“Tidbits From TNT” Tuesday Morning 1-7-2024

TNT:

Tishwash A guarantor of zeroing out crises.. Parliamentary demands to legislate the oil and gas law

The Kurdistan National Union parliamentary bloc called on the federal government, on Tuesday, to expedite and send the oil and gas law to the House of Representatives for study and approval as quickly as possible. 

The bloc's spokesperson, Susan Mansour, said in a statement to Al-Maalouma Agency, "The enforcement of the oil and gas law is sufficient to eliminate the problems between Baghdad and Erbil," noting that "the law was very late in being included in the central government." 

She added, "The enactment of the law requires political understandings between the governments of Baghdad and Erbil to resolve the outstanding problems between the two parties." 

Mansour pointed out that "there are parliamentary demands for the government to send a draft oil and gas law to the House of Representatives for study and approval in accordance with what is stipulated in the State Administration Coalition Agreement." link

Tishwash:  Central Bank Tower and Faw Port on the list of world mega projects for 2025

The British platform “The B1M”, which specializes in the construction sector, has classified the Central Bank Tower project in Baghdad and the Grand Faw Port in Basra among the list of the most prominent mega projects in the world for the year 2025.

The Central Bank Tower project came in eleventh place, while the Grand Faw Port came in tenth place. 

This classification reflects Iraq's remarkable progress in the field of architecture and infrastructure on the international scene.

The B1M platform is one of the most prominent channels specialized in covering major construction projects, technological innovations, and modern trends, such as sustainability and smart cities, providing in-depth analyses of the ongoing transformations in the global infrastructure sector. link

https://youtu.be/pJ3ATTY13qo

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Tishwash:  Al-Sudani: The Development Road Project will enhance Iraq's power in the region

 Prime Minister Mohammed Shia al-Sudani confirmed today, Sunday, that the development road project will enhance Iraq's strength in the region, politically and economically.

During his reception of the Director of the Iraqi Institute for Dialogue, Abbas Radhi Al-Amiri, according to a statement from his office received by "Al-Eqtisad News", Al-Sudani was briefed on the work of the organizing committee for the Seventh Baghdad International Dialogue, whose activities will start on February 22-23, 2025 under the slogan "The Path to Iraqi Development... Alliance of Interests and Geopolitical Stakes", noting that choosing this topic falls within the great Iraqi interest in the project, which gives the country a pivotal role in the regional system as an important point of communication between the East and the West.

According to the statement, Al-Sudani expressed his "sponsorship of this annual international gathering hosted by the capital, Baghdad, which hosts an elite group of the most important decision-makers in the region and the world."  link

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Tishwash:  Venezuelan parliament calls on Maduro to seek third term

The President of the Venezuelan National Assembly (Parliament), Jorge Rodriguez, has officially invited the current President of the Bolivarian Republic, Nicolas Maduro, to assume a third presidential term on January 10.

“We confirm the invitation to Nicolás Maduro Moros, who was re-elected president of the Bolivarian Republic of Venezuela on July 28, 2024, to take office on January 10, 2025,” Rodríguez said live on Venezuelan TV during the first plenary session of the parliament this year, held on Sunday.
The inauguration and swearing-in ceremony will take place at 12 noon at the Federal Legislative Palace.

Rodríguez noted that parliament is obliged to “promote the application of the law against Edmundo González [who has declared himself president-elect of Venezuela], if he sets foot on the country’s territory, for treason and usurpation of power,” and also noted that he “will demand that anyone who tries to destabilize the peace in Venezuela be declared persona non grata.”

In the plenary session, Jorge Rodríguez was re-elected president of the National Assembly (parliament) of the Bolivarian Republic.

Venezuela held elections on July 28, which were won by the current head of state, Nicolás Maduro. He received 51.95% of the vote. His main opponent, Gonzalez, received 43.18% of the vote. On election day, opposition leader Maria Corina Machado said Gonzalez's team would not concede defeat in the election.  link

Mot: Getting ready for RV

Mot:  When Enough is Enough!!!

MilitiaMan & Crew Iraq Dinar News-ISX Big+Numbers-AI Technology-No Shortage of Liquidity-Port of Faw-CBI Tower

MilitiaMan & Crew Iraq Dinar News-ISX Big+Numbers-AI Technology-No Shortage of Liquidity-Port of Faw-CBI Tower

1-6-2024

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=s6Mtoz8Hkkk

Iraq Economic News and Points to Ponder Monday Evening 1-6-25

Continuous And Strong Decline Of The Dollar In The Iraqi Markets Against The Dinar
Economy   | 05:35 - 06/01/2025  Mawazine News – Baghdad  The US dollar exchange rate against the Iraqi dinar fell on Monday in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.

The dollar exchange rate also fell with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 151,000 dinars per 100 dollars, while this morning it recorded 151,350 dinars per 100 dollars.

Selling prices fell 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 also fell, where the selling price reached 151,800 dinars per 100 dollars, and the purchase price reached 150,700 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=258268

Economist: Iraq Needs To Revitalize The Private Sector To Create Jobs And Absorb Graduates

Time: 2025/01/06 15:13:26 Read: 1,079 times {Economic: Al Furat News} Economic expert Basem Jamil Antoine stressed the necessity of working to create a productive society, pointing out that government departments in Iraq suffer from the presence of “disguised and hidden unemployment,” which can be overcome by activating the private sector.

Antoine explained in his interview with {Euphrates News} that “this activation will contribute to absorbing the number of graduates that reaches 250 thousand young men and women annually from universities and institutes.”

He added, "By creating job opportunities for graduates, we have guided them in the right direction and created a continuous technical cadre in the community, which will save us from leaking currency out of the country."

He pointed out that "diversifying sources of income in the country is necessary, and puts us on the right foundations to achieve sustainable economic growth."

In the context of the five-year plan that included job creation, Antoine stressed the need to “implement and follow up on the plans and not just write them,” stressing that “the House of Representatives bears responsibility for that.”

He added, "Job opportunities must focus on actual creation, not just on construction and residential complexes that generate nothing. Rather, a sound economic structure must be created that generates new economic generations."  LINK

Gold Prices Fall In Baghdad And Stabilize In Erbil 
Monday 06 , January 2025 11:24 | Economic Number of readings: 125  Baghdad / NINA / Gold prices (foreign and Iraqi) decreased in Baghdad markets on Monday, while they stabilized in Erbil.

The selling prices of gold in the wholesale markets on Al-Naher Street in Baghdad this morning for one Mithqal of 21 karat Gulf, Turkish and European gold was recorded at 556 thousand dinars, while the purchase price was 552 thousand dinars.

The selling price of one Mithqal of 21 karat Iraqi gold was recorded at 526 thousand dinars, while the purchase price was 522 thousand dinars.

In goldsmiths' shops, the selling price of one Mithqal of 21 karat Gulf gold ranged between 560 and 570 thousand dinars, while the selling price of one Mithqal of Iraqi gold ranged between 530 and 540 thousand dinars.

