More News, Rumors and Opinions Wednesday Evening 5-1-2024
KTFA:
Clare: Economist reassures: Financial liquidity is available and there are no risks to the Iraqi dinar
5/1/2024 Baghdad, Economic affairs expert Safwan Qusay confirmed that financial liquidity is available and there are no high risks regarding the existence of the Iraqi dinar.
Qusay said, in a televised interview followed by Mawazine News, that “oil revenues rose during the first three months of this year, and this is thanks to the current government’s policy and with Muhammad Shiaa Al-Sudani personally supervising this success.” He added, "Iraq currently embraces more than 600 investment projects, including the Baghdad Metro."
He pointed out, "Iraq has completed all its financial needs, and the rest of it needs the price of a barrel of oil to reach only $96 to cover the financial deficit."
He pointed out that "there should be rationalization and advice in local financial consumption." LINK
KTFA:
Clare: Economist reassures: Financial liquidity is available and there are no risks to the Iraqi dinar
5/1/2024 Baghdad,
Economic affairs expert Safwan Qusay confirmed that financial liquidity is available and there are no high risks regarding the existence of the Iraqi dinar.
Qusay said, in a televised interview followed by Mawazine News, that “oil revenues rose during the first three months of this year, and this is thanks to the current government’s policy and with Muhammad Shiaa Al-Sudani personally supervising this success.”
He added, "Iraq currently embraces more than 600 investment projects, including the Baghdad Metro."
He pointed out, "Iraq has completed all its financial needs, and the rest of it needs the price of a barrel of oil to reach only $96 to cover the financial deficit."
He pointed out that "there should be rationalization and advice in local financial consumption." LINK
Clare: Al-Sudani: Service projects in Iraq “will not stop”
5/1/2024
Al-Sudani congratulated the workers on their International Day,
“We extend our warmest congratulations and best wishes to the workers in Iraq and the world on the anniversary of their most important day.”
He added: “We affirm our commitment to all Iraqi workers, men and women, to provide a work environment that preserves their dignity and guarantees their material and moral rights because they represent a supreme value in our country, where service, reconstruction and development projects have begun and will not stop with the help of the Almighty God.” LINK
DeepWoodz: To the citizens again. The theme is clear, it’s down to helping them. Their dignity. Their national pride.
You know what Frank mentioned yesterday is the biggest symbol of national pride. A new national currency that you can carry enough in your wallet to be able to take your family out to dinner. Buy groceries. Etc…
Sounds like a day of announcements is on the agenda. Or at least to me, it has that feeling about it…
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Clare: An economic expert for NINA: The World Bank’s expectations that Iraq will achieve a high growth rate are “positive expectations”...and several factors that will contribute to it.
5/1/2024
Economic affairs expert, Raad Tawij, confirmed that the World Bank’s expectations that Iraq will achieve a high growth rate are positive expectations, indicating that there are several factors that will contribute to Iraq achieving this rank.
Twig said in a statement to the National Iraqi News Agency ( NINA ): “The Iraqi economy has gone through varying rates of economic growth. In some years, the growth rate was negative and to a large degree, but in most years the growth rates were positive, and there is an expectation that the Iraqi economy will achieve a growth rate.” It reaches 6% and is at the forefront of the Arab countries.
He stressed that one of the most important factors that will contribute to Iraq being at the forefront of the Arab countries and help in this high rate of GDP is the rise in oil prices to approximately 90 dollars and a daily production rate of five million barrels per day in light of international reserves. Approximately 112 billion dollars, in light of digital transformation, financial inclusion, and advanced electronic payment compared to the countries of the region.
He pointed out that it is possible to benefit from the high rate of economic growth, with the progress made in combating money laundering, provided that this is conditional upon carrying out economic reform, controlling government finances, and working towards achieving it. Financial sustainability for all generations, working to diversify sources of national income, getting rid of rentierism, reviving productive sectors in the Iraqi economy, and benefiting from the Iraq Fund for Development and expanding its role. LINK
DeepWoodz: This sounds like reasons out of the KTFA handbook on why they can change the rate.
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Walkingstick and Frank26 [Iraq boots-on-the-ground report] FIREFLY: Alaq the CBI governor is on the television and he's talking about the banks and the financial inclusion. They are saying to us that there are changes coming...Iraq has just given us Identity Program. This will be launched next Thursday on the 6th...They called them Unified National Cards. WALKINGSTICK: Those are nothing more but identification cards because you're going to be needed them when you go into the bank to get your new currency.
Mnt Goat ...What will May bring us investors? I have to tell you that April’s news was amazing and I don’t know how the news can top last month except maybe give us what we are looking for. Am I saying its going to RV in May? Of course not...no one knows the date of this event...Does it seem that we are very close? Yes, it seems this is just around the bend and the finish line is in our sights. ...there is a huge glimmer of hope we could see the RV very soon.
KNOCKOUT: China’s BOLD Move Threatens To Dethrone The US In Europe’s Economy
Sean Foo: 5-1-2024
In a bold move, China is moving fast to court the EU economy away from the US. President will be visiting France, Serbia and Hungary to show Europe there are big benefits in partnering and trading with China.
More importantly, building China's trade allows them to secure their economy against US economic sanctions.
Here's what you must know!
Timestamps & Chapters:
0:00 China's EU Charm Offensive
3:11 EU Needs The Chinese Market
6:20 China Economy Strengthens Further
8:54 France & Hungary To Win Big
11:52 China's Big Agenda
Zimbabwe “Zig” News in Dinarland 5-1-2024
TNT:
TwoCuteCats: Zimbabwe Starts Circulating Gold-Back Notes
Zimbabwe’s central bank started circulating ZiG notes and coins among the public, a day after policymakers kept interest rates unchanged at their first meeting since unveiling the new currency.
The ZiG, short for Zimbabwe Gold, is the southern African nation’s sixth attempt since 2008 to deliver a stable domestic currency. It was announced on April 5 and transacting in the unit has been done electronically since trade started three days later.
TNT:
TwoCuteCats: Zimbabwe Starts Circulating Gold-Back Notes
Zimbabwe’s central bank started circulating ZiG notes and coins among the public, a day after policymakers kept interest rates unchanged at their first meeting since unveiling the new currency.
The ZiG, short for Zimbabwe Gold, is the southern African nation’s sixth attempt since 2008 to deliver a stable domestic currency. It was announced on April 5 and transacting in the unit has been done electronically since trade started three days later.
Harambe: Zimbabwe’s as new currency starts circulating - Hurriyet Daily News (5/1/24)
Zimbabwe's new gold-backed currency started circulating on April 30 amid government hopes it could help stabilize the economy, but many locals complained banknotes and coins were too hard to obtain.
The so-called ZiG, or Zimbabwe Gold, replaced the Zimbabwean dollar, whose value against its U.S. counterpart had collapsed over the past year, pushing up inflation.
