Bizarrely, The “GENIUS Act” Might Actually Be Pretty Genius…

Bizarrely, The “GENIUS Act” Might Actually Be Pretty Genius…

Notes From the Field By James Hickman (Simon Black)  May 30, 2025

Peter Schiff isn’t just my partner at Schiff Sovereign-- we’ve been close friends for many years. And we generally see eye-to-eye on most things going on in the world.

 But one area where we disagree is crypto. Not to put words in his mouth, but Peter is pretty vocal in his criticism of Bitcoin; he says it’s “useless” and a “total scam” and predicts it will go to zero.

 I disagree. There are a number of important use cases for crypto-- whether as a speculative asset for capital gain, a store of value, a digital currency for online transactions, a private means to hold wealth, a way to disconnect from the banking system, etc.

 This isn’t a “scam”. Rather, it’s useful, functional technology… which is why I recommended it to my audience as far back as March 2013.

 Obviously crypto has deep flaws and areas to improve. And just like in any frontier boom, plenty of thieves and lunatics have emerged. But to judge crypto based on the misdeeds of Sam Bankman-Fried is like condemning the stock market because of Bernie Madoff.

 All that said, there are still plenty of things that I’m skeptical about.

 For example, I think there’s a bizarre disconnect between Bitcoin’s market cap and its actual value; I recognize that Bitcoin is the original cryptocurrency, and there’s some ‘brand value’ associated with that.

 But as the oldest cryptocurrency, it’s also the most technologically obsolete… therefore it should not be the most valuable; no other sector places the highest value on the most obsolete technology. Only crypto. And that’s a bit odd.

 There are plenty of other oddities; for example, it’s strange that the company Strategy (formerly Microstrategy) has an enterprise value of $112 billion, even though its only asset is $61 billion worth of Bitcoin.

 In other words, the company is worth nearly twice as much as the Bitcoin that it owns; this is bizarre and doesn’t make any sense.

I’m also extremely skeptical of the US government’s involvement in crypto; the pre-election promises of starting a Sovereign Wealth Fund to own Bitcoin struck me as completely ludicrous.

 I mean… think about it: one of the things that would drive up the price of Bitcoin is excessive government spending. So rather than cut spending, the government wants to own an asset that will benefit from their own financial irresponsibility. It’s back asswards in my humble opinion.

Naturally I was also skeptical when I heard about the GENIUS Act (Senate bill 394) to regulate crypto.

 Then I read the legislation. And I concluded that the GENIUS Act might actually be pretty genius.

GENIUS stands for “Guiding and Establishing National Innovation for US Stablecoins”. Something tells me ChatGPT came up with that.

 And the basic idea is for state and federal regulators to authorize “Permitted Stablecoin Issuers” who could… well, do just that-- issue stablecoins.

 States can issue their own licenses and permits to stablecoin businesses. But once a particular coin passes a $10 billion market cap, it must be regulated by the Feds.

 Here’s the smart part: in the definition of stablecoins, they include anything that owns short-term Treasury bills. So, through this legislation, they are creating an entirely new class of investors who would purchase US government debt.

 This is pretty important, because the Treasury Department is in sore need of new lenders.

 Foreign investors are fleeing the Treasury market; after decades of being considered the world’s “risk-free asset”, foreign governments and central banks are aggressively reducing their dollar holdings.

This is THE primary reason why the gold price has come so high: foreign governments and central banks have been cashing in their Treasury bonds, then trading that US dollar cash for gold.

Given that the “One, Big, Beautiful Bill” calls for another $2 trillion deficit this fiscal year, Treasury is going to need all the lenders it can get.

 Remember that stablecoins (especially under this legislation) are basically just money market funds in disguise; they pool capital and buy government bonds.

 So, this GENIUS Act is essentially a way of tapping crypto wealth and diverting that capital into Treasury securities.

 It’s a clever idea. But frankly it would be a lot better if the government simply cut spending rather than come up with innovative ways to finance the deficit.

 To your freedom,   James Hickman    Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/bizarrely-the-genius-act-might-actually-be-pretty-genius-152877/?inf_contact_key=621bb5036b24c6f1832a991bdeae679376f2a36d5c9f30736335e3c4f3607839

Dr. Scott Young: Faith and Evidence in the Deletion of the IRS and the Fed

Dr. Scott Young: Faith and Evidence in the Deletion of the IRS and the Fed

6-2-2025

We’ve all heard the saying, “I’ll believe it when I see it.” It’s a common expression, often used to express skepticism or a desire for concrete proof.

