News — Dinar Recaps Blog Page — Dinar Recaps (2024)

Good Afternoon Dinar Recaps,

Colorado Church group tokenizes $2.5M chapel

This may be the first tokenized church in the world.YEP

A network of affiliated church groups called the “Colorado House of Prayer” has tokenized its main chapel in an effort to purchase the $2.5 million building.

The pastor heading the project, Blake Bush, says he was compelled by a higher power to use blockchain technology as a tool for advancing the group’s mission.

Tokenize the building

According to a report from Forbes, Bush’s congregation and other church groups had beenrentingthe building from its owner, a local businessperson who also owns a car dealership.

The 11,457-square-foot building, called “Old Stone Church” due to its stone exterior, was purchased by its current owner in 2022 at a cost of $2.2 million. Reportedly, Bush and the Colorado House of Prayer group intend to purchase the building for $2.5 million

Bush says he came up with the idea of tokenizing the building — putting it on the blockchain as a digital asset that can be split into shares — after a spiritual experience.

“I heard the Lord say, ‘tokenize the building,'" Bush told Forbes, later adding that he had been “praying for this for years” and that God had told him to “go get my house.”

Blockchain and real estate

In order to accomplish his holy mission, Bush and the group created “Stone Coin,” a digital asset used to raise money for the purchase of Old Stone Church. The coin is tied to a real estate token created by REtokens and running on the Polymesh private blockchain.

Like any tokenization project, the results will depend on the amount of positive token-flow and reactive value. The project is reportedly seeking investors after having raised about half of its goal.

In the future the token’s board, which includes Bush and other religious leaders as well as the mayor of a nearby town, plans to open up token sales to non-parishioners. While this could potentially put the digital asset ownership at risk of an outsider takeover, Bush doesn’t appear to be too concerned about that.

When presented with the notion that, for example, Satanists could end up making a run on the church’s tokens, Bush quipped that he’d be grateful, “let’s introduce you to Jesus.”

@ Newshounds News™

Source:

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Crypto enthusiast Edward Farina highlighted the map in a post on the social media platform X. The map describes how coins like XRP can serve as a global reserve asset, with gold as an essential anchor.

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Economist Identifies Weaknesses In Banking System: 80% Of Money Supply In Citizens’ Homes

Economy |Baghdad Today – Baghdad Financial and economic expert Alaa Jaloub Al-Fahd revealed today, Sunday (August 18, 2024), a weakness in the Iraqi banking system, while confirming the presence of 80% of the cash mass in citizens’ homes.

Al-Fahd told Baghdad Today, "The amount of cash liquidity pumped into the local market is estimated at the size of annual government spending, and this includes salaries, wages, and others. It constitutes a large percentage and is considered the citizen's purchasing power."

He added that "the rise in income levels after 2003, due to the increase in salaries, led to an increase in purchasing power, and this led to an increase in the level of demand for real estate and other things," indicating that "the rise in real estate prices has nothing to do with the issue of the increase in the citizen's cash liquidity or not, because this increase is dependent on the issue of supply and demand."

Al-Fahd explained that "any increase or decrease in the volume of liquidity is estimated by the volume of real spending and the volume of savings, considering that the citizen's income is divided between consumption and savings, and the higher the savings rate, the more it is supposed to be exploited economically through investment."

He pointed out that "there is a weakness in the banking system's ability to absorb all the cash available to citizens, as most of this cash is inside homes, far from banks," noting that "the amount of cash available to citizens in homes is estimated at more than 80% of the issued cash mass, and this constitutes a weakness in the banking system, in withdrawing that mass and investing it."

It is noteworthy that financial expert Saleh Al-Masrafi confirmed on Tuesday (August 6, 2024) that Iraq is among the highest countries in the Middle East in the file of hoarding money, while he diagnosed a grave error in the Iraqi banking system .

The banker said in an interview with Baghdad Today, "The accumulations that have continued for many years have pushed citizens to lose confidence in banks and resort to hoarding money in their homes," indicating that "its percentage reaches 70% of financial liquidity, and these are large numbers that indicate that we are among the highest countries in the Middle East in hoarding money ."

He added that "hoarding money in the financial concept is a grave mistake that will confuse the financial process and reduce the government's ability to provide liquidity to pay salaries," explaining that "resorting to electronic payment is a step in the right direction, but the most important thing is withdrawing liquidity, and there are several ways ."

The banker pointed out that "the recent issuance of treasury bonds is a correct decision, but the media propaganda to create a culture of safe investment in the street is very weak, and this is what creates low rates of dealing with them, even though the interest rates are attractive ."

He stressed the "necessity of seeking to expand the circle of withdrawing liquidity from homes and creating a movement of money that contributes to increasing the recovery of investment and granting government loans, especially with the presence of requests that exceed by 5 times the amount of money allocated for loans in any sector, especially housing." LINK

Is It Time To Remove The Zeros?

Economic 2024/08/18 There is an economic principle in the free market economy, capitalism, or whatever you call it, to treat the defect or distortion in the economic structure as a result of the shock.

That is, accepting the financial, economic and social effects of this measure in the hope of improving the economic reality.

In order to clarify this principle and analyze its effects as a means of spreading economic culture, we will address the issue of deleting zeros from the currency in order to reduce its effects on the size of the monetary mass and the value of money.

The more difficult and complex the solutions to reduce the dollar exchange rate between the official and parallel rates become, the more calls for the necessity of deleting zeros increase, believing that it is one of the solutions.

Here, if the decision is made to remove zeros, this means treating the defect with the shock effect, but we must first present the most prominent advantages and disadvantages of removing zeros and compare them to reach an optimal solution and a sound decision.

This is the best way to spread the culture of discrimination among the public, rather than addressing specialists because they are aware of the optimal solution.

One of the most prominent advantages of removing zeros is reducing the size of the monetary mass, not its value (simply the number of banknotes used in circulation).

This advantage results in the ease of carrying cash amounts and protecting them from theft or damage.

As for the disadvantages, deleting zeros will create countless social problems that we can do without at this stage due to the inability to convince the public to accept the decrease in the size of the monetary mass while acknowledging that the real value of the money is not affected.

