Iraq Economic News and Points To Ponder Wednesday AM 9-18-24

Al-Nusairi Identifies The Challenges Of Iraqi Private Banks And Opportunities For Banking Reform
 
Expenses  Economy News – Baghdad  Iraqi private banks suffer from many challenges and obstacles to work, and  they also face crises and wide risks due to
 
     economic instability due to the challenges of instability in the financial and monetary system,
     deficiencies in the investment environment, and
     deficits in the balance of payments and the trade balance.
 
Iraq includes eight government banks, and the structure of the Iraqi private banking sector consists of 32 Islamic banks and 28 commercial banks.

Advisor to the Iraqi Association of Iraqi Private Banks, Samir Al-Nusairi, told Al-Iqtisad News,   
“The number of private bank branches is approximately 500 branches inside and outside Iraq, which have expanded and developed technically in accordance with modern electronic banking systems.”

 Al-Nusairi pointed out that  the private banking sector in Iraq faces business challenges in addition to the above, most notably the US sanctions and restrictions imposed on 51% of the total private banking sector in Iraq and preventing 28 of its banks from using the US dollar in banking transactions, which affected their local and international activities and harmed the economy. National.  

He explained that  the most important obstacles facing banks currently are
 
     technical, financial and administrative, especially in the
     procedures, instructions and decisions of digital transformation,
 
which requires providing full support for this transformation process and the use of electronic payment tools in governmental, mixed and private institutions, and setting a time limit for the complete transformation from the use of paper cash to electronic payment.. 

He added that  the private banking sector suffers from differentiation between it and the government banking sector, as government banks account for 87% of total deposits and 78% of total assets.
 
It also suffers from weak activity and low liquidity, deposits, revenues and profitability in most banks, especially the 32 banks that issued Penalties and restrictions against them, in addition to the decline in the shares of most banks in the trading market in the Iraqi Stock Exchange.

 Al-Nusairi added that  private banks also suffer from double taxation, as the tax department in the Kurdistan region of Iraq, for example, imposes on the branches of private banks in the region (the number of which exceeds 70 branches) to pay the annual tax, while these banks, in accordance with the applicable Federal Tax Authority law, pay the same tax centrally. In Baghdad.
 
Al-Nusairi stressed the need for the Iraqi Council of Ministers to resolve the issue in the region and put an end to double taxation, and for tax collection to be centralized according to the law and for the final audited accounts submitted to the General Authority for Taxes to be approved as a basis for tax accounting.
 
The advisor to the Iraqi Private Banks Association called for “implementing the seven decisions issued on 4/4/2024 in implementation of the directive of Prime Minister Muhammad Shiaa Al-Sudani regarding supporting our private banks, which confirms the government’s vision in its governmental approach to financial and banking reform, as well as activating and accelerating the implementation of the agreements made in the rounds of negotiations.” between the Central Bank and the US Treasury in Washington and Baghdad to lift US restrictions on the use of the US dollar.”  

He explained,   “The Prime Minister’s decisions in support of private banks laid out the executive procedures for comprehensive reform of the banking sector, which constitutes the basis and true beginning of successful economic reform.
 
These decisions included the following:
 
1- Preventing monopoly in banking services.
 
2- Activating the Central Bank’s financing initiatives.
 
3- Increasing cooperation between private banks and the Central Bank in discussing decision-making related to supporting and developing banking work.
 
4- Determining the contribution of foreign capital to Iraqi banks.
 
5- Participation of government institutions and financial funds with private banks and expansion by opening branches in countries
The other.
 
6- Government and Central Bank support for private banks in foreign institutions and banks.
 
7- Increasing reliance on private banks by the Iraqi state and activating the deposit of government deposits and government bank deposits with private banks.
 
Al-Nusairi stressed that implementing the decisions, which are practical applications to motivate private banks to develop their internal and external banking operations in a way that contributes to economic reform, pointing out
 
“the importance of the Central Bank accelerating procedures to rehabilitate and restructure these banks, as well as the necessity of the international auditing company completing its agreed-upon work in order to raise Limitations and restrictions imposed.  He concluded his speech by saying:
 
"This file is certainly the focus of attention of the government, the Central Bank, the Association of Iraqi Private Banks, and the banking sector in general."  https://economy-news.net/content.php?id=47683

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

News, Rumors and Opinions Wednesday AM 9-18-2024

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

RV Excerpts from the Restored Republic via a GCR: Update as of Wed. 18 Sept. 2024

Compiled Wed. 18 Sept. 2024 12:01 am EST by Judy Byington

Tues. 17 Sept. 2024 BREAKING! White Hats Lead the Greatest Sting Operation Ever—Military Units Mobilize Worldwide to Wipe Out the Globalists! … (JFK Jr.) on Telegram

GESARA’s promised wealth transfer—the biggest in history—is here. This isn’t just money; it’s the liberation of trillions of dollars from the secret vaults of the elites. The old financial system, built to enslave humanity, is crumbling. Wealth will be returned to the people where it belongs. Prepare now—secure your assets and align yourself with the truth. This is the moment we’ve been waiting for!

Stay vigilant. The storm is coming and we’re closer than ever to victory. Share this with everyone. The truth must spread like wildfire. The world is waking up, and we will WIN!

Tues. 17 Sept. 2024 Bruce:

Bond Holders are getting funds into their accounts right now and will have access to those funds Thurs. or Friday.

Tier4b (us, the Internet Group) will be notified at the same time as Tier 3.

Redemption Center people in charge of getting emails to Redemption Center leaders will be sending those emails around 6pm EST tonight Tues. 17 Sept.

Tier4b should get 800 numbers by 12 noon Wed. 18 Sept. 2024.

SS increases will be here by the end of Sept.

R&R will come out in September. Our R&R will be in our account at our appointment.

When we are notified we can use that information to set our appointments and could possibly go to exchange that same day.

~~~~~~~~~~~

Tues. 17 Sept. 2024 Wolverine: “Things are defiantly happening behind the scenes. We are going to be celebrating this week. There are things that I can’t say, but I wanted you to know that things are defiantly moving.” … “I agree with Mr Salvage report on German Bastidas who is one of the leaders of the Pentecostal Group. They have now finished all the contracts with the Call Centers which are located in Brazil. On Mon. 16 Sept. 2024 notifications began to be delivered. On Tues. 17 Sept. 2024 they will close the platforms and be ready to begin start the blessing. They will begin sending the transactions from the 1st to the 2nd of October to each member.”

