Economist’s “News and Views” Tuesday 8-27-2024
BRICS Launches Intrabank System: Disruption of Western Finance System?
Fastepo: 8-27-2024
Over the past month, BRICS has seen substantial developments that underscore its growing influence on the global stage, from financial banking system to group expansion.
As of August 2024, around 40 to 47 countries from various regions, including Africa, Asia, and South America, have expressed their desire to join BRICS.
BRICS Launches Intrabank System: Disruption of Western Finance System?
Fastepo: 8-27-2024
Over the past month, BRICS has seen substantial developments that underscore its growing influence on the global stage, from financial banking system to group expansion.
As of August 2024, around 40 to 47 countries from various regions, including Africa, Asia, and South America, have expressed their desire to join BRICS.
This interest is fueled largely by the bloc's potential to challenge the current global economic order, which is heavily dominated by Western institutions like the IMF and World Bank. Many of these nations are seeking to diversify away from reliance on the U.S. dollar, as they perceive this dependency to pose significant risks to their economies, especially considering potential U.S. economic downturns.
In parallel to its membership expansion, BRICS is advancing initiatives to create alternative financial systems.
For example, the BRICS New Development Bank has approved 98 infrastructure projects totaling $33 billion since its inception, positioning itself as a credible alternative to Western-dominated financial institutions. Additionally, the group is working towards an intra-bank payment system, aimed at reducing reliance on the dollar in cross-border transactions, which is seen as a key step toward de-dollarization.
In this video, we take you through the latest development of BRICS as of August 2024.
China & Japan Just Ditched All US Imports!
Tech Beat: 8-27-2024
In this video, we look at the dramatic shift in global trade dynamics as China and Japan make the courageous decision to severely decrease, and in some cases altogether halt, their imports from the United States.
This development marks a watershed moment in the economic connections between three major world powers, raising critical questions about the future of international commerce.
We look at the reasons behind this abrupt choice, such as continued trade disputes, geopolitical strategies, and China and Japan's growing push for economic self-reliance.
We also look at the potential ramifications for the global economy, particularly for industries and firms that have long relied on strong trade relations between the United States and these two Asian powerhouses.
Furthermore, we will examine the ramifications for the United States and its role in the global market.
Could this signal the start of a larger move away from US economic influence? How will this affect consumers, businesses, and the entire economic landscape?
Join us as we dissect the data, share expert perspectives, and examine the larger implications of this significant development.
A Huge Bombshell is About to Hit U S Banks in a Massive Way
Atlantis Report: 8-27-2024
The aftermath of an aggressive tightening cycle, marked by historic interest rate hikes, is giving way to a new phase that could see the Federal Reserve resorting to rate cuts. However, conflicting signals and uncertainties surrounding the timing of these rate cuts are raising concerns among investors.
Against this backdrop, the banking sector is grappling with significant risks, and it appears that a huge bombshell is about to hit US banks.
Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 8-27-24
Good Afternoon Dinar Recaps,
RIPPLE Partner Nium Adopts JP. Morgan Payments: Is an XRP integration in the Works?
▪️J.P. Morgan discloses that Nium made a breakthrough in its global expansion following a strategic partnership that made its real-time solutions available for use.
▪️Nium operates in more than 220 countries, and its cards are issued to more than 30 countries globally.
Ripple’s partner, Nium, known for seamless real-time cross-border payments for financial institutions worldwide, earlier sealed a strategic partnership with J.P Morgan Payments.
According to reports, this development has enabled the Singapore-based fintech to navigate the complex regulatory structure in Asia Pacific that initially acted as a headwind against its expansion.
Good Afternoon Dinar Recaps,
RIPPLE Partner Nium Adopts JP. Morgan Payments: Is an XRP integration in the Works?
▪️J.P. Morgan discloses that Nium made a breakthrough in its global expansion following a strategic partnership that made its real-time solutions available for use.
▪️Nium operates in more than 220 countries, and its cards are issued to more than 30 countries globally.
Ripple’s partner, Nium, known for seamless real-time cross-border payments for financial institutions worldwide, earlier sealed a strategic partnership with J.P Morgan Payments.
According to reports, this development has enabled the Singapore-based fintech to navigate the complex regulatory structure in Asia Pacific that initially acted as a headwind against its expansion.
As multiple sources have captured, Nium leverages J.P. Morgan Payments customized solutions, including real-time and automated cross-currency solutions, to offset the foreign exchange risk associated with its cross-border and cross-currency transactions.
According to Nium, the provided solutions have helped it address the issue of exchange rate fluctuation and long-term shifts, which threatened its financial stability, customer demand, and profitability.
Nium has also been assisted in optimizing its banking set-up to experience the necessary upgrade critical for its expansion. Most importantly, this was achieved by capitalizing on JP Morgan’s global infrastructure and resorting to local best practices.
More on the Impact of J.P Morgan on Nium
Commenting on this, the Head of Compliance APAC, Nium Joey Tang, explained how J.P. Morgan’s experience has been crucial in its journey to the top.
We need a trusted bank that can help us navigate through complex currency restrictions and provide scalable solutions that can be easily extended to new markets. This gives us the flexibility to grow our business. J.P. Morgan Payments is our natural choice.
An official report was found on the JP. Morgan’s website mentions that the collaboration has enabled Nium to witness unimaginable expansion and growth, as it operates in more than 220 countries.
Also, it has issued cards to over 30 countries so far. In the future, Nium, assisted by JP. Morgan, would solve its existing payment challenges and unlock the full potential of the global economy.
Also, the possibility of Nium going public, as we reported last year, is still high as the company records growth in several areas of its operation.
According to Anupam Pahuja, the EVP and General Manager of APAC & MEA, Nium, the company would continue to expand as long as it closely collaborates with the bank.
Nium has grown rapidly in recent years, and we’re excited to continue expanding globally with J.P. Morgan Payments as our trusted ally.
Following this publication, XRP enthusiasts have rekindled hopes that the popular bank could collaborate with Ripple to expose the asset to similar breakthroughs.
Long time #Ripple partner Nium has begun using JPMorgan Payments to better serve their customers with collections and global FX rails. This would seem to be an alternative to #Ripple products or perhaps just additional rails for Nium’s platforms.
