What is the Gold Standard

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News Date: July 7, 2020

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

Ripple and SWIFT on one platform

IBIS announced that its customers will be able to connect to Ripple and SWIFT in their pockets, on one platform. In that sense, IBIS stated that its customers will have unlimited banking possibilities. SWIFFRoute customers will be able to process payments through RippleNet and an out of the box banking integration.
Source:www.crypto-news-flash.com

Putin vows development, security and a strong monetary system

Russian President Vladimir Putin said the motto of Russia's 2024 BRICS chairmanship is 'strengthening multilateralism for equitable global development and security', focusing on positive and constructive cooperation with all countries involved.
Moscow intends to strengthen BRICS's position in the global monetary system, Putin added Monday at the beginning of 2024 BRICS chairmanship:
'We will contribute to the practical implementation of the Strategy for BRICS Economic Partnership 2025 and the Action Plan for BRICS Innovation Cooperation 2021-2024 for ensuring energy and food security, enhancing the role of BRICS in the international monetary system, expanding interbank cooperation and expanding the use of national currencies in mutual trade.'

Treasury Secretary Bessent urges full Fed review, seeks to strip its power

Treasury Secretary Scott Bessent calls for a full, independent review of the Federal Reserve 🏦 — aiming to reclaim control and limit bond-buying programs to real crises only ⚡.
🔹 Fed criticized for “mission creep” and “institutional bloat”
🔹 Banking supervision could be shifted to other agencies
🔹 Markets may face volatility 📉, borrowing costs could rise 💵
💡 What this means:
The dollar’s dominance may be challenged, the Fed’s independence questioned, and a historic shake-up could be coming 🌍.

Brazil is pushing to reform the World Bank and the IMF

Brazil's G20 presidency is focused on leveraging its influence to drive essential reforms within the IMF and the World Bank.
The nation aims to enhance the representation of emerging economies, including the BRICS nations, in these institutions.
Additionally, Brazil is exploring alternative financial mechanisms like the BRICS Bank to complement the existing global financial architecture.
This proactive approach seeks to create a fairer and more inclusive global economic order.

Russia calls on BRICS for economic integration

Russia calls on BRICS countries for tighter economic integration:
the use of BRICS currencies for export-import,
the integration of payment systems and cards,
their own financial messaging system,
and the creation of an independent BRICS rating agency,
according to Russian Finance Minister Anton Siluanov.
Source: www.reuters.com