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Old 08-21-2019, 12:02 PM   #541
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You would have thought that pols everywhere would have worked out what happens when you try anything that threatens the control system.

Perhaps they fall for some weasel words that have them thinking it will be good for them, like Saddam Hussein ..........
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Old 09-16-2019, 08:37 AM   #542
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Quote :
Renowned author, lawyer, economist and finance expert James “Jim” Rickards has forecast the US dollar will falter in the wake of a new financial crisis that may be closer to reality than people think.
...
He pointed out the world was completely “unprepared for the next crisis”, which will be far worse than the previous two.
Previous crises
...
With another financial crisis imminent, Mr Rickards posed the question: who is going to bail out the central banks?

“Your only alternatives are turn to the International Monetary Fund (IMF) to basically bail out the world although that is a slow and difficult process.”

If the IMF did bail out the central banks, the process could take six months to a year.

Additionally, Mr Rickards said there were numerous other challenges to an IMF bail-out.

For an IMF bail-out to occur, it would require 85% approval from all member countries.

“If you have a 15% plus 1% blocking power vote then it doesn’t happen.”

He added that the US was the only country in the world with a 16% voting power.

However, he pointed out a small coalition such as BRICS (Brazil, Russia, India, China and South Africa) nations and Venezuela could collectively block any bail out action or put conditions on it.
...
More: https://smallcaps.com.au/jim-rickard...s-future-gold/

Full interview (49 minutes):

Rickards rehashes a lot of the same ideas that he has been saying for a while, but a couple of things stood out to me. He used to talk about a some loose plan amongst the Davos/G20 crowd to use SDRs (the IMF) to bail the world out in the next global systemic crisis. In this interview, he doesn't even mention SDRs and seems to be indicating that there will be a political power struggle within the IMF that will impair any efforts at a bail out.
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Old 09-16-2019, 03:19 PM   #543
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While no mention of SDR's he finishes up speculating on ways around the need for US$ payments for international trade and how a blockchain ledger could record trade with gold the settling system and you would have to be invited to join the system .........
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Old 09-27-2019, 08:25 AM   #544
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So, currency wars still raging and there are a lot of moving parts...

Quote :
The ECB cut rates further into negative territory and the BoJ is expected to do the same. ...
...
The result of all this monetary madness by the ECB and BoJ is a rising US dollar.

Albert Edwards at Society General explains via email.

Quote :
The consequence of continued aggressive easing by the BoJ and ECB is that the US dollar is seeing continued unwelcome strength. Unwelcome in the sense that the US is in effect, importing eurozone and Japanese deflation. I simply don't think this is sustainable much longer. Patience is wearing very thin at the White House at the Fed's lack of easing vigor and the impact this is having on the dollar. I expect President Trump to take matters into his own hands and respond with real aggression imposing tariffs on EU auto exports to the US and authorizing unlimited foreign exchange intervention to drive the dollar lower.
...
...
More: https://moneymaven.io/mishtalk/econo...kS8eu5nPGX9Wg/

Quote :
China, having let the yuan cross the once sacred red line of 7 per dollar, will allow its currency to fall further and may even risk U.S. anger by using it as a bargaining chip in already thorny trade talks, market participants believe.
...
But in contrast to past episodes of depreciation, sources within policy circles - as well as financial analysts - do not expect Beijing to hem in the yuan in a defined range this time.

“It is unlikely that policymakers will impose a level on themselves, having got the psychological seven out of the way,” said Frances Cheung, Asia strategist at Westpac Banking Corporation in Singapore.

“It took some effort to (do that)... while avoiding any big capital outflows and market swings, so it would be unwise to self-impose another level.”

Cheung expects the currency to end 2019 at 7.3.

That would be 2% lower than current levels ...
https://www.reuters.com/article/uk-c...-idUSKBN1WC05T
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Old 10-01-2019, 10:59 AM   #545
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Quote :
The U.S. dollar’s share of currency reserves reported to the International Monetary Fund fell in the second quarter to its lowest level since the end of 2013, while the yen’s share of reserves grew to the largest in nearly two decades, data released on Monday showed.
...
https://www.reuters.com/article/us-f...-idUSKBN1WF1IO
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Old 10-01-2019, 12:46 PM   #546
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does that include all the counterfeit dollars that have been created and generally stay away from the US ?
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Old 10-09-2019, 08:31 AM   #547
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I had not seen anything in the news pertaining to Russia's ruble based alternative to SWIFT in a long time. The last time I did see it discussed, it seemed to be something riddled with technical challenges and not ready for prime time.

Quote :
Russian Finance Minister Anton Siluanov has signed an agreement with Turkey on using national currencies in payments and settlements between the two countries, the Russian finance ministry said on Tuesday.

The agreement, signed on Oct. 4, is aimed at gradually switching to using the rouble and the lira in mutual settlements, the ministry said.

