BRICS Poised to Dominate World Bank and IMF, Says Russian Executive Director
The World Bank Executive Director for Russia forecasts that BRICS nations will soon dominate the World Bank and the International Monetary Fund (IMF), attributing this shift to inevitable macroeconomic and demographic changes away from Western dominance. He emphasized the importance of working patiently toward this goal and resisting provocations from those upholding the old global system.
BRICS to Dominate Global Financial Institutions, Says World Bank Executive Director for Russia
Roman Marshavin, World Bank Executive Director for Russia, said in an interview with TASS this week that BRICS nations will soon control the World Bank and the International Monetary Fund (IMF). Marshavin has represented the Russian Federation and the Syrian Arab Republic at the World Bank Group since November 2018.
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US economic growth increased last quarter to a healthy 2.8% annual rate
The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates.
Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — picked up in the April-June quarter after growing at a 1.4% pace in the January-March period. Economists had expected a weaker 1.9% annual pace of growth.
The GDP report also showed that inflation continues to ease, while still remaining above the Federal Reserve’s 2% target. The central bank’s favored inflation gauge rose at a 2.6% annual rate last quarter, down from 3.4% in the first quarter of the year. Excluding volatile food and energy prices, so-called core PCE inflation increased at a 2.9% pace. That was down from 3.7% from January through March.
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BRICS Considers Iran’s Proposal to Link Payment Systems of All Member Countries, Says Russian Official
The BRICS economic bloc is considering Iran’s proposal to link all member nations’ payment systems, according to Russian Deputy Foreign Minister Andrey Rudenko. The proposal aims to enhance BRICS countries’ financial sovereignty by establishing a resilient and sanctions-resistant payment infrastructure. Discussions include integrating financial markets, payments in national currencies, and new mechanisms for mutual financial settlements.
Iran’s Proposal to Link BRICS Payment Systems Under Review, Says Russian Official
Members of the BRICS economic bloc are discussing Iran’s proposal to link all their national payment systems within the group’s framework, Russian Deputy Foreign Minister Andrey Rudenko revealed in an interview with TASS this week.
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Bitcoin Investors Won’t Sell BTC Even if Price Drops to $3K, Peter Schiff’s Poll Shows
Gold advocate Peter Schiff has conducted two polls regarding bitcoin’s value and investors’ actions if the crypto’s price falls significantly. Despite his consistent criticism of bitcoin, the majority of respondents expressed strong commitment to holding their BTC even if the price drops drastically. Schiff maintains that bitcoin’s value proposition is flawed and anticipates a significant decline.
Peter Schiff Polls Bitcoin Hodlers on Price Drops
Economist and gold advocate Peter Schiff conducted a couple of polls on social media platform X about bitcoin this week.
The first poll, conducted on Tuesday, asked bitcoin hodlers if they would sell their BTC if the price falls below $15,000, which he emphasized would represent an 80% drop from its 2024 record high. After 24 hours, 22,028 votes were counted, and 89% responded: “Hell no, it’s ride or die.”
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