Iraq Dinar-Central Bank-Iraqi dinar exchange rate, Baghdad-Kurdistan-History

Iraq Dinar-Central Bank-Iraqi dinar exchange rate, Baghdad-Kurdistan-History

Militiaman and Crew:  9-8-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=0VMlMM1XENw

Iraq Economic News and Points To Ponder Monday AM 9-9-24

Are Central Bank Decisions Sufficient To Stop Inflation And Strengthen The Currency In Iraq?
 
September 8, 2024 Last updated: September 8, 2024   Independent/- As part of the Iraqi government’s efforts to improve the economic situation and stabilize the local currency, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the role of the central bank’s decisions in reducing inflation rates and enhancing the value of the national currency.
 
While Saleh's statements reflect the government's commitment to achieving economic stability, many questions arise about the effectiveness of these policies in confronting real economic challenges.
 
The role of the central bank in stabilizing the currency: Saleh stressed that the monetary policies of the central bank, including decisions to raise or lower interest rates, play an important role in stabilizing the local currency.

He explained that these policies aim to achieve a balance between the internal and external value of the currency, which is supposed to contribute to reducing inflation rates.
 
While these measures are viewed as economic stabilizers, the question remains as to how well they will meet the challenges of rising inflation and other economic pressures.
 
Economic growth and enhancing the value of the currency: Saleh pointed out that sustainable economic growth enhances the value and stability of the currency.
 
He stressed that the real factors affecting currency strength include high productivity, good employment, real investment, and innovation.
 
In this context, many wonder about the ability of the Iraqi economy to achieve this sustainable growth, in light of the challenges it faces, such as low oil prices and political crises.
 
Technology and Innovation: Stimulating Productivity and Economic Growth: Saleh pointed out that technology and innovation can play a decisive role in improving productivity and economic growth, which enhances the value of the currency.
 
However, while innovation and technology are positive factors, achieving these goals requires a suitable environment for research and development, as well as effective investment support.
 
In this regard, questions remain about the extent of Iraq's ability to achieve these requirements amid the current challenges.
 
The importance of political and administrative stability: Saleh also explained that political stability and the strength of the administrative system are important factors in enhancing confidence in the national currency.
 
In this context, many wonder about the stability of the political and administrative situation in Iraq, especially in light of the ongoing political crises and administrative challenges.
 
Achieving political stability may be essential to achieving the desired economic goals.   
 
https://mustaqila.com/هل-قرارات-البنك-المركزي-كافية-لوقف-الت/   

Economist: The Ban On Iraqi Banks May Be Lifted Within Six Months
 
 September 8 19:06  Information/private..  Economist Ahmed Abd Rabbo revealed today, Sunday, that 
Oliver Wyman has conducted a comprehensive review of the conditions of Iraqi banks, and its report may be issued after six months.
 
Abd Rabbo said in a special statement to the Maalouma Agency,
 
“The decisions of that company regarding the sanctioned banks will be binding on the Central Bank of Iraq and the US Federal Reserve,” noting that
 
“reforming the banking system facilitates the process of economic reforms.”  He continued,
 
"The company's final report may lift the ban on Iraqi banks, while it was positive," pointing out that
 
"lifting the ban on Iraqi banks will help support the Iraqi economy."
 
It is noteworthy that America imposes several sanctions on Iraqi banks in an attempt to pressure the Iraqi government to pass various policies.    https://almaalomah.me/news/75810/economy/اقتصادي:-الحظر-على-المصارف-العراقية-قد-يرفع-خلال-ستة-اشهر   

18 Trillion Dinars, The Volume Of Digital Trading In Iraq
 
September 8, 2024  Baghdad/Iraq Observer  The electronic payment campaign announced today, Sunday, that the volume of digital trading has risen to 18 trillion dinars, while highlighting the economic gains.
 
Campaign spokesman Mustafa Akram Hantoush said in an interview followed by Iraq Observer,
 
“Electronic payment has achieved very great achievements, and
 
it is a very successful experience in the financial and banking aspect and beneficial to all parties.”  He added,
 
 “Cash dealing involves risks, as
 
     money can be stolen or burned when transported or stored, or
     exposed to loss, while
 
electronic dealing and digital trading
 
     facilitate the process of transferring and trading money and are
 
beneficial to the state so that there is a
 
     reading of liquidity, collecting money, and a
     reading of the payments and the winning and losing sectors, which can be
 
“Through which plans are made.” 

He continued,  “Electronic payment is a successful topic by all standards, and the
 
countries that implement it are witnessing development in the financial and banking system.”
 
Regarding the numbers achieved, Hantoush explained,
 
“The total electronic payment by the year 2020 did not exceed 300 billion dinars, compared to electronic payment for the current year, which reached more than 18 trillion dinars. This is a big leap that is not easy to achieve within 3-4 years.” 

He stated that   “there are about 20 million electronic payment cards so far, after we had nearly 10 million cards in 2020,” explaining that
 
“the indicators of the issue are positive and it is successful in all aspects.”  He stated that
 
 “the government, with its recent decisions and the specialized committees on electronic payment, has reached the levels of detailed statements, liquidity statements, risk assessment, and even the issue of regulations and directing electronic signatures,” explaining that
 
“the issue of electronic payment has become in line with society.”  He stressed that
 
 “the government recently issued a set of decisions related to regulatory cases, including activating a law special for electronic signature, and creating a financial regulation for electronic payment between the Integrity Commission and the Supervision Bureau,” explaining that
 
“the issue has moved from the stage of applied procedures to the stage of general organization.” 
 
https://observeriraq.net/18-ترليون-دينار-حجم-التداول-الرقمي-في-ال/    

Government Advisor: We Are Working To Develop A Tax System That Is Attractive To Investors
 
Economy    Baghdad – IA  Sunday, the Chairman of the Supreme Committee for Tax Reform and Advisor to the Prime Minister for Economic Affairs, Abdul Hussein Al-Anbaki, announced a three-pronged plan for tax reform.
 
While he indicated taking facilitating measures related to tax administration, he confirmed the exemption of previous fines for many segments to restore the confidence of those charged with paying the tax.

Al-Anbaki told the Iraqi News Agency (INA):
 
“Some media outlets interpreted the tax reform as meaning that its purpose is to increase non-oil revenues, and this interpretation is not scientifically sound,” indicating that
 
“the primary goal of the tax reform is to create an easy, transparent tax system that is friendly to the business environment.”
 
It is attractive to investors, because the tax rate is not the basis, but rather the tax rate when multiplied by the tax base, the result is tax revenue.” He continued:
 
 “In tax reform, we seek to make the tax base large,” explaining that
 
“when the tax base is large, tax revenues will inevitably rise, even if the tax rates are the same and at lower rates.” He added,
 
"Tax revenues are an incidental result of the state of tax reform and not the basis for which the field of tax reform is launched," noting that
 
"the Supreme Committee for Tax Reform wants to
 
     achieve tax justice and
     make tax accounting easy and transparent, and
     does not want there to be cases of "Extortion, obstruction and delay in tax procedures." He pointed out that
 
"many facilitations have been made that, as a result, lead to restoring the confidence of those charged with paying taxes in the tax administration," noting that
 
"many brackets have been exempted, the cases of allowances have been expanded, and
 
they have been exempted from previous fines and accumulated interest for the purpose of restoring the confidence of those charged with the tax administration." He stated,
 
"When those responsible for accounting come, this will lead to an increase in tax revenues," stressing that
 
"the purpose of these measures is to create a tax system that is attractive to investors and not to search for an increase in tax revenues only because increasing tax revenues is considered an achievement."    https://www.ina.iq/216450--.html   

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

Seeds of Wisdom RV and Economic Updates Monday Morning 9-9-24

Good Morning Dinar Recaps,

Ripple Targets FCA Approval, Eyes London IPO by 2025

▪️Ripple’s FCA approval may come by December 2024, setting the stage for a potential London IPO in 2025.

▪️Ripple is expanding XRP Ledger with features like NFTs, smart contracts, DEX, and AMM to strengthen its ecosystem
.
Ripple’s protracted battle with regulatory hurdles took another crucial turn when Judge Torres granted Ripple’s motion for a stay on the monetary penalty. This judgment is regarded as a critical development, potentially benefiting Ripple’s efforts to obtain permission from the UK Financial Conduct Authority (FCA).

Ripple Overcomes Regulatory Hurdles, UK License and London IPO in Sight

Previously, there was suspicion that the uncertainty surrounding the penalty Ripple could face from the SEC was delaying the licensing process for its UK crypto license. Now that the stay is in place and financial expectations are apparent, Ripple is on track to get permission by December 2024.

This certification is especially significant for Ripple’s overall plan, as it may pave the way for an initial public offering (IPO) in London as early as 2025. Ripple’s decision to pursue an IPO outside of the United States is consistent with its prolonged avoidance of the American market, owing principally to regulatory uncertainty.

Due to the SEC’s hostile attitude toward the company and the larger cryptocurrency industry, Ripple has been wary of launching an IPO in the United States, as CNF previously reported.

This friction has been a primary driver of Ripple’s expansion into other countries, particularly the United Kingdom, where regulatory regimes appear more receptive.

Ripple’s CEO, Brad Garlinghouse, reiterated these comments during Korea Blockchain Week, where he emphasized the problems of the US regulatory framework. He stated that one of the most important pieces of advice he gives to cryptocurrency entrepreneurs is to avoid establishing their operations in the United States.

Garlinghouse’s statements underline a growing industry worry about the absence of clear and supporting legislation in the United States, which has served as a bottleneck for many organizations looking to develop blockchain.

Meanwhile, Ripple is not solely concerned with handling regulatory difficulties. According to our prior report, the firm is also working to improve the technological capabilities of the XRP Ledger.

Non-fungible tokens (NFTs), decentralized exchanges (DEX), smart contracts, and automated market makers (AMMs) are some of the most recent additions. These changes aim to improve the XRPL’s functionality and increase its use cases, hence strengthening Ripple’s position in the cryptocurrency sector.

Ripple is preparing for a good year ahead, with FCA approval appearing on the horizon and promising technological breakthroughs. If all goes as planned, 2025 might be a watershed moment for Ripple, especially with the potential of a London IPO on the way.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

CFTC LOSES ROUND ONE: KALSHI CLEARED TO OFFER US ELECTION BETS

A federal judge this week sided with the prediction market Kalshi’s motion for summary judgment in its legal battle with the U.S. Commodity Futures Trading Commission (CFTC). This decision opens the door for U.S. citizens to place bets on the upcoming November election.

However, the ruling isn’t the final word just yet, as the CFTC can still appeal. Following the judge’s order, the commodities regulator immediately filed an emergency request for a two-week stay.

Kalshi’s Legal Victory Could Change U.S. Election Betting Landscape, CFTC Files Emergency Motion

In a legal twist last year, Kalshi, a financial exchange and prediction market, took the Commodity Futures Trading Commission (CFTC) to court. Kalshi, established in 2018 by Tarek Mansour and Luana Lopes Lara, allows users to trade on real-world event outcomes.