The issue is related to the mind and the memory’s preservation of large amounts, and then the solution of commercial and personal contracts and agreements creates disagreements and an inability to reach an understanding.

From the above analysis, it is clear that the procedure of deleting zeros is not appropriate at the present time. However, with the use of electronic payment operations, the environment will be mature and acceptable for the idea of ​​implementing the decision to delete zeros, and the process will be automatic without the citizen feeling it. But is it time to issue the decision?

We see that it is too early due to the recent introduction of electronic payment technology in commercial, market, official and private transactions.

The experience is still limited to absorbing such a transformation, and when the percentage of acceptance and use of electronic payment tools reaches 90 percent of citizens, then the decision to delete zeros can be implemented easily and smoothly. It takes time to spread the culture of electronic payment, and it is required to intensify media and advertising campaigns to focus it in the citizen's memory and accept it.

In such a case, the concerned authorities should reduce the costs of using electronic payment and impose strict control over fraud and manipulation, and then expand and diversify electronic payment companies throughout the country.

Those concerned should start with state institutions in using electronic payment for all transactions, and then the culture of electronic payment will expand. https://alsabaah.iq/101197-.html

Government Advisor Explains The Possibility Of Using The Dinar Instead Of The Dollar In Oil Sales

Money and business Economy News – Baghdad The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, clarified today, Sunday, what is being circulated in some media outlets regarding the possibility of using the dinar instead of the dollar in oil sales.

Saleh said in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the adoption of the dinar in the pricing of oil, or what is called (petro dinar), especially when the national currency is not one of the international reserve currencies, requires the availability of foreign reserve currencies or gold, as Russia did when it bought Russian oil with gold-backed rubles, which caused problems that we will come to later."

He added that "these foreign reserves must be available (as a necessary condition) and operate according to a high standard of efficiency that guarantees the stability of the exchange rate linked to oil (the petro dinar) in order to hedge against oil price fluctuations to ensure the stability of the exchange rate (the petro dinar) itself from the beginning."

He added that “linking oil sales to the dinar on a fixed basis with oil prices instead of the foreign reserves base means linking the dinar to the oil asset cycle first, and that oil is sold according to global oil prices. If the exchange rate of the dinar (petrodinar) against the (petrodollar) is fixed, for example, and oil prices fall, then the demand for the dinar for accounting purposes will certainly fall, and the dinar will be exchanged for oil in larger quantities and the demand for the (petrodinar) will be lower, and vice versa.”

He pointed out that "any deviation between oil prices (petrodollar) and the exchange rate (petrodinar) according to international market data will be considered a cost that requires compensation by paying fewer dinars or collecting a higher dinar in the opposite case," indicating that "international reserve currencies are foreign currencies held by central banks and global financial institutions as part of their cash reserves.

These currencies are used in international transactions and settling debts between countries, and are a standard for international payments and facilitating global trade."

He explained that "Russia suffered a lot when it priced its exported oil in rubles (petrorubles) and the ruble is a non-reserve currency and committed to a value for the ruble that was initially denominated in gold to ensure the stability of oil revenues. Here (petrorubles) were subject to two asset cycles at the same time (which complicated the scene of selling oil in local currency and stabilizing the value of the petrorubles)."

He pointed out that "the first cycle: is the result of the impact of what is called the gold assets cycle and its impact on the value of the (petroruble) or the local currency denominated in exported oil, while the second: is the oil assets cycle, and its impact on the value of a barrel of oil outside the global price and the reflection of that on oil revenues priced in that currency."

He stressed that "the two cycles are asset cycles that are linked and contradictory at the same time on the value of (the currency priced in the exported oil, such as the petroruble), which made pricing Russian oil in rubles as a local currency and according to the data of the global oil market a very complex issue."

He added that "the principle of using the dinar as a local currency in international oil exchanges (petrodinar) is not without many challenges, which is why those potential challenges must be carefully considered, especially the issue of the flexibility or stability of the value of the (petrodinar) itself to change and fluctuation, especially since we in the oil market are not price makers in it, but rather price takers."

He noted that "the global oil market will control the fluctuation of the local currency (petrodinar), in addition to the importance of international recognition of it, and the financial infrastructure necessary to support such operations of (petrodinar), in other words, the strategy of relying the value of the currency directly on oil exports may make the value of the local currency vulnerable to fluctuations in the global market."

Saleh added that “the proposal to sell oil in dinars as a local currency must take into account an important theory in global trade called the Law of One Price, which is an economic concept that assumes that the same commodity must be sold at the same prices in all markets when the price is expressed in the same currency, provided that there are no transportation costs or trade barriers such as customs tariffs and others.

The Law of One Price is the basis for many economic and trade models, and the theory is based on the assumption that markets operate efficiently.”

He added: “The single price theory is the basic path to understanding the pricing mechanism in foreign exchange markets, as the theory seeks to explain that currency exchange rates always reflect the difference in prices between two countries, and when oil is priced in dollars (petrodollars), the exchange rate of the dinar (petrodinar) should be consistent with oil prices without fluctuation and at the same time consistent with the (petrodollars) and also steadily,

and these are two issues that are difficult to control because they are external international factors that determine the value of the local currency so that it operates regularly and in a stable price compatibility with the oil market and international foreign currencies at the same time.”

“For example, if a barrel of oil is sold in the United States at $76 and in Europe at 72 euros, the single price theory predicts that, taking into account the exchange rate between the dollar and the euro, the price of a barrel of oil should be equal after adjusting the currency, provided that there are no transportation costs or trade barriers.

This requires that the value of oil sold to Europe and America be consistent with the fluctuations in currency prices in order to ensure that the single price theory is in place.

Thus, adopting the local currency in global trade is a very complex issue to ensure the stability of oil prices consistent with the value of the Iraqi dinar (petrodinar), especially in a fixed exchange rate system (exchange rate), unless discounts are granted or differences are charged in oil marketing operations or floating (petrodinar).

Then, for example, the Oil Marketing Company (SOMO) will play a dual role in oil and monetary policies, whether in the field of oil pricing or pricing the oil dinar exchange rate (petrodinar),” he continued.