Last year, a JP. Morgan’s report captured how banks could leverage Central Bank Digital Currencies (CBDCs) for corporate purposes. The report highlighted Ripple, SWIFT, and the CLS Group as the entities that address the issues of such payments and delays.
Specifically, the bank acknowledged the real-time nature of the cross-border payment infrastructures that use XRP as a settlement instrument. However, it highlighted the inherent volatility issue of Ripple’s system.
High volatility of XRP leading to limited willingness from banks in using it to facilitate payments.
@ Newshounds News™
Source: Crypto News Flash
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MOSCOW TO HOST 6TH INTERNATIONAL MUNICIPAL BRICs FORUM
MOSCOW, August 27. /TASS/. The 6th International Municipal BRICS Forum will be held in Moscow’s Expocenter on August 27-28, 2024, the press service of the Moscow Department of Foreign Economic and International Ties said.
"The forum will be the largest international floor, where representatives of government authorities and the business will share the advance experience and discuss key issues of municipal cooperation," the press service said.
Delegations from 126 countries are expected to take part in the forum along with representatives of Russian regions. More than 5,000 participants from 500 cities of the world will discuss:
▪️current economic problems
▪️digital technology spheres
▪️environment
▪️municipal infrastructure
▪️transport
▪️healthcare
▪️education
▪️culture
@ Newshounds News™
Source: TASS
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Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!
August 28, 2024 12:00 Central Noon, 1 PM ET
Listen Here - Podcast Room https://t.me/+VAm-AlWWqWPzyK8G
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"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac
Take a look at Isaac's Photos of His Currency LINK
@ Newshounds News™
Source: Isaac's Call
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Iraq Economic News and Points To Ponder Tuesday Morning 8-27-24
The Prime Minister's Advisor announces the imminent launch of new tax reform packages
Balsam Hameed Today, Monday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, announced the most prominent government steps in maximizing non-oil revenues, while indicating the imminent launch of new tax reform packages.
Saleh said, to the official agency followed by (Al-Oula News):
“One of the basic principles that came in the government’s approach to financial reform and which was approved by the House of Representatives in October 2022 is to maximize non-oil resources in the general budgets of the Republic of Iraq, for which goals were set.”
The Prime Minister's Advisor announces the imminent launch of new tax reform packages
Balsam Hameed Today, Monday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, announced the most prominent government steps in maximizing non-oil revenues, while indicating the imminent launch of new tax reform packages.
Saleh said, to the official agency followed by (Al-Oula News):
“One of the basic principles that came in the government’s approach to financial reform and which was approved by the House of Representatives in October 2022 is to maximize non-oil resources in the general budgets of the Republic of Iraq, for which goals were set.”
An amount in order for its contribution to the total revenues generated by non-oil economic activity to increase to 20 percent instead of its historical rates, which do not exceed 10 percent in the best cases.”
He added, “Diversifying sources of non-oil revenues and maximizing them in public budgets is one of the biggest reform challenges in the financial and economic fields in the country.”
He pointed out, “These challenges come from two main factors:
The first is the degree to which diversification of budget resources is linked to the success of diversification in the country’s gross domestic product, especially the three agricultural, industrial, and service sectors.”
He stated, “The oil production sector still dominates a percentage of the components of that gross domestic product, which sometimes reaches 60 percent, which gives the national economy a rentier character and direct coexistence on the financial flows provided by the oil resource mostly alone.”
He added, “The second factor among these challenges is related to non-governmental activity in generating gross domestic product, and we specifically mean market activity or the private sector.”
He continued, “The majority of the economic forces that generate income and wealth within market activity carry out their economic activities within the framework of the so-called (shadow economy), which are (gray) markets that are irregular and not known to the regulatory, tax and banking bodies as is known, and their percentage amounts to about 70 percent.” Of the total private sector activity in the country.
He stressed that “gray or shadow markets are one of the most important basic factors causing the decline in non-oil revenues in the country’s general budget.”
He pointed out that “the first step taken by the current government in maximizing non-oil revenues began by adopting a new approach to tax reform,” noting that
“the Council of Ministers approved earlier this year 8 new packages to reform the tax system in the country, led by the principle of expanding tax bases.”
He stressed by saying: “Two tax reform packages have been launched, and the
rest of the packages will be launched sequentially and gradually
within the government’s reform policy in the financial field and maximizing the state’s resources from sources of income and wealth from outside the oil sector, as this is accompanied by
administrative and legislative reform and high-precision digital governance of tax institutions in areas of appreciation and collection with high transparency and efficiency.” https://www.awla.news/مستشار-رئيس-الوزراء-يعلن-قرب-إطلاق-حزم/
Minister of Finance stresses the importance of completing plans to regulate the work of the government banking sector
Money and business Economy News – Baghdad Finance Minister Taif Sami stressed, on Tuesday, the importance of completing plans to regulate the work of the government banking sector.
A statement by the ministry, seen by Al-Eqtisad News, said that "Minister of Finance Taif Sami chaired a coordination meeting with the international auditing and oversight firm Ernst & Young to follow up on the ongoing technical plans to merge and organize the work of Rafidain and Rasheed banks and insurance companies."
It added, "During the meeting, which was attended by a number of the ministry's general managers and formations, a report was presented by the auditing firm on the final stages of its work regarding organizing the work of the government banking sector, in addition to discussing the proposed plans and final implementation stages in line with the priorities of reform and development."
The Minister of Finance stressed - according to the statement - "the importance of implementing these procedures to contribute to enhancing confidence in the banking system and providing a stable financial environment that supports economic growth, which is positively reflected on the national economy in general and achieving sustainable development and stimulating growth in various sectors."
Sami explained, "The importance of benefiting from the expertise of solid international companies such as Ernst & Young in the field of regulating and restructuring financial institutions, as the ministry aims to make Iraqi banks internationally and locally acceptable to provide better services to citizens.
The auditing company's expertise will also contribute to improving the efficiency and effectiveness of financial institutions, as it is expected that merging and regulating financial institutions will improve the quality of banking services provided and enhance investor confidence in the Iraqi economy."
