The Best Strategy for Financial Freedom and Retiring Early

The Best Strategy for Financial Freedom and Retiring Early

Ghazal Ahmed  Fri, July 19, 2024 Insider Monkey 

This article takes a look at the best strategy for financial freedom and retiring early. Check out our complete list of 20 Strategies for Financial Freedom and Retire Early.

Here are the strategies for financial freedom and retiring early:

20. Run the numbers

According to T. Rowe Price, your likelihood of an early retirement starts with evaluating your current savings rate and spending levels. Using online retirement income calculators is a good start, allowing individuals to assess their likelihood of early retirement based on their current planning levels.

 By accounting for factors such as current levels of saving, life expectancy, and expected retirement age, retirement calculators allow individuals to make informed goals about investing, saving, and spending habits.

19. Clearly Define Your Financial Goals

Once an individual has assessed where they currently stand, it’s time for them to clearly define their financial goals. Start by setting specific, measurable, achievable, relevant, and time-bound (SMART) goals. For instance, “I want to retire early” is a vague goal.

 However, “I want to retire by the age of 50” is specific. SMART goals can help individuals formulate a targeted plan that includes timelines, money goals, and tangible benchmarks. The FIRE movement states that an individual needs to build up a net worth of 25 times their estimated annual expenses and spending to achieve financial independence.

18. Create a Detailed Plan

Creating a detailed plan outlining how one will go about achieving one’s goals will take them to the next step towards financial freedom and early retirement. From setting timelines to allocating resources, there is plenty to cover in this detailed plan.

Individuals should make sure to include a detailed budget that reduces unnecessary expenses and creates some savings after accounting for all necessary expenses. The FIRE movement prioritizes saving and investing 50 to 70% of income, if not more.

17. Financial Education

Financial education has a huge impact on the quality of retirement and the decisions that one makes towards it. Therefore, one strategy for financial freedom and early retirement is being financially literate.

According to data from the 2022 TIAA Institute P-Fin Index, retirees with high financial literacy were “more likely to plan and save for retirement” than those who were not. Having longevity knowledge is another prerequisite as appropriate decision-making related to retirement is contingent upon understanding how long a retirement can last.

16. Minimize Debt

Building up savings is important, but so is clearing off debt. This is because debt interests may far outstrip the interest on savings that you may earn. Charles Schwab recommends prioritizing debts instead of trying to pay them all at once. Credit card debts should be a first priority, with a primary focus on high-interest debt. One may make minimum payments on the rest, if possible.

Be careful of loan consolidation offers as many of them have upfront fees and hidden costs. Also, minimizing debt and saving for retirement can be done together. The way is to save enough in your retirement account to leverage the entire employer match, pay off high-interest debt, create emergency funds, and then save some more for retirement.

15. Pay Off Mortgage

To read more:

https://www.insidermonkey.com/blog/20-strategies-for-financial-freedom-and-retire-early-1324604/  

More News, Rumors and Opinions Saturday Afternoon 7-20-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Sat. 20 July 2024

Compiled Sat. 20 July 2024 12:01 am EST by Judy Byington,

Fri. 19 July 2024 on NESARA, The 17th Letter (JFK Jr.)

As the clock ticks down to this financial D-Day, one thing is clear – the world as we know it is about to change. The question is, are you ready to be a part of this revolution?

In a world where the truth is often stranger than fiction, a groundbreaking revelation stands on the brink of transforming our very existence. This is not just another story; this is the untold narrative of NESARA, a plan so monumental, it redefines the global financial and political landscape.

Imagine a world where financial abundance is not just a dream but a tangible reality. A world where every human being could be a millionaire in British pounds, free from the shackles of debt. This isn’t a fantasy; it’s a hidden truth, veiled from the public eye, but now, it’s time to pull back the curtain.

NESARA, a term that resonates with the promise of justice and equality, is set to revolutionize our planet’s resource distribution. This isn’t just about monetary reform; it’s a complete overhaul of the banking system, designed to extend its benevolent reach to every corner of the globe. The plan is so comprehensive, so all-encompassing, that no individual or organization, no matter how powerful, can halt its momentum.

The implications are staggering. Credit card debts, mortgages, and other financial burdens imposed by corrupt banking practices will be wiped clean. The oppressive yoke of income tax will be lifted, replaced by a fair, fixed tax on non-essential new items. This isn’t just a financial reset; it’s a liberation of the common man from the clutches of fiscal.

The financial landscape will be revolutionized with the introduction of a new U.S. Treasury rainbow currency backed by precious metals. The Federal Reserve System, a symbol of financial manipulation, will be dismantled. Personal financial privacy will be restored, and all legal professionals will be retrained in Constitutional Law.

NESARA’s vision is not just national but global. Aggressive U.S. military actions worldwide will cease, ushering in an era of unprecedented global peace. Every American citizen over 21 will receive $100,000 monthly for 11 years, but first, the claims of the Farmers will be addressed, including a $300,000 debt forgiveness for each farming family.

This is not just about America; similar reforms will ripple across the globe. Enormous funds will be allocated for humanitarian purposes. Suppressed technologies, such as free energy devices, pollution-cleaning equipment, and sonic healing machines, will be released for the benefit of all.

