“Tidbits From TNT” Sunday Morning 11-3-2024

TNT:

Suspended laws await Al-Mashhadani’s “hammer”... Parliament Speakerfaces “complex” files and short time

The head of the Iraqi Center for Strategic Studies, Ghazi Faisal, believed that the suspended laws and draft laws that are still in the drawers of the House of Representatives will constitute a burden on the remainder of the current session under the leadership of the new Speaker of the House of Representatives, Mahmoud Al-Mashhadani.

Faisal said in an interview with Al-Mada, “Some laws will be postponed to the next session due to the selective approach followed by parties or blocs in the House of Representatives in legislating laws.”

He stressed that "there are about 50 laws referred to in the constitutional articles, and they are extremely important laws related to the implementation of the constitution. When they are not enacted, the constitutional articles related to them remain frozen and inactive."

Dozens of laws are still pending in the halls of the House of Representatives, awaiting approval for months, and some of them have been frozen for years due to disagreements between political blocs over them or proposals to amend them.

For his part, political analyst Omar Al-Nasser said in an interview with Al-Mada, “Mashhadani will face multiple challenges, most notably unifying the Sunni ranks and unifying his discourse, in addition to dealing with the file of ministerial amendments that Al- Sudani intends to propose, which is a complex path that requires consensus between the forces and parties.”

Al-Nasser explained to Al-Mada that “Al-Mashhadani will face a number of challenges, most notably the suspended laws, the relationship between Baghdad and Erbil, and regional tensions. If he is able to deal with these files in a positive way , he may contribute to restoring confidence between the citizen and the political class.” link

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Tishwash:  Parliamentary Finance to NINA: Approval of 2025 general budget schedules after legislative recess

The Parliamentary Finance Committee revealed the date for approving the schedules of the Federal General Budget Law for the new year 2025.

Committee member, MP Moeen Al-Kazemi, stated in a statement to the National Iraqi News Agency / NINA /, that "the Council of Representatives will enter the legislative recess on the ninth of this month, and there is a trend to extend the work of the sessions for only one month, after which the schedules of the General Budget Law 2025 will be approved."

He added, "After settling the issue of electing the Speaker of Parliament, the conditions are now ready and favorable for approving the four laws: the draft amendment to the General Amnesty Law, the proposed Personal Status Law, the draft law on military service and retirement for the Mujahideen of the Popular Mobilization Forces, and the draft law to return the properties covered by the decisions of the dissolved Revolutionary Command Council to their owners."

He continued, "There is an expected ministerial change, and this places the parliamentary committees before an important and great responsibility to activate their role in following up on the work of the government. It also requires more understanding and harmony in the State Administration Coalition to approve the change of some ministers.  link

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Tishwash:  Parliamentary Investment and Development Committee calls for commitment to the “Investment Law”

The Parliamentary Investment and Development Committee called on the National Investment Commission and investment authorities in the governorates to oblige investors and developers to abide by the Investment Law, stressing the endeavor to amend its provisions to appear in the form of an integrated draft law that guarantees the investor's right and at the same time guarantees the state's right.

The committee stressed the importance of attracting real estate developers to contribute to the development of residential lands, in implementation of an item in the budget stipulating the necessity of distributing government lands after preparing them for housing. Committee member, Diaa Al-Hindi, explained in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "this item gives developers the opportunity to develop areas by paving roads and providing basic services, which makes them ready to receive residents, provided that the collection of revenues is allocated to them after the development process."

He pointed out that "current housing projects focus on building complexes that aim to achieve quick profits without paying full attention to the quality of infrastructure or services," noting that "most countries in the world are currently moving towards resorting to real estate developers to ensure an appropriate housing level that meets the needs of citizens and achieves sustainable development."

Regarding the laws that the Parliamentary Investment Committee is working on, Al-Hindi revealed that the committee has completed the “Industrial Investment” law, which is now ready for a vote in Parliament, and has also completed discussing the “Investment Law Amendment” to present it as an integrated project that supports investment efforts in the country and encourages attracting local and international investors.

In turn, committee member Susan Mansour said, “The investment law exists and is legislated, and although it is relatively solid, some of its provisions are elastic and need to be amended, as it is one of the most important laws, especially at this stage when Iraq needs to open up to the economic world,” indicating that “the investment law is the tool that properly regulates the investment process in the country 

She added, “Most investors do not adhere to the current investment law, calling on the National Investment Commission to adhere to the standards of the law and implement its provisions on investors in a real manner, so that investment in Iraq can rise and become an attractive international environment for investment.”link

Mot: .. Extra Sleep there is -- unless ---

Mot: Gunna be Interesting I Thinks!!!! 

Mot: ...... Getting Ready she is!!! 

BRICS is loading up on GOLD and SILVER - is this the new financial order?

BRICS is loading up on GOLD and SILVER - is this the new financial order?

Jay Martin Show:  11-2-2024

In this interview, Jay Martin and Andy Schectman discuss the outcomes of the 2024 BRICs summit, highlighting growing global financial alliances and alternatives to Western-led systems.

They explore the increasing influence of the BRICs nations in forming new frameworks for cross-border transactions and commodity exchanges outside the dollar-dominated SWIFT system.

Schectman emphasizes the broader implications of the summit’s outcomes, including initiatives like BRICs Pay and BRICs Clear, which aim to enable more regional economic independence.

They also touch on a lesser-known bank failure in Oklahoma as a potential sign of financial instability in the U.S., underscoring a potential shift in global financial power dynamics.

01:31 - Recap of the BRICs Summit: What Were the Key Takeaways?

05:31 - Diverging Mandates: Are BRICs Countries United or Divided in Their Goals?

08:07 - Hidden Tensions: Is BRICs Unity a Temporary Alliance?

21:13 - SWIFT vs. Ambridge: The New Currency System That Could Challenge the Dollar

22:58 - What Prompted the U.S. to Push Back on BRICs’ Currency Plans?

 33:06 - Shifting Strategies: From Paper Contracts to Hard Asset Accumulation

43:08 - Poland’s Gold Accumulation: A Signal of Financial Independence?

 50:39 - Oklahoma Bank Failure: Setting a Precedent for Bail-ins?

58:11 - FDIC Limits: Are Uninsured Deposits Truly at Risk?

https://www.youtube.com/watch?v=hZEd4-29pws

More News, Rumors and Opinions Saturday PM 11-2-2024

KTFA:

Toyvp:  Parliamentary Finance to NINA: Approval of 2025 general budget schedules after legislative recess

Baghdad / NINA / The Parliamentary Finance Committee revealed the date for approving the schedules of the Federal General Budget Law for the new year 2025.

Committee member, MP Moeen Al-Kazemi, stated in a statement to the National Iraqi News Agency / NINA /, that "the Council of Representatives will enter the legislative recess on the ninth of this month, and there is a trend to extend the work of the sessions for only one month, after which the schedules of the General Budget Law 2025 will be approved."

