Goldilocks' Comments and Global Economic News Sunday Evening 1-14-24

Good Evening Dinar Recaps,

"The IIA Releases New Global Internal Audit Standards to Lead Profession into the Future"

The Institute of Internal Auditors has a long history of auditing Financial Industries.  It provides internal audits regarding principles, compliance issues, and proposals for implementation in a streamlined format.

This auditing system began the first day of this year and will run until the end of the year and following. It determines sanction procedures, as well as, moving Financial structures into new directions.

It is clear that our QFS is up and running. Since the beginning of the year, we have added reporting procedures and now auditing protocols to our new digital asset-based trading system.

As we approach, Basel 3 final guidance on January 16th implementation and Protocol 20 on January 30th, we are about to be well on our way to a systematic approach designed to self-check itself on a global scale.  

© Goldilocks

The IIA Link
SanctionScanner Link
The IIA US Link

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Banking Announcement:

On 11 December 2023, Treasury and the IRS issued Notice 2023-80 (the “Notice“), which represents the US government’s first attempt to address the US federal income tax implications of Pillar Two. The Notice provides guidance on certain foreign tax credit and dual consolidated loss issues that arise in the context of Pillar Two. The Notice also extends the period of relief for the 2021 final foreign tax credit regulations until more guidance is issued. John Barlow, Rafic Barrage, Ethan Kroll, Sam Pollack and Steven Smith analyze the guidance in Notice 2023-80: When the US Tax Code Meets Pillar Two, as first published in the December 2023 issue of Tax Management International Journal.

To read Notice 2023-80: When the US Tax Code Meets Pillar Two, please click below.👇

Notice 2023-80: When the U.S. Tax Code Meets Pillar Two

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"The Federal Reserve is unlikely to extend its Bank Term Funding Program, the central bank’s vice chair for supervision, Michael Barr, inferred Tuesday while speaking at an event for Women in Housing and Finance. The Fed launched that emergency lending facility last year amid the collapses of Signature and Silicon Valley Bank. It is set to expire March 11."

We talked about this last week. The safety net for the old banking system of emergency funding will be over on March the 11th, 2024. We are expected between now and then to make adjustments inside our new Digital Asset Based Trading System and new Capital requirements to be up and running well.

These changes could cause fluctuations in the market we have not seen in a long time, but these shifts will be adjusted through new Basel 3 final guidance on our new tokenized assets interfacing together with banking systems and financial institutions all over the world.

This is not an overnight process and could take well into this year for many assets to shift into new prices based on new banking protocols.

Look for price pressures to cause new valuations going forward. It is a process expected to happen over time leading to a culminating event of weighing the market and its new values on a fixed rate of gold.

© Goldilocks
Banking Dive LInk

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Fed Reports Operating Loss of $114 billion for 2023, as Interest Expense Blows Out | Wolf Street
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Google launched several new tools for retailers using generative artificial intelligence to improve online shopping experiences and other retail operations, its cloud business announced in a release Thursday. 

CNBC Link

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China is using AI and 3D printing to build a 590-foot-tall dam without the need for human workers, scientists say  |  Business Insider

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In a significant shift, Norwegian Cruise Line (NCL) has announced it will cease foreign currency exchange services aboard its vessels from February 1, 2024. The change mandates the use of the U.S. dollar for all onboard transactions, impacting the way international travelers manage their finances while at sea.6 hours ago   https://www.cruisehive.com › norw...  
Norwegian Cruise Line Discontinues Currency Service 

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Look for several Market adjustments to take place as capital requirements under Basel 3 get implemented between now and March the 11th, 2024.

From that moment forward, the emergency funding program to protect our markets from the old Financial system will fall away.

We will be on a new digital banking system guided by new protocols under gold as a tier-one asset.

© Goldilocks

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Watch the Debt Clock at 6pm ET tonight!   A Secret Message appears every Sunday, Tuesday, and Thursday at 6pm ET.   Join the discussions in the SOWT's Living Room as we try to decode the message!

Discussions ON THE DEBT CLOCK Topic begin at 6pm ET
Join in the fun with your decoding ideas.
While the Debt Clock topic is being discussed please stay on topic. Off topic comments during this time are subject to being removed. Thank you

The Living Room Link
The Debt Clock Link
The Debt Clock on the SOWT Website

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