Economist’s “News and Views” 10-3-2024

Note: There are rumors the port strikes may be over or will be soon…..

Fears of Global Shortage of Crude Oil Send Prices up Amid Massive Port Strikes

Lena Petrova:  10-3-2024

In the ever-evolving landscape of global economics, few events can send shockwaves through markets quite like an oil supply shock. Recently, a combination of massive port strikes and geopolitical tensions has led to an unprecedented surge in crude oil prices, igniting fears of a potential global shortage.

 As countries scramble to secure their energy supplies, it’s essential to understand the underlying factors that are driving this crisis and what it means for consumers and industries alike.

https://youtu.be/TT3QYQau3zs

Port Strike Catastrophe, $5 Billion a Day and Rising Prices Everywhere

Taylor Kenny:  10-3-2024

In a development that could shake the foundations of the U.S. economy, a massive port strike is currently gripping the nation. The repercussions are already being felt, as millions of dollars in trade are disrupted, leading to rising prices and escalating inflation. Taylor Kenney from ITM Trading recently shared insights into this monumental strike—the largest the United States has seen in over fifty years—and the severe implications it could have for inflation, production, and the overall economic landscape.

The numbers speak volumes. With the strike estimated to cost the economy a staggering $5 billion a day, it’s crucial to understand how this situation escalated. The reasons for the labor unrest are multifaceted, primarily rooted in disputes over wages, working conditions, and job security, which have been festering for years. The immediate impact is felt at West Coast ports—critical arteries for international shipping—where cargo ships are left anchored, waiting to unload their containers filled with goods.

According to data released recently, the strike has caused significant backlogs in the supply chain, making it increasingly difficult for businesses to obtain necessary materials and products. This isn’t just a localized problem; it’s a crisis with national ramifications that reaches into every grocery store, warehouse, and manufacturing plant across the country.

As the strike persists, inflation rates are likely to see another jolt upward. The U.S. has been grappling with inflation for months, with prices rising at an alarming pace. Now, the disruption in port operations only adds fuel to the fire. When goods are delayed, they become scarcer, and scarcity, as we know, drives prices higher.

Consumers may begin to notice higher prices on essential goods, ranging from food items to electronics. This reality is even more pressing for households already dealing with tight budgets, as increased costs can lead to difficult choices about where to allocate their resources. Moreover, as retailers and manufacturers face higher shipping costs due to delays and increasing demands for faster service once operations resume, it’s reasonable to expect that those costs will be passed along to consumers.

Production processes across various industries are intricately linked to the flow of goods. Manufacturing relies heavily on timely deliveries of raw materials; disruptions at ports can halt these production lines. A recent report highlighted that sectors like automotive and consumer electronics are already reporting slowdowns in production due to a lack of components and materials stuck in shipping limbo.

This slowdown could lead to job losses in sectors reliant on timely production, further exacerbating the economic challenges faced by workers across the country. Business owners may also have to reassess their operational capacities, leading to potential layoffs or reduced hours, which would just further impact the economy and consumer confidence.

While temporary strikes can lead to a quick resolution motivated by negotiations, the long-term implications of this port strike could be drastic.

If no agreement is reached, companies may need to find alternative shipping routes or suppliers, adding complexity and cost to their operations. This shift could displace workers, upset long-standing relationships, and even lead to a reshaping of U.S. logistics.

As we look ahead, it’s essential for policymakers and industry leaders to recognize the urgency of this situation. A swift resolution will be critical in preventing further damage to the supply chain, stabilizing prices, and restoring confidence in the economy.

https://youtu.be/2OlnrMr-AU8

https://dinarchronicles.com/2024/10/03/itm-trading-port-strike-catastrophe-5-billion-a-day-and-rising-prices-everywhere/

More News, Rumors and Opinions Thursday PM 10-3-2024

TNT:

Total 140 days.. Financial costs of holidays in Iraq

Today, Thursday (October 3, 2024), economic expert Nabil Al-Marsoumi revealed the financial costs of holidays in Iraq, while confirming that their total is 140 days.

Al-Marsoumi said in a post on Facebook, which was followed by "Baghdad Today", that "the total annual salaries of employees and others amount to 90 trillion dinars," indicating that "the total number of Fridays and Saturdays is 104 days in the year."

He added, "The total number of official holidays in Iraq, excluding special holidays, is 16 days, while the total number of unofficial holidays is approximately 20 days, while the total number of official and unofficial holidays is 140 days."

The expert continued, "The number of actual working days per year is 225 days, while the daily cost of official and unofficial holidays, including Friday and Saturday, is 246 billion dinars," stressing that "the annual cost of official and unofficial holidays is 34 trillion dinars."

He pointed out that "the annual cost of official and unofficial holidays, except for Friday and Saturday, amounts to approximately 9 trillion dinars, while the annual cost of unofficial holidays amounts to approximately 5 trillion dinars."

He pointed out that "Iraq is the first country in the world in terms of official and unofficial holidays, and it is the highest in the world, while there are 8 official holidays in England and Wales."

He believed that "both types of holidays cause huge financial losses to Iraq, especially the unofficial holidays that are granted for various reasons, including rain, high temperatures, and visits. This loss in unofficial holidays is equivalent to the annual budget of Syria," recommending "limiting the authority to grant official and unofficial holidays to the Presidency of the Council of Ministers."

Every year, on October 3, Iraqis celebrate the Iraqi National Day, which marks the declaration of Iraq's independence from the British mandate and its accession to the League of Nations in 1932  link

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Tishwash:  Iraq launches financial transfers in euros

The Central Bank of Iraq launched its financial transfers to Turkey in the euro currency.

This was announced during the reception of the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq, according to a statement by the Central Bank of Iraq.

