Tin Foil Hats, Economic Reality and the Total Perspective Vortex

[pmbug]

India plans to introduce a law to ban private cryptocurrencies such as bitcoin and put in place a framework for an official digital currency to be issued by the central bank, according to a legislative agenda listed by the government.

The law will “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India (RBI),” said the agenda, published on the lower house website on Friday.
...

India proposes law to ban cryptocurrencies, create official digital currency

India plans to introduce a law to ban private cryptocurrencies such as bitcoin and put in place a framework for an official digital currency to be issued by the central bank, according to a legislative agenda listed by the government.

www.reuters.com

 

[pmbug]

Russia’s FX holdings ...

When it comes to the balance the banks also been boosting their share of gold and simultaneously cutting its share of the US dollar in its forex holdings. ...

Russia boosts it's gold holdings

www.kitco.com

 

[pmbug]

... the IMF is planning to issue $500 billion of new SDRs, although some Democrat senators are lobbying for an issue of $2 trillion SDRs or more.

This would be almost ten times the amount of SDRs issued in 2009 and would go a long way to increasing SDR liquidity and advancing the globalist agenda of eventually having the SDR replace the U.S. dollar as the leading reserve asset.
...

The Great Reset Is Here - Daily Reckoning

Triffin’s Dilemma and the Great Reset… 2009 was just a warm up act for the IMF and SDRs…

dailyreckoning.com

U.S. Treasury Secretary Janet Yellen on Thursday threw her support behind a new allocation of the IMF's own currency, or Special Drawing Rights, but said broad parameters were needed to boost transparency on how the reserves are used and traded.

Reversing the opposition of the Trump administration, Yellen told G20 finance officials in a letter that a new SDR allocation could boost liquidity for poor countries, which have been particularly hard hit by the global coronavirus pandemic.

The U.S. Treasury chief gave no specific size for possible allocation of SDRs, which can be converted to hard currency by IMF members. Italy, which holds the presidency of the G20 this year, and other members of the group of rich and emerging economies have backed a $500 billion allocation, but the United States had been guarded about its view until now.
...

Yellen backs new allocation of IMF's SDR currency to help poor nations

 

[pmbug]

Russia must take urgent steps to cut its use of the dollar to a minimum as the new U.S. administration of Joe Biden signals it will ramp up sanctions, a top diplomat said.

“We need to barricade ourselves against the U.S. financial and economic system to eliminate dependence on this toxic source of permanent hostile actions,” Deputy Foreign Minister Sergei Ryabkov said in an interview Wednesday in Moscow. “We need to cut back the role of the dollar in any operations.”

Russia is bracing itself for the latest U.S. punitive measures ...

Russian President Vladimir Putin has spearheaded a drive for several years to reduce exposure to U.S. assets, pushing the share of gold in central bank reserves above dollars for the first time. Still, Russia relies on the U.S. currency for much of its international trade and overseas investors hold almost a quarter of its government debt.

The Foreign Ministry isn’t responsible for economic policy and Ryabkov didn’t elaborate on what steps might be taken to further reduce Russia’s reliance on the dollar.
...

... The Biden administration has vowed to take a tougher stance on Russia and it is considering new sanctions to punish Moscow ...

Russia Must ‘Barricade’ Itself Vs. Dollar, Senior Diplomat Says

Russia must take urgent steps to cut its use of the dollar to a minimum as the new U.S. administration of Joe Biden signals it will ramp up sanctions, a top diplomat said.

www.bloomberg.com

 

[pmbug]

From a few weeks ago:

April 14 (Xinhua) -- International Monetary Fund (IMF) Managing Director Kristalina Georgieva has said she is "confident" that the IMF will distribute a new allocation of Special Drawing Rights (SDR) to member countries by mid-August.

"It is a remarkable demonstration of multilateralism" that the IMF membership has agreed to support a new SDR allocation of 650 billion U.S. dollars, the largest in the history of the IMF, Georgieva said in an exclusive interview with Xinhua on Tuesday.
...
Georgieva said she has committed by the end of June to make a proposal on the new SDR allocation to the IMF board of directors. Once the proposal is approved, it will be submitted to the IMF board of governors for a final vote.

