Goldilocks’ Global Economic News Friday 5-17-2024
Iraq: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Iraq
Domestic stability has improved since the new government took office in October 2022. This has facilitated the passage of Iraq’s first three-year budget, which entailed a large fiscal expansion starting in 2023. The non-oil economy has rebounded strongly in 2023 after stalling in 2022 and was largely unaffected by the ongoing conflict in the region.
Nonetheless, Iraq remains highly vulnerable to oil price fluctuations, and private sector activity is hindered by the large state footprint—including as an employer of first resort—corruption, red tape, underdeveloped infrastructure, and poor access to credit. IMF
~~~~~~~~~
DTCC explores posting fund NAV data on blockchain with JPM, BNY Mellon, Chainlink – Ledger Insights
The Depository Trust and Clearing Corporation DTCC just made public the result of a proof of concept (PoC) test exploring the posting of tokenized funds by setting net asset values (NAV) data onto a blockchain.
In order to reach a real value on an asset, the value of an asset is reached by deducting the asset’s liabilities from the market value of all of its shares. Then, you divide that number by the number of issued shares.
This is what happens in a reset when values across the board on the market have been inflated beyond their actual worth.
Until these calculations are completed across the board of the markets, it’s hard to say we are going to have a crash or a rise in values of these new assets that are being tokenized and supported by gold and other commodities.
Forex will go into these equations as well finding representations of a real value for currencies giving them a Level Playing Field in the purchasing power of Global currencies around the world. This will give us a Global Currency Reset.
These correlated calculations will link themselves to the banking system causing the reformation of new values inside our new digital asset-based trading system.
This is the credit valuation adjustment we spoke of about a month ago that was going to start taking place. We are in the testing phase, but these assets will soon be interfaced onto the QFS reflecting new values in the new Financial System.
“The ten participants in the Smart NAV trial were American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JP Morgan, MFS Investment Management, Mid Atlantic Trust d/b/a American Trust Custody, State Street and U.S. Bank.” Ledger Insights
© Goldilocks
~~~~~~~~~
CME Stock Exchange is planning to launch Bitcoin trading. This is currently in the discussion phase, but if it does go any further it will connect CME and the Swiss EBS.
The Chicago Mercantile Exchange is a global derivatives marketplace based in Chicago. The Swiss Electronic Bourse (EBS) is a “computer linking system between the former stock exchange trading floors in Zurich, Geneva, and Basel, Switzerland.”
The connection would allow trades to be executed on all three of these trading floors onto Digital Ledger Technologies.
This is why it is so important to complete the MICA regulations. Currently, the integration at the full QFS is being set into motion. Cryptonomist Nasdaq
© Goldilocks
~~~~~~~~~
China Sells Record Sum of US Debt Amid Signs of Diversification | Finance Yahoo
~~~~~~~~~
Rep. Massie Introduces Federal Reserve Board Abolition Act to “End the Fed” | U.S. Representative Thomas Massie
~~~~~~~~~
Trafigura, IXM caught in COMEX copper short squeeze as prices hit record | StreetInsider
~~~~~~~~~
The state of play and what’s to come with CBDCs | London Blockchain Conference | Youtube
~~~~~~~~~
Final Rules on Measuring Domestic Control of REITs | FTI
~~~~~~~~~
Palo Alto Networks and IBM on Wednesday announced a significant partnership in which the two companies will jointly provide cybersecurity solutions, and IBM will deliver consulting services across Palo Alto’s platforms.
Palo Alto Networks is an American multinational cybersecurity company with headquarters in Santa Clara, California. The core product is a platform that includes advanced firewalls and cloud-based offerings that extend those firewalls to cover other aspects of security. The company serves over 70,000 organizations in over 150 countries, including 85 of the Fortune 100. It is home to the Unit 42 threat research team and hosts the Ignite cybersecurity conference. It is a partner organization of the World Economic Forum. SecurityWeek Wikipedia
~~~~~~~~~
World Bank to issue Swiss digital bond settled in wholesale CBDC – Ledger Insights
Yesterday the World Bank announced it has priced a CHF 200 million digital bond to be issued on June 11 on the SIX Digital Exchange (SDX) and settled using the Swiss Franc wholesale central bank digital currency (wholesale CBDC).
The Swiss National Bank (SNB) is currently in pilot mode for its wholesale CBDC on the SDX DLT platform as part of Project Helvetia. Several digital bonds have used it for settlement. However, the World Bank, or rather the International Bank for Reconstruction and Development (IBRD), is the first international issuer to use the wCBDC.
~~~~~~~~~
We are beginning to witness how Digital Ledger Technologies, Tokenized Assets, and Stablecoins are currently being tested and regulated to go into law by the end of June 2024.
Do you see how these three networks work together to complete the functionality of the QFS?
Once these functionalities are complete, we will move into credit valuation adjustments to determine real values going forward.
The system will be tweaked during this time as the rest of the world catches up and interfaces their assets onto the system.
© Goldilocks
~~~~~~~~~
Regulators Preparing to Finalize Basel IV | Insights | Mayer Brown
~~~~~~~~~
Visa Reinvents the Card, Unveils New Products for Digital Age | Visa
~~~~~~~~~
Press release: Basel Committee publishes report on the digitalisation of finance | BIS
~~~~~~~~~
********************************
URGENT NEWS: Emergency Meeting on Iraq 2024 Budget #iqd Rate in Budget | Youtube
~~~~~~~~~
The modern CEO job is completely broken — but AI could make executives useful again | Business Insider
~~~~~~~~~
Overview | World Bank
Iraq has a mixed economic system with some private freedom, but weak centralized economic planning and government regulation. The country’s economy is dominated by oil exports, which serve as the basis of its GDP. Successive governments have done little to wean Iraq off this heavy dependency on oil rents and diversify the economy.
However, non-oil growth has rebounded strongly in 2023, while inflation has receded. The World Bank has highlighted the importance of banking reforms and promoting digital financial services to increase financial intermediation and promote financial inclusion.
The Iraq Vision 2030 plan includes diversifying the economy, reducing dependence on oil, promoting innovation, supporting SMEs, and attracting foreign investment. The plan also promotes sectors such as agriculture, tourism, manufacturing, and technology.
~~~~~~~~~
How Gold Affects Currencies | Investopedia
Gold can add value to a country’s currency. Gold is used as a standard of value for currencies worldwide, and the price of gold can influence a country’s currency value. For example, if a country exports gold, the value of its currency will increase when gold prices increase.
~~~~~~~~~
BIS DROPS A BOMBSHELL! They Referenced Ripple/XRP On Their Panel! You Will Regret Not Owning XRP! | Youtube
~~~~~~~~~
14 Fireside chat – Technological innovation to enhance existing infrastructures | Youtube
