Warren Buffett Issues A Warning Ahead Of The $84 Trillion Great Wealth Transfer

Warren Buffett Issues A Warning For All Parents Ahead Of The $84 Trillion Great Wealth Transfer

Chloe Berger  Updated Tue, November 26, 2024  Fortune

Planning your will could make or break your family after your death, warns Berkshire Hathaway CEO and legendary investor Warren Buffett.

"Father time always wins. But he can be fickle,” the 94-year-old billionaire noted in an unusually candid letter released on Monday.

Conversations addressing one’s own death can be a difficult subject to broach. The logistics of what happens to our money and belongings can be an equally dreaded task. But ahead of the $84 trillion Great Wealth Transfer, Buffett asserts that there’s no sense in delaying the uncomfortable and risking future conflicts down the line.

Buffett’s Advice For Parents

As one of the richest people in the world, Buffett is currently worth more than $151 billion. He has voiced his plans for his massive nest egg, pledging in 2010 (alongside Bill Gates and Melinda French Gates) to give at least half of his fortune to charity before his death.

That’s all to say, Buffett’s riches and ensuing estate planning probably seem outside the realm of possibility for most of us. But while Buffett chips away and distributes his massive wealth, he appears to have found advice that’s applicable to more than just billionaires.

“I have one further suggestion for all parents, whether they are of modest or staggering wealth. When your children are mature, have them read your will before you sign it,” he wrote.

Your will should be a dialogue, in the eyes of Buffett. He suggests that parents make sure their children understand “both the logic for your decisions and the responsibilities they will encounter upon your death.” Then a benefactor should answer said questions or concerns, “listen carefully, and adopt those found sensible.”

Buffett admits to doing as much with his kids over the years, and hearing their feedback and suggestions. “There is nothing wrong with my having to defend my thoughts. My dad did the same with me,” he explained.

Many Americans treat money as a taboo topic within their families, but they don’t feel better off for it. Most (56%) say their parents never spoke of money with them, though a striking 81% believe that they would have benefited from having financial education at an earlier age, according to the Fidelity Investments State of Wealth Mobility survey.

Plagued by financial insecurity, younger generations are eagerly awaiting a Great Wealth Transfer—or inheritance from their older relatives. The changing of the tides will likely take place by 2045 and be worth about $84 trillion, Boston-based market researcher Cerulli Associates projected in 2022.

But as boomers and the silent generation prepare to hand off assets and savings, wrinkles start to form. Expectations can be out of alignment, with Gen Z and millennial offspring anticipating to receive more than their elders say they expect to leave behind, according to Northwestern Mutual in ITS Harris Poll survey of more than 4,500 U.S. adults.

And most Americans (72%) report that they don’t feel they have enough financial confidence to manage a large influx of money by themselves, per a Citizens Bank survey of 1,500 U.S. adults. Millennials especially report feeling a lack of confidence in managing a potential future windfall. But a little bit of preparation beforehand could perhaps ease the minds of the privileged young beneficiaries of the Great Wealth Transfer.

When Wills Go Wrong

TO READ MORE:  https://www.yahoo.com/finance/news/warren-buffett-issues-warning-parents-174136443.html

The Financial Iron Curtain Going Up Between BRICS and the G7

Matt Riley: The Financial Iron Curtain Going Up Between BRICS and the G7

Palisades Gold Radio:  11-25-2024

Tom welcomes retired naval officer Matt Riley to the show. Matt shares his background in economics and global affairs and expresses his interest in the developing BRICS system. They discuss the BRICS alliance's diplomacy, economic cooperation, and representation goals.

Matt explains nBRIDGE, a decentralized settlement system, with gold acting as a stable store of value for settling trade imbalances.

Matt explains the use of gold in net settlement currencies and direct payment methods for energy transactions between BRICS Nations.

The bilateral central bank and exchange agreements create a decentralized system, with Dubai being the second-largest gold trading hub due to its diplomatic neutrality.

Matt discusses the potential implications of the BRICS currency system on oil, gold, and silver. He suggests a more stable energy pricing structure could benefit all parties. Maintaining stability in energy prices is crucial for everyone's benefit.

The current system is serving BRICS nations by isolating them from the serious debt problems associated with the US dollar-based system. Lastly Matt encourages listeners to shift focus from financial assets to community and social capital for true wealth and happiness.

Time Stamp References:

 0:00 - Introduction

0:34 - BRICS & Payment Systems

 4:15 - Brief History of BRICS

10:22 - nBRIDGE Exchange System

13:43 - Gold's Settlement Role

15:08 - Basket Structure?

16:41 - Volume of Use?

18:32 - Exchange Dubai vs. London

 20:32 - BRICS Summit Russia

27:43 - Playing Both Sides?

31:24 - PMs & The Road Ahead

35:54 - Silver Role & Industry

40:07 - Oil & Dollar Hegemony

 46:14 - Expectations for BRICS

48:40 - Bypassing Sanctions

 50:50 - Change Mindset & Focus

53:15 - Wrap Up

Talking Points From This Episode

The BRICS alliance explores decentralized digital currency exchange systems like nBRIDGE for economic cooperation and diplomacy.

Matt discusses gold's role in net settlement currencies and stable energy pricing within the BRICS system.

Matt highlights potential benefits of the BRICS currency system, such as stability in energy pricing and reduced reliance on US dollar.

https://www.youtube.com/watch?v=QjOCOUqo8C4

“Tidbits From TNT” Tuesday 11-26-2024

TNT:

House of Representatives votes to extend legislative term for one month

The House of Representatives voted, today, Tuesday, to extend its legislative term for one month.

Today, Tuesday, the Speaker of the House of Representatives, Mahmoud Al-Mashhadani, opened the 17th session with the attendance of 168 representatives.  link

Tishwash:  Al-Alaq: The monetary situation in Iraq is excellent and our reserves support the stability of the exchange rate

The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Monday, that the monetary situation in Iraq is very excellent, noting that “the increase in the volume of reserves enables us to support the exchange rate and achieve monetary stability.”

Al-Alaq added in a press statement that the Central Bank is distinguished by its ability to "respond to providing the country's needs for currency," indicating that "foreign transfers for trade purposes are proceeding smoothly after the implementation of the new system."

Al-Alaq revealed that "the Central Bank will launch a new mechanism for travel or treatment transfers next year," stressing that "there are agreements with four companies to launch a new mechanism for travel or treatment transfers."  link

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

Tishwash:  Talk about "fair prices" for oil.. Meeting between Al-Sudani, Russian Prime Minister and Saudi Energy Minister

Prime Minister Mohammed Shia al-Sudani held a joint meeting with the Russian Deputy Prime Minister and the Saudi Minister of Energy to discuss the "energy market situation." 

According to a statement issued by Al-Sudani's media office, a copy of which was received by Al-Jabal, "Mohammed Shia Al-Sudani held a joint meeting with Russian Deputy Prime Minister Alexander Novak, and Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al Saud."

The meeting witnessed "discussions on the conditions of global energy markets, and matters related to the production of crude oil, its flow to markets, and meeting demand."