The term “NESARA” may have been shrouded in secrecy, unable to be used publicly to describe this global package of prosperity and humanitarian aid. But the time for secrecy is over.

~~~~~~~~~~~~~

Fri. 19 July, Ben Fulford: Pay attention in the near future. It’s very close: PROJECT ODIN=EBS

This will release the NESARA/GESARA funds and then we the people will begin to rebuild. This event is truly biblical.

Global Failure of Information Technology Outage: Because of a massive failure at CloudStrike a mass global outage has taken businesses, including banks, airlines, telecommunications companies, TV and radio broadcasters, and supermarkets, offline. Major US airlines have been grounded. Issues have been reported in Australia, India, the United States, and New Zealand. The outage seems to be affecting Windows PCs worldwide.

Fri. 19 July 2024 Wolverine: “This is it guys. This might the EBS we’ve been waiting for: https://www.news.com.au/technology/online/massive-outage-hits-companies-around-the-world/news-story/e02375a976a08b45e72e64040fe14362

Fri. 19 July 2024: BREAKING! EBS Alert! Global internet outage grounds flights; Banks: https://youtube.com/live/pqWmI_S1LsU?si=r7dXTTcvw7RmQPw6

European Bank Swift System Outage. https://www.pymnts.com/news/banking/2024/european-central-bank-swift-outage-affected-real-time-gross-settlement-system/

London Stock Exchange Suffersn Outages Amid Global Tech Issues

ISRAEL CENTRAL BANK SAYS CROWDSTRIKE ISSUE AFFECTING BANKS

A global outage is under way. The outage is also affecting multiple major institutions, with crowd-sourced website Downdetector listing outages for Foxtel, NAB, Bendigo Bank, Suncorp Bank, Commonwealth Bank, Me Bank and more. Computer systems have crashed, with machines continually restarting.

Read full post here:  https://dinarchronicles.com/2024/07/20/restored-republic-via-a-gcr-update-as-of-july-20-2024/

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Mnt Goat   ...This current Al-Sudani administration is now moving Iraq ahead, yes out of this past rut...It is right in our faces now...The train is racing down the track only to make the necessary stops along the way...It is a hard road for Iraq... There is work to be done...No more “guessing” or “hoping”. The reinstatement spigot is now wide open!  It is in our faces!...

Sandy Ingram   Question: "How is Iraq going to do business in the international market with such a low currency rate?"  This is why Iraq will need to increase the value of its currency.  Currency values... act as a silent force influencing a country's global competitiveness.  When a country's currency value is low it can impact it's ability to compete...Iraq's top trading partners are China, India, South Korea and on the sidelines Iran.  However things are about to change and fast.  The development road project places Iraq right in the middle of the global financial markets.  [We] have little doubt the Iraqi dinar will increase in value but we don't know when or how much.

Aggressive Sell-Off' Here; Did Japan Just 'Break' U.S. Financial System? | Michael Gayed

David Lin:  7-19-2024

Michael Gayed, Portfolio Manager of Tidal Financial Group, discusses the "suspected" Bank Of Japan intervention last week and the subsequent U.S. stock markets correction this week.

0:00 – Intro

 1:00 - Yen Carry Trade

7:34 - Small caps stocks

12:45 - Lumber/gold

14:16 - Non-tech sectors

18:55 - Bonds outlook

22:30 - Tariffs and inflation

 24:00 - Taxes and markets

25:44 - Debt maturing

 26:50 - Market outlook overview

https://www.youtube.com/watch?v=UEo3yKHOT4k

The BRICS are Changing the Landscape for Gold Investors

Peter Grandich: The BRICS are Changing the Landscape for Gold Investors

Palisades Gold Radio:  7-20-2024

Tom welcomes returning guest Peter Grandich from Peter Grandich and Company for a discussion on current economic risks and market trends.

Grandich expresses concern over the markets' failure to acknowledge major issues. He argues that gold markets show some recognition of these issues, while the stock market remains complacent.

With experience through three financial crises, Grandich warns that this situation is more severe due to political division and lack of meaningful solutions from Congress or the Fed.

He criticizes the Fed's role in exacerbating debt through money creation during the pandemic.

Peter discusses societal shifts towards consuming beyond means and their impact on happiness, the stock market, and the economy.

He traces these trends to the influence of television and the internet, which have convinced people that they need more money for happiness. They note that some of the happiest people have little or no wealth while some wealthy individuals are unhappy.

 He criticize politicians' approach to economics compared to household management, resulting in societal issues like increasing consumer debt and a culture of living beyond it's means.

Grandich discusses potential risks to the markets, including political instability leading up to the U.S. election and the impact on foreign investors divesting from American securities.

He emphasizes gold's importance as a store of value in the new economic structure and advocates for capital preservation due to perceived market overvaluation.

Grandich encourages individuals to build a "financial ark" through self-sufficiency, preparing for potential financial hardships, and diversifying portfolios with stocks, bonds, and gold. He also mentions the junior resource market as an area of potential undervaluation for companies searching for metals and base metals.

Time Stamp References:

0:00 – Introduction

 0:31 - Markets & Uncertainty

2:12 - Fixing Things & Politics

5:40 - Exponential Debt Crises

8:30 - Mass Media & Marketing

10:57 - Historic Comparisons

 13:55 - Fed Perception/Reality

 16:58 - Dot Plots & Fed Cuts

19:26 - Political Turmoil Risk

23:59 - BRICS Alliance & Gold

 28:20 - Building a Financial Ark

32:19 - Defining Bubbles

35:56 - Anti-Bubble Opportunities

 38:52 - Thoughts on Uranium

41:27 - Base Metals & Miners

46:35 - Crash Scenarios & Gold

49:20 - Wrap Up

https://www.youtube.com/watch?v=GVNhPKF05Vw

Weekend Chat With MarkZ 7-20-2024

Weekend News With MarkZ

MarkZ  Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

MZ”: We spend the first 45 minutes with the cbd gurus cutting up and answering questions, at around the 45 minutes mark we get into the news of the day.

Member: Good morning Mark Z and Mods. Glad to be here. What do you know today Mark?

MZ: well, on the bond side it seems to be Asian bonds are moving quicker than German bonds …but I hear they are making great progress. I still have a lot of contacts disappearing. There is a lot of pressure on the bond side not to share specifics.

Meber: if I signed an NDA that would take all my money if I talked…..I would be dead quiet as well…just saying….

MZ: I do have some redemption center/banking folks workng this weekend. I’m not certain why they had to work this weekend. But they are there.

MZ: Folks in Geneva and the WTO are dead quiet. If they are trying to keep the RV quiet like Kuwait-they may be trying to keep the WTO news quiet until they have taken some of us in…and announced things publically.

MZ: The HCL law seemed to be going well in Iraq and then suddenly all mention of it disappeared off the news. Along with WTO news that disappeared off the news this week. I think things are better than they appear on that front.

Member: Hey Mark what do you think about the power outages in the different parts of the US?

MZ: CrowdStrike: What else broke down? Elon Musk is said to have removed crowdstrike from any of their systems and anything Tesla and SpaceX related.

MZ: I know a lot of people who basically had a half day off yesterday- they couldn’t work.

MZ: “ Global IT outage grounds flights, disrupts banking and takes media off the air”  Many banks were shut down in Puerto rico…people could not get cash. Lines were 100 people deep. What happens if banks are closed more than one day….people may lose their minds.

MZ: This is a serious wake up call for people to be prepared and have some cash on hand. Maybe extra food and an extra gas can as well.

Member: Even the name “CrowdStrike” is a bit ominous.

MZ: As of noon est yesterday –more than 30,000 flights delayed worldwide.. My understanding is things are not cleaned up yet. With over 2,000 flight cancellations in the US. Mostly Delta, American Airlines and United.  This will cost the Airline industry billions

MZ: ATM’s And Social Security offices were closed. Courthouses were closed. Member: Outage caused supply chain issues for our laboratory in just 1/2 day. This is an epic, monumental hit to the economy.

Member: My military bank already put notice out that you have to go into a branch to withdraw, no online 'global' tansactions for this weekend... hmmmm

Member: Yesterday, I was supposed to have X-rays done and due to the Internet issue all systems were down. They then told me Monday they are going to a whole new system.

Member: I work for a certain unnamed but very large oil and gas/chemical company and we had very very many people that had blue screens and multiple network crashes…

Member: we went to the local tax office and they said they were down state wide

​​Member: I DO BELIEVE THIS IS OUR MONTH !!!

Member: FYI, Take this with a grain of salt, but Bruce’s Big Call did a special recording on Fri. on Telegram (he always does recordings on Tues./Thurs.) & said we are getting notifications today or Monday

Member: Have a great Sunday Funday!! Remember where you've been and where you are, and celebrate we are finally in sight of God's blessing!

Member: THANK YOU MODS! HAVE A GREAT WEEKEND!

Member: Have A Fantastic Weekend Everyone, See All Y'all Monday AM…unless

BREAKING NEWS: MarkZ's WEEKEND email address: Don't Write Me@NeverOnWEEKENDS.Com SERIOUSLY, MARK NEEDS A LITTLE BIT OF TIME FOR HIMSELF FOR REST AND REC. THANK YOU!!

THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY

FOLLOW MARKZ : TWITTER . https://twitter.com/originalmarkz?s=21. TRUTH SOCIAL . https://truthsocial.com/@theoriginalm...

Mod:  MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM

MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.

THANK YOU ALL FOR JOINING. HAVE A BLESSED WEEKEND! SEE YOU ALL MONDAY MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!

Youtube:     https://www.youtube.com/watch?v=MiwTr3586Xg

Iraq News Highlights and Points To Ponder Saturday AM 7-20-24

Why Were Iraq And Most Arab Countries Not Affected By The Technical Glitch That Hit The World?

Baghdad Today - Follow-up  A global technological outage has caused many sectors around the world to stop working, most notably airports and financial banks, today, Friday, (July 19, 2024), but the matter was different in Iraq and most Arab countries, as well as China and Russia .

In Iraq, the Civil Aviation Authority rushed this morning to clarify that “the country’s airports were not affected by the technical glitch in the global computing systems,” while the Cyber ​​Security Center at the National Security Advisory confirmed today that “Iraqi government institutions were not affected by the global electronic glitch .”

Kuwait, Lebanon, Morocco and Egypt announced that their countries were not affected by the global technical failure because they do not use Microsoft in their operations; they were not affected by the outage .

Questions were raised about the reason for the systems stopping in some countries while they did not stop in other countries, especially Iraq and other Arab countries, but by knowing the reason for the technical failure, the reason for that can be reached .

The Microsoft outage was linked to a new update from CrowdStrike, a cybersecurity software company, and caused disruptions across a range of sectors, with stock exchanges, airlines and banks the most affected .