In Erbil, gold witnessed stability, as the selling price of a 24-carat mithqal reached 648 thousand dinars, a 21-carat mithqal reached 567 thousand dinars, and an 18-carat mithqal reached 485 thousand dinars. / End 11  https://ninanews.com/Website/News/Details?key=1178545

Oil Prices Rise To More Than 76.. The Highest Level Since Mid-October

Energy   Economy News – Baghdad   Oil prices rose to their highest since October on Monday as investors awaited the impact of cold weather in the northern hemisphere and Beijing's economic stimulus measures on global fuel demand.

Brent crude futures were up 15 cents, or 0.2%, at $76.66 a barrel by 0125 GMT, having settled at their highest since Oct. 14 on Friday. West Texas Intermediate (WTI) crude futures were up 22 cents, or 0.3%, at $74.18 a barrel after closing at their highest since Oct. 11 on Friday.

Beijing is ramping up fiscal stimulus to revive the struggling economy, announcing on Friday that it will sharply increase financing from long-term treasury bonds in 2025 to spur business investment and consumer-boosting initiatives.

On the supply side, Goldman Sachs expects Iran's production and exports to decline by the second quarter as a result of expected political changes and tougher sanctions from the administration of US President-elect Donald Trump.

The OPEC member's production could fall by 300,000 barrels per day to 3.25 million barrels per day by the second quarter, he said.

The number of rigs drilling for oil in the United States, an indicator of future production, fell by one to 482 last week, a weekly report from energy services firm Baker Hughes showed on Friday. https://economy-news.net/content.php?id=51650

Sound Productive Government Economic Thinking Methodology

Dr. Aqil Jabr Ali Al-Muhammadawi / Researcher in Finance and Development Affairs    The stability of oil prices in global markets for the past three weeks should be taken advantage of and a new economic renaissance strategy should be worked on through a systematic and studied transition according to a modern financial model by employing the surplus oil prices that exceed the budget price (or what is called the equilibrium price) to an approach of employing effective investment in the Iraqi Sovereign Fund and building new and legal financial buffers and vessels to strengthen and consolidate the financial system and sustain development in Iraq

and move the wheel of the economy and economic diversification and diversify the revenues of the federal budget and double the investment and development funds and create new incentives for growth and sustainable development in order to target increasing productivity and rebuilding the industrial, agricultural and tourism base and ensuring the achievement of financial savings according to new financial and economic models that support the economic renaissance strategy in Iraq. 01/06/2025 - https://economy-news.net/content.php?id=51655

British Platform Includes The Central Bank Tower And Al-Faw Port In The List Of Giant Projects In The World For The Year 2025
economy | 01:24 - 06/01/2025  Mawazine News - Follow-up  The British platform “The B1M”, specialized in the construction sector, ranked the Central Bank Tower project in Baghdad and the Grand Faw Port in Basra among the list of the most prominent mega projects in the world for the year 2025.

The platform’s report stated that “the Central Bank Tower project ranked eleventh, while the Grand Faw Port ranked tenth.”

This classification reflects Iraq’s remarkable progress in the field of architecture and infrastructure on the international scene.

The “The B1M” platform is one of the most prominent channels specialized in covering major construction projects, technological innovations, and modern trends, such as sustainability and smart cities, providing in-depth analyses of the ongoing transformations in the global infrastructure sector. https://www.mawazin.net/Details.aspx?jimare=258253

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

Seeds of Wisdom RV and Economic Updates Monday Evening 1-6-25

Good Evening Dinar Recaps,

FDIC PUBLISHES CRYPTO ‘PAUSE’ LETTERS INCLUDING USDF CONSORTIUM

In response to freedom of information requests by Coinbase, the Federal Deposit Insurance Corporation (FDIC) published minimally redacted letters sent to banks requesting information about their crypto activities and in most cases asking them to pause activities pending feedback. 

Last year, the FDIC’s Office of Inspector General objected that the FDIC had in most cases failed to provide feedback, leaving activities in limbo and impacting innovation.

On behalf of Coinbase, History Associates Inc asserted that the letters demonstrate the FDIC was part of “Operation Choke Point 2.0—a multi-agency effort to de-bank the digital-asset industry.” 

With one important exception, these particular letters don’t appear to support the de-banking claim. They reinforce the position of blocking banks from engaging with crypto and public blockchains.

Amongst the 25 letters disclosed, most of the banks wanted to offer their customers the ability to buy Bitcoin via their mobile banking apps. Often times, this was an indirect service to be provided by a third party.

The FDIC objects to public blockchain for USDF payments

By far the longest letter related to a planned blockchain-based fiat payment system to be operated by a consortium of banks. Despite five pages of tightly typed questions, which undoubtedly were answered, that consortium has so far only participated in Regulated Settlement Network simulations.

While the redactions removed the identities of the bank, we can confirm that the letter relates to the USDF Consortium, which originally planned to launch a payment system using a private protocol on the Provenance public blockchain.

On first reading, we suspected the letter related to USDF, because around this time the consortium shifted to a permissioned blockchain approach in a vain attempt to get approval. The use of the term ‘digital markers’ was the final confirmation, given this terminology is specific to USDF.

The letter indicates that the FDIC was interested in the roles of the non bank participants and their involvement in validating transactions. It also had questions about the use of the Hash cryptocurrency and whether banks would need to hold it, although the name ‘Hash’ was redacted.

Given this was before the launch of Fed Now, the FDIC asked the valid question about out of hours liability risks between banks for payments.

SAB 121 – custody    One of the most contentious crypto issues has been the SEC’s SAB 121 accounting rule, which prevented banks from providing cryptocurrency custody, although that certainly worked in Coinbase’s favor.

The crypto exchange has dominated custody for ETFs. While it has been claimed SAB 121 was formulated by the SEC without consulting other regulators, in many of the letters the FDIC asks for the bank’s analysis of SAB 121 and it’s applicability. This is a not-so-subtle way of saying, ‘you cannot provide custody’.

Other takeaways

Not all letters were equal. Apart from the USDF letter, there were three that stood out. One bank was being quite pushy, saying that it planned to launch crypto services on a specific date.

It had clearly provided extensive information to the FDIC already. The FDIC’s list of questions was far longer than for other banks, querying every claim the bank made, asking for evidence.

Moving on, when assessing risk, there’s the accounting concept of materiality. In other words, don’t focus on the small, irrelevant stuff. One bank spent $25,000 on an NFT. There were numerous detailed questions about this particular purchase.

Letter number 25 relates to a bank that wanted to provide deposit account services to a stablecoin but was told to wait for feedback. It is the only letter in the group that appears to block banking services. The New York-based bank first wrote to the FDIC a few days after Circle’s USDC stablecoin lost its peg in March 2023, following the collapse of Silicon Valley Bank.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

JUSTIN TRUDEAU RESIGNS, PRO-CRYPTO SUCCESSOR EXPECTED

Canada’s Prime Minister steps aside, crypto rejoices.

Canada’s Prime Minister, Justin Trudeau, who has been historically anti-crypto, resigned today, citing "internal battles" in Canada's governing party.

What’s the Scoop?

▪️Political Fallout: Trudeau’s approval rating is at 22%, and polls suggest his Liberal Party would suffer a major defeat in a snap election, winning just 46 seats to the Conservative Party’s projected 225.

