Seeds of Wisdom RV and Economic Updates Monday Morning 12-16-24

Good Morning Dinar Recaps,

XRP NEWS: RIPPLE CTO WARNS OF EARLY RLUSD SUPPLY SHORTAGES AND PRICE VOLATILITY

XRP Price Today: XRP trades at $2.41, with bullish market sentiment as the community eagerly anticipates the RLUSD stablecoin launch.

Ripple CTO warns against FOMO as RLUSD launch may see prices briefly spike above $1 before stabilizing. Stablecoin's purpose is price stability.

Ripple’s Chief Technology Officer, David Schwartz, has warned that while there may be temporary supply shortages when RLUSD launches, causing prices to rise below $1, the price will soon stabilize as the market adjusts.

He urged investors not to fall for “FOMO” (Fear of Missing Out) over possible early price fluctuations of the stablecoin. For the unversed, Ripple’s CEO, Brad Garlinghouse recently announced that RLUSD has received final approval from the New York Department of Financial Services.

Responding to concerns raised on X, Schwartz explained that during RLUSD’s early days, some individuals may be willing to pay unusually high prices, like $1,200 per fraction of an RLUSD, simply to be the first to purchase it.

He wrote,
“If you want to spend a lot of money to get a tiny bit of RLUSD before anyone else does, you can. But please don’t expect the price to stay over $1 once things stabilize, which I expect they will do very quickly. Please don’t FOMO into a stablecoin! This is not an opportunity to get rich.”

However, he assured that this price spike is temporary, and once supply stabilizes, the price will return to around $1. He said that the core purpose of a stablecoin is to maintain a stable price, and any short-term fluctuations will be corrected by arbitrage traders.

Community Awaits the Launch
The XRP community is excited for the launch of the RLUSD stablecoin. RLUSD is a stablecoin tied to the US dollar, meaning its value will stay at one US dollar. It will be issued on both the XRP Ledger and Ethereum blockchains. Ripple says it will be fully backed by cash and equivalent reserves and can be redeemed 1:1 for US dollars.

@ Newshounds News™

Source:  Coinpedia

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Ripple CTO Warns of 'FOMO' as RLUSD Stablecoin Prepares for Market Debut

Schwartz highlighted pre-market bids for RLUSD reaching $1,244, driven by buyers eager to claim the “honor” of being the first to buy it.

Ripple’s chief technology officer, David Schwartz, has cautioned investors about potential price volatility for RLUSD, Ripple’s U.S. dollar-pegged stablecoin, as it prepares for launch.

