New Financial System

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News Date: August 25, 2021

IMF member countries are receiving their shares of new SDRs, of about US$650 billion, the largest in the funds history! This is a shot in the arm for the world and will help bolster confidence and strengthen the resilience of the global economy.
The SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.
The SDR is not a currency. It is a potential claim on the freely usable currencies of IMF members. As such, SDRs can provide a country with liquidity.
A SDR is not a loan & is cost-free for all IMF members. Unlike an extended fund facility, the government does not have to request any arrangement & there is no repayment involved. All member countries can use their allocated SDRs unconditionally.
IMF urges wealthy nations to direct $650 billion SDR share to vulnerable countries.
Zimbabwe to use more than half of IMF funds to prop up the currency.
Sources: twitter.com, www.today.ng

Coin shortage hits retailers, laundromats, tooth fairy

The national coin shortage has been an unusual side effect of the pandemic. Among its victims? Retailers, laundromats and even the tooth fairy.
Retailers large and small have urged shoppers to use cards or exact change whenever possible.
As the shortage persists, it's become clear that there are still some conundrums that only coins can solve.
Source:www.foxbusiness.com

Gold rush. Welcome to the era of gold!

Gold, silver coin demand surging, straining U.S. Mint capacity.
The US Mint is limiting the distribution of its gold, silver, and platinum coins to specific dealers because of heavy demand, and a limited number of suppliers of metals.
Unprecedented silver demand forcing bullion deals to stop taking orders before the market opens.
After creating massive short-squeezes in stocks like Gamestop, Blackberry, and AMC, retail investors mobilized over social media started to focus on the silver market.
Sources: www.reuters.com, www.kitco.com

Government documents from 2014 refer to XRP

The United States Government Accountability Office:
Other virtual currencies that have been created are not based on the bitcoin protocol.
One of the more prominent examples is XRP, which is used within a decentralized payment system called Ripple.
Ripple allows users to make peer-to-peer transfers in any currency.
A key function of XRP is to facilitate the conversion from one currency to another.
For example, if a direct conversion between Mexican pesos and Thai baht is not available, the pesos can be exchanged for XRP, and then the XRP for baht.
Source: www.gao.gov

The longest partial lunar eclipse of the century next week

The partial lunar eclipse will last three hours 28 minutes and 23 seconds. It is also the longest partial lunar eclipse for 580 years.
Everything you need to know about the longest partial lunar eclipse in 580 years:
The event will begin on November 19 at approximately 2.19 a.m. EST.
a) Everyone in North America will see it;
b) Don't miss the 'max red' moment;
c) Get up earlier to see 'Half Blood Moon';
d) It is the longest partial lunar eclipse this century;
e) The southern limb of the Moon won't turn red.
Sources: insiderpaper.com

A Financial System by Nonbank Financials, Fintech, and Innovation

Fintech stands for financial technology.
On February 3, 2017, Donald Trump issued a Presidential Executive Order on Core Principles for Regulating the United States Financial System.
Full order:whitehouse.gov
The report of U.S. Department of the Treasury was prepared on July 2018, set A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation.
Nonbanks are well integrated into the U.S. payments system and play key roles such as facilitating back-end check processing; enabling card issuance, processing, and network activities; and providing customer-facing digital payments software.
This report includes a limited treatment of blockchain and distributed ledger technologies.
Treasury report: treasury.gov