▪️Pro-Crypto Successor: Pierre Poilievre, expected to succeed Trudeau, is a vocal supporter of DeFi and crypto, championing Bitcoin as a hedge against inflation.

Bankless Take

Trudeau’s resignation not only marks the end of his divisive tenure but signals a potential shift in Canada’s crypto policy landscape. While his administration adopted a cautious, and occasionally aggressive stance toward cryptocurrencies, Pierre Poilievre’s pro-crypto outlook could bring a stark contrast.

 If Poilevre does becomes his successor, Trudeau’s exit would further amplify the broader global trend of favor shifting towards forward-looking, pro-tech politicians, potentially positioning Canada for greater adoption and innovation under new leadership.

@ Newshounds News™

Source:  Bankless

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FIVE CRYPTO COMPANIES GAIN MICA LICENSES ACROSS NETHERLANDS AND MALTA

▪️MoonPay, BitStaete, ZBD, and Hidden Road received MiCA licenses from the Dutch Authority, enabling EU-wide crypto operations.

▪️The Malta Financial Services Authority (MFSA) has also licensed blockchain-based sports and entertainment platform Socios.com

▪️Tether's USDT market cap dropped $2 billion under MiCA, raising concerns though analysts claims USDT will be unfazed by EU setbacks.

@ Newshounds News™

Read more:  Be In Crypto

  ~~~~~~~~~

STABLECOIN SKEPTIC MICHAEL BARR STEPS DOWN AS FEDERAL RESERVE'S VICE CHAIR FOR SUPERVISION AHEAD OF TRUMP INAUGURATION

The Federal Reserve Board has announced that Michael S. Barr is resigning from his position as Vice Chair for Supervision.

In a statement, Barr said he didn’t want a potential dispute over the position in the near future to distract from the Fed’s “mission.”

“The position of vice chair for supervision was created after the Global Financial Crisis to create greater responsibility, transparency, and accountability for the Federal Reserve’s supervision and regulation of the financial system.

The risk of a dispute over the position could be a distraction from our mission. In the current environment, I’ve determined that I would be more effective in serving the American people from my role as governor.”

Barr’s resignation comes less than two weeks before pro-crypto President-elect Donald Trump’s inauguration.

In 2023 during a speech at the Peterson Institute for International Economics, Washington, D.C., Barr warned about the “special risks associated with stablecoins,” advocating for stiffer regulations on the asset class.

Said Barr,

“Stablecoin issuers seek to have—but don’t—some of the same characteristics as federally insured bank deposits. Stablecoin issuers represent that their liabilities can be redeemed on demand at par, a dollar for a dollar. In fact, however, the assets backing the liability can fluctuate in value… The banks we regulate, in contrast, are well protected from bank runs through a robust array of supervisory requirements.

Consider the consequences if a stablecoin not subject to appropriate supervision and regulation were to be adopted as a widespread means of payment, which some stablecoin developers state as a goal. Stablecoins have the potential to scale quickly because of network effects.

An unregulated, unsupervised, deposit-like asset could create tremendous disruptions, not just for financial institutions but for people who might rely on the coin if it were to get wide adoption.

We must learn from the past to ensure that we do not allow for new forms of unregulated private money subject to classic forms of run risk, and with the associated spillovers and systemic implications for households, businesses, and the broader economy.”

@ Newshounds News™

Source:  Daily Hodyl

~~~~~~~~~

GEMINI AGREES TO PAY $5M CFTC FINE BEFORE DONALD TRUMP’S INAUGURATION

Gemini Trust Company reaches $5 million settlement with CFTC over Bitcoin futures case, choosing to resolve litigation before the upcoming Trump administration.

▪️The closure of the Gemini case is a huge welcome to the growth during the Trump administration.

▪️The Winklevoss brothers have been consistent in the web3 space for more than 10 years, thus growing a too-tier crypto exchange.

Gemini Trust Company, a New York-based cryptocurrency exchange founded in 2014 by the Winklevoss brothers, has agreed to pay a penalty of $5 million to the United States Commodity Futures Trading Commission (CFTC) to end a long-standing litigation.

The Winklevoss brothers agreed to pay the fine in a joint court hearing on Monday to avoid a trial set to coincide with the inauguration of pro-crypto US President-elect Donald Trump.

Gemini settled the case with the US CFTC without admitting or denying any liability in the case.

In June 2022, the US CFTC filed a complaint in the US District Court for the Southern District of New York against Gemini for issuing misleading statements of material facts regarding the Bitcoin futures product.

According to the US CFTC, Gemini failed to show how it would prevent Bitcoin price manipulation to ensure fair competition for all customers in its BTC Futures Product. However, the Gemini cryptocurrency exchange has opted to end the case ahead of the expected trial on January 21, which would have kickstarted after the much-anticipated inauguration of President-elect Donald Trump.

Furthermore, Gemini cryptocurrency exchange, among other web3 companies, is banking on the upcoming Trump administration to set clearer and better crypto regulations.

Possibly, most of the crypto companies are betting on the new leaders of the US SEC chair and CFTC to drop crypto-related cases, which were orchestrated by the Biden administration.

@ Newshounds News™

Read more:  CoinSpeaker

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 1-6-25

Good Afternoon Dinar Recaps,

BRICS BRAZIL:  BRAZIL TAKES OVER THE BRICS PRESIDENCY IN 2025

Country takes the helm of the Global South political and economic cooperation forum,

Starting  January 1, 2025, Brazil officially takes the helm of BRICS, the prominent forum for political and economic cooperation among nations of the Global South.

The presidency marks a pivotal moment for the country as it seeks to advance a vision of more sustainable and inclusive global governance, foster deeper economic ties, and mobilize financing to combat climate change.

BRICS, an acronym representing Brazil, Russia, India, China, and South Africa, has recently expanded its membership to include Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, and Iran. This enlargement solidifies the group as a central platform for collaboration among developing nations,

Brazil has outlined an ambitious agenda under the theme “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.” Its presidency will prioritize two main areas: advancing Global South cooperation and reforming global governance structures.

These themes translate into five key priorities:

1. Facilitating Trade and Investment: Promoting economic integration through the development of efficient payment systems.

2. Regulating Artificial Intelligence: Encouraging inclusive and responsible AI governance for development purposes.

3. Addressing Climate Change: Enhancing financing mechanisms to support global efforts, in coordination with the COP30 climate summit.

4. Public Health Collaboration: Strengthening cooperation projects among member countries, focusing on improving public health systems.

5. Institutional Development: Bolstering the internal frameworks of BRICS to ensure effective governance and decision-making.

“If you want to build a better world, a sustainable world, BRICS has to be part of this construction. And it’s important to have an understanding among these countries, because this understanding helps achieve broader agreements [with other nations],” stated Ambassador Eduardo Saboia, Brazil’s BRICS sherpa, in an interview with Agência Brasil.

GLOBAL SOUTH COLLABORATION - The forum’s objectives extend beyond its immediate membership, aiming to enhance economic, political, and social cooperation while increasing the influence of Global South nations in international governance. 

