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pmbug said:
...
Not sure if Mr. Escobar actually knows something that isn't public knowledge, or just echoing what's already known about the BRICS wanting to set up a bloc payments system.
Click to expand...

Pepe's latest:
Welcome to The Unit – a concept that has already been discussed by the financial services and investments working group set up by the BRICS+ Business Council and has a serious shot at becoming official BRICS+ policy as early as in 2025.
...
... the Unit proposes a reliable, quick and economically efficient solution for cross-border payments. The - transactional - Unit is a game-changer as a new form of international currency that can be issued in a de-centralized way, and then recognized and regulated at national level.
...
It is indeed a new concept in terms of an international currency - anchored in gold (40%) and BRICS+ currencies (60%). It is neither crypto nor stablecoin ...
...
And now comes the clincher: the Unit has already received backing by the BRICS Business Council and is on the agenda at the crucial ministerial meeting in Russia next month, which will work out the road map for the summit next October in Kazan.

That means the Unit has all it takes to be on the table as a serious subject discussed by BRICS+ and eventually be adopted as early as in 2025.
...
Click to expand...

sputnikglobe.com

De-Dollarization Bombshell: The Coming of BRICS+ Decentralized Monetary Ecosystem

Get ready for what may well be the geoeconomic bombshell of 2024: the coming of a decentralized monetary ecosystem.
sputnikglobe.com sputnikglobe.com

I skimmed the Unit's website:
unitfoundation.org

UNIT ecosystem

UNIT ecosystem offers people around the world apolitical money that can be freely bought and sold or used as currency for payments via any open payment and clearing system
unitfoundation.org unitfoundation.org

I didn't quite understand how the governance for this works or is enforced. It seems like just another stablecoin concept to me, but I didn't really dig into it. If news breaks that the BRICS are giving this serious attention/consideration, I'll definitely try to spend a bit more time learning about it.
 
The ubiquity of data in the digital economy has underpinned the rise of financial technology (fintech), large technology firms (big tech) and artificial intelligence (AI). While greater use of personal data can reduce search and verification costs and allow for better and more personalised services, it has raised severe privacy concerns. Consumers worry about data being harvested for unwanted advertising or price discrimination. They also worry about a data breach, when their personal information is leaked or becomes publicly available online, with potential consequences for their personal safety and reputation. And even if some individuals think they have "nothing to hide", their own actions may affect the privacy of others, eg when their data lead to information about their contacts or those similar to them. These considerations require policymakers to balance the efficient use of personal data with appropriate protection of user privacy.

www.bis.org

Nothing to hide? Gender and age differences in the willingness to share data

Many digital applications rely on the willingness of users to voluntarily share personal data. Yet some users are more comfortable sharing data than others. To document these differences, we draw on questions to a representative sample of U.S. households added to the New York Fed's Survey of...
www.bis.org www.bis.org
 
searcher said:
... Hong Kong will allow mainland China's pilot digital currency to be used ...
Click to expand...
3ornka9rAaKRA2Rkac.webp
 
Contains link to 21-page pdf. It's a quick, easy read if you're interested.

Introduction​

Over the past two decades, through a combination of digital innovations in payments and evolving end user needs and preferences, the regional integration of payment infrastructures has been expanding. This has enabled cross-border transactions for financial market participants or their customers, often between countries within a region. In some cases, this integration has spread across regions and even globally. Payment infrastructure integration is not only the linking of payment systems from a technical standpoint. It is equally about defining a common operational framework for transacting, clearing and settling cross-border transactions, as well as a robust governance and oversight framework that upholds the high standards of safety and financial integrity. In view of this challenging task, not all payment integration projects have been (or will be) successful.

www.bis.org

Regional payment infrastructure integration: insights for interlinking fast payment systems

Historically, efforts at payment infrastructure integration have been part of a broader regional economic strategy and benefited from strong support from the public sector. This has resulted in regional payment arrangements with an anchor in economic groupings. ...
www.bis.org www.bis.org
 
Easy to read? I found a boatload of made-up buzzwords and gobbledegook.