The lawsuit, filed in November 2023, challenged the CFTC’s decision to block the company from offering specific event contracts, particularly those related to betting on the U.S. election, on its federally regulated platform.

On Sept. 6, 2024, Judge Jia Cobb delivered a decision in favor of Kalshi, rejecting the CFTC’s cross-motion for summary judgment. Bloomberg Law reported that Kalshi’s CEO, Tarek Mansour, called the ruling a milestone.

“Election markets are now legal in the United States for the first time in 100 years,” Mansour remarked. On the firm’s website, it states:

Election markets are coming to Kalshi. We did it! Stay tuned for more info, and God bless America!

Paradigm’s vice president of government affairs, Alexander Grieve, shared on X that he was delighted his firm supported the amicus. “Proud Paradigm contributed an amicus in this case, as (if it wasn’t clear already) the outcome of November’s election will have profound impact on the direction of crypto in this country,” Grieve said. “American companies need the ability to hedge political risk,” the Paradigm executive added.

Attorney Jake Chervinsky praised the ruling. “Huge win for Kalshi against the CFTC,” Chervinsky wrote. “I want to see the opinion before I start dancing on the grave of the administrative state, but this is even more evidence that the best way to deal with regulatory overreach is to file more lawsuits.” Although Kalshi secured a victory, the commodities regulator still has the option to appeal and take the fight back to court.

Right after the verdict, the CFTC swiftly filed an emergency motion requesting a two-week stay. They argued that “without the benefit of the court’s reasoning, the CFTC is unable to make an informed decision whether to appeal, nor is it able to fully brief a motion for stay pending any forthcoming appeal.” The regulator further added:

Time is of the essence in the issuance of a stay. The CFTC expects that Plaintiff Kalshi will immediately list the relevant election contracts and that trading will begin as soon as the contracts list. Plaintiff has already announced on its homepage that ‘Election Markets are Coming to Kalshi!’

The news arrives at a moment when Polymarket, a blockchain-powered prediction platform, has seen a significant increase in volume and open interest, thanks to the upcoming 2024 election.

Meanwhile, U.S. lawmakers, including Democratic Senator Elizabeth Warren from Massachusetts, have been pressing the CFTC to crack down on election prediction markets. “The last thing that voters heading to the polls need are bets waged on the outcome of that election,” the policymaker’s letter argued.

What do you think about Kalshi’s win this week and the chance the CFTC may appeal the decision? Share your thoughts and opinions about this subject in the comments section below.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

IOTA NEWS: INTRODUCING TWO NEW BONDS WITH IOLEND AND RUSTYROBOT – EXCITING OPPORTUNITIES AHEAD

▪️ApeBond has announced a significant partnership with IOLEND and the Rusty Robot Country Club (RRCC) to introduce two new IOTA bonds.

▪️This collaboration aims to enhance the DeFi ecosystem by leveraging IOTA’s infrastructure to provide sustainable growth and financial stability.

Multi-chain bonding protocol ApeBond recently announced big news for the IOTA community with the goal of introducing two new IOTA bonds in partnership with IOLEND as well as the Rusty Robot Country Club.

As said, the ApeBond project focuses on fostering a sustainable future for decentralized finance (DeFi) projects and communities. By leveraging cross-chain capabilities, ApeBond aims to provide long-term stability and growth opportunities within the DeFi ecosystem.

IOLEND has emerged as a key player in the decentralized finance (DeFi) market that offers innovative lending solutions on the IOTA network’s Ethereum Virtual Machine (EVM). what makes IOLEND special is that it uses top cryptocurrencies like ETH, USDT, and IOTA as collateral while standing out from other DeFi platforms.

IOLEND has been built on the RDNT Capital fork with the trusted framework of Aave. Thus, it ensures that users feel secure and confident in the platform’s reliability. Furthermore, this DeFi protocol allows users to deposit and withdraw assets, with interest rates determined by market forces, per the Crypto News Flash report.

One of IOLEND’s key strengths is its highly competitive APRs, which are among the lowest in the market. Users can earn up to 250% APR on ETH loops and 275% APR on USDT loops. These impressive yields are further enhanced by rewards in $IOL, IOLEND’s native governance token.

🔥 Big news for the @iota community! Today we’re thrilled to introduce not one, but TWO new #IOTA Bonds in partnership with @iolendfi and @RustyRobotCC 👇

💵 @iolendfi is a DeFi platform that aggregates top yield opportunities with smart leverage tools & yield-bearing… pic.twitter.com/9vtgcPwmf2

— ApeBond (@ApeBond) September 5, 2024

IOTA and Rusty Robot Country Club
The Rusty Robot Country Club is one of the longest-standing NFT communities currently on the IOTA blockchain that brings together a global team with the common vision of becoming the world’s largest creative brand.

RRCC excels in global creative collaboration across various mediums like music, comics, and books. Their platform, Coda, empowers artists to tokenize intellectual property (IP) through real-world asset (RWA) tokenization.

Moreover, the RCCC NFTs offer access to an ecosystem that includes comics, collectibles, Rusty Apparel, Rusty Robot Records, and $RUST-powered DeFi tools. Furthermore, the RUST token is central to the RRCC ecosystem as all the post-NFT sale activities require holding this token. Impressively, RRCC launched without an ICO, private sale, or investor backing.

The partnership between ApeBond and IOTA EVM marks a major advancement in diversifying treasuries and driving substantial growth. By utilizing IOTA EVM’s robust infrastructure, ApeBond enhances projects’ ability to manage their resources efficiently, promoting financial stability and supporting innovation and expansion. This collaboration will cultivate a vibrant DeFi ecosystem where projects can flourish and achieve growth, reported Crypto News Flash.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

CARDANO FOUNDER REVEALS GAME-CHANGING PLAN FOR UNMATCHED SCALABILITY

Cardano founder Charles Hoskinson has recently unveiled a blueprint to significantly enhance the scalability of the Cardano blockchain.

In a tweet, Cardano developer Input Output Global (IOG) shared a game-changing statement made by Cardano founder Charles Hoskinson at a recent event that touched on making Cardano the best in class in scalability.

"Leios is going to provide a dramatic increase in layer 1 performance. Complemented by rollups – coming to PlutusV3 – and Hydra, these things together will make for best in class for scalability," the IOG tweet citing the Cardano founder reads.

According to the Cardano founder, Ouroboros Leios together with rollups that are coming to Plutus V3 and scaling solution Hydra will result in best-in-class scalability performance.

Ouroboros Leios, a new Ouroboros family variant, is designed to significantly enhance throughput while maintaining at least the same level of security as earlier Ouroboros variants.

Existing variants of the Ouroboros blockchain algorithm have limited throughput capabilities, both in terms of data throughput and CPU processing.

They are restricted not by the resources available to each node (network capacity or CPU performance) but by the distributed algorithm's data and communication needs. Improving this requires a new algorithm design, which is what Ouroboros Leios aims to be.

Cardano milestones and developments On Sunday, Sept. 1, 2024, the Cardano blockchain took the first major, irrevocable step from being one of the most decentralized blockchains to becoming an ecosystem governed solely by its community of ADA holders with the launch of the Chang 1 upgrade.

In the past week, Cardano node v.9.1.1 was released to address an issue where 9.1.0 nodes would replay from the genesis block upon restart during the Conway era. The Lace team has opened up governance to Conway-era hardware wallet users, enhancing access and functionality in Lace v.1.15. Looking ahead, the team is now preparing for the release of Lace v.1.16.