He added, "After settling the issue of electing the Speaker of Parliament, the conditions are now ready and favorable for approving the four laws: the draft amendment to the General Amnesty Law, the proposed Personal Status Law, the draft law on military service and retirement for the Mujahideen of the Popular Mobilization Forces, and the draft law to return the properties covered by the decisions of the dissolved Revolutionary Command Council to their owners."

He continued, "There is an expected ministerial change, and this places the parliamentary committees before an important and great responsibility to activate their role in following up on the work of the government. It also requires more understanding and harmony in the State Administration Coalition to approve the change of some ministers." / End

https://ninanews.com/Website/N.....ey=1165792

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Toyvp:  Banking Association: Reducing inflation helped stabilize commodity prices

Economy News - Baghdad

The Private Banks Association confirmed, on Saturday, that the government's success in reducing the inflation rate to 3.8% helped stabilize commodity prices.

The Executive Director of the Private Banks Association, Ali Tariq, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Private Banks Association and the Central Bank of Iraq held a symposium entitled (The Statistics Cycle in Formulating Monetary Policy)," indicating that "the use of statistical data and information is a methodology adopted by the Central Bank of Iraq, especially in the recent period in making decisions, whether at the level of monetary policy or decisions that affect the economy in general."

He added that "the aim of the symposium is to clarify economic, financial and banking data to the public by specialists; to view the data published on the website of the Central Bank of Iraq; to clarify progress and shortcomings related to the financial sector or monetary policy."

Tarek stressed that “one of the important indicators is related to the banking sector, the size of deposits, or the size of the monetary mass and the distribution of deposits between the government and private banking sectors, in addition to the impact of credit and loans on the gross domestic product,” explaining that “on the other hand, as economic indicators, the most important of which were inflation rates, which decreased significantly in the recent period to reach 3.8 percent,” noting
that “this is considered an excellent rate that maintains the stability of commodity prices, and thus the price increase is less for the citizen."

https://economy-news.net/conte.....p?id=49412

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

Frank26  [Iraq boots-on-the-ground report]  FIREFLY:  We are losing billions daily due to the oil not running into the pipelines into Turkey.  That is because we need a rate for the HCL and the real effective exchange rate.  FRANK:  All we're waiting for is that new exchange rate.

Militia Man  The optics are great for the country because they have all three presidencies in place at this stage.  You're going to see some of the language that's going to be used by one of the presidents, now there's three...The new guys has already done a good job.  He knows the ropes...His past history dates back a long time...2003/2004 in  that ear...  It's over, the country has a new Speaker of the House of Representatives.  Congratulations to the legitimacy of the government.

Dollar Downfall – ‘This Is as Big as When We Closed the Gold Window’ | Matthew Piepenburg

Kitco News:  11-2-2024

The U.S. economy is facing a hidden debt crisis that makes growth ‘mathematically impossible,’ warns Matthew Piepenburg.

 In this interview with Kitco News Anchor Jeremy Szafron, Matthew Piepenburg, partner at Von Greyerz and author of Rigged to Fail and Gold Matters, analyzes October’s weak job growth, third-quarter GDP slowdown to 2.8%, and rising inflation, as reflected in the core PCE index’s 2.7% year-over-year increase.

Piepenburg argues that these figures barely scratch the surface, pointing to what he sees as an ongoing recession for many Americans.

He dives into the global pivot toward gold as faith in fiat currencies wanes and explains why Modern Monetary Theory may offer only short-term relief at best.

00:00 Introduction:

 Latest Macro Indicators

02:34 Global Economic Outlook

 05:06 Debt Crisis and Market Reactions

06:54 Recession Indicators

 08:53 Debt & Economic Growth

11:37 Central Banks, Gold & De-dollarization

34:01 Seismic Shift Away from the Dollar

35:10 BRICS and Gold-Backed Settlements

39:48 Central Bank Digital Currencies (CBDCs)

 40:54 Geopolitical Moves & the Petrodollar

48:29 America's Changing Global Role

 51:43 US Election

54:08 Gold as a Strategic Reserve Asset

 57:06 Gold Price Outlook

https://www.youtube.com/watch?v=1LH3SRAdH3U

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 11-2-24

Good Afternoon Dinar Recaps,

COINBASE FINDS OVER '20 EXAMPLES' OF FDIC TELLING BANKS TO AVOID CRYPTO

Coinbase's chief legal officer declares that the “contents are a shameful example of a government agency trying to cut off financial access to law-abiding American companies.”

Cryptocurrency exchange Coinbase has discovered “over 20 examples” of the United States regulator advising US banks to steer clear of crypto-related banking services, according to its chief legal officer.

The discovery follows Coinbase filing two Freedom of Information Act (FOIA) requests against the Federal Deposit Insurance Corporation (FDIC) — the US agency insuring bank deposits — demanding they disclose information about the ongoing crypto crackdown among US banks.

Public ‘deserves transparency,’ says Coinbase CLO
“So far, we’ve uncovered more than 20 examples of the FDIC telling banks to “pause” or “refrain from providing” or “not proceed” with offering crypto-banking services,” Coinbase chief legal officer Paul Grewal claimed in a Nov. 1 X post.

Most of the cases provided were similar. In one case, outlined in “Document 5,” the FDIC reportedly called a meeting with a bank to scrutinize its crypto services.

Despite the bank providing further documentation after the meeting, the FDIC allegedly raised additional “questions” and advised the bank, “Until such review is completed, the bank should not expand the service to additional customers.”

Meanwhile, on Oct. 30, Cointelegraph reported that Coinbase is “prepared to work with either administration” in the US, whether Democratic candidate and Vice President Kamala Harris or Republican Donald Trump wins the presidency, ahead of the election on Nov. 5.

@ Newshounds News™

Source:  CoinTelegraph 

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RIPPLE LAUNCHES GUIDE TO SUPPORT BANKS IN $20 TRILLION DIGITAL CUSTODY SECTOR

▪️Ripple has unveiled a guide to support banks and financial institutions interested in the emerging field of digital asset custody as it enters the $20 trillion custody market.

▪️Ripple Custody is relied upon by top global financial institutions and supports custodian banks, exchanges, and corporations in more than 15 countries worldwide.

Ripple, traditionally known for its cross-border payment solutions using blockchain, is broadening its business model. By advancing its asset custody capabilities, it’s taking on a role in the financial sector that extends beyond payments. 

The custody market is huge, worth $20 trillion, and Ripple’s entry into this space represents a significant shift in its business focus.

According to a previous publication by CNF, Ripple’s custody service has seen substantial growth, boasting a 250% rise in new customers compared to the previous year.

The platform currently supports prominent financial institutions and cryptocurrency companies across major markets such as the U.S., U.K., and Singapore.

Ripple highlighted in its Digital custody Guide for Banks that 10% of all assets will have been tokenized and represented on both private and public blockchains by 2030.

