Iraq Economic News and Points To Ponder Wednesday Evening 10-23-24

Financial Expert To Nina: Iraq Must Take Several Steps To Transform Its Economy From A Rentier To A Multi-Revenue Economy

Wednesday 23 October 2024 | Economic  Baghdad / NINA / Financial and economic expert Safwan Qusay confirmed today, Wednesday, that the transformation of Iraq's economy from a rentier oil economy to a multi-revenue economy requires several steps that must be followed by the authorities responsible for developing the Iraqi economy.

Qusay said in a statement to the National Iraqi News Agency / NINA / that "the current tax reform process must be consistent with the necessity for the investment law to be compatible with the tax law, indicating that Iraq inherited a set of tax laws related to the central economy, so the process of updating them is related to the requirements of global investment that will increase the ability to attract investments and requires stability in these laws."

He added that "Iraq does not need a process of reviewing the rates, but rather needs to comply with international financial reporting standards so that the values ​​appearing in the financial statements are the reality of income, and we need to expand the tax base and review tax allowances in a manner consistent with the purchasing power of the income earner..

We need a process of twinning between local and international laws with direct supervision of what the investor desires, which can restore the tax law sector so that Iraq has an attractive investment opportunity away from the process of subjecting these indicators to laws that are not characterized by sustainability."

He pointed out that "supporting the local product can be done by providing production subsidies and not by imposing taxes on the investment sector. We need to transform the informal market into a formal one because this will pave the way for building a non-oil economy." /End 8 https://ninanews.com/Website/News/Details?Key=1163877

UN Secretary-General Commends Kurdistan Parliament Elections, Calls For Inclusive Government

UN Secretary-General António Guterres has praised the holding of the Kurdistan Region Parliamentary elections in a "calm and peaceful" atmosphere, calling for the formation of an inclusive government as soon as possible. "

The Secretary-General congratulates the Kurdistan Region and its people on the holding of the parliamentary elections on 20 October, which took place in a calm and peaceful atmosphere.

 He commends the efforts of the Independent High Electoral Commission, with the support of the United Nations Assistance Mission for Iraq (UNAMI), in preparing for and conducting these elections,"
said Farhan Haq, Deputy Spokesperson for the Secretary-General.

"As the Kurdistan Region awaits the final results, the Secretary-General encourages all political leaders and segments of society to continue to maintain a peaceful atmosphere, and urges political actors to resolve any electoral disputes through existing legal channels and to complete the electoral process with the formation of an inclusive government as soon as possible," he added.

He noted that the Secretary-General "reaffirms the commitment of the United Nations to support Iraq's efforts to consolidate democratic gains and build a prosperous future for the Iraqi people." https://www.radionawa.com/all-detail.aspx?jimare=39899

Oil Prices Decline With The Rise In US Crude Inventories

Wednesday 23 October 2024 | Economic  Baghdad / NINA / Oil prices suffered losses during early Wednesday trading, after data showed a larger-than-expected increase in US crude inventories, while the market continues to monitor diplomatic efforts in the Middle East as Israel continues to launch attacks on Gaza and Lebanon.

Brent crude futures fell 31 cents, or 0.4 percent, to $75.73 a barrel, while US West Texas Intermediate crude futures fell 32 cents, or 0.5 percent, to $71.42 a barrel.

The American Petroleum Institute figures indicated on Tuesday that US crude inventories rose by 1.64 million barrels last week, which affected prices, and analysts polled by Reuters expected an increase of 300,000 barrels in crude inventories.

At the same time, gasoline and distillate inventories fell by 3.5 million barrels.
Official US government oil inventory data is scheduled to be released on Wednesday.

In the Middle East, US Secretary of State Antony Blinken held “extensive talks” with Israeli Prime Minister Benjamin Netanyahu and senior Israeli leaders, urging them to get more humanitarian aid into Gaza.

Goldman Sachs on Tuesday forecast oil prices to average $76 a barrel in 2025 based on a moderate surplus of crude and spare capacity from producers in OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia.

Oil found some support amid signs of recovering demand from China, the world’s largest crude importer, amid Beijing’s efforts to stimulate the world’s second-largest economy. Some analysts have recently raised their oil demand forecasts.  https://ninanews.com/Website/News/Details?key=1163788

$255 Million In Iraqi Central Bank Sales During Today's Auction

Banks  Economy News – Baghdad  The Central Bank of Iraq announced today, Wednesday, its sales of hard currency, which amounted to more than 255 million dollars in today's transactions, according to the official price of 1310.

The bank's data showed that the total internal cash withdrawals amounted to $3,400,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $252,166,587, while the total sales amounted to $255,566,587.   https://economy-news.net/content.php?id=49057

Ministry Of Communications: Great Success For The Iraqi Post In The Digital Transformation Of Financial Transactions

Local | 10/23/2024  Mawazine News – Baghdad  The Ministry of Communications confirmed on Wednesday that the Iraqi Post has achieved remarkable progress in the digital transformation of financial transactions, which enhances confidence in the postal and savings system.

The spokesman for the Ministry of Communications, Omar Abdul Razzaq Musaheb, explained in a statement received by "Mawazine News", that "the General Company for Post and Savings has achieved great success in the digital transformation of financial transactions, as old postal notebooks, which have been used for decades, have been converted into easy-to-use electronic cards, enabling citizens to follow up on their balances and financial transactions via the electronic application "Ki".

He added that "the digital transformation has contributed to achieving its desired goals of reducing corruption and manipulation of citizens' deposits, which has enhanced citizens' confidence in the financial procedures adopted by the Post and Savings Company", noting that this transformation came in implementation of the government's program that emphasizes the importance of electronic payment and digital transformation, instead of traditional cash transactions.

Abdul Razzaq stressed that "the Central Bank of Iraq is fully aware of all the financial activities of the General Postal and Savings Company through monthly reports submitted by the company," explaining that "the reports that aim to reduce the importance of this achievement or mislead public opinion with false information come from bankrupt parties seeking to obstruct the reconstruction and development efforts in the ministry."  https://www.mawazin.net/Details.aspx?jimare=256153

Sudanese Advisor: The Government Succeeded In Attracting Investments Worth $100 Billion

Politics |  10/23/2024  Mawazine News – Baghdad  The Prime Minister's Advisor for Investment Affairs, Mohammed Al-Najjar, confirmed on Wednesday that the Iraqi government has achieved great success in attracting investments worth $100 billion over the past two years, noting that there are more large projects in various sectors.

Al-Najjar, who also holds the position of Director of the Iraq Development Fund, explained that the contract recently signed with Elsewedy Electric includes investments worth $5 billion and the establishment of three industrial cities in Iraq.