@ Newshounds News™

Source:  U Today

~~~~~~~~~

HEDERA NEWS: 7 REASONS HBAR IS POISED TO LEAD THE NEXT WAVE OF BLOCKCHAIN INNOVATION

▪️A popular member of the Hedera community outlines seven reasons HBAR could dominate the Web3 industry in terms of innovation.

▪️According to him, building Layer 1 is incredibly complex, however, Hedera has done the most important things right.

Renowned developer Manu Kabrera has lauded the incredible evolution of the Hedera blockchain (HBAR), tipping it to lead the next wave of blockchain innovation.

In a post dated September 5, Kabrera explained that his position is based on seven key undeniable factors ranging from enviable community support to building an industry standard foundation.

Passionate Community

According to Kabrera, the Hedera community is one of the most educated, loyal, and passionate in Web3.

Admittedly, the developer stated that the various forums could certainly have a pocket of gamblers, flippers, and scammers. However, its community is filled with people who are passionately and genuinely seeking to use technology to address real-world problems.

The likes of HashPack Wallet, Kabila App, SaucerSwap Labs, etc were cited as part of the talented projects and companies within the Hedera ecosystem innovating and leading the way in blockchain use cases.

Speed of the Hedera Network

As captured in his post, Kabrera believes that the speed of this project “is in a league of its own”. Hedera’s transaction achieves finality in around three seconds, positioning it for mass adoption.

Nobody waits today. 3 seconds vs 30 seconds can be the difference between a viable Social DApp or a complete failure. Great user experience requires speed.

Super Low, Fixed Fees

Thirdly, the efficiency of the Hashgraph algorithm, according to the developer, has enabled super low fees at $0.0001 and $0.02 for minting a Non-Fungible Token (NFT). Most importantly, these fees are fixed, which enables businesses to offer predictable pricing.

Best-in-class technology

According to Kabrera, the Hashgraph consensus algorithm is a gift. His reason stems from the fact that the algorithm provides future scalability, decentralization, and high-grade security. Explaining the importance of this, he disclosed that most networks collapse in the long run due to the fact that their gas fees skyrocket unreasonably once they become successful and start handling a lot of transactions.

To him, Hedera provides a solution to this.

Developer Experience

The fifth point has to do with how Hedera’s native services have made it extremely easy for developers through the availability of traditional languages like Java, JavaScript, or Go. This is contrary to the new programming language like Solidity required by other networks to build on a blockchain.

Hedera’s provisions, according to Manu Kabrera, reduce entry-level barriers, costs, and development time.

Governance Model

In terms of governance, the developer believes that the community should have channels to submit proposals and feedback. Also, the reports that the entire economy could be tokenized on a blockchain demand that this responsibility falls on a group of experienced developers. According to Kabrera, Hedera has a governance system of 39 large, trustworthy entities with different backgrounds ranging from technology to logistics. These include Google, IBM, Ubisoft, etc.

All members of the Governing Council have a single vote and a maximum term of 3+3 years on the Council, preventing the concentration of power. This Council meets monthly, and all topics discussed and decisions made are transparently published on the Hedera website.

Foundation of the Hedera Network

In his final point, Kabrera stated that the originality of the Hedera Foundation could propel it to dominate the Web3 ecosystem. However, it would have to work on its clear processes, support for key ecosystem builders, transparency, and accountability.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

IRAQ TAKES CONTROL—CHAPTER VII ENDS  |  Youtube

@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

IRAQ'S CENTRAL BANK ENDS ELECTRONIC TRANSFER  |  Youtube

@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

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More News, Rumors and Opinions Sunday PM 9-8-2024

KTFA:

Clare:  Prime Minister's Advisor: Central Bank Decisions Contribute to Reducing Inflation Rates in the Country

9/8/2024  Baghdad

The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, explained that the decisions of the Central Bank contribute to reducing inflation rates in the country, and pointed out that economic growth contributes to strengthening the value of the local currency.

Saleh said in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "the policies of the Central Bank play a major role in stabilizing the currency, which achieves harmony between the internal value of the currency and its external value," explaining that "decisions to raise or lower interest rates as part of monetary policy work will undoubtedly be reflected in reducing inflation rates and maintaining the stability of the currency value."

He added that prosperous and sustainable economic growth in the gross domestic product contributes to strengthening the value and stability of the currency, indicating that the real factors affecting the strength of the national currency include high productivity, high employment of the workforce, in addition to real investment and innovation, especially technological development.

Saleh pointed out that technology and innovation can lead to improved productivity and economic growth, which enhances the value of the currency, all of which are factors generated by the real sector in the economy or the national development policy.

He pointed out the importance of political stability and the strength of the administrative system and its governance, which are important behavioral factors in enhancing confidence in the national currency. LINK

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

Clare: Baghdad Today publishes the full details of Al-Sudani's speech

9/8/2024  Baghdad

Prime Minister Mohammed Shia Al-Sudani delivered a speech to the Iraqi people today, Sunday (September 8, 2024), in which he addressed political files, government achievements, and other service-related issues.

Al-Sudani said in his televised speech, addressing the Iraqi people: “Direct discourse is our permanent approach to building trust with you,” indicating that “the government was formed in circumstances that are still evident in the memory of the recent past and the political intersections that preceded it and the absence of a comprehensive vision in managing the state.”

He added, "Our government has embarked on an accurate and realistic reading of the most important demands and necessities that govern the relationship between the citizen and his government. We have formulated the concept of a service government and its priorities in addressing unemployment, poverty, services, and meeting the imperatives of economic reform, in addition to the most important file, which is combating corruption, based on political support from the State Administration Coalition and all national political forces."

The Prime Minister continued: "We addressed the conditions of those covered by the social protection network by including 961 thousand new families and more than 7 and a half million food baskets monthly within the ration card items, and more than two million students were included in the student grant and more than 372 thousand salaries for the full-time appointee."

He pointed out that "a campaign was launched to provide school buildings at various levels and tracks to complete more than 500 new buildings in addition to the restoration and maintenance of thousands of other buildings. We ended the problem of contractors, higher degrees, top graduates and daily wages by addressing nearly one million job grades."

He explained, "We supported the private sector by allocating projects for the (Iraq Development Fund), which is a step that will produce thousands of job opportunities for our children, and it has actually begun to bear fruit." He pointed out that, "the indicators of local energy production have reached 27 thousand megawatts for the first time, and the oil sector has witnessed a remarkable development, and we have begun to exploit associated gas and have reached 67 percent of it, and we have achieved self-sufficiency in gas oil fuel and have entered the export phase."

Al-Sudani revealed that "gasoline production increased to 28 million liters per day, and imports declined to their lowest levels and will stop at the beginning of 2025. In the services and infrastructure file, major strategic projects have been launched, whether in the Iraq Development Road or the Grand Faw Port."

He said: "The government has begun to address the housing issue extensively and the urgent need for new cities. We have achieved self-sufficiency in wheat production, and we have opened the doors to national industry and begun to adopt major industrial cities."

He pointed out that "the traffic congestion treatment projects reached final completion rates in record time, and some of them were actually opened," adding that "the stalled projects decreased from 2,611 suspended projects and contracts to work resuming on 471 projects for ministries and 354 projects and contracts in the governorates."

He added: "400 projects and contracts have been fully completed after some of them had been halted for more than ten years," noting that "the government succeeded in holding provincial council elections, and we have ended forever the confusion resulting from the multiplicity of personal documents for citizens. More than 40 million unified personal cards have been issued, and we have launched the electronic passport systems and reduced all the reviews that exhausted citizens."

The Commander-in-Chief of the Armed Forces announced "taking an important step to resolve the issue of the international coalition to fight ISIS and ending the work of the UNAMI mission," adding, "The government also made an important effort in the international relations file despite the unrest in the region and the aggression on Gaza, and succeeded in sparing Iraq the repercussions of the escalation."

He said: "Based on these principles and after all the success achieved, which is credited to both the executive and legislative authorities and to the various national forces contributing to the government, we worked without hesitation to support the constitutional tasks of the judiciary in order to complete the circles of stability and progress."

The Prime Minister stressed that, "When the government placed combating financial and administrative corruption at the top of its goals, we faced and continue to face operations of confusion, obfuscation, spreading fallacies, attempts to mix facts with lies, and accusing the government of ignoring some aspects of corruption."

Al-Sudani also stressed that "the government is ahead of all constitutional authorities in confronting and holding accountable any exploitation of the job position that seeks to blackmail or violate the law at any level, and no one will be beyond the reach of the law," indicating that "the government is the government of all, and its success and ability to meet the aspirations of Iraqis and achieve development and prosperity will benefit everyone as well."

He called on "the national political forces and constitutional authorities to assume comprehensive responsibility towards these major entitlements and stand united behind the government to complete its service program and not allow attempts to obstruct that target everyone's achievements, especially in light of the rapid challenges and developments witnessed by the region, particularly on the security and economic levels." He explained that "those who are concerned about the success of the government, we affirm our commitment to meeting the demands of our people as a matter of utmost importance, and that the real and decisive success for us is the satisfaction of the Iraqis and the achievement of their aspirations."

He promised, “Our success in the project of building Iraq and its contemporary renaissance is a project for all Iraqis, with all their spectrums and all their national orientations that believe in a single, powerful Iraq.”

Al-Sudani stressed "the importance of settling the entitlement to the presidency of the House of Representatives, as we stand at the same distance from all political forces," adding, "The government is waiting for this important step in order to proceed to the House of Representatives to approve the ministerial amendment based on an evaluation of the ministers' performance."

The Prime Minister praised "the performance of the state ministries during the past stage and the achievements they recorded that make a difference and represent the spirit of the government program and its goals," renewing "the pledge to our people to continue the effort and struggle, and to continue on the same approach with higher momentum and unwavering determination towards building a strong, unified, independent, prosperous Iraq in which its people live with pride and dignity."

Live broadcast of the speech.. Click here   LINK

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

PompeyPeter  Where are we?  We don't like to spread rumors.  We don't like to give out misinformation or unqualified information.  That's why we stick to what we know.  What we know and put out comes from...the articles...And gracious  me, what do they tell us about where we are?  They tell us we have never ever ever been in a better place than we are now...  

Frank26   [Iraq boots-on-the-ground report]  FIREFLY:
Sudani says we are in the final stages of the education phase on the monetary reform.  I went to Mr. Sammy [Bank Manager Friend] and I said, 'What happens next?'  He said after the monetary reform education, the lower notes will come out.  But first the commercials will show them to you.  He seems to think it's the upcoming next year for some reason.  FRANK: The reason why he is saying this is because he is aware that the CBI will meet with the United States Treasury at the end of this year.  He may be thinking we need that meeting.  IMO I strongly disagree.  I still look forward to Alaq returning from New York with a new exchange rate that everyone is agreeing upon...IMO the commercials are next...because they are already produced and ready to be released.

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

BRICS Urgent News Venezuela Turkey & Global Energy Issue

Edu Matrix:  9-8-2024

BRICS Urgent News Venezuela Turkey & Global Energy Issue—The President of Venezuela is promising to shake up the global energy industry, while Turkey has already done something few other countries would dare do.

https://www.youtube.com/watch?v=pGPLkZaP-50

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-8-24

Good Afternoon Dinar Recaps,

WHY RIPPLE IS HOLDING BACK FROM A U.S. PUBLIC OFFERING

▪️Ripple avoids a U.S. IPO due to regulatory uncertainty, particularly the SEC’s hostility.

▪️Ripple’s diverse political affiliations include XRP donations to Donald Trump’s 2024 campaign.

Ripple CEO, Brad Garlinghouse, has stated that the company has no plans to go public in the US. The challenging regulatory environment, particularly the SEC’s harsh treatment of cryptocurrency startups like Ripple, is a major driving force behind this decision.

Ripple CEO Urges Caution in U.S. Crypto Operations Amid SEC Conflicts

Garlinghouse highlighted the SEC’s conflicting actions in authorizing Coinbase’s public listing and then bringing a lawsuit against the business. Ripple is wary of doing an Initial Public Offering (IPO) in the United States due to regulatory uncertainty.

During Korea Blockchain Week, Garlinghouse expressed his broader concerns about the US regulatory landscape, stating that one of his top pieces of advice to crypto startups is to avoid incorporating in the United States.

He warned that doing so would certainly result in increased legal costs, a reality Ripple has seen directly in its current struggle with the SEC. Despite these hurdles, Garlinghouse voiced optimism about the crypto industry’s future, saying he is more confident than ever in the next five years.

Ripple is currently focused on extending its global footprint and resolving regulatory difficulties rather than pursuing a U.S. IPO.
 
In addition to these corporate decisions,Ripple’s political associations have sparked interest. According to CNF, the company’s executives have expressed support for both sides of the political spectrum, endorsing candidates in the 2024 US presidential election.

Stuart Alderoty, Ripple’s General Counsel, donated $300,000 worth of XRP to Donald Trump’s campaign, while other Ripple executives backed Kamala Harris. This exposes the company’s multiple political opinions and demonstrates a purposeful strategy for maintaining partnerships with many political forces.

Garlinghouse also emphasized the SEC’s broader impact on the cryptocurrency business. He underlined that, while the SEC wields great power, challenging the regulator requires significant resources and resolve.

Ripple has scored legal successes in its struggle with the SEC, including a court order that dramatically decreased the SEC’s initial sanctions.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

SEPTEMBER’S KEY EVENTS WHICH WILL REVIEW STRUGGLING CRYPTO MARKET

▪️Trump-Harris debate may influence crypto market with candidates' stances on digital assets.

▪️US CPI report could impact Federal Reserve decisions, affecting crypto

▪️On 12 sept PPI report along with Jobless claims will be released.

With cryptocurrencies experiencing a significant drop of nearly 30% from their peak in March, the upcoming week is packed with key events that could greatly impact both the crypto and traditional trading markets. Here’s what to watch for in the coming week.

Key Events Of The Next Week

Sep 10: U.S – Trump-Harris Debate
The debate between presidential candidates Kamala Harris and Donald Trump on September 10 is creating buzz in the crypto market. Both candidates have recently shown increased interest in cryptocurrencies.

Trump’s positive stance on crypto and Harris’s connections with industry leaders could affect market trends. This debate might bring new insights or uncertainties about the future of digital assets.

Sep 11: U.S – CPI

On September 11, the U.S. will release its Consumer Price Index (CPI) report for August. This report is important because it shows how prices are changing and can influence economic decisions. The July CPI report showed a 0.2% increase from the previous month and a 2.9% rise compared to last year.

Experts predict that August’s CPI will show a slightly higher increase, with core inflation expected to be around 0.26%. This data could impact the Federal Reserve’s decisions on interest rates, affecting both traditional and cryptocurrency markets.

Sep 12: U.S – PPI & Jobless Claims

On September 12, the U.S. will also release its Producer Price Index (PPI) report. The PPI measures how prices are changing for goods before they reach consumers.

 The July report showed a 2.2% increase compared to last year, which was a slight drop from June’s 2.7%. Analysts expect August’s PPI to show a further easing of inflation pressures.

Additionally, the Initial Jobless Claims report will be released on the same day. This report tracks the number of people filing for unemployment benefits. The latest data showed a drop to 227,000 claims, the lowest since early July, compared to economists’ forecast of 230,000.

This information helps us understand the overall job market and economic health, which can also impact the cryptocurrency market.

As these events unfold, they could create opportunities or challenges for the cryptocurrency market.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

RIPPLE CTO BREAKS SILENCE ON RLUSD STABLECOIN RUMORS

Ripple CTO David Schwartz recently addressed speculation surrounding the RLUSD stablecoin. In a tweet, Schwartz indicated that RLUSD might likely be accessible only to institutions, at least initially

In his tweet, Schwartz stated, "It will probably only ever be available directly to institutions. Can you get USDC from Circle or USDT from Tether? Because I can't."

Schwartz was responding to an X user who asked if RLUSD could be only available, at least initially, to institutions and not crypto retail.

The X user proposed that restricting RLUSD to institutional access could protect it from risks linked to other stablecoins, like USDT, which has been criticized for alleged connections to money laundering and concerns over its stability.

Schwartz further addressed concerns about potential manipulation of the RLUSD stablecoin, stating, "I don't think that's likely to happen except maybe in very early test phases before anyone is really using it to move or store value."

Ripple USD (RLUSD) is currently being tested in private beta on XRP Ledger and Ethereum mainnet. As reported, the Ripple CEO Brad Garlinghouse at a recent XRPL event indicated that the Ripple stablecoin was gearing much closer to its release, suggesting a timeline of "weeks."

As RLUSD moves closer to its anticipated launch, Schwartz’s statements offer insight into Ripple’s cautious approach to rolling out RLUSD. Ripple USD stablecoin In April, Ripple announced plans to introduce a stablecoin tied 1:1 to the USD on XRP Ledger and Ethereum.

This initiative is intended to broaden Ripple's reach into institutional and DeFi markets, diversify use cases and improve its payments infrastructure, bringing traditional and decentralized finance closer together.

Stablecoins are an important entry point into DeFi, and adding an enterprise-grade stablecoin to XRP Ledger is expected to increase use cases, liquidity and opportunity for developers and consumers alike.

Ripple's stablecoin will be fully backed by U.S. dollar deposits, U.S. government bonds and cash equivalents, and Ripple promises transparency through monthly third-party attestations to ensure confidence and reliability.

Aside from the RLUSD stablecoin, Ripple and the broader XRP community intend to introduce more programmability, including smart contracts, to the XRPL developer ecosystem in 2025, both through the XRPL EVM sidechain and by exploring native capabilities on the XRPL mainnet.

 @ Newshounds News™

Source:  U Today