He added, "The importance of maintaining stability, balance and fair prices was emphasized, while emphasizing the vital role played by the OPEC Plus group in this regard."  link

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

Tishwash:  Al-Sudani: Iraq must always be at the forefront

Prime Minister Mohammed Shia al-Sudani said today, Sunday, November 24, 2024, that: "Iraq must always be at the forefront."

Al-Sudani participated in the memorial ceremony held by the Ministry of Foreign Affairs today, Sunday, on the occasion of the centenary of the establishment of the ministry.

In his speech at the ceremony, Al-Sudani congratulated the centenary of the founding, which occurred in 1924, and the launch of diplomatic work for the modern Iraqi state, and the transition of the country, after independence and joining the League of Nations, to become an effective international and regional pillar among nations.

Al-Sudani reiterated the government's keenness since the beginning of its work to pay great attention to foreign affairs and its institutions based on our country's supreme national interests and constitutional constants, stressing the need to prepare a new generation of young diplomats who believe in the new democratic political system, and this matter will receive the support and attention of the government.

He touched on the humanitarian efforts that Iraq provided to the Palestinian and Lebanese brothers, in addition to the political and diplomatic efforts to prevent the war from spreading and expanding.

Al-Sudani said in the most prominent part of his speech during the Foreign Ministry ceremony:

Iraq is one of the most prominent founding members of the United Nations and its subsidiary organizations, which gave it an international presence and a focal point in many of the pivotal events in the history of the region.

 The Ministry of Foreign Affairs has maintained the spirit of diplomatic work and its basic traditions.

Iraq suffered from isolation due to the policies of the former dictatorial regime, and quickly regained its centrality and position after 2003.

The Ministry of Foreign Affairs was able to perform its national role, which expressed in a distinctive way the new Iraq and contributed to peace, security and openness to all.

We established an important and fixed principle that we called “productive diplomacy” to be the basis of our foreign work.

Our standard in drawing up relations with the countries of the world is to adopt the principle of partnership and bilateral relations based on equality and management of interests, in a way that guarantees Iraq its rights, independence of decision, and sovereignty.

At the beginning of the government, we focused on strengthening relations with countries in the region and the world, and we hosted many international events.

We launched the Vital Development Road Project, which represents an Iraqi diplomatic message before it is an economic one.

We have recalled the role of the Ministry of Foreign Affairs to end the mission of the international coalition and organize relations with its countries on a comprehensive bilateral basis.

The strategic framework agreement to regulate relations with the United States of America has been revived.

We are proud of our government’s achievement in completing the political and institutional construction of the state.

We agreed to end the UN political mission of UNAMI and continue working with the specialized UN agencies.

Iraq has become, by the United Nations’ recognition, a country that has fulfilled all the conditions for democratic, political and developmental transformation.

Iraq called early on to intensify efforts to end the war in Palestine and Lebanon, protect civilians, and work to prevent the war from expanding.

The Zionist entity threatened Iraq with flimsy pretexts that reveal its aggressive intentions, which required us to emphasize not to make Iraq a launching pad for any attack.

We directed the Ministry of Foreign Affairs to follow up on the Zionist threat file in international forums to prevent the entity’s attempts to ignite war in the region further.

The International Criminal Court has issued arrest warrants against the entity's prime minister and former defense minister, which confirms the entity and its leaders' aggressive and criminal behavior.

Our diplomatic missions are called upon to play an active role in clarifying the Iraqi position, which preserves its principles and guarantees the supreme interests of the country.  link

Mot: .......... At least I brought the carrots

Mot:  . and then - Pooof!! -- Next Week  

“Coffee With MarkZ” Tuesday Morning Chat 11-26-2024

Thank you MarkZ for all your time, and encouragement daily….. PDK

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 all you beautiful people

Member: Thanksgiving Blessings and hugs to all

Member: What’s the good word today Mark?

MZ: I am waiting for that bond update this late afternoon into the evening….. What is expected is an update on what bond holders should expect on timing and the release.

MZ: There are some golden articles out of Iraq overnight. “ Finance Committee reveals the outline of amending the budget law”  They are almost done.

MZ: “The Oil Committee meets to discuss the text of the budget amendment regarding Kurdistan oil.” The Kurdish region will start exporting  about 450,000 barrels of oil per month and a extra billion dollars from the Kurdish region for government revenues alone. These are huge numbers and would not be happening if HCL was not at least agreed too. I think they are still hiding that.

Member: Ariel posted the HCL is done

MZ: It’s not been officially announced but there are some solid clues that it could be done.

Member: Iraq is probably done it’s probably the USA that’s holding up the progress.. isn’t that typical

Member: Mark, when do we expect to hear anything "official" out of Iraq? the Wednesday Gazette?

Member: Article: “Iraq announces population census results at over 45 million amid slight increase in males” Quote: “Al-Sudani

MZ: “Iraq exports more than 100 million barrels of oil last October” that was last month. Its obvious we are just waiting on the official HCL announcement .

MZ: And they have placed a mechanism into the budget law for a rate change ……Why would they do that if they did not expect a rate change? There is an amendment specifically for the change in the value of their currency. This is for all of those who says this will never happen.

Member: Mark have you seen the article that Alak said the mechanism will be activated in 10 days and the ri is 95% done and only 5% left to complete

Member: I think with Sudani stating he wants this done by Dec 10th he will come through for he knows-if he doesn’t….. they will take to the streets soon

MZ: There is so much pointing to it all going before Dec 10th.

MZ: “Dollar War- The Eastern camp imposes a new economic reality against Washington’s weapons”  This is a breakdown on BRICS and how they are changing the financial reality. There are options besides the dollar.  It was always the plan that if the western word would not go along with changes in the financial system …BRICS would force the change. We are getting close.  

Member: Markets, freaking out because why? Money! So programmed! That’s why we need the RV!! Chaos stops immediately, people are no longer stressed beyond measure! Get it done Treasury and all involved

Member: can anybody clarify what is meant by needing an NDA for the bonds?

Member: NDA means non-disclosure agreement. Bondholders can't tell rates they get, etc.

Member: are you hearing anything about the Redemption Center Workers?

MZ: They had a busy weekend last weekend. They claim they were getting things squared away and ready . I expect an update tomorrow.

Member: What are they saying the dinar will be worth now?

MZ: They are not.  But most people believe it will be in the high $3.s or low $4’s.

Member: Do you think the Dong will still be half the dinar?

​​Member: I saw the Dong at 0.39 on Saturday

MZ: On the dong we once again had new values show up again. Surprising rates on screens like $3.9003333-I think it was. This was on late Sunday. Was it a glitch or hiccup or testing?  We don’t know. But it is curious. If dong goes that high- WOW

Member: I would sure take that dong rate right now

MZ: We saw an Indonesian rate pop up a few weeks ago at $1.47. This is the rate I have been hearing for over 5 years.

​​Member: IMO, IQD will be $3.81-$4.24, VND $1.65-$2.26 IMO!

Mod: Remember we won’t know rates till our appointment. Anything else is speculation

Member: Dear Lord, make this Thanksgiving & Christmas memorable

Member: I’ll gladly go to the RV appt instead of eating Turkey!