@ Newshounds News™

Source:  Decrypt

~~~~~~~~~

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“Tidbits From TNT” Monday Morning 12-16-2024

TNT:

Tishwash:  Iraq and Italy sign MoU for economic and tourism cooperation

The Federation of Iraqi Chambers of Commerce signed a memorandum of understanding with its Italian counterpart for economic and tourism cooperation.

A statement by the Federation of Iraqi Chambers of Commerce received by the Iraqi News Agency (INA) stated that "in the presence of a high-level diplomat and businessman, the President of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, signed a joint memorandum of understanding with the Federation of Italian Chambers of Commerce, Andrea Prete, in the presence of the Iraqi Ambassador to Italy, Siwan Barzani, representatives of the Iraqi Embassy in Rome, and a number of businessmen." 

He added that "the memorandum of understanding included the introduction of several joint work axes, most notably enhancing economic and tourism cooperation between Iraq and Italy, as well as working to establish the Iraqi-Italian Business Council, in addition to the Iraqi-Italian Business Forum, which is scheduled to be held early next year."  link

Tishwash:  Documents.. The Central Bank of Iraq punishes 49 companies involved in "money laundering" and warns of other fake ones

The Central Bank of Iraq decided, on Monday, to punish 49 companies involved in "money laundering", and warned against fictitious trading and investment companies.

The bank directed banks not to allow the 49 sanctioned companies to enter into external financial transfer channels.

In this context, the Central Bank warned citizens of the existence of fictitious electronic trading companies.

The bank said in a statement received by Shafaq News Agency, "There are fictitious companies for electronic trading in stocks that claim to be licensed by the bank. The bank clarifies that it does not grant a license to companies trading in (stocks, metals and cryptocurrencies), noting that it has taken "all legal measures against such fictitious companies."

The bank pointed out that "some pages and posts on social media sites have circulated the names of fictitious companies that exploit the name of the Central Bank and claim that they are official Iraqi trading companies licensed by it for the purpose of investing and trading in digital currencies, stocks, gold and oil by broadcasting fake videos and posts, and profits are withdrawn through wallets or delivered to people according to their claims, noting that these companies claim to have branches in the governorates of Kirkuk, Mosul, Erbil and Sulaymaniyah."

The bank stressed the necessity for "victims of these fictitious companies to take legal action against them and notify the relevant authorities of this, calling on the public, before carrying out any transfer operation, to review the names of non-banking financial institutions licensed by it and published on its official website."  link

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Tishwash:  Securities and Exchange Authority discusses the mechanism for entering the digital exchange platform of the Abu Dhabi Market

Today, Monday, the Securities and Exchange Authority discussed with the Abu Dhabi Market the signing of a joint cooperation agreement to exchange expertise, while discussing the mechanism for entering the market’s digital exchange platform.

A statement by the Commission received by the Iraqi News Agency (INA) stated that "the Chairman of the Iraqi Securities Commission, Faisal Al-Haimus, met during an official visit to Abu Dhabi, the CEO of the Abu Dhabi Securities Market Group, Abdullah Salem Al-Naimi, where they discussed ways to enhance cooperation between the Iraq Stock Exchange and the Abu Dhabi Securities Market, and focused on signing a joint cooperation agreement aimed at exchanging expertise and developing work mechanisms in the financial markets."

He added, "The mechanism for the Iraq Stock Exchange to enter the digital exchange platform launched by the Abu Dhabi Securities Exchange in 2022 was discussed, as the exchange platform is the first digital exchange center in the region based on the mutual market access model, which currently includes 8 participating financial markets."

Al-Haimas stressed the importance of this cooperation in enhancing the role of the Iraq Stock Exchange at the regional level, as well as in developing the investment environment in Iraq.

For his part, Al Nuaimi expressed “the Abu Dhabi Securities Exchange’s readiness to support this initiative,” noting that “cooperation with the Iraqi Authority will enhance the exchange of knowledge and expertise between regional financial markets, and enhance the role of financial markets in economic growth.”

He added, "We at the Abu Dhabi Securities Market believe in the strength of cooperation between financial markets, and we look forward to achieving joint successes with the Iraqi Securities Commission, which will contribute to developing financial markets and enhancing investment in the region."

It is noteworthy that Al-Haimas participated in the Middle East Investor Relations Association (MEIRA) Annual Conference for the year 2024, which was held in the UAE capital, Abu Dhabi, in partnership with the Abu Dhabi Securities Exchange.

The conference was attended by more than 800 leaders and experts, including representatives of 150 issuers from the GCC and Middle East countries, 33 financial markets, in addition to more than 150 participants in local and international financial markets.

The conference also provided a unique platform for exchanging insights and ideas among more than 80 experts from around the world, who discussed important issues affecting capital markets, such as the growth of GCC markets, the role of artificial intelligence in investor relations, and the integration of environmental, social and governance criteria into Islamic finance.

This joint cooperation between the Iraqi Securities Commission and the Abu Dhabi Securities Market reflects Iraq’s commitment to developing the investment environment and enhancing the role of financial markets in supporting regional economic growth.  link

Mot: . Once Again == ole ""Earl"" Pushes the Limit he does!!!  

Mot: tryouts today  Reindeers

MilitiaMan: Completing Steps for Activation of Reforms-World Bank Financing-Oil Pipeline Iraq-Salaries-Tuesday?

Completing Steps for Activation of Reforms-World Bank Financing-Oil Pipeline Iraq-Salaries-Tuesday?

MilitiaMan and Crew:  12-15-2024

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=_2V9-ar5a6c

Iraq Economic News and Points to Ponder Sunday Afternoon 12-14-24

The Central Bank And The Securities Commission Sign A Joint Memorandum Of Understanding To Enhance Cooperation

Economy  |  12/15/2024  Mawazine News – Baghdad  The Securities Commission announced today, Sunday, the signing of a joint memorandum of understanding with the Central Bank to enhance cooperation.

The Deputy Chairman of the Securities Commission, Nagham Hussein Ismail, told the official agency: "Based on the joint cooperation between government institutions, and in view of the desire of the Securities Commission and the Central Bank of Iraq to create a joint cooperative framework for both parties that contributes to achieving the goals of sustainable development in the banking sector, a memorandum of understanding was signed between the two parties."

