemployment crisis and the dual pressure on government employment. The legislation of the Social Security and Workers’ Retirement Law is one of the most important factors in the balance between the public and private sectors. From only 19,000 insured workers, the number of workers registered in Social Security and Workers’ Retirement has reached about half a million workers so far.

The measures related to employment and facilitating project support caused poverty rates to drop from 23% to 17.6%, and the unemployment rate dropped from 16.5% to 14.4%, according to the latest survey conducted by the Ministry of Planning, which lasted from mid-2023 to mid-2024. link

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Tishwash: Iraq's financial revenues exceed 114 trillion dinars in 9 months

The Federal Ministry of Finance revealed, on Wednesday, that the size of Iraqi revenues in the general budget during 9 months of the current year 2024 exceeded 114 trillion dinars, indicating that non-oil revenues amounted to 11%.

Shafaq News Agency followed up on the data and tables issued by the Ministry of Finance in December, for the accounts of January, February, March, April, May, June, July, August and September of the current fiscal year, which showed that oil is still the main resource for Iraq's general budget, reaching 89%, indicating that the rentier economy is the basis of the country's general budget.

The financial tables indicated that the total revenues for the nine months of the current year amounted to 114 trillion, 349 billion, 735 million, 335 thousand, and 311 dinars, indicating that the total advances amounted to 15 trillion, 796 billion, 51 million, 63 thousand, and 162 dinars.

According to the financial tables, oil revenues amounted to 101 trillion, 944 billion, 446 million, and 923 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 12 trillion, 405 billion, 292 million, and 412 thousand dinars, which constitutes 11% of Iraq’s general budget.

For his part, economic expert Mohammed Al-Hasani told Shafaq News Agency, "The defect of the Iraqi economy is that it is rentier and depends mainly on oil, and that Iraq has not activated the customs tariff that contributes to raising financial revenues properly."

He added that "attempts to support the agriculture, industry and tourism sectors in order to be a second tributary to oil were timid, and each sector did not contribute more than 4% of the gross domestic product," calling for "activating a number of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection and anti-monopoly laws."

In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed to Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era, and the political conflicts we are witnessing today, which led to the dispersion of economic resources.

The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, and thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.  link

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

Tishwash:  On the occasion of World Banking Day.. A call for a comprehensive review of the work of banks in Iraq

The Federal Ministry of Finance revealed, on Wednesday, that the size of Iraqi revenues in the general budget during 9 months of the current year 2024 exceeded 114 trillion dinars, indicating that non-oil revenues amounted to 11%.

Shafaq News Agency followed up on the data and tables issued by the Ministry of Finance in December, for the accounts of January, February, March, April, May, June, July, August and September of the current fiscal year, which showed that oil is still the main resource for Iraq's general budget, reaching 89%, indicating that the rentier economy is the basis of the country's general budget.

The financial tables indicated that the total revenues for the nine months of the current year amounted to 114 trillion, 349 billion, 735 million, 335 thousand, and 311 dinars, indicating that the total advances amounted to 15 trillion, 796 billion, 51 million, 63 thousand, and 162 dinars.

According to the financial tables, oil revenues amounted to 101 trillion, 944 billion, 446 million, and 923 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 12 trillion, 405 billion, 292 million, and 412 thousand dinars, which constitutes 11% of Iraq’s general budget.

For his part, economic expert Mohammed Al-Hasani told Shafaq News Agency, "The defect of the Iraqi economy is that it is rentier and depends mainly on oil, and that Iraq has not activated the customs tariff that contributes to raising financial revenues properly."

He added that "attempts to support the agriculture, industry and tourism sectors in order to be a second tributary to oil were timid, and each sector did not contribute more than 4% of the gross domestic product," calling for "activating a number of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection and anti-monopoly laws."

In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed to Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era, and the political conflicts we are witnessing today, which led to the dispersion of economic resources.

The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, and thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.  link

Mot: .. ooooh lordy!! --- the Kids these daze!!! 

Mot:  .. Siigggghhhhhh - Maybe Next Year!!!! 

