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In this one Mario and Nomi Prins talk about de-dollarization, payment systems other than SWIFT, CBDCs and more. There's nothing to see, can listen in one tab, play around the forum in a different tab. 36 mins long.

en.wikipedia.org

Pix (payment system) - Wikipedia

en.wikipedia.org en.wikipedia.org

The Hidden CBDC Agenda at the G20 Summit in Rio de Janeiro. Interview with Nomi Prins.​

Nomi Prins' Substack: https://prinsights.substack.com/

 
Joe King said:
Read where Pimco says, no more long US bonds. Short term only.
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...
At PIMCO, we are already making incremental adjustments in response to rising U.S. deficits. Specifically, we’re less inclined to lend to the U.S. government at the long end of the yield curve, favoring opportunities elsewhere. Here’s our latest thinking.
...
... we have become more hesitant to lend longer term given U.S. debt sustainability questions and potential inflation catalysts, such as tariffs and the effects of immigration restrictions on the labor force. ...
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www.pimco.com

Thoughts From the Bond Vigilantes | PIMCO

Amid concerns about the impact of rising deficits on U.S. Treasuries, it helps to differentiate bond investments by maturity, credit rating, and global relative value.
www.pimco.com www.pimco.com

Would deporting illegals really be inflationary? I don't think they are working (ie. in the labor force) and the government is spending a ton of money to house them. That bit seems like a bit of a political jab more than economic analysis.
 
^^^^^^^^^

The Elites are frantically trying to construct a Narrative of why these wonderful tax-leaching "migrants" just can NOT be sent back. Lying, obviously, is not beneath them.

They start with conclusions, and craft a line of reasoning to lead to it. This is part of that.

In other words, they're full of (expletive).
 
pmbug said:
Would deporting illegals really be inflationary? I don't think they are working (ie. in the labor force) and the government is spending a ton of money to house them. That bit seems like a bit of a politica
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The argument that restricting immigration is detrimental to the labor force falls flat once one realizes that there are only about 2.5 million news jobs created per year.

We've had at least six times that many allowed in in just the past three years. There simply are not jobs for all of them.

Not to mention the fact that we have nearly 4 million of our own children maturing into the workforce each year. They need jobs too.

Where are all these jobs gonna come from for all these many millions of people? 2.5 million jobs per year ain't gonna cut it.
 
Russian Deputy Foreign Minister Sergey Ryabkov has affirmed that plans to establish a BRICS payment system are tangible and progressing, describing them as “not hypothetical.” In an interview with the Tass Analytical Center on Tuesday, Ryabkov reflected on Russia’s role during its BRICS chairmanship, emphasizing that the initiative is both real and actionable. When asked about the feasibility of such a payment system among BRICS nations, he stated:
Not only it exists. It is not hypothetical.
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...
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news.bitcoin.com

Russian Official Declares BRICS Payment System a Real Alternative to US Dollar – Economics Bitcoin News

A top Russian official has declared plans for a BRICS payment system “not hypothetical,” signaling a shift toward reducing reliance on the dollar through alternative financial mechanisms.
news.bitcoin.com news.bitcoin.com
 
pmbug said:
Eric Yeung speculates that Russia's proposed BRICS precious metals exchange might be developed/located in Hong Kong:
...
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the Government of the Hong Kong Special Administrative Region said:
Working Group on Promoting Gold Market Development established

Following the Chief Executive's announcement in the 2024 Policy Address to establish a working group under the Financial Services and the Treasury Bureau to comprehensively review all aspects relating to the development of a gold market, take forward the establishment of an international gold trading centre, and formulate plans on enhancing the trading and regulatory mechanisms of the market, conducting domestic and overseas promotion, etc, the Government announced today (December 18) that the Working Group on Promoting Gold Market Development has been established.

The Working Group is chaired by the Secretary for Financial Services and the Treasury. Members comprise relevant government officials, representatives of regulatory bodies, financial institutions, exchanges and industry stakeholders. The Working Group will also invite other industry experts to participate in discussions on specific issues.

The Secretary for Financial Services and the Treasury, Mr Christopher Hui said, "The establishment of an international gold trading centre is a new entry point to consolidate and enhance Hong Kong's status as an international financial centre. In this year's Policy Address, the Chief Executive stated that we would attract physical gold storage, drive gold trading, settlement and delivery activities, and even propel Hong Kong into being a gold trading centre. The Government will promote the development of world-class gold storage facilities, and building on the increased gold holdings, scale up associated support and financial services such as insurance, testing and certification, logistics, etc, as well as expanding related derivative transactions such as collateral, loans and hedging, etc, hence creating a comprehensive ecosystem in a progressive manner. This will promote a comprehensive multicurrency trading, clearing, delivery, and regulatory system, thereby establishing a holistic gold trading centre. We will also explore mutual access with the Mainland financial market when appropriate."