"Given that we all are under pressure to act for the exit from the crisis, I am confident that sometime in summer, by mid-August, the new allocation will be distributed to our membership," she said.
...
Georgieva also said the IMF sees "clear value" of SDR as an international reserve asset ...

Update: IMF chief says "confident" to distribute new SDR by mid-August

ampcopy Provided by Xinhua The chief said the upcoming SDR allocation is significant as it will provide much-needed reserves boost to emerging markets and de

www.bignewsnetwork.com

 

[rblong2us]

$650 billion ?
sounds like loose change ..........

A decent central bank ought to be good for 6.5 trillion, just for starters (-;

 

[pmbug]

I'm sure they are just getting started with the SDR "printing".

 

[pmbug]

The share of US dollar reserves held by central banks fell to 59 percent—its lowest level in 25 years—during the fourth quarter of 2020, according to the IMF’s Currency Composition of Official Foreign Exchange Reserves (COFER) survey. Some analysts say this partly reflects the declining role of the US dollar in the global economy, in the face of competition from other currencies used by central banks for international transactions. ...
...
Some expect that the US dollar’s share of global reserves will continue to fall as emerging market and developing economy central banks seek further diversification of the currency composition of their reserves. A few countries, such as Russia, have already announced their intention to do so.

Despite major structural shifts in the international monetary system over the past six decades, the US dollar remains the dominant international reserve currency. As our Chart of the Week shows, any changes to the US dollar’s status are likely to emerge in the long run.

US Dollar Share of Global Foreign Exchange Reserves Drops to 25-Year Low

The share of US dollar reserves held by central banks fell to 59 percent—its lowest level in 25 years—during the fourth quarter of 2020, according to the IMF’s Currency Composition of Official Foreign Exchange Reserves (COFER) survey.

blogs.imf.org

The IMF published a blog post discussing the dollar's decline as the dominant reserve currency. Interesting times....

 

[pmbug]

In an interview this morning on CNBC’s “Squawk Box,” legendary investor Stanley Druckenmiller gave his view on the dollar’s stance as the world reserve currency and the current U.S. fiscal and monetary policy. Druckenmiller did not hold back his views on what the massive amounts of liquidity meant for the bond market, or the U.S. and its position as the incumbent world reserve currency.

“I am comfortable with it [the dollar losing reserve currency status], that is my central case,” he said.
...
... I think it is more likely than not within 15 years we lose reserve currency status.”
...

Legendary Investor Stanley Druckenmiller: USD Will Lose World Reserve Currency Status

In criticisms of Federal Reserve actions, legendary investor Stanley Druckenmiller highlighted the case for bitcoin to replace the dollar.

bitcoinmagazine.com

 

[pmbug]

The Federal Reserve published a press release today:

...
Powell announced that the Federal Reserve plans to publish this summer a discussion paper that will explore the implications of fast-evolving technology for digital payments, with a particular focus on the possibility of issuing a U.S. central bank digital currency. ...

... More technically oriented projects, focused on specific tools and infrastructure, are underway at the Board and the Federal Reserve Bank of Boston. The Fed is also collaborating internationally in groups such as the Bank for International Settlements' CBDC coalition.
...

Federal Reserve Chair Jerome H. Powell outlines the Federal Reserve's response to technological advances driving rapid change in the global payments landscape

Technological advances are driving rapid change in the global payments landscape. The Federal Reserve is studying these developments and exploring ways that it

www.federalreserve.gov

 

[rblong2us]

As the central bank of the United States, the Federal Reserve is charged with promoting monetary and financial stability

Perhaps someone should tell them ........

If their offering is an attempt to push the alternative crypto world aside, I'm not sure they will succeed and for most, means of payment isnt a big issue.
For business and international transactions there might be some benefit though.
Of course the way to launch it and make it popular is to create a wallet for everyone and stuff it full of cryptodollars.
Inflation fixed and everyone happy

 

[pmbug]

Wheels in motion I guess...

