BRICS, EAEU & SCO alliance

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News Date: May 21, 2023

The second Eurasian Economic Forum, which will be held in Moscow on May 24 - 25, will feature discussions on the integration of BRICS, EAEU & SCO blocks.
"The expansion of mutually beneficial cooperation between integration formats not only contributes to the growth of national economies but can also have a significant impact on the formation of new approaches to the functioning of the global market,", Mikhail Myasnikovich, the chairman of the board of the Eurasian Economic Commission, explained on their official website.

XRP bombed. Could Ripple Replace SWIFT?

Cross-border payments network Ripple (XRP) has become part of the ISO 20022 Standards Body, its first member focused on distributed ledger technology (DLT).
Former SEC Chairman Jay Clayton dropped a legal airburst bomb on Ripple. A few short days before leaving the position, Clayton filed a lawsuit making claims that are at least, suspect because of timing.
What possible motivation could there be for shaking all retail investors out of XRP, and tanking its price? Perhaps it has to do with the actual function of Ripple. Ripple is a major contender for replacing the central banking SWIFT system for international transfers.
First Pretrial Conference for Ripple and SEC to Take Place on February 22.
Sources: gesara.news, www.youtube.com, u.today

Gold standard announcement

Gold is the standard, but silver linings are pretty great too.
A Wed. 24 June afternoon Trump tweet "Gold is the Standard" was an announcement of the new Gold Standard through the GCR/RV final roll-out underway right now.
Source:twitter.com

Saudi Arabia Open to Talks on Trade in Currencies Besides Dollar

Saudi Arabia, the world's largest crude oil exporter, is open to discussing oil trade settlements in currencies other than the U.S. dollar, Saudi Minister of Finance, Mohammed Al-Jadaan, told Bloomberg TV in an interview in Davos on Tuesday.
Source: bloomberg

ISO 20022 migration launched

Swift's ISO 20022 Services for Cross-Border Payments Ready for Customer Testing with Launch of In-Flow Translation.
Swift launches translation service for cross-border payments.
In-flow Translation will enable financial institutions to realize the benefits of rich data when they migrate to ISO 20022, even if their counterparts have not yet adopted the standard.
The availability of a test environment means that customers can now prepare for ISO 20022 a year before it goes live.
Source: paymentsjournal.com

Banks in Big Trouble. Seismic events on the horizon

Banks are making desperate moves. Wells Fargo is shutting down all existing personal lines of credit in the coming weeks and no longer offers the product.
The role of commercial banks in the global economy is changing, with lending to governments and their agencies now more important than lending to goods and services industries. It is a trend which is due to continue.
The new Basel 3 regulations seem set to encourage this trend, despite retail depositors being accorded a stable funding status. Central bank digital currencies are anticipated to augment and perhaps replace non-financial business credit over the next five to ten years.
But the increasing financialisation of commercial banking brings the risk of tying its future firmly to a financial bubble. And with price inflation on the increase, it is only a matter of very little time before that bubble bursts.
Sources: www.cnbc.com, www.goldmoney.com