The new currency officially started trading earlier this month, but the central bank only released the first two denominations, a 10 ZiG note ($0.70) and a 5 ZiG coin, on April 30.
Despite hopes this would solve a shortage of small change, Zimbabweans were left disappointed.
"Where is the ZiG? Why are we still being given things we don't need for change?" a disgruntled shopper said after being given a bar of chocolate instead of coins at a supermarket in an upmarket suburb in the capital Harare.
Many Zimbabweans have long preferred using U.S. dollars for transactions.
But due to a lack of coins, stores often give change in candies and cookies.
"We haven't had a customer who brought it in cash today," said a shop assistant at another retailer.
Professor Gift Mugano, director for African Governance and Development at the Durban University of Technology, said the central bank released small denominations first to "curb money supply and inflation."
But some stores were marketing goods at inflated prices in the local currency compared to the official U.S. dollar exchange rate.
Soaring prices have piled pressure on Zimbabweans who are already contending with widespread poverty, high unemployment and a severe drought induced by the El Nino weather pattern.
After climbing well into the triple digits last year, inflation was at 57 percent in April.
https://www.hurriyetdailynews.com/zimbabwes-as-new-currency-starts-circulating-193032
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Zimbabwe’s ZiG is the world’s newest currency and its latest attempt to resolve a money crisis
by: FARAI MUTSAKA, Associated Press, Africa
Posted: Apr 30, 2024
HARARE, Zimbabwe (AP) — Out with the Zimbabwe dollar, in with the ZiG.
Zimbabwe on Tuesday started circulating a new currency to replace one that has been battered by depreciation and often outright rejection by the people.
The ZiG was introduced electronically in early April, but people are now able to use banknotes and coins.
It’s the southern African country’s latest attempt to halt a long-running currency crisis underlining its persistent economic troubles. The government had previously floated various ideas to replace the Zimbabwe dollar, including introducing gold coins to stem inflation and even trying out a digital currency.
Since it was launched electronically on April 5, the ZiG — short for Zimbabwe Gold and backed by the country’s gold reserves — appears to be heading down the same path of mistrust, with some government departments refusing to accept it.
The ZiG is the sixth currency Zimbabwe has used since the spectacular 2009 collapse of the Zimbabwe dollar amid hyperinflation of 5 billion percent, one of the world’s worst currency crashes to date. That set off a chaotic series of events: first the U.S. dollar was allowed as legal tender, then banned, then unbanned.
A new “bond note” became legal tender, the Zimbabwe dollar was reintroduced before the gold coins and digital currency were tried.
However, nothing brought any currency stability and the U.S. dollar remains the most trusted for ordinary Zimbabweans.
As the shiny new ZiG banknotes hit the streets, the mistrust was evident.
Kudzanayi Mande, a vegetable trader at the crowded Mbare market in the capital of Harare, said she would rather forgo a sale than accept the ZiG. She was confused, the 56-year-old said.
“Already there is an official exchange rate and a depreciated black market rate, so I will wait a bit to see what its real value is,” she said. “The U.S. dollar is still a safer bet.”
The government has allowed some businesses, such as gas stations, to refuse to accept the ZiG in favor of U.S. dollars. Some departments, like the office that issues and renews passports, accept only U.S. dollars.
At the same time, other businesses are being ordered to only use the ZiG, and face punishment if they don’t.
“The government prints the money so it should be the first to accept the currency and everyone else will follow,” said Gift Mugano, an economics professor at South Africa’s Durban University of Technology.
“Otherwise it is behaving like someone who feeds on takeaways but wants others to eat the food they cook,” Mugano said. “It becomes suspicious.”
Many in Zimbabwe still remember when a 100 trillion Zimbabwe dollar banknote was printed in 2009 at the height of the hyperinflation to keep up with spiraling prices.
At one point, a loaf of bread cost more than 500 million Zimbabwe dollars. Prices would change from when customers walked into a grocery store to when they lined up to pay at the cash register. Restaurants stopped displaying prices on menus as they would go up over the course of a dinner. People lugged around bags stuffed with banknotes. Savings and pensions became worthless.
Through the ordeals, the greenback remained precious — and highly valued on the black market.
Across Zimbabwe, the U.S. dollar is still widely used, from paying rent and school fees to buying groceries. Many take their local currency earnings to the black market to exchange for dollars since banks don’t give out U.S. dollars. Some people stash their U.S. dollars at home.
The government of President Emmerson Mnangagwa has taken a hard-line approach — dozens of black market currency dealers were arrested and have been in pretrial detention for weeks, accused of trying to undermine the new currency. After the ZiG was introduced electronically, bank accounts of some businesses were frozen, accused by the government of rejecting the new currency.
Authorities say they have faith in the ZiG because it’s backed by the country’s gold reserves. Mnangagwa said in a speech on Monday it was a matter of “our national identity and dignity” to trust the ZiG.
Though some hopeful Zimbabweans headed for the banks Tuesday to get their hands on the new currency, many remained skeptical after two decades of turmoil.
An online news outlet published a political cartoon showing a policeman struggling to hold up a collapsing house with the word ZiG on it.
The caption: “World’s first police backed currency.”
Source: Wane
News, Rumors and Opinions Wednesday 5-1-2024
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 Wed. 1 May 2024 Compiled Wed. 1 May 2024 12:01 am EST by Judy Byington
Global Currency Reset: (RUMORS)
Tues. 30 April Wolverine Colombia: “As of this morning Tues 30 April at 10 am Bonds Holders from Argentina, Brazil, Ecuador and Peru were going to Bogota, Colombia to get exchanged. GOD Bless. Another report stated that Doris Bahos was in Bogota doing the process for the Colombian people. We know that the process has started and certain people were being paid. Keep the Faith. I’m confident that this is our week. God Bless You.”
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 Wed. 1 May 2024
Compiled Wed. 1 May 2024 12:01 am EST by Judy Byington
Global Currency Reset: (RUMORS)
Tues. 30 April Wolverine Colombia: “As of this morning Tues 30 April at 10 am Bonds Holders from Argentina, Brazil, Ecuador and Peru were going to Bogota, Colombia to get exchanged. GOD Bless. Another report stated that Doris Bahos was in Bogota doing the process for the Colombian people. We know that the process has started and certain people were being paid. Keep the Faith. I’m confident that this is our week. God Bless You.”
Tues. 30 April 8:26 pm Banker: “Per my Beeville Doctor the IQD (Iraqi Dinar) Rate in country is still $3.91 as of two minutes ago.”
Mon. 29 April TNT Tony: We are still here waiting for the RV at any moment. Banks were being told by the end of the month, which is tomorrow Tues. 30 April. $28.50 is still the new (Dinar) rate for the first ten days.