~~~~~~~~~

MASTERCARD LAUNCHES CRYPTO CARD ENABLING USERS TO SPEND IN 100 MILLION EUROPEAN MERCHANTS

Mastercard partners with Mercuryo to launch a euro-denominated crypto debit card

Mastercard, the payments giant, has announced a partnership with Mercuryo to launch a euro-denominated crypto debit card, allowing users to spend crypto from self-custodial wallets.

Mastercard is a global leader in the payments industry. They operate international payment card services since 1966 and provides various financial services in more than 210 countries and territories.

As payments are considered one of the key use cases for crypto, Mastercard’s entrance into the crypto market was somewhat natural. The payment giant officially announced support for crypto on its network in February 2021.

Senior Vice President of Crypto at Mastercard, Christian Rau told Cointelegraph “At Mastercard, we are working closely with partners to innovate and enhance the self-custody wallet experience.”

@ Newshounds News™

Source:  The Street

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FAITH AS SMALL AS A MUSTARD SEED | Youtube

@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

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Protecting Yourself From Both Scams And Tax Penalties

Protecting Yourself From Both Scams And Tax Penalties

Joe Cortez  Sun, September 8, 2024  Moneywise

California man loses life savings, owes more than $30K in taxes after falling prey to sophisticated scam

On top of losing his life savings to scammers, Chester Frilich of Concord, California is facing a tax bill of over $30,000 which could end in him losing his home.

As reported by ABC7 News, his problems began when he received a call from somebody claiming to be from Xfinity, who claimed his account was used to upload pornographic videos. An hour later, he heard from “Jason Brown” with the Federal Trade Commission, listing all of his credit cards and telling him he was under investigation for wire fraud.

In order to clear the issues, the scammers posing as the FTC said they would help him move his money to a “secure account,” which involved him sending thousands of dollars of gold and cash through couriers and UPS. He tapped into multiple accounts, including Certificate of Deposit (CD) and IRA accounts, to send over $200,000 in funds before the police informed him that it was all a scam.

By using those accounts to send money, Frilich amassed a tax burden of around $30,000, which will end in the IRS putting a lien on his home if he can’t pay the bill or work out an arrangement with the agency.

While losing money in a scam is awful, getting penalized on top of it makes it even worse. How can you guard yourself from tax problems as you try to avoid fraud?

Why Early Withdrawal Penalties Matter

While most bank and investing accounts are designed to hold “liquid” assets — defined as cash or assets that can be converted to cash quickly and easily — some accounts are structured to effectively “lock down” money to pay interest and dividends over an extended period of time and are not considered “liquid.” Examples include the two types of accounts Frilich pulled money from: Certificate of Deposit (CD) accounts and Individual Retirement Accounts (IRAs).

Both are designed to keep money locked for an extended period of time, but in different ways. A CD is offered by banks or credit unions as a savings option, where consumers agree to deposit their money for a specific period of time before they can make a withdrawal.

CD terms can range anywhere from one month all the way to five years. IRAs are investment accounts designed to help you save money for your retirement. The earliest one can withdraw money from an IRA without issue is when the account holder turns 59½.

Anyone withdrawing money from either of those accounts before they mature will face penalties. Under federal law, banks are allowed to charge penalties for early withdrawal of CDs.

While the minimum penalty is seven days of simple interest if the withdrawal is done within six days of deposit, a larger penalty can apply for early withdrawal at any other time during the term.

TO READ MORE: https://www.yahoo.com/finance/news/california-man-loses-life-savings-120300738.html

Economist’s “News and Views” Sunday 9-8-2024

Peter Schiff: Financial Markets are Back on the Brink of Collapse

9-7-2024

The financial markets have always possessed an underlying tension, poised delicately between exuberance and disaster. After a decade marked by pronounced recovery and growth following the 2008 financial crisis, there is an unsettling sentiment circulating among investors and economists alike: financial markets are once again teetering on the brink of collapse. But what factors are contributing to this precarious situation, and what can we expect moving forward?

While the financial markets are currently faced with numerous challenges, history has shown us that downturns can also present opportunities for astute investors.

By keeping an eye on the indicators and being mindful of personal financial strategies, you can navigate the unpredictability of the markets. The sentiment of impending collapse need not be paralyzing; rather, it can serve as a reminder to remain vigilant, informed, and proactive in the quest for financial stability.

As the old saying goes, “In every crisis, there is opportunity.” It’s essential to be prepared, both intellectually and emotionally, for the unpredictable journey that lies ahead.

Watch the video below from Peter Schiff for his insights on this topic.

https://youtu.be/t1-BiELuDhc

MARKETS A LOOK AHEAD: A "WORLDWIDE SUPER DEPRESSION" IS NOT FAR OFF. (Important Updates).

Greg Mannarino:  9-8-2024

https://www.youtube.com/watch?v=1aCyvN4kT9g

Americans are BROKE (Collapse Starts NOW) - President Reagan's Economics Advisor, Prof. Steve Hanke

Sachs Realty:  9-7-2024

U.S. recession is unavoidable says Steve Hanke, Professor of Applied Economics at Johns Hopkins University and Founder and Co-Director of the Institute for Applied Economics.

https://www.youtube.com/watch?v=Ig8Y4qWI0RE

The Current Case for Iraq' Monetary Reform, RI/RV, Challenges, Requirements and its Ultimate Success Now

TNT:

The Current Case for Iraq' Monetary Reform, RI/RV, Challenges, Requirements and its Ultimate Success Now. (1 OF 4)

Critics of an Iraq and Kuwait currency reinstatement comparison, have long pointed to the immutable fact that Kuwait was a State of the Art modern Democratic Monarchy, before it was ravaged by war, unlike Iraq which was an Archaic Dictatorship before and after its wars; so the argument goes, “you can't compare the two”.

However, that argument is not altogether conclusive proof that Iraq can't revalue anytime soon; especially now due to its current Parliamentary Democracy and stabilizing political reality, which has relatively improved, and most opinions to the contrary are highly subjective. 

Keep in mind although Iraq was an Archaic Dictatorship and was in great need of Monetary and State of the Art Economic Reforms before it started invading its neighbors, in particular Kuwait in 1990; Iraq factually had one of the highest valued currencies in the world (1 iqd to $3.21 usd) and was exchangeable here in the US! Therefore, any subsequent REQUIREMENTS to RI/RV Iraq’s currency internationally, are rooted in PRIMARILY SUBJECTIVE DETERMINANTS of the PTB (Powers That Be = Politics) and not Numbers and History. 

Furthermore, check out these much published but little considered facts regarding the circumstances in Kuwait when Kuwait Central Bank revalued its currency and was reinstated. 

We all know about Kuwait's limited public utilities days after the 1991 war; like little running water and very few lights in the country, when on March 25th, 1991 the NY Times reported Kuwait had revalued its currency by candlelight, back to the highest in the world. However, most of us have not researched the other political, societal, and economical circumstances surrounding Kuwait's revaluation and reinstatement. 

1. Did you know, the Kuwaiti Crown Prince 2nd in Charge of the Government, along with the Government's 22 cabinet ministers did not arrive back in Kuwait until March 5th a mere 20 days before they Revalued their Currency? 

2. Did you know, the Kuwaiti Emir Sheikh Jabah the number 1 ruler, did not return to Kuwait after 8 months of sheltering in Saudi Arabia until March 15th, 1991 a mere 10 days before the revaluation of their currency? 

3. Did you know that a vast amount of the Kuwaiti Government workers and administrators of the Kuwaiti Government agencies before the invasion were from Pakistan, Jordan, and other countries in the middle east and they NEVER Returned after the liberation of Kuwait. Talking about instability!