But what if that very mindset is preventing you from experiencing the blessings in your life? What if the act of believing, of operating in faith, is the key to unlocking a brighter future?

This isn’t about blind adherence to unsubstantiated claims. It’s about recognizing the potential for positive change and embracing the possibility that things can be better.

Consider the growing concerns surrounding the Federal Reserve and the national debt. The sheer weight of Treasury Bonds and the potential inability to finance them have led some to believe the Fed is on an unsustainable path.

Beyond the financial realm, many question the necessity of the IRS in providing essential government services. Is it possible to function effectively without this institution constantly taking from the people? The possibility, and perhaps the potential benefits, are compelling.

For years, figures like Dr. Scott Young have been discussing scenarios that involve the deletion of institutions like the IRS and the Fed. This vision, though seemingly radical, may align with a longer-term plan, reportedly championed by President Trump, rooted in his purported background as an economist aiming to fundamentally fix our country’s financial structure.

Now, this isn’t an endorsement of any particular political figure or a guarantee of specific outcomes. Instead, it’s a call to open our minds to the potential for change and to consider a different perspective.

The saying “seeing is believing” often limits us to the present, to what we can already perceive. Operating in faith, however, allows us to envision a future we actively want to create. It allows us to see possibilities where others see only problems.

What if, instead of demanding to see the evidence before believing in a potentially brighter future, we considered the possibility that believing in that future is the first step towards manifesting it?

Ultimately, the choice is yours. Will you wait to see the evidence before believing? Or will you embrace the possibility of a better future and operate in faith, potentially unlocking the blessings that await? This isn’t about blind faith; it’s about recognizing the power of belief and its potential to shape reality. It’s about choosing to see the potential for good, even when it’s not immediately visible.

https://youtu.be/k8gO_sh6xQM

https://dinarchronicles.com/2025/06/03/dr-scott-young-faith-and-evidence-in-the-deletion-of-the-irs-and-the-fed/

Tuesday Coffee with MarkZ. 06/03/2025

Tuesday Coffee with MarkZ. 06/03/2025

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: GM Markz, Mods, Everyone & friends

Member: RV there yet?

Member: Did Jerome Powell step down from the Fed?

MZ: I have not been able to confirm that. There are many rumors everywhere.

Member: Will the RV be delayed by Iraq elections coming up this year.?

MZ: Sudani said he would increase the purchasing power of the dinar during his term. That is going to end this fall…so we know he is on a short fuse to get things done before the election.

MZ: “The coordination framework calls for resolving disputes between the centre and the region through the legislation of the Oil and Gas Law” this is a dominate theme in the news this morning.  15 years ago – I was told that when this was done- we go…..and quickly. I love seeing this enormous amount of political pressure. This law should be before parliament before the middle of June.

Member: The oil and gas law needs the rate. We are not waiting on it to RV. Rate exposed and then the Oil and Gas law is approved. We won’t care at that point. IMO

MZ: “Sudani confirms financial obligations to the Kurdistan Regional government and the approval of the Oil and Gas Law”

Member: MarkZ: Bara said his bond contact said payment today…. What about your bond contacts???

MZ: I have more bond folks with expectations for this coming weekend. There seems to be some sort of push from many sources to between the 7th and the 9th.

MZ: Nothing new on CMKX ect…….

​​Member: It sure would be nice if they'd just flip the switch on this, Seriously what's the hold up?

Member: Maybe we are waiting on new asset backed currency….or maybe they are waiting for audits of the Fed and UST to get done??????

Millionaires:  Jamie Diamond said yesterday that Chase Bank will be offering services that will WOO millionaires

Member: Many European Banks are closed next Monday

Member: Remember as of July 1, in 30 days, Basel III compliance becomes LAW

Member: I feel as though this weekend has a very good chance to be the one we await...

Member: Thank you, Mark for what you do you’re definitely my inspiration in this whole process. Keep it going, brother.

Member: See everyone tonight……have a great day.