She added that "signing the agreement came to enhance cooperation between the two parties in the field of information related to shareholders, and to benefit from the electronic window for the shareholders system approved by the Iraq Stock Exchange." / End H https://www.mawazin.net/Details.aspx?jimare=257487

Al-Sudani Discusses With Al-Hassan Plans For Economic Reform And Fighting Corruption In Iraq

Politics | 12/15/2024  Mawazine News – Baghdad   Prime Minister Mohammed Shia Al-Sudani discussed, today, Sunday, with the Special Representative of the Secretary-General of the United Nations, Mohammed Al-Hassan, plans for economic reform and combating corruption in Iraq.

A statement from his media office received by Mawazine News stated that "Al-Sudani received the Special Representative of the Secretary-General of the United Nations in Iraq, Mohammed Al-Hassan, to review the relations and joint programs between Iraq and the international organization, and to discuss the latest developments in the situation in Syria.

He added that "the meeting discussed the government's efforts to complete economic reform plans, combat corruption and other sectors according to the government program, and the government's positions that enhance stability and development in Iraq."

In another context, the two sides discussed the latest developments in the region, and in Syria in particular, where Al-Sudani stressed "Iraq's support for the unity of Syrian lands, preserving civil peace, minority rights, social, cultural and ethnic diversity, non-interference in internal affairs, and helping the Syrians overcome this difficult stage." For his

part, Al-Hassan praised "the government's steps in the areas of reform, and the strides it has made in the fields of development, in addition to the clear position on the events in Syria, and the readiness to help the Syrian people, and provide relief to the Lebanese and Palestinian peoples." https://www.mawazin.net/Details.aspx?jimare=257497

Dollar Stabilizes In Baghdad, Declines In Erbil As Stock Exchange Closes

Economy  |  12/15/2024  Mawazine News – Baghdad  The US dollar exchange rate stabilized against the Iraqi dinar in Baghdad markets on Sunday, while it declined slightly in Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.

The dollar exchange rate stabilized with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, recording 150,800 dinars per 100 dollars, the same price it recorded this morning.

The selling prices stabilized in exchange shops in local markets in Baghdad, where the selling price reached 152,000 dinars per 100 dollars, while the purchase price reached 150,000 dinars per 100 dollars.

In Erbil, the dollar recorded a slight decline, where the selling price reached 150,200 dinars per 100 dollars, and the purchase price reached 150,100 dinars per 100 dollars. ttps://www.mawazin.net/Details.aspx?jimare=257495

Oil Prices Hit 3-Week High

Sunday 15 December 2024 09:18 | EconomicNumber of readings: 173  Baghdad / NINA / Brent crude oil prices rose last week to their highest level since November 22, up 5% on a weekly basis.  West Texas Intermediate crude rose 6% on a weekly basis and achieved their highest levels since November 7.

During trading last Friday, Brent crude futures rose by $1.08, or 1.5%, to $74.49 per barrel at settlement, and US West Texas Intermediate crude futures rose by $1.27, or 1.8%, to $71.29.

Analysts at consulting firm Ritter Bush & Associates said that what drove this rise were expectations of tightening sanctions on Russia and Iran, more supportive Chinese economic guidance, political unrest in the Middle East, and speculation of a US interest rate cut next week. https://ninanews.com/Website/News/Details?key=1174699

‘;KAdvisor to the Prime Minister for Investment Affairs, Executive Director of the Iraq Development Fund, Mohammed Al-Najjar

Money and business  Economy News – Baghdad  The Iraq Development Fund confirmed on Sunday that the government pays great attention to developing the health sector, while pointing to the launch of 3 investment opportunities in the medical field, and seeking to develop it with the participation of the private sector.

The Director of the Iraq Development Fund and Advisor to the Prime Minister for Investment Affairs, Mohammed Al-Najjar, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the government pays great attention to the health sector, given the urgent need to develop it and improve its services."

Al-Najjar explained that "the Iraq Development Fund is working to invest with the private sector to develop this vital sector," noting that "three investment opportunities have been launched to establish three investment companies in the medical field, where the fund participates as a partner with 20% of the capital, with the aim of stimulating and attracting foreign and local investors to expand the volume of investments in this field."

He added that "current investments depend largely on Iraqi individual capabilities, and we seek to expand them by establishing companies that will work in the required medical specialties, with the aim of reducing reliance on treatment outside Iraq."

He stressed that "these companies seek to provide medical services similar to those provided abroad, in cooperation with the private sector, in order to meet the needs of citizens and provide an advanced treatment environment within the country."

Views 26 12/15/2024 - https://economy-news.net/content.php?id=50917

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

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 12-15-24

Good Afternoon Dinar Recaps,

ATKINS AND SACKS: PIONEERS OF CRYPTO REGULATION?

Following Gary Gensler’s resignation, Paul Atkins was nominated to take over as the new Chairman of the SEC—the approval of which would mark his return to the Commission after a 17-year hiatus and could mark a drastic change for the crypto industry and digital assets.

Paul Atkins Returns: A New SEC

A current Chief Executive at Patomak Global Partners, Atkins is a veteran of the financial world. Atkins started his career as an attorney on Wall Street in the 1980s before eventually earning the title of SEC Commissioner in the early 2000s. Beginning his career in the financial wild west, and spending his tenure at the SEC in the wake of the dotcom bubble, Atkins has considerable experience in novel financial markets.

As head of a consulting firm that advises emerging fintech companies on the regulatory environment, Atkins has sensibly become involved in the crypto industry. Notably, in the Spring of 2020, Atkins joined the board of advisors for the Chamber of Digital Commerce, the world’s first and largest blockchain trade association. Prior to joining the Chamber’s board, Atkins served as co-chair of the Chamber’s Token Alliance, where he “focused on token issuances, trading platforms, and other areas under the SEC’s purview.”

Atkins has also served on the advisory board of Securitize, a company that works on tokenizing securities with Blackrock and $Ondo. Ondo Global Markets, which is set to launch early next year, plans to offer tokenized stocks and bonds on-chain. As Chairman of the SEC, Atkins would be able to open the door to tokenization companies that are looking to bring transparency and efficiency to traditional financial markets.