The Bank for International Settlements (BIS) came out in full support of the development of the central bank digital currencies (CBDCs), stating in its new report that their time "has come."

"It would be fair to say that CBDCs are an idea whose time has come. We can see it from various surveys conducted by the BIS," BIS head of research Hyun Song Shin said during the press conference. "If done right, CBDCs can form the backbone of a highly efficient new digital payment system by enabling broad access and providing strong data governance and private standards."

The BIS report, titled 'CBDCs: an opportunity for the monetary system,' was released on Wednesday. It marks a big step in favor of this new technology.
..
"While identification (based on a unique digital ID) is crucial for the safety of the payment system and transactions in a CBDC, there is a countervailing imperative to protect the privacy and safety of users. Beyond theft, the combination of transaction, geolocation, social media and search data raises concerns about data abuse and even personal safety. As such, protecting an individual's privacy from both commercial providers and governments has the attributes of a basic right. In this light, preventing the erosion of privacy warrants a cautious approach to digital identity," the report stated. "Identity fraud is a key concern in the digital economy. These considerations suggest that a token-based CBDC which comes with full anonymity could facilitate illegal activity, and is, therefore, unlikely to serve the public interest. Identification at some level is hence central in the design of CBDCs."

The BIS concludes that some type of an ID system is the "better way to go," Shin and Coeure said.
...

BIS backs central bank digital currencies: Their time 'has come'

www.kitco.com

Are you ready to receive your mark of the beast?

 

[pmbug]

The IMF approved creation of $650B SDRs. This is the tranche first discussed back in Feb and then in May (posts 604 & 606).

IMF Governors Approve a Historic US$650 Billion SDR Allocation of Special Drawing Rights

August 2, 2021

Washington, DC: The Board of Governors of the IMF has approved a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion (about SDR 456 billion) on August 2, 2021, to boost global liquidity. [1]

“This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis. The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy. It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis,” IMF Managing Director Kristalina Georgieva said.

The general allocation of SDRs will become effective on August 23, 2021. The newly created SDRs will be credited to IMF member countries in proportion to their existing quotas in the Fund.
...

IMF Governors Approve a Historic US$650 Billion SDR Allocation of Special Drawing Rights

The Board of Governors of the IMF has approved a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion (about SDR 456 billion) on August 2, 2021, to boost global liquidity. [1] “This is a historic decision – the largest SDR allocation in the history of the IMF and a...

www.imf.org

 

[pmbug]

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).

...
Asked by CNBC’s Hadley Gamble whether oil contracts can be denominated in a currency other than the U.S. dollar, including crypto, Vladimir Putin commented that “this seems premature.” At the same time, the president of the Russian Federation acknowledged that despite currently being unstable, cryptocurrency can be used in oil trade settlements at some point in the future.

“It is fine for transferring funds from one place to another, but I think it would be premature to use it in trading, especially when dealing with energy resources,” the Russian strongman said, remarking that cryptocurrency has lacked any backing. Nevertheless, he also stressed:

It is legitimate and can be used in settlements, no doubt about that, but it is too early to use it for trading in oil or other raw materials and energy sources.

Things can change, however, and Putin is convinced that “everything has the right to exist. We will see how this will go from here. Maybe crypto will one day be used to store value. But we see how the market fluctuates, so it seems too early for that now… Of course, there is value there,” the president pondered.
...

Putin: Still Early but Crypto Can Be Used for Oil Trade Settlements, Store of Value – Economics Bitcoin News

President Putin has admitted crypto can be utilized for settlements in the future, although he says it’s too early to do that in oil trade.

news.bitcoin.com

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.

 

[rblong2us]

Any means of exchange needs stability at its heart.
Crypto does not currently achieve this, nor does fiat ...........
We know what would though

 

[pmbug]

So Biden signed an Executive Order yesterday....

...
That is why today, President Biden will sign an Executive Order outlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology. The Order lays out a national policy for digital assets across six key priorities: consumer and investor protection; financial stability; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.