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

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

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

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

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

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

THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL  TUESDAY THROUGH THURSDAY EVENINGS FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!  FROM NOW ON NO MORE NIGHTLY PODCASTS ON MONDAYS AND FRIDAYS

Youtube:     https://www.youtube.com/watch?v=MB7ucoA6rOA

News, Rumors and Opinions Tuesday 6-3-2025

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.

Restored Republic via a GCR: Update as of Tues. 3 June 2025

Compiled Tues. 3 June 2025 12:01 am EST by Judy Byington

What We Think We Know as of Tues. 3 June 2025:

The Quantum Financial System Global Currency Reset has been saved from massive cyber-attacks targeting the CBDC infrastructure and central banks. They were coordinated assaults designed to crash economies and create global unrest. Digital vaults were locked, access rerouted and banking strongholds in Switzerland, Tokyo and London were now under Alliance occupation.

Sun. 1 June 2025: President Trump has officially (allegedly) ABOLISHED the IRS. In its place: the External Revenue Service, a new weaponized financial system designed to TAX FOREIGN POWERS — NOT the American people. …Charlie Ward and Friends on Telegram

April 2, 2025 is now LIBERATION DAY. The day the income tax DIED. “We’re done taxing Americans to death. The world will pay US.” That’s the message from Trump. Clear. Final. Explosive.

No more income tax. No more audits. No more fear. The middle class has been unshackled. The IRS — once a Deep State bludgeon — is GONE.

Trump’s ERS will collect funds directly from foreign imports and offshore profiteers. That means massive tariffs on Chinese goods, Mexican produce, foreign oil, European alcohol, luxury yachts — the parasites that fed off us for decades. Now THEY pay. Not YOU.

$700 BILLION annually. That’s the projected revenue from tariffs alone. Enough to run the federal government without touching your paycheck. This isn’t reform — it’s economic WAR — and Trump just dropped the bomb.

“The IRS was a WEAPON. Now it’s dead.” Gone are the days when DC used the IRS to silence patriots, intimidate dissent, and crush the working class. It’s over. The beast has been slain.

“The American worker is not a piggy bank anymore,” Trump declared, fist clenched. “The rest of the world is going to PAY. And we will be RICH again. FAST.”

The External Revenue Service isn’t just a department. It’s a SWORD. And a SHIELD. It’s the financial arm of a Restored Republic.

All across America, the reaction is pure electricity. Veterans salute. Families cry. Small businesses cheer. “I’ve paid taxes for 45 years,” said one retired welder. “Today, I’m free.”

~~~~~~~~~~~

Global Currency Reset:

Mon. 2 June 2025 TNT: TNT is saying he’s expecting this to go imminently. They are ready and could start this at any time. They are hoping to hear after 5pm today and us setting appointments for tomorrow. There are those telling him it might also be going tomorrow (Tuesday) after 5pm. Democracy Dave also chimed in to say that he has contacts corroborating everything Tony is saying.

~~~~~~~~~~~~ 

Mon. 2 June 2025 The New Global Quantum Financial System …QFS on Telegram

The signing of a historic treaty by 209 nations marks the beginning of the greatest financial transition in modern history. The world is about to (allegedly) witness the birth of a new, fair, and gold-backed financial system under GESARA.

For decades, global currencies were manipulated to serve the few. Countries were trapped in cycles of debt, with their wealth extracted through central banks and fiat deception. That ends now.

The treaty also unlocks a Prosperity Fund to finance humanitarian projects worldwide—schools, hospitals, clean water, housing, and restoration.

A Wealth Redistribution Program will (allegedly) ensure that every individual on Earth receives a share. Not just countries, but people. Every QFS account is linked to the individual owner’s biometric ID. Every transaction is instant, uncorrupted, and untraceable by outside forces.

The Stellar Network opens access to secure digital wallets, even in the most remote corners of the world. Individuals no longer need permission from corrupted systems to participate in the global economy.

QFS debit cards, secured by biometric verification and quantum encryption, are replacing them permanently. No more fraud. No more hidden fees. No more theft disguised as bank

Military units are now overseeing the logistics, security, and data coordination of the RV rollout. Secure transport of physical currency, protection of financial institutions, and quantum-level fraud prevention systems are already in motion.