Member: We would be sooo thankful if it went before Thanksgiving??

Member: Thanks Mark!!!! - Thanksgiving week - a time to be grateful for all!!!

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

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

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

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

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

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

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

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

Youtube:     https://www.youtube.com/watch?v=KtUOkN3Q1H0

Seeds of Wisdom RV and Economic Updates Tuesday Morning 11-26-24

Good Morning Dinar Recaps,

 CRYPTO REGULATIONS : UK’S FCA UNVEILS PLAN TO FULLY REGULATE CRYPTO ASSETS BY 2026

Right now, with a Bitcoin holding of 61,000 BTC, the United Kingdom is the third largest Bitcoin holder, after the United States (207,189 BTC) and China (194,000). Devere Group CEO Nigel Green recently advised the UK government to follow Donald Trump’s strategy to create a Bitcoin national reserve. Could the BTC reserve strategy transform the UK? Let’s listen to what Green has to say!

Nigel Green’s Vision for a UK Bitcoin Reserve
Recently, US President-elect Donald Trump proposed his plan to create a Bitcoin reserve in the United States. The plan has been received well by most. Many experts think that Trump’s move would help the US economy overcome significant challenges, including inflation and public debt.

Financial expert Nigel Green also praised the United States’s new Bitcoin reserve strategy. Highlighting the prime benefits of the move, he advised the United Kingdom to adopt a similar strategy to boost the economy.

Strategic Benefits of a Bitcoin Reserve
The global market is notoriously volatile. Key issues faced by many western countries, including the UK, are inflation and rising public debt.

 The national debt of the United Kingdom now stands at 2.8 trillion Euro – roughly equivalent to the value of all the goods and services produced in the UK in a year.

In the last financial year alone, the UK government borrowed at least 125.1B Euro. Last month, the government borrowed nearly 17.4B Euro – the second highest borrowing in October since 1993. The annual inflation rate in the United Kingdom sharply grew from 1.7% to 2.3% in October.  

Green highlighted the unique advantages of a Bitcoin reserve strategy to address critical economic issues like inflation, currency devaluation and market volatility. He also pointed out its potential to attract crypto entrepreneurs and blockchain innovators, thereby stimulating economic growth.

Global Competition and the Risk of Falling Behind
Emphasising the risk of falling behind in the race for global technology and financial leadership, Green noted that many nations have already crafted their own crypto strategies.

Recently, marking an end to the long-standing rule of the Conservative Party, Keir Starmer, a Labour Party leader, was elected as Prime Minister.

Financial experts like Green seem confident that the new Labour party leadership would be open to revolutionary policies, like creating a UK Bitcoin reserve, to swiftly improve the country’s economic health.

@ Newshounds News™

Source: CoinPedia  

  ~~~~~~~~~

NY FED EXPLORES FINANCIAL STABILITY RISKS OF DIGITAL ASSETS AMPLIFIED BY LACK OF COHERENT REGULATION

The New York Federal Reserve (NY Fed) published a report on the financial stability implications of digital assets. It concludes that the risks have been small so far because of the size of the sector. But if it becomes larger, it could pose risks to the broader financial system.

It identifies many of the risks outlined in previous reports but with some nuances.

Digital assets have big booms and busts, with the Bitcoin price falling more than 70% from its 2021 peak. Other factors exacerbate these large price swings. They include what the Fed refers to as funding risk or run risks. 

 A range of digital asset players have suffered runs, including centralized exchanges (CEXs), crypto lenders, stablecoins, and even DeFi protocols. The example of the latter was the Anchor Protocol relating to the collapsed Terra platform.

On top of the booms and busts, and the run risk, the sector uses a high degree of leverage which exaggerates the other risks. Plus, the crypto ecosystem is highly interconnected.

The NY Fed wrote about a lack of a strong and cohesive regulatory environment that amplifies the vulnerabilities. This is more about many crypto entities being offshore, or entities such as decentralized autonomous organizations (DAOs) lacking a clear legal status.

Stablecoins under the spotlight
Given the assessment focuses on financial stability, the NY Fed didn’t dwell on the threat of stablecoins to the singleness of money.

Instead, it is particularly concerned by stablecoins because of their interconnectedness – both within the crypto ecosystem and with the mainstream economy. They “appear to contribute not only to the instability of the digital ecosystem but also to systemic risk,” wrote the NY Fed authors.

While there’s a perception that stablecoins are redeemable, in a crunch only option for many people is to trade them in the secondary market.

Maturity transformation is a known issue in banking – where banks lend on mortgages against demand deposits. The NY Fed argues that maturity transformation can also happen with stablecoins if their assets are illiquid or have longer maturities. It acknowledges that the asset quality of the larger stablecoins has improved over time. 

 However, a good 15% of Tether’s assets are still relatively risky, “making Tether riskier than most prime MMFs, a sector that experienced destabilizing runs in 2008 and 2020.”

The ease of switching between stablecoins can amplify the stablecoin run risk. Decentralized stablecoins such as the DAI (now USDS) are considered riskier because it takes longer for DAOs to react.

Regarding interconnectedness, stablecoins are used by lending protocols, so a run on a stablecoin results in users withdrawing lending and borrowing rates rising significantly.

What the NY Fed is really concerned about is if a large stablecoin had to suddenly liquidate a lot of Treasuries, then that could impact mainstream financial markets.

The paper also explores the growing interconnectedness between digital assets and mainstream finance in other ways.

This interconnectedness, combined with the volatility and fragility of crypto, and high leverage is why it considers digital assets a potential financial stability risk.

@ Newshounds News™

Source: Ledger Insights 