Iraq News Highlights and Points to Ponder Tuesday Evening 12-3-24

Iraq Considers Its Future Away From The Dollar

December 3, 2024   Baghdad/Al-Masala: In light of the escalating tensions in the global financial system, former US President Donald Trump is exerting renewed pressure on countries to adhere to using the US dollar as the global reserve currency, which may create unexpected repercussions that may affect the dollar’s ​​position in global markets.

This pressure, which comes from Trump's well-known positions in using tariffs as a political tool, may reinforce trends seeking to move away from dependence on the dollar, and accelerate the steps of countries wishing to reduce their use of the American currency.

Although the dollar dominates more than 88% of foreign exchange trading, reflecting its exceptional power as a global lending and reserve instrument, experts say Trump’s attempts to boost the use of the dollar could backfire.

The mounting pressure could prompt some countries to look for alternatives to the dollar to avoid the risk of U.S. dominance, says Rodrigo Cattral of National Australia Bank. Cindy Lau of Avanda Investment Management says Trump’s moves are aimed at preserving the dollar’s ​​dominance as a safe store of value, which could make countries more determined to settle trade in their own currencies.

What highlights the impact of this policy on Iraq is that as a country dependent on an oil-based economy, it may come under increasing pressure as moves are made towards concluding trade agreements away from the dollar.

Iraq, which is closely linked to the global financial system through its oil exports, may find itself in a position that requires changing its financial and trade strategies to avoid excessive dependence on the dollar, which may reflect on its economic stability.

Countries such as China, Brazil and India have already begun to trade in their local currencies, a move that could mark the beginning of a new era in the international trading system. Meanwhile, Ulrich Leuchtmann of Commerzbank said the dollar’s ​​continued dominance will be challenged by increasingly self-serving US policy practices.

These developments may prompt Iraq to consider proactive steps to keep pace with future transformations, to secure its economic position in a world witnessing transformations that may threaten the stability of the current financial system.

Although Trump’s threats may not lead to an immediate collapse of the dollar’s ​​dominance, their long-term impact will be an incentive for other countries to seek ways to achieve greater economic independence, which may require Iraq to take measures to ensure the sustainability of its economy in this changing landscape.   https://almasalah.com/archives/107102

Finance Confirms The Government's Keenness To Implement Reforms To Ensure The Stability Of The National Economy

Money and business    Economy News – Baghdad  Finance Minister Taif Sami confirmed today, Tuesday, the government's keenness to implement reforms to ensure the stability of the national economy.

A statement by the Ministry of Finance, received by "Al-Eqtisad News", stated that "Minister of Finance Taif Sami Mohammed received in her official office in Baghdad, the representative of the World Bank in Iraq, Jean-Christophe Carré, where they discussed ways to enhance cooperation between Iraq and the World Bank to support development projects and economic reforms."

The Minister of Finance stressed to the Bank’s representative “the importance of partnership with the World Bank in financing programs that aim to achieve sustainable development,” expressing at the same time her welcome to the World Bank’s representative in Iraq, who was appointed as the Bank’s new representative in Iraq, replacing Richard Abdel Nour, whose duties in Iraq ended last November.

Minister Sami stressed the "Iraqi government's keenness to implement financial and economic reforms to ensure the stability of the national economy. It is working to implement these reforms with the aim of enhancing sustainable growth, improving the management of financial resources, combating corruption, and strengthening transparency in government institutions.

 For his part, the World Bank representative praised "the Iraqi government's efforts to improve the economic environment and implement programs that enhance transparency and efficiency, expressing the bank's readiness to provide more technical and financial support in line with Iraq's development priorities."

The statement added, "The two sides agreed to continue coordination and joint work to achieve strategic goals and enhance economic stability in the country."

21 views  Added 12/03/2024 - 1:42 PM  https://economy-news.net/content.php?id=50495

Government Communication To {Sabah}: Electronic Payment Contributes To Strengthening The Economy

Economic  12/03/2024   According to the confirmation of the government outreach team, and amidst the continuous support of Prime Minister Mohammed Shia al-Sudani.