A firm believer in free markets, Atkins has notoriously criticized the Dodd-Frank legislation that came in the wake of the financial crisis as overly-burdensome on the banking industry. Given Atkins’ previous support of SEC Commissioner Hester Pierce’s crypto safe harbor proposal, it appears he will bring the same view to the crypto industry as Chairman.

This is evident by Atkins’ public advocacy for an SEC approach that enables new markets such as crypto to flourish in a healthy environment. For example, while at the Chamber of Digital Commerce, Atkins has been a longtime champion for bringing about regulatory clarity for token projects.

Criticizing the Howey test as “quite old” and questioning “whether or not it’s still current,” Atkins suggested the Supreme Court could use the Ripple case to reexamine Howey’s “coherence in the current environment and whether it needs to be tweaked.”

Atkins has also previously indicated that the then-incoming SEC chair—Gary Gensler—could withdraw the agency’s lawsuit against Ripple. While that failed to happen under Gensler, Atkins’ comment raises an interesting possibility for the future of the SEC’s case with him now at the helm.

Paul Atkins’ nomination as Chairman of the SEC ushers in a wave of optimism for the crypto industry, potentially signaling an end to its unnecessary battle with the Commission. With his broad experience navigating both traditional and emerging markets from both the public and private sectors, Atkins is uniquely positioned to bridge the gap between legacy financial systems and the rapidly evolving blockchain and tokenization ecosystems by providing a clear regulatory environment.

The New Czar: David Sacks’ Mission to Jumpstart Crypto and AI

Another win for the crypto community was scored with the appointment of David Sacks as the United States’ first Crypto and AI Czar. Making his name as an early PayPal executive, Sacks has since developed his own successful venture capital firm, Craft Ventures.

A believer in revolutionizing the payments system, Sacks did not stray far from the space. Since leaving PayPal, Sacks has invested significantly in cryptocurrencies like bitcoin and Solana, while also helping fund crypto companies such as Lightning Labs, BitGo, and Bitwise.

Sacks has been a longtime proponent of digital assets, explaining in 2017 that cryptocurrencies are fulfilling PayPal’s “original vision” of creating a “database of money.” In the runup to the recent election, Sacks highlighted “[w]hat the crypto industry has been asking for more than anything else is a clear legal framework to operate under,” and suggested that a Trump victory would provide that.

Now, the president-elect has given Sacks the opportunity to make that a reality. According to Trump’s announcement, Sacks’ primary role as Crypto and AI Czar will be “to work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the US.”

Sacks has been a critic of the SEC’s unpredictable approach to regulation by enforcement and advocates for delineating a clear line between SEC and CFTC jurisdiction.

On his All-In podcast, Sacks supported the Financial Innovation and Technology for the 21st Century Act, which would have classified digital assets running on decentralized blockchains as commodities subject to the CFTC’s jurisdiction.

Despite ultimately failing in the Senate, Sacks is hopeful some variation of the bill will pass in a now-united Congress. In addition to Sacks, some Courts have also taken umbrage with the SEC’s positions relating to the digital asset space.
Given the novelty of the Crypto and AI Czar position, it is unclear how much of a role Sacks will be able to play in the formal decision-making process. Regardless, the Silicon Valley financier will be able to act as a knowledgeable liaison between the President and the regulatory agencies and guide policy discussions toward establishing a healthy framework for crypto.

The Future, In America

Together, Atkins and Sacks bring a breadth of experience and a forward-thinking approach to navigating the complexities of emerging technologies. From Atkins advising Wall Street in the original Wild West of finance, to Sacks’ membership in the “PayPal Mafia,” these two have a unique understanding of revolutionary finance.

Atkins and Sacks’ nominations mark a pivotal moment for cryptocurrency and suggest a brighter regulatory future ahead. Pioneers in both the AI and crypto industries—from Sam Altman to Brian Armstrong (see also)—have congratulated the two on their nominations and shown their enthusiasm to begin building in a friendly environment. Commissioner Pierce expressed her “delight[]” to work with Atkins again “to advance free markets, capital formation, investor choice, and innovation.”

It is currently unknown how Atkins’ nomination will change the enforcement priorities of the SEC for 2025. As attorneys operating exclusively in the digital asset space, we are optimistic about the regulatory environment taking shape under the leadership of Paul Atkins and David Sacks.

 With Atkins’ commitment to regulatory clarity and free markets and Sacks’ entrepreneurial vision for crypto and AI, this duo has the potential to return the United States to its position as a leader in financial innovation.

@ Newshounds News™

Source:  Bitcoin News

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WHAT BANKS ARE HIDING FROM YOU!  |  Youtube

On ChokePoint 2.0 and Debanking

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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MilitiaMan & Crew-Iraq Dinar News-CBI Eliminate Black Market-Investment Climate Strong-Basra Meeting Ambassadors

MilitiaMan & Crew-Iraq Dinar News-CBI Eliminate Black Market-Investment Climate Strong-Basra Meeting Ambassadors

12-14-2024

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=bGy6LgsJ_vk

BRICS Vows to Leave IMF and Western Financial System

BRICS Vows to Leave IMF and Western Financial System

Fastepo:  12-14-2024

The global financial landscape is undergoing seismic shifts as BRICS nations—Brazil, Russia, India, China, and South Africa—declare their intention to distance themselves from the International Monetary Fund (IMF) and the broader Western financial system dominated by the United States.

This pivotal moment poses critical questions about the future of the US dollar, global economic governance, and international trade relationships.

Formed as a coalition of emerging economies, BRICS has historically sought to promote alternative models of development that reject Western hegemony. Over the years, these nations have expanded their influence in global affairs, presenting themselves as a counterbalance to the West.

The recent call to exit the IMF and dismantle reliance on Western financial institutions signals a significant escalation in this long-standing challenge.

The dollar has long been the world’s primary reserve currency, underpinning international trade and finance. However, as BRICS members seek to develop their own currency mechanisms, the dominance of the dollar could be at risk. Prior initiatives promoted by BRICS to encourage trade in local currencies may gain traction, leading to a shift in global financial practices.

The BRICS’ vow to exit the IMF and the Western financial system marks an important chapter in the ongoing saga of global economic governance.

