A new global financial system

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News Date: September 5, 2022

An economist predicts the emergence of a new global financial system.
The Russian economist, Anton Tabagh, said that the current system of monetary relations and trade settlements has been in crisis for a long time, but the recent geopolitical events may take another dimension and form.
The economist expressed confidence that the new system is in the process of taking shape.
Sources: search4dinar

The largest package of tax cuts

President Donald Trump: We passed the largest package of tax cuts in American history, saving the average family of four over $5,000 a year.
Source:www.youtube.com

Taiwan's Currency Backed by Gold Reserves: Central Bank

A central bank official announced on Friday that Taiwan holds around 422 tonnes of gold in reserve, managed by the Central Bank of the Republic of China (Taiwan) to support the national currency.
Of this, 410 tonnes are dedicated to backing the issuance of New Taiwan dollars, while a smaller portion is used every four years to mint commemorative coins for the inauguration of the president and vice president.
As of the first quarter of 2024, Taiwan ranks 12th globally in gold reserves.
Despite a significant increase in gold's value since its purchase in the 1970s, the central bank is not buying or selling its reserves.
Taiwan's unrealized gain from these reserves is nearly NT$900 billion due to gold's appreciation.

Principles of BRICS expansion

Russian Foreign Ministry: BRICS countries discuss principles of alliance expansion.
Ivan Nechayev, deputy director of the information and press department of the Russian Foreign Ministry, said at a briefing on Thursday, August 11, that the establishment of criteria for the accession of new BRICS members is already underway.
Iran and Argentina applied to join the BRICS, and later it became known that Turkey, Egypt, Saudi Arabia, Nigeria, and Algeria would also like to become part of the alliance.
In addition, Cuba's ambassador expressed the need for economic cooperation with the BRICS.
Sources: tvbrics.com

20 countries apply to join BRICS

According to Sergey Ryabkov, the deputy foreign minister of Russia, there are currently about 20 countries applying for membership in the BRICS, and that number is only increasing.
"I can say that, in our view, the Arab world and the Asia-Pacific region have been clearly 'begging' to join BRICS, as they have no representation there today.
But we will see exactly what we can offer to the leaders regarding this, and leave this to the leaders to decide at the summit in Johannesburg," he concluded.
source:Tass Agency

FedNow Approved. Interoperability with private-sector ASAP

The Board of Governors of the Federal Reserve System (Board) has approved the FedNow Service.
The Federal Reserve is committed to using widely accepted standards in designing the FedNow Service to aid in accomplishing the key goals of achieving nationwide reach for instant payments and promoting interoperability with the existing private-sector service. To support these goals, the service will use the widely accepted ISO 20022 standard.
The Federal Reserve intends to launch the FedNow Service as soon as practicably possible. Although the target release date remains 2023 or 2024.
Sources:www.federalregister.gov, www.pymnts.com