Tues. 30 April RV Update by Militiaman: “We will see the dollar decline in the black market soon…the Central Bank’s credit rating [from the World Bank] is an A++ and exceeded the United Arab Emirates…” That’s the prime minister’s advisor talking…That’s phenomenal. It’s big. It says a lot. It says they have trust. It says Iraq has the ability to pay back their bills. “…anticipating the impact of the Central Bank agreement with the US Treasury on exchange rates…it is hoped the Central Bank of Iraq will announce the measures that were agreed upon in Washington which could have positive impact on the exchange rate…” The key focus is they’re talking about the exchange rate, positive impacts, the US Treasury on exchange rates. That is fascinating.
The top lawmaker in Vietnam has been forced to step down as the country’s anticorruption drive cleans up in preparation for the Dong revaluation.
Tues. 30 April: Zimbabwe’s new gold-backed currency officially entered general circulation today Tues. 30 April.
Tues. 30 April US Treasury Bonds were no longer the Global Reserve Asset for the oil trade. Japan was only the first domino to fall. Other G7 Central Banks will be forced to liquidate. The US Dollar will unravel very fast. This is called a US Treasury Bond default. …Mike Cristo8 RV Highlights on Telegram Tues. 30 April 2024
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Tues. 30 April 2024 Bruce, The Big Call The Big Call Universe (ibize.com) 667-770-1866, pin123456#
This morning Tues. 30 April at 6 am a global takedown started of a half of million people of the Cabal.
Bond Holders were still waiting to get access to their funds.
One of the Redemption Center Leaders said we should get our 800 number on Wed. 1 May and start exchanges on Thurs. 2 May.
In Iraq a source said the Global Reset begins on 1 May and start on Thurs. 2 May.
Another source said everything begins tonight.
The Global Financial System and Global Emergency Alert System have been connected globally.
Nesara/Gesara should be announced around Thurs. or Fri. 2, 3 May.
We should get our R&R allowances and increases in Social Security in May.
Read full post here: https://dinarchronicles.com/2024/05/01/restored-republic-via-a-gcr-update-as-of-may-1-2024/
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Yada As far as Im concerned, they've done all they needed to do and like a funnel, need the rate release to get to the other side...Im of the mind the IMF has given the rate to the central banks and just a matter of coordination of releasing the rate world wide. That is what we are looking at now...I think we are in "Set" position before they fire the gun to go.
Militia Man Quote on X [Formally Twitter] There's some information out there today that says the Central Bank of Iraq's governor has advised citizens to get ready for a currency exchange...Whether it's true or not we're going to find out...The reason why I bring it up is because that kind of to be expected, they're having financial inclusion...they're talking about that.**
URGENT & BREAKING NEWS Iraq Vietnam How to Buy ZiG Zimbabwe
Edu Matrix: 4-30-2024
You must watch this for yourself, thee are no words to explain what Iraq has done now! Vietnam's clever plan with Hollywood and how to buy Zimbabwe's new currency.
Holy shot wow wow owo love it Iqd fixed exchange rate
Nader: 4-30-2024
“Tidbits From TNT” Wednesday 5-1-2024
TNT:
CandyKisses: Minister of Labor gives good news to workers: Wait next week
Economy News - Baghdad
Minister of Labor and Social Affairs Ahmed Al-Asadi announced on Wednesday an increase in the salary of retired workers by 100,000 dinars.
According to a statement by the Ministry of Labor, received by "Economy News", "Minister of Labor and Social Affairs Ahmed Al-Asadi gives good news on the occasion of International Workers' Day, by increasing the salary of retired workers by 100,000 dinars."
He pointed out that "the decision to increase the salary of retired workers will be voted on at the Cabinet meeting next week
TNT:
CandyKisses: Minister of Labor gives good news to workers: Wait next week
Economy News - Baghdad
Minister of Labor and Social Affairs Ahmed Al-Asadi announced on Wednesday an increase in the salary of retired workers by 100,000 dinars.
According to a statement by the Ministry of Labor, received by "Economy News", "Minister of Labor and Social Affairs Ahmed Al-Asadi gives good news on the occasion of International Workers' Day, by increasing the salary of retired workers by 100,000 dinars."
He pointed out that "the decision to increase the salary of retired workers will be voted on at the Cabinet meeting next week
Tishwash: The International Comprehensive Shopping Festival kicks off in an Iraqi governorate
Today, Wednesday, the activities of the 2024 Governorate International Shopping Festival were launched on the grounds of the Najaf International Fair, which will continue for 10 days with the participation of more than 200 Arab, foreign and local companies.
The media official for the Najaf International Fair, Haider Al-Moussawi, said: “The 12th edition of the Najaf International Comprehensive Shopping Festival, which was held on the grounds of the Najaf International Fair, was attended by eight Arab and foreign countries, namely Egypt, Syria, India, Pakistan, Lebanon, Turkey, Iran and Jordan, in addition to... Iraqi companies.
He pointed out, "The number of companies participating in the exhibition reached more than 200 Arab, foreign and local marketing companies, displaying various commodity products that supply the local Iraqi and Najafi markets in particular with various goods."
Al-Mousawi added, "The exhibition is considered a great arena for the owners of companies and factories to meet to support and move the wheel of the local economy in Najaf and the Middle Euphrates region, by viewing the various products of the participating countries," stressing that "the festival witnessed a great demand by citizens for shopping link
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Tishwash: 90 percent of it comes from across the border. Parliament unveils a new strategy to limit currency smuggling
Member of the Parliamentary Security and Defense Committee, Representative Yasser Iskandar, confirmed today, Wednesday (May 1, 2024), that 90% of the counterfeit currency comes from across the border.
Iskandar said in an interview with "Baghdad Today", "Counterfeiting foreign currencies is one of the challenges that emerged remarkably in the Iraqi scene after 2003, led by mafias and multinational networks, some of which are for fraud and making money, and others carry an agenda of harming the economic reality."
Iskandar added, “The counterfeiting of currencies was not limited to foreign currencies, including the dollar, but rather extended to the dinar through the highest monetary denominations and in professional ways, which demonstrates the capabilities of the counterfeiting mafias,” pointing out that “90% of the counterfeit currencies come directly from across the border and are the most dangerous because of The development of the counterfeiting machine.
He pointed out that "the Interior Ministry's formations succeeded in reducing the counterfeiting of currencies by dismantling some networks, arresting their members, adopting a new strategy in monitoring and follow-up, and forming specialized teams to undertake the file of prosecuting those involved. He stressed that educating the community and clarifying the features of counterfeit currencies reduced the percentage of those who fall into their trap in... Markets and others, but they remain a source of limitation, especially with the attempts of these networks to continue counterfeiting crimes.”
Iraqis are experiencing widespread anxiety due to information about the spread of large quantities of counterfeit currency denominations of 25,000 Iraqi dinars, while social media has circulated video clips of people who have spotted large quantities of these newly printed counterfeit bills.