As these emerging powers push for a new economic order that elevates their interests, they raise fundamental questions about the future of the US dollar and the structure of global finance. While the path ahead is fraught with challenges, the intention alone signals a shift that could have far-reaching implications for the balance of power in the 21st century.

As countries navigate this complex terrain, observers will undoubtedly watch closely to see how these aspirations transform into reality, and what it means for the global economy at large.

Watch the video below for more information.

https://youtu.be/AkpulL-meag

Seeds of Wisdom RV and Economic Updates Sunday Morning 12-15-24

Good Morning Dinar Recaps,

Why Hong Kong has grown into a crypto hub — CEO of WOW Summit

"Hong Kong’s ‘one country, two systems’ framework lets it explore digital asset innovation more freely," Ivan Ivanov told Cointelegraph.

Hong Kong has rapidly become a cryptocurrency hub, positioning itself as a center for financial innovation alongside the United Arab Emirates (UAE) and Singapore. Ivan Ivanov, global CEO of WOW Summit, said this innovation was fostered by a mixture of strong regulatory policy and Hong Kong’s status as a special economic region.

Ivanov told Cointelegraph that Hong Kong’s special relationship with mainland China and robust regulation allow Hong Kong to be a sandbox for financial and technical innovation, which benefits startups, nascent technologies, and institutional investors. Ivanov wrote:

"You get the excitement and potential of crypto, but with the stability and security of a well-established financial system. With Hong Kong's strong connections to the global market, especially Mainland China, it's a really unique and promising place for crypto."

The WOW Summit CEO added that Hong Kong’s stablecoin policy, which requires issuers of stablecoins to acquire licenses and keep their fiat reserves in local Hong Kong banks, promotes trust and transparency in the nascent asset sector.

Hong Kong’s recent crypto developments
Hong Kong’s robust regulatory regime creates an attractive climate for investors who want to experience the upside of cutting-edge technology in finance without fear of losing funds in risky ventures with no legal recourse.

In October 2024, The Hong Kong Financial Services and Treasury Bureau (FSTB) laid out ground rules for AI in finance to mitigate the risks of AI while still fostering integration into existing systems.

The Hong Kong Monetary Authority (HKMA) also announced Project Ensemble in October 2024. The initiative between the HKMA, the Central Bank of Brazil, and the Bank of Thailand explored cross-border tokenized settlements between the three countries.

Hong Kong’s Cyberport Web3 network — a state-run business hub promoting digital asset innovation — now features over 270 blockchain firms. The Cyberport network added more than 120 firms in the past 17 months alone.

In November 2024, ZA Bank, Hong Kong’s largest digital bank, launched retail crypto trading for its clients. The government of Hong Kong also proposed exempting institutional investors from capital gains on their crypto holdings to encourage investment.

https://cointelegraph.com/news/why-hong-kong-become-crypto-hub-ceo-wow-summit

@ Newshounds News™

Source:  CoinTelegraph

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BRICS: Trump Tariff Threat Has China Eyeing Key Move to Ditch US Dollar

Amid growing tension between the BRICS economic alliance and the US, Donald Trump’s impending tariff threat has China considering what would be a major move to ditch the US dollar. Shortly after his victory, the United States President-elect warned he would impose 100% tariffs on countries looking to abandon the greenback.

The move is looked at as a key defense from Trump to protect the global status of the currency. However, the BRICS alliance has not been shy about its goal to diversify global finance. Specifically, it has been seeking to promote local currencies over the dollar for much of the last two years.

China Presents Answer to Trump Tariff Threat; It’s Bad News for the US Dollar

Since 2022, the BRICS bloc has firmly embraced de-dollarization efforts. After Western sanctions were imposed on Russia following its invasion of Ukraine, the alliance sought new ways to lessen its reliance on the currency. Since then, talks of trade settlement assets and payment systems have abounded.

Yet the United States, with a new regime impending, has sought to put an end to that. But that hasn’t stopped the bloc from defending itself. Indeed, amid the BRICS and US face-off, Donald Trump’s 100% tariff threat has been answered, with China eyeing a key move to ditch the US dollar.

A new report has called for China to anchor the yuan to non-US dollar currencies. Specifically, a Beijing-based think tank urged policymakers to explore a basket of currencies for the exchange rate of the yuan. The move would create more flexibility in terms of domestic monetary policy and would seek a boost in demand.

The China Finance 40 Forum group that proposed the idea is comprised of senior Chinese regulator officials and finance experts. Moreover, it was devised as a clear answer to the ongoing worry Donald Trump presents.

“Given the stronger dollar and tariff threats posed by Donald Trump’s re-election, intensified external uncertainties could limit the space for domestic monetary policies aimed at maintaining internal and external balance,” the group said. Therefore, finding a new anchor for the currency would “counter the pressures.”

@ Newshounds News™

Source:  Watcher Guru

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DISCOVER THE GCR RV: TIPS FOR STAYING PRODUCTIVE IN 2024!  |  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 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

“Tidbits From TNT” Sunday Morning 12-15-2024

TNT:

Tishwash:  The Central Bank and the Securities Commission sign a joint memorandum of understanding to enhance cooperation

The Securities Commission announced today, Sunday, the signing of a joint memorandum of understanding with the Central Bank to enhance cooperation.

The Deputy Chairman of the Securities Commission, Nagham Hussein Ismail, said: “Based on the joint cooperation between government institutions, and in view of the desire of the Securities Commission and the Central Bank of Iraq to create a joint cooperative framework for both parties that contributes to achieving the goals of sustainable development in the banking sector, a memorandum of understanding was signed between the two parties.”

She added, "The signing of the agreement came to enhance cooperation between the two parties in the field of information related to shareholders, and to benefit from the electronic window of the shareholders' system approved by the Iraq Stock Exchange." link

Tishwash:  To discuss the budget and salaries of Kurdistan.. A delegation from the regional government arrives in Baghdad

A high-level delegation from the Kurdistan Regional Government arrived this morning, Sunday.KurdistantoCapital BaghdadTo discuss a number of files, most notably the budget and salaries of the region’s employees.

The spokesman wasMinistry of FinanceThe Minister of Economy in the Kurdistan Regional Government, Honar Jamal, confirmed yesterday, Saturday, that the Minister of Finance and Economy in the Regional Government, Awat Sheikh Janab, will head the government delegation.