I appreciate your finding the link. That said, I have zero respect for NGOs like the BIS; and this looks like a report by someone trying to justify his salary and time on the clock. Like a doctoral dissertation by a DEI grad student.

What is "subtech"? A "Hackathon"?

This is what all that money-printing pays for...remember that, as you see the price of eggs go up another 50 percent. Your debased money and savings buys this slop.
 
suptech. I assume it's a mashup of "support technology"

I didn't find the report very interesting excepting where the first two highlights mentioned (bold is mine):
  • Almost all financial authorities have ongoing suptech initiatives that are focused on four broad areas: data visualisation, regulatory reporting, financial risk assessment and supervisory automation.
  • Due to organisational, legal or infrastructure constraints, financial authorities rely mostly on internal resources in building suptech solutions and much less on private vendors or collaborations with other authorities. If financial authorities engage with suptech vendors, it is mainly with regard to developing regulatory reporting solutions.
...
Click to expand...

That's just blatantly wrong.
 
Casey Jones said:
What is "subtech"?
Click to expand...

What is Suptech? An Overview of the Supervisory Technology | Analytics Steps

The trend of building purpose-built technologies in the field of offering regulatory oversight has led to the rise of Suptech. Learn more about this technology here.
www.analyticssteps.com www.analyticssteps.com

A "Hackathon"?

en.wikipedia.org

Hackathon - Wikipedia

en.wikipedia.org en.wikipedia.org

____________________________________________

I've learned a good bit about how the world's banking and monetary systems actually work since I've been reading the stuff from the BIS and the IMF. They are making decisions that affect every person on the planet and your average joe has no clue.

And while I might be wrong, one thing I've gleaned is they are planning on rolling out a CBDC in the not-too-distant future. Could be a digital currency for all. And the United States is as involved as are the rest of the industrialized countries. Just my take........fwiw.
 
searcher said:

What is Suptech? An Overview of the Supervisory Technology | Analytics Steps

The trend of building purpose-built technologies in the field of offering regulatory oversight has led to the rise of Suptech. Learn more about this technology here.
www.analyticssteps.com www.analyticssteps.com

A "Hackathon"?

en.wikipedia.org

Hackathon - Wikipedia

en.wikipedia.org en.wikipedia.org

____________________________________________

I've learned a good bit about how the world's banking and monetary systems actually work since I've been reading the stuff from the BIS and the IMF. They are making decisions that affect every person on the planet and your average joe has no clue.

And while I might be wrong, one thing I've gleaned is they are planning on rolling out a CBDC in the not-too-distant future. Could be a digital currency for all. And the United States is as involved as are the rest of the industrialized countries. Just my take........fwiw.
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Fair enough. If you can learn from that, God luv ya.

I have a different learning style...somewhere between mimicry and osmosis. But that's just me.

I could decipher little from that word-salad report. So I guess I'm a midwit...hey, I'll own it...
 
Fed researchers are delusional about current events:
Global central banks and finance ministries held nearly $12 trillion of foreign exchange reserves as of the end of 2023, with nearly $7 trillion composed of U.S. dollar assets. Nevertheless, a narrative has emerged that an observed decline in the share of dollar assets in official reserve portfolios represents the leading edge of the dollar’s loss of status in the international monetary system. Some market participants have similarly linked the apparent increase in official demand for gold in recent years to a desire to diversify away from the U.S. dollar. Drawing on recent research and analytics, this post questions these narratives, arguing that these observed aggregate trends largely reflect the behavior of a small number of countries and do not represent a widespread effort by central banks to diversify away from dollars.
...
Click to expand...

More:

libertystreeteconomics.newyorkfed.org

Taking Stock: Dollar Assets, Gold, and Official Foreign Exchange Reserves - Liberty Street Economics

A look at how declining U.S. dollar shares in official reserves and increasing demand for gold holdings reflect the actions of a small group of countries.
libertystreeteconomics.newyorkfed.org
 
USA and Saudi Arabia relations are a bit strained right now. Decent summary here:

www.fdd.org

The United States and Saudi Arabia: A Possible Path Forward

www.fdd.org www.fdd.org

and a comment on the current picture:

www.nbcnews.com

Clock ticks on U.S.-Saudi deal as election and Gaza war threaten to derail landmark agreement

“There is probably an eight-week window to get something done before elections get in the way,” a Republican congressional aide told NBC News last week.
www.nbcnews.com www.nbcnews.com

Of course, you can find chatter on social media proclaiming doom:

 
pmbug said:
Follow up from post #16:

http://www.goldmoney.com/gold-resea...-central-bank-plans-new-gold-regulations.html

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Related:

Vietnam central bank lowers gold price to cool market fever​

The Vietnamese central bank has lowered the price of gold bullion available to the public through five state-owned entities in a move to narrow the disparity between domestic and international prices.