~~~~~~~~~~

Tues. 17 Sept. 2024 Golden Redemption: The Birth of USN US Note Backed by QFS Gold-Backed Digital Currency …Charlie Ward on Telegram

The collapse of the fiat system has been a long time coming. Historically, fiat money, which lacks intrinsic value, became the global standard in the 20th century. This shift allowed governments and central banks to print money freely, unbound by the tangible value of precious metals. Over time, this led to rampant inflation, economic bubbles, and numerous financial crises. The 2008 financial crisis, fueled by reckless lending practices and inadequate oversight, exposed the vulnerabilities of the fiat system. Governments responded by printing even more money, further eroding the value of currencies and deepening the crisis of confidence.

In the wake of the 2008 crisis, digital currencies like Bitcoin emerged, offering a decentralized alternative free from the grip of central banks and government control. However, these digital currencies were not without their own issues-high volatility, lack of intrinsic value, and associations with i*****l activities limited their ability to truly replace the flawed systems they sought to disrupt.

Enter the USN US Note, a new currency that promises to bridge the gap between the stability of traditional assets and the innovation of digital finance. As the sun rises over the horizon, casting its golden hue across the land, the USN US Note emerges like a phoenix from the ashes of a broken financial system. This currency is more than just a means of exchange; it is a symbol of financial redemption, a return to an era where money was backed by real value-gold. The USN US Note, backed by the Quantum Financial System (QFS) and the undeniable value of gold, stands as a beacon of hope against the backdrop of economic despair and deceit that has plagued us for generations.

For far too long, our financial systems have been mired in manipulation, deceit, and instability. The fiat currency system, with its lack of intrinsic value, has led us down a path of endless debt and economic uncertainty. Central banks, with unchecked power, have manipulated markets, eroded savings, and fostered financial inequality. But now, with the advent of the USN US Note, there is a bold departure from this flawed past.

At the core of the USN US Note’s promise is the Quantum Financial System (QFS), a revolutionary financial network that utilizes quantum computing technology to ensure the highest levels of security, transparency, and efficiency. Unlike traditional financial systems, which are susceptible to hacking, fraud, and manipulation, the QFS is virtually impenetrable. It guarantees that every transaction is secure, transparent, and immutable, restoring trust in our financial systems.

The cornerstone of the USN US Note is its gold backing. Each note is backed by a specific amount of gold, ensuring that it retains intrinsic value. This gold-backed stability provides a safeguard against inflation, making the USN US Note a reliable store of value. It embodies a time-honored principle: money should be grounded in real, tangible assets. By merging the stability of a gold-backed currency with the efficiency and transparency of digital systems, the USN US Note addresses the shortcomings of both fiat and digital currencies.

This new currency represents not just a financial instrument but a revolution in how we perceive and interact with money. The USN US Note, underpinned by the QFS, is set to redefine the future of finance, offering stability, transparency, and true economic redemption. A new era in finance has dawned, bringing with it the promise of a stable and prosperous future.

Read full post here:  https://dinarchronicles.com/2024/09/18/restored-republic-via-a-gcr-update-as-of-september-18-2024/

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

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

Mnt Goat  Article:  "AFTER THE DECLINE IN OIL, A GOVERNMENT ADVISOR: WE HAVE THE CAPABILITIES TO CONFRONT THE PROBLEMS OF THE GLOBAL ECONOMY"  I consider this one of those WOW! articles.  Quote: “the highest reserves in the country’s monetary and financial history” also “the growth indicators in the non-oil GDP have touched 6%”  WOW!

Lnu  I do not buy this "Education Program" nor do I buy the "Adjusting of the Parallel Market". The education is taking too long to be effective and it isn't government's job to adjust black markets. These are stall tactics while they placate the masses.  But why?..

EMERGENCY: Record Breaking $1 TRILLION Spent to Pay Interest on National Debt as Deficit Soars

Lena Petrova:  9-18-2024

https://www.youtube.com/watch?v=qLfKxR7e8rU

Fed Rate Cut: Can They Engineer a Soft Landing?

Danielle DiMartino Booth:   9-18-2024

Danielle DiMartino Booth, former Federal Reserve insider and economic expert, dives into the controversial Fed rate cut 2024 decision and the growing signs of a looming recession. She explores the debate around whether the Fed should cut rates by 25 or 50 basis points and discusses the key recession indicators already flashing red.

https://www.youtube.com/watch?v=fN5JlULrP-4

“Tidbits From TNT” Wednesday Morning 9-18-2024

TNT:

Tishwash:  Is the decline in oil prices related to the rise in exchange rates? An "important" clarification from Al-Alaq

The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Wednesday, that all transfers are subject to auditing processes, while he indicated that the decline in oil prices has nothing to do with the rise in the exchange rate.

Al-Alaq told the official agency, which was followed by "Al-Eqtisad News", that "the Central Bank provides the dollar at the official price to all commercial and personal channels, travelers, and all types of operations that represent legitimate activities, operations, and requests." 

He pointed out that "any price outside the country is a price that only indicates the existence of abnormal operations that attempt to deviate from the official and legal system and the correct fundamental channels," stressing the need to "focus on the amount of sales carried out by the Central Bank at the official price and those seeking the dollar, whether they are traders, importers, individuals or travelers."

He pointed out that "methods have been put in place for each channel to secure the provision of dollars on the one hand, and a very large degree of oversight to verify the integrity of the pre-operations before they are implemented," noting that "this is a major shift in foreign transfer operations, as they were previously audited at a later stage, and today all transfer operations are not carried out or implemented except after they are subject to the auditing process."

He explained that "the decline in the price of oil has nothing to do with the rise in the exchange rate because Iraq has foreign currency reserves that enable it to defend the exchange rate  link

Tishwash:  Qaani arrives in Baghdad and immediately meets with political leaders and armed factions

An informed political source reported on Tuesday that the commander of the Iranian Quds Force, Ismail Qaani, arrived in the Iraqi capital, Baghdad.

The source told Shafaq News Agency that Qaani, upon his arrival, engaged in holding "individual and collective" meetings with the leaders of the armed factions loyal to Iran.