He explained that "the delegation will meet with the Federal Minister of Finance, Taif Sami, to discuss the issue of salaries of the region's employees for the months of October, November and December of 2024, in addition to discussing amending the federal budget and the region's share in the 2025 budget." link

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Tishwash:  Parliamentary Finance Committee reveals the impact of the delay in 2025 schedules on salaries and projects

The Parliamentary Finance Committee revealed, today, Sunday, the extent of the impact of the delay in the 2025 budget schedules on projects and salaries for the next year.

Committee member Mustafa Al-Karawi said, “The budget is a three-year budget, so its texts are ongoing, except for the tables, which are revised and amended according to the actual spending and expenditure,” noting that “the projects that operate in arms and are ongoing will continue their work.”

He explained that "the current ongoing projects will remain, and salaries will continue for next year, even if the approval of the 2025 schedules is delayed," adding that "the new inclusion of new projects will be suspended until the schedules are approved, because a new project cannot be included, and spending will continue on the 2024 schedules, until the new schedules are approved, and then new projects can be included."

Expectations indicate that the 2025 schedules will be delayed for a long time, because the parliament’s legislative recess will not end until January 9th of next year, 2025.

The schedules will also remain suspended until the completion of amending the budget law, specifically paragraph 12 related to the Kurdistan region, which faces severe disagreements, which will lead to obstructing the amendment of the budget or approving the schedules.  link

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Tishwash: Due to power outage, the dollar market and banks close their doors in Sulaymaniyah

 A local source confirmed, today, Sunday (December 15, 2024), that the "dollar market" and banks in Sulaymaniyah Governorate closed their doors due to a power outage.

The source said in an interview with " Baghdad Today " that "the buying and selling operations and money trading in the dollar market have almost completely stopped and the market in Sulaymaniyah has been closed, and the banks have also been closed due to the power outage."

National electricity has been cut off throughout Sulaymaniyah since this morning.

The Director General of Sulaymaniyah Electricity, Anwar Hama Saeed, said in a press statement followed by " Baghdad Today" that "electricity has been cut off in all parts of Sulaymaniyah since four o'clock in the morning today."

The concerned authorities have not yet announced the reasons for the power outage.  link

Mot: ..... what happened???? 

Mot: ... word to the Wise

“News and Views” Posted by Frank26 and Clare at KTFA

KTFA:

Frank26”  "AGAIN GOALS OF THE MONETARY REFORM SECURITY & STABILITY"......F26

 Opening of a dollar exchange outlet at Kirkuk International Airport

 12/22/2024  Kirkuk/

The Executive Director of Kirkuk International Airport, Abdul Samad Al-Kubaisi, opened an outlet to sell foreign currency (dollars) to travelers at the airport, at the official rate of 132 thousand dinars per 100 dollars.

Al-Kubaisi stressed: "The step of opening a new outlet at the airport will have positive effects, especially since it takes a short time for the traveler to get his need for dollars," noting: "The work of exchange companies at the airport will be monitored by the Central Bank of Iraq."   LINK

Frank26:  "BECAUSE OF A NEW EXCHANGE RATE, NOT BECAUSE OF A PROGRAM RATE".........F26

Governor of the Central Bank of Iraq receives a delegation from the International Finance Corporation

December 11, 2024

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the International Finance Corporation, which included the Director of the Financial Sector of the Corporation in the region, Mr. Yousef Habash, and Mr. Bilal Al-Zughair, the Resident Representative in Iraq, the Financial Investment Officer, and the Head of the Advisory Department.

During the meeting, they discussed strengthening bilateral relations between the Central Bank of Iraq and the International Finance Corporation, the importance of cooperation between local banks and correspondent banks with technical support from the Corporation, and the development of Islamic banks operating in Iraq, in addition to the banking reforms carried out by the Bank in cooperation with the relevant authorities, especially the restructuring of government banks, and the role of international companies operating in this field (Ernst & Young and Oliver Wyman).

His Excellency the Governor discussed the proposal to establish a leasing company with local and foreign contributions, which is one of the financial systems used to provide financing for projects and individuals without the need to directly purchase assets such as machinery and industrial equipment, vehicles, offices, and warehouses. This proposal supports emerging projects and small and medium-sized companies looking for easy and flexible financing.

The meeting discussed the importance of launching Riyada Bank next year, which will support projects with small and medium-sized loans, in line with the government’s vision to support graduates and entrepreneurs and develop labor markets.

Central Bank of Iraq
Media Office
December 11, 2024

https://cbi.iq/news/view/2733

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Clare: Ministry of Transport announces that the completion rate of the development road project designs has increased to 63 percent

12/14/2024  Baghdad - WAA

The Ministry of Transport announced, today, Saturday, the completion rates of the strategic development road project, which is scheduled to open in 2029.

The Ministry's media office said in a statement received by the Iraqi News Agency (INA), "Accurate topographic survey operations have begun, extending from Al-Faw to the southeast of the Najaf Ashraf station, where an accurate topographic survey was conducted for the areas associated with passenger stations, container stations, storage stations, and ferries, including streams and rivers," noting that "the topographic survey is carried out using aerial photographs and surveying devices connected to satellites to ensure high accuracy."

He added that "the area ranges from 5 mm to 10 mm, and the survey includes all details related to the site to ensure proper planning for each part of the project, and that the topographic survey operations are scheduled to be completed to the Turkish border within the established timetables."

The media office confirmed that "the completion rates for the detailed designs phase of the railway line reached 64% and the land route 60%, while the cumulative completion rates for the detailed designs of the project reached 63%."
 
The statement indicated that "the development road, according to the designs, is at a distance that allows opportunities to connect the governorates to the project stations and benefit from both sides of the road, and the passage between the railway and land lines, while the Faw Port, which will be operated in 2025, will be used as a first phase, as it is an economic marine station for the project in addition to the presence of the industrial city, which will be the largest in the Middle East."