Accordingly, and according to tracking data from technology companies, the outage only affected computers that use the CrowdStrike cybersecurity system on Microsoft systems, which means that computers running on Microsoft's system, and not using the CrowdStrike cybersecurity system, were not affected by the global glitch .  LINK

What Is The Benefit Of Iraq Joining The World Trade Organization? Al-Monitor Sheds Light On The "Secrets"

Money  and business  Economy News - Follow-up  Iraq announced the resumption of negotiations to join the World Trade Organization for the first time since 2008, a step that may benefit the Iraqi economy but will take a long time.

Al-Monitor reported in a report translated by "Al-Eqtisad News" that "the Iraqi negotiating teams began "preparatory meetings" at the headquarters of the World Trade Organization in Geneva, and the Iraqi delegation included officials from ministries in the federal government and the Kurdistan Regional Government, while another meeting will be held at an unspecified date to review Iraq's accession to the World Trade Organization."

The World Trade Organization is an intergovernmental organization that aims to promote international trade. It provides a platform for governments to negotiate trade rules and disputes among themselves. Member states make key decisions. The WTO has 164 members who say they are responsible for 98% of world trade.

Iraq first applied to join the WTO in 2004, the year after the U.S. invasion that toppled dictator Saddam Hussein. A “working group” was then set up, but there has been little progress since then. The group last met formally in 2008. An informal meeting was held in 2017, according to the WTO’s website.

The process has gained significant momentum recently. In January, a WTO delegation visited Baghdad “to mobilize political support for the resumption of Iraq’s WTO accession process.” The discussion focused on Iraq’s economic reforms and was led by Saqr bin Abdullah Al-Muqbil, Saudi Arabia’s ambassador to the WTO and chair of the Iraq Accession Working Group, the organization said in a statement at the time.

A basic requirement for WTO accession is consistent trade policies across the country, including tariff rates and customs procedures. Thus, differences in the tariff structure between the federal government and the Kurdistan Regional Government have been an obstacle to Iraq’s efforts to join the WTO.

The UN team for Iraq said in a statement that Iraq decided to unify the two customs systems in 2019, and the Federal Ministry of Finance finally approved the unified customs tariff framework in February of this year.

Joining the WTO could benefit Iraq. According to a report issued by the Council on Foreign Relations in April 2023, the WTO has been largely successful in expanding free trade.

The Council noted that the dollar value of international trade has quadrupled since the establishment of the World Trade Organization in 1995, and that average tariffs do not exceed 3%.

According to the Council on Foreign Relations, there are also negative aspects to the WTO.

The council noted in the report that "globalization and free trade have their drawbacks. These include the potential for economic inequality and job loss."

The WTO has been particularly criticized for its application of rules toward China.

“The WTO is also struggling to perform its third function – enforcing the rules – particularly with China. Since joining the WTO in 2001, China has violated global trade rules by providing extensive subsidies to its domestic industries and stealing technology and other intellectual property. China has faced few, if any, consequences for its actions,” the council said.

China has a growing presence in Iraq, and there have been significant Chinese investments in Iraqi oil and infrastructure in recent years.

The WTO says it has helped facilitate poverty alleviation in developing economies by promoting trade.

In September 2023, WTO Director-General Ngozi Okonjo-Iweala told the Center for Strategic and International Studies: “Over the past generation, market-oriented reforms in places like Eastern Europe, India, and China, together with the open global economy anchored in the GATT/WTO system, have boosted growth and trade and helped lift more than a billion people out of extreme poverty.”

GATT stands for General Agreement on Tariffs and Trade, the predecessor to the World Trade Organization.

Iraq's trade is dominated by oil. Crude oil accounted for 90% of Iraq's $123 billion in exports in 2022. Iraq imported $67.1 billion that year, with the main imports being refined petroleum, broadcasting equipment, and cars.

These figures gave Iraq a trade surplus of more than $50 billion in 2022, according to the Observatory of Economic Complexity.

Iraq may have a long wait before joining the WTO. East Timor joined in February after seven years of negotiations. Comoros joined at the same time — a process that took 17 years, Arabian Gulf Business Insight reported at the time.Views 63 07/20/2024 - https://economy-news.net/content.php?id=45390

Trade Participates In UNCTAD Meetings On Arab Countries' Accession To The World Trade Organization

Saturday 20 July 2024 11:07 | Economic Number of readings: 104

Baghdad / NINA / The Ministry of Trade announced today, Saturday, its participation in the technical meetings of the United Nations Conference on Trade and Development (UNCTAD) in Istanbul, regarding the accession of Arab countries to the World Trade Organization.

The ministry stated, in a statement, that it participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization.

The Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the Thirteenth Ministerial Conference of the World Trade Organization, the process of Arab countries' accession to the organization, and how Iraq can benefit from these experiences in its path to joining. The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed.

Al-Hashemi stressed: “Iraq’s participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward, and in an accelerated manner, towards achieving full accession to the World Trade Organization, as the knowledge exchange and experiences gained from these meetings will have a significant positive impact on improving Iraq’s negotiating capabilities and achieving its economic goals.”

The statement indicated: “This participation is part of the ongoing efforts made by the Ministry of Trade to strengthen Iraq’s international economic relations and take advantage of available opportunities to enhance economic and commercial development in the country.” https://ninanews.com/Website/News/Details?key=1142395

Iraqi Participation In UNCTAD Meetings On World Trade

Economy |  07/20/2024   Baghdad - Mawazine News  The Ministry of Trade announced today, Saturday, its participation in the technical meetings of the United Nations Conference on Trade and Development (UNCTAD) in Istanbul, regarding the accession of Arab countries to the World Trade Organization.

The ministry stated in a statement that it "participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization."

The Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the thirteenth ministerial conference of the World Trade Organization, the process of Arab countries' accession to the organization, and how Iraq can benefit from these experiences in its process of joining.

The statement added, "The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed."

Al-Hashemi stressed, according to the statement: “Iraq’s participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward, and in an accelerated manner, towards achieving full accession to the World Trade Organization, as the exchange of knowledge and experiences gained from these meetings will have a significant positive impact on improving Iraq’s negotiating capabilities and achieving its economic goals.”

The statement indicated: “This participation is part of the ongoing efforts made by the Ministry of Trade to strengthen Iraq’s international economic relations and take advantage of available opportunities to enhance economic and commercial development in the country.” https://www.mawazin.net/Details.aspx?jimare=251576

Iran Reveals How It Gets Dollars For Gas Exported To Iraq

Economy   2,424 views  Alsumaria News – Economy  The Iranian Agriculture and Natural Resources Committee revealed, today, Saturday, the mechanism by which Iran obtains dollars in exchange for gas exported to Iraq, despite the American sanctions.

Iranian parliamentary committee member Ali Akbar Alizadeh   told the newspaper "Ettelaat", followed by Sumaria News, that at the beginning of the 13th government (Raisi's government), gas exports to Iraq reached the lowest possible level, but with the redesign of energy trade, the relationship with Iraq developed, and a contract was signed to export gas to Iraq for 5 years.

He added, "In a settlement with Iraq, we also found a new way to clear with fuel oil, by replacing Iranian gas with Iraqi fuel oil," noting that "due to the activity of our private sector in selling fuel oil, we obtained a high income from foreign currencies, and in this way, we strengthened the clearing settlement system."  LINK

7 Biggest Ways You’re Wasting Money While Traveling

7 Biggest Ways You’re Wasting Money While Traveling

Andrew Lisa  Fri, July 19, 2024  GOBankingRates

Travel demand continues to soar, and naturally, prices have soared along with it.

If you have a vacation coming up, you should expect to spend more — but you should also strategize to spend less wherever you can. Knowing which purchases don’t deserve your dollars, pesos and euros is the best way to start.

Here are the most common budget-busting wastes of money to avoid when you travel.

Buying Pricey Gift Shop Trinkets

The easiest way to waste your money on any vacation is in the gift shop. Usually, the shot glass, coffee mug or indigenous mask you splurge on winds up collecting dust in a box soon after your return flight touches down.

 “Most tourist destinations have souvenir shops that charge significantly higher prices for their merchandise compared to the local markets that are outside the tourist hotspots,” said Kevin Mercier, founder of the travel blog Kevmrc.com. “Travelers often end up wasting their money by purchasing souvenirs like keychains, shirts, and magnets at these over-priced shops. I always compare prices at different shops before purchasing, which helps me make a more informed decision.”

Overspending on Hotels

As the COO of Exotic Voyages, a luxury travel company offering private and custom-made tours, James Thai knows it’s easy to save money on hotels and resorts no matter your budget or lifestyle. However, it’s also just as easy to overspend.

“One of the biggest money traps for travelers is splurging on accommodations,” said Thai. “While a comfortable stay is important, it doesn’t mean you have to break the bank. Avoid overpaying for hotels in prime locations or choosing luxury options when budget-friendly alternatives are available. Consider staying in guesthouses, hostels or vacation rentals, which often offer excellent value for money without compromising quality. Additionally, booking your accommodation well in advance or taking advantage of last-minute deals can help you secure affordable rates.”

Dining at Tourist Traps

When you eat at the crowded and trendy restaurants you see in hotel and train station brochures, overspending is always on the menu.

“Another common mistake is falling into the tourist trap of expensive and mediocre restaurants,” said Thai. “Instead of dining at heavily advertised tourist hotspots, explore local eateries and street food stalls where you can savor authentic cuisine at a fraction of the cost. Engage with locals or consult online resources to discover hidden gems that offer delicious food and an immersive cultural experience. Not only will you save money, but you’ll also embark on culinary adventures that create lasting memories.”

Paying Foreign Transaction Fees