Ambassador Saboia highlighted the importance of mutual understanding among BRICS members, noting that the group’s diversity is a strength. “These countries, with their distinct political systems and unique challenges, come together annually, fostering solutions that benefit their populations,” he emphasized.

EXTENSIVE AGENDA - As the host nation, Brazil will oversee the organization and coordination of more than 100 meetings, starting in February and continuing through July in the capital, Brasília.

These gatherings will bring together officials, policymakers, and experts to deliberate on the presidency’s priorities. 

The discussions will culminate in the BRICS Summit, scheduled tentatively for July in Rio de Janeiro, where heads of state and government will chart the bloc’s future course. Brazil’s mandate will run until December 31, 2025.

ROTATIONAL LEADERSHIP - The BRICS presidency rotates among member states in the order of the acronym, but with the inclusion of new members, the bloc is expected to revisit its rotational formula. The changes reflect BRICS’ evolving dynamics as it continues to adapt to the shifting geopolitical landscape.

@ Newshounds News™

Source:  Brazil Gov

~~~~~~~~~

BRICS NEWS: INDONESIA OFFICIALLY JOINS AS FULL MEMBER

In a move that showcases a further expansion of the economic alliance, the BRICS bloc has welcomed Indonesia as a full member. Indeed, Brazil announced that the country would be joining the collective, according to a Reuters report.

Moreover, the move takes place as the South American nations commences its opportunity to take over the groups rotating presidency for 2025.

Brazil has stated that Indonesia has been accepted after its application bid was accepted during the group’s 2023 annual summit. The Asian nation has requested its acceptance be halted amid presidential elections last year, where Prabowo Subianto was officially elected. Now, Indonesia has become the 10th member of the growing economic group.

Indonesia Officially Joins BRICS as Full Member Ahead of Crucial 2025

Over the last two years, the BRICS economic alliance has emerged as a key global economic and geopolitical presence. The group was formed through the promising potential of Brazil, Russia, India, China, and South Africa more than two decades ago. Yet, it was not until recently that it embraced its status and sought to increase its position on the world’s stage.

Another key part of that pursuit has taken place today. Indeed, the BRICS bloc has reportedly welcomed Indonesia as a full member of the growing economic alliance. The country is set to join the group after being approved for entry in 2023. Moreover, it has long sought to be included in the growth prospects being derived by the global south.

“Indonesia shares with the other members of the group support for the reform of global governance institutions and contributes positively to the deepening cooperation of the global south,” 2025 BRICS President Brazil said in a statement.

The country is joining the bloc on the precipice of an immensely important year. US President-elect Donald Trump has not been shy of its issue with the group. Earlier this year, he warned of the imposition of 100% tariffs on nations seeking to ditch the US dollar.

He specifically targeted BRICS, noting the development of their own alternative currency. Whether or not those plans will continue remains to be seen. The bloc appears to be facing increased dissension from the United States’ shift this year.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

RIPPLE ADVOCATE DEATON STRESSES IMPORTANCE OF REGULATORY CLARITY FOR RIPPLE IN US

The CryptoLaw founder and major Ripple advocate John Deaton has shared his reflections on the Ripple CEO’s recent statement about Ripple rapidly expanding in the U.S. since early November, offering a universal solution for Ripple and other crypto companies’ growth in the U.S.

American crypto business suffers from lack of regulatory clarity: Deaton

In his tweet, John Deaton quoted Ripple chief executive Brad Garlinghouse, who said that since a pro-crypto president-elect won in early November, over the last six weeks of 2024, Ripple has signed more deals in the U.S. than during the previous half-year.

Deaton underscored that it is “impossible to estimate damage” suffered by Ripple and other cryptocurrency businesses headquartered in the U.S. due to the lack of regulatory clarity for the crypto industry. 

The Ripple advocate admitted that he has encountered many crypto businesses whose teams would say that they prefer to avoid the U.S. market and not to offer anything to U.S.-based investors.

Simple solution to many of these problems, per Deaton

The CryptoLaw founder reminded the community about the “gross government overreach and selective enforcement” that Ripple had to struggle with in court for approximately four years, defending itself against the SEC and its chairman, Gary Gensler, who is to step down from his position at the end of January.

Ripple scored two big victories, in July 2023 and then in late 2024, as it proved that XRP was not a security (on the secondary markets) and reduced the $2 billion fine demanded by the SEC down to $125 million. Deaton stressed that, aside from the issue of regulatory clarity, the cryptocurrency space also suffers from excessive regulations that “continue to stifle innovation” within the country.

The only solution to many of the issues mentioned by Deaton is the elimination of bureaucracy — of the red tape that rules in the U.S. He offered the situation with the housing shortage crisis in the country as an example, and the necessity to wait for “two years to pull necessary permits.”

Ripple advocate Deaton hopes that the new president's administration will make that happen and solve the problem at least partly — and not only for the crypto industry, causing a “ripple effect. Hopefully, we will see a Ripple effect (pun intended) throughout industries, caused by the excitement of a new administration.”

@ Newshounds News™

Source:  U Today 

  ~~~~~~~~~

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Q & A Classroom Link  

Follow the Roadmap

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Iraq Economic News and Points to Ponder Monday AM 1-6-25

Economist: The Government’s Measures Did Not Close The Gap Between The Official And Parallel Price Of The Dollar

 January 5 10:55  Information / Baghdad...Economic affairs researcher Diaa Abdel Karim said that  government measures regarding government and private banks and issuing decisions about exchange companies were unable to close the gap between the official and parallel dollar exchange rates.  Abdul Karim told Al-Maalouma,

 “The parallel exchange rate for the dollar is approximately 20,000 Iraqi dinars higher than the official one, as  it is a big difference with the official selling price at the Central Bank outlets, and it requires the government to intervene to take further measures to eliminate this difference.”".

He added,  "There is an urgent need to take measures that would stop any transactions in dollars at home, including ending transactions in dollars regarding the buying and selling of cars in trade showrooms, where citizens resort to buying dollars from banking outlets in order to go to official or private showrooms to buy a car." He stated,

“The government can open a window and allocate it to sell dollars for the purpose of buying a car,

 or

 impose strict control and force official exhibitions not to deal in dollars, in order to limit foreign currency to foreign transfers, travel, and imports, and

 the dollar is sold in official outlets only, in order to end the difference between the official and parallel prices.”. End25n  

  https://almaalomah.me/news/87261/economy/اقتصادي:-اجراءات-الحكومة-لم-تغلق-الفجوة-بين-السعر-الرسمي-وال

Expert: Jordanian And Gulf Banks Control The Iraqi Banking Sector And Push It Toward Collapse
 
    January 4 18:35
Information / private..
 
Economic expert Mustafa Akram Hantoush confirmed today, Saturday, that the
 
banking system is going through a major crisis, noting that
 
Gulf and Jordanian banks have now controlled the monetary and dollar sector inside Iraq.
 
