BRICS+ Nations Determined to Trade in their Own Currencies

BRICS+ Nations Determined to Trade in their Own Currencies

Geopolitical Analyst:   11-29-2024

The global economic landscape is undergoing a significant transformation as the BRICS+ nations — Brazil, China, Egypt, Ethiopia, India, Iran, the Russian Federation, South Africa, and the United Arab Emirates — intensify their efforts to trade using local currencies.

This development, emphasized during their 16th summit in October 2024, highlights a collective determination to reduce reliance on the US dollar and euro, two currencies that have long dominated international trade.

An economic and political imperative drives these countries to promote trading in their currencies. The reliance on major currencies often leads to increased transaction costs and vulnerabilities tied to the fluctuations and availability of these currencies.

For many nations, particularly those in the Global South, trading in currencies like the US dollar is fraught with challenges. Countries such as Ethiopia, whose currency (the birr) is not widely accepted internationally, face significant barriers when trying to engage in trade or to repay debts typically denominated in foreign currencies.

One principal advantage of using local currencies is lowering transaction costs. By trading in their own currencies, BRICS+ countries can streamline the process, making it easier and more efficient to conduct cross-border transactions. This financial autonomy not only enhances trade fluidity but also allows these nations to avoid the pitfalls of relying on currencies that are often tied to political agendas and economic sanctions.

Historically, certain currencies have garnered trust and value because they are backed by nations with robust economies and stable political systems. The US dollar, the euro, the British pound, and the Japanese yen have served as the currencies of choice for international trade, providing a sense of safety for traders and investors alike.

However, the need to transact in these dominant currencies can create economic bottlenecks for developing countries. For instance, if a country cannot earn enough of these major currencies through exports, it struggles to fulfill its import needs or pay off debts, which can hinder economic growth and overall development.

In the unique case of Russia, the country faces extensive sanctions due to its aggressive foreign policies, particularly its conflict with Ukraine. Here, diversifying currency options may offer a pathway to navigate these sanctions, allowing Russia to engage in international trade with alternatives to the dollar or euro.

The political motivations behind this shift are equally compelling. The imposition of sanctions, particularly through the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system, has increasingly been used as a tool to exert pressure on nations. Established in 1973, SWIFT has become the backbone of international payments, facilitating secure communication between financial institutions globally. It has been used to impose financial sanctions on various countries, including Iran, Russia, and North Korea, effectively restricting their access to international financial markets.

By moving towards local currency trading, BRICS+ nations can potentially insulate themselves from future sanctions that utilize the current financial infrastructure which they cannot control. In doing so, they seek to reclaim their financial sovereignty and create a more balanced global trading environment.

While the move towards trading in local currencies is promising, it is fraught with challenges. The success of such a shift will depend on the willingness of these countries to establish robust financial systems capable of facilitating international trade without relying on the major currencies. Moreover, trust in local currencies must be cultivated among member nations and their trading partners for these currencies to gain acceptance on the global stage.

In conclusion, as BRICS+ nations embark on this journey towards de-dollarization, they navigate a complex landscape dominated by longstanding economic practices and geopolitical intricacies.

While the ambition to trade in local currencies holds the potential to reshape international trade dynamics and enhance economic resilience, its realization will require concerted efforts, cooperation, and trust among member states. The outcome of this initiative could largely determine the future of international trade and finance as a whole.

https://youtu.be/Kr6agqDQUNc

Coffee with MarkZ and Mr. Cottrell 11/29/2024

Coffee with MarkZ and Mr. Cottrell  11/29/2024

MarkZ  Update- Some highlights by PDK-Not verbatim

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

Member: Good Morning to all….Hope you had a wonderful Thanksgiving Day.

Member: I hope everyone had a great family day yesterday and that there is some great RV news today!

Member: Today would be a great day for an RV

MZ: I really thought we might be across the finish line before thanksgiving.

Member: With Thanksgiving behind us, I would think they could announce this anytime now.

MZ: On the groups, historic bonds and contact side…. Most of my sources are traveling to get back in position today. If there is any updates I will share them …but, probably nothing until tomorrow morning.

Member: What tier would we be considered to be in? Also, how would we be notified when and where to exchange our currency?

MZ: We are in tier 4…..4a is where they have already turned in their currency and have SKR’s (safe keeping receipts) ….We are considered 4B  because we are still holding our currency

Member: There are 5 Tiers of folks Exchanging. Tier 1-governments and royalty Tier 2-whales-elite with platforms of currency, corporations, etc. Tier 3-Admirals Group, American Indians, CMKX, large church groups (like the Mormons), etc. Tier 4-all the hundreds of thousands paying attention to intel - internet groups(all of us). Tier 5- those who never paid attn - the general public.

MZ: “After the decision to cancel the platform –Will we see a crazy rise in dollar prices in Iraq?  If they support the value of the dinar they are going to be just fine. If they raise the value of the dinar- they don’t have to worry about it anymore.

Member: MARK, how does IRAQ even run their government at such a junk rate? They are building ports, buildings, etc., How do they do all this with crappy rate?

Member: If they already know that activating the new Rate would kill the Black market rate then what the heck are they waiting for. They've been saying this since last summer...

Member: if they stop the auctions in December like they say they are…They have to RV at that time…imo

MZ: “ Electronic Payment: 18 million cards used in Iraq” A third of the population now use traditional banking cards.

MZ: “How does the United Nation view the Sudanese governments steps in the economic file?”  in short- they love it. Sudani has gotten more done in his term than anytime in the 15-20-years. Even Fitch has moved Iraq up to a “B” credit rating.

Member: (From Dinar Guru) Mnt Goat  ...The news from Iraq is all still very good. There is so much progress. The BIG event of course, will be the ending of the current currency auction process and use of the new system already to implement. The CBI has told us that nearly 95% of the current payments needed for imports is covered by the four (4) correspondent banks for this purpose... remember that the clock is ticking and other outside banking relationships must take place but will most probably never take place unless the IQD is valuable again and most importantly on these terms it must also be reinstated back on FOREX for investors to “legally” use this currency in their portfolios of investments for their clients. This is the key. Yes, this is really just where we are right now...

MZ: Yes they were 95% done with the new system and should be finished in the next week.

Member: And Sudani wanted the monetary reform done by victory Day on Dec 10th.