The source explained that Qaani met with political leaders and factions, led by the head of the Badr Organization, Hadi al-Amiri, the Secretary-General of Asaib Ahl al-Haq, Qais Khazali, the commander of the Iraqi Hezbollah Brigades, Hussein al-Hamidawi, and others.  link

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

Tishwash:  Parliamentary Finance Committee discusses proposal to establish sovereign fund

The Parliamentary Finance Committee announced, on Monday, discussing a proposal to establish a sovereign fund.

The media department of the House of Representatives stated in a statement, which was reviewed by "Al-Eqtisad News", that "the head of the Finance Committee, Atwan Al-Atwani, chaired a deliberative meeting of the committee in the presence of a number of its members, to discuss a number of important topics and files."

The statement added that "the meeting reviewed the outcomes and indicators of previous meetings with government agencies regarding maximizing non-oil revenues, where it was agreed on the next steps by submitting a detailed report to the government on the sources of deficiency, especially in the electricity, tax, customs and other major financial outlets sectors."

The statement continued, "The committee discussed a number of proposals that would maximize financial revenues, including the legislation of special laws on taxation, in addition to forming a committee to conform to standards, which would review the estimation of planned revenues for state institutions."

The statement continued, "The committee discussed a proposal to establish a (sovereign fund) similar to rentier countries, in order to confront fluctuations in global oil prices or any financial crisis, provided that the fund is financed from the budget surplus achieved in circumstances of economic and financial prosperity."

The statement concluded, "The meeting also discussed the laws referred to the Finance Committee as a supporting committee, where Al-Atwani stressed that the committee will have an opinion and a fundamental role in legislating these laws, especially those related to economic reform and others link

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

Tishwash:  Al-Nusairi identifies the challenges facing Iraqi private banks and opportunities for banking reform

Iraqi private banks suffer from many challenges and work obstacles, and face wide crises and risks due to economic instability due to the challenges of instability in the financial and monetary system, shortcomings in the investment environment, and deficits in the balance of payments and trade balance.

Iraq has eight government banks, and the structure of the Iraqi private banking sector consists of 32 Islamic banks and 28 commercial banks. 

Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, told Al-Eqtisad News, "The number of private bank branches is about 500 branches inside and outside Iraq, and they have expanded and developed technically according to modern electronic banking systems."

Al-Nusairi pointed out that the private banking sector in Iraq faces operational challenges in addition to those mentioned above, most notably the US sanctions and restrictions imposed on 51% of the total private banking sector in Iraq and the prevention of 28 of them from using the US dollar in banking transactions, which affected their local and international activities and harmed the national economy.

He explained that the most important obstacles facing banks currently are technical, financial and administrative, especially in the procedures, instructions and decisions of digital transformation, which requires providing full support for this transformation process and using electronic payment tools in government, mixed and private institutions, and setting a time frame for the complete transition from the use of paper money to electronic payment.

He added that the private banking sector suffers from the differentiation between it and the government banking sector, as government banks account for 87% of total deposits and 78% of total assets, and it also suffers from weak activity and low liquidity, deposits, revenues and profitability in most banks, especially the 32 banks that have been subject to sanctions and restrictions, in addition to the decline in the shares of most banks in the trading market in the Iraq Stock Exchange.

 Al-Nusairi added that private banks also suffer from double taxation, as the Tax Department in the Kurdistan Region of Iraq, for example, imposes on the branches of private banks in the region (their number exceeds 70 branches) to pay the annual tax, while these banks, according to the current Federal Tax Authority Law, pay the same tax centrally in Baghdad.

Al-Nusairi stressed the necessity for the Iraqi Council of Ministers to resolve the issue in the region and put an end to double taxation, and for tax collection to be centralized according to the law and for the audited final accounts submitted to the General Tax Authority to be adopted as a basis for tax accounting.

The advisor to the Iraqi Private Banks Association called for "implementing the seven decisions issued on 4/4/2024 in implementation of the directives of Prime Minister Mohammed Shia al-Sudani, which are related to supporting our private banks, which confirm the government's vision in its governmental program for financial and banking reform, as well as activating and accelerating the implementation of the agreements that were reached in the rounds of negotiations between the Central Bank and the US Treasury in Washington and Baghdad to lift US restrictions on the use of the US dollar."

He explained that "the Prime Minister's decisions supporting private banks outlined the executive procedures for comprehensive reform of the banking sector, which constitutes the basis and real beginning of the accomplished economic reform. These decisions included the following: 

1- Preventing monopoly in banking services.

2- Activating the Central Bank’s financing initiatives.

3- Increasing cooperation between private banks and the Central Bank in discussing decision-making related to supporting and developing banking work.

4- Determining the contribution of foreign capital to Iraqi banks.

5- Participation of government institutions and financing funds with private banks and expansion by opening branches in countries. 

Other.

6- Support from the government and the Central Bank to private banks in foreign institutions and banks.

7- Increasing reliance on private banks by the Iraqi state and activating the deposit of government deposits and government bank deposits with private banks.

 Al-Nusairi stressed that implementing the decisions, which are practical applications to encourage private banks to develop their internal and external banking operations, will contribute to economic reform, pointing out “the importance of the Central Bank accelerating the procedures to rehabilitate and restructure these banks, as well as the necessity for the international auditing company to complete its agreed-upon work in order to lift the imposed restrictions and limitations.”

He concluded his speech by saying: "This file is certainly the focus of the government's interests, the Central Bank, the Iraqi Private Banks Association, and the banking sector in general.  link

Mot: 23 out of 24 -- Noooo wonder my Body Aches!!! Siigghhhhhh 

Mot:  . Say - What -- ain't getting better!!! Siiiggghhhh 

Tuesday Evening Chat with MarkZ 9-17-2024

Tuesday Evening News With MarkZ

MarkZ  Update- Some highlights by PDK-Not verbatim

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

Member: Good evening Patriot visionaries and currency faithful!!!

Member: Time is man's most precious asset. All men neglect it; all regret the loss of it; nothing can be done without it.

Member: So is it “time” for the RV?????

Member: So do we have to wait for Iraq to go so tier 4b can go?

MZ: They should go at the same time.

Member: (From Dinar Guru)  Mnt Goat  Article:  "AFTER THE DECLINE IN OIL, A GOVERNMENT ADVISOR: WE HAVE THE CAPABILITIES TO CONFRONT THE PROBLEMS OF THE GLOBAL ECONOMY"  I consider this one of those WOW! articles.  Quote: “the highest reserves in the country’s monetary and financial history” also “the growth indicators in the non-oil GDP have touched 6%”  WOW!