Ripple’s Quick Guide for Banks
Ripple’s digital asset custody and tokenization infrastructure offers banks advanced tools to securely manage and expand their digital asset services, opening up a range of innovative business opportunities. 

Banks can build sub-custody networks, which help facilitate comprehensive global service coverage, enabling them to efficiently manage assets across multiple regions.

With the capability to tokenize and manage both regulated and non-regulated assets, banks can diversify their offerings to include equities, bonds, certificates, debt instruments, real estate, fund structures, as well as unique assets like art, collectibles, gaming items, and intellectual property.

Ripple’s platform also provides secure integration with DeFi and Web3 applications, allowing banks to connect clients with staking, lending, borrowing, and financing services, as well as NFT platforms and marketplaces. This robust and flexible infrastructure equips banks to meet evolving market demands expanding their digital asset services in a compliant manner.

Past Initiatives in the Digital Custody Market by Ripple
The digital infrastructure provider unveiled new features for Ripple Custody Technology in early October.

In an effort to strengthen its regulatory compliance, the company added transaction screening that helps financial institutions monitor transactions for compliance by partnering with Elliptic.

Doubling down its effort, it also expanded its use of hardware security modules (HSMs), which are specialized devices that protect cryptographic keys.

On top of that, we reported Ripple custody’s integration into the XRP Ledger (XRPL), featuring a dedicated tool for monitoring anti-money laundering risks, allowing firms to access its native decentralised exchange (DEX). This integration aims to enhance security while opening new opportunities for businesses in the digital asset space.

Through these updates, Ripple extends the capabilities of its custody technology to a broader audience. As of now, at the time of writing, Ripple (XRP) is trading at $0.5137, a slight dip of 0.06% in the past day and down 0.19% increase in the past week.

@ Newshounds News™

Source:  Crypto News Flash

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LATEST RIPPLE VS. SEC UPDATE: BILL MORGAN SLAMS SEC’S XRP CLAIMS IN APPEALS BATTLE

▪️XRP trading volume surges 40% amidst ongoing Ripple-SEC lawsuit appeals.

▪️Legal experts debate XRP's classification as a security, focusing on the "embodiment theory" and transaction context.

▪️The outcome of the appeals process could significantly impact XRP and other cryptocurrencies.

XRP, the seventh-largest cryptocurrency by market capitalization, is making waves in the crypto market. In a dramatic 24-hour surge, trading volumes have skyrocketed by over 40%. This unexpected spike comes on the heels of new developments in the high-stakes legal battle between Ripple and the SEC.

Is this (finally) the beginning of a new chapter for XRP?

SEC Update: A Turning Point?
Just last week, the SEC announced that it would submit its principal brief in the ongoing appeals process by January 15, 2025. While this is happening ongoing discussions are happening on X by the legal community on XRP status here’s what the lawyers have to say on the whole speculations.
XRP’s Classification Horror Continues
XRP is currently facing the last stages of a legal battle regarding whether it should be classified as a security. Lawyer Bill Morgan, along with social media commentators Joe Sho and James Farrell, has weighed in on this issue. Morgan, known for his critical stance on the SEC’s arguments, disputes Sho’s claim that the Appeals Court may label XRP as a security.

Sho argues that a “de novo” review by the Appeals Court could overlook previous findings and interpret XRP as an investment contract. This view aligns with other crypto cases, including Judge Rakoff’s recent ruling in the Terra case.

The Embodiment Theory Explained
Morgan’s analysis provides a more nuanced perspective than the random theories often found in the crypto space. He highlights the “embodiment theory,” which suggests that XRP should be viewed as an asset rather than a security.

Morgan points out that Judge Torres’s ruling—determining that XRP itself is not inherently an investment contract—was appropriate because it distinguished between the asset and the context of the transaction.

He believes this approach is more logical, even if it diverges from current crypto case law or the SEC’s position. According to Morgan, the SEC continues to argue that XRP’s perceived lack of inherent value means any transaction involving it counts as an investment contract, especially concerning Ripple and possibly broader secondary markets.

The Implications of a De Novo Review
Adding another layer of complexity, James Farrell notes that a “de novo” review allows the Appeals Court to adopt the “embodiment theory” or completely reinterpret XRP’s classification. 

This means the court could follow Judge Rakoff’s lead from the Terra case, where assets like UST and LUNA were seen as securities based on their use in investment contexts, possibly challenging the initial district ruling on XRP.

While Morgan acknowledges the Appeals Court’s freedom to reassess the situation, he warns that any move to consider XRP itself as a security would misinterpret the judge’s focus on the difference between asset and transaction.

The outcome of this debate could set a major precedent for XRP and other cryptocurrencies, as it questions whether digital assets are inherently securities or only become such within specific transaction contexts.

The future of XRP and the broader crypto industry hangs in the balance. At this point, are we just moving in circles?

@ Newshounds News™

Source: CoinPedia  

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🌱 FRANKLIN TEMPLETON A GAME CHANGER | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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🌱 AUDIO INTEL AND MORE WITH BOB LOCK, JIM SILVER 57, R JAX AND LOWTIDE. GREAT INFO.  |  YOUTUBE

If you missed the Constitution Call last night, here is the replay.  We started off with any NEW news from Mason and Jim, INTEL.  We were Joined by Bob Lock.  Lots of great info including Election News near the end.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Thank you Dinar Recaps

Iraq News Highlights and Points To Ponder Saturday Afternoon 11-2-24

Al-Sudani's Advisor Reveals The Positives Of The Central Bank's Interest Rate Cut

Information/Baghdad…The Prime Minister's Advisor for Economic Affairs, Mazhar Muhammad Salih, said that the Central Bank's decision to reduce interest rates to 5.5% encourages lending.

Mazhar Muhammad Salih said in an interview followed by Al-Maalouma Agency, "The Central Bank's process of reducing interest rates to 5.5% represents an expansionary policy, because it is assumed that when this rate is reduced, all banks will do the same, whether on loans or deposits."

He pointed out that "in terms of deposits, this decision does not encourage people to put their money in the bank, but it encourages lending." He pointed out that "banks have a lot of surpluses, and they are encouraged to grant more credit." LINK

What Are The Positives Of The Central Bank Reducing Interest Rates? Al-Sudani’s Advisor Explains

Money and business   Economy News – Baghdad  The Prime Minister's Advisor for Economic Affairs, Mazhar Muhammad Salih, said that the Central Bank's decision to reduce interest rates to 5.5% encourages lending.

Saleh said, "The Central Bank's reduction of interest rates to 5.5% represents an expansionary policy, because it is assumed that when this rate is reduced, all banks will do the same, whether on lending or on deposits."

He pointed out that "in terms of deposits, this decision does not encourage people to put their money in the bank, but it encourages lending," noting that "banks have a lot of surpluses, and they are encouraged to grant more credit."

"Most banks have not reached 75% of credits"

Regarding cash credits, the Prime Minister's advisor for economic affairs explained that they "should represent 75% of deposits," adding that "most banks have not reached this percentage, especially private banks, so banks can reach this percentage through this process, where they lend and move their interest, and it is an attempt."