MZ: Yes- all my contacts are saying between and Dec. 10th.  

MZ: Cycles tell us we will reset to a commodity based world. It is not a question of “if” it’s just “when”

Member: Fiat currency systems usually last 35-50 years…this one lasted 54 now.

MZ This fiat system is well past its expiration date.

Member: Does the system have to crash before we see the RV?

MZ: was told the Fed will fold into the US Treasury and USTN’s (United States Treasury Notes) are released at the same time.

Member: Why cant we just go to any bank to exchange instead of redemption centers?

Member: Go ahead, run out to banks, get a low ball rate, and don’t get any of the perks! Security is already in place at the banks, ie redemption centers

Member: it’s a free country – do what you want….But I am going to a redemption center/redeeming bank and get the best rates, best security and best perks.

Member: Some people think the Dinar will go international on Forex on Monday morning when the Sydney exchange opens.

Member: This RV is teaching us patience.

Member: My epitaph will read “and she waited” lol

Member: Please let this be our last week to wait!!!

Member: Mods you are always appreciated for what you do for the community!!!

Member: Thanks Mark and Mr. C…..Hope everyone stays safe this Black Friday

Mod:  SEE YALL IN THE MORNING. NO PODCAST TONIGHT

Mr. Cottrell joins the stream today. Please listen to replay for his information and opinions.

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

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

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

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

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

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

NO PODCAST TONIGHT. JOIN US TOMORROW AT 9:45 AM

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Iraq News Highlights and Points to Ponder Friday AM 11-29-24

Judiciary Warns Of The Danger Of Currency Smuggling

November 28, 2024 Baghdad/Al-Masala: The Supreme Judicial Council warned, on Thursday, of the danger of currency smuggling and its harm to the national economy and development, while revealing the latest methods of currency smuggling and how to pursue it.

The judge of the Integrity and Money Laundering Investigation Court, Iyad Mohsen Damd, said in a statement to Al-Qada newspaper, “Currency smuggling is one of the crimes that has economic and social impacts, most notably harming the national economy by taking hard currency out of the country and pushing it into circulation in the economic market of other countries.”

In light of the technical and technological developments that the world is witnessing, as Damd points out, “currency smugglers have developed their means and methods of smuggling money, and one of the most recent methods that we have been presented with in practical reality is smuggling currency through prepaid electronic payment cards,

where the accused agrees with ordinary citizens to issue payment cards in their names in exchange for small amounts that he gives them, then he fills the cards, carries them and takes them out of the country through airports, and then withdraws the amounts in cash through ATMs in the countries to which he travels.”

Among the methods of smuggling money, Damd stated that “some criminals resort to the currency sales window at the Central Bank of Iraq to buy dollars, and then transfer the money to foreign bank accounts under the pretext of importing goods without there being a real import operation.”

Regarding the legal procedures, he pointed out that “the courts currently consider currency smuggling crimes in accordance with the provisions of Resolution 58 of 1982, the penalty for which is life imprisonment, and sometimes it is adapted according to Article 43 of the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2015, which is a misdemeanor, and the decisive factor in determining the penalty is the circumstances and facts of the case.”

The judge in charge of combating money laundering stated that “there are legal procedures represented by the enactment of laws that require combating currency smuggling and impose deterrent penalties on perpetrators, and there are institutional procedures represented by the formation of security and intelligence agencies concerned with combating this crime, arresting its perpetrators, and presenting cases before investigating judges.”

Regarding the obstacles facing the pursuit of currency smugglers, he stated that “the obstacles are represented by the difficulty of tracking and uncovering some of the smugglers’ methods, especially when they use modern methods and advanced technologies. Another obstacle is the fact that the crime is organized and is committed by transnational gangs. It is known that transnational crimes are complex and difficult to track and trace in terms of inspection, arrest and prosecution procedures.”

Regarding technological progress and its impact on increasing or reducing these crimes, the judge described technological development as “a double-edged sword, as criminals can exploit it to develop methods of currency smuggling, speed it up, and complicate the procedures for tracking it.

On the other hand, the competent authorities can benefit from it by combating the crime of currency smuggling by developing inspection and inspection devices at airports, as well as by developing systems to combat money laundering and currency smuggling, and by using technology to activate the due diligence procedures that must be followed to reduce the danger and extent of currency smuggling.”

For his part, the judge of the Third Karkh Investigation Court, Muhammad Khalid Jiyad, revealed “other modern methods used in currency smuggling and money laundering operations, which are represented by importing goods from neighboring countries through fictitious deals or attaching forged invoices in which prices are inflated to high levels or through (K-Card) cards.”

Jihad explained that “currency smugglers collect a large number of Key Cards and Visa Cards after filling them with national currencies and traveling with them outside Iraq and withdrawing the amounts deposited in them in dollars or by purchasing electronic game cards from the Internet in dollars, as well as through drug and weapons trade and oil smuggling.”

He explained that “traders and importers evade legal accountability by importing under fictitious names, as most of them are not registered for taxes or do not possess an import certificate that originally allows them to conduct commercial exchange.”

He warned of “the danger of currency smuggling, which causes economic inflation by doubling or more the prices of goods,” indicating that “these crimes have led to the instability of the country’s economic situation, the fluctuation of the exchange rate of foreign currencies against the value of the Iraqi dinar, and the spread of poverty, classism, and ignorance in society.”

“The biggest obstacle facing the concerned authorities in pursuing foreign currency smugglers is the fact that the ownership of the dollar is restricted to a certain group or parties that control the devaluation or increase of the local currency against the dollar, which has created a kind of dominance and monopoly supported by an umbrella and official decisions,”

Jiyad continued, noting that “the financial policy has failed to achieve stability in the exchange rate of the dinar against the dollar, in addition to the difficulty of uncovering people who launder money and smuggle hard currencies, as this type of crime is covered by a commercial nature.”

He pointed out that “one of the reasons for not controlling smuggling is the border crossings that are not controlled by the General Authority of Customs, as well as the presence of some smugglers outside Iraq and of different nationalities, which makes it difficult to reach them and hand them over to the Iraqi state due to international law, as the handing over of smugglers is according to the principle of reciprocity and extradition agreements between countries.”

