Goldilocks' Comments and Global Economic News Monday Afternoon 6-17-24

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EBA Announcement:

The European Banking Authority (EBA) has launched their comprehensive technical standards. This is for their Markets in Crypto Assets (MiCA) regulations, and it has been completed ahead of the July deadline.

These guidelines will provide financial and technical safety in the Web3 sector within the European Union (EU).  

Web 3.0 is the next phase of the internet built on blockchain technology. It will take our banking system into a Decentralized Financial System that is an open bank data system allowing for third-party connections and much safer to use. It gives the user more control over their finances.

Goldilocks' Comments and Global Economic News Sunday Afternoon 6-16-24

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EU Basel 3 Announcement: The Fundamental Review of the Trading Book (FRTB) is a comprehensive suite of capital rules. They are developed by the Basel Committee on Banking Supervision (BCBS) as part of Basel III. Their intentions are to apply these rules to banks' wholesale trading activities.

The EU plans to delay FRTB because moving first would put EU banks at a competitive disadvantage to US banks.

This is a coordinated effort globally. Where one goes, we all go. Europe has given themselves a back wall date of January 1st, 2025 to to fully implement Basel 3 requirements. It looks like they have moved into a place that other countries are going to have to catch up to going forward.

Goldilocks' Comments and Global Economic News Saturday Afternoon 6-14-24

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Project Meridian FX: Joint project by the Eurosystem and London Centres, and the Bank of England, to test synchronised settlement in FX | BIS  |  Project Meridian

Project Meridian Announcement: "The Eurosystem and London Centres of the BIS Innovation Hub, together with the Bank of England, have launched Project Meridian FX, to build on the findings of Project Meridian by focusing on foreign exchange (FX) transactions." Meridian FX has completed testing of the usability regarding standing orders for various types of assets and technologies ie foreign currency exchange.

It is expected to take the lead on innovations regarding real-time gross settlement (RTGS) systems operated by central banks.

Goldilocks' Comments and Global Economic News Friday Afternoon 6-14-24

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First, enlarge the chart above so you can get the full picture where you will see the last two charts at the bottom.

Take a look at the two bottom sections of this chart on the US Debt Clock. If you look at it closely, you will see that the production rate is not meeting the demand and supply rate.

As you can see from the numbers, the demand and supply is way above production. When the need rises as it will for our utility tokens on the QFS, prices will rise including our tokenized (gold) assets on the new market.

More Goldilocks' Comments and Global Economic News Thursday Evening 6-13-24

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Multiple Chinese banks announced their involvement in the mBridge cross-border central bank digital currency (cross-border CBDC) trials after the initiative launched its minimum viable product (MVP) last week.

At least nine Chinese institutions are involved in the project, although that figure might now expand with the MVP. |  Ledger Insights

Goldilocks' Comments and Global Economic News Wednesday Afternoon 6-12-24

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"BASEL COMMITTEE MUST STOP GLOBAL BANKS FROM CONTINUING TO CHEAT ON KEY REGULATORY TESTS AND ENDANGERING FINANCIAL STABILITY" | BetterMarkets

These tests include examinations of the bank's capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to systemic risk.

The above sentence is otherwise known as stress tests. A stress test determines how well a bank is capable of handling a liquidity crisis.

The OCC and FDIC conduct several tests to measure a bank's capacity to withstand transitional periods like we are in at the present time.

Goldilocks' Comments and Global Economic News Tuesday Evening 6-11-24

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"Project mBridge continues its development and has reached the minimum viable product (MVP) stage, while broadening its international reach."

This project has reached its minimum requirements that will allow it to work with early adopters on this Digital Ledger Technology enabling instant payments through cross-border International (CBDC) trades. This system will allow foreign currency exchanges through local currencies.

There are now over 26 observing members and Saudi Arabia has just recently joined as a full participant. This DLT will allow payments to be settled in local currencies of those who are early adopters of this new digital payment system.

Goldilocks' Comments and Global Economic News Monday Afternoon 6-10-24

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"Core Banking Systems Market Now Well-Established, Cloud Infrastucture to Drive Innovation – Report" | Crowdfund Insider

Cloud banking infrastructure allows financial institutions to deliver banking services and operations through the internet on-demand. 

On Demand Banking allows you to deposit to and withdraw funds immediately and whenever you want. This electronic digital banking model provides access to computing resources like servers, data storage, and applications.

Goldilocks' Comments and Global Economic News Sunday Evening 6-9-24

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Saudi Arabia joins BIS- and China-led central bank digital currency project | Reuters

Today, we are witnessing a 100-year cycle/bubble in the markets and a 50-year pact going away with Saudi Arabia moving from the Petro Dollar to trading in local currencies.

I wouldn't expect too much of a shift the next 2 to 3 days on the Dollar, but the weeks ahead will have a significant toll on the Dollar going forward.

This shift in the Global Economy will begin the process of "leveling the playing field" and reset new demands on currencies that have not been utilized in trade for a long time. All of this is coming at a very pivotal time.

As we shift our attention from the Petrol Dollar to Stablecoins that represent our local currencies in trade among nations, these new demands will increase money velocity that will raise the value of currencies around the world.