On Sunday (April 28, 2024), the National Security Service announced the dismantling of a money counterfeiting gang in Babil Governorate and the arrest of three others in Basra and Anbar Governorates.
A statement by the agency received by “Baghdad Today” stated, “The National Security Service in Babil Governorate was able, after field efforts and obtaining judicial approvals, to overthrow a two-person gang of counterfeiting US dollar denomination money and promoting it in a number of commercial stores.”
He added, "Our detachments collected complete information about these two individuals to suspect them and track them down until they were caught red-handed. They were seized with an amount of (20,700) counterfeit dollars that they intended to distribute in commercial activities."
He continued, "In Anbar and Basra governorates, our detachments were able to arrest three people for trading in counterfeit currency after luring them into an ambush, where about (8,000) counterfeit dollars were seized in their possession."
He pointed out that "the defendants and the seized items were referred to the competent judicial authorities to take the necessary measures in accordance with the law." link
Mot: ~ Peasant Maypole Dance ~~~~
Mot: . Wishing You a ~~~~
Goldilocks' Comments and Global Economic News Tuesday Evening 4-30-24
Goldilocks' Comments and Global Economic News Tuesday Evening 4-30-24 Good Evening Dinar Recaps,
Department at the Central Bank of Iraq and the Association of Private Banks organized the activities of the Arab Financial Inclusion Week at Al-Muthanna University - College of Management and Economics, in cooperation with the International Labor Organization. The events included a seminar to introduce financial inclusion, a lecture on electronic payment and digital inclusion, as well as various lectures on financial stability, financial education, and the green economy project, in addition to concessional financing services for young entrepreneurs and businessmen. It is noteworthy that these activities come within the Financial Inclusion Week, which began on April 27 and continues until May 2, with the aim of enhancing financial awareness and promoting financial inclusion in Iraqi society. https://cbi.iq/news/view/2560 Central Bank of Iraq Information Office 30 - April - 2024
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Goldilocks' Comments and Global Economic News Tuesday Evening 4-30-24
Good Evening Dinar Recaps,
Department at the Central Bank of Iraq and the Association of Private Banks organized the activities of the Arab Financial Inclusion Week at Al-Muthanna University - College of Management and Economics, in cooperation with the International Labor Organization.
The events included a seminar to introduce financial inclusion, a lecture on electronic payment and digital inclusion, as well as various lectures on financial stability, financial education, and the green economy project, in addition to concessional financing services for young entrepreneurs and businessmen.
It is noteworthy that these activities come within the Financial Inclusion Week, which began on April 27 and continues until May 2, with the aim of enhancing financial awareness and promoting financial inclusion in Iraqi society. https://cbi.iq/news/view/2560 Central Bank of Iraq Information Office 30 - April - 2024
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Emerging Markets Banking Announcement:
Burke joins MarketAxess as Global head of Emerging Markets
29 April 2024
Dan Burke will be responsible for the development and execution of business strategy for the EM business in both hard currency and local markets.
MarketAxess Holdings Inc. (MarketAxess) is an international financial technology company that operates an electronic trading platform for the institutional credit markets,[2] and also provides market data and post-trade services.[3] It enables institutional investors and broker-dealers to trade credit instruments, including corporate bonds, and other types of fixed income products.[4] Asset Servicing Times Market Axess Wikipedia
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Crypto ETF Announcement:
Hong Kong begins trading ETFs tomorrow.
Bitcoin ETF and Ethereum ETF
They expect to have better trading volumes than the US on the first day.
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"FIATA International Federation of Freight Forwarders Associations announces the release of the Key Trade Documents and Data Elements (KTDDE) report, by the International Chamber of Commerce Digital Standards Initiative (ICC DSI), to which FIATA was a key contributor."
Freight Forwarders are intermediaries between companies who make products and the final destination for those goods. Freight Forwarders direct various transport options such as sea/ocean freight, rail freight, road transport, and air freight shipment.
We learned yesterday that the digital standardization of what we are talking about in this brief article has been completed. Today we learn, there are 36 key trade documents that are needed to be standardized inside the international trade ecosystem.
This includes the cross-border paperless trade tool kit. It is a tool kit providing information for the World Trade Organization and the United Nations Commission on International Trade Law.
This gives the World Trade Organization who is currently deciding weighted percentages on trade values for the Global Nation. This information will go a long way in determining exchange rates for countries around the world.
Digitizing and Standardizing the new Global Trading mechanisms for the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) will go a long way in leveling the playing field for Global trade. AJOT DVS Tax - Thomson Reuters
WATCH THE WATER.
© Goldilocks
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"As China's big banks pull back from financing Russia-related transactions, some Chinese companies are turning to small banks on the border and underground financing channels such as money brokers - even banned cryptocurrency - the sources told Reuters."
In order to keep some of China's very profitable institutions afloat. China and Russia are going underground with Brokers and small banks near the border utilizing digital payments as their source.
Crypto payment exchange is part of this new shift in trade with Russia and China because of the sanctions that are being placed on Russia by the US.
This is only driving the push toward a new digital economy forward at a rapid pace. These new avenues of payment sources are giving more reasons for China and Russia to de-dollarize their financial system and move toward a Level Playing Field in trade with each other. TBS News
© Goldilocks
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Mass adoption for the XRP Ledger has begun in Japan. This move will give Japan much more breathing room for the Yen.
XRP will provide a liquidity source that can replace the dollar in currency exchange for that country going forward and others who trade with them using the new digital asset-based trading system.
A move like this will give them less reliance on Swift and more reliance on The XRP Ledger and XRP Stablecoin to move their money digitally.
Now, we can expect the dedollarization process to speed up in Japan as they begin the process of selling their dollars for gold. Coin Telegraph
© Goldilocks
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LONDON (Reuters) - "Regulators must equip themselves with tools such as "bail-in" bonds to deal quickly with a failed clearing house for stocks, bonds or derivatives without having to call on taxpayers for cash, the G20's risk watchdog said on Thursday."
We have never seen this in our lifetime. The danger of Clearing Houses, those who move our money, failing to do so because of a lack of money on both sides of a trade.
And, we are being told that it will not be taxpayers that make up the difference in these losses, even though, inflation is a form of tax that has been confiscated from people around the world to probably make up the difference in these losses. 😉
Ripple and Ripple Ledger is beginning to be activated in some major countries at this time that will move some of these Clearing House transactions to The XRP Ledger.
This is why we will see challenges in the movement of money for a period of time as Clearing Houses transition some of the movement of money into Wire (Digital) Houses going forward. Finance Yahoo Investopedia
© Goldilocks
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Electronic Transfer Vs Wire Transfer: How They Work | Stax Payments
We are transitioning from the movement of money through wirehouses to electronic transmissions of money.
This is where the new digital economy will be taking over the traditional ways of moving money.
Electronic movement of money is far more efficient and faster than traditional modalities.
Part of the transition into this new transmission of money will create some backup logs in the old system.