He added that the contract includes the opening of a joint Iraqi-global fund specializing in introducing industry and advanced education to the country, within the projects to establish an industrial and economic city aimed at attracting investors in addition to other various projects.

Al-Najjar pointed out that "the contract is a pioneer of its kind," as it will enable the fund to represent the Iraqi government side, which will open investment opportunities for local and Iraqi investors and Gulf funds to prepare another fund to localize smart industry in Iraq.

He explained that there are three potential areas for the location of the economic city, taking into account the service of the workforce and the surrounding cities and governorates, as options are currently being studied in central and southern Iraq.

The Iraq Development Fund had previously announced the signing of a memorandum of understanding with the Egyptian global company Elsewedy Electric, which aims to establish an Iraqi investment fund under the name of the “Localization Fund” to attract local and international investments to develop strategic projects in several sectors, in addition to developing economic alternatives in the fields of agriculture, industry and services, in order to reduce dependence on oil.
https://www.mawazin.net/Details.aspx?jimare=256160

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

Rich Americans May Be About To Lose A Tax Benefit They Love

Rich Americans May Be About To Lose A Tax Benefit They Love — and now they're racing to get their affairs in order

Christy Bieber  Mon, October 21, 2024    Moneywise

Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience.

Generate Key Takeaways

The clock is ticking for wealthy families who want to take advantage of a major tax break that allows for the tax-free transfer of up to $27.22 million in assets.

The tax break was established by the Tax Cuts and Jobs Act, which was signed into law in 2017, and it is sunsetting automatically in 2025 — so it could disappear for the foreseeable future.

Here's what the tax break is, along with some details on how families are rushing to take advantage of it and some advice on whether you should do the same.

Tax breaks on wealth transfers could be cut in half next year

The Tax Cuts and Jobs Act made many changes to the tax rules, but one of the biggest modifications involved a significant increase to the estate and gift tax exemption.

In 2017, wealthy individuals could transfer a total of $5,490,000 in assets without incurring estate or gift taxes. This is called the lifetime exemption and it applies to gifts you make above the annual exempt amount, as well as to assets that you transfer upon your death.

The new law significantly increased the amount you could transfer. The limit jumped up to $11,180,000 in 2018 and has been adjusted upward automatically each year.

In 2024, it's possible to transfer as much as $13,610,000 without owing taxes. This is per person doing the transferring. Married couples can combine their exemptions to transfer $27.22 million.

That big increase will go away next year unless lawmakers act again. When it goes away, the amount you can transfer tax-free will fall to somewhere in the $6 million to $7 million range. Assets above that threshold will be subject to a 40% transfer tax.

As a result of this change, many wealthy families are eagerly transferring assets this year while they can still take advantage of the larger exemption to move money to children and other loved ones without owing the IRS a cut.

Should you follow the lead of wealthy families?

While the change to the estate and gift tax exemption could profoundly impact wealthy Americans, it is likely to have no consequences at all for the vast majority of people.

TO READ MORE:  https://www.yahoo.com/news/finance/news/rich-americans-may-lose-tax-105500873.html

Seeds of Wisdom RV and Economic Updates Wednesday Evening 10-23-24

Good Evening Dinar Recaps,

WHY IOTA’S SUPPLY INCREASE ISN’T A THREAT: INFLATION AND ECOSYSTEM GROWTH KEY

▪️Since IOTA increased the token supply last year to 4.6 billion—up from an initial 2.79 billion—there have been concerns that this has suppressed its price.

▪️However, one ecosystem member says the increase was in line with the broader inflation, other major tokens experienced similar figures, and it’s the ecosystem growth that ultimately matters.

In September last year, IOTA made a massive announcement, revealing that it would increase the supply of IOTA tokens from 2.79 billion to 4.6 billion. Since then, some analysts have claimed that the new tokens have been the key factor suppressing the price of the token.

However, one community member argues that what the ecosystem builds on the network is more important than the token inflation.

In its September 2023 announcement, IOTA revealed that it would release new tokens every two weeks for the next four years, presumably up to the end of 2027. 

Of the new 1.82 billion tokens, the ecosystem fund, which includes the IOTA Foundation and the Tangle Ecosystem Association, would receive 31%, the highest share. The funds would go towards supporting developers to build on IOTA. Contributors received 5%, while Assembly stakers got 3.5%.

Did IOTA’s Supply Increase Suppress the Price?
Since the announcement, debate has been heated over the effect it has had on the price. IOTA’s price has dipped 22% since September last year. However, in that time, it has surged to a yearly high of $0.4146 in March this year, which sent its market cap to $1.32 billion.

He states that today, the token supply has only increased by 24.5% (currently stands at 3.48 billion).

This may seem like a lot, but when we consider USD inflation (which has grown by 29% over the same period), things start to look very different…The takeaway? The supply increase has not hurt IOTA’s value as much as you might think.

The member further notes that IOTA has been getting a bad rep like it was the only token whose supply had increased since it hit its all-time high back in 2017. In that time, BTC supply has grown 18%, while Ethereum’s is up 25%. Cardano has increased by a much bigger rate than IOTA at 35%. However, all these projects haven’t been attacked and accused of suppressing the price.

He adds:

The increase in supply is common for most crypto projects, and it’s a natural part of blockchain ecosystems, especially those with staking rewards or inflationary mechanisms.

Token inflation isn’t the most important factor for a crypto project, the member added. Rather, it’s more about “expanding the ecosystem (IOTA 2.0, SCL1, Shimmer), which brings value far beyond supply metrics.”

Remember: Market dynamics, adoption, and technological advancements will ultimately drive long-term value. The supply increase is a part of this evolution, not a hindrance.

IOTA trades at $0.1169, dipping 1.7% in the past day to bring its weekly losses to 5.3%.

@ Newshounds News™

Source:  Crypto News Flash

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JUST IN: BRICS officially adds 13 new nations to the alliance as partner countries (not full members).

🇩🇿 Algeria
🇧🇾 Belarus
🇧🇴 Bolivia
🇨🇺 Cuba
🇮🇩 Indonesia
🇰🇿 Kazakhstan
🇲🇾 Malaysia
🇳🇬 Nigeria
🇹🇭 Thailand
🇹🇷 Turkey
🇺🇬 Uganda
🇺🇿 Uzbekistan
🇻🇳 Vietnam

@ Newshounds News™

Source:  @Brics News

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WILL REGULATORS ALLOW TOKENIZED COLLATERAL FOR DERIVATIVES IN THE EU AND US?

During the SIBOS banking event yesterday, David Durouchoux from Société Générale (SocGen) FORGE explained that combining tokenization and derivatives is crucial to encourage the sector to grow.

However, derivatives are not part of the EU DLT Pilot Regime, which relaxes certain laws for DLT and tokenization.