Specifically, the Executive Order calls for measures to:

...
* Protect U.S. and Global Financial Stability and Mitigate Systemic Risk by encouraging the Financial Stability Oversight Council to identify and mitigate economy-wide (i.e., systemic) financial risks posed by digital assets and to develop appropriate policy recommendations to address any regulatory gaps.
* Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets by directing an unprecedented focus of coordinated action across all relevant U.S. Government agencies to mitigate these risks. It also directs agencies to work with our allies and partners to ensure international frameworks, capabilities, and partnerships are aligned and responsive to risks.
...
* Explore a U.S. Central Bank Digital Currency (CBDC) by placing urgency on research and development of a potential United States CBDC, should issuance be deemed in the national interest. The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans’ interests. The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including development of a plan for broader U.S. Government action in support of their work. This effort prioritizes U.S. participation in multi-country experimentation, and ensures U.S. leadership internationally to promote CBDC development that is consistent with U.S. priorities and democratic values.
...

https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/09/fact-sheet-president-biden-to-sign-executive-order-on-ensuring-responsible-innovation-in-digital-assets/

The Fed has been studying the CBDC issue for a while now. This executive order seems to be affirming government support for the project.

The order appears to indicate that the USA wants to comply with "international frameworks". If that means adopting frameworks like the one the G7 proposed a while back (post #597), that doesn't bode well for privacy or security.

 

[pmbug]

So you might recall from discussion in this thread the effort by Russia to develop their own competing version of a SWIFT payment clearing system:

2015: Russia begins development on their own SWIFT alternative:

https://www.pmbug.com/threads/tin-foil-hats-economic-reality-and-the-total-perspective-vortex.75/post-30087

2018: Russia claimed their death star was a fully operational battle station:

https://www.pmbug.com/threads/tin-foil-hats-economic-reality-and-the-total-perspective-vortex.75/post-33229

2019: Russia's SWIFT alternative not ready for prime time

https://www.pmbug.com/threads/tin-foil-hats-economic-reality-and-the-total-perspective-vortex.75/post-34263

I don't recall ever seeing any news mentioning that the system ever got actualized - that it ever worked or was used to clear a single trade. This morning I see that Russia wants to use it to clear oil deals with India:

India’s government is considering a proposal from Russia to use a system developed by the Russian central bank for bilateral payments, according to people with knowledge of the matter, as the Asian nation seeks to buy oil and weapons from the sanctions-hit country.

The plan involves rupee-ruble-denominated payments using Russia’s messaging system SPFS, the people said, asking not to be identified discussing confidential deliberations. ...

Russia is offering SWIFT alternative to India for rouble payments

India is looking to buy oil and weapons from sanctions-hit Russia.

www.aljazeera.com

 

[pmbug]

Worth watching I think...

On Tuesday 26 April in an interview with newspaper Rossiyskaya Gazeta (RG), the Secretary of the Russian Federation’s Security Council, Nikolai Patrushev, said that Russian experts are working on a project to back the Russian ruble with gold and other commodities.
...
For those who don’t know the name Nikolai Patrushev, Patrushev is one of the Russia’s most powerful security / intelligence officers and a close ally of Putin. After serving between 1999 and 2008 as Director of the Russian Federal Security Service (FSB) (the successor organization to the KGB), Patrushev moved to being Secretary of the Russian Security Council since 2008. In fact, Patrushev took over as Director of the FSB in 1999 from the previous incumbent, Vladimir Putin.
...
... an English translation of the relevant sections of Patrushev’s interview with RG (using Yandex Translate) below.

RG Question: And what do we need to do to ensure the ruble’s sovereignty?

Nikolai Patrushev: “For any national financial system to be sovereignized, its means of payment must have intrinsic value and price stability, without being pegged to the dollar.

Now experts are working on a project proposed by the scientific community to create a two-circuit monetary and financial system.