Regarding the measures taken to confront currency smugglers, he stated that “the Central Bank of Iraq plays an important role through its policies, so a special policy must be set for the bank and translated according to instructions and controls and applied to all banks and financial institutions strictly, in addition to the special oversight that is represented by practicing auditing procedures related to oversight of financial institutions.”

Regarding the judicial efforts in this field, Jihad stressed that “the Iraqi judiciary has an important role in confronting this crime through the judicial rulings it issued against currency smugglers, where the provisions of Article (456) of the Penal Code were applied, in accordance with Article (57) of the Iraqi Banking Law No. 94 of 2004, which states that (any person who practices banking activities and works without a banking license issued by the Central Bank of Iraq is considered guilty and subject to prosecution, and the fraud penalty stipulated in the Penal Code shall be applied against him).”

He added that “Article (456) of the Penal Code punishes anyone who obtains or transfers possession of movable property owned by another to himself or to a person by using fraudulent methods or by adopting a false name or incorrect description or by reporting a false matter about a specific incident, whenever this is likely to deceive the victim and induce him to surrender.”

The judge explained that “actions are taken against natural and legal persons who practice banking activities such as financial transfers abroad without having a license to do so according to their certificate of establishment, and the provisions of the dissolved Revolutionary Command Council Resolution No. 58 of 1982 are also applied, which states (first):

Anyone proven to have smuggled money outside Iraq for the purpose of investment shall be punished with life imprisonment, and his movable and immovable assets located in Iraq shall be confiscated and registered in the name of the Ministry of Finance.”

He pointed out that “Article (38) of the Anti-Money Laundering and Terrorism Financing Law 39 of 2015 stipulated (First: The funds involved in the crime must be confiscated…), and the decision of the dissolved Revolutionary Command Council No. 58 of 1982 included the confiscation of movable and immovable funds located in Iraq for anyone proven to have smuggled funds and specified the entity in whose name these confiscated funds are registered (the Ministry of Finance).”

https://almasalah.com/archives/106721

"Innovative" Methods For Smuggling Dollars In Iraq... And The Perpetrators Are "Safe

Reports Economy News – Baghdad Two judges specializing in integrity, money laundering and smuggling cases revealed the latest methods used in money laundering and smuggling crimes in Iraq, which are represented by the use of electronic cards or fictitious imports, while they indicated that the biggest obstacles facing the pursuit of money laundering is the monopoly of the dollar for certain categories covered by legal decisions.

The judge of the Integrity and Money Laundering Investigation Court, Iyad Mohsen Damd, told Al-Qada newspaper that “currency smuggling is one of the crimes that has economic and social impacts, most notably harming the national economy by taking hard currency out of the country and pushing it into circulation in the economic market of other countries.”

He explained that “currency smugglers have developed their means and methods of smuggling money, and one of the most recent methods that have been presented to us in practical reality is smuggling currency through prepaid electronic payment cards, where the accused agrees with ordinary citizens to issue payment cards in their names in exchange for small amounts that he gives them, then he fills the cards, carries them and takes them out of the country through airports, and then withdraws the amounts in cash through ATMs in the countries to which he travels.”

He pointed out that "some criminals resort to the currency sales window at the Central Bank of Iraq to buy dollars, and then transfer the money to foreign bank accounts under the pretext of importing goods without there being a real import operation."

For his part, Judge of the Third Karkh Investigation Court, Muhammad Khalid Jiyad, reveals other modern methods used in currency smuggling and money laundering operations, which are represented by “importing goods from neighboring countries through fictitious deals or attaching forged invoices in which prices are inflated to high levels or through (K-Card) cards.”

He explains that “currency smugglers collect a large number of Key Cards and Visa Cards after filling them with national currencies and traveling with them outside Iraq and withdrawing the amounts deposited in them in dollars or by purchasing electronic game cards from the Internet in dollars, as well as through drug and weapons trade and oil smuggling.”

He stressed that "traders and importers evade legal accountability by importing under fictitious names, as most of them are not registered for taxes or do not possess an import certificate that originally allows them to conduct commercial exchange."

“The biggest obstacle facing the concerned authorities in pursuing foreign currency smugglers is the fact that the ownership of the dollar is restricted to a certain group or parties that control the devaluation or increase of the local currency against the dollar, which has created a kind of dominance and monopoly supported by an umbrella and official decisions,”

he said, noting that “the financial policy has failed to achieve stability in the exchange rate of the dinar against the dollar, in addition to the difficulty of uncovering people who launder money and smuggle hard currencies, as this type of crime is covered by a commercial nature.”

He also attributes the reasons for the lack of control over smuggling to “the border crossings that are not controlled by the General Authority of Customs, as well as the presence of some smugglers outside Iraq and of different nationalities, which makes it difficult to reach them and hand them over to the Iraqi state due to international law, as the handing over of smugglers is according to the principle of reciprocity and extradition agreements between countries.”

https://almasalah.com/archives/106721

"Innovative" Methods For Smuggling Dollars In Iraq... And The Perpetrators Are "Safe

2024-11-29 | 1,717 views SumerianNews – Local The major embezzlement case that took place inDiyalaWhich was known as the theft of the century, kept secret withoutAdvertisementAbout the results of the investigations into it.

The case included the seizure of billions of dinars of compensation funds allocated to victims of terrorism.

Reports indicate that the stolen amount amounts to 9 billion dinars, amid accusations against employees in the governorate’s office.

An informed source said, "The funds were gradually withdrawn over several months, using forged checks."

He added that "the ongoing investigations revealed the involvement of no less than five employees, including accounting officers, two of whom were arrested and large sums of money were seized, while the search for the rest is still ongoing," explaining that "the investigations included cooperation from Integrity And the security authorities to track down those involved and prevent them from traveling.

However, the representative of the province Diyala Ahmed Al-Moussawi recently revealed that the value of the “theft of the century” has increased in The province To 40 billion dinars.

Al-Moussawi said: “We are waiting for the competent authorities to investigate and reveal the theft of approximately forty billion dinars, according to the information that reached us,” explaining that “the judiciary and the Integrity in Diyala We are facing a major test to clarify the details of this theft and those involved in it.

He called for "following up on the issue and supervising the investigation directly, returning these funds as soon as possible, holding the thieves accountable and imposing the most severe penalties on them."

Last April, media outlets reported that nearly 9 billion dinars had disappeared from the Diyala Governorate office, similar to the “theft of the century.”