MZ: We have a good article on that one. The link is posted in the daily links.

MZ: “Parliamentary Finance: There is no financial hardship and the salaries of employees are the lowest percentage in the budget” They are telling us that even if oil falls to $60 a barrel –they could still cover everything….but, they are working hard to increase non-oil revenues so they can weather any storm.

MZ: If they are covering all the government salaries….they must know exactly what the rate is going to be …..This article could be giving us hints.

MZ: From the bond side to the private exchange side it’s all over the place. They say “It’s today…..It’s 2 weeks……It’s tomorrow. It’s all over the place and probably not worth chasing rumors when we are this close to (hopefully) getting bond movement tomorrow afternoon. I believe most if the misinformation is coming from the US Treasury.

MZ: But I am feeling good about it. . I hope tomorrow we see a few bond people finally with cash money.

Member: Mike Bara and Jentel say it could go tonight or tomorrow.

MZ: Based on chatter it could …but, stay calm

Member: ​​I've always looked at it like this: Opportunity is like a bus coming down the road. You can see it and when it gets to your stop, jump on!

Member: Mark if rates go on forex that means “public” can go as well. So very possible this “pops” without seeing rates on forex?

Member: is it double dipping to exchange a little bit now if the dinar rate is good??

Member: If rates are good….i would exchange it all…….no sense drawing it out……

Member: Went to Chase Bank in California. I asked teller if QFS Is running. He said it is. I asked if they exchange currency there and he said yes. He told me to bring in all currency

Mark, you always say you’re an optimist and look at the glass half full. If you were looking at the glass half empty, what are the remaining steps that could still be delaying the RI in your opinion?

Member: Thanks to all……we are definitely close……keep the faith…..never give up

Member: See everyone in the morning.

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

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

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

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

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

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

Youtube:   https://www.youtube.com/watch?v=4XSgJt0dp-k

Seeds of Wisdom RV and Economic Updates Tuesday Evening 9-17-24

Good Evening Dinar Recaps,

RIPPLE NEWS: XRP LEGAL FIGHT CONTINUES AS LAWYER TARGETS SEC FOR $15B LOSSES

▪️Pro-XRP attorney and Senate candidate John Deaton accused the SEC of causing over $15 billion in financial losses to small investors.

▪️He has been vocal about the negative impact of the SEC’s regulatory approach on retail investors and plans to challenge its practices while campaigning against Democratic Senator Elizabeth Warren.

John Deaton, a popular attorney known for his pro-XRP stance, has raised serious allegations against the U.S. Securities and Exchange Commission (SEC). He blamed its crypto regulatory approach and its actions caused substantial financial losses among small investors. Senate candidate Deaton also claims that the SEC’s enforcement actions have caused damages exceeding $15 billion to retail investors.

These allegations come at a time when the SEC has reportedly given up on the appeal while concluding it with a new crypto classification, reported CNF.

XRP Lawyer John Deaton Criticizes The SEC
In a recent post on X (formerly Twitter), he accused the regulatory body of “misconduct.” “The SEC’s misconduct and gross overreach caused small investors over $15 billion,” Deaton stated. He added, “On behalf of those 75,000 small investors I represented, we do not accept the SEC’s apology.”

The pro-XRP lawyer has been vocal about the detrimental effects of the SEC’s regulatory practices, particularly on smaller retail investors.

He has consistently criticized the commission’s abuse of power against crypto. Hence, the XRP lawyer plans to fight the SEC head-on. Moreover, his campaign for the U.S. Senate seat in Massachusetts highlights his concerns about the agency’s lack of accountability.

Thus, he plans to challenge the anti-crypto Democratic Senator Elizabeth Warren, accusing her of being unwilling to scrutinize the SEC’s actions. Deaton also referenced a Writ of Mandamus he filed in early 2021.

He accused the SEC of violating decades of legal precedent by declaring tokens themselves as securities in the 2021 filing. The pro-XRP attorney also maintained that this move went beyond the agency’s authority and created unnecessary confusion.

The lawyer also highlighted his frustration over the SEC’s failure to provide clear regulation. “All I asked was for the SEC to honor the law and make clear that the token itself (XRP) was NOT the security,” Deaton said. In addition, he went on to accuse the agency’s lawyers of targeting him personally during the legal proceedings.

Other Related Developments
In a related development, Paul Grewal, Coinbase’s Chief Legal Officer, shared a court filing suggesting a shift in the SEC’s stance on cryptocurrencies. According to the proposed amendment in the Binance lawsuit, the SEC admitted it no longer considers tokens to be securities, reported CNF.

This marks a major change from its previous position, particularly in relation to XRP, which had been classified as a security in 2020. “The SEC regrets any confusion it may have invited,” the agency stated in the filing.

However, the SEC’s regulatory actions continue with a recent settlement with the trading platform eToro, per the CNF report. The platform agreed to cease trading most cryptocurrencies in the U.S. and pay a $1.5 million fine. However, this move attracted significant backlash as the agency apologized for considering tokens as securities within 24 hours of the amended Binance lawsuit complaint.

Meanwhile, data from Social Capital Markets indicates the total monetary penalties imposed on cryptocurrency firms this year have reached $4.7 billion. It marks a humungous 3,000% rise from the previous year. This included one of its largest enforcement actions wherein the SEC settled a case with Terraform Labs for $4.47 billion.

@ Newshounds News™

Source:  Crypto News Flash 

Visit, Like and Subscribe to Seeds of Wisdom Team Currency Facts 

~~~~~~~~~

Global News:

DBS bank to launch crypto options, structured products

In Q4 of this year DBS bank (Singapore) plans to offer over the counter (OTC) cryptocurrency option trading and structured notes. This will only be available to certain institutions and high net worth clients.

Based on the descriptions, it will support options settled in cash and others through delivery of the underlying cryptocurrency, with only Bitcoin and Ethereum supported.

Currently clients can already trade spot crypto using the DBS Digital Exchange (DDEx). The bank was one of the first in the world to offer spot cryptocurrency trading services when it launched DDEx in 2020. Now clients where DBS provides crypto custody will be able to hedge their exposures using options.

“Professional investors are increasingly allocating to digital assets in their portfolios,” said Jacky Tai, Group Head of Trading and Structuring, Global Financial Markets, DBS. 

“Now, our clients have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies to better manage their digital asset portfolios.”

@ Newshounds News™

Read More:  Ledger Insights

~~~~~~~~~

GOLD News:

Zimbabwe aims to maximize gold revenue amid global demand surge

MINES ministry has launched the 2024 Second Gold Mobilisation exercise, aimed at ensuring compliance and maximizing revenue from the gold mining sector.

