Introducing the new global financial system

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News Date: April 16, 2022

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

The Kraken is a Cray XT5 supercomputer to Break Petascale

The University of Tennessee supercomputer, Kraken, has broken a major barrier to become the worlds first academic supercomputer to enter the petascale, performing more than 1 thousand trillion operations per second, a landmark achievement.
The Kraken Cray XT5 supercomputer at the National Institute for Computational Sciences (NICS) has been upgraded to become the first academic computer in the world to exceed one petaflop of calculation power.
Sources: news.utk.edu, news.softpedia.com

Visa Files Patent For Blockchain Digital Fiat Currency

Visa International has filed for a cryptocurrency system patent that is meant to replace physical currency. The system, which utilizes both central banks and commercial banks, leverages a private blockchain to improve the payment ecosystem. The filing is for a fiat-linked cryptocurrency system using a private distributed ledger technology (DLT).
Source:bitcoin.com

New Financial System

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

The Golden Jubilee and the return to gold standard

On 15 August 1971, US President Richard Nixon officially announced that the country was completely abandoning the gold standard.
This meant that the US government abandoned the convertibility of US dollars into gold at a fixed rate of $35 per ounce.
The government simply could not meet the demand to exchange dollars received for goods and services for gold.
The jubilee in its original, biblical meaning when once in 50 years the sold and mortgaged lands were returned to their original owners, slaves and prisoners of war were freed, debts were forgiven, and the land rested from fieldwork.
Why not, 2022 may be the year for the return of the gold standard.
Sources: datadriveninvestor

Russia to continue Mir bankcard expansion

Mir is a payment and money transfer system operated by the Russian National Payment Card System.
The Russian Mir payments system is expanding to other countries in 2022.
Russia's central bank on Friday pledged to keep expanding the number of countries that accept its Mir bank cards.
Source: reuters.com