Although overpriced souvenirs and tourist-trap restaurants are ill-advised purchases for tourists on a budget, at least they give you something to show for your dollars. But when you pay for the privilege of spending money, you might as well just throw your cash in the trash.

“One of the things people spend the most amount of money on unnecessarily are foreign transaction fees,” said Nicole Cueto, a certified travel advisor with Fora Travel who’s visited 41 countries and all seven continents. “When paying for something abroad with your credit card and prompted with the choice of whether to pay in the local currency or your home currency, always choose the local currency. You’ll get the best conversion rate. It might not seem like a big difference, but it adds up.”

T0 READ MORE:  https://www.yahoo.com/finance/news/7-biggest-ways-wasting-money-133021858.html

“Tidbits From TNT” Saturday Morning 7-20-2024

TNT:

Tishwash:  Trade participates in UNCTAD meetings on Arab countries’ accession to WTO

The Ministry of Trade announced, today, Saturday, its participation in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul.

The ministry stated in a statement received by the Iraqi News Agency (INA), that "it participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization."

The Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the 13th Ministerial Conference of the World Trade Organization, the process of Arab countries' accession to the organization, and how Iraq can benefit from these experiences in its path to joining, and the importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed."

Al-Hashemi stressed that "Iraq's participation in these technical meetings enhances the experience of the Iraqi negotiating team, and pushes it to move forward quickly towards achieving full accession to the World Trade Organization, as the exchange of knowledge and experiences gained from these meetings will have a significant positive impact on improving Iraq's negotiating capabilities and achieving its economic goals."

The statement indicated that "this participation is part of the ongoing efforts made by the Ministry of Trade to enhance Iraq's international economic relations, and to take advantage of the available opportunities to enhance economic and commercial development in the country."  link

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Tishwash:  What is the benefit of Iraq joining the World Trade Organization? Al-Monitor sheds light on the "secrets"

Iraq announced the resumption of negotiations to join the World Trade Organization for the first time since 2008, a step that may benefit the Iraqi economy but will take a long time.

Al-Monitor reported in a report translated by "Al-Eqtisad News" that "the Iraqi negotiating teams began "preparatory meetings" at the headquarters of the World Trade Organization in Geneva, and the Iraqi delegation included officials from ministries in the federal government and the Kurdistan Regional Government, while another meeting will be held at an unspecified date to review Iraq's accession to the World Trade Organization."

The World Trade Organization is an intergovernmental organization that aims to promote international trade. It provides a platform for governments to negotiate trade rules and disputes among themselves. Member states make key decisions. The WTO has 164 members who say they are responsible for 98% of world trade.

Iraq first applied to join the WTO in 2004, the year after the U.S. invasion that toppled dictator Saddam Hussein. A “working group” was then set up, but there has been little progress since then. The group last met formally in 2008. An informal meeting was held in 2017, according to the WTO’s website.

The process has gained significant momentum recently. In January, a WTO delegation visited Baghdad “to mobilize political support for the resumption of Iraq’s WTO accession process.” The discussion focused on Iraq’s economic reforms and was led by Saqr bin Abdullah Al-Muqbil, Saudi Arabia’s ambassador to the WTO and chair of the Iraq Accession Working Group, the organization said in a statement at the time.

A basic requirement for WTO accession is consistent trade policies across the country, including tariff rates and customs procedures. Thus, differences in the tariff structure between the federal government and the Kurdistan Regional Government have been an obstacle to Iraq’s efforts to join the WTO.

The UN team for Iraq said in a statement that Iraq decided to unify the two customs systems in 2019, and the Federal Ministry of Finance finally approved the unified customs tariff framework in February of this year.

Joining the WTO could benefit Iraq. According to a report issued by the Council on Foreign Relations in April 2023, the WTO has been largely successful in expanding free trade.

The Council noted that the dollar value of international trade has quadrupled since the establishment of the World Trade Organization in 1995, and that average tariffs do not exceed 3%.

According to the Council on Foreign Relations, there are also negative aspects to the WTO.

The council noted in the report that "globalization and free trade have their drawbacks. These include the potential for economic inequality and job loss."

The WTO has been particularly criticized for its application of rules toward China.

“The WTO is also struggling to perform its third function – enforcing the rules – particularly with China. Since joining the WTO in 2001, China has violated global trade rules by providing extensive subsidies to its domestic industries and stealing technology and other intellectual property. China has faced few, if any, consequences for its actions,” the council said.

China has a growing presence in Iraq, and there have been significant Chinese investments in Iraqi oil and infrastructure in recent years.

The WTO says it has helped facilitate poverty alleviation in developing economies by promoting trade.

In September 2023, WTO Director-General Ngozi Okonjo-Iweala told the Center for Strategic and International Studies: “Over the past generation, market-oriented reforms in places like Eastern Europe, India, and China, together with the open global economy anchored in the GATT/WTO system, have boosted growth and trade and helped lift more than a billion people out of extreme poverty.”

GATT stands for General Agreement on Tariffs and Trade, the predecessor to the World Trade Organization.

Iraq's trade is dominated by oil. Crude oil accounted for 90% of Iraq's $123 billion in exports in 2022. Iraq imported $67.1 billion that year, with the main imports being refined petroleum, broadcasting equipment, and cars.

These figures gave Iraq a trade surplus of more than $50 billion in 2022, according to the Observatory of Economic Complexity.

Iraq may have a long wait before joining the WTO. East Timor joined in February after seven years of negotiations. Comoros joined at the same time — a process that took 17 years, Arabian Gulf Business Insight reported at the time.  link

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Tishwash: Opening a group of factories and plants in the field of military industries in Iraq

Prime Minister Mohammed Shia Al-Sudani inaugurated today, Saturday, a group of factories and plants in the field of military industries.

The Prime Minister's Media Office stated in a statement received by "Al-Eqtisad News" that "Prime Minister Mohammed Shia Al-Sudani reviewed the executive work of the project to produce medium-range ammunition, oils and electric cars at the Military Industrialization Authority."

He added that "the Prime Minister inaugurated the distribution and power transformer rehabilitation and maintenance laboratory/first phase, the qualitative testing laboratories and the firing ranges for the light equipment production line in the Military Industrialization Authority's industrial complex."

He pointed out that "the Prime Minister launched the executive work on the capsule factory project for light ammunition, affiliated with the General Military Industries Company, and launched the executive work on the military and civilian boats production factory project in the industrial complex of the Military Industrialization Authority."

He added that "Al-Sudani inaugurated the iron alloys and colored metals factory at the General Military Industries Company."
Prime Minister Mohammed Shia Al-Sudani inaugurated today, Saturday, the factories for the production of light ammunition and mortar shells at the industrial complex of the Military Industrialization Authority.

This morning, the Prime Minister arrived at the industrial complex of the Military Industrialization Authority south of Baghdad to inaugurate a number of military production factories and rehabilitation laboratories.  link

Mot:  .. AHAH!!!! -- it was ---

Mot: . As Ya Become More and More Seasoned !!!!

News, Rumors and Opinions Saturday AM 7-20-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Sat. 20 July 2024

Compiled Sat. 20 July 2024 12:01 am EST by Judy Byington,

A Global Blackout was necessary for NESARA/GESARA to be entered: Major Alert! Rolling Blackouts Across the World Happening Right Now! Banks Are Shutting Down! All Flights Are Being Cancelled! The Stock Market Has Crashed! Mass Media Will Be Gone! The Internet Will Be Shut Off! A Global Cyber Outage is Affecting Airlines, Banks and Media From the US to Australia

Global Currency Reset: (“Rumors/Opinions )

Fri. 19 July 2024 Wolverine: New Dinar Rate published Sun. night. Tier4b notification Mon. 22 July.

The Pretorious Group has started in Brazil – about 7 to 8 leaders that have been paid.

We will be hearing about the global startup on Monday 22 July. It was going to be Saturday, but now it is set for Monday. There were no delays, going beautifully right now, just that it will be Monday.

Pentecostal Group is quiet as they have been told to stay quiet and send no audios. They started paying their leaders, but I do not know much as so much is under the radar and they are told to be quiet.

Private contractors are still getting paid. I have seen the documents and certificates. I saw one and there were so many zeroes I could not count them all. The majority of those monies go to humanitarian projects.

We have been told that this is the week we are waiting for, and I know we keep saying that and it is and it is absolutely stressful hearing the same each week, I do not like saying the same thing each week. Please have faith it is coming.

This audio came out a few hours ago: “Pastor, pastor, it is official the Global Blackout has been made, and at this moment all is paralyzed – Nesara and Gesara are now entered. Please see CNN now…” I do not watch CNN.

Reports received 18th of July which is encouraging: 25,000 Dubai 1 debts have begun to be paid. 12 trigger (p—) funds to be paid by today or tomorrow. 10 to 12 mega file sellers will receive contracts in the next few days, Dubai 2 buyers will receive funds in the coming days for their preselected and initial files.

The New Iraqi dinar Exchange rates will FINALLY be published directly on the Forex screens on Sunday evening 21 July 2024.

NOTE: As usual – Remember all these events are subject to normal setbacks, but there are many positive signs to support these claims. We will see.

In a conference this morning they confirmed the completion of the pilot test and its full payment before the end of this week. This pilot test is a requirement of the purchasing table to start the entire process which is scheduled for the end of next week.

Today they will send us instructions that include the payment process and inspection missive to the warehouses where the material is located.

So that is what is happening at the moment. I have absolute faith this is coming. Hopefully we will get notifications for the Tier4B group any day now. It will come when you least expect it. With the blackout and things coming from different channels.

I was on a zoom call with my group and they all said this is the end of the old system and now we will be seeing the new system coming through. We will wait and see. Remain in faith. This is definitely coming.