He added: "The strength and stability of the Iraqi dinar will remain linked to the factors of real growth and diversity in the national economy, in addition to achieving an appropriate surplus in the current account of the balance of payments, and linking the national currency to a basket of foreign currencies that provides stability in the value of the dinar itself.

In light of the above, introducing mechanisms for stabilizing the dinar exchange rate into a single rentier economy exclusively based on the oil dinar is an economic trend with ambiguous results and is very vague, in addition to entering the (petrodinar) system, which requires risks (the aforementioned single price theory) to ensure its stability in light of the fluctuations in the oil assets cycle and a single rentier economy, not to mention not knowing the adopted exchange system (petrodinar).

Will it be a fixed exchange system supported by foreign reserves or will it be a flexible exchange system in which the (petrodinar) changes with the change in oil prices? These are paths that have no answers on the ground and are really very ambiguous." Views 56 2024/08/18 - https://economy-news.net/content.php?id=46433

TNT:

Tishwash: Is it time to remove the zeros?

Yasser Al-Mutawali

There is an economic principle in the free market economy, capitalism, or whatever you call it, to treat the defect or distortion in the economic structure as a result of the shock.

That is, accepting the financial, economic and social effects of this measure in the hope of improving the economic reality.

In order to clarify this principle and analyze its effects as a means of spreading economic culture, we will address the issue of deleting zeros from the currency in order to reduce its effects on the size of the monetary mass and the value of money. The more difficult and complex the solutions to reduce the dollar exchange rate between the official and parallel rates become, the more calls for the necessity of deleting zeros increase, believing that it is one of the solutions.

Here, if the decision is made to remove zeros, this means treating the defect with the shock effect, but we must first present the most prominent advantages and disadvantages of removing zeros and compare them to reach an optimal solution and a sound decision.

This is the best way to spread the culture of discrimination among the public, rather than addressing specialists because they are aware of the optimal solution. One of the most prominent advantages of removing zeros is reducing the size of the monetary mass, not its value (simply the number of banknotes used in circulation). This advantage results in the ease of carrying cash amounts and protecting them from theft or damage.

As for the disadvantages, deleting zeros will create countless social problems that we can do without at this stage due to the inability to convince the public to accept the decrease in the size of the monetary mass while acknowledging that the real value of the money is not affected. The issue is related to the mind and the memory’s preservation of large amounts, and then the solution of commercial and personal contracts and agreements creates disagreements and an inability to reach an understanding.

From the above analysis, it is clear that the procedure of deleting zeros is not appropriate at the present time. However, with the use of electronic payment operations, the environment will be mature and acceptable for the idea of ​​implementing the decision to delete zeros, and the process will be automatic without the citizen feeling it. But is it time to issue the decision? We see that it is too early due to the recent introduction of electronic payment technology in commercial, market, official and private transactions. The experience is still limited to absorbing such a transformation, and when the percentage of acceptance and use of electronic payment tools reaches 90 percent of citizens, then the decision to delete zeros can be implemented easily and smoothly. It takes time to spread the culture of electronic payment, and it is required to intensify media and advertising campaigns to focus it in the citizen's memory and accept it. In such a case, the concerned authorities should reduce the costs of using electronic payment and impose strict control over fraud and manipulation, and then expand and diversify electronic payment companies throughout the country.

Those concerned should start with state institutions in using electronic payment for all transactions, and then the culture of electronic payment will expand. link

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Tishwash: The environment is fertile for investment and solid global companies.. Parliament is "optimistic" about the government and is monitoring

Today, Sunday (August 18, 2024), the Parliamentary Investment Committee described the investment companies operating in Iraq as “solid and international,” stressing thatParliament monitors their work.

Committee member Mohammed Al-Ziyadi told Baghdad Today, "All investment companies operating in Iraq are solid and international, and have many businesses in different countries. Any company operating in Iraq works according to specifications, and its file is audited and all its previous businesses in different countries are reviewed," stressing "the need for Parliament to monitor the work of these companies."

He added, "Iraq is not obligated to introduce any unsound foreign company, especially since Iraq has an important and fertile investment environment and all international companies have a real desire to work within it, especially in light of the security and political stability after the formation of the current government."

Since the first day that Mohammed Shia al-Sudani assumed power in the country, he stressed his keenness to attract solid international companies to implement road, bridge and infrastructure projects in Iraq.

Here, the Parliamentary Transport Committee confirms the success of the Iraqi government in developing external roads and paying attention to this file.

The head of the committee, Zahra Al-Bajari, told Baghdad Today, Saturday (August 10, 2024), that “the government has succeeded in developing many external roads between the governorates, and there is a clear and tangible improvement in those roads, through paving and tiling,” noting that “certainly this matter has contributed greatly to reducing traffic accidents, which used to occur on a daily basis due to the deterioration of those roads,” and she added: “We still need more attention to this file.”

Prime Minister Mohammed Shia al-Sudani has repeatedly stressed that his government is moving forward to fulfill its promises to implement service projects in Baghdad and the governorates. On May 27, 2024, the prime minister said, at the Rustumiyah, Al-Muhandisin and Al-Shaljiya bridges, as part of the first package of projects to ease traffic congestion in the capital, Baghdad, that his government is moving forward to fulfill its promises to the people and implement service projects in Baghdad and the governorates, indicating that "there are 4 projects at the level of bridges and overpasses in Anbar, Diwaniyah, Dhi Qar and Maysan, which will be opened within the next three months." link

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Tishwash: Has the spark ignited in the Iraqi dinar and the near-total collapse?

Economic expert Mustafa Hantoush said today, Saturday, that the current thinking about changing monetary policies for the next stage is incorrect, regardless of the people who will be nominated for the position of governor.