 ~~~~~~~~~

IS CRYPTO THE ANSWER TO YOUR FINANCIAL PRAYERS? | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

 ~~~~~~~~~

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Thank you Dinar Recaps

Iraq News Highlights and Points to Ponder Tuesday AM 11-26-24

Beggars Are Sweeping The Streets Of Iraq.. Their Numbers Are "Large" And 90% Of Them Receive Welfare Salaries

Reports     Economy News - Follow-up  Since her husband died when she was 25, Umm Ali (53 years old) has spent her daytime hours wandering around the Shorja market next to Rusafa in the capital, Baghdad, extending her hand asking for “the charity of passersby.” In her wide green eyes is a trained look of sadness, often prompting people to reach into their pockets to help her.

She reinforces her appearance, which suggests a walking tragedy, with a sentence she repeats mechanically, the vocabulary of which has not changed, and in a steady tone of voice since she began her path of begging for sympathy: “I have three orphaned children to raise and pay the rent.”

Part of what she says is true. She has rent to pay for her small, run-down house on the outskirts of Baghdad, and she already has three sons, the youngest of whom is 24. They have all left her one by one for years, and she now lives alone.

She admitted this after she had seized a 5,000 dinar banknote, which was enough to raise the ceiling of her confidence in the investigator. She admitted, but with the same tone of voice that resembled crying, that she was facing great difficulties as she walked on foot, begging people: “I have to wander around looking for my livelihood in the heat, cold and dust despite my illness,” according to the “Nirij Network for Investigative Reports.”

She added: “The police sometimes harass me. Once they asked me to pledge not to beg again, and they asked me to register with social welfare in order to receive a salary.”

She paused for a moment as if trying to choose the right words, and continued: “The care salary will not be enough for transportation costs, and I am a single, poor woman. Why do they pursue me and leave the criminal gangs, pickpockets, and drug addicts in the street, some of whom are foreigners?”

Umm Ali is referring to the begging gangs that share control over several areas in the capital, Baghdad, and use innovative methods to defraud people, despite the official authorities launching campaigns to combat them, as well as the phenomenon of begging in general.

He also noted that begging is not limited to Iraqis, but there are also foreigners who enter the country in various ways, including under the pretext of religious visits, tourism and work, and organized crime gangs invest in their networks to pose a threat to Iraqi society as a whole, according to officials and researchers familiar with the begging file in the country.

Half A Million Beggars

Counselor Saeed Al-Naaman, a member of the Legal Committee of the Iraqi Forum for Elites and Competencies, defines begging as: “an individual’s request for money from others using various fraudulent means to influence their emotions and compassion.”

He considers it a “bad and frightening social phenomenon that poses a danger that reaches the point of destroying the foundations of society. It is a contagious disease, and is highly contagious. It begins with the individual, then the family that hosts him, and expands to include large groups,” according to the “Nirij Network for Investigative Reports.”

Groups that encourage unemployment, dependency and lack of production, thus wasting opportunities to develop themselves and exploit their energies, and placing restrictions on the dreams of their owners, so that they remain prisoners of collecting money to secure some of their material needs or their daily sustenance, nothing more.

Al-Naaman says that there is a delay in implementing Article (390) of Penal Code No. 111 of 1969, which considers begging “a misdemeanor punishable by imprisonment for a period not exceeding one year for adults. As for minors, they are placed in shelters and employment centers that do not have the minimum tools for employment.”

He believes that this legal text needs “activation, monitoring and continuous follow-up to provide these tools.” He continues: “Article (391) of the same law includes placing the beggar for a period not exceeding one year in an employment home if he is able to work, or placing him in a shelter, a home for the elderly or a recognized charitable institution if he is disabled and does not have money to be taken from, provided that his joining the appropriate place for him is possible.”

He believes that this article: “talks about tools that do not exist or that do not serve the purpose if they do exist, and there is no capacity to accommodate the large numbers of beggars if they are deposited to implement the rulings issued against them.”

The head of the Strategic Center for Human Rights in Iraq, Fadhel Al-Gharawi, estimates the number of beggars in the country at more than 500,000, most of whom are minors and women. He says that 70% of begging is organized crime, 20% is electronic begging, and 10% is traditional begging. He says that the latest forms of begging are: “electronic and health begging, and cover-up to establish humanitarian or social projects.”

He warned against foreign begging in Iraq, noting that it is “the most dangerous form of human trafficking” and that organized crime gangs are behind it, which he says have exploited the legal, security and economic conditions in Iraq to “activate the begging trade there.”

He added: “Organized crime gangs bring foreign beggars into Iraq under several pretexts, including labor, tourist and religious visits, and under the cover of refugee status.” He also indicated that most of the nationalities of foreign beggars are from Asian countries, most of them from Bangladesh, while Syrians come in first place among Arab beggars, he said.

It is noteworthy that the Ministry of Interior had deported more than 10,000 foreign beggars during the years 2023 and 2024 and returned them to their countries, while there are large numbers of them still inside Iraq without there being accurate statistics on their numbers and nationalities.

 Causes Of The Phenomenon

In a study prepared by Karar Haider Hassan, entitled (The Phenomenon of Begging and Its Impact on National Security), published on the website of the Nahrain Center for Strategic Studies affiliated with the National Security Advisory in the Prime Minister’s Office on June 27, 2024, several reasons were identified behind the “exacerbation” of what he described as the phenomenon of begging in Iraq, including:

Poor economic conditions, widespread poverty and unemployment. Conflicts and wars, resulting in population displacement and the loss of many of their jobs and properties. Weak and unstable educational system, causing high rates of illiteracy and ignorance. Weak effective social programs to support the most vulnerable groups in society.

The study also pointed out the most common types of begging in the country, such as direct individual begging by asking for money or indirect begging by offering simple goods such as tissues and then begging passersby to buy them. Family begging and seeking sympathy through children, organized begging (begging gangs) and seasonal begging, during holidays and religious occasions.

In his study, Karar pointed out a new type of begging that has emerged in recent years, called “electronic begging,” which is done over the Internet, through some people exploiting social media and websites to request financial assistance by publishing touching stories about the family’s situation, such as one of its members being afflicted with a dangerous disease.

The study pointed out the dangers of begging on society, such as distorting its public image and increasing the feeling of insecurity among the population, and causing a burden on the local economy due to the presence of dependent individuals who depend on others instead of working, as it also contributes to increasing crime rates and the use of children in illegal work.

Accordingly, the phenomenon of begging affects national security, according to the study, because it is linked to the high crime rates in cities, especially if it is reinforced by the phenomena of unemployment and poverty as “two main drivers,” and that “shoplifting and pickpocketing are among the most prominent crimes associated with begging.”

Also, children are exploited in begging, which may lead to children entering the “world of organized crime or drug trafficking.” Moreover, beggars live in poor health conditions, which increases the possibility of the spread of diseases and epidemics. Begging affects the opportunities for developing tourism, as it affects the country’s image in front of foreign visitors.

A Crime That Leads To Other Crimes

Judge Jassim Mohammed Al-Moussawi describes in an article the phenomenon of begging as dangerous, and its causes are social or economic, and most of them are inherited professions, and they may be “individual violations committed by individuals or within groups or organized categories, and they may be within organizations that may extend beyond borders.”

He believes that it is an introduction to committing many crimes such as: “violating the sanctity of homes and thefts, all the way to drug trafficking and abuse.”

He says that the Iraqi legislator addressed the crime of begging in Penal Code No. 111 of 1969, as amended, in Chapter Eight under Social Crimes / Section Eight in Articles (390-392) and allocated penalties for it specific to “the adult beggar, the juvenile, and whoever tempts a person to beg.”

He also points out that the Anti-Human Trafficking Law No. 28 of 2012 identified eight forms of human exploitation, including begging, as the law considered the perpetrator’s exploitation of the victim and pushing him to beg as “a crime of human trafficking, as well as the forced kidnapping of children and adults and their introduction into organized crime gangs and forcing them to practice begging.”

Sondos Nouri Hassan, who holds a master’s degree in criminal law, warns that the phenomenon of begging has begun to take “more criminal and professional forms and is now being committed by organized international criminal groups,” saying that they lure children to go outside their parents’ control and then exploit them in begging.