My understanding is the QFS has been running side by side with the old system to coordinate and catch the inevitable snags that may come our way.
© Goldilocks
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French Hill, a prominent Republican member of the US Financial Services Commission, has expressed his willingness to support combined legislation linking cannabis banking to stablecoin regulation, pending negotiations. | Cryptodnes
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New Research from Material and NewtonX Reveals Shifts in Digital Ad Spending and Social Media Strategies
New insights show how advertisers and agencies are succeeding and spending in an era of advertising targeting, social media and AI BusinessWire
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Dollar Dominance: America's Power Pivot | Youtube
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Russia gives mixed signals about common BRICS digital currency - Ledger Insights - blockchain for enterprise
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Bank of Japan launches CBDC API Sandbox, publishes digital yen report - Ledger Insights - blockchain for enterprise
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URGENT & BREAKING NEWS Iraq Vietnam How to Buy ZiG Zimbabwe | Youtube
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Distributed Ledger Technology (DLT) Explained | Youtube
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Ripple and Hashkey DX Partner to Boost Blockchain Supply Chain Solutions in Japan – News Bytes Bitcoin News
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Uphold Fees & Limits | Uphold Help Center
Hi yeah I know it is sad ,
We wanted to let you know that we’ve increased the deposit and withdrawal limits that apply to your Uphold Wallet.
Don’t worry, there’s nothing for you to do. Please see the changes below:
Deposits (Daily and monthly limits have been removed)
ACH Micro-deposits:
Weekly deposit limit: $2,000
Limit per deposit: Increased from $500 to $2,000
ACH Plaid:
Weekly deposit limit: $10,000
Limit per deposit: Increased from $500 to $10,000
Cards/APMs:
Maximum limit per deposit: $15,000
Weekly limit: $15,000
Withdrawals (Monthly limits have been removed)
ACH Plaid & ACH Micro-deposits
Daily withdrawal limit: Increased from $10,000 to $25,000
Debit Cards:
Weekly withdrawal limit: $5,000
For more details, please refer to our FAQs.
Thank you, Team Uphold
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👆Something has changed...
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Why Do Banks Have Limits and Holds? - Grasshopper
These regulations not only help to keep the bank financially safe but protect you as well. For example, if you were to experience fraud, withdrawal limits are in place to prevent hackers from being able to remove all the funds from your account.
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This is just a speculation and don't hold me to it, but I suspect new regulation security measures have just been placed on the QFS to allow such freedoms.
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Stellar Development Foundation Quarterly Review: Q1 2024 | Youtube
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Andy Schectman: Russia Responds With $440 Million Sanction On JP Morgan Assets
Andy Schectman: Russia Responds With $440 Million Sanction On JP Morgan Assets
Arcadia Economics: 4-30-2024
There’s a growing chance that a few decades from now we’ll look back at what happened on March 11, 2022, when Russia was kicked out of the SWIFT system, as one of the major turning points of our modern financial system.
At that point the US had already frozen over $300 billion of Russian assets after Russia’s invasion into Ukraine. And following the decision to remove Russia from SWIFT, we’ve seen an acceleration of the de-dollarization movement, as other countries have wondered whether they could be next.
Now the US is considering sanctions against China, while moving legislation forward to confiscate the frozen Russian assets, and Russia has responded by sanctioning $440 million of JP Morgan assets.
Andy Schectman: Russia Responds With $440 Million Sanction On JP Morgan Assets
Arcadia Economics: 4-30-2024
There’s a growing chance that a few decades from now we’ll look back at what happened on March 11, 2022, when Russia was kicked out of the SWIFT system, as one of the major turning points of our modern financial system.
At that point the US had already frozen over $300 billion of Russian assets after Russia’s invasion into Ukraine. And following the decision to remove Russia from SWIFT, we’ve seen an acceleration of the de-dollarization movement, as other countries have wondered whether they could be next.
Now the US is considering sanctions against China, while moving legislation forward to confiscate the frozen Russian assets, and Russia has responded by sanctioning $440 million of JP Morgan assets.
To find out more about this disconcerting escalation, Andy Schectman checks in for his weekly report, and you can click here to watch it now!
More News, Rumors and Opinions Tuesday Afternoon 4-30-2024
KTFA:
Clare: Financial inclusion organizes various events in Muthanna Governorate
4/30/2024
The Financial Inclusion Department at the Central Bank of Iraq and the Association of Private Banks organized the activities of the Arab Financial Inclusion Week at Al-Muthanna University - College of Management and Economics, in cooperation with the International Labor Organization.
The events included a seminar to introduce financial inclusion, a lecture on electronic payment and digital inclusion, as well as various lectures on financial stability, financial education, and the green economy project, in addition to concessional financing services for young entrepreneurs and businessmen.
It is noteworthy that these activities come within the Financial Inclusion Week, which began on April 27 and continues until May 2, with the aim of enhancing financial awareness and promoting financial inclusion in Iraqi society.
KTFA:
Clare: Financial inclusion organizes various events in Muthanna Governorate
4/30/2024
The Financial Inclusion Department at the Central Bank of Iraq and the Association of Private Banks organized the activities of the Arab Financial Inclusion Week at Al-Muthanna University - College of Management and Economics, in cooperation with the International Labor Organization.
The events included a seminar to introduce financial inclusion, a lecture on electronic payment and digital inclusion, as well as various lectures on financial stability, financial education, and the green economy project, in addition to concessional financing services for young entrepreneurs and businessmen.
It is noteworthy that these activities come within the Financial Inclusion Week, which began on April 27 and continues until May 2, with the aim of enhancing financial awareness and promoting financial inclusion in Iraqi society.
Central Bank of Iraq
Information Office
30 - April - 2024
Don961: Optimism to attract more customers to the field of banking operations
Economical 04/30/2024
The Financial Inclusion Week activities were launched in cooperation between the Central Bank, the Association of Private Banks, and a number of financial and banking institutions. Executive Director of the Association of Private Banks, Ali Tariq, told Al-Sabah:
The Central Bank and the Association of Banks have been working for a long time to launch Financial Inclusion Week throughout the country, as it continues for a week, and its activities are implemented in commercial centers, universities and other institutions, in coordination with the Arab Monetary Fund. And his supervision.
He added that financial inclusion aims to reach all segments of society and seek to integrate them in order to obtain banking services such as credit, deposits, and others.
He explained that there is a significant growth in the rate of financial inclusion, and this is due to the efforts of the government and the banking sector, as well as the launch of the Central Bank’s inclusion strategy.
Tariq continued that inclusion contributes to reducing poverty and creating new job opportunities by enabling individuals to start their projects, and this reflects positively on enhancing economic stability as well as supporting small and medium-sized companies, in addition to the fact that inclusion also focuses on women and attempts to improve their economic conditions by empowering them.
