The Governor of the CBI in Iraq "chaired the first preparatory meeting to establish a national company to manage central electronic payment systems in Iraq, with the participation of a number of bank officials, bank managers, electronic payment service providers, and the Iraqi Private Banks Association."
Iraq is preparing themselves for the full integration of their new Digital Banking System. They are currently working out the details of implementation that would become a National protocol for their new Banking System.
It is good to see them get to this point, so they can begin the process of implementing their new banking reforms inside an International Electronic Payment System.
Let's take a closer look at where we are. About a week ago, we learned that the new QFS was placing ISO20022 codes to our new digital currency.
Today, we are witnessing a place to record these Global currencies through Digital Ledger Technology (DLT).
And, we are being reminded that the CFTC will be governing them. We now have a storehouse of value through Bitcoin on our markets and a smart contract Network through Ethereum to insure that enough money is on both sides of a trade. Ripple has been set free and will be moving digital currencies around on the new digital markets. Finally, we have several cryptos indexed into pairs against Ripple allowing crypto guidance for these digital coins to come up to par with Ripple.
Will Ripple replace Swift entirely or live-in coexistence together? We are already experiencing a coexistence in some cases. As Ripple adapts and expands into payment processes around the world, the ability to move into the primary source of payments will make it the new digital World Reserve Currency.
Is it time for MICA regulations to be introduced in America? It's coming, and new laws will be giving them validation, so a green light for the new QFS can commence.
Masoud Barzani Calls For National Wealth And Wants To Preserve It, But What Is The Story Of The “Committees Of Commitment”?
Politics |Baghdad Today – Baghdad Today, Wednesday (August 14, 2024), the leader of the Coordination Framework, Saad Al-Saadi, revealed the results of the agreement between the framework and the leader of the Kurdistan Democratic Party, Masoud Barzani, regarding the oil smuggling file.
Al-Saadi told Baghdad Today, "Smuggling natural resources, including oil, in any country represents a drain on the economy, destruction of infrastructure, and loss of the rights of the people of all stripes. Therefore, the smuggling file must be stopped."
He added, "During the visit of the President of the Kurdistan Democratic Party, Masoud Barzani, to the capital, Baghdad, and his meeting with the leaders of the framework, the issue of natural resources was actually raised within a broad agreement to preserve them as a national wealth."
He continued: "It was agreed to form committees whose mission is to oblige all parties to abide by the decisions of the Federal Court on the oil and gas file, in addition to the rest of the other agreements with Baghdad," adding: "We hope at the same time that there will be seriousness and credibility on the part of our brothers in the region in implementing the terms of the agreement."
He pointed out that "the management of oil and other wealth by the central government and its institutions is within the context of the Iraqi constitution, and this will must be respected and adhered to because it will address many problems and provide greater protection for the national wealth."
The visit of the leader of the Kurdistan Democratic Party, Massoud Barzani, to Baghdad attracted attention because it came after six years of "estrangement" with the ruling political class in Iraq, which suggests that a remarkable development has occurred in the relationship between the Kurdistan Region and the central government.
Political circles believe that the aim of the visit is to crown the partial understandings that occurred recently and covered several files with a comprehensive settlement between the region and the centre.
Barzani's presence as a prominent Kurdish figure aims to lend legitimacy to the settlement and raise its value so that it appears to be an important event and not just a passing meeting, which is what the central government needs to confirm its ability to bring the region's leaders to its square, while the settlement reduces internal pressures on the region's officials, especially if he succeeds in ensuring smooth and continuous payment of salaries.
LINK
ANALYSIS
The recent developments involving Masoud Barzani and the Coordination Framework in Iraq reflect a significant shift in the political landscape concerning the management of natural resources, especially oil.
Background Context:
Masoud Barzani's Visit: Masoud Barzani, a prominent Kurdish leader and head of the Kurdistan Democratic Party (KDP), made a notable visit to Baghdad after a six-year hiatus. This visit is seen as a strategic move to address and resolve long-standing disputes between the Kurdistan Region and the central Iraqi government.
Committees of Commitment: During his visit, Barzani and the Coordination Framework, a coalition of Iraqi political groups, agreed on the formation of specialized committees. These committees are tasked with enforcing compliance with decisions from the Federal Court regarding oil and gas management. Their broader mandate includes ensuring adherence to agreements made between the Kurdistan Region and Baghdad, with a focus on preserving national wealth and addressing oil smuggling issues.
Key Points of the Agreement:
Objective of the Committees: The committees' primary role is to oversee and ensure that all parties adhere to the Federal Court's rulings on oil and gas management. This move aims to tackle the smuggling of natural resources, which is seen as detrimental to the country's economy and infrastructure.
National Wealth Protection: Both Barzani and the Coordination Framework emphasize the need to preserve Iraq's natural resources as national wealth. This is intended to safeguard these resources from misuse and ensure they benefit the entire country rather than being exploited for regional or individual gain.
Central Government Control: The agreement underscores the importance of managing oil and other resources through central government institutions in line with the Iraqi constitution. This is expected to resolve many ongoing issues and offer greater protection for Iraq's national wealth.
