Good morning Dinar Recaps,
“Philippines writes off $1 billion in farmer debt to boost food production.”
It looks like we have a Jubilee event going on in the Philippines.
Many debts going forward will be written off due to unlawful means of collection in the new monetary system as well as an inability to pay, but this action was an authentic effort to help the people.
You could say that these actions helped the country as well, but writing off a debt completely is an act of kindness that can never be repaid on either side making this a Jubilee event for both the government and the people.
© Goldilocks
We are seeing “bridge assets” created. This gives a Digital Ledger transmission program on the blockchain the ability to perform exchanges of information from one digital platform to another or one computer to another.
In the new digital banking system, can you see how this is important in foreign currency exchanges?
Upon the completion of global assets being interfaced together on computer programs, the activation of Protocol 20 becomes possible.
In Protocol 20, quantum computer systems talk to one another seamlessly.
At this time, market and banking assets are still being tokenized and recorded onto the Digital Ledger Transmission System of the QFS.
New Monetary Policies that reflect the use of this new International Payment System will give us a path forward.
© Goldilocks
Hacken LINK
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BRICS Announcement July 7th 2023, on their one common currency for trade:
“The New Development Bank (NDB), established by the BRICS group of emerging markets, currently has no immediate plans to introduce a common currency among its member countries, according to Leslie Maasdorp, Vice President and Chief Financial Officer of the bank. While BRICS nations like Brazil, Russia, India, China, and South Africa aim to increase trade in local currencies, they are not prepared to challenge the global dominance of the US dollar. Maasdorp emphasised that the development of an alternative currency is a long-term goal rather than an immediate priority.”
Do you see why the ability to organize the formation of a new monetary system requires a plan or monetary policies to guide the processing of such an event.
In case you are wondering, this gives individual countries the ability to strengthen, in the short term, their currencies’ value through Basel 3 compliance requirements.
In Basel 3, commodity based support/capital for a countries’ banking system will increase the net worth of national currencies.
Then, they can challenge the dollar as a Global Nation.
In the meantime, my understanding from OPEC is that a proposal is on the table to redenominate oil distribution in local currencies.
This will not bode well for the dollar in the short term as it will begin the process of leveling off currencies giving them real values.
© Goldilocks
https://www.businessworld.in/article/BRICS-Bank-CFO-Rules-Out-Near-Term-Move-Towards-Common-Currency/06-07-2023-483230
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Treasury Releases Guidance on the Transition from Interbank Offer Rates to Other Reference Rates with Respect to the Interest Rates of a Foreign Bank | Foley & Lardner LLP
https://www.foley.com/en/insights/publications/2023/07/treasury-releases-guidance-interbank-offer-rates
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Four benefits of paying in local currencies
Business Banking Tips LINK
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