Derivatives traders have to provide collateral as margin when prices move against them. However, traditionally the transfer of collateral is slow because it takes time to settle.

This results in added risks. It also means when traders want to withdraw collateral, it takes time. Hence, the desire to explore alternatives such as tokenization.

Meanwhile, Stateside there are moves afoot to get the Commodity Futures Trading Commission (CFTC) to support DLT-based collateral used for margin. We spoke to the CEO of Hashnote, a traditional finance (TradFi) affiliated firm that has launched a tokenized money market fund, USYC.

He sees the crypto world as a stepping stone to getting tokenized money market funds (MMFs) accepted as collateral in TradFi.

SocGen FORGE: digital bonds as collateral for derivatives
As context, SocGen FORGE provided the infrastructure for the issuance of the very first European Investment Bank (EIB) digital bond of €100m that was issued on the Ethereum blockchain in early 2021.

Mr Durouchoux said that a key requirement is to develop liquidity for digital bonds first. While DLT is already used for repo, it is usually based on the tokenization of existing government bonds.

The next step is to use digitally native bonds for repo. This is already happening in some jurisdictions, such as Switzerland.

“If we have that, then we can build up on that a derivative market, which is efficient. We have trading rooms, we are sell side and we know how to do it,” he said, adding that there have been discussions with the European Commission about reforming the DLT Pilot Regime law to support derivatives.

There are two types of derivative opportunities. ,One is tokenized derivatives and the other is the use of tokenized collateral for derivative margin calls. 

The latter is the one more widely discussed and experimented with because tokenization enables collateral mobility. Rather than collateral being stuck with a single custodian and taking two days to settle, tokenization enables collateral to transfer almost instantly.

Tokenized collateral takes shape
Several solutions are already available. Europe’s HQLAᵡ is the traditional finance platform for mobilizing collateral. JP Morgan has its Tokenized Collateral Network and Broadridge’s repo solution DLR can also be used for collateral mobility. State Street says it’s working on a tokenized money market fund for use as collateral.

Some of this has been triggered by the interest in tokenized money market funds in the crypto world. Franklin Templeton was the first traditional finance (TradFi) firm to launch a tokenized money market fund on a public blockchain, with BlackRock launching BUIDL this year.

Hashnote’s tokenized MMF used as collateral for derivatives
In fourth place in crypto money market funds (MMF) is another TradFi affiliated firm, Hashnote, which is associated with high frequency trading firm DRW and its crypto offshoot, Cumberland.

Hashnote’s USYC fund, with $375 million in assets under management, isn’t a typical MMF in that its cash is in a bank during the day and earns yield on overnight repo.

It is the first tokenized money market fund to be accepted as collateral by crypto derivatives firm Deribit. Cumberland is one of the TradFi-linked firms that are using it as collateral. Hashnote’s CEO Leo Mizuhara told Ledger Insights that it sees crypto as a stepping stone to getting USYC accepted in the TradFi sector.

“My long game for the collateral product at least (is) that we want to be in the CME, in Eurex and LCH,” he said, calculating the collateral between them at around $90 billion, a figure substantially larger than crypto sector collateral. Short term he hopes to roll out the offering with crypto exchanges Binance, ByBit and OKX.

There are sufficient traditional finance firms active in the crypto world that they can lobby to include tokenized collateral.

“You get adoption in the crypto world, and you get the TradFi firms to tell the CFTC, ‘hey we trust this product, it’s working’,” said Mizuhara. “That’s how you get into the TradFi world and become dependable”.

In fact, the CFTC’s advisory group is already recommending that DLT-based collateral be allowed.

Meanwhile, Bloomberg reported that BlackRock has similar plans with its BUIDL MMF. BUIDL is already accepted as collateral at prime brokers FalconX and Hidden Road and it is eyeing Deribit, Binance and OKX as well.

Tokenized design matters
Hashnote’s Mizuhara pointed out that its USYC fund has a key advantage, because interest accumulates within the token. By contrast, BlackRock airdrops interest as new tokens to BUIDL holders once a month.

That’s fine for individual holders, but it’s a challenge if an intermediary has to ensure these airdropped tokens are distributed to clients. It’s an extra process that has to be programmed.

And the whole point of tokenized collateral is to reduce friction and enhance efficiencies.

@ Newshounds News™

Source:   Ledger Ins9ghts  

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🌱 DID DONALD J TRUMP BUY DINAR? SEEDS OF WISDOM TEAM  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Short Wednesday Evening Chat With MarkZ 10-23-2024

Short Wednesday Evening Chat With MarkZ  10-23-2024

MarkZ  Update- Some highlights by PDK-Not verbatim

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

Member: Good evening all

Member: Mark, Was today what you had hoped it would be?

MZ: The bond people are still very excited and waiting on meetings tonight

MZ: In Iraq: “ Telecommunications :  Iraq post has achieved great success in the digital transformation of financial transactions”  This is their version of the US post office. They have come up to speed…They are digitized and reducing corruption.

MZ: “ Iraq Fund for Development:  The government succeeded in attracting investments worth $100 Billion”  these are some of the biggest countries in the world. They would not be coming to Iraq if they were unstable.

MZ: I told you this morning about how the articles on the exchange rate are sounding so much like what we saw in Kuwait. “Deletion of zeros and revaluation of Iraqi dinars”   There is quite a conversation going on….and this article talks about what is involved and why they need stability. This article is a great read. And they have ticked almost every single one of the things needed to revalue.

MZ: There are open conversations going on in Iraq talking about the changing of the value of the dinar and the deletion of the zeros.

Member: What do you think they are waiting on Mark? If you could guess, what is the hold up?

Member: hopefully after the elections….someone will let it go

Member: enjoy your night everyone.  Maybe by tomorrow we will have big RV news.

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=qXJ2GpEhJKI

Dr. Judy Shelton: Why Shouldn't the Dollar be as Good as Gold?

Dr. Judy Shelton: Why Shouldn't the Dollar be as Good as Gold?

Palisades Gold Radio:  10-23-2024

Tom welcomes a well known and interesting guest for the first time to the show, Dr. Judy Shelton.

Judy is Senior Fellow at the Independent Institute and author of Good as Gold, passionately advocates for sound money as a moral obligation of governments to their citizens.

Sound money, according to Shelton, should maintain its value over time, acting as an unchanging standard for economic planning and transactions.

 She criticizes the Federal Reserve's policy of debasing the U.S. dollar through inflation targeting, which undermines its purchasing power and creates inequality in society.

The Federal Reserve was initially established to provide an elastic currency that addressed seasonal economic fluctuations. However, the role of the Fed has shifted significantly over time, leading to concerns about its growing dependence on the government for budgeting needs and potential consequences for the economy and small businesses.

 Shelton argues for market-determined interest rates, pointing to historical examples like the gold standard.