The State Bank of Vietnam (SBV) was offering SJC-branded gold bars at VND78.98 million ($3,107.2) a tael on Monday to four state-controlled commercial banks – Agribank, BIDV, VietinBank, and Vietcombank – and Saigon Jewelry and Germ Stone Co. (SJC), from which end consumers can buy gold directly, excluding fees charged by the five entities.

More:

theinvestor.vn

Vietnam central bank lowers gold price to cool market fever

The Vietnamese central bank has lowered the price of gold bullion available to the public through five state-owned entities in a move to narrow the disparity between domestic and international prices.
theinvestor.vn theinvestor.vn
 
China is ready to strengthen strategic alignment with Turkey to counter “power politics” on the international stage, Chinese Foreign Minister Wang Yi told his Turkish counterpart, Hakan Fidan, in Beijing on Tuesday.

“The two sides agreed on the need for close strategic communication ... to safeguard the common interests of developing countries,” Wang said, according to a Chinese statement.

Wang said Beijing was willing to continuously expand cooperation with Ankara in economics, trade, energy, infrastructure, and the hi-tech and digital economy.

“China is willing to continue to strengthen coordination and cooperation with the Turkish side within the framework of the United Nations and the Group of 20, to oppose all forms of hegemony and power politics, and to maintain the stability of the global supply chain,” he was quoted as saying.
...
Fidan began the trip with talks with security chief Chen Wenqing and by attending a dialogue organised by the Centre for China and Globalisation (CCG), a Beijing think tank.

During the dialogue, Fidan said the China-backed Brics grouping could offer Turkey a “good alternative” to the European Union to boost its economic prospects.

He said that while Turkey was in a customs union with Brussels, it was also exploring new opportunities for cooperation with several partners in different platforms such as Brics, an association of 10 emerging economies.

“Certainly, we would like to become a member of Brics. So we’ll see how it goes this year,” he said.
...
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www.scmp.com

China eyes closer ties with Turkey to take on global ‘power politics’

Chinese Foreign Minister Wang Yi tells visiting Turkish counterpart Hakan Fidan that Beijing is keen to work with Ankara to maintain the stability of the global supply chain.
www.scmp.com www.scmp.com
 
searcher said:
Related:

Vietnam central bank lowers gold price to cool market fever​

The Vietnamese central bank has lowered the price of gold bullion available to the public through five state-owned entities in a move to narrow the disparity between domestic and international prices.

The State Bank of Vietnam (SBV) was offering SJC-branded gold bars at VND78.98 million ($3,107.2) a tael on Monday to four state-controlled commercial banks – Agribank, BIDV, VietinBank, and Vietcombank – and Saigon Jewelry and Germ Stone Co. (SJC), from which end consumers can buy gold directly, excluding fees charged by the five entities.

More:

theinvestor.vn

Vietnam central bank lowers gold price to cool market fever

The Vietnamese central bank has lowered the price of gold bullion available to the public through five state-owned entities in a move to narrow the disparity between domestic and international prices.
theinvestor.vn theinvestor.vn
Click to expand...

More:

e.vnexpress.net

Customers fill up banks to buy gold

Banks in Hanoi and HCMC saw up to 50 customers queuing at a time Monday to buy gold, which they are selling at below market rates.
e.vnexpress.net e.vnexpress.net
 
Saudi Arabia has joined a China-dominated central bank digital currency cross-border trial, in what could be another step towards less of the world's oil trade being done in U.S. dollars.

