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00:00The financial system is under attack, the cracks are beginning to show as banks are
00:25being bailed out and hardworking people yet again are left to pick up the pieces. This
00:31is unacceptable. We were told that after the 2008 financial crash that measures were put
00:36in place so that this could not happen again. Personally, I don't want to risk my family's
00:40financial future to find out if that's true or not. Are you prepared? Do you have a plan?
00:47Can you weather the storm with confidence? Don't be at the back of the line. Act now.
00:51Visit goldbusters.co.uk and protect your family today.
00:55Welcome to Financial Friday. We're all set to embark on a widely entertaining rollercoaster
01:17of economic insights. So let's dive straight into some recent news from Japan. Our good
01:26friend Nakagawa from the Bank of Japan decided it was time to raise interest rates if inflation
01:33is on track. Now, while Nakagawa is busy contemplating rate hikes, let's take a quick flight over
01:41to Iraq. It seems that they are bracing for a budget challenge in 2025, driven largely
01:49by, you guessed it, plummeting oil prices. Speaking of costs, let's swing our focus to
01:58Zimbabwe. Their economy seems to be going on a rollercoaster too, thanks to politicians
02:05controlling key industries. Despite being rich in resources, Zimbabwe is facing a colourful
02:12tapestry of woes. Now, let's not forget gold and silver. As prices fluctuate, it seems
02:21that gold is just hanging out around the $2,500 mark, while silver is $29 an ounce. And then
02:31there's Vietnam, thriving like a plant after being watered. The World Bank predicts their
02:38economy will sprout like a beanstalk, while gold prices take a dip. We're diving into the
02:45exhilarating world of Iraq's banking and finance sectors. So let's talk about a big headline. A
02:52Dutch court just upheld an arbitration award against Iraq's central bank. Standard & Poor
02:59have decided to give Iraq credit rating a gentle nudge up to B-B, which is an improvement still,
03:07but B- rating means the country is quite resilient. Now, the central bank of Iraq is
03:15stepping up its game, playing hopscotch with major US financial institutions. They're laying
03:23groundwork for financial reform. On top of that, Iraq is getting cosy with Austria, Germany and
03:31Spain. They're practically having a financial wine and cheese picnic over there. New partnerships
03:38mean infrastructure investment, which as we know, is crucial. Now, on to what's really heating up,
03:47oil prices. Madhia Saleh, the economic advisor, mentions a potential budget hiccup for 2025. Any
03:56downturn in oil prices could leave Iraq sweating bullets. Tax evasion is losing nearly $10 billion
04:04annually. Let's face it, if oil prices dip too low, Iraq is going to have to get creative. Maybe
04:13offer a buy one, get one free deal on oil. They'll have to make some serious effort to collect taxes.
04:20Now, about our next topic. The US dollar exchange rate has jumped higher than the guy who just
04:27discovered espresso in a calf. We saw the rate rise to $150,750 IQD per $100. It's economic
04:38gymnastics at its finest. Meanwhile, Iranian President Massoud Peshishkhan popped over to
04:46Iraq. I assume he wasn't wearing a superhero cape because they're signing 14 memoranda of
04:54understanding. This isn't just a handshake. They're practically exchanging friendship braces at this
05:01point. With $12 billion in annual trade, these two are set to become the dynamic duo of the Middle
05:09East. So if trade goes well, we could see both economies stably flourishing. In conclusion,
05:18while there are definitely hurdles ahead of Iraq's economy, like avoiding icebergs while
05:24navigating a ship, there's still a sense of optimism. With international collaboration,
05:31some serious financial reforms, Iraq is gearing up for a brighter future. So let's raise our
05:37glasses, not field of oil, to a resilient Iraq that's preparing to stand tall in the ever
05:45fluctuating global market. Ripple's confidence in FedNow impact on XRP in a significant announcement.