The statement indicated that the meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism carried out in the euro currency and implemented within Turkey through its banks. This mechanism, which is being applied for the first time, will simplify trade coverage operations with high fluidity and speed.

The attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of transfers from merchants and the business sector.

The statement pointed out that the bank representatives expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company, and they also demonstrated their efforts in the context of expanding their channels with approved correspondent banks.

For his part; The Turkish Ambassador praised the efforts of the Central Bank in managing the process of transformation in foreign transfers, and the measures taken by the bank to organize and facilitate the transformation processes, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank’s management and authorized banks, according to the statement. link

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

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

Mnt Goat  Prime Minister Mohammed Shia al-Sudani expressed, on Thursday, Iraq’s readiness to enter into a partnership with American companies in the oil industry sector, revealing at the same time his government’s intention to establish a new Iraqi bank. This came during his participation in New York...can the news get any better? Finally the US is engaging Iraq and seriously taking on partnerships, especially in the energy sector. So we know if the US is invested in Iraq something is up….

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:
On the news Alaq came in and talked again about the deletion of the three zeros and he said we have a process to enhance the dinar.  He was explaining how they are going delete the three zeros and add value...Then this idiot comes on TV and he says to us dropping the zeros will not lead to a value increase.  He's just a fool that hates this is happening.  That's all Alaq talked about, again saying it's under constant review.  FRANK:  As far as the guy that comes out and says this is not good, that's it's negative...this is not being sent to you by Sudani...Don't pay attention to them.  Only pay attention to your true leader Sudani.

THE LARGEST TRANSFER OF WEALTH IN HISTORY. AND THERE IS NO WAY TO STOP IT.

Greg Mannarino

https://www.youtube.com/watch?v=T0hSPaS3lds

"It's SOON, Time To Get Prepared For Something Huge" | Mike Maloney (30 Seconds to Midnight)

10-3-2024

n this eye-opening video, Mike Maloney dives deep into the economic warning signs that signal an impending financial crisis. The parallels between today and the 2008 crash are undeniable.

Charts from market experts reveal shocking similarities between the 2024 and 2007 rate cuts, while key indicators like the Sahm Rule and bond yield inversions show we're either in or nearing a recession.

 Discover why national debt, credit card defaults, and real estate delinquencies are skyrocketing - and how this could trigger the greatest financial meltdown in history.

Time is running out, and the global implications are immense. Get informed and get prepared.

https://www.youtube.com/watch?v=y1HGa7kxRnw

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 10-3-24

Good Afternoon Dinar Recaps,

VISA LAUNCHES PLATFORM TO HELP BANKS ISSUE STABLECOINS GLOBALLY

▪️Platform is expected to go live in 2025, payments firm says
▪️A pilot test will be run on Ethereum at some point next year

Visa Inc. is launching a platform for banks to issue fiat-backed tokens such as stablecoins and tokenized deposits, as more financial institutions and businesses express interest in how cryptocurrencies and blockchain technology can improve their operations.

The product, which will be known as the Visa Tokenized Asset Platform or VTAP, will allow banks to “mint, burn and transfer” tokens. While still in the testing stage, the plan is to go live next year, according to a Thursday statement.

Stablecoins are cryptocurrencies whose value is usually pegged to assets such as the dollar. They’re used to conduct transactions and as a refuge from the often volatile price swings in tokens like Bitcoin and Ether.

Spanish bank BBVA has been testing the platform through the year and expects a pilot for select customers on the Ethereum blockchain at some point next year.

“Visa has been at the forefront of digital payments for nearly sixty years, and with the introduction of VTAP, we are once again setting the pace for the industry,” Vanessa Colella, global head of innovation and digital partnerships at Visa, said in the statement.

Stablecoins and other fiat-backed tokens have gained in popularity, with PayPal Holdings Inc.’s PYUSD and other offerings in the market. Stripe Inc. also allows merchants using its payments processing capabilities to accept stablecoins for online transactions.

“We’re excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations,” Colella said.

