BRICS Prepares for Global Currency Reset

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News Date: May 5, 2024

Russian IMF representative, Alexey Mozhin, in an interview with RIA Novosti published on Friday, suggests BRICS nations should prepare for a potential collapse of the dollar and international monetary system by offering an alternative currency.
Mozhin's remarks highlight the increasing recognition of the flaws in the current financial system and the potential role of BRICS in providing an alternative solution.
"Such a proposal is being discussed. In the event of the collapse of the dollar and the international monetary system, it will be necessary to turn the said BRICS accounting unit into a real currency, backed by exchange goods,", he stated.

Saudi Arabia joins SCO

Riyadh joins Shanghai Cooperation Organization as ties with Beijing grow.
Saudi Arabia's cabinet approved on Wednesday a decision to join the Shanghai Cooperation Organization, as Riyadh builds a long-term partnership with China despite U.S. security concerns.
(Reuters)

Central banks bought a record amount of gold

Record central bank buying lifts global gold demand, WGC says.
Central banks bought a record 399 tonnes of gold worth around $20 billion in the third quarter of 2022, helping to lift global demand for the metal, the World Gold Council (WGC) said on Tuesday.
Sources: reuters.com

Debt relief for middle-income countries

The President of the UN General Assembly advocates for debt relief for middle-income nations.
Csaba Korosi, president of the UN General Assembly, called for debt relief and fair access to new technology for middle-income nations on Thursday.
He stated at a high-level meeting of the General Assembly on middle-income countries that the 110 middle-income countries, which make up roughly one-third of the global GDP and three-quarters of the world's population, are the main forces behind global development.

HSBC Trials Quantum-Secure Tech for Tokenized Gold

HSBC has announced a successful trial of quantum-secure technology for buying and selling tokenized physical gold, a significant step in safeguarding financial applications from future quantum computing threats.
HSBC was the first global bank to offer tokenized gold to institutional investors using distributed ledger technology (DLT) and later expanded this offering to retail investors in Hong Kong through the HSBC Gold Token.
The trial also demonstrated interoperability between gold tokens using post-quantum cryptography (PQC), enabling safe movement of digital assets across ledgers and the conversion of HSBC's tokens into ERC-20 fungible tokens for enhanced distribution.

Gold Is Going To Be The New Global Currency

America not only has record debts but the Fed keeps creating dollars as the tsunami of money cheapens the worlds leading currency.
A man who is connected in China at the highest levels said gold is going to be the new global currency.
Central banks bought 90 tonnes this spring and data player Palantir Technologies bought $50 million in gold bars in August.
US taxpayers and investors require their attractive insurance policy against rampant government spending and currency depreciation.
Gold is such an asset since it has no counterparty risk. It will become more valuable as more money is issued to finance government spending.
Sources: financebrokerage.com, kingworldnews.com