Economic Benefits

According to the head of the government outreach team, Ammar Munim, to "Al-Sabah", "the government support for electronic payment comes from Prime Minister Mohammed Shia al-Sudani's belief in the economic benefits it brings to the national economy, revitalizing it and pushing it forward."

Munim explained that "the local market must adopt advanced financial transactions that make money paths clear, transparent and secure, and in this direction there are great benefits for the national economy and achieving revenues."

Government Decisions

As for the Executive Director of the Association of Private Banks, Ali Tariq, he told "Al-Sabah": "The development witnessed by Iraq in the electronic payment joint comes thanks to the government's understanding of the reality of electronic payment in financial performance, as government decisions had a great and influential echo in expanding the circle of its adoption."

He pointed out that "today there are about 800 government institutions that adopt electronic payment, as government instructions obligated its adoption with zero fees."

Financial Movements

He pointed out that "electronic payment works to achieve results that serve the national economy, as it reduces the rates of financial corruption and avoids dealing with counterfeit currencies, in addition to documenting financial movements and making them safer."

Confident Steps

 In turn, the director of the national awareness campaign to spread the culture of electronic payment "Esreflak" Ahmed Adel said: "The campaign is continuing with confident steps and in the field to reach the largest segment within Iraqi society and inform them of the importance of electronic payment, as we work to organize direct events within human gatherings."

He pointed out that "there are challenges facing the campaign and its movement, but cooperation with the relevant authorities enabled the campaign management to overcome them and it became possible to be present in public places and reach all segments of society.

Financial Transformation

As for the economic expert and consultant Alaa Fahd, he said: "The culture of electronic payment in Iraq is a recent spread as a result of the progress in global financial systems and the need for financial development of the engines of digital financial transformation, and this transformation requires changing the culture and belief of society, especially the simple popular classes who fear any financial procedure away from cash."

He pointed out that "this requires awareness media campaigns that promote this culture and market it to everyone, including the (Spend for You) campaign that was launched at the beginning of the digital transformation in Egypt, and was recently launched in Iraq as part of the first national campaign forum to spread culture," indicating that the campaign clarifies "the importance of electronic financial transformation."

Financial Security

Fahd continued: "There is a gradual change in the culture of electronic payment with the government's orientation towards this transformation and providing all facilities and facing all challenges in order to spread the culture and believe in it from the standpoint of benefit, as it is (Spend for You) in terms of financial security, eliminating corruption, saving time and effort, ease of carrying, and getting rid of counterfeiters Damaged and stolen items and other benefits provided by financial transformation, this requires doubling efforts to achieve full success.”   https://alsabaah.iq/106629-.html

Seeds of Wisdom RV and Economic Updates Tuesday Evening 12-03-24

Good Evening Dinar Recaps,

TRUMP TAPS PAUL ATKINS FOR NEXT SEC CHAIR, MAKING GOOD ON HIS CRYPTO PROMISES

Atkins has been vocal in his support of the industry and was the first libertarian to serve as an SEC commissioner under President George W. Bush.

President-elect Donald Trump has selected the pro-crypto Paul Atkins to chair the Securities and Exchange Commission (SEC), according to three sources familiar with the discussions. 

One source specified that Trump has reached out to Atkins but is waiting on him to accept. By selecting Atkins, Trump is delivering on a promise he made to the crypto community during his campaign.

Spokespeople for Atkins did not respond to immediate requests for comment.

“President-Elect Trump has made brilliant decisions on who will serve in his second Administration at lightning pace,” Trump-Vance Transition Spokeswoman Karoline Leavitt told Unchained. “Remaining decisions will continue to be announced by him when they are made.”

Current Chair Gary Gensler, who announced two weeks ago that he will resign on Jan. 20 when Trump is inaugurated, has made himself a pariah in the crypto industry for pursuing what’s been seen as a policy of regulation by enforcement. 

Atkins will now need to be confirmed by the Senate, unless Trump chooses to pursue a recess appointment while the Senate is out of session.

Atkins served as an SEC commissioner under President George W. Bush and is widely respected in conservative legal circles and amongst the establishment Republican party.

Since leaving the commission he’s become outspokenly supportive of the crypto industry, having co-chaired the Token Alliance at the industry group Digital Chamber of Commerce since 2017.