It indicated that "the Minister of Transport, Razzaq Muhaibis Al-Saadawi, directed the need to follow up on the work of the development road project, the first phase, which is known as the rehabilitation and re-operation phase of the current railway lines and preparing them to work in conjunction with the operation of the Grand Faw Port in 2025, and that the Italian company BTP provides consulting services regarding the first phase of the development road project (specific to rehabilitating the current railways), to be a strategic line ready for the safe transport of incoming cargo via railway lines, from the Grand Faw Port, which the ministry intends to operate in its first phase during the coming year."

It is noteworthy that the Ministry of Transport has developed integrated strategic plans for the transport sector with the development road project by land, rail, sea and air by linking airports to the development road project and benefiting from them by achieving integration that includes a number of operating and effective airports for the governorates located on the project, such as Basra Airport, Najaf Airport and Baghdad Airport, in addition to other airports that will be completed and opened in 2025, which are the airports of (Nasiriyah, Karbala, Mosul).   LINK

Clare:  Blinken: I was amazed when I arrived in Baghdad by the construction in Iraq and the vitality of the capital

12/14/2024  Baghdad - WAA 

US Secretary of State Anthony Blinken expressed his astonishment today, Saturday, after his recent visit to Baghdad, at the construction in Iraq and the vitality in the capital, while indicating that the Iraqi people deserve this development.

"I was amazed when I arrived in Baghdad by the construction and vitality of the capital," Blinken said in a speech to reporters after leaving Baghdad, as followed by the Iraqi News Agency (INA), indicating that "important work has been accomplished to ensure that Iraqis receive the necessary services to build a better life."

He pointed out that "it is impressive that these changes are happening, and the Iraqi people deserve this development."

Yesterday evening, Prime Minister Mohammed Shia received US Secretary of State Anthony Blinken and discussed with him bilateral relations between the two countries, ways to enhance joint cooperation, as well as discussing the situation in the region, developments in the current events in Syria, and the regional and international efforts required to enhance security in Syria and the stability of the entire region.   LINK

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Clare:  Al-Sudani: There are suspicions of corruption in all loan transactions in Iraq

12/14/2024

Prime Minister Mohammed Shia al-Sudani acknowledged, on Saturday, that there were suspicions of corruption in financial loan transactions issued by Iraqi government banks.

In a speech he gave during the opening ceremony of the first Riyada Initiative Conference and Exhibition in the capital, Baghdad, Al-Sudani praised the role of banks in the process of lending to the youth participants in that initiative, adding that “let us admit that there are suspicions of corruption in all loan transactions, which we have reached in our previous experiences.”

He added, "We are facing a new reality and a new era for Iraq in which all its capabilities and natural resources that were not properly invested are invested, and these small projects will be the nucleus for other medium and large projects," noting that "most advanced industrial countries started with small projects and ended with large companies that sponsor a full spectrum of small companies."

Al-Sudani continued by saying: We are working on developing various sectors, and in partnership with foreign companies, the local product must be present, noting that “parts of the automobile industry can be manufactured in local workshops, and government banks will be present in supporting (Riyada) initiatives.”

The Prime Minister concluded his speech by saying: We have an integrated vision that starts with the youth to cover the needs of the local market for goods.   LINK

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Clare:  Iraq on the map of change" .. Expert: Expected international decisions will be taken before Trump's arrival

12/13/2024  Baghdad

Political affairs researcher Muhammad Ali Al-Hakim commented on Friday (December 13, 2024) on the call of the United Nations representative in Iraq to take new decisions that serve the current situation to avoid crises in Iraq.

Al-Hakim said in an interview with "Baghdad Today" that "the call of the UN representative after meeting the religious authority in Najaf to take new decisions that serve the situation in Iraq to avoid crises carries a clear message that Iraq is heading towards changes," noting that "there are important decisions that will be taken in the near future related to the changes taking place in the region, especially with Trump's imminent assumption of the presidency in the United States of America."

He added, "The unannounced visit of the US Secretary of State is to complete the upcoming changes in Iraq. There is international and UN movement towards Iraq, and for this reason the new phase will witness major changes on the internal level, as Iraq is part of the change in the map of the new Middle East."

Yesterday, Mohammad Redha, son of the supreme religious authority, Ali al-Sistani, received the representative of the Secretary-General of the United Nations, Mohammad al-Hassan, and his accompanying delegation, to discuss ways for Iraq to avoid any conflicts that would harm it.

This comes as US Secretary of State Anthony Blinken made a secret visit to Baghdad, where he met with Prime Minister Mohammed Shia al-Sudani, to discuss the situation in the region and developments in Syria, stressing the commitment of the members of the international coalition to the security, sovereignty and stability of Iraq.  LINK

Iraq Economic News and Points to Ponder Saturday Afternoon 12-14-24

Blinken: The Work And Change Taking Place In Baghdad Is Surprising And Admirable

Saturday 14 December 2024 10:41 | Politics Number of readings: 254  Baghdad / NINA / US Secretary of State Antony Blinken expressed his astonishment and admiration for the work and change taking place in Baghdad.

Blinken said in a speech to reporters after leaving Baghdad: "There is important work that has been done to ensure that Iraqis receive the necessary services to build a better life."

He added: "I expressed my astonishment to Prime Minister Mohammed Shia al-Sudani when I arrived in Baghdad, with the construction and vitality of the capital, and there is important work that has been done to ensure that Iraqis receive the necessary services to build a better life."

He continued: "It is impressive that these changes are taking place," stressing: "The Iraqi people deserve this development." / End9  https://ninanews.com/Website/News/Details?Key=1174545

Gold Ends Two-Week Losing Streak

Money and business   Economy News - Follow-up  Gold prices posted a weekly rise, ending a two-week losing streak.

This came after investors raised their expectations this week that the US Federal Reserve would cut interest rates at its meeting next week.

Gold futures for February 2025 delivery were up 0.6 percent on the week, despite falling 1.25 percent, or $33.6, to $2,675.8 an ounce on Friday.

The dollar index, which measures the performance of the US currency against a basket of 6 major currencies, settled at 106.98 points.

Profit-taking weighs on gold prices