Hantoush told the “Iraq Observer” agency, “Iraq is currently going through a phase of almost complete collapse in monetary policies, which are: “the policy of preserving the national banking system - the policy of international monetary relations - the policy of protecting the local currency against foreign currencies.”

dollar mill

The economic expert continued: “In addition to the policy of activating banking operations and supporting the Iraqi market - the financing policy supporting the Iraqi industrial, agricultural, tourism and other sectors - the policy of the technical legal banking opinion supporting the movement of markets flexibly - the policy of activating the tools of the money market in the stock market - the policy of supporting electronic transactions.” Therefore, the next stage must be to rescue monetary policies through national monetary and banking plans.

Economic data

Globally, the dollar approached its highest level in two weeks against the yen after its largest one-day gains against its major counterparts in four weeks, as strong US economic data eliminated fears of recession.

New procedures

The dollar was particularly strong against the Japanese currency thanks to higher Treasury yields as traders scaled back bets that the Federal Reserve will be forced to take aggressive easing measures next month.

Risk-sensitive currencies such as the pound were strong as an improving economic outlook lifted stocks.

The dollar index, which measures the greenback against six major currencies including the yen, the pound and the euro, was little changed at 103.20 after rising 0.41% overnight, its biggest gain since July 18.

The dollar fell slightly to 149.11 yen, but remained close to yesterday's high of 149.40, a level last seen on Aug. 2.

The Commerce Department said retail sales rose 1.0% last month, beating expectations for a 0.3% gain. Separate figures showed 227,000 Americans filed for unemployment benefits last week, fewer than the 235,000 expected.

Traders are convinced that the Federal Reserve will cut interest rates on September 18, but the size of the cut is being discussed, according to a statement.

The odds are currently at 25% for a large 50 basis point cut, down from 36% the day before, according to CME Group's FedWatch tool.

Low salaries

Surprisingly weak monthly payrolls data at the start of the month has raised the odds of a larger cut to 71%.

Sterling was slightly higher at $1.2859, building on a 0.21% advance overnight. The British currency got additional support from strong GDP figures on Tuesday.

The euro was steady at $1.0973 after falling 0.36 percent in the previous session.

The risk-sensitive Australian dollar was steady at $0.66105 after advancing 0.2 percent the previous day after data showed a much larger-than-expected increase in jobs. link

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Tishwash: Controlling 80% of currency smuggling in Iraq.. 6 qualitative strikes "paid off" and efforts continue

The Parliamentary Security and Defense Committee revealed, today, Sunday (August 18, 2024), the secrets of 6 qualitative strikes against what it called hard currency smuggling mafias in Iraq.

Committee member MP Yasser Iskandar Watout said in an interview with Baghdad Today, "Smuggling hard currency in all its forms is a drain on the country's economic capabilities and leads to pressure on the markets by raising exchange rates, which leads to an increase in prices."

"There are efforts being made, some of which are exceptional, through the reports we receive that reflect the continuation of implementing a series of strategies to reduce the smuggling of hard currency, which has been controlled by up to 80% in recent months through the efforts of the Ministry of Interior and its formations with the Central Bank, which has achieved positive results in this regard," added Watout.

He pointed out that "6 operations took place in the past months, representing qualitative strikes against the hard currency smuggling mafias in Iraq, which bore fruit, explaining, "But has smuggling ended completely? The answer is no, and efforts are continuing to end these illegal acts, which are taking place with complications that require intensive and doubled work by the competent authorities."

Financial and economic expert Nawar Al-Saadi revealed on Friday (August 16, 2024) the importance of the benefits of “digitizing” financial transactions for Iraqi banks, while pointing out that digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services.

Al-Saadi told Baghdad Today that “digitizing financial transactions in Iraqi banks can provide significant benefits, especially in terms of reducing currency smuggling,” indicating that “by adopting digital systems, banks can track all financial transfers with greater accuracy and transparency. This means that each transaction is automatically recorded and saved in a central database that can be reviewed at any time. This allows the relevant authorities to monitor and quickly detect suspicious financial activities, making it difficult for smugglers to exploit the financial system to smuggle currencies.”

“Digitizing the banking system contributes to reducing money laundering cases, as these operations usually depend on exploiting loopholes in traditional systems, but with an advanced digital system, these operations become more complex. Digitization also allows the use of advanced technologies such as artificial intelligence to analyze patterns in banking data and identify any abnormal or suspicious transactions,” he added, stressing that “this helps prevent money laundering by early identification of unusual activities and reporting them to the competent authorities.”

Al-Saadi explained that “to implement this digital transformation in Iraq, there is a need for investments in technological infrastructure and developing the institutional capabilities of banks,” noting that “this requires providing modern technology, training employees to use it effectively, in addition to developing legislation and laws that protect users and encourage digital transactions. It is also important to enhance customer awareness of the benefits of digital transactions and build their confidence in the new systems.”

He stressed that “digitization in banks contributes to achieving more transparency and credibility in the financial system, as each transaction can be easily tracked and reviewed. It also improves the operational efficiency of banks by completing transactions faster and at a lower cost. In terms of security, digitization provides higher levels of protection against fraud and theft through advanced encryption technologies.”

The financial and economic expert concluded by saying, “Digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services. Digitizing financial transactions in Iraqi banks also has great potential to enhance economic stability and reduce the risks associated with money laundering and currency smuggling, leading to a safer and more efficient financial system link

TNT:

Tishwash: Government advisor explains the possibility of using the dinar instead of the dollar in oil sales

The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, clarified today, Sunday, what is being circulated in some media outlets regarding the possibility of using the dinar instead of the dollar in oil sales.

Saleh said in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the adoption of the dinar in the pricing of oil, or what is called (petro dinar), especially when the national currency is not one of the international reserve currencies, requires the availability of foreign reserve currencies or gold, as Russia did when it bought Russian oil with gold-backed rubles, which caused problems that we will come to later."

He added that "these foreign reserves must be available (as a necessary condition) and operate according to a high standard of efficiency that guarantees the stability of the exchange rate linked to oil (the petro dinar) in order to hedge against oil price fluctuations to ensure the stability of the exchange rate (the petro dinar) itself from the beginning."