4. Did you know that a large number of the Kuwaiti surviving population were street protesting in March 1991 for a FULL DEMOCRACY, in other words, let's overthrow the ruling family who ran to safety and left us here to suffer? They felt abandoned by the ruling family and its Government for 8 months, consequently being subjugated by the invading Iraqis with unmentionable horrors? 

5. Did you know that 700 Kuwaiti Oil wells were still burning (during the RV) after being set on fire by the retreating Iraqi army and the last oil well was not extinguished until November 6, 1991? 

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

Kuwait /Iraq 2 of 4

So Kuwait not only revalued their currency by candlelight, they did it under a dark sky filled with toxic fumes and a devastated economy! 

Speaking of Kuwait's economy, Kuwait's inflation rate in 1991 rose ironically to 6.49% as a direct consequence of the invasion. Iraq's inflation rate has fallen to 3.90% today, partially as a consequence of the currency rate reduction in 2020. 

The point is Kuwait's inflation rate in 1991 when they revalued was almost twice of what Iraq's inflation rate is today! Even a first-year economic major knows that increasing purchasing power and decreasing the money notes numerically, is a mechanism that stimulates and grows the economy, NOT to control hyperinflation, so what Iraq is working towards is not a Lop, their inflation rate is controlled! 

The general point I'm making is that KUWAIT revalued their currency in very unstable conditions socially, politically, environmentally, and economically. They needed to rebuild their country and understood the basic premise "you reestablish your currency FIRST, then rebuild your country". 

However, I must concede there may be two powerful factors in the Iraqi efforts to Reinstate and Revalue their currency that Kuwait did not face. 1 A "Complex Global Currency Reset Effort" riding its back. 2. It was not strapped with a somewhat timid ideology of the US Administration. In 1991 the "get the money boys were in power in the US" it truly makes a difference as to how obstacles are overcome in financial and political matters! No pun intended, just years of neutral observations. Idealism (analysis = paralysis) and $$$ money $$$ are strange bedfellows! 

But all of that is just fourplay, let's take a look under the hood, shall we? Side by Side, because numbers historically speak truth to power and intent! 