 She also highlights the importance of accurate data in monetary policy decision-making and critiques central banks' conflicting policies on a global scale that can lead to currency wars and instability in international trade.

 Shelton advocates for a new international monetary system anchored by a gold convertible long-term US Treasury bond, which would promote stability and accountability in international transactions.

She recalls her unsuccessful nomination to the Federal Reserve and expresses her belief that economic growth under President Trump's agenda and Elon Musk's involvement could lead to controlling the budget and promoting sound money.

Shelton urges for less central planning by governments, believing there is a collective yearning for trustworthy, stable money in society.

The interview concludes with Dr. Judy Shelton expressing her gratitude for the opportunity to discuss her ideas and the success of her book "Good as Gold" on Amazon's charts. She encourages listeners to get radical and demand sound money from their governments for a more prosperous economy based on individual liberty.

Time Stamp References:

 0:00 - Introduction

0:45 - Sound Money & Morality

2:27 - Money Vs. Currency

4:32 - Price Stability?

11:52 - Fed Control & Hubris

18:30 - Central Planning & Mkts

24:03 - Fed 'Independence'

27:20 - Pricing Money Free Mkt.

36:10 - C.B. Global Effects

 39:34 - BRICS & Gold?

44:34 - U.S. Gold Bonds?

55:30 - Golds History of Restraint

 59:15 - Politics & Financial Plans

1:01:59 - Nominee & 'Extreme Views'

1:10:22 - Book 'Good as Gold'

 1:11:50 - Get Radical & Wrap Up

Talking Points From This Episode

Dr. Judy Shelton advocates for sound money as a moral obligation of governments to ensure economic stability and planning through unchanging currency value.

The Federal Reserve's inflation targeting policy weakens U.S. dollar purchasing power, leading to inequality and potential consequences for the economy.

Shelton proposes a new international monetary system anchored by a gold convertible long-term US Treasury bond for stability in global transactions.

https://www.youtube.com/watch?v=k6DsJFqXl20

Bruce’s Big Call Dinar Intel Tuesday Night 10-22-24

Bruce’s Big Call Dinar Intel Tuesday Night 10-22-24

Transcribed By WiserNow Emailed To Recaps

Welcome everybody to the big call tonight. It's Tuesday, October 22nd  and you’re listening to the big call. Thanks everybody for listening and tuning in again. And gosh, here it is October, and it feels like summer, and a lot of parts of the country is still warm and almost hot. We're going to be 90 degrees here in Tulsa on Thursday. It's crazy, but that's all right, a lot of the countries have warm weather, and that's nice. Let's go ahead and, pray the call in.

All right, let's go into where we are on the Intel portion of the call tonight. Appreciate that, Bob. It's very good explanation of everything. Love the Myatrol.  

Let's see what else. Okay, let's, get into what has been happening over the last three or four days, we knew we were close, you know, last Thursday into the weekend, we knew we were really coming in the time, and we really thought that we would be there. And now, I believe we can say that at least everything that we're hearing is point this going right away.

So even this evening, before the big all started, I received some information that said that, let's see. How are we going to say this? Okay, we're hearing that the fines and penalties, F&P’s, they call it fines and penalties, the farm claims and the Native American claims will be paid out tonight and tomorrow.

So that's kind of an ongoing thing. Tonight /  tomorrow. We're also hearing that – that is supposed to go and then we go -- that happens and then we go.  I believe the bond holders information that we're getting is saying that we're going to they're going to receive their notification approximately the same time that we get ours and then they'll be able to go on to their particular websites and see put in their code, and be able to see the amount in their account.

They already have a pre- designated amount that they want to have for the first 60 days. So they have that already designated a year ago, so that amount they can have access to that will  last them for 60 days. All right, so that's good news. I'm coming up with things that I'm remembering.

After we exchange and redeem our zim note – the amount that we have in our quantum account, we will move up to 1.6 billion into each  LLC, or structure that we have created, okay, 1.6 B into each one.

So that gives us plenty of liquidity that's to last you for 60 days -- after 60 days, we can do whatever we need to do with the money in quantum account,  if we want more – we bring more into bank account. We can do that. Okay, so that's a good thing.

So just remember, 1.6 D is the amount that we're we've been authorized to move from the quantum account,  using our quantum access card into our primary Wells Fargo account, or we're also calling it our master account, if you will, whichever term you like. And then once that's in that master account, we can move  funds into the other sub accounts, or LLC accounts -  In the case of what I'm doing,

I have four LLC  you guys know I will be using the same bank - Wells for those initial accounts, but you can tie a total of three different banks, Wells, plus two others, to that quantum account card so that you can download those funds to those accounts and Go ahead and deposit those funds into those banks, those other banks, besides Wells, I will stay with Wells initially, and then maybe add them later.

Okay, let's talk about interest rates for a moment, before we go too much further. Interest rates, that's the amount that we are going to be paid in the bank accounts, not on the quantum account. Remember, the quantum account is a non interest bearing account, okay,

The banks will pay us interest, and we are to All right, this is going to be interesting. See if you guys can follow this, we have the ability to gain between five and eight and a quarter percent, and that's negotiable.  (5- 8.25%) That's negotiable.

But -- Here's the deal --  say you've got a boatload of zim, the more zim and other currencies that you have, the lower the interest rate will be. You would think it would be the opposite of that. But if you have a boat load of zim and you're going to move billions and billions  into your bank account. Obviously you don't need a high interest rate. Okay?

So that means the more you have, the lower the interest rate, the least you have, the higher the interest rate that you can earn -  Now these aren't currency rates. You guys know the difference  - this is the rate of return called  APY -  annual percentage yearly, APY - that's what they're using as a term for paying out interest. Okay, so you'll get that as an APY between five and eight and a quarter percent, and let's say you have is a few dinar notes – or some dong that you come out of the exchange with maybe only $100 million dollars  in USN - you made 100 million on the whole deal – you would be able to get the highest rate of return you could actually go above  8.25%-  “just saying”  

Now there's no way to guess the system, so don't even worry about that, or think about it. You’re going to get paid - that if you've got trillions and quadrillions and quintillions of dollars from zim, that you're going to need to need interest at all? Of course not. But it would be nice, because we know that they want us to go possibly 200 300 400 plus years to see all of our projects to fruition.

And I tell you, with the Med beds, we'll be able to live that long or longer. So just realize that - It's going to be really interesting to see how all this goes. But don't worry about your  rate of interest. It's going to be there. You're going to have a nice interest rate, and I'm still going to sort of try to get maybe five or 6% interest, and then take that quarterly

That gives me a goal that I can take so much and I make an interest per quarter and and make a goal to invest in people's lives or my projects, or which is the same thing, and try to use it all up before the next quarter. That's what I'm going to try to do, it’s going to be tough -  but I think we make an attempt to do that, it's going to be great.

