Vance Backs Trump on Fed Influence

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News Date: August 12, 2024

Senator JD Vance, R-Ohio, who is former President Trump's vice presidential nominee, expressed support for Trump's idea that U.S. presidents should have a say in the Federal Reserve's monetary policy decisions, including interest rate changes.
In an interview on CNN's "State of the Union," Vance agreed with Trump, arguing that such decisions should involve America's elected leaders and not be left solely to the independent Federal Reserve.
Vance acknowledged that this would mark a significant shift from the traditional approach, where the Fed operates independently of political influence, but emphasized that Trump is advocating for greater political input, not direct control, over monetary policy.

Zimbabwe is engaged to clear IFI debt

Zimbabwe is engaging with the World Bank and International Monetary Fund on how to clear its debts with international financial institutions, finance minister Mthuli Ncube said at an IMF press conference on Saturday.
Sources: reuters

Fintech and XRP Support in US GOV Register New Rule

The Remittance Transfers Under the Electronic Fund Transfer Act final rule is effective July 21, 2020.
The continued growth of "fintech" nonbank remittance transfer providers and their further expansion into partnerships and other relationships with banks and credit unions, which allow such entities to tap into the closed network payment systems that nonbank remittance transfer providers have developed and (3) the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payments messaging platform to support cross-border money transfers as well as a virtual currency, XRP, which can be used to effect settlement of those transfers.
The Bureau also believes that expanded adoption of SWIFT's gpi product or Ripple's suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they are sent.
Source: www.federalregister.gov

Digital ruble in cooperation with the UAE

The Bank of Russia, led by First Deputy Governor Olga Skorobogatova, is collaborating with the UAE regulator to establish a cutting-edge system for fast payments and settlements.
This initiative, announced at the Finopolis forum, aims to utilize the digital ruble to streamline financial transactions for both individuals and businesses.
The partnership signifies a commitment to financial innovation and positions these institutions at the forefront of the evolving digital landscape.
The digital ruble is expected to enhance transaction efficiency, fostering financial inclusivity and exemplifying a proactive approach to the future of finance.
"We will work out the fast payment system because the colleagues are ready with the digital ruble and we are ready.
If we solve the issue of client identification, then I think we will be able to build up a normal system of payments for citizens and the business between the two our countries in a year at the least," she stated.

Judy Shelton Restoring Order to the Global Currency System

President Donald J. Trump Announced Intent to Nominate Individuals to Key Administration Posts,
Judy Shelton of Virginia, to be a Member of the Board of Governors of the Federal Reserve System for the remainder of a 14-year term expiring January 31, 2024.
She is author of:
The Coming Soviet Crash: Gorbachev's Desperate Pursuit of Credit in Western Financial Markets.
Money Meltdown: Restoring Order to the Global Currency System.
Source:www.whitehouse.gov
Judy Shelton interview on gold standard:
"I like the idea of a gold backed currency, it could even be done in a Cryptocurrency sort of way.
A unified money system, so when you talk about the international marketplace, everyone is playing on a level monetary playing field.
I don't see it so much as returning [to the gold standard], more like 'back to the future.' I think that what a gold standard stands for is monetary discipline for its own sake. Money is supposed to be a unit of account, a reliable measure and a dependable store of value. It really shouldn't be subject to who's the chairman of the Federal Reserve.
How can a dozen [...] people meeting eight times a year, decide what the cost of capital should be versus some kind of organically, market supply determined rate? The Fed is not omniscient. They don't know what the right rate should be. How could anyone? [...] If the success of capitalism depends on someone being smart enough to know what the rate should be on everything we're doomed. We might as well resurrect Gosplan.
A linked system could allow currency convertibility by individuals (as under a gold standard) or foreign central banks (as under Bretton Woods). Either way, it could redress inflationary pressures.
Source:twitter.com

Zimbabwe ready to dump US dollar

Zimbabwe Must Revert to Using Own Currency, Ruling Party Says.
ZANU PF National spokesperson Christopher Mutsvangwa says the country will soon dump the American dollar in favor of the local currency, Zimdollar.
He said abolishing the multi-currency would help Zimbabweans get value for their money.
Sources: zwnews.com