As founder and chief executive of the consultancy Potomak Global Partners, Atkins has advised digital finance companies on regulatory compliance topics since 2009.

“Senate Republicans really respect the tradition of Commissioner Paul Atkins,” explained George Mason University professor J.W. Verret, who previously served on the SEC Advisory Committee, in a call earlier this month. “He was the first time anyone had been a true libertarian and SEC commissioner, and that was a unique thing.”

The team vetting candidates for the chairperson position reached out to crypto industry leaders two weeks ago asking for their preferences, demonstrating how much Gensler’s unpopularity has figured in Trump’s latest nomination.

Gensler was criticized for not establishing clear rules and guidelines for the crypto industry. 

Under his leadership, the SEC instead pursued a plethora of enforcement actions against crypto companies and protocols, including exchanges, token issuers, and NFT creators, for failing to register with the agency or disclose their work with what the SEC claimed were unregistered securities offerings. 

For his part, Gensler only clarified that he saw Bitcoin as a commodity, insisting that existing securities laws could be applied to other crypto projects, even including ether until the SEC approved spot ether ETFs.

Gensler had also developed a reputation for being difficult to work with. Atkins, by contrast, is known to find a way to retain strong working relationships with people despite ideological disagreements. 

“There was never a commissioner at the history of the commission that was more respectful and thankful of the staff at the commission,” said John Reed Stark, who worked with Atkins at the SEC in 2008.

Seizing upon the industry’s hatred for Gensler, Trump began promising clearer rules for the industry this summer. Framing crypto innovation as a key point of competition between the United States and other countries, Trump promised to make the United States a “world capital” for crypto in part by replacing Gensler. 

He also said that he would appoint an “advisory council” focused on crypto to help him fine-tune policy, and potentially establish a national bitcoin strategic reserve, in part by not selling bitcoin that the government has seized in various financial crimes.

Because of his support for the industry, numerous crypto entrepreneurs donated both cash and crypto to Trump’s campaign. People interested in crypto who prioritized crypto policy in their voting decisions, from industry leaders to retail traders, had also tilted towards favoring Trump in the months leading up to the national election.

@ Newshounds News™

Source:  Unchained Crypto

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FED RATE CUT IN DECEMBER? HERE’S HOW BITCOIN PRICE WILL REACT

▪️The market is anticipating a 0.25% interest rate cut by the US Federal Reserve in December.

▪️A rate cut could boost investor confidence, leading to increased investment in riskier assets like Bitcoin.

▪️The overall economic outlook, especially under a potential Trump presidency, could influence the Fed's decision.

The crypto market is buzzing with anticipation as investors bet that the US Federal Reserve will cut interest rates by 0.25% in December. According to the CME FedWatch tool, the chances of this happening have jumped to 74.5%, up from 66% just a few days ago. What’s driving this growing confidence? If the Fed cuts rates, it would mark the third reduction this year, and it could have major implications for the economy—and for Bitcoin.

What Could a Fed Rate Cut Mean for Crypto?

A rate cut lowers the cost of borrowing for individuals and businesses. When interest rates are lower, loans become cheaper, which can encourage spending and investment. For the stock market and riskier assets like Bitcoin, rate cuts are generally seen as a positive development.

Investors tend to feel more comfortable taking on risks when borrowing costs decrease, making them more likely to invest in assets with higher potential returns, like cryptocurrencies.

Currently, the Federal Reserve’s interest rate is between 4.5% and 4.75%, following two previous cuts this year. Another reduction would signal a more supportive economic environment, which could encourage investors to put their money into riskier assets like Bitcoin.

Experts Weigh In

Marko Papic, Chief Strategist at BCA Research, predicts the US Federal Reserve will cut interest rates in December. He also believes the US dollar may peak by mid-2025, driven by possible economic disappointments under Donald Trump.

At the same time, Federal Reserve officials are hinting at a rate cut. Governor Christopher Waller stated on December 2 that he leans toward supporting a cut, but the decision will depend on upcoming economic data, like inflation and job reports. New York Fed President John Williams has also mentioned that interest rates might be reduced gradually, though he hasn’t specified when this might happen.