He added that “linking oil sales to the dinar on a fixed basis with oil prices instead of the foreign reserves base means linking the dinar to the oil asset cycle first, and that oil is sold according to global oil prices. If the exchange rate of the dinar (petrodinar) against the (petrodollar) is fixed, for example, and oil prices fall, then the demand for the dinar for accounting purposes will certainly fall, and the dinar will be exchanged for oil in larger quantities and the demand for the (petrodinar) will be lower, and vice versa.”

He pointed out that "any deviation between oil prices (petrodollar) and the exchange rate (petrodinar) according to international market data will be considered a cost that requires compensation by paying fewer dinars or collecting a higher dinar in the opposite case," indicating that "international reserve currencies are foreign currencies held by central banks and global financial institutions as part of their cash reserves. These currencies are used in international transactions and settling debts between countries, and are a standard for international payments and facilitating global trade."

He explained that "Russia suffered a lot when it priced its exported oil in rubles (petrorubles) and the ruble is a non-reserve currency and committed to a value for the ruble that was initially denominated in gold to ensure the stability of oil revenues. Here (petrorubles) were subject to two asset cycles at the same time (which complicated the scene of selling oil in local currency and stabilizing the value of the petrorubles)."

He pointed out that "the first cycle: is the result of the impact of what is called the gold assets cycle and its impact on the value of the (petroruble) or the local currency denominated in exported oil, while the second: is the oil assets cycle, and its impact on the value of a barrel of oil outside the global price and the reflection of that on oil revenues priced in that currency."

He stressed that "the two cycles are asset cycles that are linked and contradictory at the same time on the value of (the currency priced in the exported oil, such as the petroruble), which made pricing Russian oil in rubles as a local currency and according to the data of the global oil market a very complex issue."

He added that "the principle of using the dinar as a local currency in international oil exchanges (petrodinar) is not without many challenges, which is why those potential challenges must be carefully considered, especially the issue of the flexibility or stability of the value of the (petrodinar) itself to change and fluctuation, especially since we in the oil market are not price makers in it, but rather price takers."

He noted that "the global oil market will control the fluctuation of the local currency (petrodinar), in addition to the importance of international recognition of it, and the financial infrastructure necessary to support such operations of (petrodinar), in other words, the strategy of relying the value of the currency directly on oil exports may make the value of the local currency vulnerable to fluctuations in the global market."

Saleh added that “the proposal to sell oil in dinars as a local currency must take into account an important theory in global trade called the Law of One Price, which is an economic concept that assumes that the same commodity must be sold at the same prices in all markets when the price is expressed in the same currency, provided that there are no transportation costs or trade barriers such as customs tariffs and others. The Law of One Price is the basis for many economic and trade models, and the theory is based on the assumption that markets operate efficiently.”

He added: “The single price theory is the basic path to understanding the pricing mechanism in foreign exchange markets, as the theory seeks to explain that currency exchange rates always reflect the difference in prices between two countries, and when oil is priced in dollars (petrodollars), the exchange rate of the dinar (petrodinar) should be consistent with oil prices without fluctuation and at the same time consistent with the (petrodollars) and also steadily, and these are two issues that are difficult to control because they are external international factors that determine the value of the local currency so that it operates regularly and in a stable price compatibility with the oil market and international foreign currencies at the same time.”

“For example, if a barrel of oil is sold in the United States at $76 and in Europe at 72 euros, the single price theory predicts that, taking into account the exchange rate between the dollar and the euro, the price of a barrel of oil should be equal after adjusting the currency, provided that there are no transportation costs or trade barriers. This requires that the value of oil sold to Europe and America be consistent with the fluctuations in currency prices in order to ensure that the single price theory is in place. Thus, adopting the local currency in global trade is a very complex issue to ensure the stability of oil prices consistent with the value of the Iraqi dinar (petrodinar), especially in a fixed exchange rate system (exchange rate), unless discounts are granted or differences are charged in oil marketing operations or floating (petrodinar). Then, for example, the Oil Marketing Company (SOMO) will play a dual role in oil and monetary policies, whether in the field of oil pricing or pricing the oil dinar exchange rate (petrodinar),” he continued.

He added: "The strength and stability of the Iraqi dinar will remain linked to the factors of real growth and diversity in the national economy, in addition to achieving an appropriate surplus in the current account of the balance of payments, and linking the national currency to a basket of foreign currencies that provides stability in the value of the dinar itself.

In light of the above, introducing mechanisms for stabilizing the dinar exchange rate into a single rentier economy exclusively based on the oil dinar is an economic trend with ambiguous results and is very vague, in addition to entering the (petrodinar) system, which requires risks (the aforementioned single price theory) to ensure its stability in light of the fluctuations in the oil assets cycle and a single rentier economy, not to mention not knowing the adopted exchange system (petrodinar).

Will it be a fixed exchange system supported by foreign reserves or will it be a flexible exchange system in which the (petrodinar) changes with the change in oil prices? These are paths that have no answers on the ground and are really very ambiguous." link

Good Afternoon Dinar Recaps,

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One community member Aron Madarasz confused it with some illicit activity stating: “It means that this is a fake. RLUSD isn’t issued yet. This is a trustline on the XRPL everybody can create, and everybody can name it as wanted. RLUSD will be issued by Ripple on the ledger but not as a trustline thing.”

Source:Crypto News Flash

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Environmental Impact Of Crypto Mining

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Chinese companies dominated the bidding round last May, which offered 29 oil and gas projects, winning 10 of the oil and gas blocks and fields put up for auction.

The competition activities for the licensing rounds in Iraq (the fifth supplementary and the sixth) continued for 3 days during last May, as 7 Chinese companies acquired the license to develop a number of Iraqi oil projects, while no licenses were granted to any of the other foreign or Arab companies applying, other than... Local companies.

The Iraqi Ministry of Oil said that the agreements would increase production by 750,000 barrels of crude and 850 million standard cubic feet of gas.

Through the licensing round, Iraq seeks to increase the production of natural gas, which it wants to use to operate power plants that rely heavily on gas imported from Iran.

