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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:

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

I skimmed the Unit's website:

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

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.

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
 
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.

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
 
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):
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

A "Hackathon"?

Hackathon - Wikipedia

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.
 
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:
More:

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:

The United States and Saudi Arabia: A Possible Path Forward

www.fdd.org

and a comment on the current picture:

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

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

Click to expand...

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:

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
 

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
 

More:

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
 
pmbug said:
Nope. I got a lot of "likes", but not one answer.
Click to expand...
Maybe do a bit of research and go back to answer your own question? Prolly get even more "likes" for that.
 


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.
 

More:

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
 
Only as far as ‘examining the possibility’ !
I thought they were about ready to go
 
rblong2us said:
... I thought they were about ready to go
Click to expand...
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).
 


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:

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
Click to expand...
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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