Hantoush said in a statement to the Maalouma Agency,
 
"The Iraqi banking system is almost non-existent at the present time, as four or five Gulf and Jordanian banks control the movement of funds." He added,
 
"Four Jordanian banks submitted applications to enter the Iraqi market, and two of them succeeded in operating, while two others, Al-Ittihad and Housing, are still under study." He explained,
 
"This situation strengthens the dominance of these banks over the dollar, while local banks are facing major challenges, as some of them remain in the market, while others are forced to search for agreements with Jordanian and Gulf banks in order to continue working," adding,

"Whoever does not succeed... In reaching agreements with these banks, he will move towards merging or exiting the market.” He pointed out that
 
"the banking system was previously suffering from weakness in its structure, and
 
today it is in a state of complete collapse," stressing that
 
"it has become very difficult to obtain loans in Iraq easily, and
 
whoever succeeds in this needs relationships and mediation, which reflects the situation in Iraq."
 
"Stagnation and paralysis in the Iraqi banking system."
 
It is noteworthy that the United States imposed sanctions on 34 Iraqi banks in an attempt to restrict the Iraqi economy, which opens the way for five Jordanian and Gulf banks to enter the Iraqi market, with the aim of completely controlling the economy amid the silence of the Iraqi government. 25 d finished    
  
https://almaalomah.me/news/87219/economy/خبير:-المصارف-الأردنية-والخليجية-تسيطر-على-القطاع-المصرفي-ال

Continuing The Iraqi Currency Auction: Enhancing External Balances And Banks’ Interest In Cash Carriers
 
January 5, 2025 Last updated: January 5, 2025
 
Independent/- The Central Bank of Iraq began the beginning of 2025 by continuing its monetary policy through the foreign currency auction, as
 
it organized an auction on Sunday, January 5, 2025, in a new step towards enhancing external balances of hard currency,
 
which reflects the continuity of the bank’s strategies in
 
     supporting exchange rate stability and
     ensuring Liquidity required in the markets. 

Auction details and exchange rates
 
In this context, the Central Bank of Iraq sold in its last auction an amount of 297 million 78 thousand and 208 dollars, at different exchange rates depending on the type of transactions.
 
A base exchange rate of 1,310 dinars per dollar was set for documentary credits and international settlements for electronic cards, while a price of 1,310 dinars per dollar was set for external transfers, while the cash sale price was 1,305 dinars per dollar.
 
Sales Distribution: Boost balances for cash withdrawals
 
The data showed that
 
most of the dollar sales at the auction went to strengthen balances abroad, as foreign remittances amounted to 279 million 828 thousand and 208 dollars, equivalent to about 93.91% of the total sales.
 
As for cash withdrawals, they did not exceed 17 million and 250 thousand dollars, which highlights the greater trend towards enhancing balances outside Iraq.
 
Number of participating banks and companies
 
The sales were distributed among a number of banks and exchange companies participating in the auction. The 
 
     number of banks that purchased cash dollars reached one bank, while the
 
     number of banks that requested an increase in external balances reached 9 banks.
 
19 exchange companies also participated in the auction,
 
which reflects the diversity of participants in the dollar sale process and increases the flexibility of the auction organization mechanism.
 
Strategic objective of the auction
 
The currency auction is considered one of the effective tools used by the Central Bank of Iraq to achieve several main goals, including:
 
1. Exchange rate stability: By controlling the supplied quantities of dollars, the central bank works to limit fluctuations in the exchange rate of the Iraqi dinar against the US dollar, which enhances economic stability.

2. Meeting the needs of the local market: By providing hard currency to importing companies, the bank contributes to ensuring the continuity of the flow of goods and products to the local market.
 
3. Strengthening external reserves: Strengthening balances abroad through external remittances is part of ongoing efforts to maintain the stability of the financial system and meet import and international trade needs.
 
Challenges and criticisms
 
Despite the significant economic goals that the central bank seeks to achieve through currency auctions, these operations are not without some challenges.
 
The most prominent of these challenges are:
 
•Depletion of cash reserves: Concerns are growing that the expansion of selling the dollar may lead to a reduction in the country’s cash reserves, threatening financial stability in the long term.
 
• The possibility of corruption and money laundering: Questions are raised from time to time about how some companies or banks exploit the currency auction to smuggle or launder money, which requires intensifying oversight and scrutiny of buying and selling operations.
 
Future actions and directions
 
To reduce concerns related to these challenges, the central bank seeks to enhance transparency in auction processes.
 
These steps include
 
     publishing auction details periodically, and
     implementing advanced control systems to ensure the integrity of transactions.
 
In addition, the bank seeks to diversify the monetary tools used to achieve monetary policy objectives without harming the national economy.
 
Conclusion
 
The currency auction organized by the Central Bank of Iraq remains a key tool in implementing the country's monetary policies.
 
Despite the challenges and fears that accompany it,
the Central Bank continues to organize auctions to
 
     stabilize the exchange rate,
     meet the needs of the local market, and
     enhance balances abroad.
 
While pursuing ongoing reforms and enhancing transparency, this auction remains an essential part of Iraq's efforts to achieve sustainable economic stability.  
  
https://mustaqila.com/مواصلة-مزاد-العملة-العراقية-تعزيز-الأ/    

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

Seeds of Wisdom RV and Economic Updates Monday Morning 1-6-25

Good Morning Dinar Recaps,

RIPPLE SEC CASE: EX-SEC LAWYER AFFIRMS SETTLEMENT IN XRP LAWSUIT

Ripple SEC Case: Ex-SEC lawyer Marc Fagel claims settlement is likely in XRP lawsuit as Trump admin and Paul Atkins may decide not to pursue the appeal.

▪️Former SEC enforcement lawyer Marc Fagel says Ripple SEC case will see a settlement.

▪️He explained that settlement is require due to penalty on hold pending appeal.

▪️Lawyer Jeremy Hogan has predicted an April or May timeline for XRP lawsuit end.

▪️Ripple and XRP will get required boost under the Trump admin and incoming SEC Chair Paul Atkins.

The Ripple SEC case is in debate again as the deadline for the U.S. Securities and Exchange Commission (SEC) to file its initial brief approaches. 

A former US SEC lawyer said the parties will likely settle as ruled earlier by Judge Analisa Torres. The incoming Donald Trump administration and SEC Chair Paul Atkins may decide to not pursue the appeal in XRP lawsuit.

Ex-SEC Lawyer Says Settlement in Ripple SEC Case Most Likely

Marc Fagel, a former SEC enforcement attorney, on January 6 posts explained to the crypto community that the government agency didn’t lose, but won in part and lost in part. This requires a settlement between parties as both Ripple and SEC appealed the part they lost.

“Because both parties appealed the part of the case they lost. So the penalty is on hold pending appeal,” he added. The court ordered Ripple to pay $125 million in penalty for $700 million in unregistered securities sales to institutional investors.

Marc Fagel asserts the odds of new SEC administration deciding not to pursue the appeal is higher, which will make parties settle Ripple SEC case on what the court ruled. However, he affirmed that the SEC under Gary Gensler will file appeal by January 15.

Pro-XRP Lawyer Expect May End Timeline for XRP Lawsuit

As reported first by CoinGape Media, lawyer Jeremy Hogan has predicted an April or May timeline for the end of the Ripple SEC case. He added that the decision may not come before that as it takes a lot of time to get reports, memos, requisite SEC meetings and others.