Regarding the extent to which the interest rate in Iraqi banks is equal to that of banks in the region, Saleh said, “Banks are not obligated to adhere to this rate, and it is a reference to monetary policy.”

It is noteworthy that the Central Bank of Iraq decided on Thursday (October 24, 2024) to reduce the annual interest rate between it and the banks registered with it from 7.5% to 5.5%, and to reactivate the work of securities (Islamic certificate of deposit and money transfers) between it and the banks operating in Iraq, with an annual return of 4% for a period of 14 days, and an annual return of 5.5% for a period of 182 days.

Financial Liberation

The Prime Minister's Advisor for Economic Affairs noted that "banks have the right to lend and borrow at the interest rate they deem appropriate, in accordance with the decisions of their boards of directors. This is called financial liberalization, which has been adopted since 2004."

The Central Bank of Iraq had set the maximum investment ceiling not to exceed 50% of the total private sector deposits at the bank, and that the bank’s investment ceiling in a single auction should not exceed (500) billion Iraqi dinars.   https://economy-news.net/content.php?id=49383

“A Fraudulent Maze” Reveals “Thorny” Files That Swallow The Pockets Of Iraqis

Posted on 2024-11-01 by sotaliraq   An informed government source revealed a financial corruption file related to the collection of energy consumption fees from hotels, malls, and other commercial and entertainment complexes in the capital, Baghdad, where billions of dinars are wasted monthly through “administrative loopholes,” stressing that the Ministry of Electricity discovered one of those files during the past month.

The source reviewed documents related to the latest file discovered by the Ministry of Electricity, confirming that it is “one example of other files in the same regard,” but he stipulated that the documents not be published for special reasons.

Whales And Big Heads”

In detail, he says, “Financial corruption in collecting electricity consumption fees is very large, and those involved are big heads and whales supported by political parties. However, it is through a chain that begins with small employees, but these are a front for those who are bigger than them, and if one of the files is revealed in some way, these people are the scapegoats, but with administrative penalties that are not commensurate with the size of the corruption,” he said.

He explains, “The recent corruption file in the collection of wages, after it was exposed by a member of the House of Representatives, caused the officials in the Ministry of Electricity to be embarrassed and it was necessary to take action to cover up the matter, so penalties were issued by dismissal from office and transfer from one department to another, while it is a file of embezzlement or at the very least a waste of public money that is supposed to be referred to the Integrity Commission for adjudication.”

The government source provides an introduction to how to calculate electricity consumption fees according to what was approved by the government of former Prime Minister Haider al-Abadi, explaining, “Consumption fees were divided into five categories: domestic, commercial, industrial, agricultural, and governmental. Each category has its own fees, the lowest of which is the cost of domestic consumption, which is divided into four categories:

the first category is 10 dinars per unit (the unit is the amount of consumption measurement), the second category is 35 dinars (i.e. if the home consumes more than one consumption unit), the third category is 80 dinars (the home consumes three consumption units), and the fourth category is 120 dinars (the home consumes four consumption units).”

The source commented on this by saying, “Whoever thinks that electricity consumption fees in Iraq are low is mistaken. In fact, they are among the high fees, if not the highest, in the countries of the region.

A family that operates three or four cooling devices in the summer earns no less than 200 thousand dinars per month. However, at the peak of the heat, or when using multiple heating devices or an electric cooker, the fees double, but people do not know this, and therefore many families are surprised by high fees in areas and residential complexes that do not rely on electric generators.”

Infallible” From Consumption Fees

Returning to the recent corruption file, the source explains, “The events of the file are taking place in the General Company for Electricity Distribution in Baghdad/Rusafa Electricity Distribution Branch, as some hotels that fall within the commercial consumption section have not paid electricity fees for years, but the fees of one of them were settled fraudulently.”

He continued, “A famous hotel in the Karrada area in the center of the capital, Baghdad, paid its consumption fees in a proper manner, but what happened and was discovered later was that the fees paid by the hotel management were registered in the name of another hotel only one kilometer away from the paid hotel, whose management was surprised by a new consumption list that came to it and included previous debts that it had already paid, but they were registered in the name of the other hotel.”

He points out that “all hotels in Baghdad are owned by a mix of the government and investors, meaning that they are private hotels and the government has a limited share in them, and their electricity consumption costs billions,” as he described it.

The source indicates that the file and the documents that I have reviewed also include “one of the malls in central Baghdad that was registered as a disabled account, or as they call it functionally in the Ministry of Electricity (3 nines), which means that a technical error occurred by the data entry employee during the (punching and transferring) process, which is the process of recording data for the household, commercial, industrial, agricultural or governmental unit, other than what is in the basic database kept by the Baghdad Electricity Distribution Company, and thus there is a conflict in the data and the recording of consumption fees for this account is stopped.”

Repairing a malfunction is very easy, especially if the database is available and saved, but the problem is that this repair, which is supposed to take only minutes, hours or even days, takes months and years, and therefore the owner of the disabled account does not pay any fees during this period, and when it is discovered by an official or a supervisory body, the concerned body, represented by the Baghdad Rusafa or Karkh Company or the Ministry of Electricity, does what is called a (settlement) and forms a committee, or even the sales department manager assumes an estimated number for consumption fees, which are usually in the billions of dinars, but the settlement is made with a few million dinars and the matter ends, if it is discovered.”

After this maze of numbers, fraudulent methods and manipulation of the state’s capabilities and financial revenues, which the current government is trying to maximize and diversify to get rid of “oil slavery”, especially after it reached dangerous stages for nearly ten years due to the dangerous fluctuation in oil prices due to global crises, such that between one year and another or between one government and another, warnings appear that the Iraqi state will be unable to pay the salaries of employees, retirees and beneficiaries of social welfare. After the above, it is necessary to take a deep breath before diving into other details of this file.

Negative Debt

The source says, “There is something called negative debt, and this not only exempts its owners from paying consumption fees, but it also means that the state is the one paying on their behalf. 414 lists of negative debts were discovered,” and the agency is withholding mentioning to whom these lists belong.

The source explains, “The negative debt is that a citizen receives a consumption list for 50 thousand dinars, so he goes and pays it, but the data entry employee makes a mistake and writes 150 thousand dinars instead of 50 thousand dinars during the punching and transfer process, and when it reaches the main database in the company, it is indicated that there is 100 thousand dinars in excess of the account.”

He added, “Therefore, the state is required to pay this citizen this amount, so the settlement is made so that the citizen does not pay the wages until the amount of 100 thousand dinars is received, while the citizen did not pay this amount in the first place, nor did the employee who made the mistake receive an additional amount.”