Markets are pricing in a 97.5 percent chance the Fed will cut rates by 25 basis points at its meeting starting next Tuesday, according to the FedWatch tool, up from 86 percent last week.

Goldman Sachs had expected gold prices to rise to $3,000 per ounce by the end of 2025.

The bank said in a note that the rise in gold will occur even if the value of the US dollar continues to rise.

Goldman Sachs analysts said on Wednesday that markets could see increases in both gold prices and the value of the dollar in 2025, due to lower interest rates and increased uncertainty. 73 views - https://economy-news.net/content.php?id=50854

Gold Heads For Weekly Gain Of Over 2%

Money and business  Economy News - Follow-up  Gold prices are heading for weekly gains, and were slightly higher in early Friday trading, supported by reports that China, the largest gold consumer, has resumed its purchases and growing expectations that the Federal Reserve will cut interest rates at its meeting on Dec. 17-18.

Update prices

Spot gold rose 0.3 percent to $2,688.29 per ounce by 0320 GMT, and was on track for a weekly gain of more than 2 percent.

US gold futures settled at $2,711.30.

Traders are now focused on the Fed's interest rate decision, with the CME FedWatch tool pricing in a 96.4 percent chance of a 25 basis point rate cut.

Gold prices fell more than 1 percent on Thursday amid profit-taking after the metal briefly hit a five-week high earlier in the session.

U.S. producer prices rose more than expected in November, amid higher food costs. Data released Wednesday showed consumer prices rose by the most in seven months in November, boosting bets on interest rate cuts.

The European Central Bank cut interest rates for the fourth time this year and the Swiss National Bank cut rates by 50 basis points, its biggest cut in nearly a decade, on Thursday.

Gold prices usually rise in a low interest rate environment.

As for other precious metals, silver settled at $30.94 per ounce, according to Reuters data.

Platinum rose 0.4 percent to $933.65. Palladium fell 0.1 percent to $969.09. Both metals were on track for weekly gains.  98 views  Added 12/13/2024 - https://economy-news.net/content.php?id=50824

Dollar Closes Higher Against Dinar In Baghdad And Erbil At The Beginning Of The Week

12/14/2024  Mawazine News – Economy  The dollar prices rose in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, on Saturday with the closing of the stock exchange.

The dollar prices also rose with the closing of the Al-Kifah and Al-Harithiya stock exchanges to record 151,000 dinars for every 100 dollars, while this morning it recorded 150,650 dinars for every 100 dollars.

Selling prices rose in exchange shops in the local markets in Baghdad, where the selling price reached 152,000 Iraqi dinars for every 100 dollars, while the purchase price reached 150,000 dinars for every 100 dollars.

In Erbil, the dollar also recorded a rise, where the selling price reached 150,450 dinars for every 100 dollars, and the purchase price was 150,250 dinars for every 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=257458

Oil Rises 2% To Highest Level In 3 Weeks

Energy   Economy News - Follow-up  Oil prices jumped about 2 percent to settle at a three-week high on Friday, supported by expectations that additional sanctions on Russia and Iran will limit supplies and that interest rate cuts in Europe and the United States will boost fuel demand.

Brent crude futures rose $1.08, or 1.5%, to settle at $74.49 a barrel, while U.S. West Texas Intermediate crude futures rose $1.27, or 1.8%, to $71.29.

Today’s settlement was the highest for Brent crude since November 22, up 5% on the week. West Texas Intermediate crude gained 6% on the week and hit its highest since November 7.

"What drove the rally were... expectations of tighter sanctions on Russia and Iran, more supportive Chinese economic guidance, political unrest in the Middle East and speculation of a US rate cut next week," analysts at consultancy Ritter Busch & Associates said in a note.

The European Union agreed to impose a 15th package of sanctions on Russia this week over its war in Ukraine, targeting Russia's shadow fleet of tankers, and the United States is considering similar moves.

Britain, France and Germany told the UN Security Council that they were prepared, if necessary, to work to reimpose all international sanctions on Iran to prevent it from obtaining nuclear weapons.

Chinese data this week showed crude imports into the world’s biggest importer grew at an annual rate in November for the first time in seven months. China’s crude imports are expected to remain high until early 2025 as refiners lean toward increasing supplies from top exporter Saudi Arabia due to low prices and independent refiners rush to fill their quotas.

The International Energy Agency raised its forecast for demand growth to 1.1 million barrels per day in its monthly oil market report, from 990,000 barrels per day last month, citing stimulus measures in China.

The agency expects an oil supply surplus next year as non-OPEC+ countries are set to boost supplies by around 1.5 million barrels per day, led by Argentina, Brazil, Canada, Guyana and the United States.

The OPEC+ group includes OPEC member states and allies such as Russia.

Bloomberg reported that the OPEC member UAE intends to reduce oil shipments early next year as OPEC+ seeks stronger discipline in meeting production targets.

The price of Iranian crude to China has risen to its highest in years as U.S. sanctions limit shipping capacity and raise logistics costs. The incoming administration of U.S. President-elect Donald Trump is expected to ramp up pressure on Iran.

98 views  Added 12/14/2024 - https://economy-news.net/content.php?id=50847

Al-Sudani Confirms That Modernizing Company Registration Work Is At The Heart Of Economic Reform Efforts, Combating Corruption And Improving The Business Environment

Political | 12/14/2024  Mawazine News – Baghdad  Prime Minister Mohammed Shia Al-Sudani inaugurated today, Saturday, the new building of the Companies Registration Department, affiliated with the Ministry of Trade in the capital, Baghdad, and toured the building, during which he was briefed on the departments of the department and its work mechanisms.

Al-Sudani stressed the government's continuation of its special program to modernize the work of institutions and departments, and make them keep pace with technological developments and modern management systems, in a way that enhances the efficiency of administrative work. The

Prime Minister explained that developing the Companies Registration Department and modernizing its work mechanisms comes within the steps of administrative and economic reform, and at the heart of efforts to improve the business environment and achieve the goal of simplifying procedures to provide an attractive environment for investment, in addition to its important impact in combating corruption. https://www.mawazin.net/Details.aspx?jimare=257442

Al-Awadi: US Secretary of State praised the government's role in calming the region

Friday 13 December 2024 | Politics Number of readings: 110  Baghdad / NINA / Government spokesman Bassem Al-Awadi confirmed that the US Secretary of State praised the government's role in calming the region. / End 8    https://ninanews.com/Website/News/Details?Key=1174474

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