Goldilocks’ Comments and Global Economic News Tuesday Evening 11-21-23
Good Evening
It looks like lines have been drawn in the sand between Russia and the US regarding sanctions on Russia’s Arctic LNG 2 project. This project is a huge money maker for Russia and a lifeline for its economic stability in Global Trade. Russia has warned the US that it would do everything possible to keep sanctions on this project from happening. We are at a crossroads.
Escalated tensions such as these have the tendency to raise the price of oil and other Commodities in the markets. Price distortions emerge in situations such as these creating incredible volatility inside a market. Alliances are formed and trade relations are often altered. Look for many stressors to begin hitting the market.
The stressors often shift price correlations. In this case, it has the potential to move our stocks into real values along with commodity prices going to their actual values.
This conflict has the potential to move our Market into a commodity-driven economic system that will be a catalyst for taking us into the new Digital Economy based on tokenized assets backed by Commodities of real value.
© Goldilocks
OioPrice Link
https://www.nsenergybusiness.com/projects/arctic-lng-2-project/
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The Central Bank of Iraq has warned that some people are misusing the electronic payment cards it makes available to meet the legitimate natural needs of citizens.
The bank stressed its commitment to implementing strict measures to limit this phenomenon, protect the financial system, and ward off risks from it, indicating that it will include the names of bank card holders whose misuse or smuggling is caught on black lists and take legal measures against this group.
The bank noted that they will be deprived of issuing other cards and all financial products, and that all necessary measures will be taken against violators, based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and the instructions and controls issued pursuant thereto.
Central Bank of Iraq Information Office November 20, 2023 https://cbi.iq/news/view/2470
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BREAKING NEWS
CHINA AND SAUDI ARABIA HAVE SIGNED A LOCAL-CURRENCY SWAP AGREEMENT WORTH AROUND $7 BILLION, DEEPENING THEIR TIES AS NATIONS THROUGHOUT THE MIDDLE EAST AIM TO DIVERSIFY MORE OF THEIR NON-OIL TRADE AWAY FROM THE DOLLAR.
Major news.
The trend is accelerating.
Read: https://x.com/goldtelegraph_/status/1726628254679998808?s=46
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Mastercard has gotten approval to run a yuan-denominated bank card clearing service in China through a joint venture (JV), the central bank said, giving the U.S.-based company a shot at a slice of the fees generated by the trillions of dollars in card transactions made in the country each year.
“Mastercard NUCC is committed to being in China as an active partner, working to expand issuance and acceptance of Mastercard-branded products for the benefit of local businesses and consumers,” Ling Hai, chairman of the board of Mastercard NUCC and co-president of international markets at Mastercard, said in the release.
Mastercard has already built a cross-border portfolio in China, with tens of millions of bank cards and millions of acceptance points across the country, according to the release. The infrastructure has facilitated connectivity to the global economy and has driven cross-border and inbound commerce in China.
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“Global Blockchain Business Council (GBBC), the largest and leading industry association for the blockchain technology and digital assets ecosystem, and U.S. Blockchain Coalition (USBC), a non-profit coalition of state-focused blockchain associations, influencers and organizations, today announced their merger at North American Blockchain Summit.
Under the merger’s terms, USBC will become a national initiative of GBBC and USBC’s non-profit members will become observing members of GBBC. The combined association will have nearly 600 institutional members. Launched as the only organization focused on multi-state collaboration to promote American leadership in digital assets and blockchain, USBC brings together organizations from 46 states, including the Texas Blockchain Council, hosts of the North American Blockchain Summit.”
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Are you reading what I am reading? Several governing bodies in the financial system are coming into play implementing new rules and guidelines today.
Some of these have moved from the Federal Government to the State level.
As Banks continue to find reasonable Capital Requirements inside new Basel 3 guidelines set for final rules of implementation on January the 16th 2024, these governing bodies will be set to manage these new Basel 3 guidelines inside a new digital asset-based trading system.
Everything is built on layers. You can’t have one without the other.
© Goldilocks
Jdsupra Link
Sidley Link
Newswire Link
MayerBrown Link
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Binance in the Spotlight as US Department of Justice Announces Crypto Enforcement Action
According to the crypto news aggregator, tier10k, the DoJ is set to announce significant cryptocurrency enforcement actions at 3PM ET (20:00UTC) today.
The lineup will feature the following officials:
Attorney General Merrick Garland
Secretary of the Treasury Janet Yellen
Deputy Attorney General Lisa Monaco
CFTC Chairman Rostin Behnam
This is a developing story.
US DOJ is Set to Announce Significant Crypto Enforcement Action
https://beincrypto.com/us-doj-crypto-enfocement-action/
👆 Goldilocks pointed to this.
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China’s State Administration of Foreign Exchange (SAFE) is embarking on a significant policy revision with the release of a draft titled, “Guidance for Foreign Exchange Business of Capital Account (2023 Edition)”. This draft, currently open for public consultation, aims to enhance the management of foreign exchange transactions and streamline business processes, particularly for enterprises and entities dealing in foreign exchange.
China’s SAFE Drafts New Guidance for Foreign Exchange Business BNN Network Link
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US Attorney General Merrick Garland will hold a press conference at 3pm ET to announce “separate but related cryptocurrency enforcement actions,” the Department of Justice said in a statement.
The announcement will involve a settlement with Binance, according to two people familiar with the matter. The Justice Department is seeking more than $4 billion from the cryptocurrency exchange as part of a resolution of a years-long investigation, Bloomberg News reported Monday.
Read More: US Is Seeking More than $4 Billion From Binance to End Case Bloomberg Law Link
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Court unseals indictments against Binance and CZ, detailing expected guilty pleas
https://cointelegraph.com/news/binance-indictment-unsealed-cz-guilty-plea
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