Fact: In 1990, before the first Gulf War, both the Kuwaiti Dinar and the Iraqi Dinar were both over $3 USD to 1 dinar, and had been for many years. Let's see where we are today, regarding the economy of the two countries and the numbers that matter in setting a countries REER (Real Effective Exchange Rate) !

 ~~~~~~~~~~~~~~

KUWAIT.                           Sept 4, 2024                                IRAQ 

Population: 4.95 million                                                       44.5 million 

Gold Reserves: 55.11 tonnes.                                             143.3 tonnes 

Reserve Currency: 42.3 Billion USD                                   115 Billion USD 

GDP: 175.4 Billion.                                                              265.89 Billion 

GDP/Per cap: 307 Billion.                                                    530.86 Billion 

Inflation: 3.7%                                                                       3.9% 

Gas Reserves: 63 trillion Cu Ft.                                            131 trillion Cu Ft 

Oil Reserves: 102 Billion Barrels.                                          145 Billion Barrels

 Oil Reserve Status: 4th in Opec/ 10th in World.                  2nd in Opec/5th in World 

Mineral & Other Resources: Fresh Water.          Phosphates, Sulfur, Salt, Gypsum, Stone.

                                                                            Benzynite, Agriculture. 

KWD to USD (1 dinar = $3.54 usd) & IQD to USD (1 dinar = 0.001 or 1/10th Penny) 

What's wrong with the above Numbers? To CLAIM OR DENY the Effort to RV/RI the Iraqi Dinar as a SCAM, is not only untrue it's Stunated Foolishness Level! 

Kuwait/ Iraq 3 of 4

The IQD RV/RI effort is very real and has been attempted multiple times 2011, 2013, 2017 etc.. by IRAQ and the PTB over the last 20 years; as reported last month. 

The Following excerpt that is directly cited below from a (April 30, 2012) “DECLASSIFIED” REPORT TO THE US CONGRESS, FROM THE IRAQ PROVISIONAL GOVERNMENT pg. 103, that clearly proves the lifting of the 3 zeros from the IQD and Raising the Value IS A REAL EFFORT THAT WAS POSTPONED AT THAT TIME! THIS EFFORT IS NOT A SCAM!!! NOT A LOP!!! NOT A PROGRAM CBI RATE CHANGE !!! BUT A LIFTING OF THE 3 ZEROS AND A VALUE CHANGE ALL TOGETHER!!! A REER!!!!!! SEE BELOW !

QUOTE FROM REPORT:“In April 2012, the CoM postponed indefinitely plans for a currency reform that would have removed three zeros from the Iraqi dinar in 2013 and required issuance of new currency notes. The reform would have made the dinar value slightly less than $1, It is currently worth less than one tenth of a cent.” DROP THE MIKE! That's almost 1 to 1 IN IRAQ!! In your country it would be higher due to the parity principle!!

One more notion we need to clear up is the Iraq official rate of 1310 to 1 and the “Illegal Parallel Market Rate” 1500 to 1, “needing to get closer or completely align, before Iraq can unify the rate and revalue its currency”. Really? The Turkmenistan RV model used by the IMF shows clearly that the so-called parallel market rate in Turkmenistan had a more than 6000 manat spread between the official rate and the Parallel rate, when they successfully unified the two rates rates on May 1st, 2008. The IQD has less than a 2000 spread today! Just do it! 

In addition. the Turkmenistan blue print included a REER rate change 1st, then a little later they introduced there new lower denoms. It’s a major problem if the actual lower denoms are released ahead of the rate; not only because they would be valueless but more importantly, it would allow counterfeiters to get there filthy little hands on the notes and torpedo the monetary reform with counterfiet notes! No CBI would make that amature error!

The CBI will release commercials and certain photographs first at the last phase of the education like Iraq’s PM announced Wednesday on TV close to the new rate.

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

Kuwait Iraq Turkeministan 4 of 4

In conclusion, Political and Economic Stability "requirements" by the PTB upon Iraq, over  the last 20 years have become very Subjective, Relative and Ironic to say the least; so let's not sweat it guys lets play along its almost over!!!! Your patience is NOW A VIRTUE!!! LOL LOL 

I hope this helps with some of the doubts expressed by a few and help you to see, this is finally ready to go, it's just politics. 

By the way, all of these facts are available online FROM RELEVANT LEGITIMATE GOVERMENT SOURCES if one is truly interested, please, please stop beating up our neighborhood Gurus, some of them have been truly trying and helping many. At this point no one should be holding on for dear life on every word any Guru says now because there is to much verifiable intel available now at your fingertips. If you fail to take accountability for your own attitude and believe in this investment at this late date, you are likely the kind of person that will place your holdings in the hands of someone else and be taken advantage of. Big Kudos to our Home and Great TNT TEAM!!! 

Enjoy and stay positive. 

By FUZE    9/4/24 

Iraq Economic News and Points To Ponder Sunday AM 9-8-24

An Economist Warns Of Financial Hardship And The Ax Of Rentierism: They Will Fall At The Head Of The Iraqi Economy
 
September 7, 2024  Baghdad / Iraq Observer   Economic affairs researcher, Ziad Al-Hashemi, warned today, Saturday, of financial hardship and the ax of rentierism, while indicating that they will soon fall at the head of the Iraqi economy.
 
Al-Hashemi said in a post followed by Iraq Observer,  “Global markets are surrounded by many recessionary indicators that lead to real pessimism, and oil prices are declining, and Iraq is one of the biggest potential victims of the decline in the price of a barrel of oil,” noting that “now is not the time to talk about diversifying sources of income, as it has been wasted.”

Successive Iraqi governments and the political system provided many opportunities and squandered hundreds of billions without taking a real step forward to get rid of the state of high dependence on oil.”  He added,
 
“Urgent solutions are now required to save what can be saved, by developing a national emergency plan to deal with a financial situation characterized by (hardship and deficit).”
 
He pointed out that “this plan includes the following:
 
1- An urgent executive program to identify the fake employees (almost a million fake ones), cancel their salaries, and get rid of the situation of multiple salaries for each individual! The continued depletion of state finances with massive fraudulent salaries will soon bring down the government with a knockout blow as oil prices continue to deteriorate.
 
2- Compressing expenditures with all possible tools and means, and raising the level of control and auditing of expenditures with the aim of achieving a higher level of financial discipline.
 
3- Maximizing the government’s revenues from taxes and customs (fully activating the customs system) and reducing the level of laxity in the collection system.
 
4- Monitoring commercial markets and prices, encouraging merchants to reduce profit margins, and holding accountable those who practice commercial greed and monopoly.
 
5 - A massive campaign to monitor corruption funds, recover them, and annex them to public funds.
 
6- Re-evaluating projects and referrals to tenders and opening the door to negotiation to postpone or cancel non-essential projects or achieve price differences for the benefit of state finances or other spending sections!
 
7 - Establishing borrowing and debt instruments (as a last resort) that the government resorts to, to avoid increasing the amount of public debt, which is already high.”  He stressed,
 
"These are some of the proposed quick solutions and treatments that certainly do not replace long-term solutions that focus on economic diversification.
 
Without implementing these and other solutions, let this government and

Adviser To The Prime Minister: Central Bank Decisions Contribute To Reducing Inflation Rates In The Country

 Economical 09/08/2024   Baghdad: the mainstay of the emirate   The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained that the  decisions of the Central Bank contribute to reducing inflation rates in the country, and  pointed out that economic growth contributes to strengthening the value of the local currency.

 Saleh said in a statement to “Al-Sabah”:

 “The policies of the Central Bank play a major role in stabilizing the currency, which is something that achieves harmony between the internal value of the currency and its external value,” explaining that

 “decisions to raise or reduce interest as part of monetary policy work will undoubtedly be reflected in... Reducing inflation rates and maintaining the stability of the currency value.” 

He added that the   prosperous and sustainable economic growth in gross domestic product contributes to enhancing the value of the currency and its stability, indicating that the

 real factors affecting the strength of the national currency include high productivity and high employment of the labor force, in addition to real investment and innovation, especially technological development .  Saleh pointed out that

 technology and innovation can lead to improved productivity and economic growth, which enhances the value of the currency, and  these are all factors generated by the real sector in the economy or the national development policy.

 He pointed out the importance of political stability and the strength of the administrative system and its governance, which are important behavioral factors in enhancing confidence in the national currency.     https://alsabaah.iq/102304-.html    

Sudanese Issues 16 Directives To Develop Electronic Payment Systems And Services

 September 7, 2024  Baghdad / Iraq Observer  Today, Saturday, Prime Minister Muhammad Shiaa Al-Sudani directed a package of measures and directives to be taken to develop electronic payment systems and services and to follow up on their implementation by specialized committees.

 A government source told Iraq Observer,

 “Within the framework of Prime Minister Muhammad Shiaa Al-Sudani’s continuous follow-up on the development of electronic payment systems and services, and in light of his review of the supervisory field reports related to the implementation of these services in various Iraqi ministries and institutions, he directed that a package of relevant measures be taken with follow-up.” Implemented by specialized committees.”

 He added, “The directives were as follows:

 1. Directing the Ministry of Planning, in cooperation with the Central Bank of Iraq and the World Bank, to create a national budget allocated to support and develop digital payment systems nationwide.

2. Directing all ministries, including the Central Bank of Iraq, to ​​prepare electronic cash flow statements periodically to ensure financial transparency, determine liquidity and manage risks, which contributes to improving financial planning.

 3. Directing ministries and government institutions to establish strategic partnerships with banking and non-banking financial institutions as well as technological institutions and adopt effective action steps for cooperation and exchange of proposals and experiences.

 4. Obligating financial and banking institutions to develop their technical and digital systems in accordance with the latest international standards, including strengthening anti-money laundering and anti-fraud systems; This is to ensure operating efficiency, improve the quality of banking services, and achieve full compliance with regulatory controls.

 5. Obligating financial and banking institutions to develop cyber protection systems and adopt the cyber resilience document, while strictly adhering to the controls issued by the Central Bank regarding electronic governance, to ensure comprehensive protection of banking systems against cyber threats and to ensure business continuity in light of crises.

 6. Directing ministries and government institutions to develop capable government work teams to follow up on electronic payment operations on a daily basis through training and qualification, and through specialized system portals provided by payment service companies.

 7. Directing the Ministry of Communications to cooperate with ministries and government institutions to expedite the adoption of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 to comply with the requirements of electronic payment and collection settlements in the Ministry of Finance in cooperation with the Central Bank of Iraq.

 8. Instructing the Ministry of Finance to submit a study on the mechanisms for creating intermediary accounts, approved by government institutions as a mechanism for dealing with restricted government accounts to solve the problem of deductions to citizens in the event of failure of financial operations.

 9. The Central Bank issues directives to private and government banks to deal transparently and not to discriminate between electronic payment companies.

 10. The Central Bank of Iraq prepares what is necessary to cancel prepaid ceilings for cards used locally to ensure wider and more flexible use.

11. Directing ministries and government institutions to establish specialized units within state departments to facilitate financial reconciliation and settlements and resolve disputes resulting from electronic payments, in coordination with banks.

 12. Directing the Integrity Commission to intensify oversight of collection points in government departments to ensure transparency and integrity.

 13. Directing the Financial Supervision Bureau to develop and legislate administrative and financial updates that are compatible with electronic payment systems and to follow them on an ongoing basis.

14. Emphasis on government institutions and electronic payment service provider companies to implement the paragraphs contained in the electronic collection and collection agreements, and in accordance with the responsibilities of each party contained in those agreements.

 15. Directing government banks to complete the activation of the comprehensive banking system to improve financial and administrative performance.

 16. Obligating all ministries and government institutions to adopt advanced electronic administrative and accounting systems to enhance efficiency and transparency.    https://observeriraq.net/السوداني-يصدر-16-توجيهاً-لتطوير-أنظمة-وخ/     

For This Reason... Economic Calls To Review Tax Laws And Develop The Collection System

 Money and business  Economy News – Baghdad   With the increase in the size of state expenditures in the general budget, there has been talk for years about the issue of

      maximizing non-oil revenues,

     reforming the tax system in Iraq, and

     raising the value of taxes on the wealthy,

 which is something that actually needs to address the current laws regarding tax, controlling import operations, and preventing the smuggling of goods through border crossings.

 In this regard, economic and financial expert Safwan Qusay revealed the formation of a committee by the Prime Minister to review tax laws, especially the income tax law issued in 1982, indicating that

 the law needs to be reviewed to amend some allowances in proportion to current income rates and develop the tax collection system. To reduce tax evasion.  He pointed out that

  “the proposed increase in tax aims to stop manipulation of invoices related to import operations and reduce tax evasion.”  

Qusay also confirmed that   “the committee is considering introducing amendments to property and real estate taxes, especially with regard to the transfer of property between individuals.”  https://economy-news.net/content.php?id=47221    

An Advisor To The Prime Minister Warns Of The “Risks Of Low Oil” On Fiscal Policy And Spending
 
Time: 09/04/2024 17:39:37 Read: 2,977 times   {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, warned today, Wednesday, of the “risks of a decline in oil revenues” with the decline in crude prices in global markets.  Saleh told Al-Furat News Agency,
 
“First, there must be a systematic investigation into the fundamental factors causing the decline in crude oil prices in global markets and their rapid decline in the past few weeks, as
 
China is one of the world’s largest economies that import crude oil among nations, as its imports increase.” Of crude oil, about 10 million barrels of oil per day, and Iraq alone contributes about 10% to China’s need for oil, or approximately 30% of Iraq’s oil exports are directed towards the Chinese market.  He stated,
 
"China's demand for oil is linked to the annual growth rates of its economy, and it is a truly direct relationship.
 
The greater the growth in annual gross domestic product, the greater the demand for crude oil."  Saleh pointed out,
 
“There is a parallel between increasing GDP and increasing oil consumption by a rate ranging from 0.5% to every 1% increase in GDP, although this parallel may change based on energy efficiency and market developments.”.  He pointed out that
 
“with this slowdown in Chinese economic growth (which is the second largest economy in the world), it has begun to increase during the second half of this year, as the annual growth rate is expected to decline to about 4.5%, after it was 5. 4% at the beginning of the year, and
 
thus the decline in growth in the Chinese economy has become an urgent issue that greatly affects the global economy and the stability of demand in the energy market.”  He noted,
 
"Chinese economic data are noticeable indicators of weakness, especially in the industrial and service sectors, as the Purchasing Managers' Index in China in August 2024, which is a main measure of economic activity, recorded a decline to its lowest level since six previous years."  He continued,
 
"Such a decline reflects a decline in both domestic and external demand for goods and services, as new export orders in China fell in July for the first time in eight months, indicating a decline in global demand for Chinese products."  The government advisor explained,
 
"The prices of new homes in China also rose, but at a very weak pace, which adds more pressure to the Chinese economy itself."  He pointed out that
 
"international expectations indicate that growth in the gross domestic product in these countries will continue to decline to about 3.5% until the year 2028, which reflects the structural challenges facing the Chinese economy in the long term."  Saleh said,
 
“Based on the above, oil prices witnessed a noticeable decline today, September 4, 2034, as Brent crude fell below $74 per barrel.
 
This sharp decline is attributed, as we mentioned earlier, to ongoing concerns about the slowdown in economic growth in China, which... "It negatively affected the demand for oil, which increased global markets' concern about the continued weakness of global demand for crude oil."  He concluded by saying,
 
“The matter is related to Iraq, where the federal general budget issued by Law No. 13 of 2023 (the tripartite budget) is still hedging an annual hypothetical deficit of approximately 64 trillion dinars, and the price of a barrel of oil for the purposes of evaluating oil revenues in the budget during the past year is about $70 per barrel (as an annual average).
 
Therefore, fiscal policy may face the risks of a decline in oil revenues, by activating the necessary precautionary financial measures to sustain expenditures and in accordance with the priorities and principles set forth by the Federal Budget Law itself, whether in financing the deficit or in arranging public spending priorities.   
 
https://alforatnews.iq/news/مستشار-لرئيس-الوزراء-يحذر-من-مخاطر-انخفاض-النفط-على-السياسة-المالية-والانفاق   

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

Seeds of Wisdom RV and Economic Updates Sunday Morning 9-8-24 Part 2

Good morning Dinar Recaps,

PETER BRANDT AND PETER SCHIFF DEBATE GOLD AND BITCOIN

▪️Peter Brandt and Peter Schiff debated Gold and Bitcoin's performance.

▪️Schiff criticized Bitcoin ETFs, while Brandt suggested a long-term view.

▪️Gold is seen as safe, Bitcoin as risky, with differing future outlooks.

Famous investor Peter Brandt and long-time cryptocurrency critic Peter Schiff engaged in a debate over Gold and Bitcoin $54,220.27.

The discussion began when Schiff highlighted the poor performance of Bitcoin ETFs. Schiff pointed out that since the launch of Bitcoin ETFs, their gains have been below 10%, while gold has shown a 24% increase.

Brandt responded by arguing that this situation should be viewed from a long-term perspective. The chart he shared showed that gold has weakened compared to Bitcoin and indicated a “Head and Shoulders” formation in favor of Bitcoin.

Comparison of Gold and Bitcoin

The formation in the chart shared by Peter Brandt is a technical analysis indicator frequently used in the investment world. The Head and Shoulders formation usually indicates that the value of an asset will decrease. In this case, according to Brandt, this formation is developing in favor of Bitcoin, suggesting it could gain value against gold.

However, Peter Schiff looks at the same chart from a different angle and argues that gold will prevail. Schiff believes that gold has always been a safe haven against economic fluctuations and that Bitcoin cannot fulfill this function.   (referenced chart was not part of the article)

Different Investor Groups for Bitcoin and Gold

Gold is traditionally seen as a safe investment vehicle and gains value, especially during inflation periods. Bitcoin, on the other hand, is considered a riskier asset. Institutional investors still view Bitcoin as a highly volatile investment. However, some investors believe that Bitcoin could be called “digital gold” in the future and could replace precious metals.

Recent Inflation Data and the Drop in Gold Prices

The US inflation data announced in mid-August was below expectations. This caused a sudden drop in gold prices. Investors misinterpreted the low inflation data and turned to selling gold. Peter Schiff argued that this development was a wrong decision, stating that investors misread the inflation data and that gold did not lose its real value.

Peter Schiff: “Investors misinterpreted the inflation data. This led to the unnecessary selling of precious metal.”

Bitcoin, on the other hand, gained value during this period and attracted investors’ attention. However, Peter Schiff emphasized that Bitcoin acts as an “anti-gold” and contains higher risk compared to gold. According to Schiff, Bitcoin investors were mistaken in using the inflation data against gold.

The debate between Peter Brandt and Peter Schiff brought the long-standing competition between cryptocurrencies and precious metals back to the forefront. Cryptocurrency investors argue that Bitcoin will surpass gold in the long run, while traditional investors believe that gold holds an unchanging value.

A key point in the debate is how investors will choose between these two assets. While gold is accepted as a long-standing trust element, Bitcoin is rising as a new investment alternative in the digitalizing world. However, neither side can definitively conclude how their assets will perform in the long run.

@ Newshounds News™

Source:  CoinTurk News

~~~~~~~~~

EL SALVADOR CELEBRATES 3 YEARS OF BITCOIN ADOPTION, EYES BROADER ACCESS

▪️El Salvador is celebrating the third anniversary of adopting Bitcoin as a legal tender.

▪️The Central American country has $31 million in unrealized gains from its BTC holdings.

▪️President Nayib Bukele's government is promoting Bitcoin awareness through education.

Three years ago today, El Salvador made history as the first nation to adopt Bitcoin as legal tender.

