Some Iraq News posted by Clare at KTFA 12-18-2024

KTFA:

Clare:  Al-Sudani arrives in Saudi Arabia and meets Bin Salman

12/18/2024

 Iraqi Prime Minister Mohammed Shia al-Sudani arrived in Saudi Arabia today, Wednesday.

This was stated by his media office in a brief statement received by Shafak News Agency, adding that Al-Sudani arrived in the Kingdom of Saudi Arabia, where he met in the city of Al-Ula with Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud.   LINK

Clare:  Government Advisor: Iraq is out of the dangers of external debt and will pay the remainder until 2028

12/18/2024

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced that Iraq has emerged from the dangers of external debt, and that it (Iraq) is a well-fortified country.

Saleh said in a press statement that: “After getting rid of the heavy burden of its debts, Iraq has transformed from a country indebted to others to a country that can be a creditor to others,” noting that “the country is called the ‘young creditor’ because it possesses a degree of youth in the economic aspect, which has raised its credit rating, despite the problems of the region.”

He added that "Iraq has gotten rid of the burden of external debts for the first time, which had shackled it economically," noting that "what remains of its debts to international parties constitutes less than (9) billion dollars that will be paid between now and the year (2028)."

Saleh explained that "debts are paid off through allocations in the federal general budget," noting that "the ratio of debts to the gross domestic product does not constitute a burden on the state, as it amounts to (5) percent of the gross domestic product."

He considered "Iraq a well-fortified country, in terms of external debts (in other words, it is outside the risks of external debts), which gives the country high credit at the present time," noting that "internal debts are confined within the (government banking) system."   LINK

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Clare:  After "fiery" statements by one of them.. Al-Sudani issues urgent directives to his advisors

12/18/2024

Prime Minister Mohammed Shia al-Sudani directed advisors on Wednesday evening not to make any effort in press statements in a manner that violates the general contexts of state administration, by expressing personal opinions that do not represent the government, and not to appear or make statements to the media except with official approval .

According to a statement issued by Al-Sudani's office, and received by Shafaq News Agency, the Prime Minister "gave all advisors the choice between continuing their official work or giving up their positions and advisory positions, and thus they will be free to make statements that express their personal opinions."

Yesterday, Tuesday, the Prime Minister’s advisor, Ibrahim Al-Sumaidaie, revealed that the Iraqi government had received a clear request from international and regional parties regarding the necessity of dismantling the weapons of the armed factions, while warning of the danger of not responding to this request.    LINK

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Clare:  Al-Sudani directs the formation of a committee to prepare mechanisms for lending industrial projects

12/18/2024  Baghdad: Morning

Yesterday, Tuesday, Prime Minister Mohammed Shia Al-Sudani directed the formation of a joint committee to prepare mechanisms for lending to industrial projects.

A statement from his office, received by Al-Sabah, stated that "within the framework of government efforts aimed at supporting industrial projects, in a way that contributes to achieving sustainable development, strengthening the national economy and increasing job opportunities, the Prime Minister issued a directive to form a joint committee from the relevant authorities, which was responsible for preparing mechanisms for lending to industrial projects, and the necessary controls to determine the amounts of reservation and extinction of the guarantees provided for those loans."

He added that "the Cabinet's approval of the committee's recommendations was issued on December 9, 2024," noting that "the new instructions included implementing the Prime Minister's directives to provide loans with reduced interest and easy terms, with the aim of facilitating the establishment of new industrial projects, in cooperation with the main government banks, to ensure financial support for investors in the industrial sector."

He explained that "the government aims for the private sector to have a prominent and influential role in supporting industrial projects, by increasing its investments in this field, to establish and operate factories and develop new ideas that meet the needs of the local market, with the importance of bringing in expertise and modern technologies from specialized international companies," noting that "the government seeks practically and effectively to achieve the goal of developing industrial projects with environmental sustainability, and supporting society through social responsibility programs that companies and factories are committed to."

He added, "The government affirms its continuous efforts to enhance cooperation with the private sector, leading to a comprehensive industrial renaissance that achieves benefits for both sides, and for the national economy in general." LINK

Clare:  ILO reveals details of 4 trillion dinar initiative in Iraq

12/18/2024  Baghdad

The country coordinator of the International Labor Organization, Maha Kattaa, confirmed today, Wednesday, working with several Iraqi parties on the 4 trillion dinar initiative, while she pointed to 3 important projects being worked on in Iraq.

In a speech she gave at the 8th International Social Security Conference, attended by the correspondent of "Al-Eqtisad News", Qata'a said, "The International Labor Organization is working with the Ministry of Labor and other entities, including the Central Bank, the Iraqi Bank Guarantees Company, and a number of private banks through the 4 trillion dinar initiative."

She added: "The organization's approach is based on three axes, the most important of which is developing policies that support the development of the private sector, including developing the national policy for the development of small and medium enterprises."

The country coordinator explained: “We are working on developing a national employment policy and the importance of creating job opportunities. It must be a fundamental focus and the entry of young people into work in the private sector.”

The sector stressed: “Working on developing legislation such as the labor law, social security, occupational health and safety, trade union organization, and other laws that contribute to developing the private sector and small and medium enterprises.”

Regarding the projects that the organization is working on in Iraq, she pointed out “the development of small and medium-sized projects funded by Germany, and investing about 9 million euros, through the Iraqi Bank Guarantees Company, and contributing to the growth of small projects, granting them loans and creating decent job opportunities.”

She stressed that "the second project is to enhance financial inclusion, especially in refugee areas, such as the Afak project, which we started in 2021, and which is funded by the Dutch government."

“As for the third project, it will be in the southern regions and will focus on green businesses. The ILO is implementing these projects in partnership with other parties,” according to the ILO coordinator.   LINK

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Clare:  Article 140 Committee: Agreements to resolve the issue of agricultural lands in Kirkuk

12/18/2024

The head of the Article 140 Committee in Kirkuk, Babakir Siddiq, announced on Wednesday that agreements had been reached to resolve the problem of agricultural lands between Kurdish and Arab farmers in the province.

A friend told Shafaq News Agency, "Kirkuk Governor Ribwar Taha Fateh headed the Article 140 Committee to find solutions, especially after the disputes that took place in the Balkana Sarkaran areas in the Dibis district between the Kurds and Arabs over agricultural lands."

He added, "The Article Committee sent a committee to Kirkuk and held a meeting with the Director of Agriculture in Kirkuk and Kurdish and Arab farmers. A number of decisions were reached that will contribute to finding solutions for agricultural lands between Kurdish and Arab farmers. We will hold a meeting next Sunday with the head of the Article 140 Committee for the purpose of reaching decisions to resolve this problem, which contributes to the cultivation of the lands."

He added, "Some decisions of the dissolved Revolutionary Command Council require a decision from the Iraqi Parliament in order to cancel them and restore rights to their owners through legal methods and formulas that satisfy all parties."

Kirkuk Governor Ribwar Taha announced on Tuesday, November 12, that there are about 14 judicial decisions on agricultural areas of about 1,500 dunams, while there are no problems on about 18,000 dunams owned by Kurdish farmers.

Taha said in an interview with a number of media outlets, including Shafaq News Agency, that "the governorate administration held meetings with the Joint Operations Command and the commander of the 8th Division to address the problems of four agricultural districts in the district of Dibis (60 km northwest of Kirkuk), namely Bakana, Sarbshakh, Karbalak and Shinaga," explaining that "after discussions with farmers from both the Kurdish and Arab components, it became clear that there are 14 judicial decisions regarding 1,500 dunams, and everyone agreed to keep them pending until their issue is resolved." He added that "there are areas estimated at about 18,000 dunams that do not have any judicial problems or decisions preventing farmers from cultivating them, and their owners can cultivate them freely."

He pointed out that the Department of Agriculture in Kirkuk was contacted to identify the districts that have judicial decisions, with the aim of protecting these lands until their fate is decided, as well as identifying the lands that do not have disputes to encourage farmers to work in them.

For his part, Deputy Speaker of Parliament Shakhwan Abdullah revealed that everyone is working to return agricultural lands to their rightful owners, and all political blocs agree to pass the law that restores the rights of the Kurds and Turkmen.