During Financial Inclusion Week, banks, electronic payment companies, and financial companies provide free bank account and prepaid card opening services, in addition to answering inquiries about other services such as loans, deposits, financial transfers, and others.
In turn, international financial inclusion expert Professor Sadiq Al-Shammari told Al-Sabah: Financial inclusion represents an important dimension in the comprehensive and sustainable development strategy because of its impact on improving growth opportunities and financial and social stability.
He added that banking mechanisms and the advantages resulting from the use of electronic payment methods closely linked to banking will help expand the phenomenon of financial inclusion to become double what it is today, indicating that the number of banking operations will increase at acceptable rates commensurate with the targeted plans in this regard.
As for the advisor to the International Smart Card Company, Ghazi Al-Kinani, he told “Al-Sabah”: Electronic payment companies and private and government banks, in cooperation with the Central Bank, have made great efforts to interact citizens with banking products and enhance trust between the two parties.
Financial inclusion means disseminating financial and banking products and services at reasonable costs to the largest segment of society, institutions, and individuals, especially low-income segments, in contrast to financial exclusion, which excludes these segments. LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
PompeyPeter Sudani has said on several occasions talked about commencement of the reconstruction of Iraq in the month of April. Salih the economic advisor talked about them spending 50% of GDP in April. Well he said within two weeks which would take us to the end of April...In order for those things to happen it means the investment side of the budget has got to be opened. They're not going to be doing all these things at 1310. We know the contracts cannot be written in dollars anymore. They're in IQD. Again these things are not going to be done at 1310.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: No word yet on the budget thus we thinking it will never get there first without the CBI popping the rate first then goes to parliament. FRANK: Yes, 100%...You cannot launch a rocket without fuel. You cannot launch this budget without the exchange rate...
BRICS Currency, END of US DOLLAR Hegemony & Why Central Banks are STOCKPILING GOLD| Andy Schectman
Lena Petrova: 4-30-2024
STOCK MARKET: (Caution Advised). Gold, Silver, Crypto SMACKDOWN! Important Updates.
Greg Mannarino: 4-30-2024
“Tidbits From TNT” Tuesday 4-30-2024
TNT:
CandyKisses: Government official reveals the actual date of the start of the implementation of the development road project
{Local: Euphrates News} The General Company for Iraqi Railways in the Ministry of Transport set early next year 2025 as a date to start the actual implementation of the "Development Road" project, after seven governorates approved its route, confirming the achievement of 66% of railway designs on this road.
The general manager of the company, Younis Khalid Al-Kaabi, said in a press statement that "the project (development road) is large and gigantic, and the Ministry of Transport is the incubator for it, both rail and land," noting that "the project is in the process of progress in the initial designs, as the percentage reached more than 66% of railway designs, and 50% of the land road designs, and the soil investigations exceeded nearly 1,000 kilometers, with a completion rate of 89% for the areas north of Baghdad to the border, and 85% from south Baghdad to Faw."
"The soil investigation and topographic survey teams are continuing their work, and the Italian designer continues to complete this project according to the set time, which is one of the world's leading consulting firms," he added.
TNT:
CandyKisses: Government official reveals the actual date of the start of the implementation of the development road project
{Local: Euphrates News} The General Company for Iraqi Railways in the Ministry of Transport set early next year 2025 as a date to start the actual implementation of the "Development Road" project, after seven governorates approved its route, confirming the achievement of 66% of railway designs on this road.
The general manager of the company, Younis Khalid Al-Kaabi, said in a press statement that "the project (development road) is large and gigantic, and the Ministry of Transport is the incubator for it, both rail and land," noting that "the project is in the process of progress in the initial designs, as the percentage reached more than 66% of railway designs, and 50% of the land road designs, and the soil investigations exceeded nearly 1,000 kilometers, with a completion rate of 89% for the areas north of Baghdad to the border, and 85% from south Baghdad to Faw."
"The soil investigation and topographic survey teams are continuing their work, and the Italian designer continues to complete this project according to the set time, which is one of the world's leading consulting firms," he added.
"The General Railways Company has all the documents reviewed and approved regarding the (Development Road) project in cooperation with experts and designers in the Italian company, and communication with all the governorates through which the road passes and the ministries concerned with it," al-Kaabi said.
Tishwash: The Iraq Stock Exchange receives the shield of the Arab Financial Markets Union in Doha
The Iraq Stock Exchange received the shield of the Arab Financial Markets Union in Doha.
A statement from the Securities Commission, received by the Iraqi News Agency (INA), stated that “the Iraqi Stock Exchange participated with the Arab financial markets in the work of the meeting of the General Authority for Arab Financial Markets, and the opening of the trading session of the Qatar Stock Exchange, in addition to the annual conference of the Arab Financial Markets Federation sponsored by the Qatar Stock Exchange.” , which was hosted by the Doha Stock Exchange / State of Qatar for its 2024 edition.
He added, "He also participated in financial market discussions with financial technology experts and the future of trading in financial instruments and ongoing financial market experiences, and discussed the performance of Arab financial markets that are members of the Arab Federation AFCM and joint cooperation plans," pointing out that "the Iraqi Stock Exchange won the position for the second year." First in average daily trading volume for 2023 indices, and won the Arab Capital Markets Federation shield in Doha.”
He continued: “While the Saudi Tadawul market achieved the best position in the number of contracts executed and in the trading value achieved for the indicators of the year 2023,” noting that “the Egyptian Stock Exchange achieved the best return on trading and the best number of new investors for the year 2023, along with the stock exchanges of Jordan (Amman), Bahrain, and Abu Dhabi.” As the best stock exchange in ESG indicators and PE ratio. link
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Tishwash: Budget schedules postpone the House of Representatives' recess
The Parliamentary Finance Committee expects the general budget schedules for the year 2024 to arrive at the beginning of next May.
The tripartite budget tables need to be reviewed periodically every year, to adjust project costs and salary bills and include new projects. This means that the budget is past and does not need to be approved in full, since it was approved last year.
The 2024 budget is at a standstill between the government and the House of Representatives, despite the approval of a tripartite budget for the first time in the country’s history, and despite the fact that the Ministry of Finance sent the tables more than a month ago to the Council of Ministers, at a time when the Parliamentary Finance Committee demanded that the government send the final accounts of the previous budgets.
The Finance Committee is awaiting the arrival of the budget schedules, according to a previous statement by its Chairman, Atwan Al-Atwani, to “correct the path of the budget by maximizing non-oil revenues, encouraging the private sector, and reducing operational spending,” while the House of Representatives decided to extend its legislative term, which will end next May 9, “until it is approved.”
Budget tables.” Representative Kazem Al-Fayad told Al-Sabah: “We in the House of Representatives are waiting for the general budget that the government will send after approving its schedules,” and added, “The schedules were supposed to arrive no later than the second month of the current year.” link
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Tishwash: Al-Fateh: Washington is fighting for its continued presence inside Iraq
On Monday, a member of the Al-Fatah Alliance, Mahmoud Marei, confirmed the falsity of the American administration regarding the issue of removing combat forces from the country after the Dutch ambassador’s statement of the continuation of the international coalition’s mission in Iraq, while he stressed that Washington is fighting for its continued presence inside Iraq.
