Goldilocks’ Comments and Global Economic News for Thursday, August 24, 2023
Good afternoon,
Goldilocks posted comments and news links on the global financial system:
Banking Announcement:
“Last November, the FSB published a new framework for monitoring progress toward enhancing cross-border payments, including a target for 75 percent of international payments to be processed within one hour by 2027.”
“Yesterday, 89% of transactions processed on the Swift network now reach recipient banks within one hour. The FSB target was 75% by 2027.”
THORChain Launches Innovative Lending Feature, Empowering Users with Interest-Free Loans
In an unprecedented leap towards promoting financial inclusivity, THORChain (RUNE), the dynamic liquidity network, has rolled out a revolutionary lending capability that is set to reshape the landscape of decentralized finance.
This pioneering move opens up new avenues for users to unlock the potential of their native Layer-1 (L1) assets, including prominent cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), to obtain loans denominated in TOR, a stablecoin pegged to the US Dollar.
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Washington D.C., Aug. 23, 2023 —
“The Securities and Exchange Commission today adopted new rules and rule amendments to enhance the regulation of private fund advisers and update the existing compliance rule that applies to all investment advisers. The new rules and amendments are designed to protect private fund investors by increasing transparency, competition, and efficiency in the private funds market.”
Foreign currency exchanges are considered private fund investing. These new rules are to guide and protect private fund investors and private fund advisors. The following paragraph is an example of a rule or expectation of private fund investors.
“To enhance transparency, the final rules will require private fund advisers registered with the Commission to provide investors with quarterly statements detailing certain information regarding fund fees, expenses, and performance.”
A private fund investor pools money from a group of individual investors and “not required to be registered or regulated as an investment company under the Investment Company Act.”
© Goldilocks
https://www.sec.gov/news/press-release/2023-155
https://www.sec.gov/education/glossary/jargon-z#PFund
https://www.wsj.com/articles/private-equity-hedge-funds-brace-for-coming-sec-overhaul-78aa672d
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The Securities and Exchange Commission today reopened the comment period on its proposed rule that would redesignate and amend the current custody rule under the Investment Advisers Act of 1940 to enhance protections of customer assets managed by registered investment advisers, which was proposed by the Commission on February 15, 2023. The initial comment period ended on May 8, 2023.
The reopened comment period will allow interested persons additional time to analyze the issues and prepare comments in light of the final rules and amendments to certain rules under the Investment Advisers Act of 1940 to enhance the regulation of private fund advisers.
The comment period will remain open until 60 days after the date of publication of the reopening release in the Federal Register.
https://www.sec.gov/news/press-release/2023-156
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“SEC Adopts Amendments to Exemption From National Securities Association Membership. Amendments will enhance FINRA oversight of firms that trade securities proprietarily across markets.”
FINRA The Financial Industry Regulatory Authority is authorized by Congress to protect US investors. They make sure the broker-dealer relationship operates fairly and honestly.
Broker-dealers who engage in forex business with retail customers must comply with the FINRA rules that apply to those activities.
© Goldilocks
https://www.sec.gov/news/press-release/2023-154
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“Chinese President Xi Jinping attended a special press conference at Johannesburg for the 15th BRICS summit, saying that the five leaders had unanimously agreed to invite Saudi Arabia, Egypt, the United Arab Emirates, Argentina, Iran and Ethiopia to join the BRICS.”
Yes, Saudi Arabia is a part of this group. This will take a bite out of the big dollar in terms of trading in local currencies instead of the dollar.
Trading in local currencies is part of the deal, and it will go a long way in leveling the playing field among currencies creating new demands that will add value to those part of this new monetary system.
“BRICS launched the BRICS Interbank Cooperation Mechanism in 2010 to facilitate international transactions between BRICS banks in local currencies.”