Today, he again commented that Paul Atkins will definitely drop the appeal and settle with Ripple to end XRP lawsuit in 2025.

What’s Next Under Paul Atkins?

Experts and the crypto community believe the end of Ripple SEC case will boost the odds for XRP ETF approval. This may also trigger a rally in XRP price.

CEO Brad Garlinghouse in a post on Sunday criticized the SEC under Gary Gensler saying the actions “froze our business opportunities here at home for years.” He highlights that 75% of Ripple’s open job roles are now US-based and the company has signed new deals in the U.S. in the last six weeks.

“Team Trump is already jumpstarting innovation and job growth in the US with Scott Bessent, David Sacks, Paul Atkins and others at the helm, and they aren’t even in office yet! Say what you want, but the “Trump effect” is already making crypto great again.”

Meanwhile, analysts expect XRP price to see another rally to double-digit figures, similar to a 400% rally after Trump’s re-election.

In short-term, XRP price to consolidate at the current range for weeks and then rally towards a new all-time high, as per analyst CrediBULL Crypto. “Currently trading at around where I closed my last long. We’ve taken some liquidity above us into local supply. Currently eye-ing up the orange zone for another potential long trade,” he predicted.

@ Newshounds News™

Source:  CoinGape

~~~~~~~~~

PRO-CRYPTO LAWYER JOHN DEATON OFFERS TO PROBE OPERATION CHOKEPOINT 2.0

Not investigating Operation Chokepoint 2.0 would create a dangerous precedent where regulatory bodies can suppress whoever they disfavor, Deaton stressed.

Former United States prosecutor and crypto advocate John Deaton has offered the incoming Trump administration to lead a probe into Operation Chokepoint 2.0 — an unconfirmed initiative that allegedly attempted to cut crypto companies from the traditional banking system.

“If these actions go unchallenged, it creates a dangerous precedent where regulatory bodies can quietly suppress entire industries they disfavor, stifling innovation, competition, and economic opportunity,” Deaton said in a Jan. 4 X post addressed to incoming United States President Donald Trump, Vice President JD Vance and Department of Government Efficiency leaders Elon Musk and Vivek Ramaswamy.

“This isn’t just a fight for crypto, it’s a fight against the erosion of institutional integrity and the unchecked power of unelected bureaucrats,” Deaton said in the X post, which was also addressed to Secretary of Commerce Howard Lutnik and David Sacks, who will lead Trump’s AI and crypto “czar.”

Deaton, well-known for his efforts in Ripple’s legal battle with the Securities and Exchange Commission, said he would even “accept the task without salary.”

“The American people deserve the truth a hell of a lot more than I or anyone else needs another taxpayer funded paycheck.”

His offer followed a court order allowing crypto exchange Coinbase to obtain unredacted files from the Federal Deposit Insurance Corporation to investigate their role in the unconfirmed Operation Chokepoint. 2.0 regime.

“They show a coordinated effort to stop a wide variety of crypto activity — everything from basic BTC transactions to more complex offerings,” Coinbase’s chief legal officer Paul Grewal explained after reviewing the filings.

The alleged “architect” of Operation Chokepoint 2.0, Martin Gruenberg, resigned as the FDIC Chair in November.

The regime refers to a rumored and unconfirmed US government initiative to pressure banks into refusing or limiting services to crypto firms, which possibly caused crypto exchanges like Binance to be without a local banking partner after Silvergate and Signature Bank both collapsed in March 2023.

Deaton’s new endeavor comes after he lost a Massachusetts Senate seat to Democrat Senator Elizabeth Warren in the US election on Nov. 5.

The landslide victory in Warren’s favor came before two heated senate debates where Deaton called out Warren for building an “anti-crypto army” instead of prioritizing issues impacting the lower and middle class in the state.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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“Tidbits From TNT” Monday Morning 1-6-2024

TNT:

Tishwash:  Iraq and America discuss activating the strategic framework agreement

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed with the Chargé d'Affaires of the US Embassy in Iraq, Elizabeth Kennedy Trudeau, preparations for holding a meeting of the Iraqi-US Joint Committee to activate the Strategic Framework Agreement.

 Hussein said in a post on the (X) platform, "Yesterday, I met with Ms. Elizabeth Kennedy Trudeau, Chargé d'Affairs of the US Embassy in Iraq. We reviewed the developments in the region and the importance of continuing to coordinate positions, especially in confronting the terrorist organization ISIS."

He added, "We discussed preparations for holding a meeting of the joint Iraqi-American committee to activate the strategic framework agreement for friendship and cooperation between the two countries link

Tishwash:  The Iraqi dollar and the first day “passed peacefully”.. The Central Bank is innocent and devoted to the dinar

Quick review by Mahmoud Dagher

 “The first day passed peacefully,” said Dr. Mahmoud Dagher, a prominent financial expert, commenting on the first day of official work after the New Year’s holiday and the start of implementing the decision to cancel the dollar selling platform for traders and companies, which had been controversial for 20 years.

Since Sunday morning, there has only been a slight increase in the dollar price. According to Dagher, who managed the operations of the Central Bank for many years, the platform’s function has changed from being a seller of dollars to Iraqi companies, to an intermediary between Iraqi banks and foreign correspondent banks (JP Morgan and Citibank)

Which will be responsible for auditing and approving the transfers, instead of the Central Bank of Iraq, which has cleared its responsibility in this way according to an understanding with international institutions and the US Federal Reserve, and is currently devoted to taking dinars from Iraqi traders and converting them into dollars to be transferred to foreign banks that have begun to organize Iraqi trade.

Dr. Mahmoud Dagher - Economic Expert:

Canceling the platform does not mean that the Central Bank is not converting dinars into dollars.

The Central Bank receives the dinar from the banks, which is the money of the customers (traders), and converts it into dollars and delivers it to the foreign correspondent banks. It will not undertake the auditing, but they will undertake that.

The currency selling window will remain, but its mission will not be to sell dollars but to convert dinars into dollars, and there was no problem in the market today, Sunday, although the dollar rose very slightly. link

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

Tishwash:  Economist: New steps by the Central Bank regarding dollar transactions

 Economic expert Safwan Qusay revealed today, Sunday, that there are new steps by the Central Bank to enhance transparency and global openness.

Qusay said in a statement to Al-Maalouma Agency that “the Central Bank of Iraq and the US Federal Reserve are moving towards authorizing Iraqi banks to contract with international auditing companies, instead of relying on the dollar selling platform alone, with the aim of auditing credits and transfers before they are implemented."

He explained that "this measure is in the interest of the Central Bank, as it contributes to avoiding the risks of money laundering cases and international sanctions," noting that "this step is a turning point that contributes to drawing a clear map for the work of Iraqi banks on the global stage, as they will deal with international correspondents and financial guarantees in addition to instant transfers, which enhances their position in global markets.”

He pointed out that "it is possible to rehabilitate banks that are currently facing restrictions, which will lead to achieving greater stability in the exchange rate," indicating that "the Central Bank attaches special importance in the next stage to increasing foreign currency reserves, which contributes to facilitating trade operations and supporting economic activity.” link

Mot: Did He Really Say That!!! ?????

Mot:  Only "'Opal""  

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 1-5-25

Good Afternoon Dinar Recaps,

RIPPLE GOES ON HIRING SPREE IN U.S.

Ripple CEO Brad Garlinghouse has revealed that 75% of the company's open job offers are in the U.S.  This is a stunning reversal compared to the previous years, during which the enterprise blockchain company conducted the majority of hiring abroad.  

As of now, Ripple has 31 job openings in San Francisco and New York, with most of them being within the engineering sector.

Garlinghouse claims that SEC Chair Gary Gensler "froze" its business opportunities at home for years.  On the cusp of the SEC lawsuit that was filed in December 2020, Ripple considered its global headquarters outside the U.S.

Ripple's Garlinghouse also claimed that 95% of the company's customers were not from the U.S. during an interview with CNN's Julia Chatterley.  However, it ultimately decided to stay in its home country despite regulatory hostility and legal issues.  In 2022, Garlinghouse said that the company was operating as if it had already lost by hiring more people outside of the U.S.  

Ripple executives have repeatedly criticized the SEC for harming the cryptocurrency industry.  In 2023, the Ripple boss revealed that the company was still doing a whopping 80% of its hiring outside the U.S.  However, now that Gensler has confirmed his departure, the company has started a hiring spree on its home turf.

@ Newshounds News™

Source:  U Today