She explained that "the amount that disappeared is compensation amounts and is estimated at 8-9 billion dinars, and those involved in stealing it are 3 employees who fled to an unknown location," noting that "the theft was carried out through checks that were gradually cashed over the past months." LINK

Seeds of Wisdom RV and Economic Updates Friday Morning 11-29-24

Good Morning Dinar Recaps,

DE-DOLLARIZATION: 2 COUNTRIES OFFICIALLY ABANDON THE US DOLLAR

While Trump is bolstering efforts to reinstate US dollar dominance, the de-dollarization agenda is still a heavy narrative that is spreading like wildfire on a global domain. The Trump regime is focusing on imposing taxes on countries moving away from the dollar, while on the other side, these two nations have stopped using the dollar for bilateral trade. Is de-dollarization an agenda that can truly end sometime soon?

These 2 Nations Have Moved Away From The Dollar

Iran and Russia, the two leading nations, have decided to move away from the US dollar. Iran’s central bank governor, Mohammad Reza Farzin, officially announced plans on how Iran has lately been conducting trade with Russia without using the US dollar. 

Farzin outlined how both nations have established agreements to conduct trade in local currencies, giving the multipolar currency narrative a new boost.

“We have entered into a currency agreement with Russia and fully removed the dollar. Now we only trade in rubles and rials,” Farzin later shared.

The Governor of the Central Bank of Iran later clarified how the financial authorities of both nations have agreed on the exchange rate to be used while conducting active transactions.

The recent data uploaded by the Kremlin also reflected the rising multipolar currency narrative. The fresh Kremlin data emphasize how Iran and Russia have conducted nearly 96% of their trade transactions in local currencies.

“The Kremlin reported on October 21 that the use of national currencies in mutual settlements between Iran and Russia was up 12.4% in 2024, making up 96% of all transactions.” Tass Media reported

The rising de-dollarization wave is hard to maneuver as the majority of the nations, under BRICS and ASEAN, are all proposing local currencies, urging nations to pivot away from the dollar

Trump Tightens His Tax Agenda

Trump, in his recent spree of announcements, has shared how Canada, Mexico, and China will encounter higher tax restrictions. The president-elect has decided to impose a 10% tax on Canada and Mexico to address and restrict illegal immigration and drug smuggling.

At the same time, Trump has imposed a 25% tax on China, touting it as a measure to curb excessive fentanyl imports.

@ Newshounds News™
Source:  Watcher Guru

~~~~~~~~~

CRYPTO EXCHANGE OKX ROLLS OUT SERVICES IN BELGIUM TO STRENGTHEN EUROPEAN PRESENCE

OKX expands its European footprint with a launch in Belgium, featuring free Euro deposits through a partnership with local payment provider Bancontact.

Seychelles-headquartered crypto exchange OKX has launched its services in Belgium, offering spot trading, conversion, and a range of crypto services through its exchange and wallet.

Belgian customers now have access to over 200 cryptocurrencies, including more than 60 crypto-euro trading pairs, along with Euro deposits and withdrawals, the company said in a Nov. 28 press release.

The exchange says the expansion in Belgium leverages Bancontact, Belgium’s online payment system, allowing customers to deposit funds instantly and free of charge. SEPA withdrawals and deposits are also available without fees.

OKX Europe general manager Erald Ghoos says the launch in Belgium marks a “key step in our regional expansion, supported by a local team and tailored services that meet the unique needs of Belgian customers.”

The Belgian launch is part of OKX’s broader strategy to increase its presence across Europe. 

Earlier in 2024, the exchange debuted in the Netherlands and announced plans to establish OKX expands its European footprint with a launch in Belgium, featuring free Euro deposits through a partnership with local payment provider Bancontact.

Seychelles-headquartered crypto exchange OKX has launched its services in Belgium, offering spot trading, conversion, and a range of crypto services through its exchange and wallet.

Belgian customers now have access to over 200 cryptocurrencies, including more than 60 crypto-euro trading pairs, along with Euro deposits and withdrawals, the company said in a Nov. 28 press release.

The exchange says the expansion in Belgium leverages Bancontact, Belgium’s online payment system, allowing customers to deposit funds instantly and free of charge. SEPA withdrawals and deposits are also available without fees.

OKX Europe general manager Erald Ghoos says the launch in Belgium marks a “key step in our regional expansion, supported by a local team and tailored services that meet the unique needs of Belgian customers.”

The Belgian launch is part of OKX’s broader strategy to increase its presence across Europe. Earlier in 2024, the exchange debuted in the Netherlands and announced plans to establish a regulatory hub in Malta, where it secured a Class 4 Virtual Financial Assets license in 2021. The exchange said it plans to list additional tokens for Belgian users as part of its ongoing product expansion, though details on this initiative are yet to be disclosed.

@ Newshounds News™
Source:  Crypto News

~~~~~~~~~

COINBASE ENDS USDC REWARDS IN EUROPE AS MICA DEADLINE LOOMS

The crypto exchange will end its USDC yield program for EEA customers on December 1, citing the EU’s upcoming stablecoin regulations.

Crypto exchange Coinbase will discontinue its USDC Rewards program for customers in the European Economic Area (EEA) starting December 1, 2024, as part of its compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulations.

Coinbase users reported receiving an email Thursday in which the exchange announced the termination of its yield program, which allowed users to earn rewards on their holdings of the USDC stablecoin.

The change comes as MiCA, introduced in June 2023, imposes stricter rules on stablecoins, classifying them as electronic money tokens (EMTs).

These rules ban interest-earning features and require issuers to maintain sufficient reserves and obtain e-money authorization in at least one EU member state.

Impacted customers will receive their final payments within the first ten business days of December. Until then, they can continue earning rewards on balances through November 30.

Many customers have expressed dissatisfaction with the changes. Paul Berg, co-founder of Sablier, sarcastically remarked on Twitter that he feels “very grateful to the EU” for shielding him from earning rewards on his USDC.

Ripple’s CTO David Schwartz weighed in, describing the situation as an example of regulations preventing companies from offering “pro-consumer” services.

Coinbase had hinted at the coming change October, announcing plans to delist or adjust non-compliant tokens ahead of MiCA’s full enforcement on December 30.