@ Newshounds News™

Source:  Bloomberg

~~~~~~~~~

RIPPLE TEAMS WITH BRAZILIAN EXCHANGE TO LAUNCH INTERNATIONAL PAYMENT SOLUTION

▪️Ripple and Mercado Bitcoin partner to streamline international payments in Brazil, enhancing cross-border treasury operations.

▪️Ripple expands its Latin American presence through Mercado Bitcoin, aiming to simplify cross-border payments for businesses.

By means of a strategic alliance with one of Brazil’s biggest cryptocurrency exchanges, Mercado Bitcoin, Ripple has strengthened its footprint in Latin America.

Using Ripple’s payment system, Mercado Bitcoin will be the first Brazilian company, especially with an eye toward improving internal treasury processes between Brazil and Portugal.

Ripple Strategic Expansion in Brazil’s Growing Crypto Market
The cooperation coincides with a period of fast expansion in the crypto market of Brazil. Known for offering real-time settlement and liquidity solutions, Ripple’s digital infrastructure fits quite well in the framework of Brazil’s dynamic crypto policy scene.

The cooperation between Mercado Bitcoin and Ripple is expected to speed up and make more reasonably priced international payments. This lets companies quickly onboard and fast access over 80 worldwide marketplaces by integrating Ripple’s technology with minimum friction.

For Ripple, this alliance marks yet another phase of its continuous expansion over Latin America. Since 2019, when it first established local offices, the corporation has been progressively becoming more visible in Brazil.

Working with Travellex Bank, Ripple unveiled its On-Demand Liquidity (ODL) service in Brazil in 2022, enabling Brazilian companies to make flawless, international payments with cryptocurrency.

By means of this new partnership, Mercado Bitcoin will also be able to use the global scale and liquidity of Ripple, providing improved payment options for its clients.

Head of banking at Mercado Bitcoin Jordan Abud showed enthusiasm about this alliance and underlined how it would help the global aspirations of the exchange. By means of Ripple’s sophisticated payment system, Mercado Bitcoin seeks to lower running expenses and provide a more all-inclusive platform for its customers.

On the other hand, as we previously highlighted, SCB, another Ripple partner, just collaborated with Thunes to increase its instant remittance capabilities.

By means of its SCB Easy platform, this cooperation enables SCB to provide money transfers across 26 countries with support for 17 currencies. Using RippleNet for cross-border payments guarantees that SCB makes transparent and safe transactions rather than merely quick ones.

https://www.crypto-news-flash.com/ripple-teams-with-brazilian-exchange-to-launch-international-payment-solution/

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

🌍Silver the People's Metal  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Iraq News Highlights and Points To Ponder Thursday Afternoon 10-3-24

Dollar Trading Halted In Anbar Due To High Exchange Rate

Economy   Today    Information/Anbar  Exchange offices in Anbar province have refrained from buying and selling the dollar after sudden speculations led to a rise in the exchange rate.

A source in the governorate told Al-Maalouma Agency that "the fluctuation in the exchange rate of the dollar, which rose suddenly, led to exchange offices refraining from trading in the currency."

He added, "The exchange offices are waiting for the market to stabilize to resume trading in the dollar."

He explained that "a force from the National Security Service carried out a security operation targeting a number of exchange offices in search of exchange rate speculators."

He explained, "The exchange rate jumped to 155 thousand dinars for every 100 dollars after it was 150 thousand dinars for every 100 dollars." End 12A  LINK

Dollar Storm Hits Local Markets.. Only Half A Point Left For 155 Thousand - Urgent

Economy |Baghdad Today - Baghdad

Today, Thursday (October 3, 2024), the dollar exchange rates recorded a new rise in the main stock exchanges and local markets in Iraq.

Baghdad Today correspondent said that the exchange rates in the main stock exchange in the capital, Baghdad, recorded a price of 153,500 dinars for every 100 dollars.

He added that the selling price of the dollar in local markets was 154,500 dinars, while the buying price was 152,500 dinars for every 100 dollars.

He added that the selling price of the dollar in Erbil reached 154,500 dinars, while the purchase price reached 153,750 dinars for every 100 dollars.

He pointed out that the selling price of the dollar in Basra reached 154,000 dinars, while the purchase price reached 153,500 dinars for every 100 dollars.   LINK

This Is Why Oil Traders Are Betting On It Rising To $100 

Energy   Economy News - Follow-up  A wave of crude oil options that could be triggered if prices rise to $100 a barrel were traded on Wednesday, a sign that some traders are looking to hedge against the risk of supply disruptions in the Middle East.

At 11:20 a.m. in New York, about 27 million barrels of Brent crude were trading at $100 for December options, while more than 7 million barrels of U.S. crude were trading at $100 for December options.

Market participants said the flows were likely a mix of buying and selling. While some traders were trying to hedge against a short-term surge in oil prices, others had sold call options in recent weeks and had to cover those positions.

I think of $100 call options as insurance policies for people who are hoping their insurance policy is going to be worthless,” said Scott Shelton, an energy specialist at TPICAP Group Plc.[/rtl]

“I still think there is potential for a significant loss of production, but when it comes to geopolitics, it is always difficult to predict,” he added, noting that the fundamental balance between supply and demand remains weak overall

Brent crude on Tuesday posted its biggest daily swing since March last year as Iran launched a missile attack on Israel and Tel Aviv vowed to retaliate, a move that rippled through an oil market that had seen heavy selling in previous weeks

The increased interest in options contracts, which bet on rising prices, has led to their value soaring. For example, options contracts on West Texas Intermediate and Brent crude oil have hit $100, the highest level since mid-August.

However, traders warn that this bullish trend in options may be driven by a market that is certain to face an oversupply in the coming months, with unstable demand growth and increased production from OPEC+ members and other producers

While some contracts were traded directly, others were spreads that involved simultaneously buying $100 options and selling related contracts, such as $120 options,limiting the ultimate profit from the upside - https://economy-news.net/content.php?id=48295

Baghdad And Washington Discuss Enhancing Joint Cooperation In The Fields Of Energy, Oil And Economy

Thursday 03 October 2024 12:32 | Economic Number of readings: 44  Baghdad / NINA / Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, enhancing joint cooperation in the fields of energy, oil and economy.