The statement continued, "Iraq is witnessing transformations in the government banking sector through the adoption of ambitious work programs to restructure government banks, aiming to enhance the efficiency of these banks and improve their services provided to citizens and companies and strengthen financial suitability by increasing capital and diversifying sources of income,
in addition to improving governance by applying high standards of transparency and accountability and adopting the latest banking technologies to provide more efficient services, as well as increasing confidence in the banking sector and thus attracting foreign investments." 32 views 08/27/2024 - https://economy-news.net/content.php?id=46822
Dollar Prices Continue To Decline Against The Dinar In Baghdad
Stock Exchange Economy News – Baghdad The US dollar exchange rate fell on Tuesday morning in Baghdad markets.
The dollar prices witnessed a decline with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,000 Iraqi dinars for every 100 dollars, while yesterday, Monday, it recorded 149,350 dinars for every 100 dollars.
The selling prices in the exchange shops in the local markets in Baghdad recorded a decrease, as the selling price reached 150,000 dinars, while the purchase price reached 148,000 dinars for every https://economy-news.net/content.php?id=46792
Al-Araji From Brussels: NATO's Mission In Iraq Is Advisory, Not Combat
Tuesday 27 August 2024 17:51 | Politics Number of readings: 75 Baghdad / NINA / National Security Adviser Qasim Al-Araji reiterated the Iraqi government's confirmation that NATO's mission in Iraq is an advisory mission and not a combat mission.
The National Security Advisory said in a statement: "Iraq and NATO held, today, Tuesday, the first session of the High-Level Partnership Dialogue at the alliance's headquarters in the Belgian capital, Brussels."
According to the statement, a high-level official Iraqi delegation headed by National Security Adviser Qasim Al-Araji participated in the dialogue, while the side representing NATO was headed by Assistant Secretary-General for Operations and Special Coordinator for Counter-Terrorism Tom Govas, and the Secretary-General's Representative for Southern Neighborhood Affairs Javier Colomina.
The dialogue, which came at the invitation of NATO, discussed ways to enhance the partnership between Iraq and the alliance, including completing the capacity building of Iraqi security forces and other issues related to border security, combating drugs and terrorism, and the file of the Syrian Al-Hawl camp.
During the dialogue, Al-Araji reiterated the Iraqi government's emphasis that NATO's mission in Iraq is an advisory mission and not a combat mission, stressing: "The long-term partnership with NATO is to achieve Iraq's interests, fight terrorism, and develop and rehabilitate the capabilities of the Iraqi forces," stressing the importance of continuing dialogue and partnership with NATO, to achieve Iraq's interests, security and stability.
In a speech on the sidelines of the dialogue, the National Security Advisor referred to Iraq's position rejecting the killing and starvation taking place in the Gaza Strip, and that there is no security or safety except with the existence of an independent Palestinian state, stressing the importance of adopting the principle of dialogue and diplomatic channels as a way to resolve international crises and conflicts.
For their part, NATO representatives praised Iraq's pivotal role and its importance in enhancing the security and stability of the region, expressing the alliance's readiness to increase cooperation and enhance the defense capacity building package agreed upon between the two sides.
Al-Araji also extended an official invitation to NATO representatives to hold the second session of the High-Level Partnership Dialogue in the capital, Baghdad, next year. /End9 https://ninanews.com/Website/News/Details?key=1150108
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
More News, Rumors and Opinions Tuesday Afternoon 8-27-2024
TNT:
Tishwash: Parliamentary Finance Committee confirms that it will soon resume its investigation into changes made to the General Budget Law tables
The Parliamentary Finance Committee confirmed that it will soon resume its investigation into changes to the general budget law tables that were officially approved by the Council of Representatives, and objected to by the Prime Minister's Office.
Committee member, MP Moeen Al-Kazemi, said in a statement to the National Iraqi News Agency ( NINA ), that "the parliamentary investigation committee assigned by the Finance Committee will resume its work soon, to determine the reasons for the change in the general budget tables officially signed by the Speaker of Parliament and sent to the Council of Ministers."
TNT:
Tishwash: Parliamentary Finance Committee confirms that it will soon resume its investigation into changes made to the General Budget Law tables
The Parliamentary Finance Committee confirmed that it will soon resume its investigation into changes to the general budget law tables that were officially approved by the Council of Representatives, and objected to by the Prime Minister's Office.
Committee member, MP Moeen Al-Kazemi, said in a statement to the National Iraqi News Agency ( NINA ), that "the parliamentary investigation committee assigned by the Finance Committee will resume its work soon, to determine the reasons for the change in the general budget tables officially signed by the Speaker of Parliament and sent to the Council of Ministers."
He added, "The government is working with its tables approved by the Council of Representatives, and there is no financial damage to the public treasury," indicating, "The work on the general budget ceiling of 226 trillion dinars has been suspended, and the government is proceeding with implementing its tables that were approved by the Council of Representatives."
He explained, "The Parliamentary Finance Committee is following up on the reasons for the difference between the government version of the general budget tables and the paper and electronic version of the Council of Representatives." link
Tishwash: Saleh: PM's visit to Egypt, Tunisia will serve national, regional interests
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, explained today, Tuesday, the importance of Prime Minister Muhammad Shia al-Sudani's visit to Egypt and Tunisia, stressing that this visit will develop strategic partnerships and will bring economic benefits to Iraq and those two countries, in addition to serving national and regional interests.
Saleh said, in a statement to the media, followed by "Al-Eqtisad News", that "the visit of Prime Minister Mohammed Shia Al-Sudani to Egypt and Tunisia is important, especially since they are the incubator of the Arab League in two different time periods, and they have long historical relations with Iraq."
He added that "the Prime Minister's visit to Egypt and Tunisia is of great importance from several aspects, most notably strengthening bilateral relations and enhancing cooperation in the fields of economy, cultural and educational exchange," noting that "this important visit will open the way for signing economic or technical agreements or memoranda of understanding that serve the common collective interest."
He stressed that "this visit will enhance the follow-up of ways of joint cooperation, especially the development of existing projects in construction and housing undertaken by companies from the two countries, especially Egypt, in addition to enhancing trade and investment with the two sister countries, which will benefit the national economy of Iraq and those two countries, in addition to enhancing positive rapprochement between the peoples and sons of the region. The visit will also provide an opportunity for consultation on international and regional issues of common interest."