Kirkuk Agriculture Director Zuhair Ali told Shafak News Agency that 300,000 dunums of agricultural land are still outside the agricultural plan in the governorate.

He added that these lands include the areas of Hanjir and Shawan, parts of Yaiji, Dibs and Daquq districts, explaining that farmers can file complaints through documents with the courts of first instance.

He pointed out that the Federal Supreme Court confirmed in 2019 the continued validity of Article 140 of the Iraqi Constitution, which aims to cancel the demographic change policies imposed by Saddam Hussein's regime, and implement statistical procedures and a referendum on the annexation of the disputed areas to the Kurdistan Region.

Article 140 stipulates the cancellation of the demographic change policies pursued by Saddam Hussein’s regime in the disputed areas in favor of the Arabs at the expense of the Kurds, and then a census of the population before the final step, which is to hold a referendum in which the population determines whether they wish to join the Kurdistan Region or remain under the administration of Baghdad.

The implementation stages of the article were scheduled to be completed by the end of 2007, but security and political problems prevented this.

In 2019, the Federal Supreme Court ruled that Article 140 of the Constitution of the Republic of Iraq would remain in effect, stressing that this would continue until its requirements were implemented and the goal of its legislation was achieved.   LINK

There’s No Limit on the Price of Gold, Sound Money Rising as Fiat Falters

There’s No Limit on the Price of Gold, Sound Money Rising as Fiat Falters

VRIC Media:  12-18-2024

In a rapidly changing economic landscape, many investors are seeking safe havens to guard against inflation, currency debasement, and financial instability.

Two prominent voices in the discussion of precious metals, Peter Schiff and Adrian Day, recently shared their insights on VRIC Media, shedding light on the potential trajectory of gold in the current financial climate.

Schiff and Day argue that gold’s potential for growth is intrinsically linked to the instability of fiat currencies, particularly the US dollar.

They propose that the upside for gold is limited only by how low these currencies can actually fall—a situation they describe as “truly limitless.” With record levels of national debt and budget deficits becoming the norm across many countries, including the United States, the risks associated with traditional currency systems continue to mount.

One of the main driving forces behind the case for gold is the alarming rise in global debt levels. According to recent data, global debt has soared to over $300 trillion, creating an unsustainable financial environment. Governments are increasingly resorting to quantitative easing and other monetary policies that dilute the value of money. This debasement of currency erodes purchasing power and drives investors toward assets like gold, which have historically maintained their value during economic turmoil.

Schiff, known for his bearish outlook on the dollar, warns that the current practices of excessive borrowing and money printing could lead to a significant collapse of fiat currencies. With confidence in traditional currencies waning, precious metals may serve as a refuge, preserving wealth during uncertain times.

Additionally, Schiff and Day highlight the predicted downfall of the cryptocurrency market as another catalyst for gold’s upward trajectory. While cryptocurrencies initially emerged as an alternative store of value, their volatility and lack of intrinsic value present significant risks. As the bubble potentially nears its burst, investors may pivot back to gold, an asset that has stood the test of time.

The duo maintains that the fragility and speculative nature of digital currencies could lead to a massive capital shift towards gold. This increased demand could further drive up the price of gold, extending the current bull market for the precious metal.

In light of these factors, Schiff and Day confidently assert that the gold bull market is only just beginning. They urge investors to reassess their portfolios and consider incorporating gold as a hedge against the potential decline of fiat currencies and the uncertainties plaguing other investment avenues.

While the road ahead for gold is fraught with challenges, including potential market volatility and geopolitical events, the fundamental underpinnings of its value appear robust. As economic indicators continue to signal risks and uncertainties, gold remains a beacon of stability for those seeking to navigate the tumultuous waters of modern finance.

As we observe the shifting dynamics of the global economy, insights from Peter Schiff and Adrian Day emphasize the importance of gold as an investment. With an expanding debt crisis, ongoing currency devaluation, and skepticism towards digital currencies, gold could be on the verge of a significant upswing.

The message is clear: in a world where the limitations of fiat currencies seem to erode, gold offers a timeless safeguard for wealth preservation, potentially leading investors into a promising new era for the precious metal.

https://youtu.be/3P1m3J3GNvk

Iraq News Highlights and Points to Ponder Wednesday AM 12-18-24

Iraq Out Of The List Of Major Countries Holding US Bonds

Money and business  Economy News - Follow-up  The US Treasury announced on Tuesday that Iraq is no longer a major foreign holder of US bonds.

According to the Treasury report for September, which showed that Iraq was not among the top 20 countries holding US bonds, after it was ranked among the top holders last year with holdings of $32.6 billion.

The report indicated that "Japan topped the list of major countries in holding US bonds, with holdings amounting to $1.123 trillion, followed by China in second place with holdings amounting to $772 billion, while the United Kingdom came in third with $764 billion, the Cayman Islands in fourth place with $420 billion, Luxembourg in fifth place with $417 billion, and Canada in sixth place with $370 billion."

]The report explained that Saudi Arabia was the only Arab country that maintained its position among the 20 largest holders of US bonds, as its holdings amounted to $143.9 billion.

The report indicated that the total holdings of US bonds by countries around the world in September amounted to 8 trillion and 872 billion dollars.

US bonds are a type of debt instrument issued by the US government to raise money, and many countries buy them as a safe investment.

In the past years, many Arab and foreign countries, including Iraq, owned large amounts of these bonds, and over time, Iraq's holdings of US bonds decreased until it left the list of the 20 largest countries holding these bonds.   Views 25   12/18/2024 - https://economy-news.net/content.php?id=51026

Industrial Fraud Threatens The Local Economy And Undermines National Industries

Published on: December 18, 2024: Al-Mada/Follow-up  Regulating the control of goods is an essential step to support local factories and limit excessive imports, which contributes to strengthening the national economy and its ability to withstand and grow. However, the phenomenon of industrial fraud represents a major challenge facing the Iraqi industrial sector, as it negatively affects the reputation of local products and undermines efforts to increase local production.

Industrial Fraud And Its Consequences

Counterfeit products are increasingly prevalent in local markets, where low-cost goods are imported from neighboring countries and then repackaged and sold as local products. These goods are often of lower quality, eroding consumer confidence and causing significant damage to national industries.

Mohammed Hassan Jabr, a local shop owner, explained that the weak production capacity of Iraqi factories is pushing many traders to import counterfeit goods. He added that this embarrasses traders in front of customers who notice a clear difference in price and quality.

For his part, economic expert Mustafa Akram confirmed that industrial fraud appears largely in products such as cigarettes, chicken, and table eggs, where imported products are repackaged to appear as Iraqi. He pointed out that these practices lead to the deterioration of the local market and increased reliance on imports instead of enhancing local production.

Legal And Regulatory Challenges

Despite the existence of Consumer Protection Law No. 1 of 2010, its implementation faces major challenges, according to legal expert Jamal Al-Asadi.

Al-Asadi explained that the penalties imposed on industrial fraud, such as imprisonment and financial fines, are difficult to implement due to the lack of effective oversight in the markets.

Recommendations To Combat Industrial Fraud

To address this phenomenon, Hussein Abbas, from the Economic Crime Directorate, recommended taking firm measures, including:

1. Strengthening oversight: Increasing cooperation between relevant ministries to ensure the application of Iraqi specifications to local and imported products.

2. Reissuing import licenses: Imposing strict control over all imported goods by issuing new import licenses.

3. Activating border testing laboratories: Approving testing laboratories at border crossings to ensure the quality of imported products.

4. Implementing a goods tracking system: Adopting a goods tracking system to ensure their compliance with standards.

5. Organizing follow-up teams: Forming field teams to reduce market manipulation and control violations.

The phenomenon of industrial fraud poses a major challenge to the Iraqi economy, as it negatively affects the confidence of consumers and local industries. While oversight and enforcement of laws are essential tools to combat this phenomenon, current efforts need to be intensified and coordinated more among the relevant authorities to ensure the provision of high-quality products that enhance the status of national industries.  Source: Agencies   https://almadapaper.net/389139/#hathalyoum

Al-Sudani's Advisor: Iraq Will Soon Go From Debtor To Creditor - "Only 9 Billion Foreign Dollars Left"

Mazhar Mohammed Salih, the financial advisor to the Prime Minister, announced that Iraq has emerged from the dangers of foreign debts, and has gotten rid of this burden for the first time, indicating that the remaining debts to international parties constitute only less than 9 billion dollars and will be paid until 2028.