A statement by the Ministry of Foreign Affairs stated that Hussein met with John Bass and Jeffrey Bate on the sidelines of the ministerial meeting of the international coalition against ISIS held in Washington. During the meeting, they discussed enhancing joint cooperation in the fields of energy, oil and economy, and continuing diplomatic efforts to maintain the stability and security of Iraq.

The two sides also discussed the need to protect sea lanes to ensure the export of Iraqi and Gulf oil by securing these lanes.

According to the statement, the focus was on continuing the dialogue between Baghdad, Erbil and the oil companies operating in the Kurdistan Region of Iraq to ensure the resolution of disputes related to oil exports. The security situation in the region and the repercussions of the ongoing escalation and its impact on energy and oil sources were also discussed.

The two sides stressed the importance of continuing cooperation between the United States and Iraq to ensure that the country does not get dragged into any regional escalation, and to work to confront the economic challenges resulting from regional unrest.

For his part, Ambassador Bass welcomed Iraq's participation in the tenth ministerial meeting of the international coalition against ISIS, and the strengthening of efforts to combat terrorism. https://ninanews.com/Website/News/Details?key=1159487

Government Moves To Build 6 New Refineries

Thursday,03-10-2024,  Taisir Al-Asadi  The Parliamentary Oil and Energy Committee is working on reviewing and amending the Crude Oil Refining Investment Law of 1964 with the aim of enhancing investment in the oil refinery sector. While expressing its support for the government’s initiative to generalize electronic payment operations at fuel stations in the governorates, it revealed that there is a trend to establish six new refineries.

Sabah Sobhi, a member of the Oil and Energy Committee, told Al-Sabah that “the crude oil refining law is old and contains conditions that do not encourage investment, noting that amending it has become necessary to attract local and international investments, which can contribute to improving the quality of production and reducing environmental costs.”

Sobhi pointed out that "the amendments will provide a more attractive legal environment for companies wishing to enter this sector, which will reduce the financial burden on the government, which is working to develop the infrastructure, increase the production capacity of refineries, and reduce environmental damage resulting from the old technologies currently used."

In addition, the committee expressed its support for the government's initiative to generalize electronic payment operations at fuel stations in the governorates, indicating that this step is important in enhancing transparency and reducing traditional cash transactions and contributes to improving service and collecting money.

Sobhi said: "The use of electronic payment facilitates the process of obtaining fuel, and its generalization in the governorates will benefit the state by improving the mechanisms for recovering and collecting money in a better way than paper transactions that are subject to damage."

Sobhi explained that "this trend enjoys the full support of the committee, because it is in line with development and represents a qualitative shift in the fuel filling sector, which makes obtaining the service smoother and reduces the financial and administrative burdens on the state, in addition to contributing to reducing financial corruption resulting from traditional paper transactions.

In a related context, Sobhi explained that relying on oil alone creates great risks for the Iraqi economy, especially when sudden price drops occur, noting that the committee supports increasing non-oil revenues and addressing any emergency situation.

He stressed that "the committee is keen to keep subsidized gasoline prices as they are, despite government support."

In a related context, committee member Basem Naghamish explained to "Al-Sabah" that "Iraq is committed to the OPEC agreement on production levels and there is no intention to increase it at present to maintain price stability, noting that the Iraqi government announced plans to establish six new refineries, and some companies have begun purchasing private investment portfolios." https://non14.net/public/170726

Eagerly Waiting" OPEC Awaits Global Production Estimates To Confirm Iraq's Commitment

Economy   2024-10-03 | Alsumaria News – Economy   OPEC is eagerly awaiting the second week of October, awaiting the release of secondary sources' reports on member states' production estimates, in order to ensure the extent of OPEC's commitment to...Iraq With production compensation plans that were supposed to start last September.

During the meeting held yesterday, Wednesday, he stressed that Iraq Kazakhstan and Russia, achieving full compliance and compensation according to the timetables submitted for September, and the three countries renewed their strong commitment to maintaining full compliance and compensation throughout the remaining period of the agreement,

while the organization indicated that the final assessments of crude oil production levels in September are based on approved secondary sources that provide data on the production of the countries participating in the Declaration of Cooperation, which will be available by the second week of October 2024.

Iraq's production capacity is 4.6 million barrels per day, but according to the OPEC reduction agreement, its share has reachedIraq4.4 million barrels per day, but it made voluntary cuts in two stages that made its share only 4 million barrels per day, but it did not adhere to all of these stages, to present a compensation plan starting from September 2024 and ending in September 2025.

This compensation plan ensures that it reducesIraqIts production is between 90 and 120 thousand barrels per day, which means that the productionIraqStarting in September, it should be around 3.9 million barrels per day with only the Kurdistan Region producing.

While everyone is waiting for the secondary sources’ estimates to be released, the Bloomberg estimates that have already been released indicate thatIraqIt has reduced its production by 70,000 barrels per day, but it is still far from achieving the compensation plan, as well as the voluntary reduction plan in particular, as it produced 4.25 million barrels per day last September, which is about 10% more production than it is supposed to produce.IraqIn September, it was only 3.9 million barrels per day.

There were reports of "Saudi discontent" with the failure of some OPEC member states to adhere to production quotas, which could lead to Saudi Arabia and other major producing countries abandoning the agreement and increasing their production and flooding the market, which could lead to a major collapse in oil prices, or what is known as a "price war."  LINK

40 Countries Want to Ditch the US Dollar

40 Countries Want to Ditch the US Dollar

We Love Africa:  10-2-2024

In a world increasingly defined by economic interdependence, the dominance of a single currency has profound implications for global trade and financial stability. For decades, the US dollar has reigned supreme, shaping international transactions and financial systems.