Oil Minister Hayan Abdul Ghani said that increasing gas production may allow more flexibility to supply gas to electric power stations. https://www.alsumaria.tv/news/economy/497157/تقاسم-الأرباح-العراق-يجري-أكبر-تغيير-بطريقة-تعامله-مع-شركات-النفط-منذ

Minister Of Oil: We Stopped Burning 65% Of The Gas

August 15, 22:15 Information / Baghdad... Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani confirmed today, Thursday, the contracting of all gas fields and the cessation of burning 65% of its quantities, while pointing out that

Iraqi gas is distinguished globally by containing ethane used in petrochemical industries.

Abdul Ghani told the official agency and his follower, “Al-Ma’louma”, that

“there are no difficulties or technical problems in the process of developing exploratory fields and patches within the fifth complementary and sixth licensing rounds, as all the information needed by the companies that were signed with is available in an information bag that includes many standards and information.

” Through which companies can submit their prices, in addition to that there are deadlines set for companies to submit these offers, as the process took more than six months to study this information.” He added,

"During this period, the Ministry of Oil was answering all inquiries submitted by these companies, with the aim of facilitating the process of submitting offers and preparing them at the required level." He pointed out,

"The expected production rates for the patches are estimated at 700 to 750 thousand barrels per day, in addition to investing 850 mqmq per day of gas, but

it is hoped that the real levels will be higher than the speculative levels," noting,

"There are fields that are now producing large quantities." From the gas that is used to the national grid that equips the various power stations, the percentage of gas investment has reached more than 65 percent, while the quantities that are currently burned and have not been invested so far do not exceed 35 percent of the total gas quantities.” He continued,

"All gas fields have been contracted to invest and employ them through various contracts," pointing out,

"There are contracts in Dhi Qar Governorate that have been signed and are now being implemented in contract with (the American Baker Hughes Company), where the completion rate has reached more than 65 percent." %, and there are contracts signed with the French company Total to invest gas from five oil fields, which are (Majnoon field, West Qurna 2 field, Luhais field, Tuba field, and Artawi field), and through these contracts, all the gas that is currently being burned will be invested.” He stressed,

“The Ministry of Oil plans to completely stop burning gas at the beginning of 2028, and use all the gas produced to generate electric power and other industries,” adding that

“Iraqi gas is distinguished internationally by a specification that differs from other types of gas, as it contains a high percentage of the ethane compound.” Which can be employed and used in the petrochemical industries.” Ended 25 n

https://almaalomah.me/news/73464/economy/وزير-النفط:-أوقفنا-حرق-65-من-الغاز

Financial Advisor To The Prime Minister: Iraq's Total External Debt Does Not Exceed $9 Billion

Baghdad Times Financial Advisor to the Prime Minister, Mazhar Muhammad Salih:

Iraq’s total external debt does not exceed $9 billion, and

the general budget provides annual allocations to tighten it and its benefits under the heading of debt amortization.

Saleh: Iraq has not recorded any default on its debts for 20 years, which gave it a stable credit rating.

https://baghdad-times.net/مستشار-رئيس-الوزراء-المالي-مجموع-الدي/

Internal debt increased by 11%... Iraq borrows 10 trillion dinars

August 13, 2024
Baghdad / Iraq Observer

The head of the “Future Iraq”Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed that theIraqi government borrowed 10 trillion dinars during the past 6 months, which led to an increase in internal debt by 11%.

Al-Obaidi said in a blog post on Facebook followed by Iraq Observer,

“In just 6 months, the government borrowed 10 trillion dinars, and the following came:

3 trillion dinars from government banks,
4 trillion dinars from commercial banks, and
3 trillion dinars from selling bonds,”

pointing out that this Borrowing increased the internal debt by 11% within six months.” He added,

“The total borrowing from these parties amounted to 21 trillion dinars, representing

17% of the volume of commercial and government bank deposits and representing
10% of the banks’ assets, in addition to the obligations of the Ministry of Finance to the Central Bank, amounting to 41 trillion dinars, representing
21% of the assets of the Central Bank.”

“In other words, approximately 15% of the financial sector’s funds exist as debts with the central government.”

It would have been better to invest this money in an investment fund that would provide revenues for the state that would increase the volume of non-oil revenues and would be a guarantee for the future of generations, according to Al-Obaidi.https://observeriraq.net/الدين-الداخلي-ازداد-11-العراق-يقترض-10-ترل/

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

TNT:

Tishwash: Romanowski confirms that her country is looking forward to deepening its security relations with the Kurdistan Government

U.S. Ambassador to Iraq Elena Romanowski welcomed the new U.S. Consul in the Kurdistan Region, Steve Bitner.

In a post on platform X, Romanowski stressed that her country is looking forward to deepening its strong security relations with the Kurdistan Regional Government.

She pointed to the desire of the United States "to expand educational ties between it and the Kurdistan Region, and to monitor free and fair elections on October 20 October."

Earlier, the U.S. Ambassador expressed her sincere thanks to former Consul Mark Straw for his services at the Consulate General in Erbil.

Over the past year, your leadership has helped strengthen economic, security, and cultural ties between the United States and the Kurdistan Region. link

Tishwash: Attracting investors and limiting currency smuggling.. Specialist explains the importance of "digitizing" Iraqi banks

Financial and economic expert Nawar Al-Saadi revealed, today, Friday (August 16, 2024), the importance of the benefits of "digitizing" financial transactions for Iraqi banks, while pointing out that digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services.

Al-Saadi told Baghdad Today that “digitizing financial transactions in Iraqi banks can provide significant benefits, especially in terms of reducing currency smuggling,” indicating that “by adopting digital systems, banks can track all financial transfers with greater accuracy and transparency. This means that each transaction is automatically recorded and saved in a central database that can be reviewed at any time. This allows the relevant authorities to monitor and quickly detect suspicious financial activities, making it difficult for smugglers to exploit the financial system to smuggle currencies.”

“Digitizing the banking system contributes to reducing money laundering cases, as these operations usually depend on exploiting loopholes in traditional systems, but with an advanced digital system, these operations become more complex. Digitization also allows the use of advanced technologies such as artificial intelligence to analyze patterns in banking data and identify any abnormal or suspicious transactions,” he added, stressing that “this helps prevent money laundering by early identification of unusual activities and reporting them to the competent authorities.”