At the time, the crypto exchange told Decrypt it would provide a detailed transition plan in November to help European customers switch to compliant stablecoins, such as USDC and EURC.

On Wednesday, stablecoin issuer Tether also announced it will stop minting euro-backed tokens, citing regulatory hurdles in Europe.

Tether CEO Paolo Ardoino said the focus will now shift to expanding Hadron, its asset tokenization platform.

Coinbase did not immediately respond to Decrypt’s request for comment.

@ Newshounds News™

Source:  Decrypt

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🌱WHAT ABOUT FREQUENCIES  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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World's Largest Gold Deposit Found, Worth Over Us$80 Billion

World's Largest Gold Deposit Found, Worth Over Us$80 Billion

Mike McRae  Thu, November 28, 2024

A deposit of high-quality gold ore containing around 1,000 metric tons (1,100 US tons) of the precious metal has been discovered in central China, according to Chinese state media.

Valued at approximately 600 billion yuan or US$83 billion, the discovery could be considered the largest and most lucrative reservoir of gold ever uncovered, surpassing the 900 metric tons estimated to lie within the mother of all gold reserves, South Deep mine in South Africa.

This photo taken on 20 November 2024 shows drilled rock samples from the Wangu gold field in Pingjiang County, central China's Hunan Province. (Xinhua/Dai Bin)

The Geological Bureau of Hunan Province announced the detection of 40 gold veins within a depth of 2 kilometers (1.2 miles) in the northeast Hunan county of Pingjiang.

These alone were thought to contain 300 metric tons of gold, with 3D modeling suggesting additional reserves may be found to a depth of 3 kilometers.

"Many drilled rock cores showed visible gold," says bureau prospector Chen Rulin.

Core samples suggest every metric ton of ore could contain as much as 138 grams (nearly 5 ounces) of gold – an extraordinary level of quality considering ore excavated from underground mines is considered high grade if it contains more than 8 grams.

China already dominates the world's gold market with reserves considered to be in excess of 2,000 tons earlier in 2024, its mining industry contributing around 10 percent of the global output.

TO READ MORE:  https://www.yahoo.com/news/worlds-largest-gold-deposit-found-012530485.html

“Bits and Pieces” In Dinarland Friday AM 11-29-2024

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

RV Excerpts from the Restored Republic via a GCR: Update as of Fri. 29 Nov. 2024

Compiled Fri. 29 Nov. 2024 12:01 am EST by Judy Byington

Global Currency Reset:

Thurs. 28 Nov. 2024 Wolverine: “I’m under an NDA so can’t say much, but we are going to have a wonderful Christmas. Check your emails at hourly.”

Thurs. 28 Nov. 2024 TNT Call:

We got a call from the committee guy. He said the IMF and UN just had a meeting and I was told to call and tell you the currencies that have been green lighted to go are the Iraqi Dinar, Zim, Venezuela Bolivar, Dong and Zimbabwe Zim.

The rest of the 4-5 countries currencies are being renegotiated.

Janet Yellen is gone. She resigned this past Sun. morning.

They are all afraid of the new administration.

They are supposed to vote on Friday in Parliament.

They were told it’s imminent. Be ready. No time set. They are on call right now.

Dinar $4.21, VND $2.47, Bolivar $.83, Zim $.30

A guy said a bank memo said to get your people ready for Friday after 2 pm, or the weekend.

So enjoy your holiday and get ready at a moment’s notice to get to the banks.

~~~~~~~~~~

Thurs. 28 Nov. 2024 Jon Dowling: “Wells Fargo is ready to go with the QFS and the US Debt Clock is Gold! 62,000 wealth managers nationwide ready to go! Get your affairs in order. Early Christmas thus year! Iraq finishing all the important laws this week.”

Thurs. 28 Nov. 2024: Russia and Iran have completely abandoned the US dollar in bilateral trade, shifting entirely to national currencies. “We have entered into a currency agreement with Russia and abandoned the dollar. Now we only trade in rubles and rials.”

~~~~~~~~~~~~

Judy Note:

The Global Economic Security and Reformation Act (GESARA) is dismantling the power structures that have enslaved humanity for centuries. With the full deployment of military operations and the quantum infrastructure of the Quantum Financial System (QFS), the Cabal’s grip on wealth and power is crumbling daily.

Possible Timing: Wed. 7 Nov. 2024: GESARA: The Largest Wealth Transfer in History – Secret Military Operations, Strikes, and Redemption Centers That Have Already Changed the World – Gazetteller

As of November 27, 2024, the world finds itself amid the greatest shift in modern history. The Global Economic Security and Reformation Act (GESARA) is no longer a whisper among the informed; it is a seismic wave dismantling the power structures that have enslaved humanity for centuries.

With the full deployment of military operations and the quantum infrastructure of the Quantum Financial System (QFS), the Cabal’s grip on wealth and power is crumbling daily.

GESARA’s Historic Wealth Transfer: November Updates November 15–20, 2024: The Foundation is Laid

Asset Seizures Intensify: Global military coalitions launched synchronized raids  in Switzerland, Singapore, and the Caribbean, seizing over $12 trillion in hidden accounts. These funds, tied to human trafficking rings and illigal arms trades, are being funneled into GESARA projects, including debt forgiveness, infrastructure rebuilding, and clean energy programs.

Silent Wealth Disbursements Begin: In Brazil, India, and parts of Africa, locals began reporting sudden cancellations of long-standing debts without explanation. By November 20, an estimated 2.7 million individuals in these regions had their financial burdens lifted, a direct result of GESARA’s redistribution process.

Read full post here:  https://dinarchronicles.com/2024/11/29/restored-republic-via-a-gcr-update-as-of-november-29-2024/

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

Mnt Goat  ...The news from Iraq is all still very good. There is so much progress. The BIG event of course, will be the ending of the current currency auction process and use of the new system already to implement. The CBI has told us that nearly 95% of the current payments needed for imports is covered by the four (4) correspondent banks for this purpose... remember that the clock is ticking and other outside banking relationships must take place but will most probably never take place unless the IQD is valuable again and most importantly on these terms it must also be reinstated back on FOREX for investors to “legally” use this currency in their portfolios of investments for their clients. This is the key. Yes, this is really just where we are right now...