Iraq within safe range to pay off $20 billion in foreign debt - Financial Advisor

Saleh explained in a statement to the official newspaper, which was followed by the 964 network , that “Iraq, after getting rid of the heavy burden of its debts, has transformed from a country indebted to others to a country that can be a creditor to others,” noting that the country is called the “young creditor” because it possesses a degree of youth in the economic aspect, which raised its credit rating, despite the problems of the region.

He added that "Iraq has gotten rid of the burden of foreign debts for the first time, which had shackled it economically," noting that "what remains of its debts to international parties constitutes only less than 9 billion dollars that will be paid between now and the year 2028."

He stressed that "Al-Sudani placed reforming the country's financial system among the priorities of the government program, which resulted in achieving important steps during the past two years."

He explained that “debts are paid off through allocations in the federal general budget,” noting that “the ratio of debt to GDP does not constitute a burden on the state, as it amounts to an estimated 5 percent of GDP.”

He considered Iraq “a well-fortified country, in terms of external debt, and that it is outside the risks of external debt, which gives the country high credit at the present time,” noting that “internal debts are confined within the government banking system.”   https://964media.com/487617/

Antoine: The Situation In Syria Greatly Affects The Iraqi Economy

Information / Baghdad..  Economic expert Basem Antoine confirmed today, Wednesday, that the situation in Syria greatly affects the Iraqi and Syrian economies.

Antoine said in an interview with Al-Maalouma Agency that "the current situation in Syria has a direct impact on Iraq, especially since Iraq represents a vital market for Syrian industries."

He explained that "despite Iraq's ability to search for alternatives, Syria will suffer greatly, with the possibility of many factories shutting down as a result of the absence of markets to sell their goods, in light of the Syrian people's fear of the ongoing process of change."

He added, "Some people downplay the impact of the Syrian situation on Iraq, but the reality indicates a profound impact due to the common border that extends for about 650 kilometers between the two countries."

He pointed out that "the displaced Syrians in Iraq can return to their country to form an important workforce, which may restore activity to the Syrian market and ease Iraq's economic burdens, but it requires accurate studies to avoid the repercussions of the crisis on both countries."

He explained that "what is happening in Syria is not just a political conflict, but rather part of an economic war targeting the industrial and productive center of gravity that Syria represents in the region, which further complicates the economic situation in both countries."   LINK

{Sabah} Discusses The Reasons For The Bankruptcy Of Major International Companies

Economic  12/18/2024   The bankruptcy storm has hit many European, Canadian and Japanese companies recently. One of the most important causes is the weak economic growth that has become clear in Europe, and has an intertwined political, economic and military dimension. This conflict has been strongly reflected in economic policies, supply chains, energy markets and global trade, directly affecting the European, Canadian and Japanese economies. It is unlikely that the results of this storm will be short-term or temporary due to the overlap of many factors, about the causes of corporate bankruptcy.

Economic expert Dr. Adnan Bahiya explained to Al-Sabah that “the reason for the bankruptcy of global companies is the implementation of sanctions on Russia, which halted reliance on Russian gas and oil, leading to a severe crisis in Europe. These sanctions were a disaster for Europe and an economic blockade that affected it more than the Russian bear.”

Increase Spending

Bahiya added that "another reason for the bankruptcy of many international companies is that European countries have allocated huge resources to armament and increased military spending within their defense budgets to confront security threats. This situation has imposed additional pressure on public budgets, which have begun to show exhaustion, at a time when their economies are suffering from inflation and weak growth."

Spending Gap

He explained that, “through this situation, European governments were forced to impose higher taxes and reduce social spending to close the gap in military spending and to overcome the impact of sanctions and the economic blockade on Russia, which was a cheap market and a major trading partner for most industrialized European countries, which dealt a major blow to the exports and investments of European companies.

Bahiya continued: “Thus, supply chains in Europe were disrupted, especially raw materials, grains and minerals, which increased production costs and reliance on expensive imports from alternative sources. The rise in American gas and oil for Europe came as an alternative to Russian gas, and led to a significant increase in European production and industrial costs.”

Economic Cycles

For his part, academic Dr. Amr Hisham explained to Al-Sabah the causes of companies’ bankruptcy. There are structural factors with the presence of economic cycles, or the causes may be a shock that the economy is exposed to, or the cause of companies’ bankruptcy may be the presence of a wave of inflation.

 Global Economies

He continued: “The rise in interest rates raises costs for companies, as well as borrowing costs, and these factors lead to the bankruptcy of many companies,” noting that “there are two undesirable situations in global economies, which are recession and inflation, and these difficult situations are sought by those concerned with economic affairs to avoid or address in ordncourage Investment

He pointed out that those concerned with economic affairs tend to lower interest rates, which encourages the expansion of credit and encourages investment because the cost of borrowing is lower and repayment is easier, pointing out an important point, which is that the issue of bankruptcy for companies must be under clear legal provisions and be developed with regard to the Iraqi legislator, so that the process of dealing with bankruptcy is facilitated and fraud and deception of people and the theft of their inputs are reduced.   https://alsabaah.iq/107367-.html

Seeds of Wisdom RV and Economic Updates Wednesday Morning 12-18-24

Good Morning Dinar Recaps,

GENSLER GONE, CRENSHAW OUT, RLUSD LIVE: RIPPLE VS SEC FINAL SHOWDOWN ON JAN 15?

Ripple sees a boost as SEC Chair Gary Gensler resigns, and RLUSD launch signals global growth for XRP ahead of key January 15 deadline.

January 15 could be pivotal for XRP as SEC files briefs in Ripple lawsuit; new leadership brings hope for relaxed crypto regulations.

It looks like the clouds are clearing for Ripple as recent events have given it a boost, possibly changing the course of its legal battle. Trump’s promise to fire SEC Chair Gary Gensler on day one seems to be coming true, as Gensler announced his resignation on January 20, the same day Trump is inaugurated. This big news helped push XRP to new yearly highs.

Plus, Ripple’s RLUSD launched on December 17, taking a big step toward global growth. Meanwhile, SEC Commissioner Caroline Crenshaw became a target of the crypto community due to her strong anti-crypto stance and was denied renomination. 

All of these events could lead to something big on January 15, especially with Paul Atkins soon taking over as SEC Chair. Many are hopeful that this will bring a more relaxed approach to crypto regulation.

What Will Happen on January 15?

The SEC has requested an extension to file its principal brief in the ongoing XRP lawsuit with Ripple Labs. The new deadline for filing is set for January 15, 2025.

According to attorney Fred Rispoli, this part of the case is strictly about paperwork — no new evidence or jury trial. There are two appeals in process: one from the SEC and another from Ripple, called a “cross-appeal.”

Each side will submit an opening brief, followed by an opposition brief, and then a reply brief. Afterward, there will be a 15-minute oral argument in front of three judges. 

Fred said that while the argument is brief, it will be crucial, as the judges’ questions can provide insight into their initial thoughts on the case. However, he also said that the entire process could take up to a year and a half, despite the short duration of the oral argument.

Ripple vs. SEC drama heats up will the outcome boost XRP? Reda XRP price prediction points to a potential surge as key decisions loom.

Even if the legal case continues, supporters remain optimistic that the new government will implement the right measures to support the crypto industry. Another bullish development is that Empower Oversight is urging Congress to release an SEC Inspector General report on former chairman Jay Clayton’s actions. This report could bolster their investigation before Clayton is confirmed as U.S. Attorney for the Southern District of New York.

@ Newshounds News™

Source:  CoinPedia

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US TREASURY ISSUES SANCTIONS OVER NORTH KOREAN CRYPTO MONEY LAUNDERING

Alleged crypto money launderers with links to the North Korean regime have been sanctioned by U.S. authorities.

