What Is Fiat Money?

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News Date: November 26, 2021

Fiat money is a currency that is backed by nothing except the faith and credit of the government issuing it.
Basically every usable currency around the world today is a fiat currency.
The U.S. dollar has been fiat since 1971.
Fiat money is a currency that is declared money by decree-not by the marketplace.
Though some fiat currencies were once backed by commodities, they are now only backed by the legislative power of the government issuing them.
Source: thebalance.com

Satellites transferred to Space Force by October

While the Democrats in Congress are Trying to Abolish the Space Force, The chief of Space Operations announced the transfer of Army and Navy satellite communications billets, funding, and mission responsibility to the U.S. Space Force.
At the beginning of October, some of the satellite communications responsibilities of the US Army and US Navy will officially transfer to the hands of Space Force DoD.
The move puts basically all of the DODs narrowband, wideband, and protected SATCOM under control of the U.S. Space Force.
Now all of that training, operations, acquisition, and sustainment and follow-on activities, user allocations - all of that, will be consolidated under the Space Force to create that unity of effort, and hopefully gain the ability to be more resilient, more dynamic, and ultimately more efficient with that mission set.
Sources: www.defense.gov, www.theepochtimes.com

Yuan and ruble to replace dollar in Pakistan

Pakistan, among other nations, is brushing off the US dollar due to sanctions by making way for the Chinese yuan and Russian ruble.
The President of the Trade House of Pakistan Association Zahid Ali Khan said on Tuesday: replacing the US dollar with Russian rubles and Chinese yuan is a potential plan Pakistan is considering.
Sources: almayadeen

Xi Jinping to Visit Saudi Arabia before the end of the year

China's Xi Jinping to Visit Saudi Arabia Amid Global Reshuffling.
Chinese leader Xi Jinping is planning to visit Saudi Arabia before the end of the year, according to people familiar with preparations for the trip, as Beijing and Riyadh seek to deepen ties and advance a vision of a multipolar world where the U.S. no longer dominates the global order.
Sources: wsj

Gold is the Real Safe Haven Asset

Gold is finally outperforming the way one would imagine. It's not always about the absolute performance as it is about the relative performance.
As Bitcoin surged from March 2020 through 2021, the market was convinced that Bitcoin was the "new" digital gold, the new store of value asset.
As Bitcoin surged to new highs at each passing day, this became a self-fulfilling prophecy.
Gold was seen as the stepchild, given no attention whatsoever as traders chased the greed and FOMO 100%+ returns in crypto assets.
Year to date, Gold is now up 6% vs. Bitcoin down 25%.
Source: thestreet.com

VISA & Currencycloud with Ripple on cross-border payments

Currencycloud to focus on new territories currently under-represented for SMEs, to make global movement of money more efficient.
Currencycloud, the global leader in providing embedded B2B cross-border payments for platforms of the future, announced a partnership with Ripple, the enterprise blockchain solution for global payments. RippleNet, Ripple's global financial payments network, makes it easy for its diverse network of financial institutions worldwide to enable faster, lower-cost payments around the world.
Visa partner Currencycloud is now working with Ripple to expand their business-to-business cross-border payments platform.
Sources:dailyhodl.com, www.currencycloud.com