Ultimately, the Fed’s decision will depend on the economic performance over the next few weeks.

Could the Rate Cut Fuel Bitcoin?

Bitcoin has already seen impressive growth this year, more than doubling in value. Many analysts are optimistic that Bitcoin could break the $100,000 mark by the end of 2024. With a possible rate cut from the Fed, Bitcoin’s price could continue to rise, benefiting from the increased investor interest in riskier assets.

With Bitcoin on the rise, the stage is set for a thrilling end to 2024, with the Fed’s actions playing a central role.

@ Newshounds News™

Source: Coinpedia 

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CRYPTO EXPERT SHARES TOP BOND INVESTING STRATEGIES | Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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$36 Trillion Debt Crisis and New Trade Wars

$36 Trillion Debt Crisis and New Trade Wars

David Lin:  12-3-2024

In a world where economic indicators are often painted with a broad brush, the recent discussion between Matthew Piepenburg of Von Greyerz AG and David Lin has brought to light the perils that arise from massive national debts and the looming threat of trade wars.

With the U.S. debt surpassing a staggering $36 trillion, experts like Piepenburg are sounding alarms about potential economic collapse and the cascading effects of tariffs on inflation and growth.

The enormity of the U.S. national debt is hard to fathom. With fiscal policies driven by ongoing governmental spending, social programs, and responses to crises such as the Covid-19 pandemic, this figure continues to climb.

Piepenburg highlights that the sheer size of this debt is unsustainable, potentially leading to adverse consequences for the economy. As the government borrows more to cover its obligations, the risk of default—or inflation as a means to reduce the real value of that debt—grows.

An economy burdened by such debt also accumulates risks associated with higher interest rates, which could become necessary to attract investors to buy more government bonds. Higher interest rates would, in turn, increase borrowing costs for businesses and consumers, adversely affecting spending, investment, and overall economic growth.

In conjunction with soaring debt levels, escalating trade tensions further compound these economic challenges. The U.S. administration’s recent imposition of tariffs on various imports is a focal point of Piepenburg’s discussion, evoking fears of a new trade war reminiscent of the one initiated in 2018. Trade wars often result in increased costs for goods, driving up inflation as prices are passed down to consumers.

Economists argue that tariffs can lead to disruptions in supply chains, decrease the efficiency of markets, and stifle global trade, which has historically fueled economic growth. Piepenburg emphasizes that the interplay between rising tariffs and inflation could create a challenging environment, not just for U.S. consumers but for the global economy as well.

Amidst these conflicting headwinds, the outlook for the dollar itself appears uncertain. As the largest economy grapples with historic levels of debt and potential trade conflicts, the strength of the dollar, long seen as a global safe haven, could be tested. Piepenburg articulates concerns about a potential loss of confidence in the currency as inflation rises and purchasing power diminishes.

Should the dollar weaken significantly, it could trigger a series of negative effects—from increased costs of imports to struggles in maintaining financial stability—potentially leading to a scenario where the U.S. economy suffers further contraction.

Piepenburg’s warning of “crazier times” reflects a sentiment that is increasingly echoed among analysts and economists. As monetary policy grapples with inflation management and attempts to stabilize the economy amidst geopolitical uncertainties, markets may see volatility like never before.

Investors are urged to consider hedging their wealth not just against inflation, but also against the destabilizing effects of potential trade wars. Gold and other commodities are often seen as safe-haven assets in uncertain economic climates, with many market participants exploring diversification strategies in anticipation of turbulent times ahead.

As the United States navigates a debt crisis and examines the implications of new trade wars, the questions of inflation, economic growth, and the future of the dollar loom larger than ever. Matthew Piepenburg’s insights into these matters serve as a clarion call for vigilance amid a complex and evolving economic landscape.

As consumers, investors, and policymakers grapple with these issues, the conversation about sustainability, resilience, and structural reform becomes more critical than ever. A cautious approach may be warranted as the global economy stands at a precipice, ready to either soar or stumble in response to the extraordinary challenges ahead.

https://youtu.be/pSe_vdILsXA