In particular, it is proposed to determine the value of the ruble, which should be backed by both gold and a group of goods that are currency values, and to put the ruble exchange rate in line with the real purchasing power parity.”

...

Kremlin Confirms Plan to Back Ruble With Gold & Commodities

Russia's Nikolai Patrushev has confirmed a Kremlin plan to back the ruble with gold and commodities.

www.bullionstar.com

Russia is currently in discussions to peg the ruble to gold, according to the Kremlin. But the idea was dismissed by Bank of Russia Governor Elvira Nabiullina following Kremlin's comments.

The Russian government appears to be seriously considering backing Russian rubble with gold, at least according to President Vladimir Putin's spokesman Dmitry Peskov.

"The question of creating a financial system in Russia, in which the ruble's value will be tied to gold and currency assets, is now being discussed," Peskov told reporters Friday.

Peskov was referencing comments made by Security Council Secretary Nikolai Patrushev during an interview earlier this week.

"Experts are working on a project … to create a monetary and financial system. It is being proposed to determine the value of the ruble, which should be backed by both gold and a group of goods that are currency assets, to set the ruble exchange rate in line with the real purchasing power parity," Patrushev told Rossiyskaya Gazeta.

Patrushev also said that for any currency to achieve sovereignty, it needs an intrinsic value, price stability and not be tied to the U.S. dollar. "Now experts are working on a project … to create a dual-loop monetary and financial system," he added.

No other details were given about this project during the interview.

However, later Friday, Bank of Russia Governor Elvira Nabiullina rejected the idea of pegging rubles to gold or other commodities.

"It is not being discussed in any way," Nabiullina told reporters at a press conference, which followed the central bank's decision to cut rates by 300 basis points to 14%. She also stressed that the ruble must have a floating exchange rate.
...

Kremlin in 'discussions' to peg ruble to gold, but Russia's central bank rejects the idea

www.kitco.com

Seems like the politicos (Putin's inner circle represented by Patrushev and Peskov) have a plan (in motion?) and the Russian central bank either wasn't consulted (is that likely?) or is denying the project for misinformation purposes.

 

[rblong2us]

Perhaps they are hoping other countries will do the same and need to get them on board before they announce?

 

[Chigg]

Or it will be the excuse they use to to release the hounds on the bugs.

 

[Chigg]

And by they I mean the our overlords.

 

[pmbug]

...
U.S. imports of Russian-origin gold have been banned, with the exception of gold located outside of Russia prior to Tuesday. Russia produces around 10% of the gold mined globally each year and it is the country's biggest non-energy export.
...

New U.S. sanctions target Russian gold imports, defense industry

The United States on Tuesday imposed sanctions on more than 100 targets and banned new imports of Russian gold, acting on commitments made by the Group of Seven leaders this week to further punish Russia over its invasion of Ukraine.

www.reuters.com

I'm not sure how much gold Russia was actually selling anyway, but since this would theoretically restrict supply and put upward price pressure on gold, expect to see it go on sale (again!).

 

[pmbug]

... I suspect that smaller players like Iran will test the waters with crypto based oil trades before big dogs like Russia do it.

Almost a year later and it looks like Iran is testing the water...

Iran Makes First Crypto-Based Import Order Worth $10 Million

The Iranian government makes its first payment in cryptocurrency for imports totaling $10 million. The Iranian government is said to have recently completed its first crypto-funded import order, for the amount of $10 million, according to reports from the local media. However, the reports did...

thecryptobasic.com

 

[pmbug]

A bipartisan group of US lawmakers wants the Federal Reserve to get more serious about issuing a digital dollar to compete with rivals like China's digital yuan.

Democrat Rep. Maxine Waters has drafted legislation that aims for the Fed to further study the prospect of a digital dollar and design a route for it to come to fruition, The Wall Street Journal reported.

It comes after Waters, who is chair of the House Financial Services Committee, called the area of central bank digital currencies "a new digital assets space race."

