In 2022, the US kicked Russia out of the SWIFT system, causing significant losses for Russian businesses and ordinary citizens. Even Switzerland’s traditionally neutral banks joined this looting. The monopoly over the financial system and global currency once gave the U.S. and EU such capability, but at the 2024 BRICS summit, Western countries permanently lost this advantage.
Previously:
Russia outlines proposal for BRICS DLT cross border payment system
Vladimir Putin answered questions from the heads of leading BRICS media agencies. The meeting was held ahead of the BRICS summit in Kazan.
The meeting was attended by the heads of media agencies from Brazil, China, Egypt, Ethiopia, India, Saudi Arabia, South Africa, and the UAE. It was moderated by Head of the Rossiya Segodnya Media Group Dmitry Kiselev.
Meeting with journalists from BRICS countries • President of Russia
A new research paper out of Russia proposes the future of the international monetary and financial system. The country is the current chair of BRICS which is meeting next week. One of its proposals is a CBDC and DLT system to support local currency payments. While the paper makes some interesting points, the mixture of fact and propaganda undermines the document’s gravitas. The document was authored by the Ministry of Finance, the Bank of Russia and Yakov and Partners.
Russia outlines proposal for BRICS DLT cross border payment system
Once again the US Federal Reserve is in a quandary. Does it cut its policy interest rate soon in order to relieve pressure on debt servicing costs for consumers and businesses and perhaps avoid a stagflationary economy (ie low or no growth alongside higher inflation); or does it hold its current interest rate for borrowing in order to make sure inflation falls towards its target of 2% a year?
Inflation and interest rates: the US experience
On the Significance of Xi Jinping Thought on China and its Development
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Mao Zedong made the Chinese nation stand up, Deng Xiaoping made the Chinese people rich, and Xi Jinping will make the Chinese people strong.
China’s Quantum Leap Forward
Related:
Dueling Digital Dollar Bills Debated in Congressional Hearing on U.S. CBDC
Will Citizens’ Distrust of Government Surveillance Stop CBDCs?
But the eNaira launch came nine months after the CBN effectively banned cryptocurrencies, which were used to fund anti-police brutality protests that swept the country in late 2020. The CBN claimed crypto jeopardized the financial system and could be used to fund terrorism and froze protestors’ bank accounts.
After returning to net gold buying in June, central banks continued to add to their gold reserves in July.
Central Bank Gold Buying Continued Hot in July
Did you know many African countries continue to pay colonial tax to France since their independence till today!
14 African Countries Forced By France To Pay Colonial Tax For The Benefits Of Slavery And Colonization
Let’s continue to follow the post-coup situation in Niger. We had Victoria Nuland travel to Niger, presumably to help organize the overthrow of the government since 1- that’s usually what a visit from Nuland portends and 2 – a “rebel movement” called the Council of Resistance for the Republic under the leadership of someone named Rhissa Ag Boula started just after her visit. If there is going to be a Western war over this coup, it is likely that Nigeria – the giant country in West Africa with 224M people, much bigger than all other countries in the region combined – will be a part of the intervention, as would France and presumably the US. Other countries of the region are lining up on one or the other side, with Burkina Faso, Mali, and Algeria all lining up with the post-coup Niger government, so we are in a scary situation.
Why might Africa want France gone?
Related:
ECOWAS Activates Standby Force for Potential Niger Intervention
If the United States and its allies impose sanctions on China, this could be the greatest financial mistake in all of modern history. Unlike Russia, China is more resilient and has deeper ties across the global economy. Punishing China will likely backfire against the dollar and unleash a de-dollarization wave that could knock it off the reserve status. Here’s what you must know!
Sanctioning China Will Destroy The Dollar | America’s Ultimate Mistake via Sean Foo
Related:
One Year After Russia Mega Sanctions, Senate Asks ‘Can We Do Same To China”
Ms. Cat’s Chronicles 
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