~~~~~~~~~~~~~~

Fri. 19 July 2024 MarkZ: “I have some Iraqi contacts telling me that things have wrapped up. They say we could see a new rate release as early as today.”

Global Financial Crisis:

Fri. 19 July 2024 Looks like it’s all happening Australian Market Falls on Wall Street: https://www.news.com.au/finance/markets/australian-markets/market-wrap-asx200-falls-on-wall-st-retreat-china-fears/news-story/f60f93eeb1c09e930a63085fca6f3580

Fri. 19 July 2024 BRICS Reveals How it Will End the US Dollar: https://watcher.guru/news/brics-reveal-how-the-u-s-dollar-will-end

Fri. 19 July 2024 European Bank Swift System Outage. https://www.pymnts.com/news/banking/2024/european-central-bank-swift-outage-affected-real-time-gross-settlement-system/

Fri. 19 July Social Security Releases $901 Million in Underpayments: https://www.newsweek.com/social-security-releases-901-million-underpayments-1926243

Global Financial Crash: https://x.com/TraderGirlQ/status/1814320028981858726?t=5EF7Bs1vEJaQCZ8C91-IHA&s=19

After the Black Swan Event the stock market will go into turmoil known as Black Monday. The crash will cripple the dollar and silver and gold will continue to reach new highs.

Read full post here:  https://dinarchronicles.com/2024/07/20/restored-republic-via-a-gcr-update-as-of-july-20-2024/

***********

Courtesy of Dinar Guru:  https://www.dinarguru.com/

Frank26  THIS IS AN RI...AS THE CBI STATES...IF IT WAS A LOP THE CBI WOULD HAVE SAID SO...AND THE IMF WOULD HAVE FORCED THEM TO SAY SO PUBLICLY!

Walkingstick  It's no secret.  The world knows about the monetary reform of the Iraqi dinar.  The international world knows about a new exchange rate that is about to come out of this.  It's no secret, everybody knows the Iraqi dinar is about to go up in value.

Frank26  If you have a 50k note and you live inside of Iraq that 50k note is going to be on a completely different exchange rate.  The exchange rate will have value.  It'll be based off the American dollar maybe 1 to 1 or more.  When it goes international in a float it's going to go up and they're going to cap it and everybody's happy...

This is What a Global Currency Transition Looks Like

Heresy Financial:  7-19-2024

https://www.youtube.com/watch?v=aEqD9YW7224

LIVE! TERMINAL DECLINE... WE ARE EXPERIENCING AN EXTINCTION LEVEL EVENT.

Greg Mannarino:  7-19-2024

https://www.youtube.com/watch?v=4ts3zuTe6EM

FRANK26….7-19-24….I LIKE THINGS IN 3’s

KTFA

Friday Night Conference Call

FRANK26….7-19-24….I LIKE THINGS IN 3’s

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

https://www.youtube.com/watch?v=Zklt0-M85ro

“Iraq News” Posted by Clare at KTFA 7-19-2024

KTFA:

Clare:  Iraq announces the imminent offering of 100 investment opportunities to international companies

7/19/2024  Baghdad - WAA

- Chairman of the National Investment Commission, Haider Makiya, announced today, Friday, that 100 investment opportunities will soon be offered to international companies in all Iraqi governorates.