However, a new alliance is emerging, giving developing countries a viable alternative. The BRICS alliance—comprising Brazil, Russia, India, China, and South Africa—stands at the forefront of this transformation, captivating the attention of nearly 40 additional nations eager to break free from the dollar’s grip.

Emerging economies in Asia, Africa, and South America share a collective aspiration to reduce reliance on the US dollar, and they are actively exploring alternatives. The financial landscape is shifting, as countries recognize the vulnerabilities associated with dollar dependence—be it through economic sanctions, inflationary pressure, or currency fluctuations. In response to these challenges, a diversified financial architecture supported by local currencies is becoming increasingly attractive.

The BRICS nations are leading the de-dollarization effort by creating pathways that facilitate trade and investment without the USD as the main currency. By fostering collaboration among member countries, they are working to establish a more equitable economic environment that promotes domestic currencies, reduces transaction costs, and ultimately strengthens their economies.

As interest in the BRICS alliance grows, nearly 40 nations have expressed a desire to join in 2024. This wave of interest highlights a fundamental shift in the global economic order. Countries from diverse backgrounds see BRICS as a platform to amplify their voices and interests in a world dominated by the West. By joining forces, these nations aim to reshape international trade and finance, creating a more multipolar world.

The motivations behind this expansion range from the quest for economic stability to a desire for enhanced political influence on the global stage. The BRICS nations are not merely coming together out of necessity; they share a vision of sovereignty and economic resilience that resonates deeply with many developing countries.

Among the BRICS members, China emerges as a pivotal player in this tectonic shift. Analysts predict that the yuan could become a preferred alternative for countries looking to navigate away from the dollar. China’s established trade relationships across the globe position its currency as an attractive choice for international transactions and investments. The Belt and Road Initiative exemplifies China’s strategy to expand its economic influence, promoting the yuan’s use in various regions.

As countries explore using local currencies for trade and investment, we may witness a growing trend of bilateral trade agreements that eschew the dollar altogether. This could lead to a gradual but significant decline in dollar transactions, reshaping the global financial landscape.

The potential for BRICS to influence the global financial system is staggering. While it remains to be seen how quickly and effectively the alliance can implement its de-dollarization strategies, the very essence of BRICS signifies a challenge to existing norms. By prioritizing cooperation and shared economic growth, BRICS could lead to a more balanced distribution of power in global finance.

However, challenges are inevitable. The complexity of integrating diverse economies with differing fiscal policies, trade practices, and financial systems poses serious questions about the feasibility and effectiveness of a BRICS-based currency exchange. Moreover, internal political dynamics and external geopolitical pressures could either bolster or hinder the alliance’s ambitions.

The BRICS alliance represents an important milestone in the global economy, offering a new pathway for developing countries to forge their own financial destinies. As interest in BRICS swells and countries rally around the ideals of de-dollarization, the implications for the US dollar and the global economic order could be profound.

Will BRICS succeed in gaining traction, and will more countries follow this path towards economic independence? Only time will tell. As we navigate this evolving landscape, one thing is clear: The emergence of BRICS is a wake-up call for the existing global financial system, signaling the dawn of a potentially new era in international trade and finance. Stay tuned as we continue to explore the potential impact of BRICS on the global economy.

https://youtu.be/7kIONBQmgQM

https://dinarchronicles.com/2024/10/03/we-love-africa-40-countries-want-to-ditch-the-us-dollar/

“Coffee With MarkZ” Thursday Morning Chat 10-3-2024

PDK Note:  I only transcribe RV/Financial news and intel. Not political opinions or most guests on this podcast.    If a podcast is mostly political…It may not be posted at all. Thank you

MarkZ  Update- Some highlights by PDK-Not verbatim

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

Member:  Good morning everyone

Member: Any clue why this still hasn’t gone? Seems strange and worrisome. So much proof, yet nothing?

Member: today is Iraqs Independence Day…….hope that means something

MZ: “ Very soon- Iraqi and Kuwaiti negotiations return to end differences” It appears their settlements are going forward. They put forward a law in parliament to settle all those that were displaced by Saadam Hussein and to give back their property. ….This is kinda like our Historic Settlements and Farm Claims ect……

MZ: This is definitely things I was told to expect before their value change. To me this was very cool

Member: I thought all differences with Kuwait were settled years ago…guess not

MZ: “Russian courts freeze funds of US Banks JP Morgan and Mellon”  This is a total of $372 Million. Russia is returning the favor….This is a much smaller amount then what the US froze of Russian banks around the globe.

MZ: We were told things would get ugly right before the reset…..I just didn’t expect it to be this bad.

MZ” Charles Nenner “ From a bunker in Isreal-The American Empire is over”  .

Member: We need this RV to happen and get rid of this BS. Why are the rats still in charge of this??????

Member: Where are the white hats?

Member: do you think the new SEC ruling will affect when the RV happens

Member: Mountain GOAT says no RV until after the Nov 5th Election!

Member: Columbus Day is coming ……..3 day weekend next weekend

MZ: Most of my banking side contacts think we are starting before that 3 day weekend….but it would be a convenient time for us to go to the bank.

MZ: No bond news….It is exactly the same as last night. The same goes for bankers…..I do know however that one of my wealth management/redemption contacts will be working this weekend….I do no know if the rest are also working…it is too early to know yet.  I hope to get an update by tomorrow.

Member: Thanks Mark and Mods….Everyone have a great day

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

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

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

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

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

 ZESTER'S LINK TREE: https://linktr.ee/CrazyCryptonaut

THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!

Twitch:   https://www.twitch.tv/theoriginalmarkz

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“Tidbits From TNT” Thursday 10-3-2024

TNT:

Tishwash:  $3m allocated to Upgrade Iraqi Stock Exchange

As part of its financial reform efforts, Iraq's Cabinet has approved the allocation of 4 billion dinars [$3 million] to the Iraqi Securities Commission for the modernization and maintenance of electronic systems used for stock and bond trading.

The project, exempted from standard government contract procedures, will be executed in partnership with the U.S. company Nasdaq OMX.   link

Tishwash: Iraq informs the United States of the imminent start of negotiations with Kuwait

Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein announced on Thursday that negotiations between Iraq and Kuwait will soon begin to resolve outstanding issues between the two countries.

This came during his meeting in Washington with the US Assistant Secretary of State for Near Eastern Affairs, Ms. Barbara Leaf, according to a statement issued by the Iraqi Foreign Ministry, which was received by Shafaq News Agency.

During the meeting, Hussein stressed that the recent meetings between the Iraqi and Kuwaiti delegations in New York pave the way for the start of a new round of negotiations. 

He explained that dialogue is the best way to resolve pending issues, and that Iraq intends to begin these negotiations soon to reach final understandings.

Hussein also informed the United States of Iraq's efforts to address these outstanding issues, noting the Iraqi government's commitment to achieving tangible progress in these files in a way that contributes to enhancing regional stability.

For her part, Ms. Barbara Leaf expressed the United States' support for Iraq in its efforts to resolve regional crises, stressing the importance of dialogue in avoiding escalation and ensuring stability in the Middle East region.

According to the statement, the two sides agreed during the meeting on the need to continue diplomatic efforts to ease regional tensions and work to enhance joint cooperation between Iraq and the United States in various fields.  link

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Tishwash:  Baghdad and Washington discuss enhancing joint cooperation in the fields of energy, oil and economy

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, enhancing joint cooperation in the fields of energy, oil and economy.

A statement by the Ministry of Foreign Affairs stated that Hussein met with John Bass and Jeffrey Bate on the sidelines of the ministerial meeting of the international coalition against ISIS held in Washington. During the meeting, they discussed enhancing joint cooperation in the fields of energy, oil and economy, and continuing diplomatic efforts to maintain the stability and security of Iraq. The two sides also discussed the need to protect sea lanes to ensure the export of Iraqi and Gulf oil by securing these lanes.

According to the statement, the focus was on continuing the dialogue between Baghdad, Erbil and the oil companies operating in the Kurdistan Region of Iraq to ensure the resolution of disputes related to oil exports. The security situation in the region and the repercussions of the ongoing escalation and its impact on energy and oil sources were also discussed.

The two sides stressed the importance of continuing cooperation between the United States and Iraq to ensure that the country does not get dragged into any regional escalation, and to work to confront the economic challenges resulting from regional unrest.

For his part, Ambassador Bass welcomed Iraq's participation in the tenth ministerial meeting of the international coalition against ISIS, and the strengthening of efforts to combat terrorism. link

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Tishwash:  Baghdad and Washington discuss the need to protect sea lanes to ensure the export of Iraqi oil

Foreign Minister Fuad Hussein discussed with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, today, Thursday, the necessity of protecting sea lanes to ensure the export of Iraqi and Gulf oil.

A statement by the Ministry of Foreign Affairs received by "Al-Eqtisad News" stated that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein met with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, on the sidelines of the ministerial meeting of the international coalition against ISIS held in Washington."

He explained that "during the meeting, they discussed enhancing joint cooperation in the fields of energy, oil and economy, and continuing diplomatic efforts to maintain Iraq's stability and security."

The two sides discussed the "necessity of protecting sea lanes to ensure the export of Iraqi and Gulf oil by securing these lanes."

The statement added, "The focus was on the continuation of dialogue between Baghdad, Erbil and the oil companies operating in the Kurdistan Region of Iraq to ensure the resolution of disputes related to oil exports, in addition to discussing the security situation in the region and the repercussions of the ongoing escalation and its impact on energy and oil sources."

The two sides stressed "the importance of continued cooperation between the United States and Iraq to ensure that the country is not drawn into any regional escalation, and to work to confront the economic challenges resulting from regional unrest."

For his part, Ambassador Bass welcomed Iraq's participation in the tenth ministerial meeting of the international coalition against ISIS, and the strengthening of efforts to combat terrorism.  link

Mot: Those Practise Sessions Ain't Working out so good!!! 

Mot: .. Just aSaying !!! 

Iraq Economic News and Points To Ponder Thursday AM 10-3-24

Leave The Money Exchangers Behind You.' A Specialist Proposes A “Treatment” For The Rise In The Dollar And Makes An Appeal To The Iraqi Central Bank
 
Economy ​ 10-1-2024 |Baghdad today – Baghdad  Mustafa Akram Hantoush, an expert in financial and economic affairs, confirmed today, Tuesday (October 1, 2024), that the
 
Central Bank of Iraq’s control over banking companies does not solve the long-standing high dollar crisis in the parallel market. Hantoush told “Baghdad Today” that “the Central Bank’s control over the parallel exchange rate (the dinar against the dollar) is not linked to controlling banking companies or restricting the supply of the dollar in the Iraqi market, but rather linked to finding solutions to the demand in the local market resulting from trade in Iran and Syria with more than 10) Billions of dollars annually, and  
the solution is through a commercial platform, goods in exchange for gold or transfers to a third country in the region.”

He added, "Millions of people travel annually to countries, such as Iran, Syria, Lebanon, Turkey, and Russia, to whom dollars are not sold.
 
A solution must be found for this matter so that these travelers are not forced to obtain dollars from the parallel market, in addition to the necessity of opening easy accounts for small merchants." The economic expert stressed that
 
"the open borders with Kurdistan must be controlled, and goods such as detergents and others have very low taxes," stressing:
 
"If a solution is found to these problems, the exchange rate will stabilize immediately."
 