All of it is being done in tandem with international regulators to ensure lawful transition. Training has been underway for months. Financial authorities, central bank whistleblowers, and White Hat insiders are guiding the shift. Military intelligence teams are tracking illicit money flows and freezing cabal assets as we speak.

The old system is disintegrating as banks collapse, payment giants are stripped of power.

The banks were engines of global exploitation. Deutsche Bank, HSBC, JP Morgan—names that laundered trillions for the cabal—are being neutralized. The days of VISA, Mastercard, PayPal, and Stripe exploiting humanity are ending. Everything you knew about money, credit, and ownership is being rewritten from the ground up.

The treaty signed unlocks the revaluation of currencies: some down, but some up like the Iraqi Dinar, Vietnamese Dong, and Zimbabwe ZIM.

Read full post here:  https://dinarchronicles.com/2025/06/03/restored-republic-via-a-gcr-update-as-of-june-3-2025/

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

Mnt Goat  ...we read about the UN praising Iraq for its efforts in AML in article titled  “UNITED NATIONS: WE BELIEVE IN IRAQ’S RETURN TO ITS POSITIVE ROLE.”  Quote:   “The United Nations believes in Iraq and Iraq’s return, and believes that good governance, transparency, and international transition are not just slogans, but rather pillars toward a transparent economy that interacts with the region and the world.”   Are they getting ready for the next step which is…RV time!

Walkingstick  It's all coming together.  It's all coming to a point.  That is a pretty strong statement to release such words [UN saying Iraq will be a banking powerhouse in the coming days]...This is very good...It's a very big deal.  It removes any doubt of what the CBI is doing with their banks and the monetary reform.

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

Iraq Al Sudani Changes Lanes How This Affects Us

Edu Matrix:  6-3-2025

Breaking News from Baghdad! Prime Minister Mohammed Shia Al Sudani is officially entering the 2025 Iraqi elections under a powerful new coalition.

The Construction and Development Alliance. This bold political move unites major figures across the spectrum, including leaders from the Furatayn Movement, National Contract Coalition led by Falih Al-Fayyadh, Wataniya Coalition led by Ayad Allawi, and several others such as Nassif Jassim, Ahmed al-Asadi, Mohammed al-Sahyoud, and Mohammed Sahib al-Daraji.

Set for November 11, 2025, the Iraqi parliamentary elections will determine the future of all 329 Council of Representatives seats—and this new alliance is shaking up expectations. What does this mean for the Iraqi people? Is a new era of leadership and unity on the horizon?  

Watch now for an in-depth look into the political alliances in Iraq, the stakes of the Iraqi government elections, and what role Al Sudani’s coalition will play in shaping the nation’s future. Don’t forget to like, share, and subscribe for real-time updates on the Middle East’s shifting political landscape.

https://www.youtube.com/watch?v=3i_g-bs9yFw

'Rich Dad Poor Dad' Author Warns 'The Biggest Crash In History Is Coming'

'Rich Dad Poor Dad' Author Warns 'The Biggest Crash In History Is Coming'

Anand Sinha   Mon, June 2, 2025   TheStreet

Robert Kiyosaki, the author of the bestselling book "Rich Dad Poor Dad," has issued another stern warning about the market.

The personal finance writer recently took to X to voice his persistent concern about "the biggest crash in history" that he says is coming as predicted in his book, "Rich Dad’s Prophecy" (2013).

When the stock, bond, and real estate markets crash this summer, millions of people, "especially my generation of boomers," will be wiped out, he warned.

Robert Kiyosaki 

@theRealKiyosaki

Do not say I didn’t warn anyone. As predicted in my book Rich Dad’s Prophecy (2013) the biggest crash in history is coming. I am afraid that crash time is now and through this summer. Unfortunately, millions, especially my generation of boomers will be wiped out when the stock and bond markets crash. The good news is millions who are proactive may become extremely rich… and as you know….I want you to be one of those who become very rich.  To read more: LINK

However, Kiyosaki seemed to offer a way out to "proactive" individuals who can not only survive this crash but may even become "extremely rich."

Billions of traders will shift to gold and Bitcoin — the "digital gold," as Bitcoin proponents like to call it, Kiyosaki predicted. He placed his biggest bet on silver, though:

As per Kraken, Bitcoin was quoted at $104,446.51 at press time, 6.7% lower than its May 22 record high of $111,970.17. Gold was trading at $3,372.30 per oz. at press time, 4% lower than its Apr. 22 record high of $3,500.