Militia Man  They're talking about "financial risks".  They weren't talking in that way when they were moving forward into an international world with the 1310.  They're talking about preparedness for a change...They're focusing in on their banking sector.  Article quote "These days there's growing interest in the banking sector in general both government and private sectors..."  The banking sector is looking to be in good shape for this new stage.  That's what they're presenting...

Sudani in Spain… economic talk

Nader:  11-28-2024

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

Vietnam Dong Exchange Rate Economic Forecast Foreign Investors

Edu Matrix:  11-29-2024

Vietnam Dong Exchange Rate Economic Forecast #vnd Foreign investors are showing strong interest in southern Vietnam, focusing on cities like Dong Nai, Binh Duong, HCM City, and Long An.

The video shares the USD / VND Exchange Rate and explains why the VND keeps fluctuating against the US dollar.

High levels of foreign investments will decrease Vietnam's unemployment rate, which could quickly help the VND value increase—the video shares major foreign investments in Southern Vietnam in the coming year.

https://www.youtube.com/watch?v=DkzQ5eo3d5g

“Tidbits From TNT” Friday Morning 11-29-2024

TNT:

Tishwash:  they do this every year this is not a sign the RV is happening although it would be a great time for it

Rafidain Bank announces suspension of credit activity in the middle of next month

  For annual application purposes

Rafidain Bank announced today, Friday, the suspension of credit activity as of December 15th for the purposes of annual implementation.

Rafidain Bank announces the suspension of credit activity as of December 15th for annual implementation purposes.

The bank confirms that due to the approaching end of the fiscal year and for the purposes of the annual application and to make room for the liquidation of the suspended assets, preparing the annual statistics and inventory, and organizing the budgets, all types of credit activity will be suspended on 12/15/2024, and loan applications and other banking services will not be promoted.

The bank directed its branches in Baghdad and the governorates to complete all completed transaction requests that have advanced procedures before the above date. The bank added that work on promoting loans will resume early next year.  link 

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Tishwash:  How does the United Nations view the steps of the Sudanese government in the economic file?

The United Nations praised the exceptional steps achieved by the government of Prime Minister Mohammed Shia al-Sudani in the areas of diversifying sources of income and the economy, and achieving food security, pledging to continue its support (the Iraqi government) in its efforts to achieve development and economic sustainability for Iraq.

The confirmations of the highest international organization in the world came from the Assistant Secretary-General of the United Nations and Regional Director for Arab States, Abdullah Al-Dardari, who said in an interview with the official newspaper, “The Iraqi government has begun to take rapid steps to diversify sources of income, especially since the government realizes that reliance on oil can not only end within a certain period, but that advanced technology is what must create valuable job opportunities for Iraqi youth who yearn for initiative, creativity and invention. Therefore, the Iraqi government has allocated funding resources in this direction, such as the Central Bank’s funding plan of (700) million dollars for activities related to environmental efficiency, renewable energy and energy efficiency.”

He pointed out that “the United Nations is ready to provide technical support to ensure the best for this credit line,” noting that “the United Nations helped prepare a local strategy for Iraqi medium and small companies and financing mechanisms for these companies and their right to access all available sources of financing, and to develop banking work so that it becomes focused on financing productive projects, and there is a great effort that we are making with the Iraqi government in this direction.”

The UN official confirmed that “Iraq has achieved a major accomplishment in the non-oil sector, after achieving an abundant wheat crop exceeding (6) million tons. This accomplishment was achieved under difficult climatic conditions and with a large government investment of about (500) million dollars through the use of drip irrigation mechanisms, providing support to farmers, purchasing at a price higher than the market price, and granting soft loans,” indicating that “this is evidence that government policies and government funding can encourage the private sector to produce, increase food security in Iraq, and reduce dependence on imports, which saves about (4) billion dollars from wheat imports annually, which is a very large amount,” considering “this a major accomplishment for the Iraqi government.”

He added, "The United Nations is ready to cooperate with Iraq to develop food security and agricultural production systems."  link

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Tishwash:  Details of the Kurdistan delegation's meeting with the Ministry of Oil.. Agreement on 3 points

Member of the Parliamentary Oil and Gas Committee, Sabah Subhi Haider, revealed details of the meeting that brought together the Undersecretary of the Iraqi Ministry of Oil, Ali Maaraj, with the representative of the Kurdistan Region in Baghdad, Faris Issa, and a number of members of parliament.

Today, Thursday, the Undersecretary of the Ministry of Oil for Distribution Affairs, Ali Maaraj, received the Head of the Kurdistan Region Representation Office, Faris Issa, and a number of members of the Council of Representatives attended the meeting.
Member of the Parliamentary Oil and Gas Committee, Sabah Subhi Haider, who was one of those present, said: “We visited the Ministry of Oil with Faris Issa, Minister of the Kurdistan Region Representation Office, and the Directors General of the Ministry of Natural Resources, and three main topics were discussed in the meeting.”

According to the MP, the attendees discussed the issue of “distributing kerosene to the Kurdistan Region, allocating a quantity of regular gasoline to the region, and calculating the standard liter volume of oil shipped to the region.”

Haidar confirmed that "the following results were reached during the meeting: 1- Immediately launching the region's share of kerosene, which is 50 million liters, 2- Anticipating the improvement of gasoline quantities in the central and southern governorates in order to determine a share for the region, 3- Reviewing the issue of the standard liter and the normal volume of oil sent to the region in the ministry until the problem is resolved."

According to the parliamentarian, the meeting this time focused on the issue of sending fuel to the region, and did not address the issue of resuming oil exports from Kurdistan, which is scheduled to begin early next year according to official statements.   link

Mot.... Dinner was Great - Lets Watch the Game Now!!!! 

Mot: . Here We Go Again!!!! – siiggghhhhhhhhhh 

Happy Thanksgiving from Dinar Recaps

Happy Thanksgiving from Dinar Recaps

​​Note: we will not be doing a 10pm ET email Newsletter today, Thursday.

Our 6pm Newsletter will likely be sent between 6-7pm (ET).

Please check our BLOG PAGE throughout the day for any new posts.

All of the Dinar Recaps Team Wish You and Your Family a Happy and Safe Thanksgiving

More News, Rumors and Opinions Thursday PM 11-28-2024

TNT:

Tishwash:  Al-Tawki: Agreement on the region’s dues paves the way for broader understandings on the oil and gas law

Member of the Parliamentary Oil and Gas Committee, Kazem Al-Tawki, revealed an agreement that paves the way for broader understandings regarding the oil and gas law.