Makiya said in a statement received by the Iraqi News Agency (INA): "The National Investment Commission and the Iraqi Economic Council have completed all preparations to hold a major investment forum in which about 100 investment opportunities will be presented in all Iraqi governorates."LINK

Clare:  Minister of Trade: All countries are keen on Iraq's return as a global economic player

7/19/2024  Baghdad - WAA -

Minister of Trade Athir Dawood Al-Ghariri confirmed today, Friday, that negotiations for Iraq's accession to the World Trade Organization are proceeding at a rapid pace, while indicating that all countries are keen on Iraq's return as a global economic player.

Al-Ghariri told the Iraqi News Agency (INA): "The resumption of negotiations for Iraq's accession to the World Trade Organization is a qualitative event and a testament to what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy."

He expressed his "aspiration for the fourth round of negotiations to be held during the first quarter of next year," stressing that "this acceleration means that the negotiations are proceeding very quickly towards Iraq's accession to the World Trade Organization, considering Iraq an important economic bloc and all countries are keen for Iraq to return as an economic player in a multilateral system."

For his part, the Saudi Ambassador to the World Trade Organization, Saqr Abdullah Al-Muqbil, told the Iraqi News Agency (INA): "There is a positive view that we will find Iraq joining a multilateral trade system as it is one of the largest economies outside this organization."

Al-Muqbil stressed that "the Kingdom of Saudi Arabia has a priority to achieve Iraq's desire to join the organization."

In turn, the official responsible for Iraq's accession to the World Trade Organization said: "The member states were happy with the Iraqi delegation, and we hope that the Iraqi delegation has completed this long journey."

She added: "We seek to see Iraq become a member of the World Trade Organization."
The Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced last Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years.LINK

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Clare:  Removing Zeros from the Iraqi Currency: Talk Returns and Possibility of Implementation

Sadiq Al-Azraqi7/19/2024

 Removing zeros from a currency is a procedure undertaken by some countries in order to revalue the national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable. 

For example, if the currency is the “dinar” and its value is equal to 1,000 dinars, after removing three zeros, its value will become one new dinar.

One of the possible reasons for deleting zeros is to combat inflation. When a currency suffers from high inflation, the nominal values ​​can become very high and impractical to be offered in large quantities in daily transactions. Deleting zeros can contribute to enhancing confidence in the national currency, facilitating accounting operations and financial transactions; this may contribute to improving the country's image before investors and the international community.

Potential challenges of deleting zeros include printing new currency, modifying accounting systems, and training on how to use the new currency. It may initially cause some confusion among residents and consumers, and if the deletion process is not implemented well, it may lead to economic disruptions. As a result, deleting zeros is not a solution to all economic problems, but rather a procedure that requires good planning and careful implementation to ensure that the desired goals are achieved, according to experts.

Examples of countries that have taken this action include Turkey in 2005 when it removed six zeros from its currency, Brazil on several occasions in the 1980s and 1990s, Zimbabwe, which removed twelve zeros from its currency in 2009, and Venezuela, which removed five zeros in 2018. The number of cases in the world in which currency zeros were removed is estimated at 70 cases witnessed by the world since 1960.

In a renewed statement by the Governor of the Central Bank of Iraq, Ali Al-Alaq, he said that “the project to remove zeros from the currency is still ongoing,” meaning removing three zeros from the Iraqi dinar. For example, the value of the 1,000-dinar banknote will be replaced with a one-dinar note from the new currency, five thousand with five dinars, ten thousand with ten dinars, and so on. 

According to experts, the actual value of the money people own does not change after deleting the zeros, but this step contributes to simplifying the buying and selling processes for individuals and companies, and makes the financial amounts simpler and more understandable. Instead of dealing with huge numbers such as a trillion or a million (1,000,000 Iraqi dinars), they can be converted to just one thousand 1,000 dinars after deleting three zeros.

Removing zeros helps in issuing small currencies such as coins, enables the re-pricing of small goods at lower prices, facilitates their circulation and their survival in the markets, and gives a positive psychological boost to the population with the fact that the Iraqi dinar can now buy more goods and services.

Therefore, countries aim to remove zeros to restore confidence in the local currency among residents and investors, to increase demand for it, and for the local currency to become more competitive with foreign currencies and to be less replaced by other currencies.

The policy of deleting zeros is often linked to broader economic reforms, such as raising interest rates on bank deposits, to encourage people to save in banks and benefit from high interest rates on their bank deposits, in an attempt to withdraw liquidity from the market, reduce consumption and lower prices.

This also entails exploiting this liquidity to expand productive projects, attract local and foreign investments within the country and create many job opportunities so that the local economy can ultimately recover.

But on the other hand, deleting zeros may cost Iraq money to print new banknotes. For example, after deleting 3 zeros from the Iraqi dinar, when we talk about a 200-dinar banknote, it is actually equivalent to 200,000 dinars. As a result, it may be necessary to print 4 more 50-dinar banknotes instead of the 50,000-dinar banknote.

However, according to the available results, this may not have a clear impact on improving the local economy if it is not part of a package of economic reforms that help reduce the amount of money circulating among people and stimulate the economy, especially since Iraq's economy is an oil economy that needs to stimulate other productive sectors to drive the local economy.

Could removing zeros from the Iraqi dinar be a real start to stimulating the Iraqi economy, after it became clear that all plans were unable to rescue the dinar from its declining value?

In a statement by the financial advisor to the Iraqi government, Mazhar Muhammad Salih, he said that “the phenomenon of multiplying zeros in the monetary unit or adding zeros usually comes as a result of economies being exposed to rampant waves of inflation or sharp increases in the price level that continue for years due to wars, blockades and conflicts that lead to financing the deficit of government budgets through the issuance of money,” noting that the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which necessitates the issuance of larger denominations of money due to the lack of value of smaller denominations of money and the disappearance of their ability to cover high-value transactions and exchanges in the market, according to his description.

Former member of the Parliamentary Finance Committee, Ahmed Hama Rashid, believes that “Iraq is not prepared for the project of deleting zeros,” and explains, “We always hear the Central Bank’s statements about implementing a project, only to then back down from implementation for undisclosed reasons.”

Regarding the implementation of the project to remove zeros from the Iraqi currency, banking consultant Abdul Rahman Al-Shaikhli recalls that the printing of the Iraqi dinar in the nineties of the last century was done by poor printing presses and that “the first factor that stood in the way of the project was the discrepancy between the official exchange rate (now 1332 dinars per dollar) and the parallel market exchange rate (now rising above 1500 dinars) and it constituted an obstacle to the implementation of the project.”

He points out that "the project will be successful if an exchange rate of one thousand dinars for every one dollar is reached. At that time, deleting the three zeros will achieve its economic feasibility, as the exchange rate will be transformed into one dinar for every one dollar, and this is what the late former governor of the Central Bank, Sinan Al-Shabibi, aspired to," he said.

Al-Shaikhli added that the other factor that affected the project to remove zeros from the Iraqi currency was the call made by the government of former Prime Minister Nouri al-Maliki for the years 2006-2014, to legislate the infrastructure law, which was opposed by a number of political blocs in parliament at the time, as it leads to an increase in investments in Iraq through deferred payment, which limits the value of the monetary project, he said.   LINK

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

Clare:  THE WTO FULL ACCESSION HAS NEVER BEEN A REQUIREMENT FOR A RATE CHANGE.

DON'T LOSE SIGHT OF THE VIDEO THAT WAS RELEASED IN IRAQ & ARAB NATIONS EXPLAINING ALAQ'S COMMENT ABOUT THE DELETION OF THE ZEROS.... THAT WAS HUGE!!!

THIS IS WHAT WE WANT THE DELETION OF THE ZEROS!!!! COME ON CBI...LOL 

THE SLEW OF ARTICLES LIKE WS & FRANK TOLD US HAVE STARTED!!! IMO

 STAY TEMPERED AND SMART!

Clare: Mikati visits Iraq at Al-Sudani's invitation

7/19/2024

Lebanese Prime Minister Najib Mikati is scheduled to visit Iraq in the coming hours, responding to an invitation from Prime Minister Mohammed Shia al-Sudani. 