Meanwhile, silver was exchanging hands at $34.58 at press time, 30% lower than its record high of $49.95 per oz. that it reached way back in January 1980.

It is this price dynamic of silver that Kiyosaki said he was going to exploit. Gold and Bitcoin are also on his cards.

The bestselling author asked his X followers:

What are you going to do tomorrow….grow richer or grow poorer? Please choose to get richer.

TO READ MORE:  https://www.yahoo.com/finance/news/rich-dad-poor-dad-author-223000952.html

“Tidbits From TNT” Tuesday Morning 6-3-2025

TNT:

Tishwash:  Central Bank: Liquidity is available, and our reserves exceed $100 billion

The Central Bank confirmed on Monday that liquidity is fully available, while indicating that reserves have exceeded $100 billion.

Mohammed Younis, Director General of the Bank's Investment Department, told the Iraqi News Agency (INA): "Liquidity is fully available, whether in Iraqi dinars or US dollars, and there is no shortage in this regard." He pointed out that "the Central Bank's reserves have exceeded $100 billion, in addition to Iraq's large gold reserves, exceeding 163 tons."

Younis added that "the Central Bank is not an investment entity, but rather is concerned with managing Iraq's foreign exchange reserves," explaining that "the goal of these reserves is not to make profits, but rather to ensure reasonable returns."

He continued, "The reserves are managed according to well-thought-out policies based on high safety standards, and are invested in safe financial instruments that generate acceptable returns." He emphasized that "Iraq is on a good economic path."  link 

Al-Sudani and the Islamic Union Parliamentary Committee stress the importance of approving the oil and gas law.

Iraqi Prime Minister Mohammed Shia al-Sudani received a delegation from the Kurdistan Islamic Union Party's parliamentary bloc on Tuesday. The meeting discussed vital issues related to the relationship between the federal government and the Kurdistan Region.

During the meeting, the two parties emphasized the "need to find radical solutions, within the framework of the constitution and the law, regarding the Kurdistan Regional Government's financial obligations, based on the provisions of the budget law and the Federal Court's decision."

The importance of passing the oil and gas law was also emphasized, according to a statement from the Prime Minister's Office, referring to one of the most contentious issues between Baghdad and Erbil in years.

Al-Sudani explained that the government "is keen to meet citizens' aspirations and monitor their affairs throughout Iraq, based on its legal and constitutional responsibilities and the priorities and needs of citizens."

During the meeting, "a number of national issues and topics were discussed, as well as the government's implementation of its service and economic program."

For their part, members of the Kurdistan Islamic Union parliamentary bloc pointed to "the importance of the strengthening of security and social stability, coupled with a comprehensive economic and urban renaissance," praising "the government's efforts in service-related issues and tangible reforms, and their positive impact on the lives of citizens across the country."

This comes as the Coordination Framework also affirmed the federal government's commitment to guaranteeing the rights of all citizens, noting at the same time that the enactment of the oil and gas law represents the core of the solution between Baghdad and Erbil.

The Iraqi constitution devotes two articles to the issue of oil and gas, Articles 111 and 112, without addressing how the country's oil policy will be formulated. This was left to the issuance of the Oil and Gas Law, which, after two decades and the current Iraqi government's pledge to issue it within six months, remains unclear when it will be issued. link

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

Tishwash:  After the dollar stabilizes, the Sudanese Central Bank directs that price manipulators be held accountable (document)

Prime Minister Mohammed Shia al-Sudani issued an "important" directive today, Monday (June 2, 2025), to the departments responsible for combating economic crime to pursue and hold accountable those who manipulate prices, especially owners of food, medicine, bakeries and ovens.

According to a letter issued by the Prime Minister's Office, received by "Baghdad Today", al-Sudani's directive "comes after Iraqi markets witnessed a noticeable stability in the exchange rate of the US dollar against the Iraqi dinar, at a time when some weak-willed people still insist on selling goods at the previous prices, which witnessed a significant increase during the period of the decline in the value of the dinar against the dollar."