North Korea’s government has been caught red handed—again.

That’s according to the feds, who today announced that they have sanctioned two individuals tied to a crypto money laundering network with alleged ties to the Democratic People’s Republic of Korea.

In a Tuesday statement, the Department of the Treasury’s Office of Foreign Assets Control said it had sanctioned Lu Huaying and Zhang Jian for allegedly laundering digital assets to fund the already heavily sanctioned government in Pyongyang.

The Treasury Department alleged that a front company in the United Arab Emirates, named Green Alpine Trading LLC, was used to turn crypto into cash. The agency credited the UAE for help in targeting the sanctioned individuals.

“Today’s sanctions are a part of ongoing efforts to disrupt the DPRK’s money laundering operations, which finance the regime’s unlawful weapons of mass destruction and ballistic missile programs,” Tuesday’s statement reads.

The sanctions mean that both Huaying and Jian have had their assets frozen and that Americans won’t be able to do business with them or with their company.

Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence Bradley T. Smith added that the North Korean regime used “complex criminal schemes” to fund its missile program—including “exploiting digital assets.”

North Korean actors are no stranger to crypto: Hacking groups with ties to the country’s ruler, such as Lazarus, have used mixing tools like Tornado Cash and other apps in order to hide the trace of dirty funds, U.S. authorities have alleged.

Other digital asset researchers and blockchain trackers have released data showing that hackers with government ties target crypto exchanges to steal funds.  

The U.S. only yesterday hit North Korea with more sanctions, targeting a number of banks and officials with the aim of disrupting the hermit kingdom’s support of Russia’s war in Ukraine.

@ Newshounds News™

Source:  Decrypt

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UK’S FIRST DIGITAL SECURITIES SANDBOX PARTICIPANTS GET PRELIMINARY APPROVAL

The UK’s Financial Conduct Authority (FCA) opened the Digital Securities Sandbox (DSS) for applications at the end of September. It relaxes certain rules for DLT market infrastructures. 

Some of the first applicants have already received preliminary approval, although admittedly it doesn’t mean that much because they can’t go live. However, given it’s only been six weeks since applications opened, it appears the FCA plans to move fast.

The two entities that have announced preliminary approval are (intended) central securities depository (CSD) Montis (owned by Archax) and ClearToken, which plans to operate as a central clearinghouse for crypto and tokenized assets. ClearToken is backed by Nomura’s Laser Digital and Standard Chartered’s Zodia Custody, amongst others.

Like the EU’s DLT Pilot Regime, the DSS plans to relax the rule that exchanges and central securities depositories must always be separate. With DLT, that split is sometimes impractical. The first EU approval of CSD Prague happened 18 months after the legislation came into force. Only two EU entities have been approved so far.

In an attempt to address these sorts of delays, the UK has created a gate system, with Gate 1 as preliminary approval, and Gate 2 as permission to go live within the sandbox. These preliminary approvals are only for Gate 1. For existing regulated entities, the gap between Gate 1 and Gate 2 should not be too significant. 

The FCA said early bank applicants could earn Gate 2 approval by February 2025, with unregulated entities closer to November 2025. Others would be somewhere in between.

Both of the startups, Montis and ClearToken, are yet to receive regulatory approval, so they are likely to have to wait a while to receive Gate 2 clearance. That said, Montis has been working on its CSD licensing for years.

“By applying to the DSS, we are taking a significant step toward creating a dynamic, globally connected financial ecosystem based in the UK,” said Montis Group CEO Martin Watkins. 

“Our proven capabilities in Luxembourg, where we have built an infrastructure service aggregate and record both conventional and natively digital securities using DLT, will provide a strong foundation for the UK’s digital securities markets.”

@ Newshounds News™

Source:  Ledger Insights

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TOP ECONOMIST SHARES WHY SILVER IS THE SAFEST BET RIGHT NOW  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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“Tidbits From TNT Wednesday Morning 12-18-2024

TNT:

Tishwash:  Iraqi dollar smuggling returns to the forefront.. Central Bank Governor “beautifies” the bleak picture

Economic researcher, Ziad Al-Hashemi, said that the Central Bank of Iraq suddenly punished 49 Iraqi companies on charges mostly related to smuggling and money laundering through foreign transfers, despite all previous assurances that transfers have become immune to smuggling.

Al-Hashemi considered in a post on the “X” platform, which was followed by “Al-Jarida”, that “this is a procedure that confirms that the Iraqi dollar smuggling system is still very active, and that the Central Bank Governor’s talk about the compliance rate reaching 95% is just rhetoric to beautify the bleak image of the Iraqi banking system.”

He explained that “the 49 companies that were punished are companies operating in various commercial, industrial and service sectors, and this confirms that we are facing a dangerous, broad system that has penetrated the entity of the Iraqi economy and market like cancer!”

He pointed out that "the banking system in Iraq is still heavily penetrated by smuggling and money laundering systems and support for sanctioned entities, and after all these years and promises, it has become not unlikely that there is real collusion and collaboration between the official Iraqi banking system and those smuggling systems."

He continued, "On the other hand, we are waiting for the Syrian documents that will arrive that reveal the size of the illegal trade and the movement of smuggling dollars from Iraq, which the Assad regime used to live on. Then we will learn the details of one of the most important unknown parts of the process of smuggling Iraqi money, which began draining Iraq in 2004 and continues to this day." link

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Tishwash:  Iraq out of the list of major countries holding US bonds 

The US Treasury Department announced on Tuesday that Iraq is no longer a major foreign holder of US bonds. 

Shafaq News Agency reviewed the Treasury report for September, which showed that Iraq was not among the top 20 countries holding US bonds, after it was ranked among the top holders last year with a holding of $32.6 billion.

The report indicated that "Japan topped the list of major countries in holding US bonds, with holdings amounting to $1.123 trillion, followed by China in second place with holdings amounting to $772 billion, while the United Kingdom came in third with $764 billion, the Cayman Islands in fourth place with $420 billion, Luxembourg in fifth place with $417 billion, and Canada in sixth place with $370 billion."

The report explained that Saudi Arabia was the only Arab country that maintained its position among the 20 largest holders of US bonds, as its holdings amounted to $143.9 billion.

The report indicated that the total holdings of US bonds by countries around the world in September amounted to 8 trillion and 872 billion dollars.

US bonds are a type of debt instrument issued by the US government to raise money, and many countries buy them as a safe investment. 

In the past years, many Arab and foreign countries, including Iraq, owned large amounts of these bonds, and over time, Iraq's holdings of US bonds decreased until it left the list of the 20 largest countries holding these bonds.   link

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

Clare:  Iraq and Jordan sign a 5-point joint statement, including support for the outcomes of the Aqaba meetings

Speaker of the House of Representatives Mahmoud Al-Mashhadani and his Jordanian counterpart Ahmed Al-Safadi signed a joint statement of five points today, Tuesday, including support for the outcomes of the Aqaba meetings on Syria and support for efforts aimed at stopping the Zionist aggression on the Gaza Strip.

The correspondent of the Iraqi News Agency (INA) said: "A joint statement was issued from the official talks held by Parliament Speaker Mahmoud Al-Mashhadani and his Jordanian counterpart Ahmed Al-Safadi, in the presence of members of the Permanent Bureau in the House of Representatives, the head of the Foreign Affairs Committee, the head of the Jordanian-Iraqi Parliamentary Brotherhood Committee, and members of the Iraqi Council of Representatives representing heads and members of parliamentary committees and blocs.

He added, "Al-Safadi appreciated Al-Mashhadani's visit to the Kingdom as his first official visit since assuming the presidency of the Parliament in Iraq, and the talks concluded with the signing of a joint statement that stated:

First - Strengthening coordination between Jordan and Iraq; to confront the challenges imposed by the circumstances of the region, supporting the brothers in Syria and respecting their will and the necessity of protecting the security of Syria and its citizens, preserving the unity of their lands and ensuring the representation of all their components in the political process, and supporting the outcomes of the meetings hosted by the Jordanian city of Aqaba regarding the situation in Syria.