He added, "The Working Group, which brings together industry leaders and professionals, as well as representatives of financial regulators and market participants, will hold its first meeting this month. I look forward to working closely and actively discussing with members on formulating a comprehensive implementation plan for the development of Hong Kong's gold market."
...
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Working Group on Promoting Gold Market Development established

Following the Chief Executive's announcement in the 2024 Policy Address to establish a working group under the Financial Services and the Treasury Bureau to comprehensively review all...
www.info.gov.hk

 
... For the Brics group, a gold-backed digital currency could make a big difference. Lower transaction costs and reduced exchange rate volatility are among the tangible benefits. If even 50% of intra-Brics trade shifted to such a currency, cost savings of 1% to 2% per transaction would add up to billions of dollars. These savings could be reinvested to fuel economic growth and enhance trade efficiency. DLT offers the transparency, security and efficiency necessary to underpin such a currency.

By tokenising gold reserves, each digital unit would be backed by tangible assets stored in secure vaults, with regular audits ensuring accountability. Smart contracts could dynamically adjust currency weightings, reflecting trade patterns and economic conditions. This would enable real-time settlements, reduce delays and foster trust among participants. Such a system might even attract nations outside the bloc seeking alternatives to dollar-dominated networks, potentially increasing the Brics bloc’s global trade share beyond its current 18%.

Some elements of this vision are in place. ...
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www.omfif.org

Gold-backed digital currency could be a game-changer for Brics - OMFIF

The shifting dynamics of global trade and finance have intensified the search for a stable, universally accepted unit of account for international settlements. Recent geopolitical tensions, such as Russia’s exclusion from the Swift payment system, have accelerated efforts to find alternatives to...
www.omfif.org www.omfif.org

Nothing really new in that summary (I have not read the full article in their by request report), but it's interesting to see an outfit like OMFIF shining a light on it.
 
3+ years ago:
pmbug said:
A few days ago, Putin gave an interview with CNBC wherein he made a couple of comments that caught my attention. You might recall a bit of discussion some time back in this thread about US sanctions on Russia with the nuclear strike of locking them out of the SWIFT system which kicked off (or sent into high gear) Russia's de-dollarization efforts. They even tried to build a competing payment clearing system to compete with SWIFT. Crypto seems like it might end up being a solution (some day).
...
Though Putin expressed disdain for Bticoin/crypto price volatility, he understands it is a payment clearing mechanism that no government can control. I suspect that smaller players like Iran will test the waters with crypto based oil trades before big dogs like Russia do it.
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Today:
Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.
...
"As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions)," Siluanov told Russia 24 television channel.

"Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year," he said, adding that international payments in digital currencies represent the future.
...
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Saudi Arabia has frozen the bid to join Brics, according to Russian news agency Interfax.

The agency quoted Yuri Ushakov, a foreign policy advisor to Kremlin, as saying that Russia has frozen its accession to Brics.
...
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www.firstpost.com

Saudi Arabia freezes Brics membership, says report amid Trump’s 100% tariff threat

Amid threats of tariffs from US President-elect Donald Trump, Saudi Arabia has frozen its bid to be a full member of Brics, according to a report
www.firstpost.com www.firstpost.com

It would appear that KSA is taking Trump seriously.
 
Indonesia has become the first Southeast Asian country to join Brics as a full member. Together with its Association of Southeast Asian Nations (Asean) counterparts Malaysia, Thailand and Vietnam, Indonesia was invited last October to be a Brics “partner country”, a category created at the Kazan summit with a path to full membership. Among them, only Vietnam has yet to accept.
...
Originally comprising Brazil, Russia, India, China and South Africa – hence Brics – the bloc added Egypt, Ethiopia, Iran and the United Arab Emirates last year. ...
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www.scmp.com

Opinion | Why Southeast Asia’s participation in Brics matters

With Indonesia joining the grouping and Malaysia and Thailand as partner countries, Brics has acquired not just mineral-rich members but also key Asean voices.
www.scmp.com www.scmp.com
 

This Is Why Trump Should Absolutely Torch The IMF: Steve Forbes​

Jan 12, 2025

Steve Forbes explains why he thinks President-elect Trump should reject the IMF.


4:28
 


This year will pave the way for a great central bank reserve shift from fiat to assets like gold and Bitcoin, according to Deven Soni, CEO of Matador Technologies.

"We're going to see more governments rebalance their holdings away from fiat assets and towards assets like Bitcoin and gold," Soni told Kitco News anchor Jeremy Szafron. "That's going create an outsized return for gold relative to fiat currencies."
...
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www.kitco.com

Real assets vs. dollar: The great reserve shift in 2025 – sovereigns are ditching fiat

The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
www.kitco.com www.kitco.com
 
^^^^^^
Opinion piece. DYODD.

Back in the stone ages when yours truly stated blogging, the practitioners, economists, and journalists covering the world of finance, and most of all those worried about the dangerously large housing and derivatives bubbles in the US and elsewhere cared deeply about accuracy, to the point of sometimes having very heated arguments among our sites (and this was among people with intellectual integrity; beating up on the likes of Andrew Ross Sorkin fell in a different category). A case study in how much the world has changed, and how promoting narratives (boy do I hate that word) trumps getting things right is mBrigde, a BIS project that just got canned.

mBridge, a Bank of International Settlements Project Hyped by BRICS Fans as a Way to Evade Sanctions, Shut Down | naked capitalism

Our debunking the hype of the purported BRICS payment potential of a BIS project, mBridge, has proven to be true, and then some.
www.nakedcapitalism.com www.nakedcapitalism.com
 
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