The agreement envisages connecting Turkish banks and companies to the Russian version of SWIFT payment system, while enhancing the infrastructure in Turkey that would allow using the Russian MIR cards, designed by Moscow as alternative to MasterCard and VISA.
https://www.reuters.com/article/russ...-idUSR4N26O04T
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Old 10-29-2019, 08:28 AM   #548
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Quote :
Russia, China, and India have come up with a way to organize settlements in case of disconnection from the SWIFT system.

The domestic solution -- the central bank's financial message transfer system -- is planned to be linked with the Chinese and Indian payment infrastructure, two sources close to the regulator told Izvestia. Anatoly Aksakov, the head of the State Duma committee on the financial market, confirmed that the topic is being discussed with BRICS partners.

It is planned to create a backup infrastructure for payments between Russian organizations and their counterparties in India and China. We are talking about connecting settlement platforms using network gateways -- hardware and software systems, Izvestia's sources say.

For payments with China, it is supposed to link the Russian payments system with its counterpart in China -- the cross-border interbank payment system. India does not have a national solution for financial communication. So it is planned to combine the platform of the Russian central bank with the promising development of an independent Indian structure, a source in the financial market explained. ...
http://gata.org/node/19548

Meanwhile...

Quote :
The United States on Friday asked foreign governments to submit detailed reports on humanitarian exports to Iran, a step observers said could have a chilling effect and cast a pall over European efforts to allow trade.

President Donald Trump's administration, which has cast Tehran's clerical regime as enemy number one, announced a new "humanitarian mechanism" which it said would help the Iranian people by facilitating "legitimate" trade.
...
US officials said the new mechanism will allow foreign governments and banks to reduce their risks by showing their transactions to Washington, which would certify they are in compliance with sanctions.
...
To seek certification, each institution will need to submit "substantial and unprecedented" information on a monthly basis, including all invoices and details on their customers -- including whether they appeared on any US, EU or UN blacklists in the previous five years.

Brian O'Toole, a senior Treasury Department adviser dealing with sanctions under former president Barack Obama, said the measure looked like it was aimed more at gathering intelligence than helping ordinary Iranians and expected many foreign banks would be unable to provide the level of detail required.
...
O'Toole, the former Treasury adviser, said that the measure also looked like it was aimed at countering INSTEX, a channel set up by European powers to skirt unilateral US sanctions.

"This is clearly saying -- okay, we told you INSTEX is bad, this is what you should use, never mind the invasion of US government sovereignty on you," he said.
...
https://www.msn.com/en-us/news/world...les/ar-AAJmktA
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Old 11-15-2019, 09:58 AM   #549
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Quote :
Brazil, Russia, India, China and South Africa, a group of major emerging economies known as BRICS, back the idea of developing a common payment system, a Russian official said on Thursday.
...
Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF), said “increasing non-market risks of the global payment infrastructure” was behind the plan to integrate the group’s national payment systems.
...
https://www.reuters.com/article/uk-b...-idUSKBN1XO1KQ
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Old 11-18-2019, 08:30 AM   #550
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Originally Posted by Vladimir Putin :
The Dollar enjoyed great trust around the world. But for some reason it is being used as a political weapon, imposing restrictions. Many countries are now turning away from the Dollar as a reserve currency. US Dollar will collapse soon.
https://twitter.com/Ben__Rickert/sta...82924624465927
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Old 11-18-2019, 10:33 AM   #551
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Saw this bit from SputnikNews:
Quote :
...
EU banking and government officials have, meanwhile, confirmed that as many as twenty European banks are seeking a pan-European payment system to effectively rival the US’ Visa and Mastercard, as well as technology monopolists like Google and PayPal.

The brand new Pan-European Payment System Initiative (PEPSI) is aimed at managing all forms of non-cash payments, with Carlo Bovero, responsible for Global Cards at BNP Paribas, noting there have been discussions involving an extensive range of banks across Europe on the issue.
...
https://sputniknews.com/business/201...sia-yuan-euro/

Of course, I haven't seen anything about this reported in Western news media and I can't exactly take Russian news outlets at face value so I looked around and found:

Quote :
Under the aegis of the ECB, several European banks want to undermine the American hegemony in the electronic means of payment by setting up a 100% European system. A project that bears the funny name of Pepsi, for pan european payment system initiative.
...
"In the long run, it is too dangerous to be dependent on the Americans, and tomorrow the Chinese, on a question as crucial as the means of payment," they say in Paris. Because yes, the European dependence of means of payment is a real political issue of sovereignty, that's why the ECB is leading this project. Among the banks participating in this discussion, we find BNP Paribas French side, but also Italian, German, Dutch, Belgian, Portuguese, or Spanish. ...
https://www.tellerreport.com/busines...yZJjH0JjS.html

That's a translation from Europe1.fr, France's 5th largest radio station.

Quote :
Twenty European banks are now working to create a Europe-wide payment system that could eventually allow the continent to bypass Visa, Mastercard and foreign technology giants.