The issue may reach the point of kidnapping the juvenile, deliberately causing physical disabilities to the person and then exploiting him in begging to elicit emotions, and that there are “organized gangs behind begging and preferring homeless women and children and hiding behind them more dangerous phenomena such as organ trafficking, drugs and prostitution.”

Because of its seriousness, Sondos says, national criminal legislation has played its role in combating it, by criminalizing and punishing it, and has followed a criminal policy in line with the degree of seriousness of this crime and its negative impact on society.

Including Article (390) of the Iraqi Penal Code No. 111 of 1969, as amended, which punishes the perpetrator of the act of begging with imprisonment, with mention of some aggravating circumstances: “However, it did not stipulate the crime of begging gangs, nor did it make the commission of begging by gangs an aggravating circumstance.”

Anti-Begging Campaigns

On March 20, 2023, the President of the Supreme Judicial Council, Dr. Faiq Zidane, issued Circular No. 379 to the Presidency of the Public Prosecution and all presidencies of the Courts of Appeal, setting March 22 and 23, 2023 as the date for launching an integrated campaign to combat human trafficking in Iraq with the aim of ending the phenomenon of begging “because of the threat it poses to security.”

It seems that this campaign or other campaigns that followed it, organized and participated in by various parties, did not achieve success, as the phenomenon of begging continued and worsened, which prompted the National Security Council in early 2024 to draft a (National Policy to Combat Begging) in cooperation with the Ministry of Labor and a number of other ministries.

It is a policy that is in the process of being approved and ratified before being presented to the Prime Minister’s Office for launch and generalization. According to a source in the Ministry of Labor and Social Affairs, the policy “includes the tasks of performance, leadership, follow-up, evaluation, identifying points and areas of strength and weakness, and support,” and that its main goal is “to provide a decent life for citizens who are unable to work.”

It is noteworthy that the Department of Citizens’ Affairs in the General Secretariat of the Council of Ministers had commissioned the Ministry of Labor in 2015 to form a department specialized in combating begging, and committees emanating from it were formed in the Iraqi governorates, headed by deputy governors and including representatives from a number of ministries and institutions.

Member of the Security and Defense Committee in the Iraqi Parliament, Ali Nima, stated that the Ministry of Interior, through its various formations, is continuing a broad campaign to combat begging in the governorates, listing the reasons for this campaign: “The first is to address a negative phenomenon, in addition to avoiding greater risks, as some beggars are tools for crime and many thefts have been recorded, in addition to the security dimension included in the campaign,” adding, “Beggars can be exploited in several dimensions.”

He points out that there are beggars of Arab and Asian nationalities who are already present in Iraq and that “their numbers are large and they enter the country annually through smuggling or through a limited-term travel visa, then they try to disappear from sight and later resort to begging, especially since some of them come from poor countries.”

He pointed out that the security services have monitored crimes of theft and armed robbery involving some foreign nationals who do not have entry visas. He said that foreign beggars are present in large numbers in the holy cities.

These people prefer begging to working, because begging provides, without any effort, several times what the wages of an inexperienced foreign worker, which range between $300 and $500, provide. Ali Hussein, the owner of a building materials store in Baghdad, says, “A beggar only needs to stand for four or six hours a day in a crowded street or in front of a mosque to get more than $30.”

The Ministry of Labor and Social Affairs, in cooperation with the Ministry of Interior, participated in the campaign that was launched on September 9, 2024, in order to carry out its duties in caring for those who deserve it. According to the Director of the Media, Arab and International Relations Department at the Ministry, Kazem Al-Atwani, it is collecting data on beggars who are arrested by the Ministry of Interior and conducting field research to verify their conditions. “The procedures for those who deserve it are being completed to include them in the social protection allowance.”

But the social welfare salary does not convince the majority of eligible beggars to stop begging, as it averages $200.

The Ministry of Labor is currently limited to dealing with beggars who are arrested and placed in the Ministry of Interior centers, and no one else. Al-Atwani points out that “a written pledge is taken from the beggar that he or any of his family members will not return to the profession of begging, and legal measures will be taken against anyone who returns to it.”

He stressed that the recent campaign comes as a continuation of the Ministry of Labor and Social Affairs’ work in “eliminating poverty after covering more than 7,000 individuals with social protection benefits.”

Social Welfare Salaries

 Member of the Iraqi Council of Representatives, Haifa Al-Jaberi, addressed, in letter No. 1153 on May 13, 2024, the Ministry of Labor and Social Affairs, to include beggars in social welfare salaries “after obtaining pledges from them not to beg.”

They have already been included, according to the Director of the Homelessness and Begging Department at the Ministry of Labor, Haitham Aboud, who confirmed that beggars between the ages of 15 and 45 are now included in the salaries of the social welfare network, a measure taken by the ministry as part of plans to combat the phenomenon of begging in 2024, he said.

He stated that beggars will also receive soft loans, while “the files of minors and the elderly will be referred to the social protection system and housed in designated homes.”

The Ministry of Labor has set the welfare salaries as follows: A married citizen who supports a family of four people is paid a salary of 420 thousand dinars per month, while a married citizen who supports a family of three people is paid a salary of 315 thousand dinars, while the one who supports only one person, the salary for the two people is 210 thousand dinars, so he is paid only 105 thousand dinars.

Although the Ministry of Labor does not provide figures for the number of beggars who have benefited from the social welfare stipend program, Haitham Aboud expressed disappointment at the general lack of response from beggars to his ministry’s program. “Many of them return to the streets after a short period,” he said. He believes the reason for this is the organized crime gangs that control them.

He implicitly held citizens responsible for this by calling on them not to give money to beggars, “but rather to donate to well-known charitable organizations through the boxes located in the streets.”

He stressed the ministry's intention to collect accurate information about beggars and enter it into specialized databases to classify them according to different categories, pointing out the adoption of plans to include them in training courses and workshops "which will give them the opportunity to obtain soft loans that will help them start small projects."

As for beggars who are unable to work, such as minors, the elderly, and people with special needs, Aboud says that they “will benefit from social protection systems and will be housed in orphanages and nursing homes.”

But the effectiveness of this step is questioned by some officials. The head of the Social Authority at the Ministry of Labor, Ahmed Khalaf, stated in press statements that 90% of beggars have social welfare salaries, and they are among seven million Iraqis who receive it. This is an implicit indication of the futility of the matter, as the welfare salary does not prevent the continuation of begging.

Near a medical clinic complex on Karrada Street in the capital, Baghdad, a woman sat on the sidewalk with her two young children, wrapped in a tattered black abaya, and hiding her face with the edge of her black headscarf. She refused to give her name to a young man who was about to throw a thousand dinars into her son’s lap. She glanced reproachfully out of the corner of her eye, doubting the motives behind the question.

She said she was not committing a crime by asking others for charity to help her raise her five children. She pointed to the two little ones sitting on the floor next to her: “I have three older ones.”

The woman, who said she was over 40, spoke of the great difficulties she had been facing for about two years, when her husband went to prison on a drug-related charge, and she had to find money to cover the cost of living, and she raised her hands in prayer for someone who would allow her and her children to live in an unfinished building outside the capital, Baghdad.

She says that she knows about the social welfare salary given to people like her: “It is not enough.. I have no choice but to go out on the street.. I do not have a certificate to find work, and charitable relatives cannot help you permanently.”

Partial Solutions

Chairwoman of the Women, Family and Childhood Committee in the House of Representatives, Dunya Al-Shammari, confirmed the addition of the “begging” paragraph to the draft of the Child Protection Law, which she said would be enacted in the next phase after years of postponement. She stated that “the draft law is sensitive and must be given great attention because it differs from other laws in terms of scrutinizing every paragraph and word in it, so that it is not misunderstood or becomes a loophole that can be used to commit violations by any party.”