The Lebanese newspaper "Al-Jumhuriya" quoted government sources in the country as saying that Mikati will be accompanied on his visit by a ministerial delegation that includes: Minister of Energy Walid Fayyad, Minister of Economy Amin Salam, Minister of Agriculture Abbas Hajj Hassan, and Minister of Industry George Bouchikian, in addition to a number of advisors.

The Iraqi government agreed in July to unload the fuel shipment despite Beirut not paying the financial dues it owes to Baghdad.

This comes after a call made by Lebanese Prime Minister Najib Mikati to his Iraqi counterpart, Mohammed Shia al-Sudani, and after Minister Fayyad had made several calls to his counterpart, Iraqi Oil Minister Hayan Abdul Ghani, the Iraqi Prime Minister’s Office, and the Iraqi Embassy in Lebanon, to address the fuel dues crisis and spare Lebanon total darkness.

The Lebanese Minister had previously announced that the Iraqi Oil Marketing Company (SOMO) had stopped unloading fuel oil tankers exported to Lebanon due to non-payment of the due funds for the second year in a row.

Fayyad said, "For the fifth consecutive month, the Central Bank of Lebanon has not transferred the price of fuel shipments to the Iraqi government's account, and thus Lebanon becomes financially exposed to Iraq, as the due funds have not been transferred for the second consecutive year," according to the Lebanese newspaper Al-Akhbar.   LINK

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Clare:  Government advisor reveals Iraq's gold reserves have risen to 150 tons... and the reason for its high price

7/18/2024

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Thursday, that Iraq’s gold reserves have risen to 150 tons, while noting the reason for its high price.

Saleh told {Euphrates News} that: "Gold is one of the most important safe investment havens in the world, which is resorted to by the investment portfolios of central banks and various investors through international financial markets, including the Central Bank of Iraq, which currently holds less than 150 tons of cash gold within Iraq's international reserves, relying on a standard rule for optimal diversification of the investment portfolio of Iraq's international reserves."

He added, "It is a rule adopted globally by multilateral international financial organizations such as the International Monetary Fund, the World Bank and others, within the principle of ensuring the liquidity of investment portfolios and protecting them from various financial and economic risks and various fluctuations affecting the value of financial assets, by resorting to safe and optimal diversification of investment portfolios."

Saleh pointed out that "there is an inverse correlation between gold and oil on the one hand and the value of the dollar on the other hand. Whenever the value of the US currency declines or investment returns in the US currency decline, such as the returns on dollar-denominated bonds or interest on dollar deposits, investors go towards the safe haven, which is gold, which is stable in value and guaranteed purchasing power." 

"Gold is a rare asset whose (asset cycle) is long and stable, mostly without serious fluctuations, which encourages this stability by investing in the market value of gold and within the standard limits required by investment portfolios in terms of growth and stability in the value of its components in a balanced manner without incurring {unrealized} losses, as they are called in accounting,"

Saleh continued, "noting that countries can issue gold-backed bonds (gold bonds) in order to borrow from the financial market, as the gold guarantee is one of the basic attractive and desirable guarantees in global financial markets."

He continuedby saying, "We cannot fail to mention that 17% of the world's gold is currently stored in the vaults of central banks in countries, and that 77% of the world's gold wealth has been extracted," noting that "50% of that wealth has been manufactured for various purposes, such as woven goods, industrial or craft materials, and other jewelry."

Saleh concluded by saying, “The value of gold in the world is currently estimated at about 15 trillion dollars, which represents a percentage of the annual global gross product of about 14% only, while the quantities of gold discovered from the depths of the earth {currently in circulation and stored} are estimated at about 187 thousand tons distributed in various parts of the world.”

Raghad   LINK

Seeds of Wisdom RV and Economics Updates Friday Afternoon 7-19-24

Good Afternoon Dinar Recaps,

State Street Panning Tokenized Deposits and Stablecoin – Report

Today Bloomberg reported that State Street is exploring participating in various digital currency initiatives. The bank is already an investor in Fnality, the interbank DLT payment solution backed by 20 institutions. Bloomberg cited a source saying it was exploring participating in other DLT payment consortia, as well as tokenized deposits and a stablecoin.

While the mention of tokenized deposits is no surprise, it’s the stablecoin plans that stand out. It’s highly unlikely that U.S. banking regulators would sanction the bank issuing a stablecoin. However, State Street has a significant asset management subsidiary, so that could be a different story.

State Street Global Advisors (SSGA) recently partnered with Galaxy Asset Management to launch crypto-related ETFs. Notably, Galaxy is collaborating on the AllUnity Euro stablecoin with another bank-affiliated asset manager, Deutsche Bank’s DWS.

The need for asset manager stablecoins
The settlement of tokenized assets triggers the need for a stablecoin. It’s likely SSGA may want to tokenize funds. Many of the incumbents that have launched tokenized funds on public blockchain support settlement using stablecoins, including Franklin Templeton.

ETF issuer WisdomTree, which is also a Fnality stockholder, is planning to issue its own stablecoin and recently received a trust license to do so.

If asset managers are willing to offer redemptions using stablecoins, then they ideally have to have a significant stablecoin balance. However, stablecoins don’t pay interest. On the other hand, if the asset manager has its own stablecoin, it will earn the interest on the Treasuries that back the stablecoin.

While BlackRock doesn’t have its own stablecoin, stablecoin issuer Circle has offered to buy back any BlackRock BUIDL tokens – BUIDL is the asset manager’s tokenized money market fund. BlackRock is both an investor in Circle and manages most of its reserves.

Tokenized deposit initiatives
Turning to tokenized deposits, JP Morgan has its JPM Coin and Citi has its Citi Token Services. That’s useful for multinational companies that deal with the same bank in different countries. But the interesting work is happening for payments involving more than one bank.

There are numerous initiatives, but State Street isn’t involved in the high profile ones. For example, in the U.S. there Regulated Settlement Network is starting another round of trials co-ordinated by SIFMA. Participants include JP Morgan, Citi, Wells Fargo, Visa and Mastercard. State Street’s biggest competitor, BNY Mellon, is a project contributor.

Time will tell which projects State Street plans to join.

@ Newshounds News™

Read more:  Ledger Insights 

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IS THE RUSSIAN RUBLE PEGGED TO GOLD?

Vladimir Putin’s gold strategy explains why sanctions against Russia have failed.

"In early 2022, Russia pegged its currency, the ruble, to gold, and 5,000 rubles will now buy an ounce of pure gold. The plan was to shift the currency away from a pegged value and into the gold standard itself so the ruble would become a credible gold substitute at a fixed rate."

"Since 2013, Russia has been preparing for western sanctions and managed to isolate its economy from transactions requiring American dollars. There are more than 16,000 sanctions imposed against Russia. "

"The U.K., the United States and Canada will not touch Russian gold. But others will. The United Arab Emirates (U.A.E.) imported 96.4 tonnes (US$6.2 billion) of Russian gold in 2022 following the British sanctions. That’s up 15 times from the 2021 imports of only 1.3 tonnes (US$84.5 million)."

"The other big client of Russian gold is Switzerland.

In 2022, Switzerland imported 75 tonnes of Russian gold (US$4.87 billion). In 2023, it imported about US$8.22 billion in gold from the U.A.E., which doesn’t produce its own but buys enormous sums from Russia, and US$3.92 billion from Uzbekistan, Russia’s next-door neighbor. Billions upon billions of dollars of Russian gold is being freely traded at top dollar while avoiding every one of those 16,000 sanctions."

"That’s why global sanctions against Russia haven’t derailed a thing. In order for Putin’s plan for economic resilience through gold to work, however, gold needs to increase in value. His long-term goal is that gold, not the U.S. dollar, will be the global trading currency."