All right, let's see. Let's go even further and see what else we can say about where we are.

 At least three separate sources have said that we would go, and I don't know if I had this on on Thursday’s call, I can’t remember if I did, but if I didn't that, we would be notified and exchange  - and redeem zim  either Tuesday, Wednesday or Thursday of this week – we were told  by the same individual that this is definitely the week, and that individual was a member of the new United States Treasury. So taking that man and his word, we are definitely going either today, tomorrow or Thursday.

Now - what can I say about  today-Thursday -- things are happening today, but we're not being notified today – so we can write today off, except for what is happening  tonight, the fines and penalties, the and farm collection overnight tonight. Now that shouldn't hold us up too far. We've been told we would be notified tomorrow before lunchtime, but with these other things going on, let's just explain. Expect to be known to  exchange at some time on Thursday. Okay, so I'm very excited about where we finally are in this quest -  to have everything ready.  To go for us - Tuesday, Wednesday, Thursdays.

hat are left, and I believe its happening tonight. And with us getting notified with our emails tomorrow, we will set our appointments and start exchanges tomorrow and or Thursday. I really believe that's where we are now.

And I'm not the only one out there that's suggesting that. I know there are other people that put things out, some of which is real Intel, some of its cut and pasted, but I believe that that's a good a good assessment of where we are, as far as let's see where as the, (what do we call it now) shotgun start  is concerned.

 Thank you, Jeannie, for bringing this up in your prayer requests. R and R, as I mentioned was this month, but I don't know exactly when it's going to show up. It should still be this month, let me say, say that  - The increase in Social Security payments to seniors 62 and older. If you already signed up for Social Security received by the age of 62 and you'll be receiving that in November.

And the first Wednesday of the month will get the increase in the second week, and the second week will get their normal amount on the second and then they'll get the increase in the third week. And the third week will get their regular social security in the third Wednesday, and then get the increase in the fourth week.

And if your fourth week of social on that Wednesday, and you'll get the increase two days later if you're the fourth of so that's going to work out really well for us. It's going to be a nice piece of change. It really is. It's going to be a nice amount.

Obviously, if you're loaded with zim and other currencies, it's not going to mean that much, but we're not going to look a gift horse in the mouth -  as the expression goes  

I'm also excited about  everything  coming through for us – I’m also excited about what we've talked about with some people that want to help with rebuild North Carolina, Andrea. Andrea and I think James is working there as well connect them, as well as Henry, to make a start for us there to find out exactly how we can participate and what that can look like.

 I'm excited about what that what that will mean for us in helping - There are plenty of things that we’ll be able to do - not only North and South Carolina -  Virginia and Tennessee and even coastal or upcountry in Georgia, but also be looking into rebuild America opportunities In Florida,  which as you know Bob knows first hand about those, because he's been rendering help already for, you know, himself, for Larry, or his friends, his neighbors, people down the street, his sister out there on the island.

You know, there's so much to be done in terms of the rebuild effort. We're going to plug in as much as we can and make that happen, even if it's only when donations we will help with donations - we are looking into reputable organizations and people specifically  that we can work with and come alongside.

All right, so I'll be getting that information out to you when we solidify that, but I want everybody to enjoy the few weeks of this blessing by taking care of themselves. You know, whatever they're doing, they're moving, if they're not moving, if they're looking real estate, look at a new car, whatever it is.

And vacation time do what  I've done many years and enjoy it  for a little while, and we'll  try to be ready for you so check your emails, because we are going to be sending out updates from big call  universe, so that you guys can follow what it is we're looking to do. Okay? I'll try to make that short and sweet – so you can follow it  and that you could participate with us in re build America. And rebuild international

 So there's a lot that's going to be happening. Pretty soon.

 All right, well, that's what I wanted to share tonight. I really think that's to bring out to you, and let's see, where am I going to go over here and try to get where I can turn the recording off, and I think the phone is over here. Did you ever lose your phone?  Ok I found the phone – Good Night everybody .

Bruce’s Big Call Dinar Intel Tuesday Night 10-22-24  REPLAY LINK  Intel Begins 1:15:35

https://www.freeconferencecallhd.com/wall/recorded_audio?audioRecordingUrl=https%3A%2F%2Frs0002.freeconferencecall.com%2Fstorage%2FsgetHD%2FHsCgW%2FHsfi

Bruce’s Big Call Dinar Intel Thursday Night 10-17-24  REPLAY LINK  Intel Begins   1:18:55

https://www.freeconferencecallhd.com/wall/recorded_audio?audioRecordingUrl=https%3A%2F%2Frs0002.freeconferencecall.com%2Fstorage%2FsgetHD%2FHsCgW%2FHs9n

Bruce’s Big Call Dinar Intel Tuesday Night 10-15-24  REPLAY LINK  Intel Begins 1:11:00

https://www.freeconferencecallhd.com/wall/recorded_audio?audioRecordingUrl=https%3A%2F%2Frs0002.freeconferencecall.com%2Fstorage%2FsgetHD%2FHsCgW%2FHsjO

Bruce’s Big Call Dinar Intel Thursday Night 10-10-24  REPLAY LINK  Intel Begins   51:11

https://www.freeconferencecallhd.com/wall/recorded_audio?audioRecordingUrl=https%3A%2F%2Frs0002.freeconferencecall.com%2Fstorage%2FsgetHD%2FHsCgW%2FHgVk

Bruce’s Big Call Dinar Intel Tuesday Night 10-8-24  REPLAY LINK  Intel Begins 1:03:35

https://www.freeconferencecallhd.com/wall/recorded_audio?audioRecordingUrl=https%3A%2F%2Frs0002.freeconferencecall.com%2Fstorage%2FsgetHD%2FHsCgW%2FHgEt

Bruce’s Big Call Dinar Intel Thursday Night 10-3-24  REPLAY LINK  Intel Begins   1:08:08

https://www.freeconferencecallhd.com/wall/recorded_audio?audioRecordingUrl=https%3A%2F%2Frs0002.freeconferencecall.com%2Fstorage%2FsgetHD%2FHsCgW%2FHgTi

Bruce’s Big Call Dinar Intel Tuesday Night 10-1-24  REPLAY LINK  Intel Begins   1:14:45

https://www.freeconferencecallhd.com/wall/recorded_audio?audioRecordingUrl=https%3A%2F%2Frs0002.freeconferencecall.com%2Fstorage%2FsgetHD%2FHsCgW%2FHgB5

Bruce’s Big Call Dinar Intel Thursday Night 9-26--24  REPLAY LINK  Intel Begins   1:00:40

https://www.freeconferencecallhd.com/wall/recorded_audio?audioRecordingUrl=https%3A%2F%2Frs0002.freeconferencecall.com%2Fstorage%2FsgetHD%2FHsCgW%2FHgFx

Bruce’s Big Call Dinar Intel Tuesday Night 9-24-24  REPLAY LINK  Intel Begins 56:36

https://www.freeconferencecallhd.com/wall/recorded_audio?audioRecordingUrl=https%3A%2F%2Frs0002.freeconferencecall.com%2Fstorage%2FsgetHD%2FHsCgW%2FHg0Y

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 10-23-24

Good Afternoon Dinar Recaps,

BRICS NEWS: IRANIAN AMBASSADOR URGES BRICS TO DEVELOP A BANKING SYSTEM FREE FROM WESTERN STANDARDS

▪️At BRICS, the Iranian Ambassador to Russia, Kazem Jalali, criticized existing Western financial standards for disproportionately benefiting Western nations while harming developing countries.