She added: “Iraq needs a law that protects the weakest group in society, which is children, from everything they are exposed to,” and she acknowledges that the laws enacted after 2003 regarding the family and children “were not sufficiently sound to protect the child from all types of oppression or deprivation, whether electronic blackmail, begging, or domestic violence.”

Al-Shammari points out that the phenomenon of begging is increasing day after day despite the enactment of prohibitive laws and the holding of seminars and workshops that warn of its danger. “However, we see the exploitation of children in this phenomenon, which falls under the name of human trafficking, through the presence of groups that traffic them and force them to do so.”

Statements by members of the Parliamentary Committee on Children, as well as government officials, including those working in the Ministry of Labor and Social Affairs, confirm that addressing the phenomenon and its repercussions is very difficult, and that the solutions presented and proposed so far are not sufficient.

Dr. Abed Hashem, a social specialist, stipulates that economic conditions must be improved before embarking on any campaign to combat begging. “Not everyone is employed, and job opportunities are not available to everyone, so the government must work to reduce unemployment and poverty rates and create job opportunities by launching new productive projects and employing those who have been unemployed for decades, and they number in the thousands throughout the country.”

He added to this the implementation of effective social programmes that meet the needs of those who have lost their breadwinners, to rescue poor families and pave the way for their members to complete their studies, or teach them professions that enable them to earn appropriate sums of money, and direct specialised educational programmes to those who need them in cooperation with civil society organisations.

He says that the anti-begging campaign that was launched in the last part of 2024 was preceded by a campaign implemented in 2005 by five ministries: the Interior, Labor, Social Affairs, Human Rights, Justice, and National Security. It required placing elderly beggars in nursing homes, providing care for orphans in special state homes, and taking pledges from some of them not to beg again.

He continued: “Launching a new campaign means that the old campaign has failed, so there must be permanent measures, not temporary ones. A phenomenon of this size cannot be solved through campaigns, and the matter requires realistic plans to limit it at least.”

He also called for activating Article 93 of the Iraqi Penal Code 111 of 1969, by imprisoning adult beggars whose health condition does not prevent them from working, and for traffic police to contribute to informing the relevant authorities about beggars at street intersections and other places, and to crown all of this with intensive media support directed at citizens to discourage beggars by helping them, and to limit assistance to “those who deserve it, who are not professional beggars.”

(W, L) is in his early twenties, from the Rusafa side of the capital, Baghdad. He suffers from a complete inability to use his left leg as a result of a traffic accident he sustained in his childhood. He sits in front of his stall, which he says he uses as a front to protect himself from police pursuits as well as begging gangs, which he says are widespread in special areas that he controls.

He says he comes from a poor family and couldn’t complete his studies. He receives a social welfare salary, but it’s not enough to support his family, which consists of three sisters, his disabled father, and his sick mother. So he has to ask people for help, in addition to “selling these simple things of mine, why not?” He says, pointing to his stall, which contains two packs of gum, small tissues, and irons.

He warns that in addition to the begging gangs, there are drug gangs, and that some have offered to distribute or sell drugs to him, “but I refused,” he thinks as he looks at the passersby before continuing: “I get 10 or 15 thousand dinars a day sitting here, while they offer a lot of money. Honestly, I hesitate even to sell cigarettes to avoid problems, but I don’t know what will happen tomorrow. For the sake of my family and my future, I may be forced to do things that I don’t want to do now.”

https://economy-news.net/content.php?id=50246

News, Rumors and Opinions Tuesday AM 11-26-2024

RV Excerpts from the Restored Republic via a GCR: Update as of Tues. 26 Nov. 2024

Compiled Tues. 26 Nov. 2024 12:01 am EST by Judy Byington

Global Currency Reset:

Sat. 23 Nov. 2024: A very credible source said that the RV would occur prior to or around Thanksgiving.

Sat. 23 Nov. 2024 Wolverine: “We are definitely going to have a good Christmas. Just letting you know that I’m now under NDA. I cannot talk right now so I cannot hurt the process. Please respect my NDA guys. We are now definitely close.”

Read full post here:  https://dinarchronicles.com/2024/11/26/restored-republic-via-a-gcr-update-as-of-november-26-2024/

DJ: DID YOU KNOW?

Nov 24th Post 2024 (End of Fractional Banking)

If the GCR was to happen now or in the near future, it can be assumed that, in some fashion, we would have to utilize the current banking system. So I looked at how much banks make and how they make it. Looking at Wells Fargo, Bank of America (BofA) and J.P. Morgan Chase.

In 2023 Chase had $134.4 Billion in revenue with a net of $48.3 Billion. Wells Fargo had $89.4 B in revenue with a net of $19.1 B. B of A had $96.5 B in revenue with a $26.5 B net. In 2019(prior to the pandemic) Chase had $36.4 B net, BofA $27.4 B net and Wells Fargo $19.6 B net.

Banks primarily generate money through several activities:Interest Income: Banks lend out customer deposits in the form of loans, charging interest. They earn by maintaining a gap between the interest paid on deposits and the interest charged on loans.Fees: Banks charge fees for services like account maintenance, overdrafts, wire transfers, and credit card usage. Investments: They invest in financial instruments such as bonds, equities, or real estate. Trading & Advisory: Larger banks earn from trading securities and offering financial advisory services.

What I didn’t know was in March 2020, the Federal Reserve eliminated reserve requirements for banks. (Don’t know how this conflicts with Basel 3.5) This effectively ended the traditional practice of maintaining a minimum reserve percentage or Fractional Reserve Banking. With Fractional Reserve Banking , banks were required to reserve a portion of deposits for every dollar they loaned .With a $100 deposit the bank could loan out $90. Now, with no reserve amount required, the banks can loan out all of its deposits. Keep in mind when I say “deposit”, that’s your money they are loaning out.

From March 2022 to July 2023, the Fed increased rates 11 times, raising the federal funds rate from near zero to 5.25–5.50%—the fastest pace of hikes in decades. The question is, how come the banks’ net profit increased substantially during and after the pandemic? Theoretically raising interest rates curbs inflation.

But the banks made more money with the higher rates? It’s called Increased Net Interest Margin (NIM). Banks earn money by lending funds at higher interest rates than they pay on deposits (your money).When the Fed raises rates, the interest banks charge on loans (like mortgages, credit cards, and business loans) typically increases faster than the interest they pay on customer deposits. This widens the NIM, directly boosting profitability. The banks are making a fortune on the suffering of the rest of us. And the Fed is complicit.

All that being said, if the GCR was to happen now, the massive funds deposited into the banks would follow this scenario. The banks would basically have unlimited discretion what they can do with your money. It all points to the need for a new, completely different, financial system for the GCR to engage. Until we see that, we won’t see a GCR.

We all want to go skating but you can’t go ice-skating when the lake isn’t frozen.

DJ

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

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

Mnt Goat   ...we are still seeing lots of news from Iraq on educating the citizens in many areas. One biggie is the census... This level of census has NEVER been conducted since the 2003 invasion. Lots has changed since. This census is also part of the Article 140 and the process of determining the shares of the excess oil revenue streams to be divided up to the citizens as part of the Hydrogen Carbon Law (HCL) this is also better know as the Oil and Gas Law.  Yes, the GOI does plan to administer oil profit shares to the citizens much like they do in the Saudi and Kuwait.   [Post 1 of 2]

Mnt Goat  However...you can see that they first must rebuild their economy and infrastructure. Today there is not much remaining of oil revenues after they pay all their bills. The surplus will come once they diversify their economy and these other sources of revenue come pouring in, as we are seeing now to begin...I would not gamble on this HCL triggering the RV, as many...seem to think will happen when they finally pass the Oil and Gas Law.   [Post 2 of 2]

Elites And Bank CEO’s In PANIC As Economic Collapse Is Imminent!

Atlantis Report:  11-26-2024

The global economy is standing on the brink, and the warning signs are impossible to ignore. Bank CEOs and economic elites are scrambling to respond as fears of a 2024 and 2025 recession grow louder.

Inflation continues to erode purchasing power, debt is reaching unsustainable levels, and even the job market is showing cracks.

 Reports suggest the European Central Bank may implement three rate cuts this year, signaling instability across the eurozone. Meanwhile, in the U.S., declining wage growth and rising unemployment are painting a grim picture for workers.

With first-quarter figures providing only temporary relief, the question remains: Are we prepared for what’s coming?

https://www.youtube.com/watch?v=NZ64mVpuOfw

MilitiaMan & Crew Iraq News-Central Bank Iraq-Monetary Stability Excellent-Budget Law 2023, 2024, 2025-Article 13

MilitiaMan & Crew Iraq News-Central Bank Iraq-Monetary Stability Excellent-Budget Law 2023, 2024, 2025-Article 13

11-25-2024

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