@ Newshounds News™

Read more:  The Conversation

~~~~~~~~~

Fact Check: Is The Russian Ruble Already Backed By Gold?

"Russia’s central bank has resumed buying gold at a set fixed price of 5,000 rubles ($52) per gram and analysts say this could be the starting point for a shift to a new gold standard across the world."

"Meanwhile, Russia’s Ministry of Finance also referred to gold as an “ideal alternative” to the U.S. dollar.

“This is potentially a very big deal. This is basically pegging the ruble to gold,” said Joseph Brown of Heresy Financial in a YouTube video. If Russia is at the point of having enough gold to back up the ruble, “then they can price oil in gold and then accept gold or the ruble for payment,” Brown said. “They can literally take this, in just a few steps, and force the whole world into a new gold standard. Like a new Brenton Woods.”

"Russia’s fixed price for gold is reminiscent of what the U.S. did during the “gold standard” years — 1879 to 1914 — when one ounce of gold would represent $21. In the 1930s, the U.S. banned gold ownership and raised the value of the dollar in gold from $20.67 to $35 per ounce."

"In 1971, Richard Nixon put a halt on the U.S. dollar’s convertibility into gold, making it difficult for other countries to redeem dollars for gold. This marked the end of the gold standard."

"By pegging its currency to gold, Russia has effectively ratcheted up the ruble’s value against the dollar. Pegging one gram of gold to 5,000 rubles means one troy ounce of gold (32 grams) would now cost 158,183.78 rubles in Russia. At the current exchange rate, 32 grams of gold would cost roughly $1,600 in Russia instead of the $1,928 it cost outside Russia."

"“Russia’s intention would be for the value of the ruble to be linked directly to the value of gold,” Gainesville Coins precious metals expert Everett Millman told Kitco News. “Setting a fixed price for rubles per gram of gold seems to be the intention. That’s pretty important when it comes to how Russia could seek funding and manage its central bank financing outside of the US dollar system.”

@ Newshounds News™

Read more:  Moguldom 

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EU, UK regulators launch consultations on digital asset data reporting and wallets

Tech consultation season has kicked off in Europe, with regulators from the United Kingdom and the European Union seeking feedback on digital asset-related issues.

On July 15, the European Banking Authority (EBA), an independent EU Authority in charge of prudential regulation and supervision across the European banking sector, launched a consultation on draft guidelines for digital asset issuer reporting requirements.

The same day, the U.K. Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) announced they were jointly seeking views on the benefits and risks digital wallets bring to people and businesses.

EBA guidelines on reporting requirements

The EU banking regulator is seeking feedback on draft guidelines aimed at ensuring that “competent authorities” have enough information to supervise the compliance of digital asset issuers with the Markets in Crypto Asset Regulation (MiCAR)—parts of which came into force this June, with the full provisions scheduled to kick in by the end of the year.

The landmark MiCAR provides rules for offering and admission to trading asset-referenced tokens (ARTs), e-money tokens (EMTs), and other types of digital assets, as well as rules for those providing digital asset services in the EU. It sets out a range of regulatory requirements, including authorizations, conduct, and prudential requirements for issuers and mandates for issuers of certain tokens to report “data points” to the authorities.

When MiCAR’s stablecoin rules came into force on June 30, issuers of ARTs—stablecoins that purport to maintain a stable value by referencing another value or right—and EMTs—stablecoins pegged to a fiat currency—had several new obligations, including a requirement to be authorized by the Central Bank, prudential requirements, and conduct and governance requirements around marketing, dealing with conflicts of interest, and disclosure of information.

Regarding this latter obligation, the EBA has decided that the reporting requirements placed on issuers of ARTs and EMTs were “not enough to allow competent authorities and the EBA to discharge their supervisory tasks and the significance assessment tasks under MiCAR.”

Having identified these so-called “data gaps,” the banking regulator is consulting on draft guidelines specifying common templates and instructions for issuers to provide the necessary information to fill the gaps.

In addition, the draft guidelines include common templates and instructions that issuers should use to collect the data they need from the relevant Crypto-Asset Service Providers (CASPs).

The EBA said it would accept comments on the consultation paper up to October 11, 2024.

PSR and FCA call for information on digital wallets

Meanwhile, across the pond, the FCA—the U.K.’s top finance sector watchdog—and the PSR—its independent subsidiary focused on payment systems—are seeking views on the benefits and risks of digital wallets.

Building on the PSR’s previous work on contactless mobile payments and the FCA’s work on big tech activity in financial services, this consultation aims to better understand the impact on consumers and businesses that digital wallets’ increasing popularity creates.

“The use of digital wallets has grown rapidly over the last few years, and it’s likely that more than half of UK adults now use one. With Apple Pay, Google Pay and PayPal being three of the most widely used digital wallets in the UK today” said Monday’s announcement.

The PSR said it was particularly interested in understanding how digital wallets impact consumers’ choice of payment options at checkout.

“Digital wallets are steadily becoming a go-to payment type and while this presents exciting opportunities, there might be risks too,” said David Geale, the PSR’s Managing Director.

“ We look forward to hearing views and evidence from a wide range of stakeholders throughout this process.”
The regulators hope to hear from stakeholders across the payments and wider financial services landscape, including digital wallets, technology providers, and their service users.

The call for information is open until September 13. After that, the regulators said they would analyze all responses received and provide an update by Q1 2025.

FCA Chief Executive Nikhil Rathi stated. “We want to make sure we can maximise the opportunities and benefits for consumers and businesses while protecting against any risks this technology may present.”

@ Newshounds News™ 

Read more:  CoinGeek

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ASSET TOKENIZATION TODAY AND TOMORROW

The estimated worth of asset tokenization today is as much as $3.5 billion. And with projections that it could reach $16 trillion by 2030, the tokenization market represents a massive opportunity. So, what’s holding the technology back from fully realizing its potential? That was the question posed during the London Tokenization Policy Summit held earlier this year hosted by Ripple and the Imperial College Business School’s Centre for Financial Technology.

Tokenization Use Cases: The “Real Deal” of Digitization

With a promise to remove payment gateway intermediaries; improve payment processor efficiencies; ensure data protection, data privacy and transparency; and enable real-time settlement, tokenization is championed as the “real deal” function of blockchain technology. It's potential for significant impact across a broad range of sectors is massive.

Tokenized mortgages, consumer loans and microloans have all helped make private credit and debt the second fastest growing sector, while property purchases and treasury notes also stand to benefit. Additional tokenization use cases include enhanced capital flows for small- and medium-sized enterprises, improved efficiencies in carbon credit trading and better price discovery compared to traditional assets.

But despite tokenization’s potential as a new asset class, challenges to mainstream adoption persist. A lack of well-established Special Purpose Vehicles makes it difficult to tokenize real-world assets. Cross-chain protocols are needed to improve interoperability. Limited liquidity in secondary markets means an elevated risk on investment. And there is a clear need for providers that can simplify tokenization into a single offering to help break down silos between financial ecosystems.

To overcome these hurdles and scale tokenization, there are three key areas of emphasis: 1. collateralization, 2. valuation and 3. passkeys. Ensuring that tokens are backed by sufficient reserves, hold the same value internationally and are protected through secure passkeys and proper key management will help to foster trust and—ultimately—adoption.

A New Financial Framework
Central to the topic of tokenization is the importance of a robust regulatory framework to underpin the tokenized economy. Once in place, this framework would provide the necessary structure, safeguards and confidence needed for sustainable growth and development.

Looking Ahead
One thing is abundantly clear: tokenization is more than just a buzzword, it’s a rapidly growing movement that is poised to reshape the financial landscape.

Banks, traditional finance players and regulators are all key to furthering this adoption of tokenization.

@ Newshounds News™

Read more:  Ripple

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