He stressed that "this manipulation directly harms the citizen and requires decisive government intervention to impose oversight and enforce the law."

text  of the document

May God's peace, mercy, and blessings be upon you.

M/Directive

In view of the stability of exchange rates (the dollar versus the Iraqi dinar), it was observed that some companies, merchants, and weak-willed individuals were exploiting prices or keeping them as they were without regard for market stability, especially food and medicine owners, bakeries, and ovens, due to their failure to adjust the selling prices of items that citizens need on a daily basis. There is no clear oversight role by the economic departments to follow up on these cases. After the Prime Minister - Commander-in-Chief of the Armed Forces was informed of the above content, His Excellency ordered the following:

The departments responsible for combating economic crime shall monitor and hold accountable those who manipulate prices and take the necessary legal measures against them.

Coordination with the Ministries of Trade, Agriculture, and Health to ensure the stability of the price ratio of items that affect the lives of citizens on a regular basis. link

Mot: .... Did You Know!!!! 

Mot:  Yet another ole ""Mot"" tip on Raising the ""Wee Folks"" 

The MM&C Iraq Dinar Update-Global ASYCUDA system-Pricing Changes-Taxation-Purchasing Power-Energy-WB

The MM&C Iraq Dinar Update-Global ASYCUDA system-Pricing Changes-Taxation-Purchasing Power-Energy-WB

6-2-2025

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=Rz0V5K0molY

Iraq Economic News And Points To Ponder Monday Afternoon 6-2-25

Central Bank: Liquidity Is Available And Our Reserves Have Exceeded $100 Billion

The Central Bank of Iraq confirmed on Monday that liquidity is fully available in both local and foreign currencies, revealing that foreign reserves have exceeded $100 billion, in addition to possessing a gold reserve exceeding 163 tons.

Muhammad Younis, Director General of the Bank's Investment Department, told the Iraqi News Agency (INA), "Liquidity is fully available, whether in Iraqi dinars or US dollars, and there is no shortage in this regard," noting that "the Central Bank's reserves have exceeded $100 billion."

Younis explained that "Iraq also has a large gold reserve of more than 163 tons," indicating that "the Central Bank is not an investment entity, but rather is concerned with managing foreign exchange reserves according to well-thought-out policies and high security standards."

He pointed out that "the goal of these reserves is not to make profits, but rather to ensure reasonable returns through safe financial instruments," stressing that "Iraq is on a good economic path." https://www.radionawa.com/all-detail.aspx?jimare=41960

Al-Sudani Directs The Removal Of All Obstacles Hindering The Tax Reform Process

Monday, June 2, 2025 | Economic Number of reads: 327   Baghdad / NINA / - Prime Minister Mohammed Shia Al-Sudani issued a number of directives regarding tax reform during his visit to the General Tax Authority, today, Monday.

Al-Sudani directed, according to a statement by his media office, to remove all obstacles hindering the tax reform process. He also directed the Higher Committee for Tax Reform to prepare unified designs for model buildings for the Authority and its branches across Iraq, provided that the Ministry of Finance allocates the necessary lands.

The Prime Minister also directed to contact specialized international companies to submit bids related to the comprehensive tax system, while directing the Higher Commission for Coordination between Governorates to allocate technical employees, engineers and specialists in tax issues to work in the branches of tax units in the governorates.

He directed the Ministry of Communications to complete the network connection of the General Tax Authority and its branches in order to facilitate tax accounting, in addition to directing to resolve all problems related to employees in order to remove any obstacles to the work of the Authority.

The Prime Minister visited the General Tax Authority today, Monday, during which he toured the Authority's headquarters to review its work mechanisms. He met with the employees working there, the citizens who reviewed it, and the lawyers representing the companies.

Al-Sudani was briefed on a number of problems related to the tax sector and its workers, most notably the lack of infrastructure and the Ministry of Finance's weak follow-up of this Authority, starting with the failure to provide the amounts of notifications that could provide tax revenues, its delay in dealing with the issue of automation, and the lack of a main contracting party to conclude contracts with foreign companies specialized in this matter, as well as the problem of routine communication between the General Tax Authority and the Ministry of Finance, and other problems and obstacles facing the Authority that require the Ministry to pay the necessary attention to this vital institution.