This move has sparked a phase of growth and development for the country, as it has become a model for crypto adoption and has drawn attention from global stakeholders.

Bitcoin’s Role in El Salvador Grows With $31 Million in Unrealized Gains

In honor of this milestone, Max Keiser, senior Bitcoin adviser to President Nayib Bukele, shared the administration’s vision for expanding Bitcoin access.

“Our plan is to provide every Salvadoran with a Bitcoin cold storage solution. So that even $0.50 of regular savings into Bitcoin creates education, retirement, and inheritance funds,” he explained.

Keiser’s statement highlights the Bitcoin-friendly approach chosen by President Bukele’s government. Though international bodies like the IMF initially criticized the move, they have since acknowledged that Bitcoin’s adoption has not harmed the country’s economy.

Instead, Bitcoin has benefited El Salvador. Its national Bitcoin wallet holds 5,865 BTC, generating over $31 million in unrealized gains. While the profit may seem small, the real impact has been increased global recognition and investment in the country.

For context, a port in El Salvador’s proposed Bitcoin City was one of the two that Turkish company Yilport Holdings would upgrade with a record $1.6 billion investment. Further, Bukele’s administration’s strong stance on freedom of speech and individual liberty has also gained attention.

President Bukele stressed this in a recent post, describing El Salvador as a new safe haven for freedom of speech and expression.

“As the world spirals into chaos and government crackdowns intensify, we will stand as the new beacon of hope for the future,” Bukele stated.

Despite the progress, Bukele acknowledged that Bitcoin adoption has not reached the expected levels. He attributes this to its voluntary use in the country but remains optimistic about the long-term financial benefits for early adopters.

Meanwhile, political opponents have called the Bitcoin initiative a failure, claiming “nobody” uses it. In response, the government is ramping up efforts to promote Bitcoin awareness, focusing on education. Recently, a Bitcoin training program was launched for 80,000 public servants.

@ Newshounds News™

Source:  BeinCrypto

~~~~~~~~~

TOP 9 CRYPTO FRIENDLY COUNTRIES FOR DIGITAL ASSETS INVESTORS

Which are the most crypto friendly countries with the highest tax exemptions for individuals? As crypto regulations have taken the mainstage of the financial systems of most countries, crypto investors are keen to move their assets to crypto tax-free countries.

We go over the best countries that support technological innovation and exempt individuals from paying capital gains taxes. This list covers the top 9 crypto friendly countries for investors.

1. El Salvador

After becoming the first country in the world to qualify bitcoin as legal tender, El Salvador, aims to attract foreign investors and has a tax exemption in place for them. The nation exempts bitcoin profits from any capital gains or income tax.

The world is still waiting for El Salvador’s legal framework to enforce these official statements, but the crypto world is praising it as one of the best crypto tax-free countries.

2. Switzerland

Switzerland is the crypto-valley of Europe and is seen as an innovation hub. Regarding taxation, the Swiss Federal Tax Administration sees crypto transactions to be the same as traditional fiat transactions and exempts it from tax reporting.

Cryptocurrency investors choose Switzerland for the lack of taxation for profits stemming from crypto trading. Big crypto foundations have also chosen the Swiss as their home, including Ethereum, Tezos, and the Diem Association.

However, the profits of crypto business and professional trading are liable to income taxation, which differs from region to region, and an annual wealth tax.

3. Germany

Germany is one of the top crypto friendly countries, as it’s one of the few crypto tax-free countries in the world.

As opposed to the EU, Germany has a unique take on crypto taxation, and it encourages individual investors. If held for more than a year, the laws exempt bitcoin and other cryptocurrencies from capital gains tax.

If the funds are exchanged for fiat or for other cryptos within one year, you are still exempt from paying tax if your profit is under €600 (~ $700). Beyond that gains limit, investors have to report their income for tax.

However, businesses must report and pay corporate income taxes for crypto gains, and it works the same way as any other asset.

4. Singapore

Known as one of the most developed economies in the world, Singapore, is also one of the best places for business. The nation is quite pro crypto and has issued a series of laws to back them. That’s why Singapore continues to attract crypto organizations and investors.

Singapore is a fintech hub in the Southeast Asia region.

Singapore doesn’t have a capital gains tax. Cryptocurrency funds of individuals and companies are not liable to taxation. But Singapore-based companies are liable to income tax, if they operate as a crypto trading company or if they accept crypto payments.

Bitcoin comes under intangible property, not legal tender. The laws view crypto payments as barter trades. It taxes goods and services, but not payment tokens.

The country’s central bank, the Monetary Authority of Singapore (MAS), aims to develop a balanced environment for crypto. The MAS doesn’t look to heavily regulate crypto, but rather to monitor it as a preventive measure to spot money laundering and illegal activities. Bitcoin falls under goods and, as such, experiences goods and services tax.

5. Malta

Home to many crypto and blockchain companies, the famous blockchain island of Europe has many laws favoring crypto investors and entrepreneurs.

Overseas companies operating in Malta and foreign residents receive several privileges. They do not have to pay income and capital gains tax in Malta for long-term investments in digital currencies.

However, crypto trades do receive 35% in income tax as they are the same as stock trading by legal definition. But this too can be lowered to 0–5%, if you benefit from the structuring options offered by the country’s financial system. Malta sees bitcoin and other financial tokens as different assets. Financial tokens can be dividends, interest or premiums, and regular income tax applies to it.

Non-domicile corporations are subject to a 5% income tax. Malta is one of the top crypto friendly countries and a tax haven for foreign entities, companies, and residents.

6. Portugal

Portugal is one of the most attractive crypto friendly countries in the world. As of 2016, the Portuguese Tax Authority (PTA) exempts crypto transactions from capital gains and income tax. Businesses that accept digital currencies for their goods and services are liable to income tax.

7. Slovenia

Slovenia is another small European country with an attractive taxing system for digital assets. The country’s lawmakers are still working on a legal framework to make the tax law clear for all individuals and businesses interested in conducting business there.

Slovenia exempts individuals from capital gains tax when selling bitcoin, as these gains are not seen as income. Companies that receive crypto payments are eligible to pay corporate income tax. ICOs are also subject to taxation. Slovenia doesn’t allow companies to conduct only cryptocurrency transactions, such as accepting bitcoin as the only means of payment.

Other commercial activity that involves cryptocurrency, such as crypto mining, is subject to a 25% income tax.

8. Bermuda

Bermuda is a popular destination for cryptocurrency holders, as it has comparatively favorable standards as far as financial regimes worldwide go. In 2018, Bermuda released the Digital Asset Business Act, which stands as the country’s regulations for digital assets. Famous for its lack of income and capital gains taxes, crypto transactions are also tax-free in Bermuda.

Famous for becoming the first country in the world to accept taxes and fees in cryptocurrency, Bermuda, is a popular destination for crypto investors. As of October 2019, Bermuda accepts payments for governmental services in USD Coin (USDC).

9. Belarus

The president of Belarus, Alexander Lukashenko, wants to turn the country into a crypto-based digital economy. That’s why, in 2017, he signed a new law that legalizes cryptocurrencies. The same decree also exempts businesses and individuals from crypto taxes until 2023, when the law will undergo a review.

Mining and crypto investments are exempted from income tax and capital gains. Belarus wants to boost technological innovation, and it’s one of the top crypto friendly countries in the world for its legal approach and crypto trading.

@ Newshounds News™

Read more:   BeinCrypto  

~~~~~~~~~

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@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Sunday Morning 9-8-24 Part 1

Good morning Dinar Recaps,

THE UN’S SUMMIT OF THE FUTURE IS ONLY WEEKS AWAY YET THE PUBLIC REMAINS IGNORANT

A resetting of the global financial system is a crucial component of their plans.

With the UN’s Summit of the Future less than 20 days away the vast majority of the public has no idea governments of the world are set to sign the so-called Pact for the Future.

On September 22 and 23, the United Nations member states will gather in New York City at the UN headquarters for the historic Summit of the Future with the intention to sign the Pact for the Future. This document is expected to radically accelerate the push towards the completion of the UN Sustainable Development Goals (SDGs) and the Agenda 2030.

The Summit of the Future is taking place during the 79th session of the annual UN General Assembly. The summit has been in the making since at least 2022 after repeated calls by UN Secretary-General Antonio Guterres to shift financial resources to rapidly complete the Agenda 2030 goals set by the UN in 2015.

Although this historic gathering is sure to impact the majority of the world’s population, it has received very little coverage from the corporate media, and almost no coverage from the independent media.

One issue which has received mainstream coverage relates to 77 Nobel Laureates and world leaders signing a letter complaining about references to fossil fuels being removed from the Pact for the Future. The references were later reinserted after the letter was made public.

The discussion about fossil fuels fits the UN’s narrative about impending doom relating to climate change. It is this panic around climate change which has led to the convening of the Summit of the Future and calls for strengthening the UN infrastructure.

The Summit’s theme — “Ultilateral Solutions for A Better Tomorrow” — illustrates the goal of this gathering. Namely, a push for strengthening, and even remaking, the UN to better tackle crises which are ostensibly looming in the coming years.

The UN is focused on several potential planetary emergencies, including climate change, war, biodiversity loss, and environmental degradation. The UN claims these potential crises are too great for any one nation-state to tackle alone, and thus, will require greater cooperation and organization between UN member states.

“We recognize that the multilateral system and its institutions, with the United Nations and its Charter at the centre, must be strengthened to keep pace with a changing world. They must be fit for the present and the future – effective and capable, prepared for the future, just, democratic, equitable and representative of today’s world, inclusive, interconnected, and financially stable,” the latest draft of the Pact for the Future states.

As The Last American Vagabond (TLAV) has previously reported, the Summit of the Future is also expected to include calls for remaking the UN into what has been called “UN 2.0”.

Global Shocks Require Global Government

The 3rd draft of the Pact for the Future was released on August 27 and is currently being reviewed by UN member states. This draft continues the discussion around “global shocks” and how these shocks will require a global response.

For example, one section titled “We will strengthen the international response to complex global shocks”, states that there is a need for a “coordinated and multidimensional international response to complex global shocks and the central role of the United Nations in this regard.”

The UN defines “complex global shocks” as events that “have severely disruptive and adverse consequences for a significant proportion of countries and the global population”. These shocks would require a “multidimensional multistakeholder, and whole of government, whole of society response.”

The document says “armed conflict” does not constitute a complex global shock”, but could lead to “impacts across multiple sectors”.

These potential shocks would necessitate the activation of “emergency platforms” which could grant the UN more power to respond to these apparent emergencies. The document says the UN will present member states with “protocols for convening and operationalizing emergency platforms based on flexible approaches to respond to a range of different complex global shocks”.

While the UN claims these emergency platforms will only be “convened for a finite period”, and will not be a standing institution or entity with respect to national sovereignty, critics of the UN fear that these emergency platforms will be seized upon and used to grant the UN new legal powers.