On the fourth of last July, the Central Bank of Iraq revealed a new mechanism for travelers to receive foreign currency (the dollar), which will be exclusively through the outlets of companies and banks at international airports, stressing that the goal of the new mechanism, which will enter into force on July 14, 2024, is The dollar reaches the real traveler and passes proper transactions, as well as facilitating travelers’ access to the dollar faster.
 
The exchange rates of the dollar against the Iraqi dinar witnessed a noticeable increase during the past months, as the selling price exceeded 150 thousand for every 100 dollars. 
 
https://baghdadtoday.news/259037-اترك-الصيرفات-خلفك.-مختص-يطرح-علاجا-لارتفاع-الدولار-ويوجه-نداء-للمركزي-العراقي.html   

Warning to Iraqis: new ways to steal your money and smuggle it abroad
 
Economy      10/01/2024 | Alsumaria - Iraq News  16,862 views  Alsumaria News - Economic
 
Through the Internet and mobile phone applications, new digital banks in Iraq are beginning to steal money and smuggle it outside the country, especially with the absence of government control over the work of those banks that do not have branches on the ground.
 
A new loophole for money theft and a shortcut for currency smuggling that requires government oversight.
 
Digital banks in Iraq are another way to smuggle currency after being exploited by banks that have been subjected to sanctions and which require government monitoring and serious action towards them.
 
Through unsupervised electronic applications, financial transfers are carried out within these applications, without the need for paperwork or financial auditing, which facilitates the transfer process and the possibility of smuggling money in huge quantities.   
 
https://www.alsumaria.tv/news/economy/501878/تحذير-للعراقيين-طرق-جديدة-لسرقة-اموالكم-وتهريبها-الى-الخارج   

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

Seeds of Wisdom RV and Economic Updates Thursday Morning 10-3-24

Good Morning Dinar Recaps,

SWIFT SET TO BEGIN LIVE BANK TRIALS OF DIGITAL ASSET TRANSACTIONS IN 2025  

▪️Swift said banks will begin live trials of digital asset and currency transactions over its network next year.

▪️It marks the first time Swift will move beyond experimenting with blockchain transactions in testing environments to real-world settlement.

Starting next year, Swift said banks in North America, Europe and Asia will begin live trials of digital asset and currency transactions over its global messaging network, which services more than 11,500 financial institutions.

Swift has previously experimented with blockchain transactions in testing environments. However, next year’s trials will pilot an advanced version of its infrastructure capable of orchestrating real-world digital asset and currency transactions across networks for the first time, according to a statement by the firm on Thursday.

The live trials will leverage Swift’s existing global network and interlink various digital and traditional currency platforms, providing a single system for banks to transact across borders with digital and fiat currencies, the firm explained.

The trials are designed to demonstrate how financial institutions can transact interchangeably across both existing and emerging asset and currency types using their current Swift connection. 

“Global financial institutions will have the ability to use Swift’s global platform to conduct pilot transactions for the settlement of digital assets and currencies,” the firm said.

Moving from experimentation to reality
The announcement follows a series of recent experiments by Swift, working with web3 services firm Chainlink as an enterprise abstraction layer to connect its network to the Ethereum Sepolia test network. 

The experiments demonstrated that Swift could provide one single point of access to multiple public and private blockchain networks, which could also support institutions creating tokenized assets and the development of central bank digital currencies — currently being explored by 134 countries.

"For digital assets and currencies to succeed on a global scale, it’s critical that they can seamlessly coexist with traditional forms of money,” Swift Chief Innovation Officer Tom Zschach said. 

“With our vast global reach, we are uniquely positioned to bridge both emerging and established forms of value, and we’re now focused on demonstrating this in real-world, mainstream applications.”

A key aim of the trials is to address the rise of disconnected digital platforms that could hinder the widespread adoption of new forms of value, according to the firm. “While the scale is impressive, without interconnectivity between platforms, global adoption is set to remain fragmented,” Swift said.

“As new forms of value emerge, our intention is to continue offering our community the ability to seamlessly make and track transactions of all kinds of assets — using the same secure and resilient infrastructure that is integral to their operations today," Zschach added.

@ Newshounds News™

Source:  The Block

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RIPPLE’S CEO DROPS TRUTH BOMB ON SEC: WHY THIS LAWSUIT IS A TOTAL JOKE!

Ripple CEO Brad Garlinghouse did not mince words in a recent post about the SEC’s continued pursuit of its lawsuit against Ripple. Garlinghouse expressed deep frustration with the SEC, particularly its Chair Gary Gensler, stating that if the agency were rational, they would have dropped the case long ago. Instead of protecting investors, the SEC has damaged its credibility and reputation.

According to Garlinghouse, Ripple and the broader crypto industry have already secured victory on key issues, including XRP’s status as a non-security.

XRP’s Status is Clear, Despite SEC’s Appeal
Garlinghouse emphasized that XRP’s legal status as a non-security is now well established. Despite the SEC’s decision to appeal, Garlinghouse remains confident, calling the appeal misguided and infuriating.

He pointed out that when the SEC previously attempted an interlocutory appeal, it did not challenge XRP’s non-security status—an important legal milestone that Ripple intends to defend.

Stuart Alderoty Backs Garlinghouse’s Position
Ripple’s Chief Legal Officer Stuart Alderoty echoed Garlinghouse’s views, labeling the SEC’s decision to appeal as both disappointing and unsurprising. Alderoty described the lawsuit as an “embarrassment” for the SEC, emphasizing that the court had already rejected claims that Ripple acted recklessly.

There were no allegations of fraud, nor were there any victims or financial losses in the case, which Alderoty believes further undermines the SEC’s rationale for continuing.

SEC’s Misguided Litigation Strategy
Alderoty also criticized the SEC for what he called “litigation warfare” against the crypto industry, accusing the agency of using the courts to stall progress rather than faithfully applying the law.

Ripple is currently evaluating whether to file a cross-appeal to further challenge the SEC’s position.

Alderoty vowed that Ripple is ready to fight once again in the appellate court, asserting that Ripple is leading the charge for the entire crypto industry.