Mar'i said in a statement to the Al-Ma'louma Agency, "Washington continues to create crises and raise security, economic, and societal problems, to use them as an excuse to stay in Iraq," noting that "targeting Iraqi military and security symbols is one of Washington's malicious plans."
He continued, "The Iraqi Islamic Resistance's rejection of the foreign presence is the most prominent obstacle that America has failed to overcome," noting that "the continued foreign presence in Iraq represents the largest military operation compared to the many victories of the resistance that were achieved against them in the previous period."
Mari concluded his speech: “Foreign embassies work through many malicious plans that they spread within society in order to gain public opinion’s support for the military presence,” pointing out that “the United States of America is fighting for its continued presence inside Iraq.”
The Ambassador of the Kingdom of the Netherlands to Iraq, Hans Sande, had confirmed in a statement that his country would take over the leadership of the NATO mission in Iraq in mid-May, indicating that it would be the largest in the world at the level of institutions outside the Dutch borders.
The State of Law Coalition, in an interview with the Maalouma Agency, described the formation of joint committees to remove foreign combat forces as a blatant American game, while stressing that the exit of American forces will not take place through diplomatic means or political negotiations. link
Mot ... Oooooooh Deeeeeeeer!! -- Waats Next????
Mot: . Ya Gots to Love ole ""Earl""
News, Rumors and Opinions Tuesday AM 4-30-2024
BRICS: $260 billion in trade without a single dollar
Mon 29 Apr 2024 – by Luc Jose A., Cointribune
As the American debt’s wild growth of more than 34,600 billion dollars continues to raise concerns, the BRICS deliver another blow to the greenback. China and Russia, two founding countries of the alliance, plan to conduct 260 billion dollars of trade without resorting to a single American dollar. Only Russian ruble, Chinese yuan, and a little bit of euro.
Other members of the coalition are expected to follow suit soon. Perceiving the immediacy of the threat, the USA reacts by combining threats and diplomacy.
BRICS: $260 billion in trade without a single dollar
Mon 29 Apr 2024 – by Luc Jose A., Cointribune
As the American debt’s wild growth of more than 34,600 billion dollars continues to raise concerns, the BRICS deliver another blow to the greenback. China and Russia, two founding countries of the alliance, plan to conduct 260 billion dollars of trade without resorting to a single American dollar. Only Russian ruble, Chinese yuan, and a little bit of euro.
Other members of the coalition are expected to follow suit soon. Perceiving the immediacy of the threat, the USA reacts by combining threats and diplomacy.
China and Russia accelerate the BRICS dedollarization plan
The threat of dedollarization of global trade has gone beyond the stage of rhetoric. Determined to dethrone the greenback, China and Russia plan to conduct this year 260 billion dollars of trade without using a single dollar.
The information was conveyed on X by the famous Indian geopolitical analyst S.L. Kanthan, who predicts that this initiative will soon become widespread within the BRICS. Indeed, last year, China and Russia had conducted several official trade transactions in yuan and ruble.
Likewise, Russia has for some time been conducting transactions in yuan with several countries, including Japan, the United Arab Emirates, Singapore, Malaysia, Thailand, the Philippines, Mongolia, and Tajikistan.
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY: We have Saleh the finance advisor to Sudani on television, Iraqi Channel One right now and he's saying that today the 2024 budget it's in full force. He also says it's active and there's no need to send this budget to parliament for any approval. We are very confused. We thought it was being amended...Now saying no need to send. FRANK: The budget does not need parliament. I keep telling you this over and over over. The budget waits for the new exchange rate. The exchange rate is not waiting for anyone or anything especially stupid parliament.
Militia Man Article: "We will see the dollar decline in the black market soon...the central bank's credit rating [from the World Bank] is an A++ and exceeded the United Arab Emirates..." That's the prime minister's advisor talking...That's phenomenal. It's big. It says a lot. It says they have trust. It says Iraq has the ability to pay back their bills.
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Ariel: Dinar On The Move-
Al Saleh stated that the 2024 budget is already in full force.
Iraq also announced a new platform (SAP) that allows their currency to go international.
The parliament is no longer needed to make any amendments to the budget.
The exchange rate supposedly ready to come out prior to May 9th.
They are now debating whether or not the rate should float or come out at a fixed price.
The Parliamentary Integrity Committee confirmed that Iraq can track money laundering crimes, through its supervisory bodies, even outside the country.
The Parliamentary Finance Committee confirmed today, Monday (April 29, 2024), that the positive results of the Prime Minister’s visit to Washington will appear soon. (Rate Change?)
The Sudanese signed 18 memorandums of understanding during their visit to Washington 10 days ago.
Mastercards are being given to the Iraqi citizens to purchase fuel, merchandise, and online shopping.
Al-Awadi pointed out that "Iraq needs investments to exploit its wealth, as well as to develop the industrial and agricultural sectors, so that we can move from a rentier economy to a market economy, support the private sector, and provide more jobs in the private sector.
Fed. Chair Powell WARNS "There WILL BE MORE BANK FAILURES." And THE PUBLIC WILL PAY!
Greg Mannarino: 4-29-2024
Top CFOs EXPOSE THE TRUTH about US Economy Failure, CBDC Launch by 2026 and AI Replacing Jobs
Lena Petrova: 4-29-2024
The Fed’s Game Of “Make Believe” Comes To An End
The Fed’s Game Of “Make Believe” Comes To An End
Notes From The Field by James Hickman (Simon Black) April 29, 2024
It’s barely been a year since the 2023 bank crisis in which several large banks, including Silicon Valley Bank and Signature Bank, failed.
At the time, I wrote that the bank failures weren’t over, and that there would be more.
But it’s been quiet for most of the last year; the banking system has been pretty calm thanks in large part to an emergency program that the Federal Reserve created to bail out other troubled banks.
They called it the Bank Term Funding Program (BTFP), and it essentially expired a few weeks ago. In other words, no more emergency lending to troubled banks.
Barely a month later, we have already witnessed our first casualty: Pennsylvania-based Republic First (not to be confused with First Republic, which failed last year) was shut down by regulators on Friday afternoon.
The Fed’s Game Of “Make Believe” Comes To An End
Notes From The Field by James Hickman (Simon Black) April 29, 2024
It’s barely been a year since the 2023 bank crisis in which several large banks, including Silicon Valley Bank and Signature Bank, failed.
At the time, I wrote that the bank failures weren’t over, and that there would be more.
But it’s been quiet for most of the last year; the banking system has been pretty calm thanks in large part to an emergency program that the Federal Reserve created to bail out other troubled banks.