The move, announced by the Bank for International Settlements on Wednesday, will see Saudi's central bank become a "full participant" of Project mBridge, a collaboration launched in 2021 between the central banks of China, Hong Kong, Thailand and the United Arab Emirates.

The BIS, a global central bank umbrella organisation which oversees the project, also announced that mBridge had reached "minimum viable product" stage, meaning it will move beyond the pro type phase.
...
"The most advanced cross-border CBDC project just added a major G20 economy and the largest oil exporter in the world," said Josh Lipsky, who runs a global CBDC tracker, opens new tab at the U.S.-based Atlantic Council.

"This means in the coming year you can expect to see a scaling up of commodity settlement on the platform outside of dollars – something that was already underway between China and Saudi Arabia but now has new technology behind it."

The mBridge transactions can use the code China's e-yuan is built on. That code is also available to the project's 26 other "observing members" that include the likes of the New York branch of the Federal Reserve, the International Monetary Fund and European Central Bank.

The BIS also said the mBridge platform was now compatible with the Ethereum Virtual Machine - a piece of software that forms the backbone of the network used by the Ether cryptocurrency.
...
Click to expand...


Consider this news in context with post #976 ...
 


mBridge talk starts around the 10 minute mark
 
For the record, I don't think Saudi Arabia will do anything sudden or drastic. They are happy playing the USA and China against each other to extract maximum leverage from both.
 
pmbug said:
For the record, I don't think Saudi Arabia will do anything sudden or drastic. They are happy playing the USA and China against each other to extract maximum leverage from both.
Click to expand...
They probably won't, but what is the truth on the petrodollar/dollar recycling agreement?

Does it in fact expire after 50 years? If so, that's tomorrow.

Have recently been looking for a pdf or other copy of the actual agreement in order to see for myself, but so far have not had much luck.
 
The key, IMO, is the security agreement. KSA trades USD because we agreed to ensure their security.
 
BRICS finance ministers are currently examining the possibility of launching a common blockchain-based system of financial settlements that could be used in place of the Western-dominated financial messaging system SWIFT, Russian Finance Minister Anton Siluanov said on Friday.
...
Click to expand...

More:

thepressunited.com

SPIEF 2024: BRICS members discussing unified payment system – Russian finance minister - The Press United

The new settlement mechanism will allow countries to bypass Western financial messenger SWIFT, Anton Siluanov has said BRICS finance ministers are currently examining the possibility of launching a common blockchain-based system of financial settlements that could be used in place of the...
thepressunited.com thepressunited.com
 
rblong2us said:
... I thought they were about ready to go
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You know how some gold channels (like King World News) always take any hint of a nugget of something that might impact the gold market and make ridiculous proclamations in bold headlines that it IS going to happen and happen SOON so you better BUY, BUY, BUY! ? I see the hype about BRICS/KSA on X (social media) largely in the same way. A lot of folks fishing for eyeballs/engagement trying to shock people with their "insider insights" IMO.

All the BS on X (social media) about "the petrodollar ends tomorrow (June 9)!" was spawned from a single dude who posted a video and made unsubstantiated claims. None of the people parroting his claims has vetted or can vet the claims. I know because I've asked a few. Some even deleted their tweets after they realized there was no evidence that what they were saying was true.

Wheels turn slower than that on things like this (BRICS+ development of a SWIFT alternative; KSA abandoning trade of oil in USD).
 


Russia is forging ahead with plans to phase out the US dollar, with President Vladimir Putin calling the nation to reduce its use of "toxic" currencies.

Speaking at the St. Petersburg International Economic Forum this week, the Russian president pointed to the country's declining use of Western currencies. The ruble is being utilized more in trade transactions, he added, despite the currency plunging in value in late 2023.

"Last year, the share of payments for Russian exports in the so-called 'toxic' currencies of unfriendly states halved, while the share of the ruble in export and import transactions is growing — it is approaching 40% today," Putin said at the event, per a report from Reuters. "We will increase the use of national currencies in foreign trade settlements, improve the security and efficiency of such operations, including through BRICS."