Second: Enhancing the prospects of Jordanian-Iraqi economic cooperation, removing any obstacles that hinder this, and organizing mutual visits of parliamentary committees and chambers of industry and commerce in both countries, which contributes to opening investment windows in various fields, working to establish cultural and educational cooperation agreements, and benefiting from mutual experiences in the sectors of agriculture, energy and construction.

Third: The importance of completing the project to extend the oil pipeline from Basra to Aqaba, which is considered an economic artery for transportation for the benefit of the two countries, and working to support various joint bilateral and tripartite projects with our brothers in Egypt.

Fourth: Supporting all efforts aimed at stopping the brutal Zionist aggression on the Gaza Strip, rejecting attempts to displace our brothers in the Strip and the West Bank, working to double efforts to deliver relief supplies to the Strip, rejecting all forms of extremist actions by settlers against our brothers in various Palestinian territories, and rejecting the violations practiced against Islamic and Christian holy sites in Jerusalem.

Fifth: Coordinating joint parliamentary positions between the Iraqi and Jordanian Houses of Representatives, based on a long and extended history of solid fraternal relations between the two countries and peoples, in a way that contributes to achieving common interests and defending the nation’s issues.”  link

Mot: . His Wife is Sooooo Caring - HUH!!!  Man has water and treats

Mot: .. Gots to - deck the bike

Seeds of Wisdom RV and Economic Updates Tuesday Evening 12-17-24

Good Evening Dinar Recaps,

CRYPTO-SKEPTIC AND SEC BOSS CRENSHAW AXED FROM SENATE RENOMINATION

Outgoing Securities and Exchange Commissioner Caroline Crenshaw will not be renominated to her position following a decision by the Senate Banking Committee. The hearing to nominate Crenshaw and Gordon Ito to the Financial Stability Oversight Council, previously scheduled for Wednesday, December 17, was canceled, according to multiple reports.

The FSOC is a financial system monitoring agency established in 2010 under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

No room for Crenshaw

News of Crenshaw’s canceled vote came after rising opposition to her renomination to the U.S. SEC. Crypto industry leaders and policymakers criticized Democratic senators for attempting to push Crenshaw’s hearing through without proper vetting.

Coinbase CEO Brian Armstrong said blockchain proponents would closely watch the eventual vote, and the outcome would likely impact future StandWithCrypto donations to politicians.

Crenshaw will be remembered as an anti-Bitcoin and crypto-skeptic SEC Commissioner throughout her tenure at the agency. She infamously voted against approving spot Bitcoin (BTC) exchange-traded funds, and frequently aided soon-to-be ex-chair Gary Gensler’s staunch hostility toward blockchain businesses.

Crenshaw’s removal from consideration clears the way for President-elect Donald Trump to nominate a new SEC commissioner, potentially shaping the agency’s leadership with officials aligned with his pro-crypto agenda.

Trump has so far pitched former SEC regulator Paul Atkins for SEC chair, pending Senate confirmation. Atkins, a pro-Bitcoin entrepreneur and vocal crypto supporter, would replace Gensler who has announced his resignation effective on Trump’s inauguration.

Last month, fellow Dem SEC Commissioner Jaime Lizárraga also announced plans exit the federal watchdog, citing a need for more family time. The Dem-SEC exodus could hand over agency reins solely to the Republican party. Only GOP Commissioners Hester Peirce and Mark Uyeda remain, with Atkins likely to join soon.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

UK PLANS TO PROHIBIT PUBLIC CRYPTO OFFERINGS, EXCEPT VIA EXCHANGES

Today the UK’s Financial Conduct Authority (FCA) published a discussion paper on regimes for crypto-asset admissions and disclosures and market abuse regimes. It also reiterated the UK’s timetable for crypto legislation, targeting 2026. A key feature of the admission and disclosures regime is that public offerings of crypto assets will be banned, with two exceptions.

New public offerings of crypto-assets will only be allowed if via a regulated cryptocurrency exchange, or by restricting the offering to qualified investors. The aim is to put the onus on cryptocurrency exchanges to perform sufficient due diligence on offerings and to have a process for rejecting listings for trading. Exchanges may be subject to prudential requirements.

Legislation is needed because currently UK oversight of crypto only applies to anti money laundering and marketing.

Regarding the disclosures, the FCA is keen to avoid making it so extensive that it imposes disproportionate costs on the preparer. They also note that while consumers need comprehensive information, the quantity shouldn’t be so excessive that it obscures critical details. The paper provides a list of the expected contents.

The regulator is keen to encourage issuers to provide some forward looking statements. While these will carry some liability, it doesn’t want to set the bar too high.

 Hence, in the UK there’s a concept of protected forward looking statements (PFLS), where statements that turn out to be untrue only attract liability if the consumer can establish that the issuer knew the statement was untrue or reckless as to the facts.

The UK has a National Storage Mechanism (NSM), a free online repository of regulated information, including prospectuses from issuers. Information related to crypto-assets admitted to trading on crypto exchanges would be included in the NSM.

Preventing market abuse

Additionally, the paper covers steps to address market abuse. It recognizes that existing traditional market abuse regimes may not be as easy to implement for crypto because of market fragmentation, cross border elements, and in some cases, the lack of a clear issuer (such as Bitcoin).

Nonetheless, legislation will aim to prohibit insider dealing, require the disclosure of inside information by crypto exchanges and prohibit market manipulation.

Inside information is sensitive information that could move crypto prices and hence needs to be disseminated as soon as possible to prevent a few people from taking advantage.

However, the listing of a crypto-asset without the issuer’s request can be problematic. The FCA hopes to address this by putting the onus on the entity requesting the crypto listing to make sure inside information is disseminated promptly. 

For traditional markets, the UK has a regulated information service, which is a centralized announcement service, and it is considering using this for crypto.

For the purposes of the paper, crypto assets include cryptocurrencies and stablecoins. However, a separate consultation is expected on fiat-referenced stablecoins in the future.

There’s a three step process of discussion paper, followed by a consultation and then the final policy stance. The Bank of England and FCA issued a joint discussion paper on stablecoins in late 2023.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

IS PRESIDENT TRUMP GOOD FOR YOUR MONEY?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Thank you Dinar Recaps

Martin Armstrong: The Fed has Lost Control of Inflation

Martin Armstrong: The Fed has Lost Control of Inflation

Palisades Gold Radio:  12-17-2024

Tom welcomes back Martin Armstrong from Armstrong Economics for a discussion on the geopolitical landscape and growing frustration with government.

Armstrong expresses his belief in an increasing frequency of impactful events due to disillusionment with western governments. Martin delves into the deep state, historical examples of centralized governments leading to instability, and the need for decentralization and respect for individual sovereignty.

Armstrong shares personal experiences and insights about Trump and RFK's anti-war stances. Martin touches upon historical issues, including World War II, communism, the Roman Empire, war causes, and the use of sanctions. Concerns are raised about unsustainable debt systems and their correlation with conflict.

Tom pivots the conversation to Argentina's recent budget surplus, potential application in making cuts to U.S. government waste.

Criticisms follow regarding Federal policies to undermine U.S. States and inact gun control.

Predictions for an economic depression by 2032 are shared, with discussions on differences between a recession and a depression, government debt defaults, interconnectedness of economies, and concerns over career politicians.

The role of the U.S. dollar as a global reserve currency, and potential implications for the world economy are also discussed.

China and Russia's potential role in a global economic takeover, natural resources, the Ottoman Empire, monetary crises, gold on the yield curve, practical implications, gun control, authoritarianism, and vigilance are among other topics covered.

Time Stamp References:

0:00 - Introduction

0:35 - Many Geopolitical Shifts

12:32 - Trump & Ending Conflict

27:39 - Cutting Back Gov't

36:30 - Civil Unrest Preps

46:15 - 2032 - The End Game

53:42 - Trump, BRICS, & Dollar

1:04:54 - Russia's Resources

1:07:58 - Risks & Solutions

1:13:50 - Shelton & Gold Bonds

 1:18:33 - National Guard Concerns

1:21:08 - Wrap Up

Talking Points From This Episode

Growing disillusionment with governments leads to increased impactful events: Armstrong emphasizes decentralization and respect for sovereignty to prevent global unrest.

