Goldilocks' Comments and Global Economic News for July 21, 2023
Dinar Recaps,
RJ: Goldilocks posted comments and links on the global financial system:
Several important items posted last night:
Now, we turn to the final points of our story. The QFS.
I will cover important events taking place in the old system, but my focus going forward will be the QFS.
Remember, the FedNow is having difficulties getting enough Global Digital Networks to interface with this system.
There is a good reason for this taking place. On the other hand, the QFS moves forward.
© Goldilocks. 😉
Banking Announcement:
"US House Republicans pass bill to regulate industry framework, SEC, CFTC registration for BTC and Stablecoins"
☝️ I will speak more on this tomorrow. We should hear more on this tomorrow.
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TODAY
Introduced in House (01/26/2023)
21st Century Dollar Act
"This bill requires the Department of the Treasury to establish a strategy to facilitate the position of the dollar as the primary global reserve currency.
Treasury must submit a report that includes (1) steps taken to implement this strategy, legislative recommendations, and efforts by major foreign central banks to create an official digital currency; and (2) an evaluation of the role of the renminbi (the official currency of China) in international payments and foreign exchange reserves."
The dollar is taking on a new role in our Global Economy. China's currency is also being evaluated to play a huge part in the new economy.
At this point, the dollar is moving from a World Reserve Currency to a Primary Global Reserve Currency.
These new roles are being facilitated and established by the US Treasury Department indicating a new placement of authority for the dollar/digital in our Global Economy.
© Goldilocks
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"US House Republicans pass bill to regulate industry framework, SEC, CFTC registration for BTC and Stablecoins."
Now, we need the Democrats to approve this new bill to move forward.
This bill had to be reintroduced this month because of XRP and the SEC finally resolving their case.
It is currently moving through Congress with updated guidelines and clarification on the crypto space.
This new bill includes registration for Bitcoin and Stablecoins.
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"A token standard is a set of specific rules and protocols that determine the way a cryptocurrency token is created, behaves, and functions on a blockchain network."
Our new digital economy is requiring us to clarify roles and create guidelines that become monetary policies around the world through a standardized process that develops new protocols for our Global Economy.
Most of our tokens are being defined as commodities going forward. Real values on every sector of the market will get locked into place because of these new roles. Everything is getting tokenized. Every asset.
This puts us inside a Gold Standard Protocol. In the QFS, this may be called by a different name as we move forward.
At this time, networks and countries around the world are interfacing with each other and establishing new trust line payment mechanisms.
Protocol 20 will activate these Quantum Technologies allowing us to seamlessly conduct Global transactions that will reset our Global Payment System under new protocols and prices facilitated by smart contracts and artificial intelligence.
© Goldilocks
https://www.techopedia.com/definition/token-standards
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Our countries are turning gold more each day, and the US Treasury is being given more and more authority over the economy.
© Goldilocks
https://decrypt.co/149234/bipartisan-bill-would-give-us-treasury-authority-over-defi
https://www.usmint.gov/about/mint-tours-facilities/fort-knox#:~:text=1935%20%2D%20Present&text=August%20%2D%20Congress%20authorizes%20the%20transfer,country's%20precious%20metal%20bullion%20reserves.
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Blockchain in Transportation and Logistics Market – Increasing venture capital funding and investments in blockchain technology, Various Venders boosting market growth
☝️ More liquidity coming into the digital economy.
Considering tokenization: The future of real assets?
"Tokenization, through its utilization of blockchain and other distributed ledger technologies, has begun revolutionizing the digitalization of assets and is emerging as one of the most prominent use cases for the asset class. Real assets, such as real estate, infrastructure, and precious metals, are increasingly adopting tokenization as a means to access investment opportunities from a diverse range of investor groups. The momentum of this adoption is expected to continue, as indicated by a report from BCG and ADDX, which forecasts a potential market worth $16.1 trillion by 2030."
https://www.kitco.com/commentaries/2023-07-20/Considering-tokenization-The-future-of-real-assets.html
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U.S. Department of the Treasury
Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE
July 21, 2023
Contact: Treasury Public Affairs; press@treasury.gov
Remarks by Secretary of the Treasury Janet L. Yellen on Economic Resilience in Hanoi, Vietnam
As Prepared for Delivery
Thank you for that kind introduction. I’m thrilled to be in Hanoi for my first visit to Vietnam as Treasury Secretary. And I’m thankful to the U.S.-ASEAN Business Council and the companies here for your warm welcome.
In 1995, the United States and Vietnam normalized our diplomatic relations. In the 28 years since, we’ve seen a remarkable transformation sweep this country – from here in Hanoi down to Ho Chi Minh City.
This economic boom has been driven by the hard work and talent of the Vietnamese people. And it has been catalyzed by the engine of market reforms and global trade and investment. Vietnam is now a key player on the global economic stage and serves in a critical role in many vital global supply chains.
During this trip, I have seen firsthand the dynamism and energy that has propelled your economic development. This undeniable strength will help you achieve your goal of becoming a high-income country by 2045.
The United States has been your steadfast partner. At the turn of the century, we were proud to sign a robust bilateral trade agreement to expand our economic relationship. In 2007, Vietnam joined the World Trade Organization.
Since then, our relationship has only broadened and deepened. Our trade now encompasses everything from machinery to textiles to electronic components. Many of America’s largest companies – like Apple and Google – have a significant and growing presence in Vietnam.
For the past two decades, trade between our two countries grew at nearly 25 percent a year. That’s an astounding rate. Not only has U.S. imports of Vietnamese goods skyrocketed, but today, the U.S. exports nearly 20 times more to Vietnam than in 2002.
There is no sign that this momentum is slowing. Our goods trade reached a record high last year. I believe this strong economic relationship is possible because it is founded on mutual trust: it stems from our work to address the legacies of the war and is underpinned by the close and growing links between our peoples.
Today, I’d like to speak about how our economic partnership has grown even more important over the past few years. Since 2020, our countries – and the entire world – have faced a series of historic economic, public health, and geopolitical shocks.
In response, President Biden and I are advancing an agenda to strengthen our economic resilience. A driving principle of this agenda is to deepen U.S. engagement and cooperation with a broad network of reliable economic partners in areas like trade and climate. These efforts are not only focused on advanced economies – but also on developing countries and emerging markets like Vietnam.
I believe that this effort is good for the United States. And it’s good for Vietnam and other countries as well.
Economic Resilience Agenda
Let me explain.
In 2020, the world was struck by a once-in-a-century global pandemic. It claimed millions of lives and brought the world economy to a standstill.
Two years later, Russia launched a barbaric full-scale invasion of Ukraine. This war has led to the loss of many innocent Ukrainian lives and destroyed cities and civilian infrastructure. And it has generated seismic volatility in the prices of commodities like food and oil.
The impacts of these shocks have reverberated around the world – from here in Southeast Asia to Africa to North America.
While the causes of these disruptions are global, their impacts are personal. The COVID pandemic caused the first rollback in extreme poverty gains in decades. It also disrupted global supply chains, preventing families and businesses from getting the essential goods that they relied on. These shocks also contributed to global inflation – putting tremendous pressure on household budgets that were already tight to begin with.
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