Saleh stressed that "the Prime Minister's visit to Egypt and Tunisia will develop strategic partnerships and achieve common goals that serve national and regional interests." link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Nader From The Mid East Community comment: "Iraq is not a safe country." Why? United States a safe country? When you look at Chicago, Philadelphia, New York and all that you think it's safe? Fear. Everywhere it's bad and good are everywhere...Tell you the truth it's safer in Iraq than Chicago. Visit the country and then judge. You cannot judge because you heard something on the news or somebody told you something. I was there two weeks ago. I've been going back and forth. My kids been going back and forth. Everybody's been happy.
Mnt Goat Article: “IS IT TIME TO REMOVE THE ZEROS?” Article Quote: "...with the use of electronic payment operations, the environment will be mature and acceptable for the idea of implementing the decision to delete zeros, and the process will be automatic without the citizen feeling it.” ...the CBI wants this event to be almost transparent and smooth to the citizens...the solution is to digitize, then this will enable them to switch out the currency almost seamless to the citizens...They must implement the digitization program first in ALL banks... Iraq is optimistic in getting the electronic initiative completed sooner than later. They are not talking about years.
BREAKING NEWS: DRP (Develop Road Project) Quadripartite Meeting Scheduled for Next Week
Edu Matrix: 8-27-2024
BREAKING NEWS: DRP Quadripartite Meeting Scheduled for Next Week
The "BIG SHORT" 2.0.... ITS HAPPENING RIGHT NOW. And This Is What YOU NEED TO KNOW
Greg. Mannarino: 8-27-2024
Seeds of Wisdom RV and Economic Updates Tuesday Morning 8-27-24
Good Morning Dinar Recaps,
Cardano Founder Hints at New ‘Partner Chain’ Collaboration with Algorand: What’s Next for ADA?
▪️ Charles Hoskinson, Cardano’s CEO, praised Algorand’s blockchain technology and suggested a partnership for decentralized AI projects.
▪️ The much-anticipated Cardano Chang hard fork has been delayed to September 1, causing concerns within the community.
Cardano CEO Charles Hoskinson has expressed a strong interest in Algorand’s blockchain technology, suggesting a potential collaboration focused on decentralized artificial intelligence (AI) initiatives.
Good Morning Dinar Recaps,
Cardano Founder Hints at New ‘Partner Chain’ Collaboration with Algorand: What’s Next for ADA?
▪️ Charles Hoskinson, Cardano’s CEO, praised Algorand’s blockchain technology and suggested a partnership for decentralized AI projects.
▪️ The much-anticipated Cardano Chang hard fork has been delayed to September 1, causing concerns within the community.
Cardano CEO Charles Hoskinson has expressed a strong interest in Algorand’s blockchain technology, suggesting a potential collaboration focused on decentralized artificial intelligence (AI) initiatives.
This potential collaboration can yield a lot of benefits for both Cardano and Algorand in the growing AI market.
Algorand has been receiving a lot of attention lately, and this has led Charles Hoskinson to express his opinion on the project. Furthermore, he stated that Algorand, in conjunction with a tailored proof of work suitable for AI tasks, could be a promising decentralized AI platform within the crypto market.
This recognition from Hoskinson highlights the strategic value he sees in Algorand’s technology, particularly in its application to AI-driven projects.
Hoskinson also suggested that Algorand could be a partner chain to Cardano, a partnership he thinks can harness the full potential of Minotaur, Cardano’s proof-of-stake/proof-of-work multi-asset consensus protocol.
Such a partnership could open up new avenues of benefits that would improve blockchain networks, foster innovation, and increase its application in the sphere of AI.
Algorand CTO Responds Positively to Collaboration Proposal
In response to Hoskinson’s statements, Gary Malouf, the Chief Technical Officer of Algorand Technologies, expressed his interest in the cooperation.
Malouf pointed out that previous conversations about the integration of AI capabilities have taken place, which means that there is some level of coordination between the two blockchain networks.
In response to this exchange, Hoskinson told IOHK’s Chief Technology Officer, Romain Pellerin, to arrange a meeting to discuss the proposed collaboration. Pellerin agreed excitedly, saying that it would be great to have Algorand as a partner chain.
Although this partnership is currently nascent, the conversation between the two blockchain pioneers suggests that the partnership between IBM and Microsoft could lead to a significant integration of AI and blockchain.
Chang Hard Fork Experiences Another Delay
In another major event, the long-awaited Cardano Chang hard fork has again been delayed, with a new expected launch on the 1st of September. As we previously reported, the initial plan was to take place on August 27, but this shift has caused some concern among the Cardano community.
The Chang hard fork is a vital upgrade that will change the face of Cardano’s governance model, signifying the start of the Voltaire era and paving the way for a completely decentralized and autonomous network.
Charles Hoskinson complained about the delay, mentioning that even large exchanges like Binance have not yet announced their support for the upgrade. He especially stressed the need to adhere to the timelines, saying that all the parties should hasten their work.
In addition to the hard fork, there has been a lot of development activity in the project recently, even more than Ethereum in terms of GitHub pull requests.
This rise in activity is in line with the ongoing development of the Cardano ecosystem, whereby the developers are still working on new upgrades and projects whose intention is to improve the network.At the time of writing,
ADA was trading at $0.379, marking a 2% increase over the past 24 hours.
@ Newshounds News™
Source: Crypto News Flash
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Russia plans stablecoins, 2 crypto exchanges to circumvent sanctions
Last week Russian news outlet Kommersant reported on the planned creation of two cryptocurrency exchanges for foreign payments to circumvent sanctions, citing sources.
The aim is to create stablecoins for the Chinese yuan and a BRICS currency basket. It’s expected that initially individuals won’t be able to take part, given the goal is to support importers and exporters.
Russia passed legislation in late July allowing cryptocurrency exchanges to operate as part of cryptocurrency experimental legal regime (ELR) under a program developed by the central bank.
The use of stablecoins rather than un-backed cryptocurrencies makes sense given the central bank’s role.
UPDATE: shortly after publication, Bloomberg said that preliminary tests start this weekend, citing sources. These trials will use the National Payment Card System to swap rubles for any cryptocurrencies using an existing crypto exchange.
Use of the card system gives the central bank oversight. The outcome of these preliminary tests will determine steps around the potential creation of crypto exchanges next year, as described below. Bloomberg’s sources reiterated the same two exchanges.