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

https://www.youtube.com/watch?v=c82txJIGCxE

Seeds of Wisdom RV and Economic Updates Monday Evening 11-25-24

Good Evening Dinar Recaps,

BRICS: NEWS INDIA EXTENDS CBDC PAYMENTS TO NEW COUNTRIES

BRICS member India is strengthening its CBDC mobile payment ties with many more countries for cross-border transactions. Bloomberg reported that India is partnering with multiple countries in South Asia to process mobile payment systems. 

The countries include the Philippines, Sri Lanka, and its BRICS counterpart the United Arab Emirates (UAE). T Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI) confirmed the development at the conference in Cebu, Philippines.

In addition, BRICS member India has already maintained the CBDC payment agreement with Bhutan and Nepal. The RBI is collaborating with ASEAN countries to integrate the platform for all like-minded nations. For the uninitiated, India is among the first countries in the world to successfully launch the pilot batch of the CBDC testing.

BRICS country India is assessing the possibilities of launching the CBDC digital currency for government, retail, and institutional usage.

It is also studying the impact a CBDC currency could have on the overall economy, banking systems, and monetary policies. When asked about when the CBDC digital currency could be launched, Sankar said that India is not in a hurry. “We are in no hurry to roll it out immediately. Once we have some visibility of what the outcome or impact will be, we’ll roll it out. We don’t keep a specific timeline for that.”

@ Newshounds News™

Source: Watcher Guru

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WHY XLM: IS STELLAR THE MOST UNDERRATED CRYPTO?

▪️Stellar has seen a significant price surge, sparking renewed interest in its potential.

▪️Stellar's co-founder, Jed McCaleb, emphasizes its real-world utility, advanced features, and potential to revolutionize global finance.

▪️Stellar's high transaction volume, native stablecoins, decentralized exchange, and secure smart contracts ensure it as a strong player.

The Stellar market has soared by an astounding 478.057% since November 5, making waves across the crypto community. This unexpected price surge has left many asking: Could Stellar be one of the most underrated projects in crypto?

Co-founder Jeb McCaleb recently shared insights that reveal the true power behind Stellar—insights that most people have overlooked until now. What makes this project so special? Let’s dive deeper and uncover why Stellar might just be more than meets the eye.

Steller’s Growing Popularity
Stellar’s popularity has grown significantly in recent years, with the sharp rise in XLM’s price this month showing the growing interest in the project. While McCaleb acknowledged this increased attention, he pointed out that many people still don’t fully understand the potential of Stellar.

Despite the buzz, he believes the project remains underrated.

Stellar vs. Ethereum
One of McCaleb’s key points was about the scale of Stellar’s daily transactions. He noted that Stellar handles at least ten times more transactions daily than Ethereum, and a large portion of these transactions involve real-world payments.

This impressive transaction volume, combined with its practical use cases, is a major reason for the recent rise in XLM’s price.

Stellar’s Powerful Features
Stellar offers several unique features that have contributed to its popularity and price surge:

▪️Native Stablecoins: Stellar supports its own stablecoins, which makes it perfect for cross-border payments.
▪️Built-in Decentralized Exchange (DEX): Stellar’s integrated DEX allows easy token swaps without the need for third-party exchanges.
▪️On-Chain Governance: The project includes built-in governance features, ensuring more transparency and security.
▪️Safer Smart Contracts: Stellar’s platform allows secure smart contracts, making transactions safer.
▪️Passkey and Multi-Signature Support: The network enhances security with passkey support and native multi-signature features.

McCaleb also emphasized Stellar’s efficiency, noting that the platform supports fast transactions with near-zero fees. This cost-effectiveness and speed make it a top performer in the crypto space, and a big reason why Stellar is gaining more attention.

The Future of Stellar
McCaleb described Stellar as a powerful payment system that fits perfectly with the true purpose of cryptocurrency. He hopes that both businesses and individuals will soon recognize the value of using Stellar for financial transactions. He also predicts that Stellar will play a major role in the global financial system in the near future.

FAQs
What makes Stellar XLM unique?
Stellar’s unique features include native stablecoins, a built-in DEX, on-chain governance, safe smart contracts, and a scalable, secure platform ideal for financial transactions.

Is Stellar XLM underrated?
Despite its strong fundamentals and growing popularity, Stellar is often considered underrated due to a lack of widespread understanding about its real-world impact and capabilities.

What’s clear is that Stellar’s journey has only just begun, and its impact will soon be seen in the crypto industry.

@ Newshounds News™

Source:  CoinPedia

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AUSTRALIA BEGINS CONSULTATION ON OECD CRYPTO REPORTING FRAMEWORK

Australia’s Treasury seeks input on implementing the crypto-asset reporting framework within its domestic tax laws.

Australia’s Treasury Department released a consultation paper seeking feedback on applying an international reporting standard for cryptocurrency transactions. The initiative is part of a broader effort to enhance tax transparency and combat global tax evasion.

The consultation, launched on Nov. 21, focuses on implementing the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF).

The OECD framework sets standardized rules for collecting tax data on crypto-asset transactions and sharing that information among tax authorities.

The paper presents two options for implementing CARF: adopting the framework into Australian tax law or taking a more tailored approach that would target the needs of the Australian Taxation Office.

Adopting an international standard on crypto reporting
In 2022, the OECD — an intergovernmental organization creating international standards — developed and released CARF to combat global tax evasion using crypto assets.

The OECD developed CARF in 2022 to combat global tax evasion through crypto assets. In 2023, 47 countries, including Australia, committed to adopting the framework. The initiative is expected to enhance visibility into crypto transactions and bolster international information exchange.

Australia is now moving toward integrating CARF into its tax law by consulting with stakeholders.

OECD’s CARF will mandate crypto exchanges and wallet providers to report specific crypto transactions to the relevant tax authorities. The information collected would include digital asset purchases.

According to the consultation paper, CARF reporting requirements may start in 2026. The Treasury stated:

“Subject to a final decision of Government, it is envisaged that CARF reporting requirements would commence from 2026, to ensure the first exchanges between the ATO and other tax authorities could take place by 2027. This timeframe would also be subject to future legislative priorities.”

The Treasury also said this timeframe will provide enough lead time for reporting crypto providers to update their systems.

Other countries implementing CARF into tax laws
Other jurisdictions have also started integrating CARF into their domestic laws. On April 18, Canada announced it would apply the framework by 2026.

 On May 18, Switzerland issued a public consultation for applying the standards to its local tax laws. The country also intends to implement the framework to enhance tax transparency for crypto assets.

Meanwhile, New Zealand introduced the framework in a new tax bill. On Aug. 27, the New Zealand Minister of Revenue submitted a proposal to implement the framework into its laws. Crypto providers are expected to collect information starting on April 1, 2026, and submit them by June 30, 2027.

@ Newshounds News™

Source:  CoinTelegraph   

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WISDOMTREE FILES FOR XRP ETF VIA DELAWARE TRUST, JOINS BITWISE, CANARY CAPITAL IN THE RACE

Moving beyond Bitcoin, asset managers are now eyeing towards XRP as the next big player in the ETF space. In a latest develoment, the Global ETF provider WisdomTree has filed to launch an XRP ETF in the U.S. notably, this is the third filing to establish a spot XRP ETF in the country. Moreover, the XRP price soared over 10% after the announcement.

Eleanor Terrett Confirms The Legitimacy
The trust filing represents a preliminary step in the ETF launch process, preceding a formal application to the SEC.

The update was shared by Fox journalist Eleanor Terrett. Terrett also confirmed the legitimacy of the filing with WisdomTree, which manages over $100 billion in assets.

 Also, just recently, the organization introduced its physical Ripple ETP in Europe. The latest Delaware filing shows the firm’s growing interest in Ripple’s native token.

Additionally, two other firms have filed for an XRP ETF. In October, Bitwise and Canary Capital filed for spot XRP ETFs with the U.S. SEC.

XRP Surges 10%
The news has driven a notable price surge for XRP, with its value rising over 10% in intraday trading. Many market experts anticipate that if XRP breaks out above $1.50, its price could rally to over $2 in the short term.

Renowned analyst Armando Pantoja in a bullish outlook has suggested that XRP could surge to $8-$30. This optimism stems from expectations that Ripple’s long-standing legal battle with the U.S. SEC may resolve favorably in early 2025 in line with Trump’s return and Gensler’s exit.

With SEC Chair Gary Gensler set to resign, speculation is mounting around the future of XRP ETFs, particularly due to the Ripple SEC case. Experts believe that Gensler’s departure could lead to a relaxation in regulations potentially easing the path for XRP ETFs under new leadership.

@ Newshounds News™

Source: CoinPedia 