TLAV has previously reported that calls for an Emergency Platform are similar to calls for the UN to declare a planetary emergency. UN-affiliated organizations like the Climate Governance Commission (CGC) have been calling for such a declaration over the last year.

In late November 2023, just before the opening of the UN Climate Change Conference COP28, the Climate Governance Commission released a report titled Governing Our Planetary Emergency. In this report, the CGC continues their advocacy for updating our ideas on governance.

We can trace the call for a Planetary Emergency back to the infamous but obscure group, the Club of Rome. The CGC’s November 2023 report even notes that the belief in a “polycrisis” is “recognized in the work of the Club of Rome Planetary Emergency Project“.

This reference to the Club of Rome reveals yet another reason the public ought to be concerned with the push for a planetary emergency and claims of crossing planetary boundaries

The Club of Rome has been calling for declaring a Planetary Emergency since at least 2019 with the publication of their “Planetary Emergency Plan”. The report would be updated in August 2020, after the beginning of COVID1984. 

The Club of Rome’s Emergency Plan is described as a “roadmap for governments and other stakeholders to shift our societies and economies to bring back balance between people, planet and prosperity”.

Ultimately, the push for an emergency platform as part of the Pact for the Future is intended to reinforce the idea that humanity is facing a Planetary Emergency which requires the UN’s influence and authority to be increased. 

The document shies away from the term world or global government — instead preferring multilateralism or global governance — but the outcome is the same: a United Nations with more authority to act and compel nation states to comply with its edicts.

For example, under a section titled “Transforming Global Governance”, the UN document outlines “Action 41”:

“We will transform global governance and reinvigorate the multilateral system to tackle the challenges, and seize the opportunities, of today and tomorrow.”

The section goes on to describe numerous ways in which the Pact for the Future intends to transform and empower the UN to tackle the emergencies facing the planet.

Resetting the Financial System

The latest draft of the Pact for the Future also outlines specific ways in which the “international financial architecture” should be reformed so that it “supports countries equitably during systemic shocks and makes the financial system more stable.”

Specifically, section 82 states that the “growing frequency and intensity of global economic shocks” has slowed down progress on the completion of the UN SDGs. The solution, according to the Pact, is to “recognize the role of Special Drawing Rights (SDRs) in strengthening the global financial safety net in a world prone to systemic shocks”.

SDRs are not considered a currency but instead are considered “foreign exchange reserve assets” which allow IMF member nations to exchange SDRs for a currency held by IMF members. Interestingly, independent researcher James Corbett warned about the potential for the SDRs to become a “world reserve currency” as far back as 2013.

The Pact for the Future makes it clear that SDRs will indeed play a major role in the transformation of the international financial system.

“We welcome the pledges to rechannel over $100 billion worth of SDRs to developing countries while stressing the urgency of delivering on these pledges to developing countries as rapidly as possible,” the draft states.

The draft also notes that the UN will call on nations to “continue to explore options to voluntarily rechannel at least half of SDRs from the 2021 allocation, including through multilateral development banks, while respecting relevant legal frameworks and preserving the reserve asset character of Special Drawing Rights.”

Further recommendations of the draft include encouraging the International Monetary Fund to “explore all options to continue to strengthen the global financial safety net” to help developing nations respond to “macroeconomic shocks”.

Under “Action 55” it states, “We will accelerate the reform of the international financial architecture so that it can meet the challenge of climate change.”

The Pact mentions Multilateral Development Banks again, calling on these institutions to “increase the availability, accessibility and impact of climate finance to developing countries” and supporting these countries as they develop strategies to fight climate change.

There are multiple sections in the draft with references to these banks and their need to “mobilize additional financing” to support “adaptation and deploy and develop renewable and energy efficiency technologies”.

The document repeatedly mentions these “Multilateral Development Banks” and they are clearly going to be an important piece of the UN 2.0 system. TLAV will be investigating these institutions in future reports.

The stated goal of reforming the international financial system to fund the SDGs and Agenda 2030 mimic recent statements made by UN Secretary General Antonio Guterres where he called for a “new Bretton Woods moment”, referencing the infamous 1944 international agreement that established the IMF.

The Breton Woods meeting also adopted rules for governing monetary relations among independent states, including requiring each nation to guarantee convertibility of their currencies into U.S. dollars.

Guterres noted that in 2022 the IMF allocated $650 billion in SDRs, with the European Union nations receiving 160 billion dollars in SDRs and African countries receiving only 34 billion dollars.

Additionally, a UN document on the Summit of the Future titled, What Would it Deliver?, calls for “A Global Financial System That Works For All”.

“A transformed international financial architecture is fit for purpose, more inclusive, just, representative, effective, and resilient, responsive to the world today rather than as it looked following the Second World War. This architecture invests up-front in SDGs, climate action, and future generations.”

These calls mirror similar ones made during the “Summit for a New Global Financing Pact” held in Paris, France in June 2023.

The Summit, led by French President Emmanuel Macron, welcomed 50 heads of state, representatives of NGOs and civil society organizations to discuss the effort to reset the international financial system as part of the continued push towards the 2030 Agenda and Net Zero goals.

The French government stated that the objective of the gathering was to “build a new contract between [the global] North and South” which will better equip the nations to fight poverty and climate change. 

The summit was attended by US President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Rishi Sunak, and Brazilian President Luiz Inacio Lula da Silva. 

In addition to heads of state, the summit was organized with support from the Open Society Foundations, the Bill and Melinda Gates Foundation, and the Rockefeller Foundation, among others.

Based on these previous statements from the UN and the draft of the Pact for the Future, it is clear that a resetting of the financial system is a crucial component of their plans.

If there is any chance to prevent the signing of the Pact for the Future, the creation of emergency platforms, and the potential declaration of a planetary emergency, we must spread the word quickly.

Additionally, we ought to put our energy into the creation of alternative, parallel systems which can compete with the Technocratic State directly. This is why I am helping produce The People’s Reset: UK, “Our Summit for Our Future”, taking place in Bath, UK the weekend after the UN’s Summit.

 For 3 days we will host 24 presenters from around the world with a focus on solutions for creating these much-needed parallel systems in the areas of health, finance, education, digital technology, and community building. Together we can create the more beautiful world we know is possible.

TLAV will be on the ground in New York City reporting from the Summit of the Future. Stay tuned for updates as we document this historic gathering of globalists.

Copyright 2024 The Last American Vagabond

@ Newshounds News™

Source:   Vigilant News 

~~~~~~~~~

BRICS: 3 MAJOR ANNOUNCEMENTS TO EXPECT AT THE 2024 SUMMIT

The BRICS economic alliance is headed toward what may be the most important event in its history. The bloc’s annual summit has become a vital meeting for the group. Moreover, this year’s iteration looks to be filled with the potential for groundbreaking developments to arise. Specifically, the BRICS collective is expected to share 3 major announcements throughout its 2024 annual summit.

In 2023, the group enacted its first expansion since 2001. A landmark moment for the bloc, the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran joining the bloc. With its members now reaching nine, there are some thoughts that this year’s announcements could be even more groundbreaking.

1.  BRICS Pay to Make Its Long-Awaited Arrival

Perhaps the most important focus for the alliance as it approaches its 2024 summit is the arrival of BRICS Pay. For the past two years, de-dollarization has been a focal point for its infrastructure. With talks of a native currency fizzling out, its own payment system is set to be a game-changer.

Blockchain-based, it should be one of the biggest geopolitical and economic developments of recent years. Moreover, it will operate as the global south’s answer to the Western-dominated SWIFT payment system. Specifically, in its allowance of nations to conduct increased bilateral trade in local currencies.

Since 2022, and the weaponization of the US dollar, BRICS has fast-tracked these efforts. Earlier this year, Russia loosened its legal restrictions on cryptocurrencies. Therefore, leading many to believe that this new payment system is critical to its ongoing trade dealings.

It couldn’t have come at a better time either. In the last six months, Russian trade with the bloc has increased 14.7%. That figure is present even with China reportedly returning 80% of all transactions in the Ruble.

The BRICS Pay project is set to be the cornerstone of the event. Its presence should serve as a key turning point for the economic grouping for years to come. Not only is it the natural next step in lessening reliance on the greenback, but it opens a world of possibilities for trade dealings within the bloc.

Earlier this year, Russian President Vladimir Putin traveled to North Korea, Iran, and India to facilitate new trade dealings. These agreements should factor in heavily. Specifically, non-BRICS members should be able to increase trade with the group. Thus, contributing to its local currency goals.

2.  Another Expansion to Grow Bloc Beyond 10 Members

Following last year, the BRICS 2024 summit will see the world anticipate an announcement regarding continued expansion. In 2023, it issued more than six invitations to join the alliance. Subsequently, there has undeniably been increased interest in nations seeking to follow the four countries that accepted.

Earlier this year, more than 30 nations confirmed interest in joining BRICS. Interestingly, that figure may have only gotten bigger as the year has gone on. In a surprising development, NATO member Turkey announced its interest in becoming a member.

They join countries like Venezuela, Nigeria, Malaysia, and Thailand, all seeking entry. Every nation listed has reason to want to become a member. Moreover, they all bring some sort of value to what the collective is building. However, the question of expansion is one only the current members can answer.

The year has been full of uncertainty regarding continued expansion. It is easy to forget that the four nations included in 2023 were the first to join since South Africa more than two decades prior.

There is value to continued growth, but dissension toward the merit of that value. Currently, the bloc appears split on whether or not a 2024 Summit expansion announcement would be beneficial to the overall goals of the bloc.

The Saudi Arabia issue still looms large. Although they accepted the invitation, the nation has yet to join the bloc. That has created concern regarding continued invitations. Earlier in the year, the idea of partner nations—as opposed to full members—was discussed. That is likely to be the announcement, with several of the prospective countries included.

3.  New Development Bank Gets Highlighted as 10-Year Anniversary Approaches

Finally, the BRICS 2024 Summit should place a focus on its New Development Bank. More aptly known as the BRICS Bank, it is approaching its 10-year anniversary in 2025. Therefore, it is expected that a roadmap or strategic announcement of some sort should be in the works.

In August, BRICS Bank president Diane Rousseff noted that local currency promotion remains a main focus. Moreover, the development bank welcomed its first additional member country since 2021. Indeed, Algeria joined the bank in a notable addition.

Therefore, many experts predict the BRICS banks to be involved in some way. It has been a staple of the economic alliance since it launched in 2015. Moreover, it has been key to providing developing nations with access to local currencies. In that sense, it provides an invaluable quality to the purpose of the bloc itself.

Already issuing more than $5 billion in loans, there is more expected. Moreover, native currency loans are expected to become its primary funding method. It is also likely that the BRICS Pay system could become a critical aspect of its operations after it launches in October.

All of these are focal points as the day draws near. Overall, it should be one of the most important geopolitical developments of 2024. Additionally, it could rival the landmark announcements that took place just a year prior.

@ Newshounds News™

Source:  Watcher Guru

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@ Newshounds News™

Source:  Currency Facts

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