Russian MF proposed an independent financial system for BRICS

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News Date: February 28, 2024

On February 27, 2024, the first in-person meeting of finance ministers and central bank governors from BRICS countries took place in Sao Paulo, Brazil, as part of Russia's chairmanship.
The event marked a significant milestone for BRICS, emphasizing its growing importance globally with an increased number of participants.
During the meeting, Russia's Minister of Finance, Anton Siluanov, and First Deputy Chairman of the Bank of Russia, Vladimir Chistyukhin, presented the key focus areas, highlighting the theme of the chairmanship: improving the international monetary and financial system.
The participants, including Brazil, Russia, India, China, and South Africa, generally supported these priorities, signaling a collective commitment to addressing the role of developing countries in the global economy.
a crucial step is creating an independent financial infrastructure to bolster the autonomy and financial sovereignty of developing countries.
To enhance the global financial system, it's crucial to create practical opportunities for an independent financial infrastructure, reinforcing the autonomy and financial sovereignty of developing nations.
"The current system based on the existing Western financial infrastructure and the use of reserve currencies has a number of fundamental flaws. Such infrastructure should be available to everyone.
Financial infrastructure must be accessible to everyone and independent of the will of individual countries. Otherwise, we are faced with artificially created barriers to trade, investment and technology, even in transactions between third countries. This leads to a slowdown in global economic growth."
Siluanov said.

Congress letter to encourage the Treasury to utilize blockchain and DLT

Eleven members of Congress are calling on the U.S. Treasury Department to look at new technologies, including blockchain and distributed ledger technology (DLT), to help streamline how cash and supplies are distributed under a federal law trying to boost the economy during the COVID-19 crisis.
Source:coindesk.com

What is the Gold Standard

Gold standard, monetary system in which the standard unit of currency is a fixed quantity of gold or is kept at the value of a fixed quantity of gold. The currency is freely convertible at home or abroad into a fixed amount of gold per unit of currency.
In an international gold-standard system, gold or a currency that is convertible into gold at a fixed price is used as a medium of international payments. Under such a system, exchange rates between countries are fixed; if exchange rates rise above or fall below the fixed mint rate by more than the cost of shipping gold from one country to another, large gold inflows or outflows occur until the rates return to the official level.
President Franklin Roosevelt suspended the gold standard in 1933, a move which is widely credited with helping the country climb out of the Depression.
Sources: youtube.com, www.cbsnews.com

Global political, economic, and financial restructuring

BRICS summit to discuss restructuring global political, economic architecture: S. African official.
A senior South African official said Tuesday that the BRICS summit to be hosted by the country this year will discuss how to restructure the global political, economic and financial architecture.
The 15th BRICS summit will take place this year in late August in South Africa's Durban.
Source: en.people.cn

The Defund Davos Act

A group of House Republicans, led by Scott Perry have introduced the Defund Davos Act, seeking to halt federal funding to the World Economic Forum (WEF).
With the U.S. having spent tens of millions on the WEF over the years, GOP lawmakers argue for redirecting funds to domestic priorities.
The legislation underscores concerns about taxpayer money supporting an international forum that may not align with American interests.
The move is sparking debates in Congress over fiscal responsibility and the country's role in global initiatives.

Trump plans to make permanent cut to payroll tax if reelected

Saturday, in Bedminster, N.J., Trump announced, If victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax.
Trump says that if reelected, he'll pursue permanent cut to payroll taxes that fund Social Security, Medicare.
Sources:https://www.washingtonpost.com/, twitter.com, www.youtube.com