Trump, RFK's anti-war stances discussed: Influence on NATO territories like Afghanistan and Ukraine, personal meetings recounted.

Predictions of economic depression by 2032: Discussions on debt defaults, interconnected economies, and career politicians' concerns.

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

Iraq Economic News and Points to Ponder Tuesday Afternoon 12-17-24

An Economic Expert Warns Of A Rise In The Dollar Exchange Rate In Iraq In The Coming Days

Buratha News Agency 24-12-17  Economic expert Nasser Al-Tamimi warned, today, Tuesday (December 17, 2024), of a rise in the dollar exchange rate in Iraq in the coming days.

Al-Tamimi said in a press statement, "There are real fears in the Iraqi market of the continued rise in the dollar exchange rate after the suspension of the platform by the Central Bank of Iraq," indicating that "this matter will constitute a shock, especially at the beginning of implementing the decision and will lead to a rise in the dollar, to increase demand for it in the parallel market."

He added that "after the platform is stopped, most traders, especially small ones, will depend on the parallel market to finance their foreign trade, while continuing to finance trade with Turkey in dollars, through illegal means," noting that "this is what will lead to the rise, and therefore practical steps must be taken to prevent this by the country's monetary authority, and urgently."

The Central Bank of Iraq revealed on Wednesday (September 4, 2024) the mechanism for ending the electronic platform for foreign transfers, while indicating that the placement of foreign transfer operations and meeting requests for the dollar are on sound paths and consistent with international practices and standards.

The bank said in a statement that "the electronic platform for foreign transfers managed by the Central Bank of Iraq began at the beginning of 2023 as a first phase to reorganize financial transfers in a way that ensures proactive oversight of them instead of subsequent oversight by the Federal Reserve auditing daily transfers.

This was an exceptional measure as the Federal Reserve does not usually do this, and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks."

He added that "during the year 2024 and until now, 95% of the transfer process from the electronic platform to the mechanism of correspondent banks directly between it and Iraqi banks has been achieved, which means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan,"

 explaining that "some expectations about potential impacts on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one batch at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be completed in the coming short period."

He stressed that "trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq's foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees, and Emirati dirhams, through accredited correspondent banks in those countries, and (13) Iraqi banks have actually begun conducting transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars."

He continued: "With the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels and international money transfer companies and cash sales to travelers, and the payment of cash dollars for incoming transfers to the parties and purposes specified in the Central Bank's published instructions."

The Central Bank of Iraq stressed that it "put foreign transfer operations and meeting dollar demands on sound tracks consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law."

Explaining that "providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside of these channels is an abnormal price that those with unorthodox or illegal practices resort to, who avoid official channels in their dealings, and bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and the other."  https://burathanews.com/arabic/economic/453976

Gold Stabilizes, Fed Awaits

Time: 2024/12/17 08:58:40 Reading: 897 times  {Economic: Al Furat News} Spot gold prices stabilized today, Tuesday, ahead of the US Federal Reserve’s monetary policy meeting.

Markets are keenly awaiting the US Federal Reserve's forecasts for clues on the path of interest rates in 2025.  Spot gold rose slightly by 0.06% to $2,654.10 per ounce, while US gold futures fell by 0.10% to $2,677.20.   LINK

The Finance Committee Explains The Reasons For The Central Bank’s Penalties On 49 Companies: “Import Invoice Violations”

Economy  | 04:26 - 12/17/2024   Mawazine News -  The Finance Committee of the Iraqi Council of Representatives confirmed that the decision of the Central Bank to punish 49 companies came due to violations in import operations, as it was found that the invoices submitted did not match the value of the imported goods.

The Central Bank had issued directives to banks yesterday preventing these companies from benefiting from external money transfer channels, in a move aimed at limiting manipulation of foreign currency and reducing money laundering operations.

In this regard, a member of the Parliamentary Finance Committee, Moeen Al-Kazemi, explained that the Central Bank sells the dollar at the official price of 132,000 dinars for every 100 dollars, provided that there are real imports and the entry of goods into the country.

Al-Kazemi added that “some companies violate the instructions, as they submit requests to import goods for large amounts, but the goods that reach Iraq are less than the value stated in the invoices, which raises suspicions and leads to the imposition of strict penalties on the parties benefiting from the currency sale window.”   https://www.mawazin.net/Details.aspx?jimare=257586

Dollar Prices Vary Between Baghdad And Erbil With The Closure Of The Iraqi Stock Exchanges

Economy | 05:00 - 12/17/2024  Mawazine News - The dollar price rose in Baghdad markets while it fell in Erbil, the capital of the Kurdistan Region, on Tuesday, with the closing of the stock exchange.

The dollar price also rose with the closing of the Al-Kifah and Al-Harithiya stock exchanges, recording 151,300 dinars per 100 dollars, while the dollar price recorded 150,950 dinars per 100 dollars this morning.

The selling prices in the exchange sector rose in the local markets in Baghdad, where the selling price reached 152,500 Iraqi dinars per 100 dollars, while the purchase price reached 150,500 dinars per 100 dollars.  In Erbil, the dollar recorded a decrease, where the selling price reached 150,400 dinars per 100 dollars, and the purchase price reached 150,300 dinars per 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=257588

After a sudden recession due to Syria.. Expectations of the return of the Iraqi market movement soon

Time: 2024/12/16 23:19:40 Read: 2,184 times   {Economic: Al Furat News} An economic expert expects the market to return to activity next week after a temporary recession due to events in the region.

Salah Nouri told Al Furat News Agency that "the reasons for the recent economic recession in the markets are due to the news circulating about the possibility of US sanctions on the external transfer system, which created fears among citizens and hesitation in buying."

He added, "The situation may change next week and demand for buying will increase."

The parliamentary finance committee ruled out on Monday that the Iraqi economy would be affected by the situation in Syria or the dollar exchange rate in the local market, noting that "the government and the central bank have taken several important measures to confront the security and economic challenges in the country, especially in light of the deteriorating situation in Syria."

On the second of this month, the governor of the Central Bank of Iraq, Ali Al-Alaq, described the country's monetary position as "very excellent" despite the conditions in the region in terms of controlling inflation and the high adequacy of foreign reserves.   LINK

On The Second Day Of Weekly Trading... Basra Crude Rises In The Global Market

Economy  | 12/17/2024  Mawazine News – Baghdad  Iraqi oil (Basra crude) recorded a price increase on Tuesday, the second day of weekly trading in the global market.

According to international economic data, Basra Heavy crude recorded $68.99 per barrel, while the average recorded $72.09 per barrel, with a change rate of +0.62, respectively, for February 2025 delivery.

The data also showed a slight increase in global crude prices, with British Brent crude recording $73.95, while US West Texas Intermediate crude recorded $70.69 per barrel, with a change rate of 0.04-0.02, respectively.   https://www.mawazin.net/Details.aspx?jimare=257566

Central Bank Announces Launch Of Citizens’ Complaints Management Platform

Banks   Economy News – Baghdad   The Central Bank of Iraq announced today, Tuesday, the launch of a complaints management platform for citizens.

The bank's media office stated in a statement received by "Al-Eqtisad News" that "the Central Bank of Iraq announced the launch of an electronic platform to receive, process and resolve complaints submitted by the public," indicating "its keenness to respond quickly to citizens' complaints."

He stressed that "the launch of the citizens' complaints management platform comes in line with the bank's tireless efforts in the digital transformation process to receive complaints submitted by the public, regarding their dealings with the banking sector, providing services, reporting negative cases, and enhancing the supervisory role of this bank."

According to the statement, the Central Bank alerted "the public to the possibility of submitting complaints, starting from Sunday 1/5/2025, through the bank's official website in the complaints platform window, or through the government's Ur platform, or the electronic link.141 views  12/17/2024 - https://economy-news.net/content.php?id=50973

After An Interruption Of More Than 30 Years, Iraq Wins The Chairmanship Of The Executive Council Of The Arab Investment Company

Economy  | 12/17/2024   Mawazine News – Baghdad  The Iraqi Embassy in Libya announced today, Tuesday, that Iraq won the presidency of the Executive Council of the Arab Investment Company in the year 2025.