Another supporter of the digital-dollar effort, Republican Rep. French Hill, cited China's creation of a digital yuan in 2020 as a concern, noting Beijing's lending around the world could aid its adoption and threaten the dollar's dominance.
...
The Fed is already reviewing the pros and cons of a digital currency. But Chairman Jerome Powell has said he's in no rush, while remaining steadfast that a digital dollar won't happen without the support of elected officials. Meanwhile, the Biden administration has ordered a study to review the ramifications of a digital dollar but has yet to take a stance on the issue.
...

China's digital yuan pushes key US lawmakers to seek urgency from the Fed on a digital dollar that fends off global rivals

"We should be concerned about China's predatory practices," Rep. French Hill, R-Ark., told the Wall Street Journal.

markets.businessinsider.com

 

[pmbug]

I was looking at gold this morning trading up from a bottom near $1660 or so and musing at how cheap that seems. Then I read this:

Switzerland imported 5.7 tons of Russian gold worth about $324 million in August, which is the highest level in more than two years, according to the country's customs data.
...
The Swiss customs specified that the Russian gold came from Britain and did not violate sanctions. The metal was registered as Russian because the Swiss customs data indicate only the last location the metal was refined at, not where it was last transported from.

The U.S., EU, Japan, Canada, and Switzerland have sanctioned imports of all new Russian gold. But gold bars exported by Russia before August 4 do not fall under these sanctions, the Swiss authorities clarified Tuesday.
...
Russia is the second top gold miner in the world. Before sanctions, it was one of Britain's leading suppliers of new bullion.
...

Swiss imports of Russian gold hit highest levels since April 2020

www.kitco.com

So supposedly, sanctions (on Russian gold) have been in effect for over a month now. Where is Britain (and the LBMA) sourcing gold from to make up shortfall from one of their largest suppliers? How has the price not risen if supply has been constrained?

 

[pmbug]

Jan Niewenhuijs interviewed by GoldCore talks about the possibility of a monetary reset using gold as the backbone. He says a lot of the same things that Rickards was saying years ago. His correspondence with Euro central banks provides an interesting perspective.

 

[rblong2us]

ah yes the great reset, NESARA/GESARA, Dinar reval, quantum financial system
and now Putie's gold backed financial system ........

Ive waited patiently for 12 years and its always just around the corner
Something has to break badly I reckon, but maybe we are getting close ?

 

[pmbug]

Today's the big day! (said every day in perpetuity). *If* a big reset comes, I doubt us peons will get any advance notice. G8 just going to give everyone a rug pull surprise.

 

[pmbug]

... What is going on in forex and why the move to US$ when they are all broken ? ...

The Fed is raising rates. That is causing the dollar to strengthen against other currencies that aren't/(or can't) raising/(raise) rates fast enough to maintain parity.

While gold might be ATH in Sterling, it's down to ~$1630 in dollars - far below what it was a couple of months ago. From what I read while skimming headlines, it looks like institutional traders (hedge funds, pension funds, etc.) are buying bonds right now. I would think if the market gets whispers that the Fed or banks are in trouble (can't contain inflation or manage debt with rising rates), gold might catch a bid from these folks to mitigate risk. But right now, it looks like no one (aside from bugs and possibly central banks) is really interested in gold.

Interesting case in point from the UK. The UK is breaking from the inflation taming measures all other central banks are enacting and reinstating some QE. Apparently they are being forced to do so because pension funds are on the brink of failure and they can't risk contagion.



The IMF is apparently not amused by UK shenanigans (I can't find the primary source on the IMF website, so this might be social media FUD):

 

[TheRealZed]

Apparently they are being forced to do so because pension funds are on the brink of failure and they can't risk contagion.

The trading this AM indicates that someone is already a dead man walking. We will find out well after the fact. They are fighting the contagion with the interventions now. So the question is can they contain the damage?

I'm glued to the screen for now!

 

[TheRealZed]

Interventions are never preemptive they are always reactive, someone is badly wounded at best.

 

[russell.cabbage]

What's happening in Blighty could well be a black swan event.