The source explains, “The game is not about the ordinary citizen, the owner of a simple shop or household consumption, but rather it is related to the owners of commercial, industrial and agricultural accounts. Their consumption fees are in the billions of dinars. One of them may have a consumption fee of 10 million dinars, so he pays a million dinars in wages and a million dinars in bribes, and the employee makes a mistake and adds a zero to the ten million dinars by mistake, so this consumer has paid the ministry 100 million dinars, and thus the state owes him 90 million dinars.”

The Company That “Punctured” The State

The source discusses another aspect of the file that was recently discovered and is related to one of the “privatization” companies to which the state has become indebted for financial dues for four years without this company performing any service or work or even spending a single dinar other than the bribe amount for the concerned official.

He explains, “The sales department manager signed a joint receipt with the company to deliver the electricity network and subscribers in one of the residential areas before obtaining the necessary approvals or even informing the branch of the Rusafa Distribution Company of the contract, which means that the company has become responsible for collecting electricity consumption fees before obtaining official authorization to do so.”

He added, “The Rusafa Distribution Company branch did not sign the contract until four years after that, and at that time the National Company demanded from the Rusafa branch its share of the consumption fees for the past four years, even though it did not provide any services and did not even collect the consumption fees, since the collection of fees was done by the Rusafa branch, as is customary in this residential area.”

He points out that “the company not only did not provide any services, but the state is now indebted to the company for its shares stipulated according to the hypothetical contract, meaning that the state is obligated to pay profits to this company that did not spend a single dinar except for the bribe amount to the bribed director.”

It is worth noting that the Federal Financial Supervision Bureau issued a report on March 19, 2019, revealing that three companies are supervising the process of collecting electricity fees on the Rusafa side, and owe 49 billion dinars to the Ministry of Electricity.

The court said that “Al-Noor Al-Thaqib Company implemented the service and collection contract in 21 neighborhoods distributed over three areas: Zayouna, Palestine Street, and Al-Ghadeer.

Al-Rafidain Space Company implemented the service and collection contract in 42 neighborhoods distributed over the areas of Al-Rusafa Center, Al-Sulaikh, and Al-Krayat, while Ahl Al-Wasal Company implemented the service and collection contract in 15 neighborhoods, specifically in the areas of Al-A’dhamiyah and Cairo, as well as Nakheel Middle East Company in 51 neighborhoods distributed over the areas of Al-Karrada, New Baghdad, Diyala Bridge, and Al-Zafaraniya.”

The report indicated that “the investing companies did not commit to obtaining an investment license according to the letter of the National Investment Authority, and the contracts concluded with the Ministry of Electricity did not include a penalty clause in the event that the investment companies were late in issuing the investment license.”

He pointed out that “Al-Rafidain Space Company achieved financial revenues for the months of November and December 2017, amounting to 305.5 million dinars, noting that its contract with the Ministry of Electricity obligates it to achieve 8 billion dinars per month.”

According to the report, “citizens’ payment indicators ranged between 0-54%, which requires the Electricity Directorate to urge investing companies to increase payment indicators in order to achieve financial amounts that contribute to maximizing financial resources.”

The report confirmed that “the total energy sold to Ahl Al Wasl Company amounted to 16.4 billion dinars, while the debts owed by the company amounted to 6.7 billion dinars, and the debts owed by Nakheel Middle East Company amounted to 36.5 billion dinars, and Al Noor Al Thaqib Company amounted to 5.8 billion dinars.”  LINK

5 Questions To Ask Your Financial Advisor Before Year-End

5 Questions To Ask Your Financial Advisor Before Year-End

Catherine Brock  Thu, October 31, 2024  Yahoo Personal Finance

The close of the calendar year is financially significant. For one, Dec. 31 marks the end of the tax year, which affects retirement contributions and your capital gains tax liability, among other things.

Year-end also creates a natural opportunity to assess your finances to ensure you are on track to meet your goals. So, when the Halloween and holiday decorations appear in your favorite mass market retailer, consider that a reminder to connect with your financial advisor.

Use the five conversation starters below to uncover the highest-impact money moves you can make before the new year.

No. 1: Are There Opportunities To Accelerate Or Defer Income?

Regan Smith, CFP and wealth advisor at Adero Partners, recommends tapping your financial advisor for guidance on deferring or accelerating income before year-end.

Deferring income is appealing when you are in a higher tax bracket today but expect to make less in the future — say, after you retire. The deferral lowers your tax liability now and potentially lowers what you will pay in the future. A common strategy here is to participate in an employer's deferred compensation plan.

Deferred compensation plans can be structured as pensions, 401(k)s, or stock options. The key feature is that the employee can contribute current income on a pretax basis. Income taxes are paid later, usually when the funds are withdrawn in retirement.

Income acceleration may be appropriate when your taxable income is temporarily lower. Perhaps you took time off work this year but plan for a full work schedule next year. You can accelerate income with a Roth conversion, which moves pretax assets into an after-tax Roth account. You pay the taxes on the transferred amount in the current tax year so that you can take tax-free qualified withdrawals later.

No. 2: Can I Minimize My Capital Gains Tax Liability For The Year?

According to Jeff DeLarme, CFA, CFP, and president of DeLarme Wealth Management Inc., clients should ask their financial advisors to estimate their capital gains tax liability and recommend strategies to minimize it. There may be opportunities to realize offsetting losses or carry forward capital losses from prior years, for example.

Ryan Zabrowski, CFP, MSF, and senior portfolio manager at Krilogy, confirms that you can use losses to offset up to $3,000 in gains in the current year. Losses over that limit can be carried forward to use in future years.

TO READ MORE:https://news.yahoo.com/news/finance/personal-finance/questions-to-ask-a-financial-advisor-211901722.html

The Fed Knows the US Dollar is in Serious Trouble

The Fed Knows the US Dollar is in Serious Trouble

The Atlantis Report:  11-2-2024

The Federal Reserve’s role as the steward of the U.S. monetary policy and financial stability has never been more scrutinized.

 Recently, the Fed has made an admission that has caught financial markets off-guard: the U.S. dollar, historically regarded as the world’s reserve currency, faces significant challenges that may threaten its dominance on a global scale.

This revelation has ignited a whirlwind of debate among economists and policymakers, prompting deeper inquiry into the factors behind the dollar’s vulnerability and the potential implications for the American economy and international finance.

To appreciate the gravity of this admission, it’s essential to understand what it means to be a reserve currency. A currency is deemed a reserve currency when it is widely held by governments and institutions as part of their foreign exchange reserves.

The U.S. dollar has enjoyed this status since the end of World War II, primarily due to the size, strength, and stability of the U.S. economy. The dollar being the preferred medium for international trade and investment has historically afforded the U.S. significant economic advantages, including lower borrowing costs and increased influence over global economic policies.

The Federal Reserve’s admission regarding the vulnerabilities of the U.S. dollar as the world’s reserve currency should serve as a clarion call for both policymakers and citizens.

As the global landscape evolves, the U.S. must navigate these complexities with prudence and foresight. Understanding the underlying factors that challenge the dollar’s dominance will be crucial for ensuring long-term economic stability and maintaining U.S. influence in international finance.