Reports indicate that gold output is projected at 39 tons in 2024 up from around 33 tons in 2023, largely on the back of ongoing expansion projects and favorable prices.

Gold revenues are expected to surpass US$3 billion in 2024.

Average capacity utilization for the gold sector is expected to reach 95% in 2024 up from 84% in 2023.

The second gold exercise will be conducted in all eight provinces, targeting both large-scale and small-scale miners in order to maximize gold revenue amid global demand surge.

Speaking at the send-off workshop in Harare, Mines minister Winston Chitando said, “It is imperative to note that gold has long been a source of wealth and prosperity for Zimbabwe, and it holds immense potential to fuel our economic growth, create jobs, and improve the lives Zimbabweans.

“The global demand for gold is on the increase as the world is turning to gold as a safe haven.”

He highlighted the global demand for gold, which has driven prices up from $1,900 in September 2023 to $2,500 currently.

“The key to realizing our 2024 gold deliverance target of 35 tonnes is plugging leakages to side markets,” he told the media.

The minister noted that illegal gold extraction and trade undermine Zimbabwe’s efforts to reap benefits from its gold resources.

To address this, he expressed the importance of ensuring that all mined gold is traded through legitimate channels.

He reiterated that Zimbabwe’s currency is anchored on gold, making it crucial that all gold trades occur through Fidelity Gold, the country’s sole authorized exporter.

“The gold neutralization exercise has yielded positive results, demonstrating its effectiveness. Given its significant contribution, the gold sector remains vital to Zimbabwe’s national economic development.

“Gold deliverance through Fidelity Gold Refinery stood at 30.1 tonnes in 2023, with 20.7 tonnes delivered from January to August 2024.

“To the teams, colleagues who are being deployed today, this intervention is of paramount importance, and I wish you all the success,” he said.

The gold mobilization exercise aims to increase revenue, create jobs, and combat illegal gold trading.

@ Newshounds News™

Source:   New Zimbabwe

  ~~~~~~~~~

THIS IS BIG:

XRP AND INTERLEDGER PROTOCOL KEY TO SOLVING CURRENT ISSUE OF DISCONNECTED FINANCIAL NETWORKS.  |  Youtube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts    

~~~~~~~~~

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Atlanta Woman Loses $120K To Fake Financial Adviser

Atlanta Woman Loses $120K To Fake Financial Adviser

Danielle Antosz  Tue, September 17, 2024   Moneywise

Here Are The Warning Signs Of Investment Fraud

An Atlanta woman, who chose to protect her identity with the pseudonym Yvonne, was defrauded of her life savings by a fake financial adviser.

Prior to the scam, she said she'd prided herself on her "common sense" and research skills. "My family would be the first to tell people, she’s the ‘go-to,’” she told WSB-TV Atlanta. But now, she’s out more than $120,000.

In an effort to invest for her family’s future, Yvonne decided to contact a finance professional she’d spotted on YouTube. The person appeared to receive glowing reviews on social media.

Before sending any money, Yvonne looked the person up on BrokerCheck, an online tool from the Financial Industry Regulatory Authority (FINRA) that shows investors the employment history, certifications, and any violations for brokers and financial advisers.

It appeared that the person was registered, licensed, and allegedly worked for a company Yvonne recognized — Fidelity.

“I thought I had done my research,” she told the news outlet. "[This money] was a lifetime of work to me. My future."

After calling FINRA to double-check if the investor was legitimate, Yvonne sent the finance professional $5,000 via Automated Clearing House (ACH).

Over the next few weeks, she received messages from the supposed adviser showing her that her crypto investment was growing. But when Yvonne went to cash out, everything went south.

A Case Of Stolen Identity

When Yvonne was ready to withdraw her money after seeing significant growth, the scammer insisted she pay taxes on her investment gains or risk legal action.

They then directed her to create an account on Crypto.com to submit the payment, to which Yvonne complied.

This was followed up with another message asking for additional funds for taxes, then another message insisting Yvonne pay thousands of dollars for an international business permit certificate, all in crypto.

By that point, Yvonne had sent multiple payments totaling more than $120,000 — her entire life savings. Then, the scammer disappeared.

Later, Yvonne learned that the Fidelity financial adviser was legitimate — but someone had stolen their identity and was using it to defraud unsuspecting clients.

TO READ MORE:

https://www.yahoo.com/finance/news/atlanta-woman-loses-120k-fake-111700914.html

Economist’s “News and Views” 9-17-2024

Prepare for the Biggest Global Debt Collapse in History – Gold’s Time Is Now! - Francis Hunt

ITM Trading:  9-17-2024

Francis Hunt, the Market Sniper, warns of an impending global debt collapse that could surpass any financial crisis in modern history. Drawing comparisons to past events like the Vietnam War overspend and Nixon’s 1971 gold standard shift, Francis explains why this collapse will be more severe and why gold is the key to protecting your wealth.

He also discusses how future interest rate cuts and currency devaluation will make gold even more valuable as a safe haven. If you're concerned about the economy, this video offers crucial insights on securing your assets.

https://www.youtube.com/watch?v=VnWOfcTf5Kg

LIVE! TOMORROW THE DESTROYER COMETH. IS GOLD ABOUT TO BREAKOUT TO $4,000? Maybe Higher?

Greg  Mannarino:  9-17-2024

https://www.youtube.com/watch?v=gfc2SZO09Kk

FED Rate Cut: Last-Ditch Effort Before Total System Failure

Taylor Kenny:  9-17-2024

The storm is here, and it's not just about rate cuts. From the dollar’s devaluation to hidden inflation costs, I break down the truth the Fed won’t tell you.