The Kommersant article was a little controversial. It stated that one of the cryptocurrency exchanges might involve the Moscow Exchange. The other exchange will use the St. Petersburg Currency Exchange (SPCE) database for foreign economic activity.
While the currency exchange disputed this point, it would make sense to use its database, given the currency exchange knows the details of the importers and exporters. Interfax, the state news agency, published a report in which the St. Petersburg Currency Exchange (SPCE) strongly denied involvement.
The Moscow Exchange runs the main currency exchange, but trading in dollars and euros came to an abrupt halt in June when OFAC placed it on the sanctions list. Hence, it also has data on who might qualify as a professional for FX trading in stablecoins.
There may be some confusion between two entities that we suspect are not related. The sanctions and sanction busting sometimes resemble Whac-A-Mole. Every time Europe or OFAC sanctions an entity or methodology, Russia tries something else.
Russia has iterated through foreign branches, digital financial assets involving tokenized commodities, CBDC, crypto and others. The foreign branches are gradually getting sanctioned, with warnings not to open new ones. And most of the digital financial asset (DFA) issuing platforms and known cryptocurrency exchanges have also been sanctioned. Sanctions announced this week cover commodities.
Sanctions and two similar sounding Russian entities
There are two Russian entities with similar names. There is the Saint Petersburg Currency Exchange known in English as SPCEX or SPVB and in Russia as JSC SPB, versus the Saint Petersburg Stock Exchange (PJSC SPB). OFAC sanctioned the stock exchange in November 2023. We don’t think the currency exchange has yet been sanctioned directly, but there’s a caveat.
It is believed that state owned bank Promsvyazbank controls the currency exchange. The bank was one of the first on the sanctions list, which includes subsidiaries and hence the currency exchange.
However, as the ownership isn’t entirely clear, it’s conceivable the currency exchange may have been ignored so far. That may be why it doesn’t want to be associated with the crypto exchange.
Google translates the currency exchange acronym СПВБ as the Saint Petersburg Stock Exchange.
On the other hand, the sanctioned stock exchange is registered as a digital financial assets platform. In a May interview, its CEO said its involvement as a cryptocurrency exchange operator was under discussion. However, we believe it’s the currency exchange that has the useful data.
While the Russian end isn’t clear yet, nor is the other side. If Russia wants to use a Chinese currency stablecoin, what assets would form part of the reserves? Likely it will use the excess reserves Russia received for all payments.
Which cryptocurrency exchange will be used on the Chinese end? Will China allow some off-ramping from a stablecoin to the mainland? Or will it be via Hong Kong?
An even bigger question is this: in the absence of CBDC, could stablecoins form the interim foundation of the so-called BRICS Bridge for local currency payments?
@ Newshounds News™
Source: Ledger Insights
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“Tidbits From TNT” Tuesday 8-27-2024
TNT:
Tishwash: Sudanese meets Sisi
Prime Minister Mohammed Shia Al-Sudani arrived at the Alamein Presidential Palace in Egypt.
He was received by the President of the Arab Republic of Egypt, Abdel Fattah El-Sisi, and they will discuss "the overall bilateral relations between the two countries, and the latest international developments in the region. He will also hold extensive discussions with his Egyptian counterpart on enhancing joint cooperation in various fields and sectors."
Al-Sudani arrived in Egypt this morning, accompanied by a ministerial delegation. link
TNT:
Tishwash: Sudanese meets Sisi
Prime Minister Mohammed Shia Al-Sudani arrived at the Alamein Presidential Palace in Egypt.
He was received by the President of the Arab Republic of Egypt, Abdel Fattah El-Sisi, and they will discuss "the overall bilateral relations between the two countries, and the latest international developments in the region. He will also hold extensive discussions with his Egyptian counterpart on enhancing joint cooperation in various fields and sectors."
Al-Sudani arrived in Egypt this morning, accompanied by a ministerial delegation. link
Al-Sudani begins official visit to Egypt and Tunisia
Prime Minister Mohammed Shia Al-Sudani began an official visit to the Arab Republic of Egypt and the Republic of Tunisia on Tuesday morning.
This came in a brief statement issued by Al-Sudani's media office without going into further details. link
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Tishwash: Revealing the main currency used in Iran's trade with Iraq
Shaaban Forotan, a member of the board of directors of the Iranian-Iraqi Joint Chamber of Commerce, revealed today, Tuesday, that the largest part of trade between Iraq and Iran, in terms of traders and exporters, is carried out through the Iranian riyal.
"Most Iranian exporters now work in riyals in trade with Iraq, and financial transactions between the two countries will continue without using the Iranian riyal, i.e. also in dollars. This does not mean the complete elimination of the dollar, but a large portion of traders conduct their transactions without the dollar," Forotan said in statements to Iranian media.
He explained that "the commitment to trade in dollars does not include all product groups, but the exchange of riyals into dollars cannot be implemented due to the sanctions imposed on banks, and riyal traders earn from selling goods in the Iraqi market through their contacts with the stock exchanges of Iraq and Iran or a third country such as the United Arab Emirates, and they do not have the possibility of direct settlement."
He pointed out that "the supply of Iranian goods faced a problem in the Iraqi market, which is the multiple increase in the prices of goods in Iran during the year, while it is expected that prices will increase only once a year link
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Tishwash: Economist: Iraq Stock Exchange suffers from lack of liquidity
Economic expert, Saif Al-Halfi, confirmed that the Iraqi Stock Exchange is currently suffering from a lack of liquidity, due to the weak confidence of foreign investors in the Iraqi market.
Al-Halfi told Al-Eqtisad News that the Iraqi stock market suffers from a lack of liquidity, as trading rates are still relatively low compared to other markets in the region, noting that the daily trading volume may reach 3 billion dinars per day in the best case.
He stressed that the market value of the companies listed on the market exceeds 12 trillion dinars.
Most listed companies are seeing their shares decline as a result of lower demand and the exit of a number of foreign investors from the market.
Al-Halfi pointed out that foreign investors' confidence in the Iraqi market is still low due to unstable political and economic factors, as well as the lack of legal and procedural facilities for opening accounts for foreign investors, in addition to the weakness of the infrastructure in electronic trading.
