Goldilocks’ Comments and Global Economic News Tuesday 4-23-2024
Good Evening
“HANOI (Bloomberg): Vietnam’s central bank said it sold dollars to some banks, intervening in the foreign exchange market as the currency fell to a record low.”
Today, Vietnam did a currency intervention. They sold some of their dollars to some banks. Let’s take a look at why this move was made and why it makes sense.
Vietnam is currently applying for the BRICS system. The need to hold dollars in trade going forward does not make as much sense anymore. It would make more sense to hold the trading currency of the BRICS system that will carry enough weight to justify new Dong rates going forward.
At the same time, the BRICS Nations have a requirement that Nations who join them own gold. Gold increases the net worth of a country’s own currency, and backing in Gold will enable Vietnam to trade under a Gold Standard.
You will notice in an article below that Vietnam has begun buying more Gold.
Currently, Europe and the US carry a lot of weight in trading values through the WTO. China and other countries who are part of the BRICS system are edging up to near-similar levels of trade that will equate the US and Europe.
This will level the playing field for countries such as Vietnam, and it makes sense for them to begin dumping their dollars for currencies inside the BRICS Nations and Gold.
Holding these new reserves in the BRICS Nations will allow Vietnam to raise the value of their currency through new trading mechanisms inside the new digital economy and more holdings in Gold.
The Star RT Business Investopedia1 JP Morgan Investopedia2 The Investor VN Vietnam Investment Review
“All roads lead to gold, and ‘digital gold’ will set us free.”
© Goldilocks
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The Commodities Futures Trading Commission has issued an announcement.
The CFTC is extending the comment period for new rules being applied on the swap execution facilities.
This affects the DCMs in Part 37 and 38. The Designated Contract Markets are boards of trade (or exchanges) that operate under the regulatory oversight of the CFTC.
“The proposed rule was published in the Federal Register on March 19, 2024. It had a 60-day comment period scheduled to close on April 22, 2024.”
The following is what was considered in yesterday’s meeting.
“Final Rule: Capital and Financial Reporting Requirements for Swap Dealers and Major Swap Participants
Final Rule: Adopting Amendments to the Large Trader Reporting Rules for Futures and Options”
May 13th, 2024 is the deadline for this comment period. At that time, we will be able to move forward with the final rules on executing foreign currency exchange swaps. The final rule is the implementation phase. CFTC1 CFTC2 CFTC3 CFTC4 Federal Register Investopedia CFTC5
© Goldilocks
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A new round of sanctions are being applied to Venezuela and their oil economy.
This article speaks of Venezuela moving to other payment methods such as cryptocurrencies as preferred payments.
This will shift payments from the dollar to new digital asset opportunities for this country.
It is a growing trend and opportunity for countries who wish to exercise their Sovereignty going forward. Reuters
© Goldilocks
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“Therefore, trading of foreign currency futures contracts, or options thereon, is lawful if it occurs on designated contract markets or derivatives transaction execution facilities.”
* Designated Contract Markets (DCM)
* Derivatives Transaction Execution Facilities
Please ask if the facility you are trading at is one of the two above-approved designated exchange facility.
It will not be a legal facility to exchange your currency in unless it is. By the way, a bank is a designated facility that encompasses both of the above criteria and requirements. CFTC
© Goldilocks
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👆One more thing, these designated facilities (banks) do have 1-800 #s.
Just look on the back of your debit card or call your bank if you have any further questions.
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Jim Willie: ‘Gold’s The Safe Haven When There’s No Escaping The Debt Default’ | Youtube
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The BRICS economic union is currently in the process of creating a single financial system in 2024 to facilitate trade within the bloc without using the US dollar.
Such an idea would be crucial to the implementation of the BRICS plans. Specifically, the effect of its de-dollarization would be greatly enhanced by a financial system that brings together the possibilities of using digital currencies. Moreover, it increases pressure on the dollar, which the US has already assured will not get a digital counterpart. Crypto Dnes
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Kremlin says Russia and China have almost abandoned the dollar in trade
Russia and China have almost completely abandoned the US dollar in their mutual settlements, and more than 90% of transactions between the two countries are now carried out in their national currencies. | UNN
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The Copper Supply Shortage Is Here | SchiffGold
👆 Keep saving those copper nickels and pennies…
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The movement from brick and mortar sales continue to melt down as the online sales for the same merchandise is continuing to climb. | Wolf Street
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Vietnamese furniture products introduced at Milan Design Week – EIN Presswire
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Vietnam to have opportunities from digitalisation, green transformation: IMF | VOV VN
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Factors influencing Vietnam’s FMCG market | VOV VN
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Vietnam surpasses India, Thailand to become Singapore’s top rice supplier – VnExpress International | VN Express
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Billionaire-Owned Media Has Gone Full Throttle to Save Fellow Billionaire, Jamie Dimon | Wall Street on Parade
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Copper pennies at $3.00. Right NOW? | Youtube
👆 Goldilocks pointed to this article
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MESSAGE FROM SAM OLIVER ON COPPER
LISTEN HERE:
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Generative A.I. Arrives in the Gene Editing World of CRISPR | The New York Times
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A new legislation to regulate stablecoins filed in the US Senate may benefit the issuers as reported by investment banking firm TD Cowen. | Crypto Times
👆 more on this tomorrow…
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‘‘Lummis-Gillibrand Payment Stablecoin Act’’
LIP24254.pdf CLICK HERE
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Ripple Offers to Pay SEC Penalty For XRP | Youtube
