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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

Huge call for debt relief at COP28

Update: Along with the World Bank, the UK, France, Inter-American Development Bank (IDB), European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD), and African Development Bank (AfDB) are expanding debt clauses (CRDCs) in their lending to enable debt service to be paused when countries are hit by disasters.
Update: World Bank President Ajay Banga announced on Friday (Dec 1) that the development lender will prolong debt repayment pauses in the wake of climate disasters.
Over 550 economists and experts, alongside nearly 300 global organizations, called for debt cancellation at COP28.
African leaders are advocating for debt relief amidst crises, with Ethiopia securing a $1.5 billion debt relief agreement recently.
The COP28 World Climate Action Summit in Dubai, UAE, on December 1-2, 2023, gathers global leaders, experts, and stakeholders to address pressing climate challenges.

Chinese, Russian payment systems consultations

Chinese and Russian central banks to discuss the use of national payment systems.
The Chinese and Russian central banks will discuss the use and promotion of their respective national payment systems in both countries, Beijing's envoy to Moscow told the TASS news agency in an interview published on Thursday.
Russian banks may issue cards with China as Visa, and Mastercard cut links.
The use of the Mir and China UnionPay national payment systems in both countries will be decided by the two sides' central banks at consultations.
Sources: reuters.com

Iran, Russia planing the token of the Persian Gulf backed by gold

Iran and Russia want to issue a new stablecoin backed by gold.
The potential stablecoin aims to enable cross-border transactions instead of fiat currencies like the U.S. dollar, the Russian ruble or the Iranian rial.
The "token of the Persian Gulf region" would serve as a payment method in foreign trade.
Sources: cointelegraph.com

Introducing the new global financial system

Answers provided by Sergey Glazyev, Russian Geoeconomics Tzar:
The world's new monetary system, underpinned by a digital currency, will be backed by a basket of new foreign currencies and natural resources.
And it will liberate the Global South from both western debt and IMF-induced austerity.
Transition to the new world economic order will likely be accompanied by systematic refusal to honor obligations in dollars, euro, pound, and yen.
In this respect, it will be no different from the example set by the countries issuing these currencies who thought it appropriate to steal foreign exchange reserves of Iraq, Iran, Venezuela, Afghanistan, and Russia to the tune of trillions of dollars.
Full article: Authored by Pepe Escobar via The Cradle

Islamic finance embraces fintech with gold-backed debit card

Wahed opens London office, launches gold-backed debit card for Muslims.
Gold-backed debit cards and wealth management offers a form of banking that is free from interest, speculation, and inflationary currencies.
Source: finance.yahoo

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