He pointed out that there is a weakness in dealing with the reform packages developed by the Higher Committee for Tax Reform approved by the Prime Minister, and that they cannot be implemented due to some obstacles from within the Authority or by other official bodies. / End https://ninanews.com/Website/News/Details?key=1231375

Oil Prices Rise Despite Increased OPEC+ Supplies

Time: 2025/06/02  Read: 2,115 times  {Economic: Al Furat News} Oil prices rose by more than $1 per barrel in trading on Monday, after the OPEC+ group decided to increase production in July at the same pace it has adopted over the past two months, in line with market expectations.

Brent crude futures rose to $64.44 per barrel, after ending Friday's session down 0.9%.  US West Texas Intermediate crude also rose 2.8% to $62.54, after a slight decline of 0.3% in the previous session.

However, both crudes ended last week down more than 1%.

This price surge follows a decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Saturday to increase production by 411,000 barrels per day in July, marking the third consecutive monthly increase. The group, known as OPEC+, seeks to regain market share and enforce discipline on members who have exceeded their production quotas.

The group was expected to consider raising production at a higher rate, but the decision was in line with expectations.  LINK

Gold Prices Rise In Baghdad And Erbil Markets

Monday, June 2, 2025 | Economic Number of reads: 176   Baghdad/ NINA / The prices of "foreign and Iraqi" gold rose in the local markets on Monday, in Baghdad and Erbil.

The selling price of one mithqal of Gulf, Turkish and European gold, 21 carats, in the wholesale markets on Al-Naher Street this morning was 667 thousand dinars, and the purchase price was 663 thousand dinars.

The selling price of one mithqal of 21 carat Iraqi gold was 637 thousand dinars, and the purchase price was 633 thousand dinars.

In goldsmiths' shops, the selling price of one mithqal of 21 carat Gulf gold ranged between 670 thousand and 680 thousand dinars, while the selling price of one mithqal of Iraqi gold ranged between 640 thousand and 650 thousand dinars.

In Erbil, gold prices also witnessed a rise, as the sale of 24 karat gold reached 765 thousand dinars, 22 karat gold reached 700 thousand dinars, 21 karat gold reached 670 thousand dinars, and 18 karat gold reached 575 thousand dinars. / End   https://ninanews.com/Website/News/Details?key=1231347

The Dollar's Price Rose Against The Dinar In Local Markets

Monday, June 2, 2025, | Economic Number of readings: 124   Baghdad / NINA / The price of the dollar rose against the dinar, Monday afternoon, in the markets of Baghdad and Erbil, with the closing of the stock exchange.

The price of the dollar witnessed a rise in the Al-Kifah and Al-Harithiya stock exchanges, recording 141,700 dinars for every $100, while this morning

it recorded 141,300 dinars for every $100. The selling price rose in exchange shops in the local markets in Baghdad, recording 142,750 dinars for every $100, while the purchase price reached 140,750 dinars for every $100.

In Erbil, the dollar also recorded a rise, as the selling price reached 141,550 dinars for every $100, and the purchase price reached 141,450 dinars for every $100. /End https://ninanews.com/Website/News/Details?key=1231403

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

Jamie Dimon Warns About America’s Coming Debt Crisis

Jamie Dimon Warns About America’s Coming Debt Crisis

Notes From the Field By James Hickman (Simon Black)  June 2, 2025

Jamie Dimon is one of America’s most prominent and successful CEOs; he built JP Morgan Chase into a $4 trillion juggernaut, so it’s fair to say that he understands global finance in a way that most people-- and most politicians-- do not.

 On Friday, Dimon sat down for a 30+ minute live interview at the Reagan National Economic Forum-- named after the 40th President who constantly preached cost-cuts and responsible spending.

Dimon opened his remarks talking about Reagan, who sounded the alarm about the national debt back in the early 1980s when America’s debt to GDP ratio was just 35%. Today it’s 122%. And with each passing year the number becomes even worse.

 Dimon warned the audience that “tectonic plates are shifting,” referring to America’s status as the dominant superpower in the world-- which is rapidly slipping.

 “The amount of mismanagement is extraordinary,” he said. America has added $10 trillion to the national debt in just five years… and for what benefit? Is the country $10 trillion better off? Did any of that $10 trillion improve the lives of anyone who isn’t in Washington DC?

