Reducing record debt, priority for Trump

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News Date: September 10, 2020

White House says reducing record debt will be big second-term priority for Trump.
The accumulated debt is on track to surpass the size of the entire economy next year for the first time since World War II, and breach its all-time record in the coming years.
On the 2016 campaign trail, Trump promised to wipe out the nation's debt altogether over the course of his presidency.
Sources:thehill.com

Gold Standard Bill re-introduced

May 12, 2024 update: U.S. Rep. Alex Mooney (R-WV) has reintroduced a bill aimed at eliminating federal income taxation on gold and silver coins as well as bullion, emphasizing the value of stable currency.
Older news:
U.S. Congressman Introduces Gold Standard Bill as Inflation Spirals Out of Control.
Rep. Alex Mooney proposes the United States adopt a new gold standard after U.S. government officials first disclose all gold holdings and secret gold transactions, allowing the gold price to adjust to its fair market value.
Referred to as the 'Gold Standard Restoration Act' by sound money activists, H.R. 9157 calls for the repegging of the Federal Reserve note to gold in order to address the ongoing problems of inflation, runaway federal debt, and monetary system instability.
Alex Mooney also introduced H.R.5404 (2018), a bill to define the dollar as a fixed weight of gold.
Sources: accesswire.com , gesara.news

Bank Collapse In China! Preparing For Cut Off From SWIFT

Chinese banks will be sanctioned by the United States and this means that they will be cut from accessing some privileges in the financial world.
If China will be cut out of the SWIFT or denied access to US dollars, bank runs will be the new normal in China and the Chinese economy will suffer permanent damage.
Source: www.youtube.com

BRICS to achieve a safer and more harmonious world - Putin

At the BRICS parliamentary forum held in St Petersburg, Russian President Vladimir Putin emphasized the pivotal role of BRICS nations in fostering a safer and more harmonious global environment.
In his address on Thursday, Putin highlighted the collaborative potential of BRICS to contribute significantly towards global peace and stability.
He underscored the importance of mutual cooperation and collective efforts among BRICS countries to tackle global challenges, promote economic development, and ensure a balanced world order.
"We will be able to achieve the maximum implementation of the economic, investment, technological, and human potential of our countries, and strengthen the constructive influence of BRICS on global processes," he said.

US House Passes Anti-CBDC Bill

The US House of Representatives passed the CBDC Anti-Surveillance State Act, which aims to ban the Federal Reserve from creating a Central Bank Digital Currency (CBDC).
The bill, passed with a vote of 216 to 192, saw support from 213 Republicans.
It prevents any pilot programs for a CBDC before they are proposed and restricts the Federal Reserve and the Department of Treasury from issuing a CBDC without Congressional approval.
Additionally, the bill ensures that the Fed cannot issue a retail digital currency that could be used for citizen surveillance.
Majority Whip Emmer emphasized that the bill is a response to the current administration's lack of clarity and guidance on digital assets, arguing that an improperly managed CBDC could significantly impact American lives.

BRICS Developing Independent Financial System, Russian Envoy

BRICS countries are developing an independent financial system free from third-party dominance, according to Russian Ambassador to China, Igor Morgulov.
Speaking at the 12th World Peace Forum in Beijing, Morgulov noted the increasing volume of Russia's transactions in national currencies with other BRICS nations.
He highlighted that Russia-China trade has reached $240 billion, with 92% of settlements in rubles and yuans.
Morgulov emphasized that BRICS is moving away from dollar dominance, developing mechanisms for an independent financial system.
Although a new single currency is not imminent, the group, which now includes Brazil, Russia, India, China, South Africa, Ethiopia, Iran, and Egypt, is progressing toward this goal.
"We are leaving the dollar-dominated space and developing the mechanism and tools for a truly independent financial system," he stated by RIA Novosti.