▪️As the BRICS nations convene in Kazan from October 22 to 24, discussions will focus on enhancing cooperation and financial independence.

Ahead of the 16th BRICS Summit, Iranian Ambassador to Russia, Kazem Jalali, has called on BRICS member nations to build a financial and banking system free from Western influence. 

Speaking on October 22 in Dubai, Jalali highlighted the need for the BRICS bloc to create its own systems and regulations. He believes this will offer fairer opportunities for countries in the Global South.

Iranian Ambassador On BRICS Payment
Jalali emphasized that the existing Western financial standards disproportionately benefit Western nations while causing harm to developing countries. According to the ambassador, these standards are tailored to Western needs and have historically imposed unfair rules on other regions.

“We should not align ourselves with Western financial systems, as they cause significant damage to Global South nations,” Jalali stated, as reported by the Irna news agency. 

The ambassador urged BRICS countries to explore alternative financial mechanisms. He specifically mentioned focusing on banking cooperation and a new financial messaging system that could operate independently of Western models.

Moreover, the Iranian ambassador criticized current Western frameworks. He spotlighted areas of criticism such as financial regulations and counterterrorism measures, which he described as being built on biased standards. “The West has established rules in these areas based on its own interests, rather than considering the needs of other nations,” Jalali remarked.

The call for reform comes at a crucial time, as BRICS nations gather in Kazan, Russia, from October 22 to 24 for their annual summit, reported CNF. With Russia holding the BRICS chairmanship for 2024, the summit will feature discussions to boost cooperation among member countries. Jalali’s remarks appear to be in line with underlined goals for the summit where financial independence and collaboration are key themes.

Will They Be Successful In Implementing Fair Standards?
Jalali also pointed out that BRICS has the potential to redefine global financial practices. He stressed that the group could implement fair standards that reflect the needs of both BRICS nations and other developing countries. “BRICS member states may create fair standards in this area for themselves and other countries interested in cooperation,” he noted.

BRICS, originally formed in 2006 by Brazil, Russia, India, and China, welcomed South Africa in 2011. The bloc has continued to grow, with Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE officially joining as full members on January 1, 2024.

With growing calls for financial independence, the 16th BRICS Summit serves as a key platform for discussions on breaking away from Western-dominated systems. 

Moreover, the BRICS Pay system is reportedly mimicking Europe’s SWIFT, which makes it very efficient. Also, the bloc is using blockchain technology in its de-dollarization efforts, per the CNF report.

@ Newshounds News™

Source:  Crypto News Flash

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VIETNAM ANNOUNCES BLOCKCHAIN STRATEGY, AIMS TO LEAD ASIA BY 2030

Vietnam’s government launched its National Blockchain Strategy, targeting legal frameworks, infrastructure, and innovation to boost its blockchain ecosystem by 2030.

Vietnam officially launched its National Blockchain Strategy on October 22, aiming to become a leader in blockchain technology across Asia by 2030. The strategy outlines key steps for Vietnam to develop blockchain platforms, products, and services within the country and targets the creation of 20 reputable blockchain brands by 2025.

“Vietnam will become a leading country in the region and have an international position in researching, deploying, applying and exploiting Blockchain technology,”

Vietnam’s National Blockchain Strategy

Indonesia recently replaced Vietnam and entered Chainalysis’ global crypto adoption index for the first time, ranking third behind India and Nigeria.

A central goal of the strategy is to establish at least three blockchain testing centers in major cities to support blockchain development and application. These centers will ensure security, promote innovation, and form a national blockchain network.

Vietnam’s five blockchain goals
The Vietnamese government has laid out five key actions to support its blockchain goals:

▪️Improving the legal environment
▪️Building blockchain infrastructure
▪️Developing human resources
▪️Promoting research and international cooperation
▪️Encouraging the growth of blockchain applications.

Various ministries, including the Ministry of Information and Communications, will oversee these initiatives.

To achieve these objectives, Vietnam plans to encourage collaboration among digital technology companies to build blockchain platforms and enhance the competitiveness of local firms in the global market.

The Vietnam Blockchain Association will play a key role in leading initiatives to promote blockchain development under the strategy.

@ Newshounds News™

Source:  Crypto News

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We are sending Okie a care package with some good nutritious food to replace the Walmart microwave meals he has been eating. If you would like to help Okie, he really appreciated the food sent in the past and will again. He does need prayers and has only asked for prayers. Thank you for your kindness.

Go to the Seeds of Wisdom Team Website - Scroll down the home page to see the many ways you can Donate to help Okie.

@ Newshounds News™

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WHEN WILL THE RV HAPPEN? WHAT IS NEEDED?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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More News, Rumors and Opinions Wednesday Afternoon 10-23-2024

KTFA:

Clare:  Labor announces the release of the full-time employee salary for the month of October

10/23/2024  Baghdad - WAA 

The Ministry of Labor and Social Affairs announced, today, Wednesday, the launch of the full-time appointee's salary for the current month of October 2024.

The Ministry's Disability and Special Needs Rights Commission said in a statement received by the Iraqi News Agency (INA): "It launched the full-time assistant salary for more than (388) thousand and (107) beneficiaries in Baghdad and the governorates for the current month of October 2024."

It indicated that it "completed the disbursement procedures for more than (388) thousand and (107) beneficiaries to launch the full-time assistant salaries for them with a total amount of more than (66) billion and (327) million dinars for the month of October of the current year," calling on the beneficiaries to "go to the approved outlets for disbursement after notifying them with a message from the banks." LINK

Clare:  Communications: Iraqi Post has achieved great success in digital transformation of financial transactions

10/23/2024  Baghdad - WAA 

The Ministry of Communications confirmed, today, Wednesday, that the Iraqi Post has achieved great success in the digital transformation of financial transactions.