 As we move forward, it will be vital to monitor how these developments unfold and to adapt strategies that can safeguard the financial health of both the U.S. and the broader global economy.

https://www.youtube.com/watch?v=u0oKXLkWIao

“Tidbits From TNT” Saturday 11-2-2024

TNT

Tishwash:  Vietnam seeks closer ties with Gulf states beyond energy sector

Vietnam is expanding its ties with the Gulf Cooperation Council beyond the energy sector, with several agreements signed during a visit to the region by a senior Hanoi government official this week.

Vietnam’s Prime Minister Pham Minh Chinh ends his tour of the Gulf on Friday with a visit to Qatar after starting in the UAE and later attending the Future Investment Initiative in Saudi Arabia.

Vietnam’s efforts seem to be in line with Gulf desires to strengthen their presence in Asia, particularly in the energy sector to exploit growing demand there, as evidenced by the signing of a memorandum of cooperation with oil giant Aramco. In addition, the UAE plans to establish a hub for storing oil and petrochemicals in Vietnam to meet market needs in the region.  link

Tishwash:  Governmental move to establish an administrative capital in Baghdad

The Parliamentary Investment and Development Committee confirmed today, Friday, that there is a government move to announce the establishment of the administrative capital in Baghdad, noting that Prime Minister Mohammed Shia al-Sudani will soon announce this capital, which includes all ministries and departments.

The head of the committee, MP Hassan Qasim Al-Khafaji, said, "There is a government trend in the coming short period to announce the administrative capital," noting that "the administrative capital will be south of Baghdad towards Alwat Al-Rashid within a large area."

He pointed out that "this capital will include all ministries and departments according to financial allocations," stressing that "Prime Minister Mohammed Shia al-Sudani will announce this capital and lay the foundation stone for it, and it will be implemented and completed in the coming years."  link

***********

Al-Sudani discusses 7 files with Erdogan.. Shafaq News reveals details of Istanbul meeting

 In a closed meeting that lasted about two hours today, Friday, the Iraqi Prime Minister and Turkish President Recep Tayyip Erdogan discussed many files in Istanbul, most notably developing relations between the two countries and the path of development.

An Iraqi government official told Shafaq News Agency that the Turkish president said during his meeting with the Sudanese, "Türkiye and Iraq are two neighboring countries linked by deep-rooted historical and cultural ties."

He added, "Developing relations and evaluating cooperation opportunities, especially the Development Road project, will provide many benefits to both countries. We will continue to take the necessary steps with determination to achieve this."

The Iraqi official pointed out that Erdogan reiterated his great interest in the development road project proposed by Al-Sudani after he became prime minister.

He pointed out that the Turkish President stressed the need to establish a mechanism to implement the development road project, which will constitute a major economic axis in the region, and he also indicated the desire of a number of countries to benefit from it and connect the road with them. 

The Iraqi official noted that the two presidents discussed in detail the mechanisms and methods that would ensure the stability and security of the region.

The two presidents also stressed the need for diplomatic action to stop the brutal Israeli aggression on Gaza and Lebanon and to prevent the conflict from expanding in the region.

According to the Iraqi government official, Erdogan confirmed to Al-Sudani his keenness and readiness to support the security and stability of Iraq.

He added that the meeting of the two presidents also discussed the results of the technical teams currently working on implementing the agreements signed in Baghdad in April 2024, especially the framework of the water cooperation agreement and their readiness to implement water infrastructure projects and agricultural land reclamation.

Prime Minister Mohammed Shia al-Sudani arrived in Istanbul today, Friday, to meet with Turkish President Recep Tayyip Erdogan, according to what the Iraqi government announced in a statement without going into further details about the previously unannounced visit.

Meanwhile, a government source told Shafaq News Agency that Al-Sudani's visit to Türkiye will last a few hours, during which he will meet with Erdogan to discuss several files, some of which are related to the situation in the region.

This is Al-Sudani's second visit to Türkiye since assuming his position as Prime Minister of Iraq. He made his first visit last March, during which he met with Turkish President Recep Tayyip Erdogan. link

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

Tishwash:  Al-Sudani returns to Baghdad after spending hours in Istanbul

 Iraqi Prime Minister Mohammed Shia al-Sudani returned to the capital, Baghdad, after spending hours in the Turkish city of Istanbul, during which he met with Turkish President Recep Tayyip Erdogan, according to a statement from al-Sudani's office received by Shafaq News Agency.

In a closed meeting that lasted about two hours today, Friday, the Iraqi Prime Minister and Turkish President Recep Tayyip Erdogan discussed many files in Istanbul, most notably developing relations between the two countries and the path of development.

Prime Minister Mohammed Shia al-Sudani arrived in Istanbul on Friday to meet with Turkish President Recep Tayyip Erdogan, the Iraqi government announced in a statement without going into further details about the previously unannounced visit.

Meanwhile, a government source told Shafaq News Agency that Al-Sudani's visit to Türkiye will last a few hours, during which he will meet with Erdogan to discuss several files, some of which are related to the situation in the region.

This is Al-Sudani's second visit to Türkiye since assuming his position as Prime Minister of Iraq. He made his first visit last March, during which he met with Turkish President Recep Tayyip Erdogan.  link

Mot: .. aaaaaaaaaaaahhhhhhhhhhhhhhhhh!!!!!!! ((( Nov 3rd )))

Mot:  .. addeth or subtracteth????

Weekend News With MarkZ (Bank Stories) 11-2-2024

Weekend News With MarkZ (Bank Stories)  11-2-2024

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

THE CBD GURUS KICK OFF THE FIRST 45 MINS AND MARK GIVES THE NEWS AT 10:30 AM. MATT HAS A STORY TO SHARE.

Member: Good Morning Mark , Mods and RV’ers

Member Are you hearing any good RV tidbits Mark?

MZ: We have a couple bank-ish stories today

MZ: From a source in the middle east:  Sudani has just stated that the “currency transition” should be completed by Victory Day. Victory day is December 10th . This means things will be going right away if it is to be “completed” by that time.

MZ: We have a really fun bank story from someone that works at a bank. This is a banking employee and I cannot tell you which bank. They asked (outside of the bank) about Nesara.  The other persons eyes got really big and their jaw dropped. They said “How do you know anything about this?” The bank employee told what they know about Nesara and the other said….”We have been signing a lot of NDA’s in our preparation for this , all of the employees are under a gag order and cannot speak about it ……and we will be transitioning to a Wealth Management location .” They also made the comment that “the new money comes out in November. “  They have completed their training and have a new DelaRue machine.

MZ: I have great faith in this source. This is as much as I can share without getting somebody in serious trouble. So will leave it right there.

MZ: I think we are going to have one heck of a Thanksgiving to give Thanks for this year.

Member: Any other news on Nesara?

 MZ: I believe Nesara was signed into law 1n 1999 . It was in the congressional record. Many folks here actually saw it on government sites before they scrubbed it and hid the information. I regret not having printed it when it was on the government sites.