CHAPTERS:

00:00 - The Brewing Economic Storm

00:38 - The Illusion of Rate Cuts

01:15 - Affordability Crisis: Then vs. Now

 02:28 - The Dollar’s Shrinking Power

03:47 - The Hidden Costs of Inflation

04:59 - Credit Card Debt & Government Spending

 07:05 - The Federal Reserve's Contradictions

08:12 - Gold: The Key to Real Wealth

https://www.youtube.com/watch?v=_znD8Xwi4l0

More News, Rumors and Opinions Tuesday PM 9-17-2024

KTFA:

Reikifreind:  Hi Frank, thank you and your team for the many years of education and entertainment

I just called Walmart in Alberta Canada based on a rumor of USD no longer being accepted by September 23rd. I can confirm this is true.   

Walmart Canada will no longer accept USD as of September 23, 2024.    The reason she gave was it was an order from the head office. 

I asked if it was a currency change or security features, but she didn't know the reason. So this is in fact true. 

Clare: "Our Country's Dream"... Al-Sudani Sends an "Important" Message to Gulf States Regarding the Path to Development

9/17/2024 Baghdad

Prime Minister Mohammed Shia al-Sudani stressed that the drop in oil prices to less than $72 confirms the need to diversify the Iraqi economy, while he addressed a message to the Gulf countries regarding the path to development.

Al-Sudani said during a televised interview followed by "Al-Eqtisad News", "The federal administration's budget allows it to pay $8 for every barrel of oil produced, while contracts signed with the Kurdistan Regional Government give companies $26. This stagnation has affected production from the region and led to a delay in the resumption of the pipeline."

Baghdad has been unable to agree on how much to pay international oil companies operating in the north of the country for their production.

"We have to look at how we balance these issues. Do we look at the budget to see what we can do or do we try to look at prices?" he added.

“Closing the pipeline, which can carry nearly half a million barrels per day of oil from Kurdistan to the Turkish coast, would cost billions of dollars in lost revenue. However, restarting it would pose a dilemma for Iraq, which has failed to comply with OPEC+ production limits amid dire financial needs but has repeatedly said it will compensate for overproduction,” he said.

Al-Sudani said, "We are committed to abiding by OPEC decisions and maintaining the oil price in a way that achieves a balance between the interests of users and producers."

Pipeline problems

Turkey halted the pipeline in March last year after an arbitration court ordered it to pay Iraq $1.5 billion in compensation for transporting oil through it without Baghdad’s consent. Ankara, which claimed the pipeline was shut for repairs after two massive earthquakes in February, said in October it was ready for operations and that it was up to Iraq to resume flows.

But financial and legal issues have emerged, such as compensating companies for costs. International companies have said they also want to settle their overdue receivables — including $1 billion for oil produced between September 2022 and March 2023.

With exports halted, companies have begun producing some crude and selling it domestically. Iraqi officials have previously said this production has caused problems with compliance with quotas set by the Organization of the Petroleum Exporting Countries.

Iraq’s production cap is set at 4 million barrels a day, but it produced 4.32 million barrels a day last month, according to data compiled by Bloomberg. The country, along with some other OPEC+ members, will gradually lift those limits starting in December.

Al-Sudani is keen to “increase production in the long term after years of war and internal conflict that have affected Iraq’s oil industry. In August, BP signed a preliminary agreement to help boost production from the Kirkuk region. Iraq is also rehabilitating and modernizing damaged refineries to help reduce fuel imports.”

The Prime Minister continued, "Because of the wars and the blockade over the past four decades, Iraq has been late in exploiting the wealth we have of gas and oil properly. Now we are looking at how to exploit the new wealth we have and how to use it effectively."

Diversify the economy

But he said, "The drop in oil prices in London to around $72 a barrel - near their lowest levels since 2021 - underscores the need to diversify the economy."

Iraq is OPEC's largest oil producer after Saudi Arabia and derives the bulk of its revenues from exporting the commodity, and needs much higher prices to balance its budget.

The IMF has long said the country needs to develop its private sector, and that economic progress is being hampered by a huge public sector wage bill, with successive governments not doing enough to curb high wage increases.

Al-Sudani pointed out that "his administration is looking to invest about 40% of Iraq's oil revenues to boost the non-oil sector," adding that "the planned trade corridor extending from Basra Governorate in southern Iraq to Turkey and then to Europe was a 'dream' for his country, and he is looking to the Gulf states to help finance the project, which is supposed to cost $17 billion."  LINK

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

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

Mnt Goat  “ECONOMIC RENAISSANCE AND UNPRECEDENTED PROGRESS.. IRAQ MAXIMIZES ITS NON-OIL REVENUES AND REDUCES ITS DEBTS”. They are telling us the national debt is only 9% of their reserves now at $108 billion and GDP growth is very good... words like “unprecedented” and “maximizes”...tells me our choo choo train is moving down the tracks at an accelerated pace now.

Frank26  [Iraq boots-on-the-ground report]   FIREFLY:
Alaq is on TV and he's singing like a bird with information.  He's talking to us an awful lot every day about what they're going to do with this reform.  He gives speech about how much money is in the digital system already.  It's growing.  He said at the end of this year we will implement the initial plan to complete the reforms for the banking system... FRANK:  The digital information is one of the main key parts of the monetary reform.  It will allow your money to float freely not only inside of your country but outside...You are going to be internationally recognized.  This is extremely exciting.

INDISPUTABLE PROOF! A "Ballistic" Inflationary NIGHTMARE Situation. Critical Updates.

Greg  Mannarino:  9-17-2024

https://www.youtube.com/watch?v=9Wm5HoNIIac

Morgan Stanley Just Sounded The Alarm, Huge Warning to Investors!

Atlantis Report:  9-16-2024

Morgan Stanley has issued a serious warning that is causing significant ripples in the markets. The bank has urged investors to prepare themselves for a period of extreme uncertainty.

Morgan Stanley's warning is based on the upcoming buyback blackout period, which has already resulted in a 93% decrease in buyback activity, and the low positioning of machines that have left traders and algorithms confused and unsure about the direction to take.

These signs clearly indicate that the financial markets are on the verge of a significant shift. Morgan Stanley Has Just Sounded The Alarm.

https://www.youtube.com/watch?v=BV6yZIIT7Ac

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 9-17-24

Good Afternoon Dinar Recaps,

BRICS NEWS

RUSSIA SET TO TRIAL CRYPTO FOR TRADING GOODS WITH MILITARY APPLICATIONS: REPORT

The Russian government has formed a focus group to trial crypto payments for foreign trade, focusing on importers of goods with potential military applications.