The acting Chargé d'Affaires of the Embassy, ​​Ahmed Al-Sahaf, told the official agency: "In a prominent diplomatic step, Iraq succeeded in winning the presidency of the Arab Investment Company during the 63rd session of the Arab Economic and Social Council, which was held in the Jordanian capital, Amman, to return to this position after an absence of 32 years," noting that "Iraq has not been able to obtain the presidency of the aforementioned company's council since 1992."

She explained that "this achievement came in accordance with the joint coordination between the Ministries of Foreign Affairs and Industry and within the priorities of the government program of Prime Minister Mohammed Shia al-Sudani, and the emphasis of Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein on repositioning Iraq's role in regional and international organizations, within the multilateral diplomatic path,

 as well as the strategic planning and management that the Iraqi Ministry of Industry has been pursuing, and in accordance with productive diplomacy, through intensive efforts led by the Iraqi Embassy in Tripoli, headed by the Chargé d'Affaires, Dr. Ahmed al-Sahaf, who was able to obtain decisive Libyan support to strengthen Iraq's candidacy, through coordination with the Chairman of the Investment Authority in the State of Libya, Dr. Abdul Hakim al-Fitouri, who gave Libya's vote to Iraq, which it needed to secure victory."

He noted that "Iraq hosted the company's executive council meetings in 2025 in Baghdad, a step aimed at enhancing Arab cooperation in the fields of industry and infrastructure, and consolidating Iraq's position as a pivotal industrial center."   https://www.mawazin.net/Details.aspx?jimare=257577

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

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 12-17-24

Good Afternoon Dinar Recaps,

GOLD PRICE LIKELY SUPPRESSED BY CONCENTRATED SHORTING, COULD EXPLODE

At long last, complaints of gold price manipulation and suppression got some respect this week from the Official Monetary and Financial Institutions Forum, a London-based group connected with central banks.

The group published a long paper heralding gold's restoration to the center of the world financial system, "Gold and the New World Disorder," and the paper's chapter titled "Market Disruption -- The Short Squeeze" has this to say about the topic at hand:

"With record demand for gold, much of it from BRICS-related countries, the risks of a squeeze are increasing. This could have several catalysts.

'Bullion banks' holding concentrated gold short positions might need to buy back the metal during another price run.

Analysts have long argued that these short positions suggest market manipulation, citing the disproportionate control held by a few entities.

Lawsuits against banks for manipulating the precious metals markets have yielded some success in recent years. During these lawsuits, some former 'bullion bank' traders have commented about how these gold market strategies might make the market vulnerable to a short squeeze -- either by accident or design.

Academic and other studies provide evidence that 'shorting gold' has historically been used to suppress the gold price, often linked to central bank sales and futures contracts on commodity exchanges.

There is also room for market disruption from imbalances stemming from allocated and unallocated gold accounts, when market participants own just a claim on gold rather than specific bars.

Recent analysis suggests that the unallocated-to-allocated gold ratio at the London Bullion Market Association could range from 20:1 to even 100:1. For every ounce of physical gold backing these accounts, there might be 20 to 100 ounces of unallocated paper gold claims.

This indicates a fractional-reserve system where future claims may far exceed the physical gold available. Predicting the timing of such a squeeze is speculative, given the size of some of these positions and growing world financial and economic tensions.

However, with suspicions rising that some BRICS countries could be considering 'weaponizing' gold against the West, financial markets could be in for a bumpy ride."

Ya think? The Gold Anti-Trust Action Committee (GATA) has been documenting and screaming about this for 25 years. For example, here and here.

If even these "official" guys now can acknowledge not only that the gold market has been heavily influenced by central banks and their bullion bank agents but also that the world has foolishly been depending on a lot of imaginary metal, the racket may be quickly coming to an end -- no thanks to OMFIF itself, which for years has been ignoring all the incriminating information placed in the public domain by GATA.