Al-Saadi explained that “to implement this digital transformation in Iraq, there is a need for investments in technological infrastructure and developing the institutional capabilities of banks,” noting that “this requires providing modern technology, training employees to use it effectively, in addition to developing legislation and laws that protect users and encourage digital transactions. It is also important to enhance customer awareness of the benefits of digital transactions and build their confidence in the new systems.”

He stressed that “digitization in banks contributes to achieving more transparency and credibility in the financial system, as each transaction can be easily tracked and reviewed. It also improves the operational efficiency of banks by completing transactions faster and at a lower cost. In terms of security, digitization provides higher levels of protection against fraud and theft through advanced encryption technologies.”

The financial and economic expert concluded by saying, “Digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services. Digitizing financial transactions in Iraqi banks also has great potential to enhance economic stability and reduce the risks associated with money laundering and currency smuggling, leading to a safer and more efficient financial system.” link

Mot: This is probably the best answer l've ever heard to the question, "Why did God create evil?"

READ THIS...

Why did God create evil? The answer struck me to the core of my soul!

A professor at the university asked his students the following question:

- Everything that exists was created by God?

One student bravely answered:

- Yes, created by God.

- Did God create everything? - a professor asked.

"Yes, sir," replied the student.

The professor asked :

- If God created everything, then God created evil, since it exists. And according to the principle that our deeds define ourselves, then God is evil.

The student became silent after hearing such an answer. The professor was very pleased with himself. He boasted to students for proving once again that faith in God is a myth.

Another student raised his hand and said:

- Can I ask you a question, professor?

"Of course," replied the professor.

A student got up and asked:

- Professor, is cold a thing?

- What kind of question? Of course it exists. Have you ever been cold?

Students laughed at the young man's question. The young man answered:

- Actually, sir, cold doesn't exist.

According to the laws of physics, what we consider cold is actually the absence of heat. A person or object can be studied on whether it has or transmits energy.

Absolute zero (-460 degrees

Fahrenheit) is a complete absence of heat. All matter becomes inert and unable to react at this temperature.

Cold does not exist. We created this word to describe what we feel in the absence of heat.

A student continued:

- Professor, does darkness exist?

— Of course it exists.

- You're wrong again, sir. Darkness also does not exist. Darkness is actually the absence of light. We can study the light but not the darkness.

We can use Newton's prism to spread white light across multiple colors and explore the different wavelengths of each color. You can't measure darkness. A simple ray of light can break into the world of darkness and and illuminate it. How can you tell how dark a certain space is? You measure how much light is presented. Isn't it so? Darkness is a term man uses to describe what happens in the absence of light.

In the end, the young man asked the professor:

- Sir. does evil exist?

This time it was uncertain, the professor answered:

- Of course, as I said before. We see him every day. Cruelty, numerous crimes and violence throughout the world. These examples are nothing but a manifestation of evil.

To this, the student answered:

- Evil does not exist, sir, or at least it does not exist for itself. Evil is simply the absence of God. It is like darkness and cold—a man-made word to describe the absence of God. God did not create evil. Evil is not faith or love, which exist as light and warmth. Evil is the result of the absence of Divine love in the human heart. It's the kind of cold that comes when there is no heat, or the kind of darkness that comes when there's no light.

The student's name was Albert Einstein.

Good Morning Dinar Recaps,

Let’s first understand the concept of Trust lines and Trust limits on the XRP Ledger. A trust line helps the user build a trusted relationship with the currency issuer on the XRP Ledger.

“It means that this is a fake. RLUSD isn’t issued yet. This is a trustline on the XRPL everybody can create, and everybody can name it as wanted. RLUSD will be issued by Ripple on the ledger but not as a trustline thing.”

Madarasz clarified thatwhile a trust line for RLUSD has been established, Ripple has not yet issued the asset. As a result, the substantial trust limit set does not represent an asset currently in circulation.

Rather, it serves as a preparatory measure within the XRPL, while enabling users to set up trust lines in anticipation of RLUSD’s future issuance.

@ Newshounds News™

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Thank youDinar Recaps

Rafi Farber: 1970s Are Repeating, and That Is Good News for Gold

Arcadia Economics: 8-16-2024

Despite the rise to $2,500 an ounce, gold is still below where it was in 1971 in terms of percentage of assets on the Federal Reserve's balance sheet.

Back on August 15, 1971 - exactly 53 years ago yesterday - gold made up 12% of Fed assets.

Today, even at $2,500, it makes up less than 9%.

By those metrics, we are lower now at $2,500 than we were at $35 in 1971. From that point, gold rose by a factor of 24x to the 1980 top.

A repeat of that move brings us to a top of about $60,000 per ounce. That rally also ended with a 15:1 gold to silver ratio. That brings us to $4,000 per silver ounce in a full blown monetary panic.

This is not a prediction. It's just simple math, and if we do have a repeat of the 1970s, that it where the math leads. To learn more, click the button to watch the video now!

https://www.youtube.com/watch?v=IPvNlTzKL0Y

The 'Biggest Black Swan' That 'Scares' Rick Rule

David Lin: 8-17-2024

Rick Rule, Rick Rule, Founder of Rule Media, and co-founder of Battle Bank, answers viewer questions, including whether or not the economy is heading into a "global depression", outlook for commodities, and how he picks mining stocks.

0:00 - Intro

1:00 - Are we in a recession?

3:30 - Copper

6:35 - Rising debt

12:20 - Building prosperity

15:00 - Inflation

17:50 - Market sentiment

21:26 - Liquidity concerns

24:33 - Mining stocks

30:15 – Mining M&A

34:00 - Commodities and AI

38:00 - Copper deficits

40:30 - Rick's stock picking strategy

https://www.youtube.com/watch?v=I2EA1SFNyHc

Dollar Liquidity Flooding Ahead, Sovereign Debt Crisis Looms - How to Monetize Chaos: Jack Mallers

Kitco News: 8-17-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Jack Mallers, CEO and Founder of Strike, who warns that markets will be flooded with dollar liquidity “in a major way” before the year-end.