Russia has established a focus group under an experimental legal regime to explore the use of crypto for foreign trade payments, Russia’s Vedomosti newspaper reported on Sept. 17. The initiative reportedly aims to address challenges faced by importers dealing with dual-use goods, which have both civilian and military applications, and are subject to strict international payment restrictions.

The move follows China’s announcement in early August that it will ban the export of all unregulated civilian drones, which have become increasingly used in military warfare in recent years, starting Sept. 1.

According to the report, the focus group includes members from the Russian Chamber of Commerce and Industry and the Association of Developers and Producers of Electronics, alongside several banks, though the report did not specify whether the group included Russian banks only or involved foreign financial lenders as well.

The initiative is designed to assist importers struggling with transactions to banks in China and other countries due to the sensitive nature of their goods. This move follows recent reports that Russia’s two largest unsanctioned metal producers have begun using Tether’s stablecoin for cross-border transactions with Chinese clients and suppliers, in response to U.S. Treasury Department warnings about secondary sanctions.

Now, people familiar with the matter reportedly say that participants in the focus group were selected based on their business turnover, with larger companies prioritized. The Russian government plans to expand the initiative in the future, though the timing for a broader rollout remains unclear.

In early July, Alexei Guznov, deputy governor of Russia’s central bank, indicated in a media interview that the Bank of Russia is exploring the legalization of stablecoins for cross-border transactions.

Guznov noted that the initiative could potentially transition from a temporary experiment to a permanent regulatory framework, although specifics regarding the timeline for approval were not disclosed.
@ Newshounds News™ Watch the Global QFS Unfold

Source:  Crypto News Flash  

Visit, Like and Subscribe to Seeds of Wisdom Team Currency Facts 

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BRICS News

BRICS MAKES MAJOR ANNOUNCEMENT ON NEW PAYMENT SYSTEM

BRICS is working towards the creation of a new payment system without the integration of the US dollar in its mechanism, confirmed Russian Foreign Minister Sergey Lavrov. The minister added that the new payment system will not only be used to settle cross-border transactions, it will act as a complete financial set-up.

The development, when launched, could attract emerging economies towards it making a shift away from the US dollar. The new BRICS payment system could lead to a paradigm shift in the global financial sector.

New BRICS Payment System To Include Trading, Investing & Settlements

The Russian minister revealed that the new BRICS payment system will be equipped with trading, investing, and along with trade settlements. He explained that the mechanism will allow countries to partake in financial operations without being dependent on the US dollar. The move will make the alliance’s quest of de-dollarizing their economies much stronger.

Lavrov also hit out at the US and Europe for pressing sanctions on countries they don’t like. He stressed that the sanctions are what led to BRICS decision on launching a new payment system. Even US Treasury Secretary Janet Yellen acknowledged that the White House sanctioning developing nations led to de-dollarization.

“Many are attracted by the fact that payment systems are being developed within BRICS. Which allows trading, investing, carrying out other economic operations without being dependent on those that decided to weaponize the dollar and the euro,” the foreign minister said.

The minister added that developing nations will flock to the BRICS payment system in fear of US sanctions. “Everyone understands that anyone may face US or other Western sanctions,” he said during a meeting with Egyptian counterpart Badr Abdelatty.

@ Newshounds News™  Watch the Global QFS Unfold

Source:  Watcher Guru

~~~~~~~~~

DE-DOLLARIZATION: HOW THE US IS HELPING CHINESE YUAN TO SUCCEED

De-dollarization is the most buzzing word in the global financial sectors across Asia, Africa, and South America. Emerging economies are focusing on lifting their local currencies on the global stage by ending reliance on the US dollar. The US sanctions are what pushed the de-dollarization agenda ahead and China made use of the opportunity to include the Chinese yuan for trade settlements.

The development puts the USD in the spotlight as developing countries no longer want to give importance to the currency. Amid the US and Western sanctions on emerging economies, the Chinese yuan is becoming the most used currency in their countries. From Russia to Pakistan and the UAE, the Chinese yuan is being widely accepted as the de-dollarization initiatives advance rapidly.

The Chinese Yuan Benefits From De-Dollarization

The US Treasury Secretary Janet Yellen confirmed that the US sanctions opened the floodgates of de-dollarization across the world. The move made China fill in the void and the Xi Jinping administration convinced developing countries to use the Chinese yuan. The de-dollarization initiative is partially a success as the Chinese yuan is the most used currency in Russia.

“Trading in Chinese yuan is convenient for both Russia and China,” said Maia Nikoladze, Associate Director at the Atlantic Council. “Russia does not have too many other currency alternatives.

While China benefits from exerting more economic influence over Moscow, and also makes progress towards internationalizing the yuan,” said the analyst. The move indicates that the US opened the gates of de-dollarization by itself through sanctions.

Even Brazil, Argentina, South Africa, and Saudi Arabia are looking to follow Russia on the de-dollarization path. These countries are accepting the Chinese yuan as payment for cross-border transactions, which was not the case a few years ago. De-dollarization is a serious risk to the US economy while the Chinese yuan is looking to dominate the financial world.

@ Newshounds News™   Watch the Global QFS Unfold

Source:   Watcher Guru

~~~~~~~~~

XRP on Path to Global Reserve Key Insights    Youtube

@ Newshounds News™    Watch the Global QFS Unfold

Source: Seeds of Wisdom Team Currency Facts 

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Mark Cuban’s Unconventional Lottery Advice: What He Says To Do If You Win Big

Mark Cuban’s Unconventional Lottery Advice: What He Says To Do If You Win Big

T. Woods   Tue, September 17, 2024   GOBankingRates

You’re holding your Mega Millions lotto ticket in your shaking hand. You look up at your computer screen announcing the winning lotto numbers, and then back at your ticket. The numbers match. You’ve just won the jackpot.

While this is the dream come true for any person who’s ever purchased a lotto ticket, it also comes with a lot of potential financial mistakes, risks and dangers. Just what, exactly, are you supposed to do when you come into extraordinary wealth overnight?

In June, when the Mega Millions jackpot reached $1.1 billion, Benzinga interviewed “Shark Tank” producer and “shark” Mark Cuban about how to handle such a windfall. Cuban, an experienced billionaire, had a lot to say on the matter.

First off, Cuban recommended playing the long game. As Benzinga noted, the Mega Millions winner was slated to receive one of two types of payout: a $1.1 billion annuity providing approximately $23 million per year for 30 years, or a single lump payout of roughly $528.8 million.