 

[pmbug]

I had always imagined that the G8 would have an orderly transition to the NWO (whatever form it may be). If the dam bursts (UK, EU, whatever) and forces a disorderly move, things could get very hairy for a while.

 

[russell.cabbage]

The G8 is and always has been a show pony to maintain the illusion of nation states.

Having said that, the "great reset" is sputtering, with what happened overnight in Germany announcing a "borrowing binge" of 200 billion euros (to keep the house of cards up)...

 

[Lancers32]

ah yes the great reset, NESARA/GESARA, Dinar reval, quantum financial system
and now Putie's gold backed financial system ........

Ive waited patiently for 12 years and its always just around the corner
Something has to break badly I reckon, but maybe we are getting close ?

You waited 12? Been waiting 42 years.

 

[Libertas]

ah yes the great reset, NESARA/GESARA, Dinar reval, quantum financial system
and now Putie's gold backed financial system ........

Ive waited patiently for 12 years and its always just around the corner
Something has to break badly I reckon, but maybe we are getting close ?

NESARA/GESARA makes no sense to me. Even if it did happen how is it any different than universal basic income? Someone else is still controlling your digital money. If you give people money to not work they will be happy to oblige. In theory NESARA/GESARA sounds wonderful but unless that huge jump to the 5th dimension happens people or leaders are not evolved enough to not abuse it.

 

[Goldhedge]

You waited 12? Been waiting 42 years.

"The Markets Can Remain Irrational Longer Than You Can Remain Solvent" John Maynard Keynes

 

[Lancers32]

NESARA/GESARA makes no sense to me. Even if it did happen how is it any different than universal basic income? Someone else is still controlling your digital money. If you give people money to not work they will be happy to oblige. In theory NESARA/GESARA sounds wonderful but unless that huge jump to the 5th dimension happens people or leaders are not evolved enough to not abuse it.

People won't be happy with the UBI they might get. More along the lines of what Canada pays monthly for their equivalent of our SS. It ain't much certainly nothing like the money they handed out during the plandemic for unemployment. Those days are long gone. $500 a month.

 

[Lancers32]

"The Markets Can Remain Irrational Longer Than You Can Remain Solvent" John Maynard Keynes

I was waiting sure as hell not bagholding. An interested spectator.

 

[pmbug]

Chainlink (LINK) co-founder Sergey Nazarov revealed that the oracle provider has partnered with the interbank messaging system SWIFT to develop a new proof-of-concept (PoC) project that will enable traditional finance firms to transact on blockchain networks.

Nazarov announced the new endeavor at its SmartCon 2022 Conference in New York on Sept. 28 in conjunction with SWIFT strategy director Jonathan Ehrenfeld Solé.

By utilizing Chainlink’s cross-chain interoperability protocol (CCIP), the PoC will allow SWIFT messages to instruct token transfers across nearly every blockchain network. This will help to accelerate the adoption of distributed ledger technology (DLT) blockchains across capital markets and traditional finance, Nazarov said.
...
The main issue with SWIFT is that transactions can take several days to complete, which is not exactly convenient in an increasingly fast-paced world of global trade and business. To help combat this, the organization recently revealed a new pilot program with Symbiont to explore the integration of blockchain technology to help improve its system.

The firm has also been exploring the use of central bank digital currencies (CBDCs) to facilitate faster payments.

By collaborating with Chainlink, SWIFT member institutions will be able to incorporate the capabilities of blockchain without having to replace, develop or integrate new connections with legacy systems – an undertaking that would require significant modifications a come with an “exceptionally high” cost.

This is not the first collaboration between SWIFT and Chainlink, as the pair had previously worked together to explore bond issuance and redemption, according to Solé.
...

SWIFT partners with Chainlink to develop cross-chain crypto transactions

SWIFT has partnered with Chainlink to develop a new proof-of-concept project that will enable traditional finance firms to transact on blockchain networks.

www.kitco.com

I'm honestly not entirely sure what to make of this news. What blockchains is SWIFT hoping to utilize? Are CBDCs much closer to reality than we think or would SWIFT really use an existing tech like Etherium?