05:54Ripple Lads has confirmed the Federal Reserve's FedNow instant payment service is poised
06:01to have a transformative impact on the payment landscape, particularly benefiting XRP. With FedNow's
06:09competitive pricing and enhanced efficiency, Ripple anticipates a shift in the market dynamics,
06:16encouraging financial institutions to adopt its network over traditional systems like SWIFT.
06:23The concept of network effects highlights how increased adoption of FedNow will create a
06:30ripple effect in, no pun intended, in the use of XRP for cross-border transactions.
06:39This shift could potentially drive up the demand and value of XRP significantly as the payment
06:46industry evolves. As we look ahead, it's clear that Ripple is strategically positioning itself
06:53with the Burgoyne cross-border payment market, which is expected to be worth over
07:00250 trillion dollars by 2027. With an anticipated surge in XRP utilization facilitated through
07:11partnerships like that with Volante Technologies, stakeholders are eagerly watching for the
07:19implications on XRP's market performance. Current trading data indicates growing interest,
07:28underscoring wider investors' confidence in the connection between FedNow adoption and XRP's
07:35future. The landscape is rapidly changing, setting the stage for what could be a pivotal moment
07:43for Ripple and its native token. In a significant move, the UK's Financial Conduct Authority,
07:51FCA, has launched its first criminal prosecution against a London man operating unlicensed
07:59cryptocurrency ATMs, marking a pivotal step in regulating this rapidly evolving sector.
08:08This man is accused of facilitating over 3.4 million illicit crypto transactions without
08:16the required authorization, emphasizing the absence of legal crypto ATMs in the UK. The FCA's
08:24action sends a stern warning to all operators of unauthorized crypto machines. Illegal activity
08:33will not be tolerated. As FCA's Theresa Chambers articulated, using these unregulated ATMs pose
08:42serious risks as they can potentially facilitate money laundering and other criminal activities.
08:48This case coincides with escalating concerns over the increase in financial fraud linked
08:54to cryptocurrencies, with losses jumping 45% this year alone. The combination of decentralized
09:03transactions and the rapid movement of funds making cryptocurrencies appealing to criminals,
09:11contributing to a notable spike in fraud complaints. In conclusion, as regulators worldwide
09:19intensify their scrutiny of the crypto landscape, it is imperative for consumers to be vigilant
09:26about where and how they engage with their cryptocurrencies. The FCA's prosecution marks
09:33a critical step in safeguarding the market and protecting consumers from threats posed
09:40by illegal crypto operations. As a meeting on September 18 approaches, market participants
09:48will be keenly watching for the Fed's decision and the implication it holds for future monetary
09:54policy. In summary, the escalating efforts of BRICS nations to diminish reliance on the U.S.
10:01dollar has set the stage for significant shifts in global economic dynamics. Experts like Robert
10:08Kiyosaki warned that a major market crash in the U.S. has already commenced, indicating troubling
10:15times ahead for the dollar. With increasing federal debt and a growing number of countries
10:21joining BRICS, the potential for a financial upheave looms large. As the U.S. dollar faces
10:29unprecedented challenges, especially in the wake of major financial institutions faltering,
10:36investors are urged to reconsider their strategies and diversify into alternative
10:42assets such as bitcoin, gold and silver. The implications of this shift in landscape could
10:49obliterate through the global finance system, underscoring the urgent need for vigilance and
10:55adaptability in these uncertain times. SWIFT is actively transforming the global financial
11:03landscape by enhancing its network for the seamless integration of both traditional and
11:10digital assets. As institutional interests in digital currencies continue to surge,
11:17SWIFT's commitment to overcoming systematic challenges and fostering interoperability
11:23is crucial. By collaborating with the financial community and developing innovative technical
11:30solutions, SWIFT aims to pave the way for a more inclusive and efficient digital finance ecosystem.
11:40Ultimately, facilitating real-time transactions and enhancing market dynamics, Asian stocks
11:46slipped Wednesday on growth concerns ahead of U.S. inflation report and as traders weighed
11:53the impact of presidential debate. The yen rose after a Bank of Japan official
11:59signalled more interest rate increases. With all the debt in the world, gold will only look
12:06overbought when prices push above $4,000. The gold market continues to consolidate
12:13above $2,500 an ounce. While it may seem a little top-heavy,
12:21one fund manager believes gold still has plenty of upside potential.