The spokesman for the Ministry of Communications, Omar Abdul Razzaq Musaheb, said in a statement received by the Iraqi News Agency (INA): "The General Company for Post and Savings has achieved great success in terms of digital transformation operations for financial transactions by converting postal books that are decades old into easy-to-use electronic cards that allow citizens to view their balance and know all movements in their account through the electronic application "Ki".

He added that "the digital transformation operations achieved their desired goals of reducing corruption and manipulation of citizens' deposits, which contributed to enhancing citizens' confidence in the procedures adopted by the Post and Savings Company," noting that "they came in compliance with the paragraphs of the government program that emphasize the importance of activating digital transformation and electronic payment in financial transactions instead of cash currency trading."

Abdul Razzaq continued, "The Central Bank of Iraq is fully aware of all the financial activities of the General Postal and Savings Company through a monthly position submitted by the company, contrary to what is being promoted."

He pointed out that "the parties that are trying to downplay the importance of this achievement or seek to mislead public opinion with false information in this regard are the same bankrupt parties that do not want the wheel of reconstruction to advance in the work of the ministry's joints."  LINK

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

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

Militia Man  The reconstruction of a war torn country is massive...If you've been invested in this for a long period of time and done your research you know back in World War II we had Germany, Japan, what happened to those countries?  They got destroyed, sadly, but...they build them back to powerhouses.  Iraq's going to be another powerhouse...The Development Road is going to support that.  It's going to be huge.

Frank26  What did Dr. Sabibi want in order to bring forth the new exchange rate for the Iraqi dinar to remove the three zeros sanctioned program rate?  Stability and Security...Banks were still being nasty...They were still selling dollars under the table at a ridiculous exchange rate...Isn't what Jesus was mad about were the money exchangers ripping off the innocent people?  Yeah, that's what I'm mad about because it has delayed my investment.  But no more.  Do you agree Sudani has control of his banks?  He shut down over 100...and bringing in these centers that he is controlling with Alaq from Central Bank of Iraq.

BREAKING NEWS: Three Major Events in the Middle East This Morning

Edu Matrix:  10-23-2024

BREAKING NEWS: Three Major Events in the Middle East This Morning

These events can change currency values based on investors decisions.

Terror attack i n Turkey, BRICS summit in Russia, North Korean Troops in Russia

https://www.youtube.com/watch?v=T-NAa5cARuE

LIVE! (Out Of Time?) THIS IS GOING FROM BAD TO WORSE RAPIDLY...

Greg Mannarino:  10-23-2024

The Debt Market IS A TIME BOMB. In your opinion... Is it about to go off? Or will the Fed step in?

https://www.youtube.com/watch?v=-CPY-1Iy3VE

Coffee with MarkZ and Andy Schectman. 10/23/2024

Coffee with MarkZ and Andy Schectman. 10/23/2024

MarkZ  Update- Some highlights by PDK-Not verbatim

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

Member: Good morning everyone! Let today/tomorrow - be our day!

Member: I am itching to turn in y 2 week notice!!

Member: Do u think maybe this year for the RV Mark still?

Member: I have prepared myself for at least after elections……if not a little later….

MZ: Many people think that….Mr. C thinks that….My sources continue to say right before the elections.

Member: Any news from historic bonds yet?

MZ: I’m not expecting any news until this evening. They have some big meetings this evening. I believe somewhere around 7 pm est this evening. I do expect one heck of a bond update to give us a solid idea of what to expect on timing sometime late tonight or in the wee hours of the morning.

Member: M.Bara says he knows 2 Whales who have been paid.

Member: From Frank26:  Sounds like the rates have been set for the dinar and dong.

MZ: I absolutely assume they know what they are going to be. But, that doesn’t do us any good until we can go to the bank

Member: Mark, did you see the IQD, the Ruppee, the Rubbel, and the VND get brief SPIKES in value yesterday, all at the same time, and then they went back to normal... Seems like someone is "testing"!

Member:  From Mnt Goat: The IQD rate on the QFS is $3.96!!

MZ: That is well within the range that I am expecting to see.

Member: I think that was actually in Mtn Goat newsletter. But he's looking for 0.7 first in country

Member: I think big things will come out of the BRICS summit this week.

Member: The Golden Rule: He Who Has The Gold, Makes The Rules

MZ: “Cancellation of duties on Iraqi imports and exports in the Saudi Markets”  This is free trade with Saudi Arabia. This is a big one. This is taking Iraq to a level of prominence.

MZ: I want to highlight this one. “ Why fluctuate in the exchange rate of the US dollar”  It occurred to me that these type of articles started appearing before the Kuwaiti Revaluation. Of course back then I friends serving in the military that were stationed there at that time. So I was getting regular updates from Kuwait. I wasn’t smart enough to purchase any but followed it to see if they were right. One day they post articles that everything is stable….the next day they publish articles saying things are unsettled and fluctuating……They keep publishing conflicting articles to keep us off-balance. This is important and exactly what we saw before Kuwait revalued

MZ: “BoC (Bank of Canada)  set to speed up policy easing with 50 basis point interest rate cut? The bank of Canada- just like the Federal Reserve decided to rescue the government instead of the people.

Member: What else is new?

Member: Markz what are your thoughts on Dinar/ Zim going first …then the rest vs all in basket going at the same time.

Member: If they did that…We would have a very Merry Christmas.

Mark, if Iraq has SDR's at the IMF, does that mean they are article 8 compliant????

Member: RV exchange question can you keep your currency IQD only exchange to US dollar what you need or does it all need to be exchanged to US dollar at the time as far as you know it?

Member: Mark always said we would have 10 days to make appointments and 30 days to exchange….why wait?

Member: I pray the QFS and RV happen at the same time so we don't have to worry about losing our money in the banks?

Member: Goldilocks documents showing New Tax Laws fpr Foreign Currency January 1st...Think we're waiting to be protected??? Then again, Biblically lining up for tomorrow???

Member: I got information at the RV will happen on 15 November to 20 November. Bruce said it’s going to happen by Thursday we will be paid. Let’s all pray.

Member: Finally beginning to get a little excited! Mark, Thank You…

Member: Everyone enjoy your day.

Andy Schectman from Miles Franklin joins the stream today. Please listen to the replay for his information and opinions

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

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

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

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

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

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

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

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Some BRICS News 10-23-2024

JUST IN: Burkina Faso Makes the Bold Move to Join BRICS!

We Love Africa:  10-23-2024

Fed Up with Dollar & Euro, Burkina Faso Makes the Bold Move to Join BRICS!

Is Burkina Faso about to shake the world order? Burkina Faso is joining BRICS to move away from the U.S. dollar and euro by joining BRICS.

But critics are saying de-dollarization is still far off. Is that true? Can nations representing nearly half of the world’s population, who seek to be part of BRICS, really not dethrone the dollar?

