Tin Foil Hats, Economic Reality and the Total Perspective Vortex

[pmbug]

Yeah. I haven't been posting much lately. Too busy "redecorating my bunker". There is higher risk for civil unrest than I'm comfortable with right now. The post election legitimacy wrangling is just starting.

 

[pmbug]

India plans to introduce a law to ban private cryptocurrencies such as bitcoin and put in place a framework for an official digital currency to be issued by the central bank, according to a legislative agenda listed by the government.

The law will “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India (RBI),” said the agenda, published on the lower house website on Friday.
...

India proposes law to ban cryptocurrencies, create official digital currency

India plans to introduce a law to ban private cryptocurrencies such as bitcoin and put in place a framework for an official digital currency to be issued by the central bank, according to a legislative agenda listed by the government.

www.reuters.com

 

[pmbug]

Russia’s FX holdings ...

When it comes to the balance the banks also been boosting their share of gold and simultaneously cutting its share of the US dollar in its forex holdings. ...

Russia boosts it's gold holdings

www.kitco.com

 

[pmbug]

... the IMF is planning to issue $500 billion of new SDRs, although some Democrat senators are lobbying for an issue of $2 trillion SDRs or more.

This would be almost ten times the amount of SDRs issued in 2009 and would go a long way to increasing SDR liquidity and advancing the globalist agenda of eventually having the SDR replace the U.S. dollar as the leading reserve asset.
...

The Great Reset Is Here - Daily Reckoning

Triffin’s Dilemma and the Great Reset… 2009 was just a warm up act for the IMF and SDRs…

dailyreckoning.com

U.S. Treasury Secretary Janet Yellen on Thursday threw her support behind a new allocation of the IMF's own currency, or Special Drawing Rights, but said broad parameters were needed to boost transparency on how the reserves are used and traded.

Reversing the opposition of the Trump administration, Yellen told G20 finance officials in a letter that a new SDR allocation could boost liquidity for poor countries, which have been particularly hard hit by the global coronavirus pandemic.

The U.S. Treasury chief gave no specific size for possible allocation of SDRs, which can be converted to hard currency by IMF members. Italy, which holds the presidency of the G20 this year, and other members of the group of rich and emerging economies have backed a $500 billion allocation, but the United States had been guarded about its view until now.
...

Yellen backs new allocation of IMF's SDR currency to help poor nations

 

[pmbug]

Russia must take urgent steps to cut its use of the dollar to a minimum as the new U.S. administration of Joe Biden signals it will ramp up sanctions, a top diplomat said.

“We need to barricade ourselves against the U.S. financial and economic system to eliminate dependence on this toxic source of permanent hostile actions,” Deputy Foreign Minister Sergei Ryabkov said in an interview Wednesday in Moscow. “We need to cut back the role of the dollar in any operations.”

Russia is bracing itself for the latest U.S. punitive measures ...

Russian President Vladimir Putin has spearheaded a drive for several years to reduce exposure to U.S. assets, pushing the share of gold in central bank reserves above dollars for the first time. Still, Russia relies on the U.S. currency for much of its international trade and overseas investors hold almost a quarter of its government debt.

The Foreign Ministry isn’t responsible for economic policy and Ryabkov didn’t elaborate on what steps might be taken to further reduce Russia’s reliance on the dollar.
...

... The Biden administration has vowed to take a tougher stance on Russia and it is considering new sanctions to punish Moscow ...

Russia Must ‘Barricade’ Itself Vs. Dollar, Senior Diplomat Says

Russia must take urgent steps to cut its use of the dollar to a minimum as the new U.S. administration of Joe Biden signals it will ramp up sanctions, a top diplomat said.

www.bloomberg.com

 

[pmbug]

From a few weeks ago:

April 14 (Xinhua) -- International Monetary Fund (IMF) Managing Director Kristalina Georgieva has said she is "confident" that the IMF will distribute a new allocation of Special Drawing Rights (SDR) to member countries by mid-August.

"It is a remarkable demonstration of multilateralism" that the IMF membership has agreed to support a new SDR allocation of 650 billion U.S. dollars, the largest in the history of the IMF, Georgieva said in an exclusive interview with Xinhua on Tuesday.
...
Georgieva said she has committed by the end of June to make a proposal on the new SDR allocation to the IMF board of directors. Once the proposal is approved, it will be submitted to the IMF board of governors for a final vote.

"Given that we all are under pressure to act for the exit from the crisis, I am confident that sometime in summer, by mid-August, the new allocation will be distributed to our membership," she said.
...
Georgieva also said the IMF sees "clear value" of SDR as an international reserve asset ...

Update: IMF chief says "confident" to distribute new SDR by mid-August

ampcopy Provided by Xinhua The chief said the upcoming SDR allocation is significant as it will provide much-needed reserves boost to emerging markets and de

www.bignewsnetwork.com

 

[rblong2us]

$650 billion ?
sounds like loose change ..........

A decent central bank ought to be good for 6.5 trillion, just for starters (-;

 

[pmbug]

I'm sure they are just getting started with the SDR "printing".