Goldilocks' Comments and Global Economic News for Friday, August 25, 2023
Goldilocks' Comments and Global Economic News for Friday, August 25, 2023
Good afternoon Dinar Recaps,
Goldilocks posted comments and news links on the global financial system:
URGENT: 4 Major U S Banks Just Bought Gold and Plan for Bail Ins - Peter Schiff
Swift's cross-border payments processing speed has surpassed the G20 target set for the digital banking community.
On September the 9th through the 10th 2023, G20 meets to confirm Global Monetary Policies on crypto clarity that will move us forward. Barring no major loose ends, we will be given the green light to move forward with the new digital economy reforms and implementations.
BRICS, Jackson Hole, and the G20 meetings are sharing with us plans and monetary policies to move forward inside a new digital economy.
These meetings together represent a Global Collective Vision that will focus our attention into new pathways.
© Goldilocks
https://www.swift.com/news-events/press-releases/swifts-cross-border-payments-processing-speed-surpasses-g20-target
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Major indexes fall 1%, focus shifts to upcoming Powell speech
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As Fed registers gains, Powell may take a lay-low approach
https://www.reuters.com/markets/us/fed-registers-gains-powell-may-take-lay-low-approach-2023-08-25/
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Vietnam joins Southeast Asian effort on cross-border payments
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"BRICS Currency Is Highly Unlikely, But Currency Swap Is Rather Possible"
We shared several times in this room that a gold-back single trading currency would not be on the table at The BRICS Summit.
What we are finding out is somewhat different. BRICS are interested in trading with local currencies. Trading disparities are rather minimal since the bulk of their trading has been rerouted these last 3 years. Many of their trading partners have similar exchange rates, and the increasing demand for each other's currencies will raise their values organically.
Tokenized assets is another story. This levels the playing field through digital mechanisms ensuring trade balances utilizing artificial intelligence.
Put simply, "A gold-backed currency cannot be adjusted in value through interest rate changes, quantitative easing, or exchange rate interventions.”
Economies are heterogeneous in nature. The socioeconomic differences in our world make it difficult for the BRICS Nations to enter into the currency gold standard at this time.
A digital asset-based trading system is possible. At this time, trading in local currencies will prevail pushing the demand and value of individual countries' currencies to higher levels. Currency swaps will reign!
© Goldilocks
https://www.tekedia.com/brics-currency-is-highly-unlikely-but-currency-swap-is-rather-possible/
https://sesmad.dartmouth.edu/variables/18#:~:text=Definition,%2Doperate%20with%20each%2Dother.
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Official: BRICS drops US dollar for settlements – Cryptopolitan
https://www.cryptopolitan.com/brics-drops-us-dollar-for-settlements/
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Read Powell’s Full Speech From Jackson Hole Symposium
https://finance.yahoo.com/news/read-powell-full-speech-jackson-140248038.html
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Fed Chair Powell calls inflation 'too high' and warns that 'we are prepared to raise rates further'.
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Saudi looking forward to starting ‘new phase’ with Iran – Middle East Monitor
https://www.middleeastmonitor.com/20230823-saudi-looking-forward-to-starting-new-phase-with-iran/
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"A file photo shows a man counting US dollar notes in the capital Dhaka. The volume of foreign currencies held by the country’s commercial banks increased further in July amid increased remittances, export earnings, and import restrictions."
Foreign currency holdings in banks are on the rise. There are greater numbers of people switching the dollar for currencies of other nations.
It is becoming increasingly clear that banking reforms no longer favor one country holding a World Reserve Status.
And today, we see that Jerome Powell at the Jackson Hole Symposium is telling us that interest rates rising are still on the table.
What this tells us is that market reforms are still in play. We have inflated prices on the markets that still need to be dealt with and brought into real value among our Global Markets.
Once we are given the green light to move forward with global monetary policies on our new digital asset-based economy, we very well could see the transition of a global market move rapidly.
Many of us over the years have bought foreign currency from years ago, and we are experiencing them rise to much higher levels than we bought them. Can you imagine the new prices on these foreign currencies as we go forward?
Demand equals higher values...
© Goldilocks
https://www.newagebd.net/article/210168/forex-holding-in-banks-rises
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“Bank Negara Malaysia (BNM), Bank Indonesia (BI), and Bank of Thailand (BOT) have collectively entered into three bilateral Memorandum of Understanding (MoUs) aimed at enhancing collaboration in advancing the utilization of domestic currencies in bilateral transactions.
The signing event occurred during the ASEAN Finance Ministers and Central Bank Governors’ Meeting held in Jakarta, Indonesia.
The collective objective of the three central banks is to fortify collaboration concerning the utilization of domestic currencies for bilateral transactions. The framework’s scope has been broadened to encompass a wider array of eligible cross-border transactions beyond trade and direct investment, with gradual implementation.
This extended framework will also synergize with initiatives related to cross-border payments, aiming to provide enhanced accessibility and efficiency in settling transactions using local currencies”.
It’s not just BRICS making moves towards using local currencies. Here we see ASEAN members taking the same directive and setting up the ability to completely circumvent the USD.
Watch the East 😉
© Marie G. Q & A Telegram Room
https://www.cryptopolitan.com/malaysia-indonesia-thai-domestic-currency/
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