Let’s find out.

https://www.youtube.com/watch?v=KQAisnJ8DsE

BRICS' NEW WORLD: Western-Led Order Put on Notice as BRICS Challenges Financial & Political System

Lena Petrova/World affairs in context:  10-23-2024

https://www.youtube.com/watch?v=FpfmzJYEZO4

Elite US economist warns: dollar system is weakening as gold BRICS rise

Geopolitical Economy report:  10-23-2024

The US dollar is gradually losing its dominance, and foreign central banks are buying fewer Treasury securities, instead holding more gold in their reserves, warns Mohamed El-Erian, a mainstream American economist.

 Ben Norton discusses how countries are seeking financial alternatives, especially Global South nations around BRICS.

https://www.youtube.com/watch?v=KnMAit5MP-Y

Iraq Economic News and Points To Ponder Wednesday AM 10-23-24

Delete The Zeros And Revalue The Iraqi Dinar
 
Economical 10/23/2024 Ali Daadoush  Scientific concepts and nomenclature in economics vary according to the specialization and branches derived from it.
 
When talking about precise specialization, it is necessary to name economic variables by their scientific names, and one of these names is the term renaming the currency (Redenomination) or as it is called 
(deleting zeros from the currency), and countries usually resort to it to deal with runaway inflation and the decline in the value of the local currency, as it is replaced by Exchange the old currency into a new currency at a fixed price by deleting at least 3 zeros from the old currency.

Currency revaluation, when it comes to hyperinflation, becomes necessary; Because it requires a very large number of old banknotes to facilitate trade exchange, especially in local markets, and small banknotes become useless, as
 
the individual needs millions of banknotes in exchange for purchasing simple or necessary household or food needs, and
 
an example of this is what happened in the year. 2006 when Zimbabwe renamed its currency at the rate of old (1000 Zimbabwean dollars) to a new Zimbabwean dollar. In addition,
 
 (deleting zeros from the currency) may also occur when a country joins a monetary union, as happened in the eurozone, and begins using a currency such as the euro instead of its local currency.
 
When the euro was introduced in 1999, member states used the new currency for the first time.
 
Once in electronic payments and accounting, it then switched from its local banknotes and coins to the euro in 2002.
 
There are several reasons behind renaming the currency (deleting the zeros), and they can be summarized as (
 
     controlling inflation,
     trade and economic facilitation,
     political factors such as changing governance, for example, as well as technical considerations such as
     modernizing financial systems, which are usually part of a larger project to modernize financial systems in the country.

The state, such as converting to new digital systems for dealing with currency). From what has been reported, we find that
 
 (deleting zeros) is not carried out randomly, but rather
 
is implemented after a comprehensive study of the economy and the challenges it faces,
 
and must be accompanied by other economic and financial measures to protect the economy from financial fluctuations, and
 
therefore, renaming the currency is a complex decision that requires study. Comprehensive of the country's economy and politics, and must be implemented while minimizing potential negative impacts on the economy and citizens.    https://alsabaah.iq/104624-.html   

Three Obstacles Preventing Iraq From Joining The BRICS Group
 
Economy | |Baghdad today – Baghdad, Tuesday (October 22, 2024), Professor of International Economics Nawar Al-Saadi revealed the reasons for Iraq not joining the BRICS group.
 
Al-Saadi told “Baghdad Today” that
 
“Iraq has not joined the BRICS group yet for several reasons related to the current economic and political situation, in addition to the fact that
 
Iraq did not meet the conditions for joining, and the most prominent of these conditions is that it be among one of the economies.”
 
"But Iraq has a rentier economy par excellence and depends only on the export of oil as a main source of income, which makes its economy less diversified compared to the founding countries of the group, such as China and India."  He added:
 
"The second important question is that Iraq should have absolute financial sovereignty over its economy and not as it is now, where
 
it is subject to the rules and conditions of the US Federal Reserve in granting financial shares."  He explained,
 
"Also, Iraq's trade relations with some BRICS members, such as Brazil and South Africa, are not strong enough to support it in this direction. In addition,
 
Iraqi foreign policy is still balanced between competing global powers, including the United States, which looks warily at... The expansion of BRICS and its geopolitical influence,” pointing out that
 
“in the future, these dynamics may change, especially if economic diversification is strengthened and internal political stability and absolute financial sovereignty are achieved.” He noted,
 
"If Iraq joins, it may benefit from expanding economic cooperation opportunities with countries such as China and Russia, including investments in infrastructure and non-oil sectors, and
 
this may help reduce dependence on oil and diversify sources of income."

The professor of international economics concluded his statement by noting that
 
“there are some potential harms to Iraq joining BRICS, and entering into a bloc that challenges Western hegemony, especially the United States, which may lead to diplomatic or economic tensions with the West, which negatively affects Iraq’s current commercial and political relations.” With Western countries, and
 
dealing with some of the BRICS founding countries, such as Russia, which faces international sanctions, may put Iraq in sensitive positions on the international scene.”
 
BRICS is a group of nine countries: Saudi Arabia, Russia, China, South Africa, India, Brazil, the Emirates, Iran and Egypt.
 
The number of members of the bloc has increased, and
 
its work focuses on the economy before politics, and seeks to break Western “hegemony” over the international system, but
 
many factors make this a long and thorny path, according to what specialists see.
 
Russia, the founding country of the group, which is engaged in a fierce war with Ukraine, hosts more than 20 leaders at the annual summit, putting forward an ambitious agenda, the most important of which is “getting rid of dollarization” and developing alternative financial mechanisms.   
 
https://baghdadtoday.news/260513-ثلاث-عقبات-تحول-دون-انضمام-العراق-لمجموعة-بريكس.html   

Withdrawing The License Of Al-Mirbad Company To Mediate In The Buying And Selling Of Foreign Currencies
 
October 22, 2024    The Central Bank of Iraq decided to withdraw the license of the Al-Mirbad Company to mediate in the sale and purchase of foreign currencies, due to its violation of the provisions of the controls regulating the work of exchange companies and mediation in the sale and purchase of foreign currencies, amended No. (1) of 2022 .. For more , click here
  https://cbi.iq/static/uploads/up/file-172958165418337.pdf
 
https://cbi.iq/news/view/2695   
 
 Withdrawal Of The License Of Al-Mubdaa Company And Al-Nawaeer Company To Mediate In The Buying And Selling Of Foreign Currencies
 
October 22, 2024

     :diamonds: The Central Bank of Iraq decided to withdraw the license of Al-Mubdaa Company and Al-Nawaeer Company to mediate in the buying and selling of foreign currencies .. For more , click here
https://cbi.iq/static/uploads/up/file-172959272842638.pdf 
 
https://cbi.iq/news/view/2696

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