~~~~~~~~~

BRICS NEWS:  BRICS: INDIA LIKELY DUMPING THE U.S. DOLLAR

BRICS member India is likely dumping the U.S. dollar in the forex markets to safeguard the rupee from falling, reported Reuters.

The Indian rupee reached an all-time low of 85.96 on January 1, 2025, as the U.S. dollar strengthened. The development ruffled a lot of feathers in the Indian markets as the imports and exports sector took a hit. The Reserve Bank of India (RBI) directed state-run banks to dump millions worth of U.S. dollars to protect the rupee.

On the direction of the RBI, state-run banks offloaded their U.S. dollar reserves to limit the damage to the rupee. The RBI is likely keeping a close tab on the development and is interfering in the currency markets.

This is not the first time that BRICS member India has sold the USD to save the rupee, it has been accused several times of dumping the U.S. dollar.

The RBI is “likely keeping a check on any sharp declines,” said a currency trader on the condition of anonymity. The state-run banks were spotted offloading the U.S. dollar on behalf of the RBI. BRICS country India fears that a declining rupee will lead to inflation in the country that stems out of the imports and exports sector. 

Therefore, the rise of the U.S. dollar is worrisome as it could wreak havoc on the Indian economy.

BRICS: U.S. Dollar vs Indian Rupee

The Indian rupee is hanging on a thread against the U.S. dollar and the BRICS member now remains under pressure. Trump’s re-election ignited a rally for the USD making it touch a high of 109.08 in the DXY index.

“The U.S. dollar in the New Year is basically carrying from where it left in 2024. It looks like this dollar rally will not relent till at least the Trump inauguration,” said a currency trader at a bank to Business Insider. “I am a bit surprised that we did not see a bigger pop (on dollar/rupee)” considering the dollar’s up move, he said.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

WHY PROPERTY TAX IS ILLEGAL

“I sincerely believe that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale” - Thomas Jefferson, 1816

“They who can give up essential Liberty to obtain a little temporary Safety, deserve neither Liberty nor Safety” - Benjamin Franklin