Member: I can't get any information from my bank untill 9:00 am Monday .It says systems are shut down untill then

Member: Mon Nov 11 my bank closed, Veterans Day

1995 Bank Story by Matt at CBD Gurus:

Matt: At the time I was a Limo Driver and would pick up people at hotels and the airport in Minneapolis. There were a lot of businesses and conventions in Minneapolis along with a lot of financial places there. Offices of the Federal Reserve is still there.

One day in front of the Hyatt I picked up a guy with no luggage or computer or anything (Which was unusual) …..It was a 20 minute drive to the airport and as we drove we got talking and I asked him “What do you do?  He said he meets with all the financial guys in Minneapolis .

He continued. “I work with a division of the government …we are going to be changing things around at financial institutions, and dealing with the power of money around the world….the structure. I met with Wells Fargo and a couple more at the Federal Reserve here. I was just in town doing a couple days of business. ( I do not know if he worked for the Treasury or another branch of the Government)

I asked him what he meant by changing the structure of money and this and that? He started talking about empires and changes like the British empire, the Dutch Empire, the Roman Empire ect…(I just listened and kept driving- I did not know anything about this stuff back then)

I asked him where is the financial power going to then – if you changing things?  “just call it “Asia” he said. “  Things will be all right- just different. I asked him where do we fit in the whole thing? He said “We aren’t running the show anymore after this” It’s somebody else’s turn. We have to get ready for it.

Now this was in 1995….I asked him “When is this all going to happen?” He said “We are planning it for 2024, but I think we can move it up to 2023” 

Later on I find out what he was talking about when he said the money and power was going to change. He was talking about the RV….That is what he was talking about. And the time is now. We don’t know the exact date and hour…but it’s going to happen.

MZ: Some of the biggest financial meetings in the world go on at the Minneapolis Federal Reserve.

MZ: In Iraq: “The Iraqi Parliament recommends changing out 5 ministers in Sudani’s government” They say these 5 are slowing down the reforms and they want to finish them quickly and completely. So they want to change out these 5 cabinet members and move forward quickly with reforms

MZ: Many folks are expecting these votes this weekend.

MZ: “ Parliamentary Finance calls on the government to control non-oil revenues”  Non oil revenues are a very important part of the reforms.

MZ: “ Deputy: The first start of the phase  of the project to develop Iraq’s border crossings with neighboring countries”  People will be going back and forth for pilgrimages, tourism, shopping  sprees to and from Iraq. Trucks laden with goods will go through there. Iraq is becoming a very modern hub for the area.

MZ: “Distribution for Iraq’s retirees salaries tomorrow-Sunday” they will be paid for the month ahead.  They do have a holiday coming up and wanted to pay ahead of time. What could be another reason to pay them ahead of time? The revaluation of the dinar to lift up the Iraqi people? That’s what I was thinking.

Member: Wow three day holiday in Iraq .. hummm where have you heard that before?

Member: Do you still think all currencies will go at the same time?

MZ: I do , but hope everyone is diversified and is not keeping all their eggs in one basket. If one currency happens to go ahead of time……well you would be prepared.

Member: How about the Venezuelan Bolivar?

MZ: Do the math: Venezuela has the largest oil reserves in the world. They have some of the largest gold reserves in the world. They have some of the largest rare earth minerals deposits in the world. And, the lowest currency in the world. It’s going to be worth something somewhere someday.

Member: Mark, any word from your Bond contact that never checked back in? NDA confirmed…?

MZ: No news since last night

Member: Great information today….Thanks to Mark and Matt. Have a great weekend everyone

Member: Have a very blessed weekend and see you all Monday morning

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

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

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

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

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

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

Youtube:     https://www.youtube.com/watch?v=2AtWNYG9Zmc

Seeds of Wisdom RV and Economic Updates Saturday Morning 11-2-24

Seeds of Wisdom RV and Economic Updates Saturday Morning 11-2-24

Good  Morning  Dinar Recaps,

PAXOS ISSUES ‘GLOBAL DOLLAR’ STABLECOIN USDG OUT OF SINGAPORE. PARTNERS DBS

Last July Paxos Global confirmed it received the regulatory go ahead from the Monetary Authority of Singapore (MAS) to issue a stablecoin, with DBS Bank as custody partner. Today it confirmed the launch of the USDG stablecoin, which it refers to as the ‘global dollar’. 

Given Paxos has a background of partnering with institutions such as PayPal and Stripe, it says the Ethereum stablecoin is “designed to support the needs of regulated institutions that maintain higher standards of operation.”

“Enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises,” said Ronak Daya, Head of Product at Paxos.

“USDG offers a trusted solution with a top-tier banking partner in DBS that will be the catalyst to drive stablecoin innovation and enterprise adoption at a global scale.”

Singapore’s largest bank, DBS, will provide custody for the securities and dollar cash deposits will also be managed via DBS.

Other stablecoins from Paxos
Paxos Trust in New York is the issuer of the PayPal stablecoin and also supports Stripe in its stablecoin acceptance. The company has its own US-based stablecoin USDP and its UAE-based affiliate, Paxos International, issued the yield-bearing stablecoin Lift Dollar (USDL). Paxos Trust was previously the issuer of the Binance USD stablecoin.

The company has always been amongst the most conservative in managing stablecoin reserves to ensure they maintain their 1:1 peg. Hence. it will hold US dollar deposits, short dated Treasuries and ‘other cash equivalents’. 

The whitepaper states other reserves include reverse repurchase (repo) agreements and institutional government money market funds. Reverse repo agreements involve temporarily lending cash (usually to banks) in exchange for collateral, in this case US government securities.

Stateside, Paxos structured as a New York regulated Trust to provide maximum protection to holders in the event of a bankruptcy. Likewise, Paxos Digital Singapore holds the assets in trust on behalf of stablecoin holders via segregated safeguarding accounts.

Anyone that has opened an account with Paxos (ie. has been through KYC) can redeem the stablecoin directly. It will usually take around a day but up to a maximum of five days in compliance with Singapore regulations. The minimum redemption amount is equivalent to the cost of the wire fee.

@ Newshounds News™

Source:  Ledger Insights

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CRYPTO VOTERS GUIDE TO CONGRESSIONAL LEGISLATION FOR THE 2024 ELECTION

The 2024 United States elections will be held on Nov. 5, as digital asset policy becomes a growing concern among pro-crypto voters.

As the 2024 US elections draw closer, digital assets have become a political issue for the first time, as industry executives and advocates apply pressure on candidates to pass pro-industry policies and embrace the future of money.

Clear and comprehensive digital asset policy in the United States remains elusive, as regulators like the Securities and Exchange Commission (SEC) regulate through enforcement action, rather than rulemaking. This lack of a coherent framework is a growing concern for elected lawmakers, industry service providers, and single-issue crypto voters.