“Don’t take the lump sum,” Cuban told Benzinga. “You don’t want to blow it all in one spot.”

Cuban also recommended playing it safe with this kind of once-in-a-lifetime opportunity. That extends most crucially to the temptation to invest your massive winnings, which he suggested all lotto winners avoid. Whether you accept the 30-year annuity at $23 million per year, or take the single lump-sum payout, Cuban was insistent that you not risk your lotto money as an investor.

“You don’t become a smart investor when you win the lottery,” he asserted. “Don’t make investments. You can put it in the bank and live comfortably — forever.”

He’s likely right. The odds of hitting a jackpot twice — once as a player and again as an investor — are exceptionally rare. Why risk financial peace of mind on the hope of making another astronomical amount of money?

“You will sleep a lot better knowing you won’t lose the money,” he said.

Since Cuban can’t be with you every step of the way on your newfound billionaire journey, he also recommended that lotto winners immediately hire tax attorneys. Such an attorney can guide you and your winnings through the convoluted series of state and federal tax laws that come with winning a huge sum of money overnight, and keep the IRS at bay.

TO READ MORE:  https://www.yahoo.com/finance/news/mark-cuban-unconventional-lottery-advice-121404048.html

People aren’t seeing the real de-dollarization

People aren’t seeing the real de-dollarization

Mike Maharrey   09/16/2024 16:42:29 GMT

It’s not a “black swan” event. In fact, it’s playing out right before our eyes and was entirely predictable. The world is slowly but surely spurning the dollar.

But most people haven’t noticed.

De-dollarization might seem like a wild conspiracy theory, but it is happening. Countries worldwide are trying to limit their exposure to the greenback, and the dollar’s clout is slowly ebbing.

No, the dollar isn’t on the verge of collapse due to a major trauma. It’s more like death by a million papercuts.

Nassim Taleb, best known for his book The Black Swan, said in a post on X that “people are not seeing the real de-dollarization in progress.” He pointed out that global transactions are still generally labeled in dollars “as an anchor currency.” 

“But central banks (particularly BRICS) have been storing, that is putting their reserves, in Gold.”

In other words, the dollar still serves as the primary medium of exchange, but more and more countries are turning to gold as a store of value. As author Richard Turrin put it, “The US will tout the USD’s high percentage use in trade all the way to the bottom.”

Turrin pointed out that the “dollar’s high percentage in trade settlements is increasingly meaningless” for two reasons.

Gold holdings show reserve storage.

Migration of trade to alternate currencies isn’t captured on SWIFT statistics.

This trend toward storing wealth in gold instead of dollars makes sense given the U.S. government’s persistent evaluation of its currency that seems to be accelerating.

Luke Gorman, founder and president of Forest for the Trees confirmed Taleb’s point with a graph, noting that this de-dollarization trend has been in play for more than a decade and “got much louder post-2022 sanctioning of Russian FX reserves.”

In fact, dollar reserves globally have dropped by 14 percent since 2002. And as the graph shows, de-dollarization accelerated after the U.S. and her Western allies aggressively sanctioned Russia and froze the country’s assets after it invaded U*****e.

Geopolitical and financial analyst Angelo Giuliano posted the same graph asserting, “De-dollarization is happening.”

“The US dollar Ponzi scheme is collapsing…the US exorbitant privilege to print endless amount of paper toilet currency is over.”

He noted that gold hit yet another all-time high on Sept. 12, saying, “This is only the beginning.”

Dollar weaponization undermining the Dollar

All of these experts confirm that the United States’s weaponization of the dollar is undermining its strength and role as a reserve currency.

A recent Atlantic Council report on the falling percentage of dollar reserves pointed out dollar weaponization was a factor behind this trend.

“In recent years, and especially since Russia’s invasion of U*****e and the Group of Seven (G7)’s subsequent escalation in the use of financial sanctions, some countries have been signaling their intention to diversify away from dollars.”

The U.S. and its allies not only froze Russian assets, but they also locked the country out of the SWIFT financial system.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) system serves as the global economy’s superhighway. In effect, it operates as a global financial messaging service, facilitating cross-border payments. Since the dollar serves as the world reserve currency, SWIFT effectively facilitates an international dollar system.

This gives the U.S. a great deal of leverage, as the Russians discovered.

This wasn’t the first time the U.S. used SWIFT and the dollar as a stick to advance its foreign policy goals. In 2014, the O***a administration locked several Russian financial institutions out of SWIFT as relations between the two countries deteriorated over U*****e and Crimea.

Whether you think the sanctions were justified or not, it’s important to remember that other countries are watching. They realize that dependence on dollars makes them vulnerable to

U.S. manipulation and this is one of the reasons many countries are trying to diversify away from the USD.

Think about it — if you are concerned that the U.S. could pull the “dollar rug” out from under you, why not pull out from the dollar system first?

This appears to be what is slowly happening. Again, it is d***h by 1 million paper cuts.

According to a 2023 Invesco survey, a “substantial percentage” of central banks expressed concern about how the U.S. and its allies froze nearly half of Russia’s $650 billion gold and forex reserves.

Central banks turning to Gold

We see this shift toward gold in persistent central bank gold buying.

According to the most recent World Gold Council survey released in June, 29 percent of central banks plan to add more gold to their reserves in the next 12 months. The WGC said it was the highest level since the survey began in 2018.

Only 3 percent said they had plans to decrease gold reserves.

Earlier this year, the World Gold Council said the continuation of gold buying supports its expectation that “2024 will be another solid year of central bank gold demand.”

“Last year central banks placed great emphasis on gold’s value in crisis response, diversification attributes, and store-of-value credentials. A few months into 2024 the world seems no less uncertain meaning those reasons for owning gold are as relevant as ever.”

Last year, central bank gold buying fell just 45 tons short of 2022’s multi-decade record.

According to the World Gold Council, central banks net gold purchases totaled 1,037 tons in 2023. It was the second straight year central banks added more than 1,000 tons to their total reserves.

Central bank gold buying in 2023 built on the prior record year. Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

The skyrocketing price of gold confirms the wisdom of these central bankers. And it is a tangible sign that the dollar is losing value – and status.

Source: FXStreet

https://dinarchronicles.com/2024/09/17/people-arent-seeing-the-real-de-dollarization-that-is-happening/