Russia will continue to ramp its use of BRICS currencies for trade, Putin added. He also introduced a handful of ambitious economic goals for Russia to meet by 2030, which included reducing imports from other countries, raising investment in fixed assets by 60%, and doubling the value of Russia's stock market.
...
Click to expand...

https://www.msn.com/en-us/money/mar...to-reduce-use-of-toxic-currencies/ar-BB1nRxVN
 
Summary of all of the above from every angle:

GET YOUR FIAT CHANGED TO GOLD NOW, WHILE YOU CAN.
 
Regarding the earlier post about Saudi Arabia:
The Biden administration is close to finalizing a treaty with Saudi Arabia that would commit the U.S. to help defend the Gulf nation as part of a deal aimed at encouraging diplomatic ties between Riyadh and Israel, the Wall Street Journal reported on Sunday, citing U.S. and Saudi officials.
...
Approval of the treaty, which the WSJ said would be known as the Strategic Alliance Agreement, would require a two-thirds majority vote in the U.S. Senate, a threshold that would be difficult to achieve unless the treaty were tied to Israeli-Saudi normalization.

The draft treaty is modeled loosely on Washington's mutual security pact with Japan, the newspaper cited U.S. and Saudi officials as saying.

In exchange for the U.S. commitment to help defend Saudi Arabia if it were attacked, the draft treaty would grant Washington access to Saudi territory and airspace to protect U.S. interests and regional partners, the newspaper reported.

It is also intended to bind Riyadh closer to Washington by prohibiting China from building bases in the kingdom or pursuing security cooperation with Riyadh, the WSJ quoted officials as saying.
...
Click to expand...

https://www.msn.com/en-us/news/worl...draft-security-treaty-wsj-reports/ar-BB1nUvgl

... and keep the petrodollar trade in place ...
 
(*sigh*)

One.

Last.

Attempt...

This is the brenschluss. Obvious to everyone, even those that cannot conceive the dollar going (*poof*). It WILL happen inevitably, nem. con. We are in that pregnant time when inexorable events are known to be coming; this is a time for crucial action that will NEVER return:

The time to trade overvalued paper for gold.

Let me try this: At 11:40 on April 10, 1912, the Titanic hit an iceberg. The passengers on board were not particularly bothered at all. At first, there was nothing really to note. (Ding! shift to today! Data start point!)

Some young men who were up, and played soccer with the ice chunks on deck. Some men, however, knew within ten minutes that the ship was irrevocably doomed.

The engineers kept the lights on as they shorted out. (Current time: Bank in Pacific Rim is selling gold under spot in a futile attempt to keep the dollar working a while longer even in the face of unavoidable coming total failure as the entire ship was clearly beyond help and was sinking.)

There were not nearly enough lifeboats at all for the passengers. Many were doomed even as they walked around and calmly talked to each other on the giant boat. <-- There is NOT enough gold for all the passengers on the ship. Only some will have gold = a seat on lifeboat.

So yer Unca will tell you one last time: The Dollar Titanic IS going down. NOTHING, especially wishing, is going to change that. Denial of reality will not change that.

Now the only thing you should be doing is getting your seat on the lifeboat. It will not be as comfortable as your First Class stateroom was, but your First Class stateroom will be under a mile of water after a while as th e sinking rate picks up to the esimated 90MPH when it hit bottom.

Get your butt off the chair and get your hands on the PM's NOW. The last guys on the stern of the Titanic did not have life rafts because they dicked around for more than TWO HOURS before their feet were wet for eternity...

Your two hours are clicking down. How long those "two hours" will be is unknown. Just that it is clicking down to zerio.
 
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Unca Walt said:
We are in that pregnant time when inexorable events are known to be coming; this is a time for crucial action that will NEVER return
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Are you implyng that we need an abortion?
That would certainly stop the inexorable coming event in your analogy.
 
Joe King said:
Are you implyng that we need an abortion?
That would certainly stop the inexorable coming event in your analogy.
Click to expand...
Nope. You need a midwife. Someone who will see to it there is life after the event for all concerned.
 
Unca Walt said:
Nope. You need a midwife. Someone who will see to it there is life after the event for all concerned.
Click to expand...
Ok, but what if our baby is a socialist? Or worse, a communist?

Only good commie is a dead commie, right?

Would an abortion be ok then?
 
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