Political and Economic Implications: Barzani's visit and the subsequent agreement signify a potential thaw in relations between the Kurdistan Region and the central government. The settlement aims to address internal pressures within the Kurdistan Region by ensuring regular and transparent salary payments and other financial commitments.
Broader Impact:
Political Settlement: The visit and agreement highlight a significant effort to mend relations and settle long-standing disputes. The presence of Barzani lends considerable weight to the settlement, aiming to solidify it as a crucial development rather than a transient event.
Regional Stability: Successful implementation of the agreement could enhance stability in both the Kurdistan Region and the broader Iraqi state by addressing economic grievances and improving governance over national resources.
This development suggests a pivotal moment in Iraqi politics, with potential long-term implications for resource management, regional autonomy, and national unity.
“I have been given a date ofWed. 21 Aug.for the revaluation of the Iraqi dinar. The bond holder remains excited about the possibility he will get paid today.”
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MIKE BARA
A contact went to the bank (Big 4) today to buy more currency.
He was told by the manager, who acknowledges the RV, not to bother, because he would be coming back to exchange in "two days."
Same contact was also told that "this week" the market would drop "2,000 points."
That's not enough to make an impact. I think he misheard and was told the market would drop TO 2,000 POINTS. Don't forget, Andy Schectman predicted this on my interview with him two weeks ago. (link below).
He said the US markets could drop to the value of Gold, which is around $2,454 an ounce.
Also hearing the Crowdstrike hackers got access to the crash protection algorithms, and that when the plunge begins, they won't be able to halt trading. This is how it will be portrayed anyway. https://mikebara.blogspot.com/2024/07/the-new-gold-standard-with-mike-bara.html
This is more from the CBI detailing procedures for A and B licensed exchange companies performing exchanges for 𝙣𝙤𝙣-𝙄𝙧𝙖𝙦𝙞 𝙞𝙣𝙙𝙞𝙫𝙞𝙙𝙪𝙖𝙡𝙨. This is ONLY in-country for Iraq. This does not correlate to any reclassifications of currencies (those don't exist remember), or movement of rates. This is simply official notice from the CBI for procedures for bank personnel making the exchanges, they now require a 𝙋𝘼𝙎𝙎𝙋𝙊𝙍𝙏, and 𝙫𝙖𝙡𝙞𝙙 𝙧𝙚𝙨𝙞𝙙𝙚𝙣𝙘𝙮 𝙣𝙤𝙩𝙞𝙘𝙚.
What is an A B categorization?
Directly from the CBI starting in 2021 LINK and more LINK and more LINK
Bank Ratings or Classifications: In some countries, financial institutions or currencies might be categorized into different groups (A, B, etc.) based on their stability, creditworthiness, or risk level.
For example:
Category A: Could refer to higher-rated, more stable banks or financial products with lower risk.
Category B: Could denote institutions or products with a slightly higher risk but still acceptable within certain regulatory frameworks.
It's great that you're looking for ways to manage your taxes responsibly! In the United States, there are legal ways to minimize your tax liability, and they involve taking advantage of tax benefits and deductions provided by the law. Here are some strategies to consider:
Tax-Advantaged Accounts:
Retirement Accounts: Contribute to tax-deferred accounts like a 401(k) or a Traditional IRA. Contributions to these accounts reduce your taxable income for the year.
Health Savings Accounts (HSAs): If you have a high-deductible health plan, contributions to an HSA are tax-deductible, and withdrawals for qualified medical expenses are tax-free.
Deductions and Credits:
Itemized Deductions: If you itemize deductions, you might be able to deduct mortgage interest, state and local taxes, charitable contributions, and medical expenses.
Tax Credits: Look into credits such as the Earned Income Tax Credit (EITC), Child Tax Credit, and education-related credits (e.g., Lifetime Learning Credit, American Opportunity Credit).
Business Expenses:
Deductible Business Expenses: If you’re self-employed or run a business, you can deduct legitimate business expenses such as office supplies, travel expenses, and part of your home expenses if you qualify for a home office deduction.
Income Splitting:
Gifting: Gift income or assets to family members in lower tax brackets. This can sometimes reduce the overall family tax liability, but be mindful of the gift tax limits and rules.
Tax-Efficient Investments:
Municipal Bonds: Interest from municipal bonds is often exempt from federal income tax and sometimes state and local taxes.
Long-Term Capital Gains: Hold investments for over a year to benefit from lower long-term capital gains tax rates.
Timing Income and Expenses:
Accelerate Deductions: If you're close to the threshold for itemizing, consider accelerating deductible expenses into the current year.
Defer Income: If possible, defer income to the next tax year, especially if you anticipate being in a lower tax bracket.
Tax-Exempt Investments:
Roth IRAs: Contributions to Roth IRAs are made with after-tax dollars, but qualified withdrawals are tax-free.
Remember, while these strategies can help minimize your tax liability, it's essential to ensure that any approach you take complies with IRS regulations. Consulting a tax professional or financial advisor can provide personalized advice based on your specific financial situation.