He pointed out that the lack of technology and modern financial infrastructure, including digital banking services and advanced electronic trading platforms, affects the efficiency of the market and its ability to attract investors, and that the development of the banking system will be positively and directly reflected in the development of the performance of market indicators.
Al-Halfi stressed the government's role in promoting the stock market through economic reforms, supporting small and medium enterprises, and encouraging foreign investments.
Al-Halfi concluded his speech by saying that the Iraqi stock market reflects a complex reality that can be described as a mixture of pain and sadness as a result of the great challenges it faces, with some opportunities for joy and profits if the economic and political conditions improve link
************
Al-Mandlawi: Iraq focuses on the economic and investment aspect through concluding bilateral international agreements
Acting Speaker of the Council of Representatives, Mr. Mohsen Al-Mandalawi, confirmed today, Monday, that Iraq is focusing on the economic and investment aspect by concluding bilateral international agreements.
Al-Mandlawi's office said in a statement received by the Iraqi News Agency (INA), "Acting Speaker of Parliament Mohsen Al-Mandlawi met, at his residence today, Monday, with the US Deputy Ambassador to Iraq, and the Director of the Political Section at the Embassy, Michelle Siders, and the accompanying delegation, to discuss a number of files of mutual interest, and to discuss the latest developments in the region."
He added that "during the meeting, the future of joint relations was discussed, and ways to develop them to serve the interests of the two friendly peoples, and the emphasis was placed on Iraq's keenness to establish balanced relations with its regional and international surroundings based on cooperation and mutual respect, and contributing to the country's growth and progress and achieving the people's hopes and aspirations."
Al-Mandlawi pointed out that "Iraq is currently looking forward, after the security situation has stabilized and ISIS gangs have been eliminated, to focusing on the economic and investment aspect through solid bilateral agreements and understandings capable of achieving comprehensive economic development in the country link
Mot: things that make you go hmmmm
Mot: Beeeeee Aware! - Just in Case!!!!
Coffee with MarkZ and Andy Schectman. 08/27/2024
Coffee with MarkZ and Andy Schectman. 08/27/2024
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
Member: Good morning all ... whaddya think? Is an RV anywhere in our near future??
Meber: Praying this is the week
Member: Labor Day and a 3 day weekend Is Coming Fast
Coffee with MarkZ and Andy Schectman. 08/27/2024
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
Member: Good morning all ... whaddya think? Is an RV anywhere in our near future??
Meber: Praying this is the week
Member: Labor Day and a 3 day weekend Is Coming Fast
Member: Hope Mark has some good news on the RV front.
Member: Some platforms say we are waiting on trigger platforms? Have you heard this?
MZ: I don’t know what trigger platforms are- but I am certainly hearing we are just waiting for the switch to be pulled….and this is going to be an amazing week and we are going to see great things
MZ: Rumors are bouncing all over…even with the groups. We will wait to see what happens before we get to excited. Things are certainly heating up .
MZ: There are lots of rumors- but substantial news is a little slim ….From the group leaders there are tons of rumors about the immediency of this thing . Including the rumors that money is positioned and they will start doing smaller groups as early as today.
MZ: I have not seen any money movement , but the rumors are thick right now. The question is –what is real? If the rumors are correct- I would imagine somebody will substantiate them before the day is out. I hope to hear that money has moved and they are at least starting larger scale tests to make sure they have it all figured out before they see us……I hope we find that out today guys.
MZ: But until we can substantiate them…..right now…it’s all just rumors.
Member: Rumors are great- but don’t buy groceries.
Member: My contacts are quiet but with a smirk….we must be close.
MZ: That’s a great way to put it.
MZ; There are more and more military people are warning to prepare for an event. Possibly a cataclysmic or extended event. I think the reset is about to go.
Member: I just bought a solar generator in case the power grid gets blown up by bad guys.
Member: We are waiting for the power that be to grow a pair and pull the trigger and let the chips fall where they may and have faith in the patriots around the world to do the right thing!
Member: Currency center Houston mall Employee Yes we hear dong dinar will revalue My employer does not Member: want us buy foreign currency
Member: : Wealth manager sent out memo saying the dinar is a scam
MZ: Well if it is a scam- Trump invested in it, Warren Buffet invested in it…the US treasury has invested in it. I believe even George Soros has invested in it…and almost every central bank around the world has invested in it. So if it is a scam…..well, all the smartest people in the world fell for it.
Member: (From dinar Guru) Militia Man Article: "Iraq is the 9th largest buyer of gold in 2024" They had 132 tons in 2023. In 2024 they're telling you they just bought 100 tons of gold this year. Where did they get all the money for that? ...All of a sudden they have enough money to buy at...$2,500 an ounce? 100 tons? You gotta go, what!?! What does it do? ...What it does is it supports the value of their future real effective exchange rate...
MZ: So where did they get all that? Suddenly they have money to buy all that gold? That would definently help support the REER( Real Effective Exchange Rate)
MARK when the 800 numbers are released from Dinar Recaps etc will it be for the United States number only or will there be numbers for the UK and Europe. l want to avoid a y 800 num scams
Member: Anyone else’s swear jar full of IOUs?
Maybe: I will be glad when this roller coaster finally stops lol
Member: So many things happening ! Hope everyone can keep it together!
Member: Three day weekend on the horizon
Amdy Schectman from Miles Franklin joins the stream today. Please listen for replay for his information and opinions.
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.
ZESTER'S LINK TREE: https://linktr.ee/CrazyCryptonaut
THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!
News, Rumors and Opinions Tuesday AM 8-27-2024
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 Mon. 26 Aug. 2024
Compiled Mon. 26 Aug. 2024 12:01 am EST by Judy Byington
Possible Timing: (Rumors/Opinions)
Get ready as we are reaching the End Game, Charlie Ward on Telegram Sun. 25 Aug. 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 Mon. 26 Aug. 2024
Compiled Mon. 26 Aug. 2024 12:01 am EST by Judy Byington
Possible Timing: (Rumors/Opinions)
Get ready as we are reaching the End Game, Charlie Ward on Telegram Sun. 25 Aug. 2024
Three big happenings planned a long time ago:
QFS Activated, Central Bank and Fiat Currency destroyed.
We have the gold.
Gold is destroying the Fed.
P***n destroys the Petro Dollar.