@ Newshounds News™

Source:  GoldSeek

~~~~~~~~~

RLUSD STABLECOIN GOES LIVE: PRICE FLUCTUATES 20% BEFORE STABILIZING

Ripple USD (RLUSD) is officially live on global exchanges. This enterprise-grade stablecoin combines the stability of fiat with the efficiency of blockchain technology. RLUSD will operate on two networks: Ethereum and Ripple’s native XRP Ledger (XRPL). Initially, the price of the stablecoin fluctuated within a 20% range, but it is pegged to the U.S. dollar at a 1:1 ratio, ensuring stability over time.

Ripple CTO David Schwartz had previously said that there might be supply shortages at first, causing the price to fluctuate. However, once supply stabilizes, the price will quickly return to around $1.

He also said, “Since the idea of $RLUSD many months ago to launch in a matter of hours, I’ve been looking forward to more use cases realized on the XRPL and more liquidity on-chain with a trusted stablecoin like RLUSD. Countless opportunities are here for devs and users who want the benefits of XRPL, RLUSD and XRP.”

The stablecoin will be available on exchanges like Uphold, Bitso, and CoinMana, with more expected by the end of the year. Ripple’s stablecoin is fully compliant and backed by US dollar deposits, government bonds, and cash equivalents. This provides the stability and transparency that many stablecoins have lacked.

RLUSD aims to bridge the gap between traditional fiat and crypto, offering benefits like instant cross-border payments, liquidity for remittance, and seamless integration with DeFi protocols. This is huge for XRP and the broader crypto ecosystem.

Ripple’s stablecoin will be a game-changer. It’s backed by years of experience in the financial system and offers a level of compliance and trust that’s currently unmatched. With major partners and exchanges expected to adopt it, RLUSD has the potential to challenge dominant stablecoins like Tether and USDC.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

CURRENCY REVALUATION UPDATES  WHAT YOU NEED KNOW  |  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

Iraq Economic News and Points to Ponder Tuesday AM 12-17-24

What Is The Secret Of The Stability Of The Dollar In Iraq Despite The Tension In The Region? A Government Advisor Explains
 
Time: 12/16/2024 22:36:28 Read: 1,248 times  {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, attributed the stability of the dollar exchange rate against the dinar to the procedures of the Central Bank of Iraq in selling the dollar through the electronic platform and compliance with it.  Saleh told {Al-Furat News} agency:

“There is a reason for the stability of the exchange rate in the parallel market, contrary to expectations, as it emerges from the completion of the Central Bank of Iraq from working on the
 
     compliance platform, and the complete shift to strengthening
     foreign exchange in international banks corresponding to national banks,
 
which is now covering the needs of The market uses foreign currency to finance foreign trade for the private sector at the official exchange rate of 1,320 dinars per dollar. 

He stated that  "the period of anticipation and anxiety regarding the transition to the new situation was absorbed by the
 
     ability to finance trade and other transfers successfully and with high fluency through the
     direct relationship between the Iraqi Bank and its correspondents abroad, reinforced with
     foreign currency that is bought at the official price for customers to finance their trade, especially import trade, without rejection or disruption as well." It happened while working on the platform.”
 
The dollar is currently sold in local markets at an exchange rate of 1,500 dinars, or 150,000 per hundred dollars.    
 
https://alforatnews.iq/news/ما-سر-استقرار-الدولار-في-العراق-رغم-توتر-المنطقة؟-مستشار-حكومي-يوضح   

Banking Expert: Private Banks Do Not Support The Iraqi Economy And Live Off The Central Bank
 
Economy     Central Bank of Iraq     Private banks  2024-12-16 00:52  Twilight News/ Banking expert Mohamed Salem confirmed on Monday that most private banks are... She no longer “lives” on the Central Bank of Iraq without engaging in any economic activity.
 
And he said Salem told Shafaq News Agency, “Most private banks do not practice banking business
 
   It concerns credit only in a small way and  therefore does not contribute to revitalizing the Iraqi economy, as...      Currency exchange is the basis of its banking revenues, so  
it has become dependent on  
     electronic trading Hard currency and
     electronic payment, where
 
you
     obtain the dollar from the central bank and
     sell it And you
     get net profits without getting tired.”

And he realized   “Private banks, although they moved away from providing bank loans, were pioneers In
     electronic trading and in
     providing services to citizens and employees, whether related to ATMs Mechanism or other electronic services at a time when government banks were suffering from backwardness In this field." He explained
 
 “These services at private banks encouraged employees to settle their salaries there While government banks, except for the Iraqi Trade Bank, remained suffering from the problem of scarcity Localizing the salaries of its employees.” He confirmed Salem said,
 
 “Government banks, despite their failure to keep pace with international and even private banks
 
However, it remains faithful in preserving its depositors’ money, no matter how much it is exposed to theft or plunder This is what these banks witnessed in 2003.”   
 
https://shafaq.com/ar/اقتصـاد/خبير-مصرفي-المصارف-ال-هلية-لا-تدعم-الاقتصاد-العراقي-وتعتاش-على-البنك-المركزي   

Documents: The Iraqi Central Bank Punishes 49 Companies Involved In “Money Laundering” And Warns Against Fake Ones
 
Economy     Central Bank of Iraq  2024-12-16 02:35  Shafaq News/ The Central Bank of Iraq decided, on Monday, to punish 49 companies involved in “money laundering,” and also warned of fake trading and investment companies.
 
The bank directed the banks not to allow the 49 sanctioned companies to enter external financial transfer channels. In this context, the
 
Central Bank warned citizens of the existence of fake companies for electronic trading. The bank said in a statement received by Shafaq News Agency,
 
“There are fictitious companies for electronic trading in shares that claim to be licensed by the bank, and the
 
bank states that it does not grant a license to companies trading in (stocks, metals, and cryptocurrencies), pointing out that
 
“it has taken all legal measures against such people.” Fake companies. The bank indicated that
 
"some pages and publications on social networking sites have reported 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 publications, and profits are withdrawn through wallets." Or it is 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

need for “victims of these fake companies to take legal measures against them and inform the relevant authorities, calling on the public, before making any transfer, to review the names of the non-banking financial institutions licensed by it and published on its official website.”
 
Documents: The Iraqi Central Bank punishes 49 companies involved in “money laundering” and warns against fake ones
 
https://media.shafaq.com/media/arcella/1734349029648.jpeg
https://media.shafaq.com/media/arcella/1734349030304.jpeg
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https://shafaq.com/ar/اقتصـاد/وثا-ق-المركزي-العراقي-يعاقب-49-شركة-متورطة-بـ-غسل-ال-موال-ويحذر-من-خرى-وهمية   

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

Seeds of Wisdom RV and Economic Updates Tuesday Morning 12-17-24

Good Morning Dinar Recaps,

RLUSD TO BE LISTED ON UPHOLD WITH 5% REWARDS—WILL ALL XRP USERS BENEFIT?

▪️Ripple’s RLUSD stablecoin launches on Uphold on December 18 with 5% rewards starting January 2025.

▪️RLUSD is backed 1:1 by USD reserves and approved by NYDFS.

Ripple’s new USD-backed stablecoin, RLUSD, will be fully launched on the Web3 financial platform Uphold on 18 December 2024. In January 2025, RLUSD will become part of Uphold’s Rewards Center, allowing users to be rewarded for holding the stablecoin. This launch is an important milestone for Ripple and its attempts to advance digital payment systems and bring value to XRP holders.

Uphold and Ripple Partnership

RLUSD is authorized and established under the New York Trust Company Charter and regulated by the New York Department of Financial Services. It is backed 1:1 by USD reserves and cash equivalents, a position that must be stable and reliable.

Maintaining stablecoin transparency is ensured through regular, preferably monthly, third-party audits. The stablecoin itself has enhanced enterprise-grade security. Ripple has also audited RLUSD’s smart contracts to improve safety and its reception by institutions.

Exclusive Rewards and User Benefits

Later in January 2025, RLUSD stored on Uphold will be eligible for several privileges from the platform’s Reward Center. The users will be paid 5% of the RLUSD holdings by simply browsing the platform, depositing assets, trading, and many other activities. Also, participants will be given a limited opportunity to get insight into all the top cryptocurrencies and first dibs on any new token sale.

Uphold has made the latest change in its Rewards Center, introducing a tier structure. Those specific users who have managed to get through all three levels will be given the opportunity to use RLUSD a full day before anyone else. This initiative corresponds to Uphold’s approach of involving people and providing utility to the XRP stakeholders.

Future Expansion and Strategic Partnerships
Ripple’s RLUSD stablecoin, which will be accessible on MoonPay, Archax, and is going live on CoinMENA soon and on Bitso, Bitstamp, Bullish, and Mercado Bitcoin in the following weeks. Such a wide release is believed to help boost awareness and acceptance of RLUSD in different world markets.

Ripple has assembled an advisory board to steer the development of RLUSD, which includes Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former chief operating officer of the Federal Reserve Bank of Boston. Current members present at the platform include Sheila Bair, David Puth, and Chris Larsen, co-founder of Ripple.

As we have seen, with the introduction of RLUSD and its inclusion in Uphold, Ripple is again establishing its relevance in the digital payment systems’ ecosystem. Uphold maintains strategic participation in such platforms in line with its goals of providing genuine financial services in the blockchain industry.

@ Newshounds News™

Source:  Crypto News Flash

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BRICS ISN’T THE REAL THREAT TO THE DOLLAR, THE US IS: HERE’S WHY

With the US president-elect targeting the BRICS bloc in 2025, many experts are worrying that the real threat to the US dollar lies eternally, not with BRICS. Donald Trump recently demanded that the BRICS nations “commit” that “they will neither create a new BRICS Currency nor back any other Currency to replace the mighty U.S. Dollar.” Trump also backed this threat with several tariff increases. However, could these backfire and harm the dollar more?

One Bloomberg analyst says that if Trump wants to maintain the dollar’s primacy, he should recognize that its value is not dependent on American power and threats, but on American reliability. How much could his incoming presidency harm BRICS, or the US dollar itself?

To Pursue or Not Pursue De-Dollarization: What are BRICS’ Plans?

South Africa released an official statement to affirm no common currency was planned. Furthermore, India’s foreign minister insisted that BRICS nations had “no interest in weakening the US dollar.” Even Russia’s President Putin said last month that the bloc isn’t aiming to destroy the greenback. That mission may still be carried through by the US itself though, putting the bloc in an advantage in 2025.

The BRICS bloc’s true mission appears not to be hurting the US economy or to challenge the primacy of the dollar. They want to instead carve out a section of the financial system that isn’t subject to US power. The US, however, hasn’t done well to keep its native currency strong over the last few years. The 2020 pandemic saw the dollar weaken dramatically, and nations around the world grew frustrated with the currency.

Trump to do More Harm to US Dollar Than BRICS?

Additionally, Trump’s Tariff plan may also do more harm than good to the US economy. If enacted, the tariff could be the catalyst for inciting continued efforts to abandon the US dollar on a global scale.

In a post to Truth Social, Trump previously said, “We require commitment from these countries that they will neither create a new BRCIS currency to replace the mighty US dollar, or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy.” 

Although BRICS nations have previously said that they would not seek to ditch the currency, Trump’s policies could drive a necessary recalculation of what would be best for these countries.

The imposition of Western sanctions drove Russia to initiate de-dollarization efforts through its BRICS alliance. The weaponization of the greenback saw the bloc further enhance trade deals, ultimately leading to the promotion of local currency trade. That will only enhance under Trump’s tariff plan.

Moreover, it will harm American industries. The current efforts to ditch the US dollar wouldn’t have the same effect on imports that the incoming president would.

Russian spokesperson Dmitry Peskov addressed Trump’s recent warning for the alliance specifically. “More and more countries are switching to the use of national currencies in their trade and foreign economic activities,” he said.

The global trade market is now as hungry as ever for a US dollar alternative. Several countries within BRICS are switching to local currencies, and even pursuing new reserve currencies not named USD. 

With Trump looking to put an iron fist on BRICS and USD opposers, the damage and fears may start growing more from the inside than his targets. The US may no longer be the middleman for many countries in global trade soon if the US dollar is indeed abandoned.

@ Newshounds News™

Source:  Watcher Guru

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WARNING MERGING SEC AND CFTC COULD COST YOU BILLIONS!  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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