~~~~~~~~~

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The ‘Hermit’ Savings Rules: 8 Frugal Tips for Today’s Economy

The ‘Hermit’ Savings Rules: 8 Frugal Tips for Today’s Economy

Cindy Lamothe  Mon, November 25, 2024   GOBankingRates

When your personal finances combine with your personal space, your spending habits and savings account might be working a bit more harmoniously too. Consumer practices across the world have been altered significantly over the past few years — for obvious reasons and otherwise — in what economists have dubbed “the age of the hermit consumer.”

“For ‘hermit’ consumers, it can be really easy to make impulse purchases and overspend because of how easy and convenient shopping online is,” said Carter Seuthe, CEO of Credit Summit Consolidation. “Something that can be helpful to maintain a more frugal budget is just to define your expectations and priorities when it comes to the amenities you have.”

Whether it’s how you approach your visit to the grocery store or price-matching your favorite online retailers, the how, when and where you swipe your credit card has simply changed. If you embrace the hermit lifestyle and prefer your saving and spending to be done in a vacuum, below are some expert frugal living tips to thrive in today’s economy.

Embrace a DIY Mentality

“DIY is my new favorite hobby,” said Andrei Vasilescu, co-founder and CEO of DontPayFull. “It’s cost-effective, and YouTube is a great teacher. About 50% more people are getting into DIY now.”

Syed Lateef, business coach and CEO of SyedBNB, agrees. “We can all see it,” Lateef said. “The focus has shifted towards a more home-oriented lifestyle, and I can personally say that more people are embracing do-it-yourself (DIY) activities.”

He said this is a good thing because mastering basic skills for home and car repairs can lead to considerable savings. Simply put, it’s better to invest your time than a third of your paycheck every time you need some general maintenance or repairs done.

“Nowadays, the hundreds of online tutorials and resources makes it easier than ever to learn and perform these tasks ourselves,” he said, “reducing the need to hire professionals.”

Save Money by Cooking at Home

“The driving force behind the hermit economy isn’t entirely clear,” Lateef said. He said it could be due to the lingering hesitation for close-contact services, the increase in remote work or a shift in social values. Instead of dinner and a movie out, you can now meal-plan and binge on your favorite streaming service.

“What’s obvious, though,” he said, “is that consumers are now more inclined to spend on home-centric activities.”

As a result, he said, many followers of the FIRE (financial independence, retire early) movement have come to realize that frequent dining out can be quite costly. So, frugal individuals are embracing the art of cooking at home, experimenting with budget-friendly and nutritious meals.

He added, “Hermit consumers save money but also encourage healthier eating habits.”

Focus on Secondhand Finds

Repurposing secondhand or vintage items such as clothing or home decor is both economically and environmentally friendly. In the current economic climate, looking at secondhand alternatives before buying new is a wise strategy, Lateef suggested.

“I believe that the ‘hermit’ consumers are now placing more emphasis on sustainability because of the pandemic, so shops like thrift stores and online marketplaces are trending because of the treasure troves of affordable, yet quality items.”

In terms of frugality, he said, this not only helps save money but also aligns with sustainable practices by repurposing and recycling items.

TO READ MORE:  https://finance.yahoo.com/news/hermit-savings-rules-8-frugal-140043078.html

FRANK26……11-25-24……IN 2 WEEKS

KTFA

Monday Night Conference Call

FRANK26……11-25-24……IN 2 WEEKS

This video is in Frank’s and his team’s opinion only

Frank has stated he will no longer do public videos on the Iraqi dinar UNLESS it is Important, Prudent or Necessary.  

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=Ksm0QN4i9Eg