© Goldilocks
http://www.aastocks.com/en/stocks/news/aafn-con/NOW.1288363/popular-news/HK6
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BRICS Crafting Massive Expansion Agreement With Dozens of Countries Looking to Join: Official – The Daily Hodl
https://dailyhodl.com/2023/08/21/brics-crafting-massive-expansion-agreement-with-dozens-of-countries-looking-to-join-official/
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“Despite teething problems that have troubled the African Continental Free Trade Area, or AfCFTA, since its official launch in Jan 2021, the business community and experts have expressed confidence that momentum for the initiative is building.
Speaking at the BRICS Business Forum in Johannesburg, South Africa on Tuesday, leaders called for accelerated implementation and advancement of the AfCFTA to boost economic growth across the continent and enhance trade relations with the BRICS countries.”
The Renminbi Mechanism payment system is expected to be implemented in this Trade Agreement.
This will accelerate trade in the region and broaden Africa’s reach into the world of trade.
© Goldilocks
https://global.chinadaily.com.cn/a/202308/24/WS64e66bfca31035260b81dd96.html
Investors should be holding more than 5% in gold as a recession is inevitable – Adrian Day | Kitco News
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Digital Banking Announcement:
The Stellar Development Foundation’s smart contract platform, Soroban, is nearing its official mainnet launch after over a year in public preview releases. This milestone could prove significant for Stellar’s native XLM token by expanding its utility and use cases.
Soroban offers Turing-complete smart contract functionality on the Stellar blockchain. After 10 preview releases, it now has all its core features implemented and is considered “feature complete” according to the SDF.
While auditing and documentation work remains, Soroban already has a burgeoning ecosystem of over 70 projects building decentralized applications on the platform. These include oracles, developer tools, DeFi protocols, DAOs, and more.
This demonstrates Soroban’s potential to enable a whole new realm of applications on Stellar beyond simple payments and tokenization. The ability to implement more complex smart contract logic could make Stellar competitive with other smart contract blockchains like Ethereum.
https://captainaltcoin.com/sorobans-impending-launch-may-boost-stellar-xlm-prices/
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Next Hurricane Could Shut-In 40% Of Gulf Of Mexico Production | OilPrice.com
https://oilprice.com/Latest-Energy-News/World-News/Next-Hurricane-Could-Shut-In-40-Of-Gulf-Of-Mexico-Production.html
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TouchBistro Updates POS System And Other Digital Transactions News briefs from 8/23/23 – Digital Transactions
https://www.digitaltransactions.net/touchbistro-updates-pos-system-and-other-digital-transactions-news-briefs-from-8-23-23/
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Everything You Need To Know About – Crypto-Backed Mortgages
https://blockchainmagazine.net/everything-you-need-to-know-about-crypto-backed-mortgages/
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BREAKING: Saudi Arabia, Argentina, Egypt, Ethiopia, Iran, and UAE to join BRICS on January 1st, 2024.
@WatcherGuru
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BRICS will be inviting Saudi Arabia to join.
Who else?
Egypt and others in the Middle East.
The world is about to change.
This is massive.
Read: https://x.com/goldtelegraph_/status/1694596835266945442?s=46
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Peter Schiff: Inflation, Debt, and the Gold Opportunity
▶️ 1000x Global Crypto Conference, Nov 2023 ▶️
https://youtu.be/aoAs7IYAUW4?feature=shared
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Market transition incoming.
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Zimbabwean Central Bank starts implementing African payment system
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The End Game for the Unbacked Fiat Monetary System was ALWAYS planned for when the West started LOSING the Game and the rest of the world started Winning…NOW IS THAT TIME!!
With the addition of the Saudi’s and UAE into the BRICS the announcement has been made!
Putin is smiling all the way but when the USA clicks the mouse for the Final Rigging Meltdown…the “Creative Destruction Event” will level the playing field for all humans!
HANG ON TIGHT!
ALERT! Gold/Silver Ratio Collapsing! BRICS Announces Global Shift! USA Ready to Pull Plug! (Bix Weir)
https://youtu.be/R2nlAgejdYk
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Central African Republic becomes first country to tokenize land and natural resources
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LIVE! The US Dollar Threat Just Went Into HIGH GEAR! Brace Yourselves… Mannarino
https://www.youtube.com/live/6BbmD0j2cRA?feature=shared
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