 But all of that debt is quickly reaching a point where it will become nearly impossible to service. Just covering the interest payments on the national debt now costs taxpayers more than $1 trillion per year. And if the current trend on rates and deficit spending hold, it will reach $2 trillion per year by 2028.

(He joked that the government spending is worse than the proverbial “drunken sailor,” because at least a drunken sailor spends his own money.)

 As a result of this insane level of debt and spending, Dimon warned, “you are going to see a crack in the bond market. It’s going to happen.”

 What he means is that US government bonds have long been considered the global “risk-free” asset… and whenever the Treasury Department would sell more bonds, investors would dutifully buy as much debt as the government was selling.

 But that’s no longer the case. “Bond vigilantes are back”, Dimon agreed, and investors are now shunning US government securities.

 This is going to cause a major problem for the United States; running such huge deficits year after year means the Treasury Department NEEDS lenders, it NEEDS investors to buy US government bonds.

 If investors pull back, the natural consequence will be MUCH higher Treasury yields and interest rates, resulting in a full-blown fiscal crisis in the United States… including major inflation.

 “The future- what I see-- is inflationary,” Dimon predicted. “I don’t know if the crisis will be in six months or six years, [but] I’m hoping that we change. . . the trajectory of the debt” before that crisis occurs.

 It was a pretty blunt warning to a room full of policymakers-- which included several officials from the Federal Reserve and the Trump administration.

 Dimon is absolutely right, of course. Peter and I have been talking about this same debt crisis for years, and it’s only become worse.

For someone of Dimon’s gravitas to sound the alarm bells is a big deal-- and he echos Warren Buffett’s most recent annual letter which similarly admonishes the federal government to get its fiscal act together.

 Sadly, it doesn’t appear that the government is listening.

 On Sunday, Treasury Secretary Scott Bessent dismissed Dimon’s warnings and claimed, rather bizarrely, that “the deficit this year is going to be lower than the deficit last year, and in two years it will be lower again.”

 That statement is just patently false.

 In Fiscal Year 2024, the $1.8 trillion deficit constituted 6.4% of GDP. This year’s deficit hit $1.3 trillion just in the first SIX MONTHS! Let’s be kind and assume that the annual deficit this year will be ‘only’ $2.0 trillion, or 6.6% of GDP -- that would amount to a higher deficit on both a nominal and relative basis.

 Plus, the “One Big Beautiful Bill” will add quite a bit more to the deficit. Don’t get me wrong-- tax cuts are great. But spending cuts are even more critical right now… and this bill is extremely deficient in that department.

 Senator Rand Paul confirmed this later and said (of Bessent’s comments), “the math doesn’t really add up” and that the administration’s current spending plan is to have a total deficit of “five trillion over [the next] two years”.

 Any way you slice it; the deficit is increasing… not decreasing.

 Elon Musk lamented this as well, saying that he was “disappointed” by how the spending/tax bill increases the deficit.

 There do seem to be a handful of Senators willing to take a stand and demand bigger spending cuts. We’ll see how that pans out. But it’s clear that the majority of politicians don’t have a care in the world about the deficit.

 They almost have a sense of entitlement in assuming that investors from around the world will continue buying US government bonds no matter how precarious America’s fiscal situation becomes.

Jamie Dimon closed his remarks talking companies in the private sector who had a similar sense of entitlement-- Kmart, Sears, Blackberry, Nokia, etc. all had tremendous “arrogance, greed, complacency, bureaucracy.”

 They all assumed their greatness and success would last forever. But that’s a horrible assumption. Greatness and success have to be earned every day, year after year.

 The US government has been doing the opposite for far too long; rather than earning success and greatness, they find unique ways to cripple themselves and make things worse.

 Dimon rightfully pointed out that the ship can still be turned around. And it can. But it certainly makes sense to have a Plan B in case they don’t. These risks are very real, and it’s sensible to take them seriously.

 To your freedom,  James Hickman   Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/jamie-dimon-warns-about-americas-coming-debt-crisis-152892/?inf_contact_key=10f9bd3e707d2d9c6e43487e62db53cbf2dd6ac02ffa012fb72df8aa66cf6bc6

FRANK26….6-2-25……LET’S TALK

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FRANK26….6-2-25……LET’S TALK

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