Goldilocks’ Comments and Global Economic News for September 24, 2023
Good afternoon
Possible US government shutdown: what’s all the fuss about?
If Congress fails to provide funding for the fiscal year beginning October 1, US government services will be disrupted and hundreds of thousands of federal employees will be furloughed without pay.
Employees deemed “essential” would remain on the job, but without their pay.
Here is a guide to what would shut down:
▪ White House
During the 2018-2019 shutdown, the White House furloughed 1,100 of the 1,800 employees in the Executive Office of the President.
The reduction in White House staff could make it more difficult for Republicans in the House of Representatives to conduct an impeachment investigation of President Joe Biden, a Democrat.
▪ Military
2 million US military personnel will remain in place, but about half of the Pentagon’s 800,000 civilian employees will be furloughed.
▪ Finance regulation
The Securities and Exchange Commission (SEC) would furlough roughly 90% of its 4,600 employees and suspend most activities, leaving only a skeleton staff to respond to emergencies.
▪ Disaster response
The Federal Emergency Management Agency (FEMA) would risk running out of funds for disaster relief and long-term recovery projects.
▪ Education
Most of the Education Department employees would be furloughed, according to the agency’s 2021 plan.
▪Child care
According to the White House, 10,000 children from low-income families would lose access to the Head Start preschool program.
There have been 14 shutdowns since 1981, ranging in duration from a single day to a 35-day shutdown in 2018-2019.
Is the political circus really worth it?
~~~~~~~~~~
Federal Reserve Reduces Staff for First Time Since 2010
https://www.pymnts.com/personnel/2023/federal-reserve-reduces-staff-first-time-since-2010/
~~~~~~~~~~
ISO 20022: Only 15% of messages have migrated, will JP Morgan change the tide?
FinExtra Link
~~~~~~~~~~
“Dolomite integrated Chainlink (LINK), which can boost its appeal. Moreover, Stellar (XLM) will soon initiate the Protocol 20 upgrade. This will be the largest one in its history as it will integrate Soroban smart contracts. In addition, Tradecurve Markets (TCRV) is opening the derivatives market to anyone globally, even the unbanked.”
We recently spoke of Protocol 19 upgrading into Protocol 20 in a recent article. It is still in process. Here comes the leveling of the playing field amongst pioneers wishing to compete with larger institutions.
Protocol 20 unites Quantum Technologies in an effort to gain participation from any company or person capable of participating in the new decentralized internet known as Web 3.
© Goldilocks
https://www.kraken.com/features/futures/curve
https://dashboard.stellar.org/
~~~~~~~~~~
JPMorgan Chase closes 14 First Republic branches in California | American Banker
American Banker Link
~~~~~~~~~~
“U.S. Bank has unveiled the Connected Partnership Network, an online marketplace offering third-party payment and treasury solutions that are fully integrated with its systems, on Thursday.”
Connected Partnership Network has found a way to streamline third party payment sources and integrate them into Treasury Solutions.
U.S. Bank Global Treasury Management partners will be able to bring in seamless payment options creating a more efficient and faster payment solution for the banking system.
This brings in processors not affiliated with banks in the banking system offering more leverage for banking investments and Payment Solutions.
We live in a time whereby crypto holders can utilize their crypto holdings as collateral. This brings in more money velocity and opportunity in the new digital financial system.
© Goldilocks
~~~~~~~~~~
“India gets green light to join JPMorgan bond index; rupee, bonds gain”
Inclusion will start on June 28, 2024, and extend over 10 months with 1% increments on its index weighting, as India is expected to reach the maximum weighting of 10%, JPMorgan said.
“Beyond the near-term euphoria, this should structurally augur well for rates and FX markets, leading to lower cost of borrowings for the economy at large and more accountable fiscal policy-making,” said Madhavi Arora, lead economist at Emkay Global Financial Services.
~~~~~~~~~~
Derivatives + Commercial Real Estate = The Next Financial Crisis
https://youtu.be/SkOCx7qM5mI?feature=shared
~~~~~~~~~~
IRAQ News What the Prime Minister Said to UN General Assembly #IQD NEW Rate
https://youtu.be/Ccfjxcs-xHQ?feature=shared
~~~~~~~~~~
Iraq is moving from an “internal trade” mechanism to an “external trade” Financial System.
This is expected to happen early in 2024, and it will allow them to trade their Iraqi Dinar with other currencies around the world.
It is a movement from regional area trade to an International stage.
© Goldilocks
https://byjus.com/commerce/difference-between-internal-trade-and-external-trade/
~~~~~~~~~~
👆 The Iraqi Dinar goes International in 2024.
Watch the water.
© Goldilocks
~~~~~~~~~~
The Fed has a perfect interest rate in mind. Here’s what it is | CNN Business
https://www.cnn.com/2023/09/24/economy/r-star-neutral-interest-rate/index.html
~~~~~~~~~~
Central Bank of Iraq approves new system for external transfer
~~~~~~~~~~
Can Iraq Finally Become A Global Petrochemicals Powerhouse? By Simon Watkins
