Goldilocks’ Comments and Global Economic News for September 8th
Good afternoon Dinar Recaps,
🇲🇽 Russian oil trader expands in Mexico
Lukoil’s trading unit Litasco SA is launching operations in Mexico as the oil giant seeks new markets for Russian products under widespread sanctions.
Expansion into Mexico, which is the largest fuel importer in Latin America, will open up a new market for Russian fuel.
Although Mexico has only imported from Russia once since the Ukraine conflict began, Russian supplies are finding their way into other Latin American countries.
Brazil is importing record amounts of diesel fuel from the country. Argentina is also buying naphtha and diesel fuel.
If these efforts succeed, Russia could displace the US from its position as Mexico’s primary fuel supplier. The US currently accounts for 90% of Mexico’s gasoline and diesel imports.
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“Nobody wanted to start BRICS… this happened because of our weaponization of the U.S. dollar and weaponization of our foreign policy.”
– Robert F. Kennedy Jr
“Caroline Pham, one of the members of the Commodity Futures Trading Commission (CFTC) is recommending a time-limited CFTC pilot program to support the development of compliant digital asset markets and tokenization.”
Yes, the G20 recommendations on crypto clarity were due yesterday, and round table discussions began on crypto regulations.
After holding several discussions with the G20 group, Caroline said they should set up a “program for a specific period of time that incorporates many of the components drawn from past pilot programs, including registration and eligibility requirements, financial resources and other conditions, risk management, products and contract terms, and other requirements including disclosures and reporting.”
These monetary policy discussions will give us a groundwork for our new digital asset-based trading system going forward.
It remains uncertain how quickly the implementation of this new crypto clarity takes place due to laws still remaining in Congress needing to be passed.
The Bureau of Land Management (BLM) is introducing new oil and gas leasing restrictions that aim to raise royalty rates, tighten cleanup rules, and make it more difficult to nominate parcels for leasing on federal lands. These proposed rules align with the BLM’s efforts to prioritize conservation and recreation alongside extractive industries.
👆 Oil reforms are still in process…
The FDIC is currently engaged in new rules and guidance for large Banks.
These rules are focusing on resolution planning points. We are in a period of time we talked about almost 2 years ago.
Look for banking failures that turn into consolidation opportunities for the larger Banks.
Even though the process has already began for some banks, “the proposed guidance will be published in the Federal Register, with comments due by November 30, 2023.”
Federal Reserve Board – Agencies propose guidance to enhance resolution planning at large banks
Remarks of CFTC Commissioner Caroline D. Pham Before the Cato Institute, Staying Ahead of the Curve: Crypto Regulation and Competitiveness | CFTC
Saudi Awwal Bank (SAB) has partnered up with UK fintech Wise to connect its customers with “fast, secure and cost-effective” remittance services.
“The Financial Accounting Standards Board (FASB) is an independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States, following generally accepted accounting principles (GAAP).”
The FASB is calling for the establishment of real values in the cryptocurrency market.
The U.S. standard-setting organization for accounting is currently insisting that “companies use “fair-value” accounting to report their crypto holdings.”
Price changes are coming…
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