The new Pan-European Payment System Initiative (PEPSI) is aimed at managing all forms of non-cash payments.

Carlo Bovero, in charge of Global Cards at BNP Paribas, referred to the project on Tuesday at a conference organised by the banking magazine, Revue Banque, noting that there have been discussions between banks that represent a large chunk of Europe.

The initiative stems from “positive injunctions” in 2017 from the European Central Bank (BCE) which, “worried about the sovereignty of payments, explained that it would view favourably an examination of the issue,” according to a French banking source close to the subject.

“PEPSI started out not as a technical initiative but a political one,” added the source, pointing to the dominance of Visa and Mastercard in Europe as well as the increasing influence of Chinese payment networks that also wish to tap into the market.
...
https://www.brusselstimes.com/all-ne...ayment-system/

It looks like this is directed to public/commercial payment systems, but I would not be surprised at all if the working groups that design and build this thing end up paving the way for a bank payment clearing system (to rival SWIFT).
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Old 12-02-2019, 09:30 AM   #552
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Quote :
Paris, London and Berlin on Saturday welcomed six new European countries to the Instex barter mechanism, ...

“As founding shareholders of the Instrument in Support of Trade Exchanges (Instex), France, Germany and the United Kingdom warmly welcome the decision taken by the governments of Belgium, Denmark, Finland, the Netherlands, Norway and Sweden, to join Instex as shareholders,” the three said in a joint statement.
...
The addition of the six new members “further strengthens Instex and demonstrates European efforts to facilitate legitimate trade between Europe and Iran,” the joint statement said.
...
https://www.theguardian.com/world/20...n-barter-group

Instex has yet to facilitate a single trade. It's not clear if it ever will. But the more nations that commit to it, the harder it will be for the USA to cockblock it with hardball politics. For now at least, it seems like Europe is focused on the idea only for facilitating trade to bypass USA imposed sanctions on Iran. If it ever becomes a real thing facilitating trade, it has the potential to develop into a competitor to SWIFT.
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Old 12-02-2019, 09:48 AM   #553
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I haven't been real diligent in recording here all the gold repatriation and purchasing news from various nations. Ten years ago (or so), this stuff was big news. It's becoming routine now...

Quote :
...
Just this week, Poland’s government touted its economic might after completing the repatriation of 100 tons of the metal. Over in Hungary, anti-immigrant Prime Minister Viktor Orban has been ramping up holdings of the safe-haven asset to boost the security of his reserves.
...
... Former Slovak Premier Robert Fico, who has a shot at returning to power, urges parliament to compel the central bank into bringing home gold stocks stored in the U.K.
...
... Poland has doubled its gold holdings in the past two years and now has the region’s biggest stockpile.

Hungary, though, has been an active buyer too. Gold reserves surged 10-fold last year, setting the clamor for the metal in the countries around it in motion.

Serbia’s strongman leader Aleksandar Vucic took note, ordering the central bank to boost reserves and prompting the purchase of nine tons in October. Vucic said last week that more should be bought because “we see in which direction the crisis in the world is moving.”
...
Romania had also sought to relocate some of its gold reserves from the U.K., but those plans were put on hold when the government behind them was ousted in October.
...
https://www.bloomberg.com/news/artic...nalist-leaders
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Old 01-03-2020, 07:21 AM   #554
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Quote :
China’s decision to cut the weighting of the US dollar in a basket of foreign currencies used to determine the strength of the yuan will help Beijing’s long-term efforts to weaken the international dominance of the American currency, economists said.

The China Foreign Exchange Trade System (CFETS), a unit of the Chinese central bank, trimmed the weighting of the US dollar on Wednesday to 21.59 per cent from 22.40 per cent in a key yuan exchange index to make it “more representative” of current trade conditions.
...
The move, which comes amid heightened trade tensions between China and the United States, will help Beijing’s long-term efforts to create an alternative international payments system, economists said.

“The yuan hopes to become a reserve currency, to prevent the situation where the US dollar dominates the global financial system – or the so-called hegemony of the US dollar. This is a longer-term goal … and an inevitable trend,” said Shen Jianguan, vice-president and chief economist at JD Digits, although he added that the adjustment also reflected changes to China’s trading environment.

His remarks were echoed by Lu Zhengwei, chief economist at China Industrial Bank, who said the cut would give the yuan marginally more independence against the US dollar.

“The yuan should live its own way – now there is too much shadow from other [currencies] hanging over it,” he said.

The US dollar still has the heaviest weighting in the CFETS index, while the value of the euro has been expanded to 17.40 per cent from 16.34 per cent. The weighting of the Hong Kong dollar fell to 3.57 per cent from 4.28 per cent.
...
https://www.scmp.com/economy/china-e...l-boost-global

I'm not sure how much impact this seemingly small move will have on the goals stated in the report, but I note that the goals stated used to be things we had to infer from financial news. They are now being broadcast overtly.
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