In a striking coincidence, the SEC’s Enforcement Director, Gurbir Grewal, announced his resignation just an hour before the SEC’s decision to appeal. While Garlinghouse and Alderoty did not explicitly link the two events, the timing suggests potential internal shake-ups within the SEC, further fueling speculation about the agency’s long-term strategy.

Ripple remains committed to defending XRP’s non-security status and pushing back against what they see as a misguided, and ultimately futile, attempt by the SEC to extend the lawsuit. Both Garlinghouse and Alderoty remain resolute that Ripple and the broader crypto industry will continue to prevail.

@ Newshounds News™

Source:  Coinpedia

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🌍AUDIO - Jim ask - So what are you? Animal vegetable or Mineral or Human? or people?  |  Youtube 

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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News, Rumors and Opinions Thursday AM 10-3-2024

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 fro the Restored Republic via a GCR: Update as of Thurs. 3 Oct. 2024

Compiled Thurs. 3 Oct. 2024 12:01 am EST by Judy Byington

Global Currency Reset:

Wed. 2 Oct. 2024 Wolverine: “Guys, Iraq still has not floated the dinar yet on Forex. Bond payments are definitely started, or about to start. Hearing all good news regarding Bond Holders, but nothing concrete about the RV.

There are Whales who have flown to Zurich to go to their appointments and receive their blessings. The RV is very complicated as they are dealing with all the currencies of the world and have them all gold backed. The Pentecostal group is about to release the funds to their members that are going to the event this weekend.

They will be given the codes and the PIN number to access their funds. They will be paid first before going to the gala night. I think about 300 people or more are going to the event from various countries around the world. Contracts are starting to get paid.”

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Wed. 2 Oct. 2024 MarkZ: “The Historic Bond contact I was hoping could give me an update said they are now under an NDA. I am confident they got paid something at the table or they would not have signed it. A couple other bond folks told me they did get their final paperwork but the plan is not to pay the until early next week.

So paperwork is final…process is started but they will not get full release of their funds until next week. I wonder if it’s more of an international clearing process to get their spendable funds. In other words, two of my contacts were in a group so funds were given to the paymaster. Then the paymaster has to clear those billions in funds internationally then distribute those funds to all the people in the group. If these billions were moved from Europe to the US- there would be safety checks and balances.

This takes awhile. I very much think and am very confident money has been moving on bonds, just not as quickly as we want it to be moving.”

Wed. 2 Oct. 2024 the US “Gold Standard” has been initiated in foreign trade! https://x.com/maerox/status/1841326606691831910?s=46&t=KbeHKcWo9iYbqqIySY5EJA

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Global Financial Crisis:

Wed. 2 Oct. 2024: BREAKING NEWS: Thousands of Bank of America Customers Locked Out of Accounts Amid Widespread Outages – amg-news.com – American Media Group Bank of America is down: Customers report widespread outage, zero balances shown in accounts.

Wed. 2 Oct. 2024: Global Financial System Implemented: …Ariel on Telegram

Banks on a Leash: No more reckless speculation or shady under-the-table deals. For the first time in modern history, the banking system is being held accountable. Gone are the days when Wall Street fat cats could manipulate your savings for their own gains. The gold-backed system will guarantee your hard-earned wealth is protected by real value, not inflated promises.

Wall Street’s Days of Manipulation Are Over: The financial elites are finally being put in check. No longer will Wall Street have the power to rig markets or siphon wealth from the middle class. The rise of decentralized, asset-backed systems like tokenized gold ensures that real value is driving the market, not fabricated bubbles. You’ll have the power to invest in real assets, knowing the market can no longer be rigged against you.

Ports Flowing With Integrity: The East Coast port strike has opened the door to transparent and equitable supply chains. The days of backroom deals that created shortages and price hikes are over. Goods will now flow through the ports with fair labor practices, ensuring both workers and consumers benefit from a system built on trust and cooperation. You will finally see the true cost of goods reflect the value of fair and honest trade.

A Future For Your Children: The changes happening today will reverberate for centuries. These shifts aren’t just for us—they’re for future generations. Your children and grandchildren will inherit a world where truth, integrity, and fairness form the foundation of society. They’ll grow up in a country where opportunity and justice are the norm, not the exception.

Read full post here:  https://dinarchronicles.com/2024/10/03/restored-republic-via-a-gcr-update-as-of-october-3-2024/

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

Militia Man  They're talking about international.  I can't stress that enough...They're going to need an Article VIII complaint, Article XIV compliant currency with the IMF.  They're going to have to agree to those obligation and that would mean a change of exchange rate to a Real Effective Exchange Rate.  

Frank26  [Iraq boots-on-the-ground report]  FIREFLY:
Special report on deleting the zeros.  They tried to tell us there are good reasons for it and there are bad reasons for it.  They are telling us 54 countries have done this in the past.  They are using that as an example for our monetary reform... FRANK:  Remove the cons and only pay attention to the pros...

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Indonesia Accept China's Offer: BRICS is next?

Fastepo:  10-2-2024

Indonesia’s stature as a burgeoning economic and military heavyweight in Southeast Asia is increasingly capturing international attention.

The nation boasts the largest economy in the region, with a gross domestic product of $1.19 trillion in 2023, ranking 16th globally by nominal GDP. Forecasted to grow at 5% in 2024, Indonesia’s economic vigor is propelled by robust domestic consumption and extensive infrastructure investments.

In the same year, Foreign Direct Investment inflows totaled $47.5 billion, enhancing key industries such as metal goods and telecommunications.

In 2023, the Indonesian military comprised approximately 1.05 million personnel, including 400,000 active-duty members, 400,000 reserves, and 250,000 paramilitaries.

This comprehensive force structure allows Indonesia to maintain a robust defense posture across its extensive archipelago.

https://www.youtube.com/watch?v=PVU2BjVS2dw

Militiaman: Iraq Dinar Update-Iraq Securities Exchange- Transform Iraq-Export Oil - Federal Court Guarantees -

Iraq Dinar Update-Iraq Securities Exchange- Transform Iraq-Export Oil - Federal Court Guarantees -

MilitiaMan and Crew:  10-2-2024

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=vD9G_gPuC3w