@ Newshounds News™

Read the Story Here:  ZeroHedge

~~~~~~~~~

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

KTFA Members “Auctions or No Auctions?” and more 1-5-2024

KTFA:

Kimberly:  Imo question so confused have the cbi auctions stopped? Or is the cbi running on a different system? Not understanding what is going on

Harlequin3:  IMO- Yes, the auctions have stopped. There is a currency window (the auctions) that was started in 2003. That window is closed. In those auctions the CBI directly sold dollars for dinars to the local banks INSIDE Iraq only -- basically, they traded money back and forth to each other, and that is how the CBI controlled the rate (what is called a programmed rate.)

The ForEx we watch only reflects those internal auctions because the dinar is not internationally tradable. This is what makes the ForEx curve look like castle walls, up, sideways, down, up, sideways, down, instead of a floating line like a heartbeat.

Harlequin3 cont……..The problem is, this is how the Iranian-backed banks would get USD and launder it through their fronts (money exchangers on the street) and it would get funneled into Iran. These auctions were supposed to only be a temporary thing for a couple years, but the crooks enjoyed skimming and laundering the dollars.

 In 2023, America said enough's enough. On Dec 30 the official announcement came to stop these currency auctions, on Dec 31 the final auction stopped. Now in Jan 2024, these metamorphosized (Frank's term) from out and out cash sales -- here's a dollar on the table for sale for real IQD on the table -- and switched to mostly an electronic platform (that's Saleh's 95% thing)

On Jan 1, the auctions stopped and became foreign reinforcements -- the CBI has nothing to do with this other than monitor and approve the transactions (with the UST, Ernst & Young, and K2 auditing the transaction BEFORE it happens, and ensures it goes where it's supposed to go -- not Iran -- and when it arrives.)

The CBI is NOT selling money to the banks anymore -- the banks MUST go get their money from OTHER banks outside the country (currency swaps, which is the essence of ForEx.)

So Bank A in Iraq is connected to Bank B in England, let's say, and they need foreign currency to cover their deposits, they request XYZ euros from Bank B -- for XYZ dinar at 1310 -- the money is ELECTRONICALLY wired back and forth.

There is a basket of currencies the banks can choose from: Euros, Yuan, Dirhams, Rubles, Jordanian Dinar, etc., etc. All the CBI is doing is watching this now, making sure it's legit.

On Jan 2, notice 7 banks in Iraq said, hey we need foreign currency! And 283m dinars' worth of that foreign currency electronically changed hands. No auction. This is how all banks all over the world operate. International standards.

It's audited on both ends, the request, and the completion. Today's exchange, had 279m dinar in the exact same fashion -- EXCEPT USD ARE allowed to be purchased (not in auction from CBI but from their international counterparts) from 5 (I think it's upped to 7 now) banks currently -- this dollar cash is permitted in Iraq for 3 purposes only: travelers request USD because they are traveling to the USA. They can't physically have the dollars until they've gone through airport security with their ticket, and they pick it up as they board the plane.

Second, the GOI IS allowed to use dollars for financing government approved projects -- audited by E&Y. (Building a bridge with an American company that requires American dollars, something like that.)

Or third, major medical procedures for citizens that require dollars -- that money is audited as it goes to the hospital for the procedure only.

Those are the only three legal uses for the dollar in Iraq. (Parliament wants a fourth for buying cars, so far Sudani says no, because that would be easy to launder.)

 This is effectively drying up dollars on the streets -- Parliament (who skims it) says, whoa, that will raise the demand for the dollar in the black market and the exchange rate will skyrocket -- Saleh/Alaq say no, this is a temporary inflationary bubble that is NOT real -- there IS no black market, you are pirates operating illegally with illegal currency -- there is only ONE currency in Iraq, the dinar, and it has an official rate of 1320 -- anything other than this is against the law.

Saleh says "this bubble" will burst -- which is why we're hoping to see a new rate by then, one higher than the dollar -- because then the citizens won't be looking for dollars illegally -- they'll have strong local national currency.

Without the auctions -- there is NOTHING manipulating and propping up the 1320 rate -- so.... what are they going to do? Raise the value.

 Eventually, the dinar will float in this basket, and ForEx will look like a heartbeat. But all that goes to say the auctions HAVE stopped. What you are seeing is "foreign currency reinforcements" not an auction -- the CBI has NOTHING to do with this money, it's between the two correspondent banks, and CBI is only auditing the transaction.

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

Clare:  Economist: New steps by the Central Bank regarding dollar transactions

1/5/2025

Information / Baghdad..

Economic expert Safwan Qusay revealed today, Sunday, that there are new steps by the Central Bank to enhance transparency and global openness.

Qusay said in a statement to Al-Maalouma Agency that “the Central Bank of Iraq and the US Federal Reserve are moving towards authorizing Iraqi banks to contract with international auditing companies, instead of relying on the dollar selling platform alone, with the aim of auditing credits and transfers before implementing them.”

He explained that "this measure is in the interest of the Central Bank, as it contributes to avoiding the risks of money laundering cases and international sanctions," noting that "this step is a turning point that contributes to drawing a clear map for the work of Iraqi banks on the global stage, as they will deal with international correspondents and financial guarantees in addition to instant transfers, which enhances their position in global markets.”

He pointed out that "it is possible to rehabilitate banks facing current restrictions, which will lead to greater stability in the exchange rate," indicating that "the Central Bank attaches special importance in the next stage to increasing foreign currency reserves, which contributes to facilitating trade operations and supporting economic activity.”  LINK

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

Clare:  Al-Sudani: The Development Road Project will enhance Iraq's power in the region

1/5/2025   Baghdad

Prime Minister Mohammed Shia al-Sudani confirmed today, Sunday, that the development road project will enhance Iraq's strength in the region, politically and economically.

During his reception of the Director of the Iraqi Institute for Dialogue, Abbas Radhi Al-Amiri, according to a statement from his office received by "Al-Eqtisad News", Al-Sudani was briefed on the work of the organizing committee for the Seventh Baghdad International Dialogue, whose activities will start on February 22-23, 2025 under the slogan "The Path to Iraqi Development... Alliance of Interests and Geopolitical Stakes", noting that choosing this topic falls within the great Iraqi interest in the project, which gives the country a pivotal role in the regional system as an important point of communication between the East and the West.

According to the statement, Al-Sudani expressed his "sponsorship of this annual international gathering hosted by the capital, Baghdad, which hosts an elite group of the most important decision-makers in the region and the world."  LINK

Clare:  Retrospectively.. Details of an agreement between Baghdad and Erbil to resume the region’s oil exports revealed

1/4/2025  Special

The Parliamentary Oil and Energy Committee revealed, on Saturday, the details of an agreement between Baghdad and Erbil to resume exporting oil extracted from the fields of the Kurdistan Region of Iraq.

Committee member Nahro Mahmoud said in an interview with Al-Rabia, "There was an agreement between the government delegation in the federal government and the Kurdistan Regional Government of Iraq," indicating that "the main dispute was over the cost of extracting and transporting the oil produced in the region and then exporting it."

He added, "The agreement stipulates amending the three-year budget law and allocating $16 as a temporary cost until one of the international consulting companies in this field is hired and given a period of 60 days."  LINK

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

Clare:  Al-Sudani receives a "special" message from Trump: Syria, Iran and the factions

1/4/2025

An informed political source reported on Saturday that the Iraqi Prime Minister received a message from US President-elect Donald Trump.

The source told Shafaq News Agency that Al-Sudani received a message from Donald Trump through a special envoy on an unannounced visit, which included several axes.

The source pointed out that the most prominent axes are the necessity of containing and controlling weapons outside the framework of the state, stopping the activity of factions linked to Iran, in addition to Iraq not interfering in the Syrian file and supporting the formation of the new Syrian government.

Meanwhile, a government source told Shafaq News Agency that Iraq is working diligently to establish security in the region, and that the Prime Minister will present Iraq's vision in this regard during a visit to Iran.

On December 30, an informed source revealed that Prime Minister Mohammed Shia al-Sudani will begin a visit to Iran at the end of next week to discuss developments in the region.

The source told Shafaq News Agency that Al-Sudani will discuss several files with Iranian leaders, most notably the recent developments in Syria.

Al-Sudani had made several visits to countries in the region after the fall of Bashar al-Assad's regime, including Jordan and Saudi Arabia, where he discussed security issues with the leaders of these countries. Iraq also participated in the Aqaba Conference held in Jordan, with the participation of several countries, including the United States.

Iranian President Masoud Pezeshkian visited Iraq on September 11, and made a three-day tour that included Baghdad, Erbil, Sulaymaniyah, Najaf, Karbala and Basra.

On May 22, Al-Sudani also visited Tehran to participate in the funeral of Iranian President Ebrahim Raisi, who was killed in a plane crash.  LINK

Economist’s “News and Views” Sunday 1-5-2024

Nation-State Breakdown: Is This the End?

The Jay Martin Show:  1-3-2024

On this week's episode, Grant Williams dissects the economic and geopolitical challenges redefining 2025. The conversation examines Germany’s faltering economy, Europe’s growing instability, and the global ripple effects of Donald Trump’s return to power.

Topics include inflationary and deflationary pressures, the nation-state model’s decline, and strategies for investors to prepare for heightened risks.

0:54 - "Key Trends Shaping 2025"

12:10 - "How Has the Investment Landscape Shifted?"

20:28 - "Inflation vs. Deflation: What Wins?"

30:50 - "What’s Trump’s Trade War Strategy?"

38:18 - "Why Is Germany’s Economy Failing?"

42:00 - "Could the EU Survive Without Germany?"

48:12 - "Is the Nation-State Model Dying?"

52:17 - "How Do Energy Policies Impact Economics?"

56:30 - "Who Could Replace Germany in the EU?"

59:11 - "What’s Next for Europe’s Future?"

https://www.youtube.com/watch?v=bYSqV105B2U

What Will Shock Markets In 2025? Bank Of America's Joe Quinlan On Economic Surprises

David Lin: 

Joe Quinlan, Head of Market Strategy at Bank of America, discusses the outlook for markets, economic growth, and monetary policy for 2025.

0:00 - Intro

0:30 - Market froth

1:20 - S&P 500 outlook

4:00 - Tariffs and sectors

6:40 - Tariffs

7:20 - Monetary policy

 10:11 - Small caps vs. large caps

14:50 - Tech themes 2025

16:45 - Commodities

17:50 - Bond yields

21:10 - Asset allocation

24:18 - Dollar

25:30 - Books to read

https://www.youtube.com/watch?v=igEG7yG37-M

MARKETS A LOOK AHEAD: Something Big Is Happening... Is It Brilliance? Insanity? OR EVIL?

Greg Mannarino:  1-5-2024

https://www.youtube.com/watch?v=dFuqPntrCn4