Al-Tawki told {Euphrates News} that: “The recent agreement with the Kurdistan region is considered a good initiative because the point of contention in the law was the issue of dues and the costs of extracting the region’s oil.”

He added, “It set a high ceiling for financial costs estimated at $22 to extract one barrel, although the costs of extracting oil in the south and the central government contracts do not exceed $12 as the highest cost.”

Al-Tawki expected that this agreement would lead to broader understandings regarding the oil and gas law.  link

Ariel:  Trump makes it real plain in this video

Donald Trump makes it real plain in this video. The goal is for currency like the Iraqi Dinar to reach parity with USD.

Iranian Rial
Vietnamese Dong
Zimbabwe Notes
Etc.

Level playing field. But in the process makes yourself very financially well off.

Nathan Weldon @WeldonNath21356

Watch Currency holders! IQD and VND   X Link

https://dinarchronicles.com/2024/11/28/ariel-prolotario1-trump-makes-it-real-plain-in-this-video/

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

Mnt Goat   In the study of the recent Iraqi census taking...you can clearly see the recent census was a national census taken with the help of the United Nations (UN). The UN every so many decades takes a global census to determine the world’s population and demographics.  Iraq is also going to use this census as part of the Article 140 distribution of the Kurdistan monthly payments of oil revenues to the region from the GOI.  It will also help resolve part of the Oil and Gas law...Note, I did not say excess oil revenues or oil wealth distribution...This census taking has VERY LITTLE to do with the HCL individual Oil revenue sharing/distribution...   [Post 1 of 2]

Mnt Goat  So, now since the census is taken, the GOI can legally compensate and prove why they are compensating the amounts to the Kurds. This is really WOW! news for us today...you can see how this census results would also be useful in rebuilding the Iraqi economy besides Article 140 and HCl disputes. It was way overdue. This is yet another sign to us investors that Iraq is now serious about moving ahead.[Post 2 of 2]

The REAL Value Of The Dollar (They Don't Want You To Know)

Lynette Zang:  11-28-2024

Today's video is answering the question of what the REAL value of the dollar is and why your purchasing power feels less and less everyday

https://www.youtube.com/watch?v=3huMVsKkfQQ

FREEDOM ALERT! Texas Congressman Proposing Gold Backed Crypto for TEXAS! CAN IT WORK?!

(Bix Weir)  11-22-2024

Cody Harris, a Republican Party member of the Texas State House of Representatives, is proposing a State Currency for Texas consisting of physical gold backing a crypto currency. Of course the problem is 3rd party custody BUT it's a Start!

https://www.youtube.com/watch?v=1wRm6WOfwy0

Iraq Economic News and Points to Ponder Thursday Afternoon 11-28-24

Al-Sudani: We Have Contact With Trump's Team And They Want To Develop Relations With Us

Thursday 28 November 2024 11:08 | PoliticsNumber of readings: 358

Baghdad / NINA / Prime Minister Mohammed Shia al-Sudani stressed: "Iraq's relations with the United States are institutional according to the strategic framework agreement."

Al-Sudani said in an interview with the Spanish newspaper El Mundo: "We have communication with Trump's team and they want to develop relations with us."

Regarding Iraq's relations with Spain, he explained: "We are facing a distinguished stage in relations with Spain and there is a mutual desire to develop and advance them in all fields," adding: "Spain is part of the international coalition that helped us eliminate the terrorist ISIS, and based on our request, the mission of the international coalition will end within two years due to the lack of justification for its existence."

He said: "There are Spanish companies in Iraq, especially in the railway and transportation sector, and we are keen to have more companies for their efficiency and experience in implementing projects. We will sign several memoranda of understanding with Spain and there is a financial ceiling of 200 million euros to one billion euros to cover projects implemented by the Iraqi and Spanish private sectors."

He pointed out that a railway project worth 250 million dollars was referred to a Spanish company, and negotiations are underway with another Spanish company on a high-speed train project between the governorates of Najaf and Karbala.

Regarding the situation in Iraq, Al-Sudani said: "The capabilities of our security services have reached an advanced stage and there is political stability that has been reflected in the general situation of the country."

Regarding the ceasefire in Lebanon, the Prime Minister described the agreement as an important event, expressing his hope that it will include the Gaza Strip to reflect on the stability of the region.

He continued: "Our laws stipulate non-recognition of the Zionist entity, and the Palestinians are the owners of the land and the cause, and they are the ones who decide the formula for the solution to their cause." / End 2   https://ninanews.com/Website/News/Details?Key=1171569

Gold Falls On Dollar Strength

Thursday 28 November 2024 08:49 | Economic  Number of readings: 214 Baghdad / NINA / Gold prices fell on Thursday, pressured by the rise of the dollar, amid anticipation of economic data indicating that the Federal Reserve (the US central bank) may follow a more cautious approach to interest rate cuts.

Spot gold fell 0.3 percent to $ 2627.60 per ounce, and US gold futures fell 0.5 percent to $ 2627.00.

The dollar index rose 0.1 percent, reducing the attractiveness of gold for holders of other currencies.

As for other precious metals, silver fell about one percent to $ 29.78 per ounce, platinum 0.1 percent to $ 928.05, while palladium stabilized at $ 972.75. https://ninanews.com/Website/News/Details?key=1171543

Oil Falls After US Gasoline Stocks Rise

Energy   Economy News – Baghdad  Oil prices fell slightly in Asian trading on Thursday after a surprise jump in U.S. gasoline stocks ahead of the Thanksgiving holiday raised concerns about demand in the world's biggest fuel consumer.

Brent crude futures were down 4 cents, or 0.1 percent, at $72.79 a barrel by 02:20 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 1 cent at $68.71 a barrel.

Trading is expected to be light due to a holiday in the United States.

The U.S. Energy Information Administration said Wednesday that gasoline stocks in the country rose by 3.3 million barrels in the week ending Nov. 22, contrary to expectations for a slight draw in fuel stocks ahead of the holiday season.

Oil analysts had expected U.S. gasoline stocks to fall by 46,000 barrels last week, according to a Reuters poll ahead of the EIA report.