Mallers discusses the state of the U.S. economy, the Federal Reserve’s next moves, and implications for the equity markets and Bitcoin.

He explains how the U.S. government deals with its debt trap, stating that the only way out is by debasing the U.S. dollar, printing more money, and creating massive asset bubbles.

Mallers weighs in on how to “monetize” this chaos. He shares his thoughts on Bitcoin as a reserve asset, giving his latest Bitcoin price outlook for the short and longer term.

Mallers also explores the potential for Bitcoin as both a store of value and a medium of exchange, along with its role in the global financial system.

https://www.youtube.com/watch?v=IV2dVE6S2yM

Warnings Of The Collapse Of The National Currency: Leave The Rotation Of Positions

August 15, 2024 Baghdad/Iraq Observer Professor of political thought, Talib Muhammad Karim, warned today, Thursday, of thecollapse of the national currencydue to thespreadofcorruptionandsuspicionsin theCentral Bank of Iraq, while

criticizing the phenomenon of“rotation of positions.”

Talib said in an interview with “Iraq Observer,” that

“careful specialization to match the state’s economy with the actual need achieves economic growth and stability for local markets and maintains the individual’s income in proportion to his daily living.”

He added, "Corruptionandsuspicionsare not far from theCentral Bank of Iraq, which has causedgreat damageto thereservesandlevelof thenational currency."

The professor of political thought stated, “The central bank has loose addresses and failed steps, which paralyzed the movement of the market and the private sector, which led to a major depression that may increase the phenomenon of poverty, layoffs of the workforce, and increase the area of ​​unemployment.” https://observeriraq.net/تحذيرات-من-انهيار-العملة-الوطنية-اترك/

A Deputy Reveals The Results Of The War On “Hard Currency” Smuggling

July 15, 20:17 Information / Baghdad... On Thursday, Representative Yasser Iskandar revealed the results of the war on the smuggling of hard currency from Iraq. Iskandar said in an interview with Al-Maalouma, “The

smugglingofhard currencyis one of the tools that

draintheeconomyand
createsananomalyin the balance ofexchange ratesand
pushestheparallel markettorise, which
leadstoexcessive pricesin the markets, the price of which is paid by the simple people.”

He added,
"Theefforts of theMinistry of Interiorwith theCentral Bankand supporting formations contributed toreducingthe file ofhard currency smugglingby80%, while directing 11 qualitative strikes to companies and offices dealing in the file of selling currency illegally."

He pointed out that
"currency smugglingis part of corruption thatrequires exceptional efforts to dismantle it, and

government committees are continuing to expose it day after day."

It is noteworthy that thesmugglingofhard currencyleads toanincreaseinexchange ratesin Iraq,whichputs pressureon themarketsandleadsto the emergence ofexcessive prices.Ended 25 F

https://almaalomah.me/news/73456/economy/نائب-يكشف-نتائج-الحرب-على-تهريب-العملة-الصعبة

It Attracts Investors And Limits Currency Smuggling.. A Specialist Explains The Importance Of “Digitizing” Iraqi Banks

Economy | Yesterday, 15:00 | Baghdad today – Baghdad Today, Friday (August 16, 2024), Nawar Al-Saadi, an expert in financial and economic affairs, revealed the

importance of the benefits of“digitizing” thefinancial transactionsofIraqi banks, while noting that

digitizationcanenhance financial inclusionby attracting users who do not deal with traditional banks remotely. Byproviding servicesthat areaccessibleandeasy to use. Al-Saadi told “Baghdad Today” that

“digitizingfinancial transactionsin Iraqi banks can provide great benefits, especially with regard toreducingcases ofcurrency smuggling,” noting that

“by adoptingdigital systems, bankscan track all financial transfers with greateraccuracyandtransparency.”

This means thateverytransactionis automatically recordedandsavedin acentral databasethat can be reviewed at any time.

This allows the relevantauthorities to quicklymonitoranddetect suspicious financial activities,making it difficultfor smugglers to exploit the financial systemtosmuggle currency.” He added,

"Thedigitizationof the banking system contributes toreducingcases ofmoney laundering, as these operations usually depend on exploiting loopholes in traditional systems,

butwiththe presence of anadvanceddigital system, these operations become more complex, and

digitizationallows the use of advanced technologies such asartificial intelligencetoanalyze patterns." in banking data andidentifyinganyabnormal or suspicious transactions,” stressing that

“this helps preventmoney launderingbyearly identifyingunusual activitiesandreportingthemtothe competent authorities.” Al-Saadi explained,

“To implementthisdigital transformationin Iraq, there is aneedforinvestments intechnological infrastructureand developing theinstitutional capabilitiesof banks,” noting that

“thisrequires providing modern technology,training employees to use it effectively, in addition to developinglegislationandlawsthatprotect usersand encourage Ondigital transactions,

it isalso important toenhance customers’ awarenessof the benefits of digital transactions and build their confidence in the new systems.” He stressed that

"digitalizationin bankscontributes to achieving moretransparencyandcredibilityin the financial system, aseverytransactioncan beeasily trackedandreviewed.

It also works toimprove theoperational efficiencyof banksbycompleting transactions morequicklyand at alower cost.

From a security standpoint,digitizationprovideshigher levelsofsecurity." Protection against fraud and theftthroughadvanced encryptiontechnologies. The expert in financial and economic affairs concluded by saying,

“Digitizationcan enhance financial inclusion byattracting userswho do not deal with traditional banks by providingeasy-to-accessandeasy-to-use services.

Thedigitizationof financial transactionsin Iraqi banks alsocarries greatpotentialtoenhanceeconomic stabilityand reduce the risks associated with it.” Money launderingandcurrency smuggling,leading to asaferand moreefficient financial system.”

https://baghdadtoday.news/255745-تجذب-المستثمرين-وتحد-من-تهريب-العملة.-مختص-يبين-أهمية-رقمنة-المصارف-العراقية.html

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

Iraq Dinar News - IQD Update - Past Shows Future - Banks Restructured - UST - Timing - Digitization

MilitiaMan and Crew: 8-16-2024

https://www.youtube.com/watch?v=8ZK451vBefQ