Stock Market Crash imminent.
~~~~~~~~~~
Sun. 1 Sept. The C***l’s Great Comeback: Crypto-currency transactions to be partially legalized starting September 1. However, realize that the QFS is not a Crypto-currency. After the revaluation, the currency of all nations will become obsolete, collateralizing assets and ensuring a stable value.
~~~~~~~~~~~~~
Global Currency Reset: (Opinions/Rumors)
Sun 25 2024 Wolverine: The Whales are receiving their appts and going to Colombia and to Reno! Tier4A funds are released. It is taking longer than expected… it is a process. All is coming through. Today or tomorrow, we will have good news for Tier4B and then the opera will be released.
I was hoping to be under NDA today, but it is slow, but I will get that call coming through! This is about helping humanity and our families. We want to help all we can. Whatever is possible. Private contractors are now getting paid as well. The amount of money these people are receiving fathoms the mind. Sadly, one of my huge whales in Mexico who waited a long time for this RV, has d**d in poverty, he had no money, and hopefully his assets can be passed on to his family.
Most of the whales have no money…many sold all they had to get their bonds or have lost their businesses due to world events. I know a huge whale in Germany who lost his business and is struggling, but he has huge amounts of boxes. Not all whales are rich.
Fortunately, my whale is well off, and I am lucky. In summary, the RV has started for bondholders and Tier4B is waiting for today or tomorrow, and today there is still time to get notifications for Tier4B. You are also seeing people getting debits released for Nesara and Gesara. Hopefully we will get good news! I think we all would like to have our debts paid off! Yellow Dragon bonds are available till our whale gets his notifications. Send me a message if you are interested. Things are happening. Hold on. I am very sure we will get through this during this week. Take care, Wolverine
~~~~~~~~~~~
Global Wealth Distribution (GWD) based on trade and sovereignty means that every QFS account worldwide will be solely owned by the account holder, not a bank or government.
Sun. 25 Aug. 2024 BRICS Launching New Stablecoin Pegged by Chinese Gold-backed Yuan: https://dinarrecaps.com/our-blog/brics-launching-new-stablecoin-pegged-by-chinese-yuan-amp-gold-backed-currency
~~~~~~~~~~
Global Financial Crisis:
The Purpose of QFS, Mr. Pool on Telegram:
The purpose of the QFS is to end c********n, u***y and m**********n within the banking system. “Banks” will no longer need to make huge profits from money transfer transactions.
The QFS will be completely independent of any existing “centralized” system and all other transport systems will be obsolete.
QFS is not a cryptocurrency. After REVAL (revaluation), the currency of all nations will become obsolete, collateralizing assets and ensuring a stable value (this process is simply a bank of information in the computer’s memory).
Read full post here: https://dinarchronicles.com/2024/08/26/restored-republic-via-a-gcr-update-as-of-august-26-2024/
************
Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man Article: "Iraq is the 9th largest buyer of gold in 2024" They had 132 tons in 2023. In 2024 they're telling you they just bought 100 tons of gold this year. Where did they get all the money for that? ...All of a sudden they have enough money to buy at...$2,500 an ounce? 100 tons? You gotta go, what!?! What does it do? ...What it does is it supports the value of their future real effective exchange rate...
Frank26 The new lower notes and the new exchange rate will revolutionize the whole Middle East, let alone the whole world...The monetary reform is the lynchpin. It's the trigger. It's the button that will be pushed to change financial structures around the world...We investors of the dinar have a backup for a backup in order to survive this global financial change...
Iraq Millions of Visitors Rates & News IQD PKR and ZiG Currency Way Up
Edu Matrix: 8-27-2024
Iraq - Millions of Visitors Rates & News IQD PKR and ZiG Currency Way Up PKR New Currency, Zimbabwe Currency Growth.
BRICS Pay System: Final Development Stage of Blockchain Technology Reached Ahead of the 2024 Summit
Lena Petrova: 8-26-2024
MilitiaMan: IQD Dinar Update - Global Economics - Investments - Developments - Laws - Non - Oil Revenue - Water
IQD Dinar Update - Global Economics - Investments - Developments - Laws - Non - Oil Revenue - Water
MilitiaMan and Crew: 8-26-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
IQD Dinar Update - Global Economics - Investments - Developments - Laws - Non - Oil Revenue - Water
MilitiaMan and Crew: 8-26-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
If A Neighbor's Tree Falls On Your Property, Who Has To Pay For The Damage?
If A Neighbor's Tree Falls On Your Property, Who Has To Pay For The Damage?
Maurie Backman Updated Thu, Aug 22, 2024,
This year has already seen a host of named storms. In July, Hurricane Beryl became the earliest category-5 Atlantic storm on record. And in August, Hurricane Debby hammered the Southeast before moving upward to inflict damage on the Northeast.
The National Oceanic and Atmospheric Administration predicts that the coming months are likely to be active ones as far as storms go. In the course of its routine mid-season update, it increased the number of anticipated named storms to 17-24, of which 8-13 could become hurricanes. And given that hurricane season runs through November 30, homeowners in the path of hurricanes and tropical storms could be in for a world of misery.
If A Neighbor's Tree Falls On Your Property, Who Has To Pay For The Damage?
Maurie Backman Updated Thu, Aug 22, 2024,
This year has already seen a host of named storms. In July, Hurricane Beryl became the earliest category-5 Atlantic storm on record. And in August, Hurricane Debby hammered the Southeast before moving upward to inflict damage on the Northeast.
The National Oceanic and Atmospheric Administration predicts that the coming months are likely to be active ones as far as storms go. In the course of its routine mid-season update, it increased the number of anticipated named storms to 17-24, of which 8-13 could become hurricanes. And given that hurricane season runs through November 30, homeowners in the path of hurricanes and tropical storms could be in for a world of misery.
It’s common for homes to sustain flood damage during a hurricane. And unfortunately, that’s not always covered by a standard homeowners insurance policy. Similarly, major storms tend to send trees flying, which could lead to all sorts of problems.
But what if a tree on a neighbor’s property ends up falling during a storm and causing damage to your property — whether by taking out a chunk of your fence, hitting your roof or falling on your car? Who is responsible for the damage? The answer might surprise you.
Who's Liable For Damages?
