Seeds of Wisdom RV and Economic Updates Sunday Morning 12-01-24
Good Morning Dinar Recaps,
NO TURNING BACK ON LAUNCHING BRICS PAYMENT SYSTEM: DIPLOMAT
BRICS Sherpa Sergey Ryabkov confirmed to reporters that the bloc will not scrap the formation of a new payment system. Speaking to reporters at the Sherpa meeting, the diplomat doubled down saying that there’s no turning back on launching the new BRICS payment system. The goal of the new system is to sideline the US dollar and settle cross-border transactions in a basket of local currencies.
For the uninitiated, BRICS is working on the formation of an independent payment system that will not incorporate the US dollar into its mechanism. The mechanism will include local currencies of the bloc and keep the US dollar away from all transactions.
“The glass is always half-full; it is never half-empty,” said Ryabkov when answering about the independent payment system within BRICS.
“We can measure how full the glass is in different ways but this ultimately depends on who is holding this glass in their hands. Therefore, we’ve made significant strides today. How much time it will take to fill the framework we’ve established with tangible actions depends on us. On BRICS and the global majority,” the diplomat said to reporters at a press conference.
Why is BRICS Creating a New Payment System?
The BRICS bloc is creating a new payment system to safeguard the economies of developing countries from US sanctions. The goal is to protect themselves economically without being pinned down by the US and the West. The diplomat called the US and the West “hostile states” who want to harm the prospects of developing countries.
The diplomat called the upcoming BRICS payment system a “critical milestone” for the bloc and “a point of no return.” He added that “we will do everything in our power to ensure success.”
@ Newshounds News™
Source: Watcher Guru
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'GOVERNMENT HAS BECOME ADDICTED TO INDIRECT REGULATION' — RIPPLE CTO
In a recent Joe Rogan interview, Mark Andreesen revealed that the debanking of tech firms caused the Silicon Valley shift toward Trump.
Ripple chief technical officer David Schwartz recently joined the list of tech founders speaking out against Operation Chokepoint 2.0 — a government-run debanking operation against the crypto industry. Schwartz said the government is "addicted to indirect regulation" and laid out four reasons why de-banking undermines the rule of law.
Schwartz argued that debanked entities switch service providers or take their funds underground — thereby evading surveillance and sanctions control altogether.
The CTO also said de-banking undermines due process, freedom of speech, and the right against unlawful search and seizure. Schwartz wrote:
"Our government has become addicted to indirect regulation precisely because of these evils. It is cheaper and easier to pressure someone else to punish me than to charge me with a crime and give me due process, but the government ought not to punish people without giving them due process."
"It is easier to pressure banks to cut off disfavored businesses than to make that business illegal," The CTO continued before imploring the government to use lawful and above-board processes to regulate businesses.
Industry founders recount government debanking operation
According to venture capitalist Mark Andreesen, more than 30 tech firms were victims of Operation Chokepoint 2.0, and tech founders recently took to social media to share their debanking experiences.
The list of figures speaking out included Frax Finance founder Sam Kazemian, who claimed that JPMorgan Chase debanked him in December 2022.
Coinbase co-founder and CEO Brian Armstrong also petitioned the government for records relating to Operation Chokepoint 2.0 via the Freedom of Information Act (FOIA) and is currently compiling those records.
In September 2024, Castle Island Ventures partner Nic Carter revealed that the Biden administration deliberately killed Silvergate Bank — a major institution for crypto banking — in an effort to destroy the crypto industry. “I believe Silvergate could have survived its drawdown — and was on a path to do so,” Carter said.
However, Industry executives remain optimistic that the incoming Trump administration will reverse years of regulatory hostility toward the crypto industry.
@ Newshounds News™
Source: CoinTelegraph
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ZIM ZIG: THE MOST BRILLIANT INVESTING STRATEGY EVER? | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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