While understanding a particular candidate’s stance on crypto policy is key, voters must also understand the underlying legislation currently being considered in the House and the Senate. Listed below are the key pieces of legislation currently up for consideration.

Financial Innovation and Technology for the 21st Century Act
The Financial Innovation and Technology for the 21st Century Act (FIT21) — introduced by Pennsylvania Congressman Glenn Thompson in 2023 — aims to establish a comprehensive digital asset regulatory framework by bringing sufficiently decentralized assets under the purview of the Commodity Futures Trading Commission (CFTC). The bill features these defining criteria for sufficient decentralization:

“If, among other requirements, no person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or the voting power of the digital asset.”

However, the bill also gives the SEC authority to regulate digital assets deemed as securities. In May 2024, the bill passed in the House and must pass in the Senate before it is handed to the President for consideration.

CBDC Anti-Surveillance State Act
Minnesota Rep. Tom Emmer first introduced the CBDC Anti-Surveillance State Act in 2023.

The bill’s goal is to prohibit the Federal Reserve Bank from ever creating a consumer-facing central bank digital currency (CBDC), or otherwise maintaining accounts on behalf of individuals.

Moreover, the bill seeks to restrict the Federal Reserve from “Using a central bank digital currency to implement monetary policy or from issuing a central bank digital currency,” entirely.

CBDCs face widespread criticism from the crypto community, liberty-minded individuals, privacy advocates, and commercial banks. In May 2024, the bill passed in the US House and awaits a vote in the Senate.

Clarity for Payment Stablecoins Act of 2024
The Clarity for Payment Stablecoins Act is a re-introduction of a 2023 bill of the same name from Rep. Patrick McHenry and seeks to establish a comprehensive regulatory framework for US-dollar stablecoins.

A key difference between the newer draft and the earlier bill is a provision allowing stablecoin issuers with a market capitalization under $10 billion to be regulated at the state level, rather than the federal level.

The previous version of the bill advanced to the House floor but has not yet passed in either chamber. Senators Lummis and Gillibrand also proposed a similar bill to the Senate in April 2024, to establish a stablecoin regulatory framework.

Digital Asset Anti-Money Laundering Act
First introduced by Massachusetts Senator Elizabeth Warren in July 2023, the Digital Asset Anti-Money Laundering Act proposes that digital asset providers should be subject to the same reporting requirements as traditional financial institutions under the Bank Secrecy Act.

Warren is one of the crypto industry’s most vocal critics, and the 2023 bill has faced significant backlash as one of the most anti-crypto pieces of legislation currently up for consideration.

The bill has not yet passed in either chamber of Congress and even lost support from its cosponsor, Republican Senator Roger Marshall, in July 2024.

Financial Technology Protection Act of 2023
The Financial Technology Protection Act of 2023, proposed by Iowa Rep. Zachary Nunn, aims to create the Financial Technology Working Group to combat illicit finance in terrorism and organized crime in emerging financial technologies.

Earlier in 2024, the bill passed in the United States House of Representatives and has been submitted to the Senate for deliberation.

Equal Opportunity for All Investors Act
Introduced by Nebraska Congressman Mike Flood in April 2023, the Equal Opportunity for All Investors Act would expand the definition of an “accredited investor” — lowering the barrier to entry for participation in private securities sales and offerings.

More specifically, the bill would allow individuals to qualify as accredited investors by passing a knowledge test administered by the SEC.

In 2020, the SEC amended its long-standing criteria for an accredited investor to emphasize financial knowledge rather than net worth, income, or wealth. The Equal Opportunity for All Investors Act was passed in the US House of Representatives but has not yet passed in the Senate.

The Blockchain Regulatory Certainty Act
Rep. Tom Emmer — one of crypto’s most vocal proponents — submitted the Blockchain Regulatory Certainty Act to the US House of Representatives in March 2023. The bill’s central goal is to exempt blockchain developers and service providers from traditional financial reporting requirements, as long as they do not handle customer funds.

The bipartisan bill was approved by the House Financial Services Committee in July 2023, and allowed to advance to the US House of Representatives but has yet to pass in either chamber of Congress.

Keep Your Coins Act
Ohio Congressman Warren Davidson introduced the Keep Your Coins Act in July 2023 as a consumer-facing protection meant to restrict regulatory agencies from preventing US citizens from using self-custodial wallets to transact.

At this time, it is unclear whether the bill will be passed into law or garner widespread support.

@ Newshounds News™

Source:  CoinTelegraph

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🌱 AUDIO INTEL AND MORE WITH BOB LOCK, JIM SILVER 57, R JAX AND LOWTIDE. GREAT INFO.  |  YOUTUBE

If you missed the Constitution Call last night, here is the replay.  We started off with any NEW news from Mason and Jim, INTEL.  We were Joined by Bob Lock.  Lots of great info including Election News near the end.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts   

~~~~~~~~~

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What Is A Financial Advisor and What Do They Do?

What Is A Financial Advisor and What Do They Do?

Robin Hartill, CFP® Thu, October 31, 2024  Yahoo Personal Finance

If you need help managing your money or you’re not sure whether you’re on track for a major life goal, a financial advisor can be an important ally.

A financial advisor is a professional who helps you create and implement a financial plan, manage your finances, and monitor your progress as you work toward your fiscal goals.

But the term “financial advisor” is a fairly broad one. Financial advisors often hold various licenses and certifications, but there’s no specific credential that someone needs to hold in order to call themself a financial advisor — though many common services financial advisors provide, like buying and selling securities, do require a license. That makes it extra important to vet an advisor and make sure they’re qualified to help you manage your money.

If you’re debating whether to hire a financial advisor and aren’t sure where to start, you’re in the right place. In this article, you’ll learn about the different types of financial advisors, what financial advisors do, how much a financial advisor costs, and how to choose the best advisor for you, including knowing which questions to ask.

Types of financial advisors

There are many different titles a financial advisor can go by, each of which has different requirements. Many of the types of financial advisors listed below work as personal financial advisors, meaning they primarily provide advice to individuals. However, some of the professionals listed below may focus on advising corporations or organizations instead.

When you decide what type of advisor you want to work with, it’s important to understand the difference between a fiduciary vs. non-fiduciary advisor. Many (but not all) financial advisors are held to a fiduciary standard, which means they’re required to act in their client’s best interest. A fiduciary must disclose any potential conflict of interest to the client up-front.

Other types of advisors are only held to what’s known as a suitability standard. That means they’re required to make recommendations they believe are appropriate for their client’s needs.

Investment ‘advisers’

An investment “adviser” is paid to provide advice about securities like stocks and bonds. Anyone who provides investment advice (as most financial “advisors” do) must register with either the U.S. Securities and Exchange Commission (SEC) or state securities regulators, depending on the value of assets under management. They’re also required to hold a securities license.

TO READ MORE:  https://finance.yahoo.com/personal-finance/what-is-a-financial-advisor-and-what-does-a-financial-advisor-do-152541716.html