OPEC+ members are discussing a further delay to a planned oil output increase that was due to start in January, two sources from the producer group told Reuters on Tuesday. The group is due to meet on Sunday to decide policy for the first months of 2025.  https://economy-news.net/content.php?id=50314

Government Communication: All Institutions Are Required To Introduce Electronic Payment By July 2025

Electronic payment device at gas stations  Money and business  Economy News – Baghdad    The Government Communication Team confirmed on Thursday that the number of institutions using electronic payment has increased to 780 and the number of payment cards has increased to 20 million, noting that the government’s plan stresses the obligation of all institutions to introduce electronic payment by July 2025.

The head of the government communication team, Ammar Munim, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "there are about 780 institutions that have been converted to electronic payment, and the number of electronic cards has increased from 14 million cards to 20 million cards, in addition to the amounts that were traded during the campaign reaching one and a half trillion dinars."

He added, "We have a set of measures that have allowed for an increase in the number of electronic cards and the number of ATMs, and the conversion of institutions to electronic payment. The culture among citizens has been strengthened to use cards to transfer their money inside and outside Iraq electronically without any difficulty."

He added, "The national campaign to support the electronic payment process encouraged citizens through simplified procedures from the government, and it is an educational campaign."

He stressed that "the government has taken important measures through which it has directed all institutions to develop a plan to move to electronic payment by the end of this year and for all institutions to enter the electronic payment process by the beginning of July of next year 2025." 58 views  Added 11/28/2024 - 5:53 PM  https://economy-news.net/content.php?id=50346

Central Bank Sales Rise To More Than $288 Million In Currency Auction Today

Thursday 28 November 2024 14:54 | Economic Number of readings: 104

Baghdad / NINA / The Central Bank of Iraq's dollar sales increased to more than $ 288 million in the currency auction, compared to yesterday, Wednesday.

The bank sold $ 288 million, 258 thousand and 12 in its auction today, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to $ 275 million, 158 thousand and 12, up 95% from cash sales of $ 13 million and 100 thousand.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 11 banks, and the total number of exchange companies participating in the auction was 15 companies.  https://ninanews.com/Website/News/Details?key=1171609

Sudanese Advisor: The Government Has Taken Decisions That Grant Privileges To Investors

Political | 03:51 - 11/28/2024  Mawazine News - Baghdad -  The Prime Minister's Advisor for Industry and Private Sector Development, Hamoudi Al-Lami, announced that the government has taken decisions to grant privileges to investors, while indicating that the facilities include granting tax exemptions.

Al-Lami said in a speech at the Greek-Arab Economic Forum in Athens, that "Iraq, after the formation of the current government two years ago headed by Prime Minister Mohammed Shia Al-Sudani, had one of its priorities to support the industrial sector, and the government has begun to implement this promise it made," noting that "the government has taken decisions, including activating Investment Law No. 13 of 2006, and additional amendments were made to it to grant more privileges to investors."

He explained that "the government has taken decisions, including forming committees to grant incentives and privileges to investors and guarantees for investment," noting that "foreign investors have the right to lease industrial lands for a period of 50 years, renewable."

Al-Lami explained that "Iraq has great opportunities for investment, especially after the security stability, and the Arab brothers played a major role in activating various sectors in Iraq and they are now spread across all Iraqi governorates," stressing that "Iraq is now witnessing a renaissance in activating sectors, and there are investment opportunities that were presented two months ago and will be followed by other opportunities that will be announced soon."

He continued: "Iraq has a great wealth of minerals that exceeds its importance, oil, as oil is now suffering from some disturbances due to the political situation, the issue of the environment and carbon emissions," explaining that "Iraq has begun to invest in the great wealth of minerals as it has 10 billion tons of phosphate rocks that are used in the phosphate and phosphate fertilizer industry, which has become a great need due to the increasing demand for food that requires agriculture, which in turn needs fertilizers."

He added that "any production of the phosphate industry is accompanied by uranium production, and the investor can use the uranium to produce energy or sell it to power plants," noting that "the National Investment Law started with simple and specific investments in the construction sector and has now shifted to investing in the industrial sectors (chemical and petrochemical)."

Al-Lami stated that "the investor obtains full tax exemptions for importing production line equipment and raw materials."   https://www.mawazin.net/Details.aspx?jimare=256998

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

Over Half Of US States Are Bleeding Cash And Going Broke

Over Half Of US States Are Bleeding Cash And Going Broke, Researchers Say — Here's Why And What It Means For You

Christy Bieber  Thu, November 28, 2024  Moneywise

Across the country, states aren't doing very well with their budgets. In fact, 27 U.S. states didn't have the money to pay their bills as of the end of fiscal year 2023, according to nonpartisan think tank Truth in Accounting. Connecticut, New Jersey, Illinois and Massachusetts faced the biggest shortfalls per taxpayer.

"There are certainly tremendous challenges going forward," Oliver Giesecke, a research fellow at the Hoover Institution at Stanford University, told CNBC in a report published Nov. 4.

There are several reasons why states might be struggling, but what it means for citizens is there's a very real risk of tax hikes and cuts to public services and benefits programs.

Here's what you need to know about the financial trouble states are finding themselves in — along with how this could impact you.

Federal Aid

Some states suffer from budgeting problems that were previously masked by federal assistance during the COVID-19 pandemic, according to The Pew Charitable Trusts.

During the pandemic, the federal government significantly stepped up the money it was giving to states, totaling $800-plus billion, per the organization. This made it affordable for states to cut taxes and increase spending for a time.

"What we're seeing is largely a return to Earth from those pandemic surpluses," Justin Theal, a senior officer with The Pew Charitable Trusts, told CNBC. "A huge looming question out there is around the long-term affordability of the tax cuts and spending increases that were enacted."

The federal funds will dry up in 2026, according to the broadcaster, as much of the country is being hit by a cost-of-living crisis. Some state leaders are considering tax relief for this reason, which means some government programs could face big cuts.

State Pensions

The largest contributor to state debt at the end of fiscal year 2023 was unfunded retirement liabilities, Truth in Accounting reports. Around 86% of state and local government workers had access to a pension plan as of March 2022, according to the Bureau of Labor Statistics.

TO READ MORE:  https://www.yahoo.com/finance/news/over-half-us-states-bleeding-114400264.html