Laws regarding liability are more clear in some states than others, but generally speaking, when a tree falls during a storm it’s considered an act of nature. And in many cases, it’s not your neighbor’s financial responsibility, even if it was their tree that fell from their property onto yours and caused damage.
However, there can be exceptions to this rule. If it can be proven that your neighbor knew about structural problems with the tree, or that it was dead or rotted, and they failed to do anything about it, then you may be able to pin them for damages.
For example, say you sent your neighbor a series of emails asking them to take down a dead tree that’s been teetering over your fence. If your neighbor’s response was an emphatic “no” each time, and you have that paper trail, you may be able to use it as evidence against them.
But if a healthy tree falls onto your property, or even an unhealthy tree whose issues were unbeknownst to you and your neighbor, then you might be the one who’s going to have to deal with the damage.
What To Do When A Neighbor's Tree Damages Your Property
TO READ MORE: https://finance.yahoo.com/news/neighbors-tree-falls-property-pay-105000020.html
The “Good Ship Transitory” Sank - The Captain Is Joking About It
The “Good Ship Transitory” Sank - The Captain Is Joking About It
Schiff Sovereign - August 26, 2024 By Peter Schiff
It almost sounded like an apology. Almost.
On Friday, Federal Reserve Chairman Jerome Powell stood in front of reporters and explained how we got here... and how inflation took hold.
To be fair, he rightly diagnosed the root causes: extreme government spending and money printing during the pandemic. And then, when the economy reopened after the lockdowns, there was a sudden surge in inflation.
The Fed and its army of experts assumed this inflation would be a temporary phenomenon—what they called “transitory.” They said that, due to the pandemic lockdowns being lifted, prices would rise suddenly, then fall back down.
The “Good Ship Transitory” Sank - The Captain Is Joking About It
Schiff Sovereign - August 26, 2024 By Peter Schiff
It almost sounded like an apology. Almost.
On Friday, Federal Reserve Chairman Jerome Powell stood in front of reporters and explained how we got here... and how inflation took hold.
To be fair, he rightly diagnosed the root causes: extreme government spending and money printing during the pandemic. And then, when the economy reopened after the lockdowns, there was a sudden surge in inflation.
The Fed and its army of experts assumed this inflation would be a temporary phenomenon—what they called “transitory.” They said that, due to the pandemic lockdowns being lifted, prices would rise suddenly, then fall back down.
This turned out to be one of the worst calls in the history of central banking. As we now know, inflation wasn’t transitory. Prices rose and continued to rise higher and higher, and they haven’t come back down.
To his credit, the chairman acknowledged this mistake on Friday.
But he was in quite a jovial mood about it, even joking with reporters about how in late 2021 they all set sail on, “The good ship transitory,” essentially making light of their enormous error that turned a lot of people’s lives upside down.
His joke got a lot of laughs from the room, and it’s nice to see there can be so much levity about a mistake that has cost Americans so dearly.
Adding to the sting is that this press briefing took place at the Federal Reserve’s annual retreat in Jackson Hole, Wyoming—one of the most exclusive and expensive resort towns in the world. And there he was, in fancy Jackson Hole, cracking jokes about blowing the inflation call—a mistake that has wreaked havoc on so many people’s lives.
To be honest it was a bit offensive... sort of like how many generals during World War I drank champagne as their men were being starved and slaughtered on the battlefield.
But again, it was at least an acknowledgment that they got it wrong. And this shouldn’t be an earth-shattering revelation. The Fed is not some all-knowing, all-powerful institution; it’s comprised of flawed human beings. Everyone makes mistakes— you, me, and the Fed Chairman too.
(Although ideally Fed officials would make fewer, smaller mistakes than the rest of us...)
Part of the reason the Fed was wrong is because they claim their decisions are data-driven. But the data they rely on is itself deeply flawed; just look at the most recent revision from the Labor Department, which is a major data source the Fed looks at when crafting policy decisions.
The Labor Department said last week that they were revising down the number of jobs created in 2023 by over 800,000. That’s a huge miss, and it proves that the data the Fed relies on to make decisions is also fundamentally flawed.
So basically our monetary system is run by flawed human beings who make far-reaching, life-altering decisions based on flawed data. What could possibly go wrong?
Quite a lot, obviously. And that’s why it’s worth briefly examining where else the Fed could get it wrong. And we see two clear items on the horizon:
One is the presidential election. A couple of weeks ago, the Fed chairman almost bragged about how the outcome of the Presidential and Congressional elections are irrelevant to them and do not factor into their economic forecasts at all.
This is completely absurd.
On the one hand, you have Kamala Harris, who wants to impose price controls, pass tax hikes, enforce arduous business regulations, push energy prices higher, and more.
On the other hand, Trump wants to reduce the independence of the Fed.
You couldn’t have more diametrically opposed policy outcomes. Yet the Fed is willfully ignoring the massive consequences of what could transpire in November. They’re not thinking about it or planning for it. And that is insane.
The second issue is the national debt. The Fed isn’t sounding the alarm bells. And in the past, it has actually supported the government spending even more money.
And it’s not like “the data” is suddenly absent here. The Congressional Budget Office (CBO) has estimated an additional $22 trillion in new debt over the next decade. And generally, the CBO is conservative— meaning the debt will likely grow even quicker than that.
Who’s going to lend that money to the Treasury Department?
The Fed should know they will play a major role in funding government debt and deficits— triggering a massive money printing operation with major impacts. Yet they don’t say a word about it. They don’t seem to be thinking about it.
We’ve been clear about our assessment of this situation: $22 trillion in new debt will almost certainly be highly inflationary. And a Kamala Harris presidency is extremely likely to knock the US dollar off its throne as the world’s dominant reserve currency.
There’s a very narrow path to avoid that outcome, but it’s looking more and more likely every day.
You’d think the Fed would be planning for it. But they don’t say a word about it, and insist these factors don’t matter to them at all.
To us, this is why it makes so much sense to own real assets—scarce critical resources such as food, energy, key minerals, and productive technology.
If the Fed proves unable to tame inflation, critical commodities like these will grow in value.
And if by some miracle we avoid major inflation, there’s little downside to owning profitable businesses which produce some of the most vital resources on the planet.
Peter Schiff Co-Founder, Schiff Sovereign LLC