12:27In a recent interview with Kitco News, Eric Strand, founder of the boutique precious metals firm,
12:34said that given the level of money printing and sovereign debt, he sees gold's fair value
12:41around $4,000 an ounce. Indonesian crypto exchange Indodax goes offline after suspected
12:48$22 million hack. The breach compromised hot wallets on Indodax, Bitcoin, Ether,
12:58Tron, Polygon, and Optimism. Indodax has temporarily suspended operations.
13:06Today we have explored vital developments in Iraq's banking and finance sectors,
13:12showcasing a blend of both local and international cooperation aimed for fostering growth and
13:18stability. A significant ruling from the Dutch court has upheld an arbitration award against
13:25the Central Bank of Iraq, emphasizing the importance of stringent adherence to international
13:31financial agreements. In a positive turn, Standard & Poor's has affirmed Iraq's credit rate at B-B
13:40with a stable outlook, reflecting on the country's economic resilience and ongoing reforms.
13:47Further underscoring proactive measures, the CBI has engaged with major financial institutions
13:54in the U.S., laying groundwork for substantial financial reforms. Additionally, new partnerships
14:00with Austria, Germany, and Spain indicate a robust commitment to infrastructure and economic
14:06developments. While discussions concerning the restructuring of the Rafadian Bank and support
14:14for micro, small, and medium enterprises signify proactive strategies in addressing domestic
14:21financial needs. In closing, today's update illustrates a dynamic framework of opportunities
14:28and reforms with Iraq's banking and finance landscape by navigating challenges through
14:34international collaboration and financial restructuring. Iraq is strategically positioning
14:41itself for sustainable economic growth and resilience in the global market.
14:47Zimbabwe's relationship with China is seen as limiting its ability to attract Western investment,
14:54which could be crucial for economic diversification. I want to address the crisis facing Zimbabwe,
15:02where a concerning reality prevails. Politicians controlling key industries, hampering our nation's
15:10vibrant potential. Zimbabwe is rich in natural resources, yet our economy has languished for
15:17decades, largely due to a politico-industrial complex. Politicians often lacking relevant
15:26experience are steering vital sectors such as mining, agriculture, and energy. This control
15:34not only stifles innovation, but also deepens corruption, leaving ordinary Zimbabweans in dire
15:42straits. Let's take agriculture as a prime example. Following controversial land reforms in the early
15:502000s, farms were taken from experienced producers and given to political elites. The result?
16:00Agricultural productivity plummeted, creating widespread food insecurity in a country that
16:07once prided itself in the breadbasket of Africa. The current state of our industries under political
16:15control possesses a grave challenge for Zimbabwe's recovery and growth. The potential outcome? A
16:23continued economic decline and reliance on foreign assistance. However, by recognizing this crisis
16:31and demanding accountability, there remains hope for a new beginning. One where real expertise and
16:40innovation can thrive, ultimately leading to a prosperous Zimbabwe. In summary, today's financial
16:49theatrical has showcased the global economic drama unfolding in multiple countries, where each
16:57seeks growth amidst challenges and the occasional comedic twist. From the intersection of politics
17:06and crypto chaos, to the relentless dance of interest rates and currency fluctuations,
17:13we find ourselves in a playful arena where no one is quite sure what the final act will hold.
17:21As the curtains close, it's clear that vigilance, strategic planning and perhaps a hint of laughter
17:29might be our best allies in this unpredictable economic play. Let us hope that through
17:36cooperation and some innovative financial reforms,
17:42nations across the globe will turn their economic frowns upside down.
17:47This has been your Financial Friday News. See you next week for the latest updates.
17:52And don't forget to tune in to The Gold Show with my partner in crime,
17:57Paul Brooker and the Gold Buster Boys. Bye-bye.