They called it the Bank Term Funding Program (BTFP), and it essentially expired a few weeks ago. In other words, no more emergency lending to troubled banks.
Barely a month later, we have already witnessed our first casualty: Pennsylvania-based Republic First (not to be confused with First Republic, which failed last year) was shut down by regulators on Friday afternoon.
Republic First had the same issues as the others that failed last year — too many ‘unrealized bond losses’ on their balance sheet.
Just like Silicon Valley Bank, Signature Bank, etc. last year, Republic First had used their customers’ deposits to buy US Treasury bonds in 2021 and 2022, back when bond prices were at all-time highs.
By early 2023, the situation had reversed. Bond prices had plummeted; even supposedly ‘safe’ and ‘stable’ US Treasury bonds had fallen substantially in price, and banks were sitting on huge losses.
Remember that bond prices fall when interest rates rise. So when the Fed jacked up interest rates from 0% to 5% in an attempt to control inflation, they were simultaneously creating huge losses in the bond market... which also meant huge losses for banks.
Silicon Valley Bank was just the tip of the iceberg. Plenty of other banks (including Bank of America) had racked up enormous bond losses. In fact the total unrealized losses in the banking sector last year amounted to a whopping $620 billion.
The Fed knew they had an enormous problem on their hands. So they created this Bank Term Funding Program, which was basically a giant game of ‘make believe’.
Through the BTFP, banks were allowed to borrow money from the Fed using their cratering bond portfolios as collateral. But instead of valuing the bonds at the actual market price, everyone simply pretended that the bonds were still worth 100 cents on the dollar.
In other words, the banks just made up prices for their assets, and the Fed allowed them to do it.
(It’s ironic that a certain former President is on trial in New York City for inflating the value of his assets, even though banks were inflating the value of their bonds through the BTFP.)
The Fed managed to prevent any further embarrassing bank failures last year by sprinkling this magical fairy dust across the banking system.
But now that the BTFP has expired, it has become obvious that problems in the banking system haven’t gone away. Republic First’s failure a few days ago is just one symptom.
Think about it: Bond prices are still down (because interest rates remain much higher than they were in 2021-2022). Banks are still sitting on massive unrealized losses.
And now that the Fed has stopped playing ‘make believe’, the bank failures have started up again.
It’s not to say that ALL banks are in terrible shape; some banks wisely used the last twelve months to get their financial houses in order.
Unfortunately most didn’t... which is why there’s still more more than HALF A TRILLION dollars in unrealized losses in the US banking system. This means that Republic First probably won’t be the only failure, unless the Fed steps in with its magical fairy dust again.
Also bear in mind that losses from their US Treasury portfolios aren’t the only problem in the banking system; for example, plenty of banks are sitting on huge potential losses from loans they made on office properties.
I don’t think the scope of this problem is anywhere near the 2008 financial crisis, which brought down some of the world’s largest banks. Not even close.
But the reality is that there are still a lot of banks with a lot of unrealized losses. And the biggest one of all happens to be the Federal Reserve.
According to its own financial statements, just released last month, the Fed’s total unrealized losses are almost $1 TRILLION — $948.4 BILLION to be more precise. And the vast majority of those unrealized losses come from US Treasuries.
So just like Silicon Valley Bank, Signature, First Republic, and now Republic First, the Federal Reserve has rendered itself completely insolvent.
In fact, total Federal Reserve capital is just $51 billion... versus $948 billion in losses. This means the Fed is insolvent 19 times over.
Think about that: the largest, most important central bank in the world... the steward of the global reserve currency... is completely insolvent on a mark-to-market basis.
You’d think that would be front page news. But no one ever talks about it. No one even wants to talk about it.
Of course plenty of people will insist that it doesn’t matter, just like they insist that the national debt doesn’t matter.
But this is yet more absurd fantasy; just look at the facts:
The FDIC’s published reports show more than $500 billion in unrealized losses in the US banking sector.
The Federal Reserve, which in theory would bail out the banking sector, is itself insolvent by $900 billion.
The US government, which would bail out the Fed, is insolvent by more than $50 trillion.
It’s just debt on top of debt on top of debt. Losses on top of losses on top of losses.
Just like the BTFP, everyone wants to play a giant game of ‘make believe’ and pretend that the Fed’s solvency is not a problem, that the US government’s enormous debt is not a problem.
On the contrary, they’re huge challenges. And the ultimate consequence is going to be the loss of the US dollar as the global reserve currency.
To your freedom, James Hickman Co-Founder, Schiff Sovereign LLC
https://www.schiffsovereign.com/trends/the-feds-game-of-make-believe-comes-to-an-end-150768/
Economist’s “News and Views” Monday 4-29-2024
New Gold Standard Actually Seems Like A Possibility Today—Here's Why
Forbes Breaking News: 4-29-2024
Steve Forbes explains how a new gold standard may be taking hold across the globe, and why this is a very, very good thing for the economy.
New Gold Standard Actually Seems Like A Possibility Today—Here's Why
Forbes Breaking News: 4-29-2024
Steve Forbes explains how a new gold standard may be taking hold across the globe, and why this is a very, very good thing for the economy.
Why EU is Dying? BRICS on the rise
Fastepo: 4-29-2024
French President Emmanuel Macron has identified several major challenges facing the European Union that highlight the need for substantial reform and strategic redirection.
Macron points out the EU's over-reliance on external powers such as the US for defense, Russia for energy, and China for industrial production as a significant vulnerability that limits the EU's autonomy and undermines its sovereignty.
This dependence is particularly concerning given the ongoing war in Ukraine, which not only presents immediate security risks but also destabilizes the continent, emphasizing the need for the EU to develop an independent defense posture.
Additionally, internal vulnerabilities within the EU itself, such as systemic weaknesses and a slow pace of change are on the rise. In light of these challenges, Macron advocates for the EU to expand its strategic influence in global affairs by fostering a global engagement strategy.
This would involve expanding relations with emerging economies and diversifying its diplomatic and economic partnerships to ensure a more balanced global presence.
Additionally, there is a strong push within the EU to enhance its military capabilities to operate independently of NATO and the US. This includes the development of a collective missile defense system to bolster its security autonomy.
However, Macron's vision for strategic autonomy has provoked a spectrum of reactions across Europe. While some member states, particularly those in Eastern Europe, express apprehension about distancing from the US, others are in favor of advancing towards greater self-reliance.
Lastly, to become a more balanced global actor, the EU is urged to strengthen its technological and industrial base. This involves reducing reliance on non-EU countries for critical resources and technologies, thereby enhancing its capacity to act independently on the global stage.
These initiatives reflect Macron's broader agenda to rejuvenate the European project and secure its sovereignty and influence in an increasingly multipolar world.
Fed. Chair Powell WARNS "There WILL BE MORE BANK FAILURES." And THE PUBLIC WILL PAY!
Greg Mannarino: 4-29-2024